“Throughout the foreclosure crisis President Bush has ignored the cries for help. Today he responded, but once again it’s too little, too late. President Bush’s plan takes the heat off the mortgage industry but leaves homeowners to sink.
“The Bush plan is designed to help as few homeowners as possible. Lenders will decide on a case-by-case basis whether a homeowner gets the rate freeze or whether she should pay the 30 to 40 percent monthly increase. These are the same lenders who made the case-by-case decisions that sum to the prospect of 2 million foreclosures. The President knows that a case-by-case approach cannot work. The case-by-case approach has resulted in only 1% of subprime loans being modified this year, and 1.8 million foreclosure notices being sent out. As recently as a few weeks ago the Treasury Secretary himself said that the case-by-case approach was inadequate. There are other crippling shortcomings. The Bush plan excludes homeowners whose mortgages reset prior to January 2008. This may sound reasonable, but it is intentionally designed to leave out the roughly 400,000 families whose mortgages are resetting this quarter. Under the Bush plan, these families will continue to experience rate resets every six months.
“America needs a plan that matches the scale of the crisis, and President Bush has failed to deliver it. But that is what happens when you are more interested in protecting corporate interests than struggling families.
“I have announced a comprehensive plan that will actually end the foreclosure crisis. My plan imposes an immediate moratorium on foreclosures; an automatic, across-the-board rate freeze; and the requirement that servicers and lenders provide status reports on how many mortgages they are converting from designed-to-fail to designed-to-work. The foreclosure moratorium ensures that families will not lose their homes while servicers put the systems in place to implement the rate freeze as well as the large-scale modification of loans. And the automatic, across-the-board rate freeze will ensure that hundreds of thousands of families, rather than just a few, will be spared the foreclosure process.
“I call on the mortgage industry and Wall Street to go back to the drawing board, and to do so with a commitment to helping families and not just themselves. A voluntary agreement that fixes this problem is possible. But if the mortgage industry and Wall Street will not shoulder their responsibility, then I will consider legislation to protect servicers and others who do the right thing by modifying loans to help families save their homes, help investors avoid losses, and help the economy.”
From Hillary Clinton’s Website
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“The issue is more than just a technicality, she said. Some of the same financial institutions rushing to the courthouse to seize mortgaged property are also claiming that they don\’e2\’80\’99t own those abandoned buildings when served with a tax bill or building-code violations.
\’e2\’80\’9cThey can\’e2\’80\’99t have it both ways here,\’e2\’80\’9d Ballard said.”
Ha, ha, ha — now THAT’S funny!!!! Who are the fraudsters again?
Excellent reading
The Lending Crisis as Crack Epidemic
By Carla Baranauckas http://cityroom.blogs.nytimes.com/2007/12/11/the-lending-crisis-as-crack-epidemic/#more-1569
Subprime Mortgages Concentrated in City\’e2\’80\’99s Minority Neighborhoods
By Ford Fessenden
http://cityroom.blogs.nytimes.com/2007/10/15/subprime-mortgages-concentrated-in-citys-minority-neighborhoods/
It’s like we’re taking your house and it’s ours now, but we don’t have to up keep the property and when the taxes are due, who me?
Just wait JacMac, the circus has just begun.
Thanks Robert.
In the mortgage and foreclosure world so much abuse has been tolerated for so long that it had become common practice to simply look away and ignore the facts. Now, things are changing. Those who file foreclosure procedures are now on the hot seat, and rightly so. I applaud the recent decisions by the Ohio judges who have dismissed these cases due to lack of adequate documentation as to who truelly owns the mortgage. I only hope that judges in every state of the Union follows the example of the Ohio judges. And I also hope that every foreclosure case is completely scrutinized before the court. It’s time for the abuses of the past to come to an end.
When a lawyer knows or should have known that the bank was not the owner, holder, or party of beneficial interest of the note or mortgage, files false claims of ownership in court 85 times in one month, should they be taken to task?
Filing of any False Claim under Title 18 – is Fraud, 5 years of prison and up to $500k fine. See the Federal BK Court Proof of claim form – very bottom line.
When a bank registers a Pool of Notes/MBS with the SEC, sells the Notes on Wall Street, then claims the Notes are lost in their foreclosure complaints – We have a few questions.
Was the note lost before or after the same was registered then sold on Wall Street?
If before, what did the investors buy?
If after, did the bank report the lost note to the regulators?
If the note registered and sold, what is the seller bank doing with it? It belongs to the buyer – right?
Foreclosure (phone removed by Moe)