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Fri Jan 4, 2013, 04:08 PM

 

One Year After Settlement, No one Has Helped Families Facing Foreclosure with Millions More to Come

Last edited Fri Jan 4, 2013, 05:00 PM - Edit history (2)

To Recap: The banks, in an industry wide practice- this was not an isolated rogue trader, but systematic abuse- rigged the system in such a way that the more homes foreclosed on, the more profit they pocket. They created a new thing called Credit Default Swaps, which are like fire insurance for your investments- that's ok right? The questionable ones are the Naked Credit Default Swaps, which is like buying fire insurance on someone else's house. So if you burn their house down, you make a pretty penny? And all the big banks participated, buying fire insurance on whole neighborhoods.... just waiting for an arsonist to make their 'gamble' profitable. WTF is up that? You're probably thinking, "Impossible! Our government would never allow such a thing!" ha ha roflmao! You haven't been paying attention: Goldman Sachs and JP Morgan representatives are in the highest levels of the government.

(see: http://littlesis.org/list/39/Government_Officials_with_Ties_to_Goldman_Sachs)

They created these laws, after a few years in government they get a 'consultant' position making millions. It's open bribery and corruption and these crooks do it with impunity.



Related Story: Government won't prosecute Goldman Sachs in probe
http://usatoday30.usatoday.com/money/companies/regulation/story/2012-08-10/justice-department-goldman-sachs/56924170/1

After buying fire insurance on millions of homes, they hired 20,000 robosigners (arsonists), to foreclose as fast as possible- forcing families out so the crooks could make a buck. This was not an accident. This is all documented fact, yet the politicians and media are all silent. Obama and the banks signed the foreclosure settlement, which was just another gift to the banks. Obama launched the HAMP program to help troubled homeowners- turned out to be another gift to the banks.

It's like everything our politicians do is a gift to the banks...

The HAMP program is supposed to subsidize mortgage payments helping families stay in their homes. The banks once again systematically manipulated this government aid program to screw Americans over yet again.


Bank of America customers waited as long as two years to be told whether they qualified for the Obama Administration’s Home Affordable Modification Program, according to testimony from Ryan Quinn, a former employee. Quinn, a customer-service representative on the company’s loan-modification team from April 2010 to March 2011, testified after being subpoenaed last year by the Nevada attorney general as part of a lawsuit against the bank.

Employees were given minimal training, didn’t have computer passwords to find documents, and were discouraged from spending more than seven minutes speaking to borrowers, he said. Eighty percent of the calls Quinn took were about delays, he said.

The bank “wanted to make it take as long as possible,” Quinn told investigators. Frahm declined to comment on that.

Bank of America has about 930,000 loans that are at least 60 days delinquent


http://www.bloomberg.com/news/2012-12-19/bank-of-america-delinquent-loans-mean-losses-mortgages.html



How it works: HAMP starts homeowners out in 'trial period' that's supposed to last three months paying a smaller mortgage payment, say $1500 rather than $2000. During this time the bank decides whether the homeowners 'qualify' for HAMP. The banks were saddled with 'paperwork delays' that led the trial period to often last up to 2 years. At which point the bank writes a letter to the victims, "You do not qualify for HAMP, you have 30 days to pay the difference from the trial period, $500 x 24 months = $12,000. You have 30 days or we foreclose.

Bank Bait and Switch
http://news.firedoglake.com/2010/09/03/portrait-of-hamp-failure-the-banks-bait-and-switch/

I am dumbfounded that having applied for this program set up by the U.S. government to help those in compromised financial situations keep their homes, that I actually found myself in a more vulnerable state to losing my home than before I applied.


This is just one story, there are thousands more like it. Acutally, a million.
http://www.huffingtonpost.com/2012/09/13/obama-housing-hamp_n_1881972.html

Not only did they kick families out on false pretenses, they also scammed pensioners by selling them the "AAA' (wink wink) junk bonds. When the robosigners and banks descended, the MBS (mortage backed securites, another piece of crap created by a Goldman banker in Goverment) tanked and they pension funds lost $Billions. Oops.

Not to worry, Obama created the Mortgage Fraud "task force"

The “task force” is merely a new unit in an interagency Financial Fraud Enforcement Task Force established in 2009 which looks to have done precisely nothing since its inception....

On March 9, 45 days after the speech and 30 days after the announcement - we met with Schneiderman in New York City and asked him for an update…As of that date, he had no office, no phones, no staff and no executive director. None of the 55 staff members promised by Holder had materialized. On April 2, we bumped into Schneiderman on a train leaving Washington for New York and learned that the situation was the same.

We are led to conclude that Donovan was right. The settlement and working group - taken together - were a coup: a public relations coup for the White House and the banks…

But for 12 million American homeowners, collectively $700 billion under water, this was just another in a long series of sham transactions.


