EDITOR’S COMMENT: Not surprisingly, the Banks are trying to undo the damage by getting legislation passed that pushes the reset button and gives them a safe harbor to finish their foreclosure scam. And the lobbyists are in it for the long haul. Downtown state capitals, normally a bit sleepy when it comes to real estate action, are virtually sold out of condominiums and other housing near the capital buildings. Tallahassee is a prime example. Prices have gotten hit hard there lately and the market is glutted — except in high rise buildings near the state capital. The buyers are corporations who are lobbying for a variety of special interests, mostly banks.

Don’t take your eye for Congress. But the likelihood that Congress can do anything about property law from State to State is extremely low. The place for the action to happen is on the state legislative level where legislators are being made offers that are sending cash registers ringing loud enough to be heard throughout neighboring counties. Best you write to your State Senator and State Representative and let them know you are watching. Better yet, start looking closely at bills coming up which mention MERS, nominees, assignments, indorsements, delivery or notes and mortgages.

With the judicial forum essentially turning into a nightmare for the banks, their last line of defense is to make legal what was illegal — a task that can only be done by the State legislatures. Even if illegal or unconstitutional, the new bogus laws will buy the banks enough time to get the scam completed.

Late To The Party As Always? More Foreclosure Legislation Filed In Massachusetts

Today, January 28, 2011, 2 hours ago | Rich VetsteinGo to full article

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You knew this was coming. The politicians smell a big political opportunity with the foreclosure mess in Massachusetts, and are filing legislation left and right.

The latest is legislation filed by State Senator Karen Spilka and Attorney General Martha Coakley mandating loan modifications in certain circumstances. Specifically, the loan modification legislation requires creditors to take “commercially reasonable efforts” to avoid foreclosure upon certain sub-prime loans. The legislation also provides a safe harbor for creditors to comply with this requirement of commercial reasonableness.

The legislation also addresses problems with foreclosures highlighted in the recent decision by the Massachusetts SJC, U.S. Bank v. Ibanez by prohibiting foreclosures where creditors lack the documents supporting their purported right to foreclose, and prohibits passing on certain fees and costs to homeowners.  Specifically, this legislation:

  • Codifies the recent SJC decision in Ibanez by requiring a creditor commencing foreclosure to show it is the current legal holder of record of the mortgage. The bill also forbids misrepresentations to courts concerning holder status;
  • Prohibits passing on to third parties the costs of remedying prior improper foreclosures or absence of recorded assignments;
  • Prohibits “junk fees” (for goods or services not performed) tacked on during foreclosure and prohibits bribes, referral and similar fees for foreclosure business; and
  • Requires recording of assignment establishing the creditor as present holder of the mortgage before it can foreclose on the property.

A violation of this legislation would constitute a violation of the Massachusetts Consumer Protection Act, Chapter 93A which carries triple damages and attorneys fees.

For more information, here is the announcement from Sen. Spilka’s office.

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20 Responses

  1. […] View the original article hereBookmark on DeliciousDigg this postRecommend on Facebookshare via RedditShare with StumblersTweet about itSubscribe to the comments on this post Share and Enjoy: […]

  2. So we just begin to start kicking some ass, and enter the POLL-A-TICIANS.

    Sure they want you to Sign a MOD! Great! And waive your rights to the FRAUD already committed??

    Sound like a Great Deal FOR THE BANKSTERS!

  3. While everyone seems ontent on “explaining” whats wrong to the lawmakers, I maintain there’s a MUCH more sffective way to convince them they cannot (take the easy cash to) let the banks get away with their crimes

    After several experiences with lobbyists I’ve learneed that politicians fear voting for any bill that exposes partiality and favortism. So, while so many are trying to “explain” the severity of the bankers crimes. the lawmakers DONT CARE unless a simple, easy to understand “point” is made that OUTRAGES THE PUBLIC’s PERCEPTION of their voting “for” a bill that lets “their buddies” get away with what the rest of the public is crucified for; example”.



    “While federal authorities continue to vigorously insist on unforgiving procecution of individual acts of perjury committed by (primarily minority) athletes such as Barry Bonds, Florance Joiner, etc, who they maintain “must be made an example” of… nevertheless, in a new bill federal lawmakers demonstrate no concern to procecute the “organized perjury conspiracy” which exposes far more greivous “public harming” multiple crimes, committed by their “fraternaty bro” bankers.”

    Now THAT kind of “FAVORTISM” provides a short; easy to understand phrase for NEWS/MEDIA to report to the pubic. I’m no lobbyist or publicist, but I bet the NAACP and ACLU would have a field day creating a “publicity release” that would “SCARE THE YES VOTE” right out of politici\ans who may otherwise consider voting for the new “excuse the bankers for perjury” laws!


  4. India

    Okay — need to expose it — but how???

