More Examples of REAL Class Warfare: America's Illegal Foreclosure Epidemic

[Mustang]

I'm surprised that this issue hasn't gotten more press since it's currently being investigated by states attorneys general across the country. It's even happening to members of the military.

This issue is particularly heinous in my opinion because the banks are seeking broad immunity from lawsuits if found to be guilty. What else would that immunity accomplish other then to embolden more illegal activity in the future if the banks no that they can continue to get away with illegal acts again and again.

I'll tell you what. Why don't you commit a crime just to test the system. See if you can get immunity from prosecution or from lawsuits associated with your crime.

To foreclose on someone's home, an authorized bank employee must sign the foreclosure document, swearing that the facts in it are true. But that requires hiring people to review each case. To avoid that cost, they take an illegal shortcut by signing the name of someone who has not read the document and might not even exist.


In one Massachusetts county, for example, the signature of "Linda Green" has recently appeared on some 1,300 foreclosures. Curiously, her signature was written in many different styles, and she had many different titles. Also, there's no Linda Green presently working in the mortgage banking company involved. Meanwhile, state officials say that robo-signing is, once again, "an epidemic" all across the country.


It's a federal crime to do this, yet no bank or banker has even been charged. Until we put a CEO in jail, the banking barons will never learn their lesson.

America's Illegal Foreclosure Epidemic | Truthout

NEW YORK, Nov 30 (Reuters) - New York's attorney general is investigating potentially illegal home foreclosures on active-duty members of the U.S. military, according to a person familiar with the probe.


The investigation was sparked by data released earlier this month by the federal Office of the Controller of the Currency, which found thousands of cases of possibly illegal foreclosures, said this person, who did not want to be identified because the probe is not public.


The Servicemembers Civil Relief Act protects active-duty service members by postponing or suspending certain civil obligations for mortgage payments, pending trials and eviction from housing.


The probe is part of a broader investigation by the office of New York Attorney General Eric Schneiderman of major banks' mortgage operations, the person said.


Schneiderman has been a key opponent of a proposed settlement between major banks and a coalition of federal and state officials over claims of foreclosure abuses. Schneiderman has said he opposes a deal that gives banks broad immunity from lawsuits involving their mortgage practices.
Lauren Passalacqua, a spokeswoman for Schneiderman, declined to comment on the military foreclosure probe.


The investigation was reported earlier by the Financial Times.

NY probes foreclosures on military - source

 

[Lonestar_logic]

I'm surprised that this issue hasn't gotten more press since it's currently being investigated by states attorneys general across the country. It's even happening to members of the military.

This issue is particularly heinous in my opinion because the banks are seeking broad immunity from lawsuits if found to be guilty. What else would that immunity accomplish other then to embolden more illegal activity in the future if the banks no that they can continue to get away with illegal acts again and again.

I'll tell you what. Why don't you commit a crime just to test the system. See if you can get immunity from prosecution or from lawsuits associated with your crime.

To foreclose on someone's home, an authorized bank employee must sign the foreclosure document, swearing that the facts in it are true. But that requires hiring people to review each case. To avoid that cost, they take an illegal shortcut by signing the name of someone who has not read the document and might not even exist.


In one Massachusetts county, for example, the signature of "Linda Green" has recently appeared on some 1,300 foreclosures. Curiously, her signature was written in many different styles, and she had many different titles. Also, there's no Linda Green presently working in the mortgage banking company involved. Meanwhile, state officials say that robo-signing is, once again, "an epidemic" all across the country.


It's a federal crime to do this, yet no bank or banker has even been charged. Until we put a CEO in jail, the banking barons will never learn their lesson.

America's Illegal Foreclosure Epidemic | Truthout

NEW YORK, Nov 30 (Reuters) - New York's attorney general is investigating potentially illegal home foreclosures on active-duty members of the U.S. military, according to a person familiar with the probe.


The investigation was sparked by data released earlier this month by the federal Office of the Controller of the Currency, which found thousands of cases of possibly illegal foreclosures, said this person, who did not want to be identified because the probe is not public.


