700 Illegal Foreclosures and Evictions Against Active Duty Military: Tip of the Iceberg

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Amongst the most despicable aspects of the job the banks did on against our society was the foreclosure and eviction of families of servicemen and women who were on active duty 7,000 miles away from home. This is patently against existing Federal Law, as well as public policy on the Federal level and all 50 states. The banks promise “compensation.”

My answer is that wrong is wrong. The evictions should be vacated, the foreclosures should be reversed, the sales cancelled, the deed on foreclosure nullified and the parties returned to their original position. Treble damages, punitive damages and/or exemplary damages should apply. Credit reports to the credit agencies should be removed. To think that one of our people in active service is losing life and limb at the same time these banks willfully ignored their rights is shameful. It should shock the conscience of any court.

The compensation offered by the banks to military families and other families for wrongful foreclosures is arbitrary, capricious and against common sense. It is all predicated on the assumption that there would have been a foreclosure anyway. But the San Francisco study and others around the country, all independently and objectively produced using scientific method have shown that at least 65% of all foreclosures were wrongful. “Wrongful” means they should not have been permitted to proceed. It means shouldn’t have happened at all.

So it is a drop in the bucket to allow these investment banks to claim losses not their own, claim insurance not their own, claim proceeds of credit default swaps on mortgage bonds not their own, claim losses from defaults on mortgages not their own and then to settle for pennies on the dollar.

Hidden in the last settlement with OCC, is a provision that says if the bank gives $10,000 toward principal reduction on a $100,000 loan they get credit for $100,000 (the principal demanded for the loan, which is wrong, as we all well know) instead of the $10,000 they allowed. My opinion is that this is precedent. What is good for the goose is good for the gander — if the bank gets credit for a $100,000 settlement then the borrower’s principal due should  be reduced proportionately by the CREDIT received by the bank who at all times has been claiming they are agents for the investors EXCEPT when they get money from the government, insurance, or credit default swaps.

see http://dealbook.nytimes.com/2013/03/03/banks-find-more-wrongful-foreclosures-among-military-members/?emc=eta1

69 Responses

  1. Charles Reed….IMHO…I really don’t think they deserve another dime from any of us. They dishonored us exponentially and for that they should pay and be punished to the fullest extent of the law. What is going on in this country is a disgrace. These politicians are complete traitors..it is unexcusable and unforgivable what they have allowed.

  2. Ginnie does not make the lender buy back loans but in the case of FHA & VA the loan the properties are purchase at the foreclosure sale.

    However Fannie & Freddie have made lender buy back loans because its a different procedure. But if your not modifying Fannie and Freddie prime loan then you cannot use the propaganda that they purchase to much property.

    This is all about making the borrowers the enemy, where you paint them less than human like when you drop two atomic bombs on Japan and over 50yrs later it still seen as a good deal because they were Japs not humans.

    This administration has cloud what the mortgage market was as if everybody that was foreclosed was a subprime loan or now government lending is described as if it were subprime state loans.

    Even with the VA loan as they want to separate the 700 loan form the 50,000 VA foreclosures but what the different in kicking a troop out his home with no legs in a foreclosure who was last shot 2yr ago than one who was recently shot.

    What happens when the fighting stop this year, do we have like the Vietnam Veteran wondering around homeless today, who are just as mentally unstable as a bed bug.

    To think something this large just spin out of control but as I learn with Ginnie Mae that its organized chaos were you have got 800,000 borrowers kept from talking to the alleged owner in Ginnie Mae, who is instructing the borrowers to talk with the servicer and the servicer is instructing the borrowers to contact the investor of the loan, but will not tell you who the freaking investor is.

    One big butt Ponzi scheme going on!

  3. Ginnie, Fannie and Freddie made the banks do buy-backs. They do not qualify for FHA or HAMP loan mods. I like to refer to them as In-House loan mods. You would think they would be easy enough to get …. right? Unless liability attatched and the liability was greater than the amount owed on the debt.

  4. stripes I do see some modification being done but I not thinking that all these modifications were being done under the guideline of the HAMP as far as the 850,000 number they have been given.

