In Response to Florida House Representative George R. Moraitis, Jr. Values Your Input on Expedited Foreclosures and Goals for the Judicial System
What I find the most interesting is that he processes distressed sales through his firm. So is he really concerned for the banks and their interests or his own?
The original email…
From: “George Moraitis Jr.”
Subject: Foreclosure Reform
I have recently been elected to the State legislature and we are working on reforms to improve the foreclosure system in Florida. The vast majority of the homes presently in foreclosure have no equity and there is no dispute that the borrower is failing to make any payments towards the balance of the mortgage. We have obtained input from the Florida Bar Real Property Probate and Trust Law section and I would also welcome your input on what we can do to improve and reform the system.
The goals would be to protect owners who have a legitimate property interest (equity) or who are being mistakenly foreclosed while expediting the cases in which there are no legitimate issues which should prevent the lender from receiving or selling the property on account of the borrower’s default.
While it is important that we are compassionate as a society, allowing non-paying owners to occupy a property for extended periods with impunity or even collect rental income from the property should not be goals of the judicial foreclosure system. Although there is plenty of blame to go around in the making of these loans, ultimately everyone understood that there was an obligation to pay for the property as a condition of the benefits of ownership. I respect and share the desire to help those in need, but this is a charitable impulse which should not be shouldered by the lenders without their consent through the manipulation of the legal process. I understand that we as the taxpayers have helped the banks from failing and clearly there are needed reforms to our banking system, but this intervention by the government to protect the economy did not relieve borrowers from the obligation to repay their mortgages. In fact, the failure by borrowers to repay their mortgages only exacerbates the problem. I am certainly not defending bonuses paid to bank executives or dividends given to shareholders in the wake of this crisis, but I do not agree that non-paying borrowers should be entitled to profit from the government’s intervention either.
One suggestion might be to allow lenders a more expedited foreclosure where it can be demonstrated that there is no equity in the property, no payments are being made and the bank agrees to waive the right to a deficiency judgment.
As stated, I welcome and value your input. My phone number is below and I look forward to hearing from you.
George R. Moraitis, Jr.
Moraitis, Cofar, Karney & Moraitis
915 Middle River Dr. Suite 506
Fort Lauderdale, FL 33304
Dear Representative Moraitis,
You are a young man, newly elected by Florida’s district 19 to represent the citizens of Florida in the state House. You embark upon your two year term during difficult times. Perhaps you have political aspirations that reach beyond your current position? You have a unique opportunity of leaving a legacy of proposing and supporting good, innovative state legislation that speaks to a crisis that has felled our entire nation. Your comments are in line with the prevailing assumption that if we expedite some unknown, yet finite, number of foreclosures awaiting dispatch, then economic recovery and return to prosperity will be nigh. This flies in the face of well established research that show foreclosures act like a rock rolling downhill by destabilizing and devastating families, communities, tax revenues, employment outlook. All this puts downward pressure on property values leaving more and more homes underwater, and thus starting the cycle over again.
First and foremost, as you work on reforms to improve Florida’s foreclosure “system”, I urge you to educate yourself fully on the issues involved. Noting that your request has received much attention, I suspect you will be inundated with responses.
In your request for input on potential reforms you wrote of your goals “to protect owners who have a legitimate property interest (equity) or who are being mistakenly foreclosed while expediting the cases in which there are no legitimate issues which should prevent the lender from receiving or selling the property on the account of the borrower’s default.”
Sir, are you aware that federal and state law enforcement agencies, regulatory agencies, legislatures and judiciaries are engaged in intense investigations into the misconduct, fraud, and crimes committed by the financial sector in regards to the foreclosure process? Have you researched the administrative orders, investigations, subpoenas, press releases, legal filings, reports, testimony, transcripts, and video hearings by the USDOJ, FDIC, OCC, FHFA, SIGTARP, COP, FINRA, FBI, US House, US Senate, 50 State AG Panel, individual state AGs, and the NJ Judicary? The number and scope of investigations coupled with the daily revelations in the media regarding financial sector abuses, misconduct, and potential crimes, Floridians deserve stronger protections, not weaker ones.
Have you read the language in Florida Supreme Court’s administrative order SC09-1460. Have you read spoken to the attorneys and investigators at the Economic Crimes Division of the Office of the Florida Attorney General to educate yourself on the findings of their investigations into foreclosure fraud? At the very least, have you read their press releases? They can be found http://ning.it/92f7xy and http://ning.it/cREUqI and http://ning.it/bVaJ9H and http://ning.it/aXvWH7 and http://ning.it/9I75pg . Have you researched the hundreds of thousands of mortgage assignments filed in Florida’s land records that lacked compliance with conveyance and IRS requirements under mortgage backed securities contracts called “Pooling and Servicing Agreements”? Have you researched the Mortgage Electronic Registration System (MERS) controversy? Have you made inquiries regarding to MERS co-opting a county government function leading to the loss of millions in revenue and making a mess of America’s land records? Have you considered commissioning a forensic records study by OPPAGA in order to learn the extent of the damage to Florida’s land records?
