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EDITOR’S COMMENT: In today’s New York Times, Morgenson details the failings of each program that was supposedly aimed to help homeowners. The article below from Yves Smith is more to the point and they are both right. BUT it is also true that while the burden is on the homeowner borrower there are possibilities for those who are willing to make a project out of this. BY getting the information you need in advance of filling out the review questionnaire, you can detail the problems with your mortgage and your foreclosure for the period of time that is addressed by the review process.

By giving details of breaks in the chain of title and securitization issues, which is information you can get from doing a title and securitization analysis, like the COMBO above, you can demand specific answers and when you don’t get those answers, you can press for them either administratively through the OCC through a hearing process or in the courts.

But the fact remains that most people either won’t fill out the form or will fill out generically so all they get back is generic answers. That leaves us at square one which is what Smith and Morgenson are saying.

Morgenson on the Sham of the OCC’s Foreclosure Reviews


Given that the Office of Bank Boosterism Office of the Comptroller of the Currency is the clear first among the highly competitive ranks of bank-friendly regulators, the fact that the OCC launched a program for borrowers to obtain restitution for financial harm suffered due to foreclosures seemed more than a bit sus.

Gretchen Morgenson does an admirable job of exposing the multiple shortcomings of this OCC program. She quotes Alys Cohen of the National Consumer Law Center, who nails it: “Not only will it not help people, it could easily harm them.”

This is yet another Obama Administration “pretend we are helping ordinary citizens when we are in fact helping the banks” scheme. The most damning tidbit comes late in the article, that borrowers may (I’d assume will) be asked to sign releases that are far broader than the matters under examination. In other words, to get whatever relief the OCC provides, borrowers may unwittingly give up rights worth far more:

For example, participants in line to get remuneration may be asked to give up their rights to defend themselves if they get into financial trouble again.

“This process is not meant to fix the original lending practices, so people need to hang on to their right to challenge the original loan later,” she [Cohen] said.

Morgenson’s account depicts several shortcomings. The banks hire “independent” auditors of their practices, and Morgenson identifies two that look compromised (including one flagged by Michael Olenick on this site). And why, pray tell, isn’t the OCC conducting these reviews? Similarly, the review covers only 2009 and 2010, when many subprime borrowers hit the wall earlier. It’s pretty clear that this process, like the bogus Foreclosure Task Force (which reviewed 2800 loan files and did no validation of the data in those files) is designed to give servicers a clean bill of health, with only some problems that will be deemed to be minor and on their way to being remedied.

What is more than a little frustrating is that this regulatory-initiative-as-coverup is SO predictable, yet so few journalists treat these programs with the skepticism and derision they deserve. We can only hope that one of the perverse benefits of the protracted housing recession will be that media and public complacency erodes.

31 Responses

  1. I get pleasure from, lead to I discovered exactly what I used to be taking a look for. You’ve ended my four day long hunt! God Bless you man. Have a nice day. Bye

  2. Despite two QWR’s and a call to RESPA I got no where

    M.Soliman – There is nothing gained by a QWR. If there was it should address the question of tender of the instrument and negotiabilty as bearer vs investment and collateral for the investment.

    Notes are not intended to be negotiable instuments. They are capital assets transferred upon a sale in accordance with GAAP. You just do not tender a note like currency and this is another none sense consept being forced into Amercian business culture.

    The idea of instant negotiabilty and transfer is to accomodate risk mangemnt and the MersCorp controversy that remains yet to be properly pled.

    The law in general covers a broad range of legal theory that cites where the unendorsed note bears greater certainty and rights to a bonefide purchaser as tender over an endorsed note; where each assigned to a third party .

    But this was used as a message of caution for always endorsing the live note. Now its working against you .


  3. @Usedkarguy

    “Can a servicer record a “mortgage” for ownership of “servicing rights?”
    Answer: Yes. They can try anything they want, including filing in violation of all existing laws. It’s up to you to prove they are wrong and to call them on it.

    There is one absolute common thread amongst all CDO REMICS and registrations – Prohibition on servicing. My God your talk out of your AZz friend.