    Something I had not consider because my focus was only on Ginnie Mae is the fact Fannie & Freddie loan were not including in the mod program but the two agencies took a $190 billion loss that they own the taxpayer but what there overall lost.

    So I figure 4.75 million loans at a $200,000 loan balances and at least 20% lost for the two agencies on the loans at $40,000 a piece lost. Or a lesser subprime loan balance mix gives us all the foreclosures but the 800,000 government insured loans.

    So the 850,000 modified loans are a cover for what? I believe it the numbers to who was mod and what were the rates & terms of each of them it would paint a picture of total government corruption and is why the banks have been able to do what they have been doing, because the Federal Government as in Ginnie Mae with the FHA, VA, USDA is the Kingpin behind the Crimes!

  5. The truth is, no one could qualify for a loan mod because the mortgages were set up to fail as ex FDIC chair Sheila Baird stated. The debt that Wall Street created by committing a QUADRILLION dollars in derivatives fraud with our unauthorized signatures is unsustainable….it was an evil plan by the bank owners to steal our freedom, liberty & independence……our Constitutional Republic.

  6. guest I don’t think the 3 month is true for any loan and if there is not prepayment penalty a person should be able to take advantage of the lower rate at anytime. Now I am sure the lender would take a hit, but I would not imagine a rule that if tomorrow rate when from 10% to 2% the consumer could not take advantage of it.

    Now if I am not mistaken when this would happen at the bank you would not stall the customers so the bank would not take a lost, because of a 90 agreement, but that does not apply to the borrower!

  7. Buttwipes!!!

  8. Invite the homeowner to apply knowing they dont qualify. Keeping all their payments in suspence account, defaults the loan and send it to fc.

  9. While we are on the subject, you could not get a loan mod on an FHA for the first 12 months of a new loan either. Imagine That?

  10. Actually Charles, you have to wait 3mo to refi with a new lender. And you have to wait 12mo for a streamline with the same lender.

  11. johngault I would not think that you have to wait 12 months before you could streamline because nothing stop you from refinancing the FHA loan the next month after receiving it, by going to another lender.

    However if a payment was overdue more than 30 day you do have to wait until you made 12 payments on time. However I have argued the point of 12 months before for a borrower who was not do a cash out and only just a rate & term refinance.

    The borrower needs to understand that there is not a need to run your credit as a credit score is not needed for the streamline, and is only a way for the lender to try and disqualify the borrower from the bank FICO restriction, but it not a FHA or VA restriction of refinancing.

    They must have a house payment verification and job verification (not income verification) as with first performing the loans as with the streamlines is where there was a lack of training the lead to all kinds of abuse!

  12. No problem Charles Reed….thanks for your service.

  13. TBTFs titles are wrecked because they are crooks. Our titles are clean once you strip away their fraud.

  14. There could be a couple of reasons JG, .. To do a FHA streamline the loan must be at least 12 months old. The other reason is it is involved in a lawsuit or a settlement. I wish I knew the origionatin date and the lender.

  15. TBTF are foreign controlled investment swindlers and fraudsters. They are wealth destroyers.

  16. No guest….you get lost…..you are are a control fraud troll…I am not here for myself, I am here speaking the truth about the TBTF war on our Constitutional Republic. Like it or lump it. This is not just about me….this is about our fight as American Citizens to restore our Constitutional Republic and bury the lies we were all living about this sham called Democracy….IT IS FOREIGN COMMIE CONTROLLED TBTF CORPORATE AMERICA THAT NEEDS TO GET LOST.

  17. c reed or anyone – a couple mos. ago I said a friend tried to do a streamline refi of his fha loan and was told he couldn’t. Someone said there was a reason, but didn’t explain the reason. Anyone know what that’s about? FHA to my knowledge still has the streamline program.
    Something about the date he got his loan?

  18. TBTF is not a game of give & take, it is a game of take, take, take and they give nothing back of any value….that is no more than theft.

  19. Stripes… You have to be a Troll! Any reasonable minded person would have taken the links Neil posted and I reposted for you! You are a Friggin Troll!!! Take a Hike!!