  5. Congress will not act. Full stop. Unless you define “acting” in it’s common usage, they’re great at that. Congress is a mixed bag of incompetents who couldn’t hold a real job in the real world, glad-handers who are totally dependent upon the lobbyists who “supplement” their living expenses and professional “pols” who talk-the-talk but don’t walk the walk. None of them have any interest in bucking the system. It’s the system that supports them and they support it.

    HAMP is a time-waster, a scam an a “beard” for the banks. They take fed money whilst draining your efforts and your last nerve demanding more and more documentation that they inexplicably lose, repeatedly. The departments temporarily established at the sevicers for HAMP or other Mods have no correspondence with the legal department that is, as you wait, tolling your late payment dates and preparing the foreclosure docs.

    It’s a roadshow, all with the knowledge and support of the administration which, if you haven’t noticed is composed of bankers, former bankers, former lobbyists, ex-Fed heads (Geithner) and other creatures who pander to the banks. There is absolutely no possibility of help or support from any branch of the current government. Holder is chasing retirement age mafiosi and crowing about the big net he used to get them while the real mafia is running the Fed and Wall Street.

    Get past whatever you were taught regarding recourse via Congress or SEC or Justice Dept. It’s not real anymore. Try to do as much research as you can via sites like this one and get smart. Get determined. Play their game. Respond to their letters but don’t provide any financial info. Meanwhile, do all you can to locate an attorney who is as determined and as informed as you soon will be. We need to update Neil’s “Lawyers Who Get It” list. Anyone who has had good results should propose their inclusion on that list. You need to immediately get informed with regard to your current State’s laws on property rights and find the website for your legislature. Contact your Senator, Delegate, Representative and do all you can to be certain that the current property laws provide protection with UCC and all other applicable statutes. Don’t let them game you. The lobbyists are physically working in each state to either prevent new legislation that will protect you or trying to have new laws passed that will grease the skids for them.

    Stop sending in that dough. It’s not paying your mortgage. It’s probably in a suspense account and being used to earn more money for them. You really need to just set aside your belief that the government is going to save you. Save yourself.

  6. Congress can do something. What they have not done to date– and should have done — was 1) bankruptcy reform and 2) mandating compliance with HAMP as to modifications (should not have been voluntary and should have mandated principal corrections).

    Further, fraud crosses state lines — demanding investigation by the FBI.

    Not going to get anywhere with many state senators and congressman. Now that fraud is being exposed — having different rights – in different states — as to fraud — will make things more chaotic. Congress will have to act — sooner or later.

  7. ” it’s going global” the markets co exist from what iunderstand they just transfer wealth and the common man being less fortunate less resourcful mostly due to being fed a ” diet” of virtual reality of ” sex lies and videotape” ( false reportiing) doesn’t have a clue why they find themselves waking up in a tent. Wake up wake up. If not now WHEN

  8. pelucheven

    I would make sure to have all concerns written in checklist form and have a second person with a digital video camera… as you will not be taking custody of the document.. record every page…

    You can tell if the doc was printed on a color laser using the yellow dot info … even if you cannot “decode” the info given by the dot placement it will tell you if perhaps the signature page was printed on another color laser by having the dot placement differing from the other pages … color lasers are expensive to operate,, you will usually find that most docs in a closing packet are printed on a mono laser (no dots) ,, if the pages have yellow dots it is NOT normal ,, it means the doc was reproduced from a scan on a color laser due to blue ink initials or signatures. My closing agent ,, on strict orders from Wells Fargo/Option One ,, forbid them from allowing me to sign in anything but black ink with a pen they provided. I think that tells a lot about WF procedures.

    A digital microscope is a fantastic tool ,, buy one on eBay for about $30 ,, bring a laptop and record what you view … if the signature is a series of dots that shows beyond a shadow of a doubt that the doc is not an original..

    There are certain colors of light that make the yellow dots show up plainly ,, I don’t remember which… bring a simple high powered flashlight and use some “filter” material to get the color you need… (go to a REAL camera shop for the plastic filter material) .. and remember NOT ALL COLOR LASERS PRODUCE YELLOW DOTS … it is a voluntary anti-counterfeiting thing from the treasury…

  9. [youtube=]

  10. In normal times, banks foreclose on approximately 100,000 homes annually, but from January through September 2010, almost 2.7 million homeowners received foreclosure notices. September alone saw more than 100,000 bank repossessions. According to the Special Inspector General for the Troubled Asset Relief Program, “at that pace, foreclosure notices will have been sent to more than 3.5 million homes” by year end 2010.

    Wow! I didn’t realize TARP was actually providing a service for homeowners facing troubled times. From this report, after giving out nearly 13 trillion dollars of American taxpayer dollars, they’re nice enough to keep a running figure of exactly how many of us have been booted, and are going to be tossed to the curb within a given time frame. Don’t you just love our federa government and the lobbys that direct their every move?