    The real question is: Does any law allow them to do it?

    Answer: probably not. Whatever they allege, they will have to support it by quoting some law. It’s up to you to prove that they wrongly use it to enrich themselves and/or defraud you. That is when you counterclaim for extensive damages.

    Servicing rights are capitalized and the servicer issue is moot as the loans are sold whole into the REMIC. Actually its more involved than this aas the obligor is paying in advance and collections are accrued in arrears.

    This fact has not much to do with the bigger pic ,etc etc


  4. To: Fox News

    I am in Federal District Court, New Jersey on Tuesday morning to expose the Fraud by Concealment of our Nations Banking system which has millions like me in foreclosure

    I am fighting to save my home with the help of an expert Maher Soliman who will be testifying on how the Banks squandered their position of lender on millions of mortgages from coast to coast.

    The result will open the door to prove that their “mortgages” are now worthless paper and millions have been evicted without cause.

    If you read the motion pending hearing and pleading you will find this deep but compelling.

    I want to invite you to sit in on the hearing.

    Please contact me for details.

    Jeff L.
    Consumer Homeowner

  5. I received a Foreclosure Letter from the OCC and I live in CA. To me the letter seeks to fix problems for the banks. At some point the foreclosed houses will have to be sold by the banks as they had to buy back the troubled ones and title will need to be clear. It seems to me that the banks just want to give you a nominal amount get your signature and clear title….as they had been doing before they got caught in the whole foreclosure ordeal. As long as they have the 2 original parties to the oringinal deal they do not need to show all the selling of title and non-recording that has occured.

    The letter seems to target those whose homes were foreclosed upon after payment was made or those whose homes were foreclosed upon with no modification in place and military folks. Please have a lawyer read over any settlement papers received from these folks.

  6. So I have a question. Supposedly notices were or are being sent to the homeowners. If the homeowners were foreclosed on and forced out of their homes, where are those notices being sent?

  7. What I have been saying all along…it is another PLOY to extract info from us to fix their ERRORS (LOL) to use against us once again…fool talking but not foll listening….

  8. @zurenarrh, best not to send it in, than to send in a Pfuck Off.
    That would be an offer they would propably accept and try to use it to clear title to your home in some devious way we haven’t thought of yet.


    When I read these articles I have no idea who is working for whom.

    They sent those letters and the only way they know you go it is if you respond. They know their process was fraud induced from the beginning. There are many that will sign away their first born to stay in their home and that’s not for us to judge but for us to know and decide who we are with dealing with a den of thieves.

    I know they have to review every foreclosure within that time frame. It’s not my job to help them nor inform them of what went wrong. There is a court case in judicial states and they know what evidence was submitted and there is a court case in non-judicial states where people were evicted, and they know what was submitted in the court case answer, as well as know what they submitted to the court house as a notice of sale, what they filed to try to transfer ownership.

    These people do not need our help. They planned everything. Everything. Everything. They only way we win is if we don’t play their game.

    All the cases where they tried to clear the title was from homeowner who didn’t go to court, and the took the home, and then tried to clear the title and could not, and then the homeowner who bought the home without a clear title tried to quiet the title and could not.

    Don’t play.
    They sent letters. They know how to provide a proper notice. They called themselves doing it when a Sheriff knocked on our doors to deliver the lawsuit.

    I saw all of those barcodes on the paperwork.

    There is something behind the contract that is not full disclosure.

    There is no obligation for the reviewers to work for those of us who were robbed.

    The OCC settlement said THEY HAD TO REVIEW all the foreclosures. It did not say we had to provide any information to them to help them or to hurt us or to be told that they are trying to help us but now that we’ve engaged them in the process; if we want a remedy then we have to accept their offer to give up rights or they will inform the OCC that we rejected their offer of a settlement.

    There is something behind this.
    Do not trust them. It was trust that got us into this situation and as of yet, no one is Named in any of these actions as being liable for what happens.

    The reviewer is unnamed, their review contract would carry one signature. A true contract should have two.

    Something is behind this and something is being concealed.