  20. The ongoing TBTF crime spree…the monopolistic methods they are using to Conceal their crimes are allowing TBTFs ongoing robbery of us and that is why the Wall Street illusion is getting bigger by the day.

  21. TBTF hides behind their Corporate logos and disguise themselves as politicians, government agents and agencies……the Supreme Court ruling that declared…”Corporations are people” is a sham and a fraud to hide and protect the Shareholders & Investors of their TBTF CORP…..SO ARE L.L.C.s, M & I’s and these so called Re-Purchase agreements that are in fact crimes, felonies being committed by TBTF solely to Conceal fraud and commit more fraud. TBTF are building an even larger monopoly by being allowed to commit these crimes to Conceal their Original crimes.

  22. JG …. CW defaulted a loan in 08 filed LP without being the mortgagee of title (think state sol),. In 2011 along comes MERS assigning the Note (3yrs later) to itself from org broker.. Or so it was filed that way on title, never saw those assignments, figures or authoity docs ….. I guess, I always suspected I never would. Such is Life …. A game of Give & Take.

  23. The CEOs ……the Chief Executive Officers of the Corps do what they are told. They are subordinate to the Shareholders, Directors and Investors. The bank owners. If not, they would have been canned and jailed by now. That goes for the Politicians as well. Obama would not have been elected President of their TBTF CORP if he was not following their orders. That is illegal under STATE & FEDERAL LAWS….BECAUSE….INSTRUCTION OR INDORSEMENT DO NOT GUARANTEE SECURITY ENTITLEMENTS …. U.S. & COMMON LAW DO NOT PROTECT CORPORATE PENSION FUNDS….

  24. E Tolle never profess to be a good or even OK writer, plus I am inpatient and should proof read and probably should take a lot of writing classes.

    However what I meant to say was that as a former US Army soldier I am and always will be a family member of this club. When I was hired as a loan officers at the bank my goal was to help military families get the best financing available, as many military families are limited in their knowledge of financing.

    Take 2009-2010 and you got somewhere around 50,000 foreclosed VA loans that all were full income documented underwritten loans, that most could have been streamline refinance without an appraisal or income verification, as the VA program outlines, and received a 4% interest rate.

    Let take the fact that in 2009 there was a HAMP modification (mod) where the interest rate could be reduced to 2% over 40yr term, but what was stop these mods were the total debt ratio. But on Feb 1, 2010 was the effective date of the VA HAMP, yet the leader was not up and running as the was not debt ratio for the VA HAMP mods, and only a 31% PITIA requirement for the 2% 40yr term mods to meet.

    So let take Wells Fargo Bank who did not start the mandatory VA HAMP (Wells did sign 2009 agreement) until after Aug 8, 2010 as no one in the bank was trained to underwrite or process these mods until after Aug 8 2010. Wells Fargo just foreclosed on the military families without following the requirement of processing the loan first through the modifications.

    So where only looking at 700 servicemember who within a 6 month time during and after combat had there properties stolen, however there are 50,000 servicemember both active and veterans denied due process.

    But the Elephant in the room is the fact of the 95% of these loan that were in the Ginnie Mae Mortgage Backed Securities pools, and none of the loan could be foreclosed period because lack of standing.

    FHA also has a streamline refinance provision with the loan were both programs are to save the taxpayer monies because we have guaranteed the back ends of both loans (insurance) so the thinking is that the leader is already on the hook for 80% of what the LTV was, so it make sense to streamline the loan which make it more likely the loans are paid back with the lower refinance rates and if the leader is paid off by another lender, the is no future interest that was to be made as the loan is paid off. So is monies still made on the loans?

    It not like the lenders are borrowing there money at the same rate as the old loans, as they are also getting their monies at lower rate, with the same margins on a streamline, whether it was 6% and it now 4%. Example the lender sells a 6% but is getting the rate at 4% so the margin is 2%, and if the lender sells the rate at 4% and received their rate at 2% is the margin not 2%?