Sir, are you aware that most of the foreclosure mill law firms fabricate assignments of mortgage, usually the only piece of evidence tying their client has any claim to the mortgage? One might question why litigants’ lawyers are allowed to fabricate evidence to prove the clients’ cases. Have you examined any foreclosure files in any court around the state? Have you seen the lack of standing, inconsistent allegations, evidence of robosigning, fabricated allonges, promissory notes endorsed to non-parties, assignments of mortgage to and from defunct institutions, unauthenticated powers-of-attorney, unsigned promissory notes, cut-and-paste recorded documents, the fabricated nonsensical land record documents, “original documents” alleged to be originals, willful disregard of the Florida Rules of Civil Procedure including the year old foreclosure complaint verification rule, the mill lawyers’ confessions of “lack of candor to the court”, countless examples of sewer service, inappropriately appointed court guardians for defendants who received service of process? Have you learned about mortgage servicer abuses and manufactured foreclosures; inappropriate forced-placed insurance, dual-track modification scam, wrongly applied late fees, unexplained increased in escrow requirements, modification payments held in opaque “suspense accounts”, late fees accruing during trial modification periods, manufactured defaults, etc?
Our state constitution speaks to these very issues:
Section 9 Due process.—No person shall be deprived of life, liberty or property without due process of law, or be twice put in jeopardy for the same offense, or be compelled in any criminal matter to be a witness against oneself.
Section 10. Prohibited laws.—No bill of attainder, ex post facto law or law impairing the obligation of contracts shall be passed.
Section 12. Searches and seizures.—The right of the people to be secure in their persons, houses, papers and effects against unreasonable searches and seizures…
SECTION 21. Access to courts.—The courts shall be open to every person for redress of any injury, and justice shall be administered without sale, denial or delay.
In closing, I was deeply disturbed by your comment, “While it is important that we are compassionate as a society, allowing non-paying owners to occupy a property for extended periods with impunity or even collect rental income from the property should not be goals of the judicial foreclosure system”. I am under the impression that the goal of Florida’s judiciary is to apply and interpret Florida law. I implore you to read the following section of our state constitution.
SECTION 3. Branches of government.—The powers of the state government shall be divided into legislative, executive and judicial branches. No person belonging to one branch shall exercise any powers appertaining to either of the other branches unless expressly provided herein.
Thank you for taking the time to read my letter.
The issue is that Wall Street and the international bankers didn’t only destroy the American middle class, American taxpayers, our nation, financial system, home values, and communities, but most importantly, our pension, retirement, mutual, insurance, and trust funds. That is why fighting borrower’s rights only helps to create more opaque veils to conceal the fraud and abuses, rather than bring them to the light of day to let courts, juries, and regulators fix the issues here.
What you may not realize is that many of the lenders have been paid more than once and sometimes two to three times plus for the loan and have been made whole. I agree with you that the borrower does not deserve to own a free house, but neither does a bank that has no legal or equitable right to the property. I will show you evidence, tapes, and documents that will raise your concerns.
As the first to discover foreclosure fraud, robo-signing, and mortgage securitization fraud over a decade ago (mid 90s), I have a unique perspective as well as knowledge base few in America have. I have over 40,000 hours and $1 million in research and investigation of these issues. No one in media, the private or public sector has been so accurate as to my predictions, forecasts, and analyses since 1996 when I first exposed this mess.
I would certainly relish working “with you” rather than against you and the others who may not know the extent and breath of the fraud and abuse and most importantly the “whys!” before you think about abdicating our state law and property rights, let me educate you why this is not a Democratic, Republican, Liberal or Conservative issue, but a human, Floridian, and American issue that affects each and every one of us each and ever day!
I have created some real win-win-win solutions if you care to explore one day in Lauderdale, Boca or Orlando. I really think you will benefit from my knowledge as well as realize what we are all up against. If we don’t stop partisan politics and the banks, there is going to be a lot of blood shed on our streets in the coming years, I am afraid. You don’t hear the desperation in the people’s voices that I do each day. The rage and anger are only growing.
I think we may be able to team up to find resolution and solutions to this nightmare and it sure would be good to work with one another, rather than against each other!
Re: Update on Foreclosure Reform
Friday, January 28, 2011 12:55 PM
Thank you very much for your reply. I guess I just missed you, as I called your office to discuss remedies for banks’ defaults.