The Servicemembers Civil Relief Act protects active-duty service members by postponing or suspending certain civil obligations for mortgage payments, pending trials and eviction from housing.


The probe is part of a broader investigation by the office of New York Attorney General Eric Schneiderman of major banks' mortgage operations, the person said.


Schneiderman has been a key opponent of a proposed settlement between major banks and a coalition of federal and state officials over claims of foreclosure abuses. Schneiderman has said he opposes a deal that gives banks broad immunity from lawsuits involving their mortgage practices.
Lauren Passalacqua, a spokeswoman for Schneiderman, declined to comment on the military foreclosure probe.


The investigation was reported earlier by the Financial Times.

NY probes foreclosures on military - source

If people wouldn't attempt to live beyond their means and purchase homes they cannot afford this shit wouldn't happen.

 

[Mustang]

I'm surprised that this issue hasn't gotten more press since it's currently being investigated by states attorneys general across the country. It's even happening to members of the military.

This issue is particularly heinous in my opinion because the banks are seeking broad immunity from lawsuits if found to be guilty. What else would that immunity accomplish other then to embolden more illegal activity in the future if the banks no that they can continue to get away with illegal acts again and again.

I'll tell you what. Why don't you commit a crime just to test the system. See if you can get immunity from prosecution or from lawsuits associated with your crime.

To foreclose on someone's home, an authorized bank employee must sign the foreclosure document, swearing that the facts in it are true. But that requires hiring people to review each case. To avoid that cost, they take an illegal shortcut by signing the name of someone who has not read the document and might not even exist.


In one Massachusetts county, for example, the signature of "Linda Green" has recently appeared on some 1,300 foreclosures. Curiously, her signature was written in many different styles, and she had many different titles. Also, there's no Linda Green presently working in the mortgage banking company involved. Meanwhile, state officials say that robo-signing is, once again, "an epidemic" all across the country.


It's a federal crime to do this, yet no bank or banker has even been charged. Until we put a CEO in jail, the banking barons will never learn their lesson.

America's Illegal Foreclosure Epidemic | Truthout

NEW YORK, Nov 30 (Reuters) - New York's attorney general is investigating potentially illegal home foreclosures on active-duty members of the U.S. military, according to a person familiar with the probe.


The investigation was sparked by data released earlier this month by the federal Office of the Controller of the Currency, which found thousands of cases of possibly illegal foreclosures, said this person, who did not want to be identified because the probe is not public.


The Servicemembers Civil Relief Act protects active-duty service members by postponing or suspending certain civil obligations for mortgage payments, pending trials and eviction from housing.


The probe is part of a broader investigation by the office of New York Attorney General Eric Schneiderman of major banks' mortgage operations, the person said.


Schneiderman has been a key opponent of a proposed settlement between major banks and a coalition of federal and state officials over claims of foreclosure abuses. Schneiderman has said he opposes a deal that gives banks broad immunity from lawsuits involving their mortgage practices.
Lauren Passalacqua, a spokeswoman for Schneiderman, declined to comment on the military foreclosure probe.


The investigation was reported earlier by the Financial Times.

NY probes foreclosures on military - source

If people wouldn't attempt to live beyond their means and purchase homes they cannot afford this shit wouldn't happen.

You ought to do some research. Not only are these foreclosures ILLEGAL (You DO understand what illegal means, don't you?), a great many of these homes belong to people who are ineligible for foreclosure in the first place.

Do you know what these banks are doing? They're knowingly submitting fraudulent documents to courts of law...with phony signatures affixed to them and trying to ram them through in order to get a legally binding judgment in their favor. And they now want immunity?

Why don't YOU try to do that sometime. Submit fraudulent documents to a court with a phony signature, and see where that gets you.

 

[Steelplate]

Don't even try Mustang... It's the Republican mantra. It's everyone else... not Big Business or Banking.

Because, they are just trying to make money... You are stomping on their dream. It doesn't matter what they do to the country or it's people in the process... that's irrelevant and off limits to discussion.

