Tag Archives: government

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.

The Truth About Mortgage Company Records

Its later than you think. What the economists call the “macro” factors are bad. Leading the way?  Our friends, the banks! Mortgage companies continue to lie about their books and records. And won’t show them to the government without being forced. Some of these issues have come up in the MERS and robo-signing scandals. PhotoContinue Reading

2 Responses to The Truth About Mortgage Company Records

  1. I have tried for the last 2 years to modify my mortgaage, only to given the run around. What happened to all the money these mortgage companies were given. It seems know one is being helped. I am currently putting my house up for a short sale because I have had no help. My realtor stated that she has not seen one person get a modification and she thinks it is all a hoax.

  2. That is just crazy. It really seems like a losing battle for us regular folks just trying to get by. Thanks for explaining.

    Good luck to all,

    ep

Cram Down Reform Deleted From Stimulus Bill by White House Action

Chapter 13 reform maybe dropped from stimulus package in the Senate. will check source for below, for now, here it is: Posted: 01/22/09 05:23 PM [ET] Liberal Democratic lawmakers railed Thursday against the tactical decision of President Obama and House leaders to leave a bankruptcy “cram-down” provision out of the economic stimulus package. The provisionContinue Reading

One Response to Cram Down Reform Deleted From Stimulus Bill by White House Action