    It’s nice to know that as millions of us head off to tent cities, cooking meals over newspaper fires and deciding how exactly to strap cardboard to cardboard with duct tape and nothing but McGyver ingenuity, our government is keeping track of the exact numbers of us being placed into camps.

    Hey! Wait just a minute! Didn’t the Nazis keep similar counts way back when? Can the total capture of our government and way of life be compared to the absolute takeover of Europe by Germany way back when?

    Folks, this is a disgrace! We need to put a stop to this takeover by Wall Street now, not later. Stop making all usury payments. What do you believe you have to lose? Listen to the Egyptians…what they’re saying is right on.

    It’s just around the corner for us. Food costs are soaring, thanks to Bernanke propping up his cohorts, gas heading towards maybe $4, maybe $5 again…ICEBERG AHEAD! MAYDAY! But his beloved stock market is improving inch by inch.

    Stop paying your credit bills, would you please? Stop your payments on equity lines and firsts. Pay Joe plumber. Pay the gas station guy. But enough is enough with usury. They’re not worth it. We can do much better without them. They need to shrivel and die. The Sachs. The Chase. The BAC. The Wells. The Citi. Choose your demon to exorcize.

    It truly is them or us. And there’s a whole lot more of us than them. I, for one, don’t think a hedge fund manager should be making $5 billion dollars per year, while the poor teacher dealing with my kid’s drool is making in the double digits and being foreclosed upon.

    And while these whiz kids from Harvard are being taught how to squeeze every last ounce out of our middle class, our soldiers getting shot at are losing their homes. Go figure. Ain’t right. Not on my watch!


    Steel up! Get a backbone. Grow some. It truly is now or never. Us or them. And we deserve it!

  11. […] This post was mentioned on Twitter by alan baron, Financial Wellness. Financial Wellness said: ONE ON ONE WITH NEIL GARFIELD COMBO ANALYSIS TITLE AND SECURITIZATION EDITOR’S COMMENT: Not surprisingly, the B… […]

  12. @pelucheven:

    I would post a similar question on
    For instance, they have this to say now:

  13. They have succeeded in Virginia so far. They spent ^700,000 just last year on our Legislature.

    The hell with the people they say, the banks give juicy donations (bribes)

    While some states are trying to protect their citizens in Virginia we are sent down the creek without a paddle,

  14. have an appointment to see and inspect the alleged original promissory note at the opposing council’s

    The crooks’ lawyer got very nervous when he was confronted with this request.

    What do I have to keep in mind when looking at the document?

    Signature dent marks, ink stains, roll tracks of the pen, degrading of the paper, discoloration?

    how do I make make out the difference between a copy, a digital copy and the original?

    I would appreciate all the input I can get. I am bringing a microscope and a couple of magnifying glasses. Is there a need for some special lamp or light?

    I will be hiring a document examiner, but there is no time for that right now. I need to determine if there are any issues that will raise questions regarding the authenticity of the document being inspected.

    What tips do I need to take into consideration? are there any special tools?

    Thanks to all of you in advance!!!!!!

  15. To the Honorable Sam Farr

    Congressman,17th District for the State of California

    Dear Mr. Farr,

    I am writing to address a very serious issue we as, not only peninsulans face, but as a nation face. At issue is how the 6 largest banking institutions have slowly and steadily impeded upon our 4th,5th,and14th, Ammendment Rights through the judicial and nonjudial foreclosures of homes across this great nation by and through their fraudulent banking practices. As the nonjudicial process for foreclosure once addressed a tradional lender/borrower relationship, the nonjudicial format was accepted after failure of remedy by contracting parties. Today our mortgages are securitized on Wall Street, as the loans were designed by Quants to experience default before the 30 year mortgage obligation could run it’s course. This is very unfortunate for America and a deceitful meneuver by the banking industry. I am watching closely while the BIG 6 lobby Washington, local and state governments attempting to trample over the rights of American citizens. I pay attention to the Treasury and the FRB. Jamie Dimon and company are attempting to rewrite mortgage rules involving MERS, Nominees, assignment’s in real estate law, indorsement language on mortgage notes and any other means they can deploy, to steal our homes. We need someone to speak up Mr. Farr. The loss of our guaranteed access to due process is at stake here. The efficacy of the nonjudicial format no longer applies. It was never intended to address securities law and the secondary maketing of mortgages. There is fraud and we deserve our day in court.

    Thank you,





  18. “Wall Street Appears To Have Violated Federal Securities Law, Crisis Panel Finds”

    OMG! With findings like this four years down the road and NO perp walks, is there any hope?

    Of course not. The bed is big and they’re all in it together.


  20. Hopefully the Politicians here in America are watching what is happening in the Arab world.

    G-d Bless America

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