 

[Photonic]

Don't even try Mustang... It's the Republican mantra. It's everyone else... not Big Business or Banking.

Because, they are just trying to make money... You are stomping on their dream. It doesn't matter what they do to the country or it's people in the process... that's irrelevant and off limits to discussion.

Certainly seems that way sometimes. What with their rabid and instant defense of anything that has to do with copious amounts of money.

 

[Seawytch]

Don't even try Mustang... It's the Republican mantra. It's everyone else... not Big Business or Banking.

Because, they are just trying to make money... You are stomping on their dream. It doesn't matter what they do to the country or it's people in the process... that's irrelevant and off limits to discussion.

Certainly seems that way sometimes. What with their rabid and instant defense of anything that has to do with copious amounts of money.

Somebody has to represent the 1%. The GOP has decided to be the ones to do that...no matter what.

 

[Steelplate]

I'll give them credit... they're good at it. Deluded... but good.

 

[C_Clayton_Jones]

The banks and other lending entities have only themselves to blame, no one forced them to take illegal or questionable action with regard to pursuing foreclosures.

 

[Mustang]

Don't even try Mustang... It's the Republican mantra. It's everyone else... not Big Business or Banking.

Because, they are just trying to make money... You are stomping on their dream. It doesn't matter what they do to the country or it's people in the process... that's irrelevant and off limits to discussion.

Maybe I need to dumb it down for some folks.

Okay. Here goes.

You're a middleclass person living in a town. The town has rich people, middleclass people, and poor people. You know? Real life?

The posted speed limit in most of the town's residential streets is 25 mph. If you go over the speed limit, you get a ticket. Maybe you get some points on your license. Your insurance will likely go up as well. If you get enough tickets, you may lose your license.

The rich people seem to get away with speeding without getting any tickets. They just get warnings, which don't really mean anything since they don't get tickets even after being warned.

One day, a rich person causes a traffic accident while speeding. He hits YOU while you're driving your car under the speed limit. You're injured and suffer a concussion. But the rich person is not arrested. He's not even cited. The rich person's insurance refuses to pay your claim because there was no legal finding of liability on the part of the other person. Meanwhile, your insurance drops your coverage. At this point, you decide to sue the rich person for damages (car repair costs, medical bills, etc), but the court dismisses your suit prior to going to court.

Now, how would most people feel about a legal system like that?

 

[Clementine]

I'm surprised that this issue hasn't gotten more press since it's currently being investigated by states attorneys general across the country. It's even happening to members of the military.

This issue is particularly heinous in my opinion because the banks are seeking broad immunity from lawsuits if found to be guilty. What else would that immunity accomplish other then to embolden more illegal activity in the future if the banks no that they can continue to get away with illegal acts again and again.

I'll tell you what. Why don't you commit a crime just to test the system. See if you can get immunity from prosecution or from lawsuits associated with your crime.

To foreclose on someone's home, an authorized bank employee must sign the foreclosure document, swearing that the facts in it are true. But that requires hiring people to review each case. To avoid that cost, they take an illegal shortcut by signing the name of someone who has not read the document and might not even exist.


In one Massachusetts county, for example, the signature of "Linda Green" has recently appeared on some 1,300 foreclosures. Curiously, her signature was written in many different styles, and she had many different titles. Also, there's no Linda Green presently working in the mortgage banking company involved. Meanwhile, state officials say that robo-signing is, once again, "an epidemic" all across the country.


It's a federal crime to do this, yet no bank or banker has even been charged. Until we put a CEO in jail, the banking barons will never learn their lesson.

America's Illegal Foreclosure Epidemic | Truthout

NEW YORK, Nov 30 (Reuters) - New York's attorney general is investigating potentially illegal home foreclosures on active-duty members of the U.S. military, according to a person familiar with the probe.


The investigation was sparked by data released earlier this month by the federal Office of the Controller of the Currency, which found thousands of cases of possibly illegal foreclosures, said this person, who did not want to be identified because the probe is not public.