Remember, for this, Schneiderman betrayed the public and made it possible for the banks to get a settlement that had state and federal prosecutors sign away their ability to use the best legal theories for pursuing mortgage abuses, that of chain of title issues.

And his little sales pitch to Reuters is revealing. There are no typical prosecutor statements about bringing criminals to justice, rooting out bad conduct, busting up fraudulent operations. He’s not trying to pretend that the Task Force plans to get to the bottom of anything. Schneiderman knows that reporters and commentators on this beat know full well that the task force is an exercise in “all hat, no cattle” and he’s only willing to go so far in PR messaging. Look at what he said: the task force is not seeking to render justice. It’s out to restore confidence!

http://www.nakedcapitalism.com/2012/09/yes-really-truly-no-joke-that-schneiderman-mortgage-task-force-is-gonna-get-someone-soon.html



The good news (if your a crook) is that the fraud is not just in the Mortgage Scams, but pretty much in every aspect of our economy.

JP Morgan handled Madoff's accounts that 'lost' $65 Billion. There was a $19 Billion lawsuit against them alleging they took part in the fraud- dismissed. No worries, JP has always been super lucky when it comes to money, the bank itself just happened to withdraw $276 million invested with Madoff three weeks before his arrest. The Government demands documents, JP Morgan refuses.

JPM is also accused of lying and refusing to turn over documents regarding manipulation of the energy markets....?!
http://www.bloomberg.com/news/2013-01-04/jpmorgan-faces-sanction-for-refusing-to-provide-madoff-documents.html

In Conclusion, millions of Americans can continue to suck it as white color crime does pay.

22 replies, 1611 views

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Arrow 22 replies Author Time Post
Reply One Year After Settlement, No one Has Helped Families Facing Foreclosure with Millions More to Come (Original post)
No Compromise Jan 2013 OP
tridim Jan 2013 #1
No Compromise Jan 2013 #2
tridim Jan 2013 #8
No Compromise Jan 2013 #12
No Compromise Jan 2013 #3
FLyellowdog Jan 2013 #4
Fire Walk With Me Jan 2013 #7
Fire Walk With Me Jan 2013 #5
dkf Jan 2013 #6
siligut Jan 2013 #11
No Compromise Jan 2013 #18
dkf Jan 2013 #20
No Compromise Jan 2013 #21
dkf Jan 2013 #22
No Compromise Jan 2013 #9
sarisataka Jan 2013 #10
No Compromise Jan 2013 #13
sarisataka Jan 2013 #14
No Compromise Jan 2013 #15
sarisataka Jan 2013 #16
and-justice-for-all Jan 2013 #17
Fire Walk With Me Jan 2013 #19

Response to No Compromise (Original post)

Fri Jan 4, 2013, 04:18 PM

1. Why did you leave this out?

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Response to tridim (Reply #1)

Fri Jan 4, 2013, 04:29 PM

2. ? little info besides a link ?

 

do you have a comment on what is written?

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Response to No Compromise (Reply #2)

Fri Jan 4, 2013, 05:22 PM

8. The National Mortgage Settlement negates your entire post, starting with your title.

If you're really interested, you should read the whole site.

The settlement provides assistance for:

•Homeowners needing loan modifications now, including first and second lien principal reduction. The servicers are required to work off up to $17 billion in principal reduction loan modifications and other forms of loss mitigation nationwide. Eligible borrowers will by contacted by the Servicers and will receive letters offering principal reductions or other modifications starting in June 2012. This modification process will continue for approximately 3 years.
State attorneys general anticipate the settlement’s requirement for principal reduction will show other lenders that principal reduction is one effective tool in combating foreclosure and that it will not lead to widespread defaults by borrowers who really can afford to pay.

•Borrowers who are current, but underwater. Eligible borrowers will be able to take advantage of today’s historically low interest rates by refinancing their mortgage despite their negative equity. Servicers will have to provide up to $3 billion in refinancing relief nationwide.

•Borrowers who lost their homes to foreclosure between Jan. 1, 2008 and Dec. 31, 2011. Cash payments will be distributed to borrowers who receive and return a claim form. There is no requirement to prove financial harm and borrowers will not have to release private claims against the servicers nor will they have to relinquish the right to participate in the independent review process being conducted by federal banking regulators. $1.5 billion is expected to be distributed nationwide to some 750,000 borrowers.

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Response to tridim (Reply #8)

Fri Jan 4, 2013, 09:09 PM

12. see response 10 for how they are 'helping'

 

nt

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Response to No Compromise (Original post)

Fri Jan 4, 2013, 05:01 PM

3. kick

 

nt

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Response to No Compromise (Original post)

Fri Jan 4, 2013, 05:04 PM

4. My daughter and her children were saved from being foreclosed on early this fall.

She jumped through whatever hoops were necessary and got her refinanced mortgage. We were very grateful. So for some it worked.