    No not offer a Pfuck Off or any other offer to them. Either you will fill out the form or you won’t.

    They know many of us are savvy enough to know not to trust them. I guess you know what the savvy people will do about the form.

    The meek will inherit the earth.

    Trespass Unwanted, corporeal, life, Free and Independent State, jure divino (by divine right), in jure proprio (in One’s own right)

  9. I lost my home in 2010 and it also was “doomed to fail” from the beginning since Quicken Loans “shorted” the escrow to make the numbers work…9 months later when Chase had taken over they demanded an extra $941 a month for the next year, then an extra $300 a month for the balance of the loan.
    Despite two QWR’s and a call to RESPA I got no where. They dual-tracked me and sold the home while I was “being considered” for a loan mod. I even hired an attorney and he was all thumbs; failed to file an answer for the U.D., most lawyers around here want a ton of money up front ($5k plus) to do any kind of foreclosure defense work. So if you’re a homeowner you’re screwed from the beginning.
    When I learned about the OCC “reviews” I contacted them and got in touch with the company handling the Chase reviews; send them an entire packet of documentation I had collected through the process and I did get a confirmation they had received it.
    The forms they send are slanted in a way to make the homeowner “give up” and I’ll bet the end result (if anything) will be an offer of a couple of thousand in exchange for a complete release. Chase previously offered $2,000 in a “cash for keys” deal, but they demanded that I sign not only a “cash for keys” agreement but a general release as well. I returned the signed cash 4 keys agreement but got no money.
    The point of the previous poster regarding addresses is spot-on; most of those foreclosed during the time frame covered are long-gone….they’ll get these letters back as undeliverable. I heard as part of the “consent” that the banks were supposed to advertise the reviews to make people aware, but I’ve seen or heard nothing of the sort. Since the deadline is next Spring I wonder what they’re waiting for (sarc/).
    If you want to really see the “tone” inside the White House, read Ron Susskind’s book “Confidence Men”. At one point Obama had the TBTF banksters on the hot seat and they were all concerned that he would hammer them; he held their bonuses right in his hand. But instead of demanding real principal write-downs and loan modifications, he let them off the hook and they came away from the meeting feeling that so long as it “appeared” they were addressing the situation they could go on with business as usual. So everything you see coming from Obama is just PR. Obama also stated that the high unemployment rate is the result of “increased productivity” by U.S. companies and because it’s “natural” there’s not much the government can do.
    Good luck!

  10. […] Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: bankruptcy, borrower, countrywide, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, modification, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND Livinglies’s Weblog […]

  11. …and next year Humpty Dumpty will come a’crashin’ down…

  12. Right on, BSE…and I still have my dog(s), my cat,…and my bunny… 😉

  13. Can someone at least indict Jon Corzine. Throw us a friggin bone already. Give us John… Give us John..

  14. I still have my dog. That means alot..
    Merry Christmas to ALL and Hope next year is better !

  15. enraged—–

    “1) The biggest financial scandal ever visited on a country was in no way, shape or form my fault.
    2) I was set up to fail from the get-go.
    3) Our government does not work for us.
    4) The only course of action possible is to sue and insist on a jury trial.
    5) Whatever half-assed measure taken by the legislative and/or executive powers in this country are only designed to serve as PR. They have never been meant to resolve the housing situation, on the contrary.
    6) People who “get it” and can resolve the situation, those Bill Black and Josh Brown) will not be called to take over and undo what has been done. Those Geithner, Bernanke and Holder will not be let go.”


    as you said above——couldn’t agree more///////////

    It’s time for a real TEA PARTY god damn it………do not go into debt using credit cards or loans,,,,,,,,,,,,,,,,,,,,,people have got to just use cash for everything………….that is all.

  16. Anonymous———

    “the A Man is correct, Obama has lost opportunity to expose fraud and help the victims. He has lost that opportunity.”


    but of course………..look what happened to Reagan,,,,,,,,,got shot…………

    Obama got taken over as the rest of those there Presidents……….

