Tag Archives: foreclosures

Homeowner Help? Or Government Sellout?

The long awaited on again, off again, multi-state settlement between the Attorneys General of our various states and the mortgage company rapists, uh, crooks, is apparently on again.

Unless this is your first trip to this blog, let me end the suspense:  the proposed settlement is:

image credit: dreamstime

Sorry to ruin the ending.

What the heck am I talking about?

Many of the various mortgage crimes perpetrated on American homeowners by mortgage companies and mortgage servicers, the other companies the mortgage companies to which the mortgage companies outsourced the collection and allocation of your payments, are to be absolved, beause,

GET THIS!

The mortgage companies promised not to do it any more!  Wow! I bet our various representatives, in Michigan, as in many states, the Attorney General is an elected position, really had to go to the mat to get that concession.  I’ll wager there was blood on the floor!

Gag me with a spoon.

image credit: dreamstime

It is bad enough to let the mortgage mafia off the hook; but to pretend that you got something out of them when you are letting them off the hook adds insult to injury.

Gretchen Morgensten has the best account of the vast crimes wrought by the mortgage industry, in her book Reckles$ Endangerment.

The normally consumer oriented, big government will protect the little guy, Center for Responsible Lending, actually endorsed the terms of the attorney general settlement.

The bastards mis-allocate your payments, put you in default with their defective bookkeeping, which, just incidentally, increases the mortgage servicer bottom line, and, now, they promise to stop!

Fan-frickin’-tastic.

No more robo-signing.

This is akin to letting a bank robber off without jail time because he promises not to rob banks anymore.

There is much more, but how sick do you want to get?

This time around, it says homeowners can still sue on their own, and that it “would not shield banks from prosecution related to criminal activities” (from the Center for Responsible Lending site linked to above).

Whaddya mean:  “prosecution related to criminal activities”?

What the hell else can you anyone be prosecuted for?

They have not been prosecuted yet; Obama just appointed a commission to whitewash the crimes at the federal level, and now the State AGs will run home and campaign on how they socked it to the bad guys.  They are not going to try to take them on.

Good luck getting any law enforcement agency interested in your case.

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Michigan Foreclosure: The Big Picture

What do the statistics tell us about the big picture for our economy now? That there will be more bankruptcies in Detroit, and everywhere else in Michigan, and the U.S. The foreclosure crisis continues, if you want chapter and verse, read “Reckless Endangerment.” Foreclosure sales are declining, but in judicial foreclosure states, which Michigan isContinue Reading

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The Truth About The Foreclosure Crisis

Detroit

An essential part of the real estate bubble was mortgage securitization, the process by which mortgage loans were sold into investment trusts from which bonds were sold. It was mortgage fraud from A to Z, from the selling of mortgage backed securities trusts, before the trusts were full of mortgages. From the ratings agencies, assumingContinue Reading

The Foreclosure Scam Story

Wreckage in Barrie

False advertising fills the airwaves: “the secret credit card companies don’t want you to know.” The secret? They don’t tell you is, you pay, and get no guarantee of anything. The State of Ohio busted a foreclosure scam outfit operated with attorneys. Check with your state’s Attorney General’s office. Better Business Bureau, not so much.Continue Reading

One Response to The Foreclosure Scam Story

More Michigan Bankruptcy And Foreclosure News

house

The bailout cost for the “too big to fail” banks and mortgage companies has not even peaked. Taxpayers, like Joe Inhoch, our new fictional blog character, are on the hook hundreds of billions more, counting only the Fannie Mae and Freddie Mac loans that go south. Our politicians already already bailed out those companies, with Joe’sContinue Reading

Foreclosure Fraud, What Does It Mean?

We write mostly about specific issues and ways to improve family finances, what might be called micro issues by the economists. This post is a look at the macro picture, as it is referred to by the “dismal science” of economics. Massive fraud in mortgage documentation is coming to light across America. The Federal Reserve,Continue Reading

2 Responses to Foreclosure Fraud, What Does It Mean?

  1. Wall Street was incompetent to allow this to happen, and it is handling the situation incompetently. Proposals from NACBA and others to reduce mortgage notes and interest rates would decrease the value of the funds, but the funds would be intact. Hypothetical: I invest $10,000 a year in a fund which promised a return of $1000 a year, but I end up with a share of a fund worth $8,000 which returns $400 a year. Not good, but better than my fund managers destroy the fund, and the only who benefit are the lawyers who billed for the lift stay motions and the foreclosures. The current style of management is to resist to the utmost any law mandating re-writing mortgages. This Is the Louis XVI style of management. You will recall early in the French Revolution, Louis was called upon to become a constitutional monarch, in return for which the Estates General would reform his financial system and “bail out” his royal butt. He wanted to be bailed out, but not reform. Two decades later, a revolutionay military dictator reformed the system. Wall Street is worse than criminal. It is incompetent. I hope history doesn’t repeat itself and there won’t be a Napolean to straighten out the mess.

Scams On Saving Your House From Foreclosure

Desperate homeowners facing foreclosure can be easy targets for con artists. They steer their victims away from bankruptcy attorneys: “Don’t ruin your credit!” Just like: “Contact us for free information about the secret the credit card companies don’t want you to know about!” Makes my blood boil. What sounds too good to be true, well,Continue Reading

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