    But as the Fed printed $16 trillion and the bank are borrowing it a zero to .5% are they now not able to make twice as much lending at 4% when they are now receiving monies at zero to .5%. Who is tricking who? Why not create a crisis so the Fed allowing you twice the return on mortgage now?

    E Tolle I am not the best writer but what I always did was challenged the thinking of what was being done because there 1 + 1 = 3, and I did not accept that answer!

  25. Who does Jamie work for…..? They need to be castrated too…!

  26. Sub-trustees…what a crock…they all stand in the shoes of the Originator. Deception and Concealment are felonies.

  27. It was never about getting a free house ….. It was always about stopping the corruption of the titles. I did however learn a few shocking things along things along this journey. Shameful Things that people like Jamie need casterated for!!

  28. I will eventually need a QT, whats the rush? In the meantime I know there is a satisfaction of mortgage filed… makes me Happy! The buttwipes are forever removed as mortgagee of my homeowners policy to.

  29. That’s right they don’t …!

  30. The title agent did not file the Trust Agreementt!! Apparently it can not be found! Didnt you know you can not warranty title if the person signing does not have the proper authorizaton to sign? Its gets sticky with sub-trusttes signing without the Trust Agreement. You know .. No Proof of Authority!

  31. The only danger here is the attempts to Conceal the identities of these foreign imposters, wolves in sheep’s clothes and their crimes against us. They use technology for nefarious purposes, to steal, spy, and control from behind the scenes.

  32. ukg re: the case you linked yesterday. It’s a stinker and if I were at the top of my game, I think I could successfully debunk it. The court was apparently confronted with how MERS operates and said a business may appt whom it chooses as an officer and it’s irrelevant that that person is an employee of another business. One thing the court overlooked is for whom that other person works and the ensuing conflicts of interest, for one.
    The court overlooked the fact that the officership is in fact bought and paid for and the gravity of their missions. MERS, Hultman apparently, does not appt officers unless they pay money to MERS. The court overlooked the fact that assignments may be done by these people with no rights to an assignment. Who would know? A utility is not and never will be an appropriate party to a contract under any theory. No rational person imo would agree to a contract such as these if he knew the truth. Today we have to take someone’s word for it that he rightfully represents the guy on the other end of our contracts and do so now in the face of information which indicates he has positioned himself so that each of the two real party’s interests are at odds with his own.
    Further, as a nominal ben, agent (which I deny), whatever, MERS has a fiduciary to the party who is actually the lender as described in the note (someone here – you? brought that little goodie to our attention and I continued with an attempt to identify who qualifies) and I’m hard pressed to see how as it stands that fiduciary is honored. How good of the court to decree that a borrower may challenge these assignments after relieving him of some arguments in chief. The only good news I can think of is that arguments not considered may yet be made. In my opinion, we sometimes see a decision and say well that’s that, when in truth, the decision was shallow. I haven’t addressed and probably won’t other issues which were not considered and which without that consideration undermine legitimate adjudication. No principal may act as the agent of its agent, not even in the guise of its agent’s officer, for instance. In short and fwiw, the failure to address all relevant issues finds at least me with an appropriate lack of respect for this decision.

  33. You are so full of shit Christine! So let me make this simple for you! No Default! Lack of Standing to Invoke Jurisdiction! No Lawsuit! On the other hand… the title ins does apply in our case here. There was a lil doc called the “Trust Agreement” appointing a Trustee. Then there is the little problem of the Trustee using a substitute Trustee at Closing. Althou the situation is differant do you see how it apples to FCs?

  34. I stand by my statements, this is foreign black ops by the Satanist black nobility on U.S. soil.

    Our enemy is the foreign controlled Corp who U.S. TAXPAYERS FUND…AKA….TOO BIG TO FAIL. They control by CREDIT LENDING….THEY STEAL OUR WEALTH BY MANY PROXIES…..LIKE CREDIT LENDING….INVESTING, TAXATION & SOCIAL SAFETY NETS…..These TBTF CROOKS invested in everything WE THE PEOPLE PAY FOR….