  17. Hey you got it Charlie. And that is the whole purpose of the Federal Reserve System and any Government using a central bank. It is all designed to make it complicated so one either gives up and files bankruptcy or just says uncle and lets the debt collectors collect defaulted debt (which said debt collectors pay pennies of the dollar).

    Just say UNCLE.

    Why going to court or fighting is yet another complication that your average American or global citizen can not understand nor afford, and doing it pro se is going to school and learning all the rules and words which words have double meanings.

    per above————-

    “But the fact remains that most people either won’t fill out the form or will fill out generically so all they get back is generic answers. That leaves us at square one which is what Smith and Morgenson are saying.”

    And that is the goal, the end game. They just want you to say UNCLE. I give up.

    Why I am still laughing my ass off. what a joke. But it’s real. Debt slavery is goal one way or the other. Remember and search on google this item – – anything with a cash flow can be securizied. Even your gas and electric bill, even your local government——-welcome to paying Wall St one way or the other…….

  18. The A Man – is right again. Unfortunately, there is no substitute to Obama that will do any better.

    OCC is orchestrating an agenda to silence victims and conceal mass fraud. And, from whom are directions being given??? Not just Obama., but also from administration at multiple levels. The A Man is correct, Obama has lost opportunity to expose fraud and help the victims. He has lost that opportunity.

    Obama wants to win this election, and he will NOT sacrifice campaign donations in order to speak out for victims. Maybe, if Obama wins, he might then help the victims. But, that will be too late. AG bogus settlement will come down, and victims will already have been been further victimized. Too late, Mr. President. TOO LATE.

    Ms. Morgensen — you are NOT getting to the nitty gritty. You are tiptoeing on the real fraud. Who really controls what you write about???
    You have been handed evidence on a silver platter. Where is your journal article about the truth???


    Happy Holidays to all my friends here. And, may this be the beginning of a much better New Year. Remain confident that new year will be better — despite any obstacles. They will lose. They will lose.. Their party will be over.

  19. This is probably hands down the single best decision I have ever read……I just wish all the Judges went after thesebad lawyers the same way he has!!! They are all a bunch of LIARS and he called each and every one of them on it, in an open court room!!!!

    This case might be a game changer , because HSBC who was the plaintiff in the action, claimed they had nothing to do with the foreclosure or the loan, and it was all OCWEN. They are starting to throw the servicers under the bus!


  20. They are not a waste of time. The OCC could not even tell the american public how many foreclosures have been completed to date. They are now trying to track the extent of the fraud to push through mass foreclosures after the election, regardless of which worm wins the money seat.

    “The illusion of choice” They already know they control both candidates that will allegedly compete for the presidency. Regardless, of whom it alleged to make the rules or sign off on new laws, it is coming.

    You know it amounts to know more than a sham when you are mailing the questionnaires / petitions to the former occupant address. See, if they are foreclosed and no longer live at the property, how can they get the complaint form? Why not just have a general complaint form available at every bank branch which reads:

    “If you feel this bank may have illegally participated in the theft of your home, or the home of a friend -please get them this form so we can document it”. “If these homeowners do not respond, because they were not served, and no longer live at the foreclosed home where we mailed their bogus feel-good complaint form – we will being counting their non-response as; “one for the banks”.

    Every complaint letter should have begun with FU loser homeowner.

  21. I have half a mind to send in my foreclosure review form with “FUCK OFF” written in every blank. But maybe the A-Man’s refrain would be better: “NEVER AGAIN.”

  22. 4 years ago, as i was embarking in a never-ending hellish time, dealing with my alleged servicer (who has yet to prove that it really was), physcially going to the branch, talking to everyone, asking questions, not getting answers (and since then, a few bank’s employees have been… let go, under what appears to be a few clouds, God knows why…), I had moments of absolute insanity, I couldn’t see straight, I couldn’t get it and I felt like a total failure. I did what many do: I numbed myself anyway I could.

