There is an important difference between sending letters to regulators complaining about lack of action on behalf of consumers and sending a QWR, DVL and complaints to CFPB and State Attroeny General on specific cases.
The first one is a political act, not likely to produce results unless millions of people join with you in one form or another.
The second one is part of a overall legal strategy designed to reveal the inability or unwillingness to answer basic questions about the position of the party who is claimed to be a creditor.
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As a matter of practical political reality, the only way that letters to regulators are going to produce any change in government behavior is if millions of people send essentially the same letter. It won’t happen because a few people send hundreds of letters.
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Since most consumers (homeowners) are oblivious to their rights, disinterested in protecting those rights, and have too little time to do the necessary learning and research, it appears that smaller groups of highly motivated, committed homeowners are going to shoulder the burden. The key to success here is in the details. Changing the accepted forms, rules, and customs requires the proactive advocacy of very competent attorneys, none of whom are going to do this work without receiving reasonable and customary fees.
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So the first order of business is to figure out a way to attract capital that is carefully controlled by multiple people. I have been making this point for years. But as these groups get together they drift into policy debates instead of a reasonable business plan designed to produce capital and concrete results for homeowners.
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While I can endorse such efforts, I cannot be part of them. I have personal and detailed knowledge of multiple cases in which lawyers who were successful in defending homeowners attempted to expand the bandwidth through various business structure devices, some of which were not unlike the ones used by investment banks in their false claims for securitization of debt.
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Every single one of those lawyers has been the target of either disciplinary action by the Bar Association or a direct attack by the Federal Trade Commission, resulting in negative consequences. I even know of one case where the lawyer was banned from accepting engagements for the defense of homeowners and foreclosure actions. I don’t know the details of every one of those cases. But I doubt that any one of those cases had any merit.
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My effectiveness in providing information, strategy, tactics, and services to homeowners faced with false claims of foreclosure is heavily dependent upon my credibility, which is under constant attack from people who are paid to post negative comments.
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I will remind everyone that there has not been a single article or appearance on TV, radio or any social media by any person who has credentials relating to investment banking practices as they have been applied to the securitization of debt and who has challenged anything I have ever said. In fact, the reverse is true.
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In fairly well-publicized meetings and webinars designed for lawyers who advise or represent players in the financial industry, the presenters have all basically said the same thing: what you are doing is wrong, proceed at your own peril. I have previously published copies of the materials that were used in some of those presentations.
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The banks are relying mainly on their size, and the fact that they can addict almost anyone to the flow of income. That includes politicians and regulators who are looking ahead to the next job. The only way homeowners are going to effectively combat injustice is by collective action that supports individual challenges to foreclosure and larger plans to demand changes in rules, regulations, accepted forms, customs, and practices relating to foreclosure.
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The last thing I’ll say on this point is that it is only after substantial publicity on each case in which homeowners have prevailed that the common false national narrative that has been promulgated by the banks will be defeated. Their position has continually been corroborated by their own success, even though that success has been procured by false statements made in court or contained within fabricated forged documents.
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Your position can only be corroborated by your success, to wit: publicizing the many cases in which homeowners have prevailed and encouraging the homeowners to go the extra mile to judgment instead of a settlement. And there are trial court cases that have been so decided. But generally for the homeowner that entails a risk —- and that is your problem.
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Upon receiving an offer to reduce the amount demanded from the homeowner to a fraction of what was previously demanded, the homeowner will generally be more than willing to sign an agreement promising confidentiality and even agreeing to expunge the court record. They will most often not elect the more expensive route of risking everything to get the judgment for the homeowner.
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That is what you are up against — a general public record that is almost devoid of any appellate or trial court decisions that include findings of fact supporting the truth — that the claims being brought against homeowners are false from beginning to end. Being angry is a proper response. But being effective means channeling that anger into something that will work rather than mere venting.
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Neil F Garfield, MBA, JD, 74, is a Florida licensed trial and appellate attorney since 1977. He has received multiple academic and achievement awards in business, accounting and law. He is a former investment banker, securities broker, securities analyst, and financial analyst.
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