Quick notes as we can discuss this further on the phone later, I have experienced that my former colleagues have been concocting fraudulent contracts both with investors and borrowers with obvious misrepresentations both verbally and materially to them – outright fraud – originators, servicers, lenders, securitizers, and Trustees have been operating racketeer influenced businesses in their crimes against victims borrowers and investors.
You mentioned issues with robo-signing. That matter is what it is at a much later stage, whereas I have seen the defaults by “banks” on their fraudulent contracts; much of this is not in the courts because discovery is not allowed. Borrowers have been working tirelessly nationwide to help banks in their indigence as well as even putting in hundreds of hours of their time to assist banks’ attorneys to go down a smoother and more honest path, but banks have not voluntarily cooperated, which is why criminal prosecution is imperative, as this matter is not mere defaults by banks, but rather their theft by deception in the states and Title 18 matters on the federal level.
I iterate my direction with this matter is not so much the road of crooks leading robo-signing, but the root problems of what causes my former employers’ indigence: Fraud.
Talk to you later. Your assistant has my cell phone number and it’s below.
Thanks so much,
Message: This guy is a shill for the Mortgage Banker’s Association… he and his Daddy have been bought by the Banks. Take a look at this link: http://www.miamiriviera.com/realestate/property/M1397029/
Read the ad.. it says “approved short sale! buyer failed to close- this one is approved and ready to go. must close with closing agent moraitis, cofar, karney & moraitis.”
No wonder he’s all about the banks, if they foreclose quickly he and his Daddy (he joined his Daddy’s firm) can make money closing on the next sale to some poor sap who doesn’t know that the title is clouded and that the previous owner still LEGALLY owns the property.
Message: Take a look at the FL Rules of Prof Conduct, Rule 4-1.7:
“A lawyer is professionally obligated to protect the integrity of the program by making an appropriate disclosure within the organization when the lawyer knows a private client might be materially affected.”
Now, let’s look at some of your cases. This assumes that you are George Reynold Moraitis, Jr., Bar ID 597058, of Moraitis Cofar, Karney & Moraitis. There is another; same name and judging by the date I’m guessing your dad .. but then you wouldn’t be Junior, would you?
Greenpoint v. Coiro, CACE06016532
JPMorgan v. Hilaire, CACE10025151
Bank of America v. Rumora, CACE10031852
Case Home Finance v. Semidey, CACE10036043
BAC Home Loans v. D’ Arthur II, CACE10036204
Navy Fed. Credit v. Haywood, CACE10043641 (military, huh? .. nice touch)
Rebalko v. Moore, CACE10040526
Onewest v. Lynch, CACE10045713
Hayhurst Mortgage v. Cabrera, CACE09061415
US Bank v. Baxter, CACE09065616
Bank of America v. Cieza-Aguilar, CACE10007897
What I don’t see in your letter is that disclosure required by the Bar.
I can keep going. I mean .. literally keep going. That’s just some of them but the sun is setting on this beautiful Florida day even faster than it’s setting on your credibility.
You see, Junior, forgetful little disclosures like that, Junior, are exactly why we have judges review your work.
Hope you have a nice-sized war-chest of money for your next reelection campaign to explain yourself, because we’ll make sure every voter in your district is aware of your little oversight. It’s fun being a public figure, huh?
olenick -at- legalprise.com
Message: OH PLEASE…Is this guy for real? That chessy-cat grin say’s it all… Oh ya…he is a politician all right…but on the wrong side of the fence….let me explain the true definition of a politician…..” Often used with implications of seeking personal or partisan gain, scheming, etc. ” taken from Webster’s New World Dictionary.
Mr. Moraitis needs to understand he is NOT talking to a bunch of banker’s….he is talking to a whole State of people who are very ‘educated’ on what this foreclosure mess is all about. It is not against the law NOT to pay mortgage payments, but it IS against the law to steal property with fraud.
Before he follows what the bankers say, he should get some ‘ book learning’ as to what he preaches to the people. It is a slap in our face to repeat information we have heard 1000 times..that our tax dollars went to the fraudsters to save their A–es from failure. And for his information..the borrower ‘s know not a damn thing was done to help the borrower..even when fraud reeked through-out all the mortgages. This is the issue Mr. Moraitis… the plan these banksters had years back knowing exactly when a mortgage would go to foreclosure…AND…does he even know who funded these mortgages at closing..who the actual funder/lender was..and not the bank sitting at the closing table putting the banks name as payee/lender on the promissory note and mortgage and recording it in county recorders as fraud? I don’t believe this man even know’s what has gone on with any of these mortgages…Does he even know that millions of TOXIC mortgages were sold to investors? If they were toxic to investors..what the hell were they to the borrower…from the closing on these mortgages were TOXIC…doomed. The list goes on and on. So he need not be concerned with reform to push foreclosures thru the courts…first he needs to face facts of fraud..this is the issue…not payments being held back. Maybe he should get a shovel and dig deeper into this whole issue of foreclosures and Oh..he will need some rubber hip boots on while he digs.
