“Sneaky” comes to mind to describe the government and the banksters regarding two settlements between US banks and government regulators who alleged that the banks were guilty of widespread abuse of the foreclosure system that allowed banks to seize homes from defaulting borrowers. The banksters agreed to pay out more than $20 billion on Monday to resolve claims arising from the mortgage crisis. Continue reading
If you do nothing else this weekend – PLEASE read this post.
If you are a Legislator –
this is imperative to your better understanding of the current foreclosure crisis
and why your Attorney General should NOT sign the servicer settlement agreement
Yes, it’s long – it’s factual, hang in there and you’ll learn what you need to know.
BY ABIGAIL CAPLOVITZ FIELD | FEBRUARY 2, 2012
WARNING: Attention homeowners: Do not read this post as legal advice. Although the information in this post is true, securitization fail, even of your loan, will not typically prevent the bank from foreclosing on you, unless you have a good lawyer. Even then, realistic end game is a sustainable modification, not a free house. More after the post. Continue reading
By Abigail Caplovitz Field | September 10, 2011
Ever since the Federal Housing Finance Authority (FHFA, Fannie Mae & Freddie Mac’s overseer) filed its blockbuster securities fraud suits against 17 banks and 131 individual bankers, a lot of commentators have said, essentially: How dare FHFA sue banks for securities fraud? Fannie and Freddie were crooks too! (Er, Fannie and Freddie were too sophisticated to be fooled! Fannie and Freddie couldn’t have been defrauded by the banks!) Continue reading
The questions to consider after reading this will be – (1) do you really need more time to consider your position on MERS? And, (2) will any issues that entail MERS ultimately circle back to its creator – the cartel of members? If so, why bother to settle?
PUNCH NO. 1:
By: David Dayen Monday July 25, 2011 2:19 pm
Massachusetts has joined several other states in saying they would oppose a foreclosure fraud settlement if it includes certain liability releases, particularly those relating to MERS. Massachusetts Attorney General Martha Coakley (yes, that Martha Coakley) wants to retain the ability to pursue lawsuits against the banks and their subsidiaries over state consumer protection violations and fraud upon state courts.
“Massachusetts will not sign on to any global agreement with the banks if it includes a comprehensive liability release regarding securitization and the MERS conduct,” Coakley wrote to the Norfolk County register of deeds in Dedham, Massachusetts. “These investigations must continue.” The registry keeps records of real estate in the county […] Continue reading