Oct 26 2010
Multiple Departments, Officials, Promise Investigations of Massive Foreclosure Fraud
Federal Reserve Chairman Ben Bernanke said on Monday that his agency will investigate irregularities in foreclosure practices. Evidence is mounting that bank procedures, whether intentional or accidental, have resulted in massive foreclosure fraud. After an internal review, Bank of America yesterday reported that it found 102,000 cases where foreclosures were improperly approved. These represent only a small fraction of the cases it will inspect. Reuters reports that the bank, which received billions in bailout funds, proceeded with foreclosures without properly signing paperwork or possessing necessary documentation, such as accurate homeowner payment histories. Industry-wide there have been reports of bank officials rubber-stamping thousands of foreclosures without reviewing the paperwork. An argument that is also being advanced is that many of the home loans that were aggressively marketed to inexperienced borrowers and approved based on inflated estimates of a home’s worth were fraudulent from their conception. By launching its own review, the Fed joins a number of other departments conducting investigations into foreclosure fraud, including the Department of Housing And Urban Development, and the Treasury and Justice Departments. In a rare show of non-partisan, national unity, the Attorneys General of all 50 states, Republicans and Democrats, are cooperatively investigating foreclosure practices that may have resulted in millions of Americans being kick-out of their homes by banks without the legal authority to evict.
GUEST: Richard J. Eskow, Senior Fellow with the Campaign for America’s Future
Find out more at www.ourfuture.org.
2 Responses to “Multiple Departments, Officials, Promise Investigations of Massive Foreclosure Fraud”
Lawyers for mortgage lenders should be held accountable for foreclosure improprieties and concealing malpractice against their lender-clients, as well as for committing Unfair Debt Collection Practices, extortion, and fraud against borrowers.
Those lawyer are wrong for injurious frauds, failing to “effect service” or failing at any substantive Civil Procedure requirement –NOT the homeowner for refusing to cooperate with erroneous and / or fraudulent home repossession. Still, homes have been unlawfully foreclosed and illegal flipped.
A good place to start would be a look at property blight and foreclosure conveyances to non-existent companies; bankruptcy “Lift Stay” motions that “lack standing,” “proof of claims” different from ‘lift stays’ “movers”; and illegal property deeds. People have not legally lost home ownership!
Often foreclosure delays are because of foreclosure lawyers, but they keep that fact from clients. Lenders, (are not required to know laws) sometimes are unaware that lawyers’ mistakes, errors, and frauds provide reasons, defenses, and basis to attempt negotiating mortgage contracts. Meanwhile, lawyers rack up billable hours for those very litigations.
Also, property owners seeking debt reorganization through Chapter 13 Bankruptcy are not to be blamed for contesting a false “proof of claim” or false “Lift Stay” motion. Thus, countless foreclosure lawyers owe $$$$$$ to their lender clients for fatally botching foreclosure cases.
Injurious acts by foreclosure lawyers, render them as well as their clients liable for damages. The half has not been told of outrageous, unfair collections, and privacy invasion associated with foreclosure! Lawyers know what they’ve done; they seek to have victims go away to avert exposure.
Mortgage default causes foreclosure, but default does not justify fraud. *Important FACTS about FORECLOSURE and MORTGAGE FRAUD
http://www.lawgrace.org/2010/09/30/important-facts-about-foreclosure-and-mortgage-fraud/
I fought the Bank that tried to foreclose on my late parents estate. I had the defense to produce the actual note.
This was 2008 and they could not produce the note but when they assigned the successor in interest by merger; they assigned it to themselves and left out a bank.
I have now filed a Counterclaim for $250,000,000.00 for fraud and malicious abuse of the judicial system. I answered the Complaint yet again in September.
I had a settlement agreement to keep my allegations confidential but they breach our settlement agreement;and then used their “superior” bargaining power and retaliated when they cause a hindrance before my assumption and due date took place.
You can win but I represented my parents estate pro se and it is damn hard.
Most people just walk when they get the Summons, I chose not to, mostly because they came after the estate when then found the estate was intestate.
Of course they took advantage.
I called, emailed over & over to check the recording, check the assignments…no one-no one would listen.
This is good timing for me because I intend to take Citgroup down for what they have done.
I will prove that they did not know where the notes were that they filed false documents and then when I went after them…they retaliated against this 58 year single mom.
WATCH OUT CITI I MIGHT JUST GET THOSE MILLIONS!!!!!