Message: does George Moraitis Jr. have his head in the sand???????? Fraud committed by Banksters is just as illegal as stealing from local grocery store!
they are stealing homes with fraudulent documentation!!!!
Message: They need to educate Mr Moraitis Jr. He should look around and try to get informed. It is obvious that he does not have a clue. He has his custom suit, his manacure and his wonderful lifestyle. Mr. Moraitis like so many others live in a differant world. I live in Las Vegas. They all should come here an look at the growing homeless population. How about the kids who don’t know where to get off the school bus because they were moved out of their house last night. The fraud is being exposed on this web site and many more like it. How much exposure will it take before something is done. Most homeowners are helpless. They don’t have the money to fight in court. They have been swindled by the system and do not know what to do. If Mr Moraitis was living through what many homeowners are living through I am sure he would have much different take on speeding up the process. I submit to Mr. Moraitis that the securitization process is illegal from the inception. What we are seeing is an orchestrated theft of the homes in this country and it is part of a plan that goes back many years. By continuing the foreclosures the consequences are just being compounded. The cloud on the titles of all these properties that have been taken back and resold is a prime example. Mr. Moraitis you are a poor excuse of a representative for the American people. I hope you are voted out as soon as possible. Did you not take an OATH.
Message: Mr. Moraitis, The issue of whether a person is paying a mortgage or not is NOT the problem. Who does the person owe the money to IS the issue. No state in the US allows a party that is not the Mortgaee to foreclose.
Your suggestions are simplistic, since they do not address the issue of fraudulent documents being manufactured by lending institutions, because they are NOT the Mortgagee and cannot produce them.
Two lenders foreclose on the same houses in some cases. Apparently you do not understand that the County filing laws were established to make certain that ANYONE can find out immediately WHO IS THE OWNER OF THE NOTE AND MORTGAGE.
I myself am having problems finding out who is the present Mortgagee, I have NEVER MISSED A PAYMENT, and the servicer is unable or unwilling to tell me. I am a party to my contract, and might you suggest that I do not have the right as said party to KNOW WHO WILL GIVE ME MY PROPERLY TRANSFERRED AND FILED NOTE WHEN I PAY OFF MY LOAN?
Because of the lenders’ shenanigans I NOW HAVE A CLOUDED TITLE and must wage a lawsuit to get what I am lawfully entitled to. Is this okay with you? Do millions of clouded titles mean anything to you? What about the person who buys the banks’ forclosed homes? Are they not entitled to clear title?
Go after the fraudsters, and leave the present laws alone. Making it easier for lenders to commit fraud is NOT what we need.
Sincerely, David James Rinaldo
George R. Moraitis, Jr.
Moraitis, Cofar, Karney & Moraitis
915 Middle River Dr. Suite 506
Fort Lauderdale, FL 33304
Re: Your Request for Input to Solving the Foreclosure Crisis
Dear Mr. Moraitis:
I am replying to your request for input on how to solve the foreclosure crisis. You make the point over and over again that it is not ‘fair’ to the banks to allow people who are not paying their mortgages and who have no equity in their houses to drag out foreclosures. This converts the legal issues in a lawsuit into a moral issue. Morally, people should pay their mortgages, and yes, they did enter into a contract to repay a debt. However, in the few cases where homeowners are defending against foreclosure, they are using their right of due process to press legal issues, e.g. lack of standing, no causes of action, induced default, false placed insurance, bogus loan mod offers, escrow manipulations, robo-signing, false affidavits, defective assignments, fabricated notes, manufactured allonges, forgery, false notary, fraud on the court, and perjury. It has been shown here in Florida through the investigation by our own State Attorney General that the banks’ foreclosure procedures are shot through with fraud.
The depth of fraud that the banks have perpetrated on homeowners and the taxpayers by appropriating trillions of dollars of equity to themselves has become public knowledge in the rest of the country. If you need an education on this issue I suggest you read the complaints in two recent cases that have come to light. The newest case to come to light is the case filed by Ambac against Bear Stearns and J.P. Morgan alleging fraud, securities violations, and flagrant violations of the law. Bloomberg covered the case and you can read about the case at http://www.bloomberg.com/news/2011-01-25/jpmorgan-refused-mortgage-repurchases-it-also-sought-ambac-assurance-says.html. The Allstate case is explained as follows:
Allstate said its suit is based on an analysis of mortgages underlying the securities, Countrywide documents made public by an U.S. Securities and Exchange Commission lawsuit and other complaints against Countrywide. In September, Ambac filed suit against Bank of America over the lending practices of Countrywide. Ambac, which wrote financial guarantee insurance policies for Countrywide, said it identified about 6,360 loans with an aggregate principal balance of $658 million that violated the company’s guidelines. Allstate alleges that between March 2005 and June 2007, as it was buying the securities, Countrywide “abandoned its underwriting standards, misrepresented crucial information about the underlying mortgage loans and concealed material facts” from the insurer, it said in a statement.
