Is there any wonder why they suddenly would like to get out of the mortgage market? They no doubt see the writing on the wall with all the fraud now being stood up to by the people and judges in the country.
Judges just a year ago, continued to let the fraud go on in most cases throughout the country. They refused to acknowledge the fraud of the paperwork and continued to give the rights to foreclose to the banks. There were a few judges who stood by the law and refused to accept the fraud of the banks, though the banks would argue in court "Judge this is the way it has always been done, you can't rule against it". (Seriously, that was really some arguments of the banks in courtrooms!)
The judges that ruled by the law, created the wave of media attention, it took many to do so, as the Supreme Court of Kansas was the first to really rule against MERS almost 2 years ago. The wave of MERS fraud only just came out to full public knowledge a couple of months ago. Yet, it is still not full public knowledge as the public has not really been informed about what the "paperwork irregularities and robo signing notaries" are really about.
The government is now trying to get out of the mortgages as fast as possible. They know it is all blowing up. They want out of the mortgage market due to all the fraud of the banks. Of course they are not saying so directly. There is no stopping the judges now having to rule by the law, even those who had not done so previously. There are enough Supreme Courts of various states who have been ruling against the banks, so there is no ignoring the law for judges anymore. A lawyer can simply say "But, Judge here is how this Supreme Court ruled, because of this". Lawyers always use other cases and rulings to defend clients.
I have to give it to those lawyers who first began the defense of people being foreclosed on. They had a very hard job in front of them, proving how the banks committed fraud. They have paved the way for other lawyers to put together their defense of foreclosure. So I would like to Thank all those lawyers and people who stood up to the fraud from the beginning, I know the road has not been easy.
Back to the original premise of this post. The Wall Street journal says the government wants out of mortgages, though they don't say the real reason why. All you have to do, is read between the lines to see the government is looking for a way out of mortgages and though they say it will take years, I would bet they are working behind the scenes for it to take a lot less time. Is that part of what all that printing of money is about?
Portions of article:
More than two years after the government seized Fannie Mae and Freddie Mac, the Obama administration will recommend phasing out the housing-finance giants and gradually reducing the government's footprint in the mortgage market, according to people familiar with the matter
The administration's proposal to Congress is likely to assess the merits and drawbacks of each of the three options. The most conservative would propose no government role in the mortgage market beyond existing federal agencies, such as the Federal Housing Administration.
Treasury Secretary Timothy Geithner told PBS's Charlie Rose earlier this month that the housing-finance business was a "mess" and that the administration's plan would "crowd private capital" back in. That, he said, would curb the government role and leave "a system that will not be vulnerable to the really tragic colossal failures" of the past.