    They use technology to Conceal their crimes against us….like E-SIGNATURES… MERS….FRANKENSTORM SANDY & WINTERSTORM SATURN….Global warming is a giant manufactured farce, created by them to cause fear….fear….fear.

  35. Globalization and Securitization are wealth stealing scams by the moneyed elite…..They are operating foreign RICO black ops on U.S. soil. As Neil said Securitization isn’t even legal under the laws of this land. There is no law in equity for the OVERISSUANCE of INVESTMENTS …

  36. I can’t quite figure out who’s more dangerous to newbies wandering into LL, strapon or guest. I think most can see that strap’s simply insane, and therefore should just be ignored. Every time an informative conversation gets going, she jumps in with her usual 8 posts quoting from VaticanSatanistConspiracy.com or EvilBlackPresident.org,….easy to see thru that crap.

    But guest is constantly saying bullshit like ‘just send them a QWR! Life will be good!’ *hugs and snuggles!* Or, ‘get the bank attorney to admit their fraud! It’s so easy, then you win! *chest thumps!*

    Both are a danger to folks just trying to sort through the fraud.

  37. As far as i remember, you did not. You’ve been talking extensively about your daughter’s REO, your grand kids and many other trivias. In fact, you’ve been consistently advocating against filing suit. Both sides of your mouth. That and cloudy titles but, once again, no actual practical information on how to “un-cloud” them. Except, of course, the “title insurance” thing worth peanuts since no insurance company honors it. (And if i am wrong, please do cite a few cases where the insurance co. did honor its end of the contract. I’d be really curious.)

    Or…never mind. I tried to read what you post for a long time. Like stripper’s, I can’t make any sense of it anyway. I skip until I see my name. Then I know it’s an attack. I read, chuckle and move on.

  38. You “think” your lake house has been paid off for years….The truth is with Securities Fraud on this level, no ones property is safe….!

  39. These so called American banks and TBTF CORPS are FOREIGN CONTROLLED BY THEIR OWNERS and are funded by U.S. TAXPAYER’S MONEY they NEVER REPAY A DIME THEY STEAL BUT INVEST IN THEIR OWN CRIMES AND SELL INVESTMENTS IN THEIR CRIMES………THE FOREIGNER’S SET US UP TO FAIL …..THEY LEND THEIR WORTHLESS CREDIT TO ROB the PEOPLES TRUST….THE U.S. TREASURY …..BOTH LITERALLY & FIGURATIVELY…& hand US THEIR BILLS..

  40. Don’t trust the foreigners….especially Russia & China. Donald Trump was right on about the foreigners like China and the bogus birth certificate. We can’t trust any of these foreigners who hide behind American names like Bank of America…..HSBC……CHASE….AMERICAN BANKS….HA!!

  41. Talk about getting a mid-late life lesson …………

  42. My lake house has been paid off for years and I do not give details on my daughters property.. she bought bad REO.

  43. I refuse to lay down for TBTFs CRIMES AGAINST US…..THAT’S RIGHT, THESE ARE CRIMES…..MULTIPLE FELONIES…AGAINST US TO ROB US OF EVERYTHING WE WORKED & PAID FOR OUR ENTIRE LIVES….& NO…IT IS NOT O.K……THEY DID NOT NEED THE INSURANCE MONEY…THE INSURANCE MONEY WAS AN INDULGENCE….IT WAS HIDDEN….AND IT WAS CRIMINAL.

  44. Hahaha … Nice Try Christine, just like a banker .. only remembers half the facts. I am positive I have mentioned multiple times … I had two properties involved (my previous home/case won with sj) and my current property (retirement home) is not in a lawsuit.

  45. Let me tell you what the exclusions were ……. They have to create the dammed security before they convert, transfer, swap or sell investments in everything the U.S. TAXPAYER’S PAY FOR…. TBTF DID NOT PAY FOR ANYTHING, THEREFORE WHAT THEY DID WAS THEY COMMIT SECURITIES FRAUD ON STEROIDS…ALL OF THE DEBT IS NOW A NULLITY BECAUSE OF THE ORIGINATION FRAUD BY THE BANKSTERS…

  46. You need to get your facts straight once and for all. In one breath, you claim that you never filed suit, never had to go to court, etc. and at the time and and from the other side of your mouth, you claim having won on a summary Judgment. Hey, it’s either… or. Can’t have it both ways.