If you think that this kind of fraud does not affect Florida cases you are ill informed or disingenuous. Again I direct you to the State Attorney General’s presentation to the legislature entitled “Unfair, Deceptive and Unconscionable Acts in Foreclosure Cases”.
As far as speeding the disposition of cases, in Lee County where I live we have The Rocket Docket which disposes of foreclosures in mere minutes. I don’t know how you propose to make it faster, and I shudder to think that you want to impose this system on the rest of Florida. You are proposing a system for treating defendants who have no equity in their homes as a different class of defendant than whom? People who are in foreclosure and do have equity in their homes? How do you propose to justify violating the principle of equal protection? And how do you intend to discover that information at the inception of the case? Should the bank start including in its complaint whether or not the homeowner has equity to justify which cases should be speeded to conclusion? I think that would be interesting to the public who is already becoming aware of the greed and shady practices of the banks and who is disgusted with the failure of regulators and the government to hold the banks accountable and the blithe disregard of the courts for the due process rights of defendants.
I inspected one case of foreclosure here in Lee County filed by the infamous foreclosure mill of David Stern. The plaintiff in the case is US Bank even though the bank admits in its complaint that it does not own the mortgage or note. It attached a copy of the original mortgage showing that the money is due to the original lender and admitted in the complaint that there is no assignment of that mortgage to US Bank. US Bank claimed it nevertheless had authority to proceed without providing a factual basis for such a claim. It also claimed it lost the note. An examination of the Lis Pendens shows that US Bank claims it owns the mortgage and Note. The bank has not posted a bond as required by Florida statute, and never sent a notice of default to the homeowner as required by the mortgage contract, and failed to comply with federal regulations to pre-foreclosure review. This mortgage has most certainly been securitized. Pooling and Servicing Agreements require the trustee to record a copy of the trust in the county where the property is located. No such document has been filed. So, the true owner is not identified, there are no assignments, no recorded documents, no bond, the complaint is not verified, and there is a good chance that the securitization has failed and as a consequence the trust cannot give the servicer the right to proceed. The homeowner has filed a motion to dismiss because, based on FLORIDA LAW, the bank has no standing to proceed. I suppose that this is the kind of case you propose to “speed up”.
Charlie Green, the court clerk of Lee County, has been given credit for creating the Rocket Docket here in Lee County, and he has been quoted as saying that these houses need to be foreclosed on and sold so our economy can get better. This puts the needs or desires of the bank and investors ahead of the defendants who are trying to exercise their constitutional rights. That is about as unfair as one can get. And, if you think speedy foreclosures will solve our economic woes here in Florida and relieve the burden on our courts, you are once again mistaken. Speedy foreclosures which ignore the need to establish a chain of title and authority to proceed is just creating another giant headache: blighted titles. This issue will require years of litigation to solve. It is better to do it right the first time than to redo it later. The other problem that these speedy foreclosures are creating is contempt for our judicial system. When people who have never been to court find out just how blatantly the court disregards their concerns, they judge the entire court system by that experience, and they tell their neighbors and friends. This country was founded on the rule of law. When the public loses faith in our institutions and no longer has confidence that the courts are there to protect them against the depredations of the banks, it just reinforces the perception that this country has been sold to the banks and to the wealthy.
The problems of the Rocket Docket and Florida foreclosures have been reported in the press both locally and nationally. Here are some of the articles which have appeared: “Banks Don’t Have to Follow the Rules in Lee County, Says Judge Starnes”; “Invasion of the Home Snatchers”; “Florida’s 30-Second Foreclosure Dash Hits Wall of Fraud Claims”; Constitutionality of Lee County’s “Rocket Docket”; “Forged Foreclosure Filings by David J. Stern Anger Pasco Judge”; “The Most Reviled Law Firm in Florida and the “Unowned Mortgage Loans” Scheme”; “Fannie and Freddie’s Foreclosure Barons”; “Foreclosure Court Taints the Legacy of Florida’s Senior Judges”; “The Foreclosure Mess: Florida Judges Can Do Better”; “A Florida Court’s ‘Rocket Docket’ Blasts Through Foreclosure Cases”; “Florida’s Kangaroo Foreclosure Courts: Judges Denying Due Process on Behalf of Banks”.