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Response to FLyellowdog (Reply #4)

Fri Jan 4, 2013, 05:14 PM

7. Wow...they got lucky. Good for her!

 

Occupy Fights Foreclosures in Los Angeles have taken on many such battles and the majority of the cases have been as long and drawn-out as the banks can force them to be, if the banks respond at all. Many have been tricked into foreclosure by the banks telling them to miss a payment or two in order to qualify for a loan modification. I've been in contact with a real estate agent in Florida who said that several of her clients were tricked into foreclosure. It's national and it's rampant.

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Response to No Compromise (Original post)

Fri Jan 4, 2013, 05:12 PM

5. There are Goldman Sachs exects and reps involved in Greek and Italian gov't post-"austerity".

 

Not that "austerity" is a blatant, naked power and resource grab. Ahem.

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Response to No Compromise (Original post)

Fri Jan 4, 2013, 05:12 PM

6. If the banks are making so much money off foreclosures why aren't their stock prices way up?

 

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Response to dkf (Reply #6)

Fri Jan 4, 2013, 08:05 PM

11. What? And share all their ill gotten gains with investors? nt

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Response to dkf (Reply #6)

Sat Jan 5, 2013, 10:30 AM

18. hoarding it all in the cayman islands

 

they didn't steal all that money so they could share

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Response to No Compromise (Reply #18)

Sat Jan 5, 2013, 12:07 PM

20. You are getting into crazy talk territory.

 

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Response to dkf (Reply #20)

Sat Jan 5, 2013, 01:27 PM

21. right

 



A global super-rich elite has exploited gaps in cross-border tax rules to hide an extraordinary £13 trillion ($21tn) of wealth offshore – as much as the American and Japanese GDPs put together – according to research commissioned by the campaign group Tax Justice Network.

http://www.guardian.co.uk/business/2012/jul/21/global-elite-tax-offshore-economy

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Response to No Compromise (Reply #21)

Sat Jan 5, 2013, 08:30 PM

22. If anything those are individuals, not banks.

 

What good does it do for a bank to hide all these assets when it has shareholders who own it all.

Banks are not the supervillians in a comic book world. You've been watching too much TV.

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Response to No Compromise (Original post)

Fri Jan 4, 2013, 06:39 PM

9. We allow the government to do this to our friends and families...

 

We allow our military to bully the world...

....and we wonder how we have created a rape/bully culture?

Who are the bystanders now?

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Response to No Compromise (Original post)

Fri Jan 4, 2013, 06:50 PM

10. I am personally aware of a case

where a family applied for a mod and received a payment offer higher than their current payment. Naturally they refused since that was no help for their situation.
Because they refused the 'help' they were denied any other mods and given the runaround, not knowing that no other mods would be considered, until their grace period ran out. They received foreclosure papers with the bank giving 24 hours to make up all missed payments and fees or face a sheriff sale.
They would have been better off never asking for help and struggling through- though I don't think they would have succeeded there either.

IMO all of the bank 'help' and concern is smoke and mirrors...

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Response to sarisataka (Reply #10)

Fri Jan 4, 2013, 09:10 PM

13. wow, 24 hours?!

 

they are worse than I thought

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Response to No Compromise (Reply #13)

Fri Jan 4, 2013, 09:24 PM

14. Actually less than 12

I won't name the bank but it is similar to what the coyote does to the roadrunner...

They were in daily contact and always told don't worry, we will work it out, the sale date will be rescinded... The afternoon before the sale date the bank changed its tune to you were deemed a bad fit for mod months ago. Pay $12000+ before 11 tomorrow and continue with the higher payments or the foreclosure goes.

Doing what I can to help a fellow vet, but not much. Their lawyer says they likely have a good case against the bank but it probably will not resolve before the move out date.

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Response to sarisataka (Reply #14)

Fri Jan 4, 2013, 09:27 PM

15. maybe contact the occupy group in the area?

 


call or write local media and see if they are looking for a public interest story....

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Response to No Compromise (Reply #15)

Fri Jan 4, 2013, 09:33 PM

16. Chicken soup--

can't hurt

Thanks I'll pass the idea on.

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Response to No Compromise (Original post)

Fri Jan 4, 2013, 10:54 PM

17. I guess I got a Government bail out with my mortgage...sort of

I am in the HOPE program and I am securing a modification through PNC which they offered me. I think it should be criminal for mortgagers to not offer modifications on potential foreclosures, there is no reason for them to not do everything they can to keep people in their homes.

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Response to No Compromise (Original post)

Sat Jan 5, 2013, 11:42 AM

19. Kick!

 

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