    By the way, when was the last time I used the word “coward”? Don’t put words in anyone’s mouth, shall you?

  47. Folks like me who are actually living their nightmare have called out their crimes as well…..

  48. It has to do with you calling folks not in a lawsuit a coward. I’ve faced all the Major Players with their dirty games! It starts and ends with no default, lack of standing. If it were not for folks like me … we would not have seen the changes here in Illinios that we have seen.

  49. Guest….I know the difference between the swine & their victims…I am talking about the bank owner swine, the Wall Street Shareholders and Investors. The top of the Ponzi. The investors never funded any mortgages, they funded the investment houses and their massive credit & derivatives ponzi scheme. Quit lying. The FED OWNERS are in DEFAULT to the U.S. TAXPAYERS for GAZILLIONS and all the TECHNOCRAP in the world won’t change that. The U.S. TAXPAYER’S PAY THESE SWINDLERS & SHEISTERS UPFRONT FOR EVERYTHING…..

  50. @ukg

    Ne’r was there a tale of more woe, than that of the borrowers, and the CEOS…

  51. Guest,

    What’s that all about? Get over what? Hey, you won some legal action you’ve never bothered to explain to anyone of us. More power to you! What the hell does that have to do with me?

  52. Stripes.. If you do not know the difference between a main street invester and a wall street investor …. you are an idiot!!!

  53. It was ok….. they needed the insurance money to continue their ponzi scheme and the borrowers were going to default or re-defautl again anyway. And if they dont we will give them a little push over the cliff…. We sure would not want the homeowners to know we collected the ins and trashed their title ….. so we just push harder, adding fraud fee after fee. The banksters knew they were going to get caught with these Hot Potato loans on their books…. you know … the ones Ins had been paid on …..in some cases long long ago………………………….. all that was left now was to get these loans off their books and get fc deeds so the taxpayers can payoff the origional/lender invester. You know … the fella that has the actual loss….

  54. Technology is being used for much more nefarious purposes than what it appears. Technology allows these control freaks to do all of their evil work from behind the scenes, under the watchful eye of no one. That is just how they like it. MERS is a perfect example of this technological control freak mechanism.

  55. Charles, without saying …. I get it! There were no exclusions, Not Even for Our Vets n Elderly!! Shameful!! They screwed up in more ways than one, they kept saying ….”The borrower was going to default anyway, so there was no harm”……. Imagine That? Just Shameful!! Get over it Christine! I was in court years before you ever filed your case and WON SJ!

  56. Charles Reed, serious question here, you wrote, “However the banking industry F up and and allowed one of the military family learn who this crap worked, and I hear to blow the lid on it.”

    Is English a second language for you, or do you just skimp on proofing? I don’t understand half of what you say.

  57. There is a reason why there are no women in the Vatican, these men who are running this Global RICO operation, have no consciences. Any women who do get top jobs are morally bankrupt as well. Money and investing are the root of all evil. You can’t be loyal to anyone or anything when these 2 things control your mind.

  58. UKG…To blame Capitalism misses the mark completely. This was an evil plan and is the result of Communists hijacking our Constitutional Republic. By the methods of their financial system fraud, credit lending, investing in everything we pay for upfront, taxation, social safety nets, Crony Capiitalism & political Capitalism they have a direct pipeline to our wealth.

    The DOW touches a record high today and TBTF are insolvent on their balance sheets. It is all an ongoing Corporate charade while these crooks continue to rob us with impunity and, fully intend to bankrupt us.

    Wanton Criminals have hijacked our Constitutional Republic.

  59. […] Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: foreclosures, OCC credits, settlement with OCC, soldiers, VETERANS Livinglies’s Weblog […]

  60. So between the two war in Afghanistan & Iraq we had 8,000 killed and 48,000 wounded. We got plenty more with PTSD and a foreclosing machine in Ginnie Mae that allowed around 50,000 VA foreclosures in 2009-2010.