Retired family court judges blasting through foreclosure cases, refusing to make banks comply with the rules of civil procedure, withdrawing or waiving motions and pleadings over objection of defendants, disallowing discovery: how can you speed up these cases any further? This is unconscionable and sooner or later a case will make it to the Florida Supreme Court that will put a halt to this. The fact that the legislature has seen fit to base the funding of the court system on foreclosure filing fees and only 10% with general revenues makes it appear that the legislature has an ulterior motive in speeding up foreclosures. It will be interesting also to see how many campaigns of the members of the legislature are funded by the banks. I hope that some enterprising reporter will soon be looking into it.
I reviewed a copy of the report to the Legislature on the disposition of foreclosure cases in the state. Here in Lee County over 9000 cases were disposed of in one quarter and ZERO went to trial. How do you propose making foreclosures faster than denying defendants a trial on the issues? How do you propose justifying making one class of litigants exempt from the rules of procedure and Florida law? As a lawyer yourself, you are very aware of these issues and it is shameful that you are even making such proposals. I hope your constituents make their feelings known. As a Floridian, I am concerned that you and other legislators have been reported to be contemptuous of the rights of homeowners to defend their suits because it’s taking too long. The best way to solve the foreclosure problem here in Florida is to start hauling the banks into criminal court. Shame on you for putting the blame for this problem on homeowners.
Patricia A. Parke
Message: I feel the need to speak out about the direction you want to take regarding foreclosures. I am NOT in foreclosure, I am current on my payments, but I’m beginning to wonder why should I continue to pay my mortgage when I can’t even get the “servicer” of my loan (note I said servicer and not LENDER) to provide me with documentation that I am sending my payment to the person who holds my note/mortgage.
I started wondering about all these foreclosures back in Sept/Oct 2010, and after doing some research I’ve come to realize that there is a “BIG” problem with the FRAUD these banks are inflicting on homeowners. Sir, I suggest you go and do your homework, and start with MERS. Then maybe you might want to Google “foreclosure fraud” and see what you come up with. Then check the difference between a SERVICER,LENDER and INVESTOR, and see what you come up with. Also check ROCKET DOCKET in Florida.
I asked my servicers back in October 2010 to provide my with all documentation relating to my loan/note and you know what, they have yet to provide me with anything. I get a payment history and that’s about it. My mortgage has been transferred 3 times and yet I DO NOT see an assignment recorded in the county records showing they are the lien/note/mortgage holder. I am the person on the other side that is wondering what happens when I pay this mortgage off, will I get clean title? Why can’t the servicer provide me with the documentation, and from my understanding they are required by law to do this.
So before you go off half cocked blaming homeowners who are truly struggling to hold on, please do your homework, research what is going on with these banks, judges, servicers, robo signers, loan modifications and mostly fabricated paperwork by the banks and their attorneys.
Message: OK, where do I begin? Because I lack the ability to speak in as precise a manner as Mr. Moraitis does, I am just going to go for it. Truth does not require fancy language, deception does!
CLAIMS MADE BY MR. MORAITIS:
1.”….and there is no dispute that the borrower is failing to make any payments towards the balance of the mortgage.
ANSWER: That is because the banks have not proven their “RIGHT” to any payments, because they are counting on, and profiting from the fact that “the borrower”, (most ordinary folks) do not know that they have never been loaned anything, and that the party they are/were paying in all likely-hood is not the holder of any title interest in the property whatsoever.
SUGGESTED IMPROVEMENT: Make it mandatory for every financial institution to include a copy of the Federal Reserve publication, “MODERN MONEY MECHANICS” with all required disclosures before issuing any mortgage. Dismiss all foreclosure actions and require all foreclosing entities to provide full proof of claim, and documentation, to the court before they can even file, and forward said proof to each homeowner with a copy of the above mentioned publication.
In the interest of volume I will simply list my responses below in the order Mr. Moraitis made his assertions. continuing from above;
2. Your entire article evidences your agreement and possible involvement with the banks, and the lawyers. The solution is to enforce our legislators to act for the people,to know and enforce the law, and be willing to expose the corruption!
3.Read the news! The latest statistics show that 91% of foreclosures have “legitimate issues which should prevent the lender from receiving or selling the property on account of the borrower’s default”. The bankers must PROVE there was a default before they can even file!
4Again, the latest statistics say that only 2% of foreclosures have resulted from the alleged borrower falsifying, or over-buying on their mortgage. It is the banks, wallstreet, lawyers, title companies, government, and even the judicial system that have operated “with impunity” and destroyed our entire economy so that homeowners don’t stand a chance!
5. Although “everyone understood that there was an obligation to pay for the property as a condition of the benefits of ownership” in the beginning,now they know that they were lied to, and that they owe nothing, and that they still have a GOD given right to the “benefits of ownership” according to law.And the deceitful, coercive, dishonest behavior by those they trusted to have their best interests at heart, namely the banks, lawyers, and courts, have failed miserably to protect those rights!