The Servicemembers Civil Relief Act protects active-duty service members by postponing or suspending certain civil obligations for mortgage payments, pending trials and eviction from housing.


The probe is part of a broader investigation by the office of New York Attorney General Eric Schneiderman of major banks' mortgage operations, the person said.


Schneiderman has been a key opponent of a proposed settlement between major banks and a coalition of federal and state officials over claims of foreclosure abuses. Schneiderman has said he opposes a deal that gives banks broad immunity from lawsuits involving their mortgage practices.
Lauren Passalacqua, a spokeswoman for Schneiderman, declined to comment on the military foreclosure probe.


The investigation was reported earlier by the Financial Times.

NY probes foreclosures on military - source

I just got a letter from The Independent Review Administrator prompted by The Board of Governors of the Federal Reserve System and Office of the Comptroller of the Currency (federal bank regulators). I had a foreclosure about a year ago due to being laid off for a while and not being able to catch up with the impossibly high late fees and penalties. It was frustrating trying to go through the loan modification process. It was a scam. I would call the number where it said Obama wanted to help homeowners keep their homes and would get directed to customer service at my bank. I went through at least a dozen different customer service reps in a year and they were obviously reading from a script. I could talk along with them because I knew the exact answer to any question I asked.

I paid over $2,000 for the process to start and supposedly my papers were sent to the loan mod office. I would call to inquire about the status and they would always say they never received my faxed paperwork. I would then tell them I followed up the faxes with certified mail and a moment later they would pretend to find my paperwork. This happened with every phone call. Then they would tell me it's all being reviewed and I would hear something in a couple weeks. Never got a word from them, just a police officer notifying me of the date of the sheriff's sale. I spent a ton sending faxes and certified mail, all so I could talk to a bunch of hired idiots reading from a script, taking my checks on several occassions and doing nothing. I bet the paperwork was thrown away as soon as they received it. I found out through a lawyer that the reason banks were not modifying loans was because the Obama administration cut a deal with them and offered to pay the difference between what they got at a sheriff's sale and what was owed. They would have been stupid to make any deals with homeowners when they had that offer on the table. No wonder they fast tracked foreclosures. They wanted those checks from government.

Now I'm being asked by this review administrator to write down all the details of the foreclosure and the letter states that my file at Wells Fargo indicates I may have been financially injured by the handling of the foreclosure. Interesting and I wonder if it has something to do with the article you posted. I can update when I find out what this is all about. With my luck, it's just another waste of time and people going through the motions to make it look like problems were addressed.

 

[Mustang]

I'm surprised that this issue hasn't gotten more press since it's currently being investigated by states attorneys general across the country. It's even happening to members of the military.

This issue is particularly heinous in my opinion because the banks are seeking broad immunity from lawsuits if found to be guilty. What else would that immunity accomplish other then to embolden more illegal activity in the future if the banks no that they can continue to get away with illegal acts again and again.

I'll tell you what. Why don't you commit a crime just to test the system. See if you can get immunity from prosecution or from lawsuits associated with your crime.

To foreclose on someone's home, an authorized bank employee must sign the foreclosure document, swearing that the facts in it are true. But that requires hiring people to review each case. To avoid that cost, they take an illegal shortcut by signing the name of someone who has not read the document and might not even exist.


In one Massachusetts county, for example, the signature of "Linda Green" has recently appeared on some 1,300 foreclosures. Curiously, her signature was written in many different styles, and she had many different titles. Also, there's no Linda Green presently working in the mortgage banking company involved. Meanwhile, state officials say that robo-signing is, once again, "an epidemic" all across the country.


It's a federal crime to do this, yet no bank or banker has even been charged. Until we put a CEO in jail, the banking barons will never learn their lesson.

America's Illegal Foreclosure Epidemic | Truthout

NEW YORK, Nov 30 (Reuters) - New York's attorney general is investigating potentially illegal home foreclosures on active-duty members of the U.S. military, according to a person familiar with the probe.