    Look the economy was and is bad for veteran as 1,000,000 are unemployed and about 250,000 are on the street sleeping. I don’t know the break down of what active duty person did what or which vet was in combat or supporting the combat troops because in the end they are a team, and bullets or ieds don’t discriminate like bankers that do discriminate and steer, overcharge and illegally foreclose.

    However the banking industry F up and and allowed one of the military family learn who this crap worked, and I hear to blow the lid on it. Things happen for a reason and that first day in basic training created a bond that I will never forget with my fellow soldiers.

    Ginnie Mae and all your co-conspirators lead by MERS and your band of servicers, it on, because we do more before dawn that most people do all day. Hoorah!

  61. ukg – that was a good read.

  62. There you go again. Trillions of dollars stolen from all of us in developing technology we, taxpayers, never benefited from.. And threats of physical harm to himself and his family. It seems to be a recurrent theme with this world greatest power.

    http://www.youtube.com/watch?v=2_n_My84YBw&feature=player_embedded#!

    Boy Oh boy, when things start blowing, better run for cover…!

  63. What a stunning piece of honesty coming from the halls of capitalism. This guy should get a Pulitzer! Well, not really. But he is refreshing.

    Commentary: Have banks done all they can to help homeowners?
    February 26, 2013|David Weidner, MarketWatch

    SAN FRANCISCO (MarketWatch) — With apologies to William Shakespeare…

    Friends, Americans, countrymen, lend me your ears; I come to bury the homeowner, not to praise him. The evil that borrowers do lives after them. The good is oft interred in credit reports. So let it be with homeowners.

    The noble bank CEOs who took nearly $450 billion in bailouts from taxpayers in the hope they would help borrowers have told you homeowners were greedy. If so, it were a grievous fault, and grievously hath the homeowner answered it. Here under the leave of the bank CEO and the rest — For bank CEOs are honorable men. So are they all honorable men.

    Come I to speak of the homeowner’s foreclosure. He was my friend, faithful and just to me, his family and job. But bankers say he was greedy, and bankers are honorable men.

    More than 18 million homeowners have endured foreclosure. But bankers say they have modified 240,000 mortgages at the cost of $19 billion. They have reported $48.2 billion in profits in 2012 alone, but the bankers say this is all they can do, and bankers are honorable men. Read full story on banks efforts to comply with foreclosure settlements.

    The borrower hath paid his mortgage under the promise that his home would never lose value. Kept paying even as it lost value until he lost his job and the coffers were bare. When made poor he humbly asked for a modification. Denied, he wept. Greed should be made of sterner stuff: Yet the banker said he was greedy. And bankers are honorable men.

    I speak not to disprove what bankers speak. But here I am to speak what I do know. You all did love the homeowner once. What cause then holds you to mourn for him?

    The bankers say they are honorable. They agreed to have an independent review of their mortgage and foreclosure practices, but they stalled the process. They will now review their foreclosures on their own. It will be a honorable process. See story on how banks will conduct their own foreclosure reviews.

    Yesterday the word of a borrower might have stood against the world. Now he lies there. And none so poor as a robosigner to do him reverence. O masters, if I were disposed to stir your hearts and minds to mutiny and rage, I should do bankers wrong, and the Treasury Secretary wrong. Who, you all know, are honorable men even though they party with lobbyists, and leave public service to work on Wall Street.

    I will not do them wrong. I will choose instead to blame the government for forcing the banks to lend into urban areas — even though it’s been proven that those loans actually performed better than their subprime counterparts made in free markets by honorable bankers.

    Good friends, let me not stir you up with the borrowers’ woes, of unreadable contracts, of fraudulent appraisals and liar loans passed on to Fannie Mae and Freddie Mac. For bankers said they simply didn’t know, and bankers are honorable men.

    Look in this place where Countrywide ran its default department through: See what a rent the envious Citigroup made: through this foreclosure auction the well-beloved J.P. Morgan Chase & Co. collateralized and as he plucked his cursed bonus away, mark how the dignity of the homeowner followed it, as rushing out of doors to live on the street.