6. “…but this is a charitable impulse which should not be shouldered by the lenders without their consent through the manipulation of the legal process.” Can you laugh as loud as I can? Even as he speaks he uses his governmental position to manipulate the minds and hearts of the very people he is sworn to protect! The entire foreclosure , and economic nightmare at hand is being shouldered “without their consent” by the very people he wants to put out of their homes, as a direct result of our “trusted” leaders, banking officials, lawyers, and the judiciaries “manipulation of the legal process.”
7. The banks HAVE failed the people miserably! No “reform” is needed! Let them FAIL! THEY ARE DESTROYING OUR LIVES! No Obligations have been proven, no homeowners have been given full disclosure, the law says that creditors making claims must prove they are the holder of a legitimate title interest in a debt before they can file a claim. Thay are being allowed to prevail while only asserting a mere ‘color of title’ at the expense, and without the consent of the people! The “folks” have no money anymore to make the banks prove their position, and even if they do, most don’t even know they can, because that fact has been intentionally, and conveniently omitted from any public discourse, and or general education.
8.”……but I do not agree that non-paying borrowers should be entitled to profit from the government’s intervention either.” How is being entitled to retain ones “HOME” “profiting from the government bail-out” The very people you are trying to throw out of their homes are the ones who ACTUALLY PAID THE MONEY TO THE BANKS!!!!! This was NOT a government bail out! It was the blood sweat and tears of the poor, and the hard working people that rescued the banks, and not the government. Our homes have been paid for many times over, and it is just never enough for those who really profit!
9.Your suggestion to “allow lenders a more expedited foreclosure where it can be demonstrated that there is no equity in the property, no payments are being made and the bank agrees to waive the right to a deficiency judgment” is wholly insufficient, inequitable, dishonest, and illegal! You cannot take someones property until you PROVE you hold a legal title interest, and that you will suffer loss if payment is not made. Show the books where the bank put up it’s own money! You cannot! Why should WE allow “lenders” anything? They have defrauded us, broken many of our laws, and destroyed our livelyhoods, and our country. Foreign countries are threatening to foreclose on the U.S. because of all the “inequitable” behavior of banks, wallstreet, and government! Are you soon to let them kick americans out of america because of Americas default? What does our government owe now, I believe over 14 TRILLION? STOP IT!!!!!!!!!!
This is no longer a political issue! This is a moral, and human issue. We are not “lenders” and “borrowers”, we are real people! This is our HOME! Stop playing with our lives! We no longer believe you have our best interest at heart, we don’t believe what you say, and we will not be manipulated any more! We are waking up our neighbors, family, and friends, and we are sick and tired of the constant dishonesty, secrecy, power-mongering, profitering.
Your attempt at convincing the people that you are working for them has failed! I would be interested to know how much stock you own in any of the big banks, and or govt. bonds.
OH! That’s right. If I am not mistaken, I believe that is public information. We will be checking since you have so openly gone out of your way to secure more property and profit for the banks.
Tell me Mr. Moraitis, is China intitled to a deficiency judgment against the united states government due to it’s “failure to pay”, and where it can be domonstrated that “no payments are being made?”
Message: Mr.Moriatis please inform the citizens of Florida when you have awakened and faced reality. I hope you or any of your family members have to ever go thru this open illegal outright unacceptable nonsense the banks are doing to the average citizen. I don’t live in Florida but have family members that do and will make them aware of your bogus statement. I hope the citizens of Florida will follow you very careful to assure you don’t get much further politically.
Message: Florida needs to follow the law with foreclosures. While it may be true that the homeowner is not current with mortgage payments ………….the Fl courts must follow proper procedure and enforce the rule of law.
Message: Dear Sir,
Encarta World English Dictionary
Issue: 1. a legal matter in a dispute between two parties
Legitimize: 1. legal: complying with the law, or having official status defined by law
2. conforming to acknowledged based standards, comply with recognized rules, standards or traditions
3. well-founded: well-reasoned and sincere
How can you believe that the foreclosure action may or should be expidited, especially if contested by one party. Even uncontested foreclosure needs to be legitimate in order to be sure it is “legal”.
To what party or entity is an expidited legal issue beneficial. Certainly not the homeowner.
Your question I believ regognizes a prolem. But, suggests that peoles rights be ignored in order to accomplish a “quick fix”.
The only way the “Issue” might be expidited is if the two parties re-negotiate the terms of the contract, outside the legal arena. In the same fashion the government expidited the
TARP. In fact the rescued banks agree to do so with the HAMP and HAFA.
The banks received the taxpayer bailout and the home got false promises. (“Promises are for fools”).
There would not be the number of foreclosures clogging the courts if there were “Legitimate Issues” is all cases.
I would hope that your intensions are to find a solution. otherwise< I suspect your memo was intended for the "banks" and not the people who are fight to save their homes.