The investigation was sparked by data released earlier this month by the federal Office of the Controller of the Currency, which found thousands of cases of possibly illegal foreclosures, said this person, who did not want to be identified because the probe is not public.


The Servicemembers Civil Relief Act protects active-duty service members by postponing or suspending certain civil obligations for mortgage payments, pending trials and eviction from housing.


The probe is part of a broader investigation by the office of New York Attorney General Eric Schneiderman of major banks' mortgage operations, the person said.


Schneiderman has been a key opponent of a proposed settlement between major banks and a coalition of federal and state officials over claims of foreclosure abuses. Schneiderman has said he opposes a deal that gives banks broad immunity from lawsuits involving their mortgage practices.
Lauren Passalacqua, a spokeswoman for Schneiderman, declined to comment on the military foreclosure probe.


The investigation was reported earlier by the Financial Times.

NY probes foreclosures on military - source

I just got a letter from The Independent Review Administrator prompted by The Board of Governors of the Federal Reserve System and Office of the Comptroller of the Currency (federal bank regulators). I had a foreclosure about a year ago due to being laid off for a while and not being able to catch up with the impossibly high late fees and penalties. It was frustrating trying to go through the loan modification process. It was a scam. I would call the number where it said Obama wanted to help homeowners keep their homes and would get directed to customer service at my bank. I went through at least a dozen different customer service reps in a year and they were obviously reading from a script. I could talk along with them because I knew the exact answer to any question I asked.

I paid over $2,000 for the process to start and supposedly my papers were sent to the loan mod office. I would call to inquire about the status and they would always say they never received my faxed paperwork. I would then tell them I followed up the faxes with certified mail and a moment later they would pretend to find my paperwork. This happened with every phone call. Then they would tell me it's all being reviewed and I would hear something in a couple weeks. Never got a word from them, just a police officer notifying me of the date of the sheriff's sale. I spent a ton sending faxes and certified mail, all so I could talk to a bunch of hired idiots reading from a script, taking my checks on several occassions and doing nothing. I bet the paperwork was thrown away as soon as they received it. I found out through a lawyer that the reason banks were not modifying loans was because the Obama administration cut a deal with them and offered to pay the difference between what they got at a sheriff's sale and what was owed. They would have been stupid to make any deals with homeowners when they had that offer on the table. No wonder they fast tracked foreclosures. They wanted those checks from government.

Now I'm being asked by this review administrator to write down all the details of the foreclosure and the letter states that my file at Wells Fargo indicates I may have been financially injured by the handling of the foreclosure. Interesting and I wonder if it has something to do with the article you posted. I can update when I find out what this is all about. With my luck, it's just another waste of time and people going through the motions to make it look like problems were addressed.

First let me say that I'm sorry to hear all you've been through. I've heard a few different versions of stories where home owners were getting the run around only to later believe that they shouldn't have trusted the people with whom they were dealing.

I haven't heard anything about any so-called secret offer. But for any offer to be valid, it would have to be approved by Congress as a portion of a spending bill originating in the House.

Frankly, it just pisses me off that these large and powerful institutions are continuing to get away with breaking the law. By now, they seem to think that all they'll ever have to do is pay a fine which is little more than the cost of doing business to them. And to add insult to injury, they seem to be pretty confident that they can and will get some kind of legal immunity as long as they pay the fine.

(That's what happened with the telecoms a few years ago after it was revealed that they had broken the law when they assisted the gov't in warrantless wiretaps on American citizens, and the lawsuits started. They broke the law. They got gov't contracts in the process. And then they got retroactive immunity. That's a pretty sweet deal.)

At any rate, you can just bet that the banks won't admit any wrongdoing in the process.

 

[Steelplate]

Ditto for me man.

 

[Clementine]

I'm surprised that this issue hasn't gotten more press since it's currently being investigated by states attorneys general across the country. It's even happening to members of the military.

This issue is particularly heinous in my opinion because the banks are seeking broad immunity from lawsuits if found to be guilty. What else would that immunity accomplish other then to embolden more illegal activity in the future if the banks no that they can continue to get away with illegal acts again and again.