    Who will you believe? The borrower who eats Little Caesars or the banker who wears Hermes? You all did see that the homeowner was a school teacher, an office manager, a construction worker. Was this greedy? Yet bankers said the borrower was greedy. And bankers are honorable men.

    I tell you that which you yourselves do know; Show you sweet homeowner’s wounds, poor, poor dumb mouths, and bid them speak for me: to tell of 10% unemployment and even more underemployment. To ruffle up spirits of and put a tongue in every padlocked door, to move the stones of Washington to rise up in mutiny.

    Here was a homeowner! When comes such another?

    Now let it work. Mischief, thou art afoot,

    Take thou what course thou wilt!

  64. I believe in suing first. i believe in the shotgun approach: hit everything that moves. Even what doesn’t move.

    Want to know where all our bankers, our politicians, legislators come from?

    http://www.youtube.com/watch?v=A159Q9K8MlM

    That woman has my vote any day. This is the recap of her 8-hour-long expose. The good thing is: thanks to Anonymous today, we have the info we need. No wonder there’s such a push on taking weapons away! Those guys must be shaking in their pants (or even worse)…

    We’re gonna go back to a matriarchal society in a jiffy! Look who’s got all the courage!

  65. We all need to band together. military and all other US citizens who have been ‘violently abused’ by the Goliath 5 !!!!!
    We need to put the CCC and the dispensers of the funds under a microscope !!
    If our collective mouths are open to scream in unison and our fingers are ready to write everyone we know – maybe there will be some transparency !
    Yes, I’m an optimist-that’s what’s left after being rendered homeless by Citi>hope that they will write checks way after their balance is zero !

  66. United States: First Circuit Rules MERS Can Assign Mortgages And Borrowers Can Challenge Standing
    04 March 2013
    http://www.mondaq.com/unitedstates/x/224646/Financial+Services/First+Circuit+Rules+MERS+Can+Assign+Mortgages+And+Borrowers+Can+Challenge+Standing

    Christine, imagine i they do that two or three times on one note?

  67. How these bankers sleep at night is beyond me. Everyone of them should step up/ pay up and go as far as their last penny, including giving up their own homes to right these wrongs! Shame on you! I have written my story and sent it to the OCC, in charge of the so called investigation w my mortgage company. I will keep writing I hope to irritate and shame as many people as possible. I hope others will join me.

  68. Sorry UKG but I smelled a rat right off the bat and today, it just got confirmed: we’re looking at a F’ing dog (once again)!

    “Hidden in the last settlement with OCC, is a provision that says if the bank gives $10,000 toward principal reduction on a $100,000 loan they get credit for $100,000 (the principal demanded for the loan, which is wrong, as we all well know) instead of the $10,000 they allowed.”

  69. Neil look at the report out of the OCC & Fed study done in Sep 2012 where it said the 800,000 applications that were process or not process through HAMP should have received a HAMP modification because the people qualified for the modification.

    What America only sees is that under SCRA which are properties purchase before the troop enter onto active duty, however most troops are 18 or 19 years old and have only purchase home after time in the service. Now you got other situation where after these wounded heroes after 6 months could be foreclosed but their lost limbs or mental injuries have not gone away.

    Let understand why the economy is bad for returning folks from combat that have done their time. They come back to what the banks created preventing them from obtaining civilian employment, but as the wife may have a job and the troop maybe a part time of some disability where they could have paid the modified amount.

    However the VA HAMP was not being offer to the troop in most of 2010 after the effective date of the VA HAMP. So in 2010 along there was 20,000 troops & veteran foreclosed while not giving the chance at a modification.

    But the fact is 95% of VA loans are in Ginnie Mae pools and between 2009-2010 somewhere around 50,000 of troops and veteran were foreclosed when it was impossible for this to happen, because the Notes in Ginnie Mae possession were no long valid Notes as the did not contain debts!

    Federal Government got a big problem on there hand and it not like I have not submitted the Whistle-blower claim first in Aug 2011. SEC finally in Feb 2012 got that submission, after not being able to find the first, but that was even over a year ago!

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