    I didn’t understand what it was they wanted me to do, I kept receiving conflicting recommendations and advice, I was told to “open a free bank account so the bank can see you have regular income coming” (I did. The “free account cost me $24.00/mo) in order to obtain a modification. I was told (in writing) to stop paying my mortgage for 60 days to qualify. I was told my income, slashed by 40%, was “roo high” for me to qualify. I was constantly called and threatened by people from… Kentucky, Ohio, Panama! Past-due notices were left on my doorknob days before the payment due dates, I kept receiving letters telling me that I owed thousands and thousands in arrears I didn’t owe, my payments were “lost”, etc. Pure hell!!!

    I have learned a lot since then.
    1) The biggest financial scandal ever visited on a country was in no way, shape or form my fault.
    2) I was set up to fail from the get-go.
    3) Our government does not work for us.
    4) The only course of action possible is to sue and insist on a jury trial.
    5) Whatever half-assed measure taken by the legislative and/or executive powers in this country are only designed to serve as PR. They have never been meant to resolve the housing situation, on the contrary.
    6) People who “get it” and can resolve the situation, those Bill Black and Josh Brown) will not be called to take over and undo what has been done. Those Geithner, Bernanke and Holder will not be let go.

    I am satisfied that I now have a clearer picture. The good thing is that many of us now do, including an increasing number of judges. Education is the most important thing. The media are finally drawing it like it is.

    I predict that the number of people who fight will jump in 2012 to 25% or even higher. I expect that politicians will lose their mandate “en masse”. I expect that our president will receive ear-full from voters and will be placed before his responsibilities and a determining choice: be for us and show it or keep the status quo and face civil unrest. OWS will become larger and larger. More military (that banks are trying to buy by offering them jobs) will join its ranks. Police will refuse to do governments’ bidding.

    I may get worse before it gets better. It definitely will get better, though. Knowledge is power.

  23. the review IS a sham. Just more misinformation for the masses.

    Merry Christmas/Happy Holidays to all!
    And angry…….I’m with you!
    A-Man, may G-D be with you.
    and to all you 4%’ers, we put this on the front page. Be proud!
    And Neil, thanks for the heads up.
    Harry- nice to see you back!
    Nancy Drewe-it is no longer a mystery
    ANONYMOUS-who are you?
    carie-keep up the conspiracy theories
    Peter-thanks for hangin’ in there
    BSE-don’t worry, God will sort them out
    Stan-the BK court has a trial attorney sitting in on my case (nice)

    this is the third year I’m sitting here at this computer on Christmas.
    I hope it’s the last!

  24. Who has the power to do a moratorium on foreclosures? Is it the AG’s?

  25. I got one of those stupid things in the mail and immediately saw it for what it is—ANOTHER SHAM TO DEPRIVE US OF OUR RIGHTS!!!

    We are on our own, folks—the government doesn’t exist, except for the banks and by the banks…not “the people”…


  26. The OCC is a sham of course, Gretchen writes for the NYT so she isn’t specifically allowed to say that.

  27. merry christmas angry you are just like me pissed, but as part of the 4% fighting back it feels good. my lis pendens was put in right before christmas on dec 16. I retained stopa law firm for my defense with wells fargo. lets hang in and helpeach other.

  28. Like I said. Obama is nothing but a demagogue working for the Banksters. He is not working for the People. He is working for the Banksters. He is the Captain of the Ship and he is responsible for what is going on now.


  29. ho ho ho bag

  30. a holiday gift to the us gov & occ..

  31. Four articles written by Neil Garfield on Living Lies
    re: Barry Fagan v Wells Fargo Bank


    Contained within those exhibits, are 3 different versions of an ORIGINAL Deed of Trust, along with multiple fraudulent loan applications.

    Exhibit A is the Deed of Trust as filed with the Los Angeles County Registrar Recorders Office, while Exhibit B and Exhibit C were provided by Wells Fargo Bank as alleged original documents. The magnified version of page 4 all clearly show variations of the same hand written number and is an indication that the original Exhibit A as recorded in the Los Angeles County Recorders Office has been altered since it was originally recorded.

    Re: Link to Lis Pendens with Evidence of Deed of Trust alteration and fraud by Wells Fargo Bank.

    And evidence of multiple authors of Wells Fargo Bank employee Rhonda Bernard Thomas

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