I'll tell you what. Why don't you commit a crime just to test the system. See if you can get immunity from prosecution or from lawsuits associated with your crime.

I just got a letter from The Independent Review Administrator prompted by The Board of Governors of the Federal Reserve System and Office of the Comptroller of the Currency (federal bank regulators). I had a foreclosure about a year ago due to being laid off for a while and not being able to catch up with the impossibly high late fees and penalties. It was frustrating trying to go through the loan modification process. It was a scam. I would call the number where it said Obama wanted to help homeowners keep their homes and would get directed to customer service at my bank. I went through at least a dozen different customer service reps in a year and they were obviously reading from a script. I could talk along with them because I knew the exact answer to any question I asked.

I paid over $2,000 for the process to start and supposedly my papers were sent to the loan mod office. I would call to inquire about the status and they would always say they never received my faxed paperwork. I would then tell them I followed up the faxes with certified mail and a moment later they would pretend to find my paperwork. This happened with every phone call. Then they would tell me it's all being reviewed and I would hear something in a couple weeks. Never got a word from them, just a police officer notifying me of the date of the sheriff's sale. I spent a ton sending faxes and certified mail, all so I could talk to a bunch of hired idiots reading from a script, taking my checks on several occassions and doing nothing. I bet the paperwork was thrown away as soon as they received it. I found out through a lawyer that the reason banks were not modifying loans was because the Obama administration cut a deal with them and offered to pay the difference between what they got at a sheriff's sale and what was owed. They would have been stupid to make any deals with homeowners when they had that offer on the table. No wonder they fast tracked foreclosures. They wanted those checks from government.

Now I'm being asked by this review administrator to write down all the details of the foreclosure and the letter states that my file at Wells Fargo indicates I may have been financially injured by the handling of the foreclosure. Interesting and I wonder if it has something to do with the article you posted. I can update when I find out what this is all about. With my luck, it's just another waste of time and people going through the motions to make it look like problems were addressed.

First let me say that I'm sorry to hear all you've been through. I've heard a few different versions of stories where home owners were getting the run around only to later believe that they shouldn't have trusted the people with whom they were dealing.

I haven't heard anything about any so-called secret offer. But for any offer to be valid, it would have to be approved by Congress as a portion of a spending bill originating in the House.

Frankly, it just pisses me off that these large and powerful institutions are continuing to get away with breaking the law. By now, they seem to think that all they'll ever have to do is pay a fine which is little more than the cost of doing business to them. And to add insult to injury, they seem to be pretty confident that they can and will get some kind of legal immunity as long as they pay the fine.

(That's what happened with the telecoms a few years ago after it was revealed that they had broken the law when they assisted the gov't in warrantless wiretaps on American citizens, and the lawsuits started. They broke the law. They got gov't contracts in the process. And then they got retroactive immunity. That's a pretty sweet deal.)

At any rate, you can just bet that the banks won't admit any wrongdoing in the process.

I had done a little research on the letter I received and it seems I have a valid complaint. One of the things they are looking for is if people lost their homes in the sheriff's sale while they were still waiting to hear about the loan mod. I had a visit from an appraiser 2 days before I got the notice delivered by the sheriff. When I called customer service at Wells Fargo to ask why an appraiser was coming, they said it was the first step of my loan modification. Liars. I was hopeful because that was the first thing that wasn't a repeat of the script I got the whole year before.

One article I just found mentions the robo-signing as part of the reason for these letters being sent out to people. AG reminds homeowners of new foreclosure review program - Auburn Reporter

I doubt anything will come of it and it's likely a big waste of time and tax payer money for appearances sake. If they can't go after the banks, we shouldn't be wasting time having people fill out these forms and getting hopeful that justice will be done.

I do wish the banks had been more active in loan mods, but all the statistics I checked confirmed that very few were being granted. People who took out the subprimes were actually having better luck. I paid what my house was worth and it had actually increased in value, even after the bubble burst.