04-08-2008, 09:32 AM
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Senior Club Cobra Member
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Join Date: Jul 2002
Cobra Make, Engine:
Posts: 15,712
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Not Ranked
Of course most home owners facing foreclosure will not have the funds to press a lawsuit. For those that bought 'investment properties', that clearly 'speculated' on an investment, they have no case, period. I applaud those few who do and are pressing a law suit for 'fraud' against their lender to secure their primary residence. It's important that these few cases be heard, the facts brought to light, the corrupt lenders be held accountable.
It's kind of like the SAAC vs Shelby lawsuit. SAAC's position is the 'contract' with Shelby was secured by fraud. While it's easy to say, 'they signed it and a contracts a contract' it's an important point of law as to wether that contract is in fact legally binding or not. What portions are or aren't. Was it secured through fraud or not. The courts will decide after hearing the relevant facts of the case.
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