Message: What happened to due process.? No fast forwards should be allowed for foreclosure THESE PEOPLE ARE LOSING THEIR HOMES!!! GMAC MTG (a.k.a. ally, ditech, homecoming, et al) stold my home that i made the payments on, i was never in default, judge covered his ears and guess who paid them off? Freddie mac. tell me this was not a plan. who are you representing here? really i want to know whom are you representing? how many more families are you gonna watch be thrown out of their homes?
Message: Dear Mr. Moraitis,
This is in response to your request for input regarding mortgage foreclosure issues in Florida. First a little information about me. I live in Lee County, Florida, one of the worst counties in the country for foreclosures. I also own a contracting business, which has suffered due to the housing meltdown. I am also what you would consider a deadbeat homeowner as I am currently living in my residence without making any mortgage payments. I am a prime candidate for your proposed expedited foreclosure process as I have a mortgage on my property with no equity and am in default. I do not dispute either of these points. I have income from my business and my wife works full time elsewhere. The lender will not accept any payments from us and have not for some time. They continue to send me statements every month but won’t accept payment. The reason for this is they are only the servicer for our mortgage, not the owner, and make more money servicing mortgages that are in default.
We are also prime candidates for a mortgage modification and have spent in excess of 120 hours and hundreds of faxes and phone calls over the past year and have yet to get to the point of being denied. They are still “looking” for more documentation from us. The loan servicer is getting paid to process all the documents we have sent.
As far as foreclosure input, I reject your premise that a mortgage that is in default should be expedited through the foreclosure process if there is nothing else in “dispute”. Almost every mortgage foreclosure in Lee County should be in dispute. If the mortgage companies had followed the law and recorded everything properly there would be very few foreclosures in dispute and the system would work as it was designed. The lenders did not record their assignments because it saved them local recording fees and taxes as well as being able to bundle individual mortgages into multiple securities without it being known. There is now a cloud on my property regardless of who owns it. Who will pay to fix my deed? The court system is overloaded because there are disputes. Are you proposing legislation to deny these disputes and push the foreclosures through? Are we to give the banks a break because it is just a minor technical error? Where is the rule of law and due process?
I speak from experience. As I contractor I am owed over $75,000 for work my company performed from several years ago. I paid my employees as well as my venders but never received payment on numerous projects. As a result my mortgage fell behind and the US Treasury came after me. It will be very difficult for me to collect this debt because I will have to go through the civil courts, which will be expensive and probably take years because of the defendant’s due process rights. Another option is Florida lien law. These laws enable easier collection of debt. Due to a minor technical error my company did not file notice to owner at the start of these projects. As a result we could not place a lien when we were not paid. Because we could not place a lien we could not perform a lien foreclosure. Because of a minor technical error at the outset of each project it has cost us over $75,000. Neither the debt nor our performance are not in dispute.
As a state representative perhaps you can help me with my problem. How about introducing legislation to change Florida lien laws. Can you introduce legislation that will allow legal backdating of a notice to owner? Once they are accepted I can submit backdated liens and if they don’t pay I will then be able to foreclose on them. Of course all paperwork will be properly signed and notarized. The intent of the new law should be to speed up the process so that the contractor can collect quickly without violating the debtor’s due process rights, however the judge should throw out all frivolous motions. Another option to solve this problem would be for the courts to just forgo the documentation and accept the contractor’s assertions of ownership of debt and rule in his favor except in cases where there is a dispute. In these instances the judge would have the final say regarding the validity of the dispute. I know many contractors in the same situation that would help with the legislation. Maybe we can form a contractors committee and make donations to the appropriate representative’s reelection campaigns. This could be a good relationship for everybody.
If you can help by passing legislation making it easier for my company to collect debt I promise to stop being a deadbeat homeowner and will again become a contributing member of society. Please let me know at your earliest convenience when we can start working on legislation.
Message: As a loan auditor, fraud investigator, witness and an elderly victim of the massive frauds perpetrated and perpetuated by what are known as Banksters, this elected man of the people needs to get himself educated before he talks such outrageous garbage. Either that, or he has already been educated and maybe financed by the very criminal banksters of whom I speak.
You are absolutely right that this man needs to be exposed for what he is. As long as we have an electorate that is dumb enough to elect such dangerous people, who have no idea what the United States of America is supposed to be and obviously have no concern for its citizens.
Message: Dear George,
I appreciate your effort to be logical and common sense about this foreclosure issue.
However you could not be more wrong concerning the facts of this issue . The major banks involved in this national trajedy are literally stealing the wealth of the average American. This FRAUDCLOSURE is the last in their attempt to become unjustly enriched by again bailing them out of a situation that they created. They set-up this mortgaged backed security scheme and then bet against it so they could make money on the way up and the way down. Leaving WE THE PEOPLE in the lurch and again wanting us to pick up the tab. We can’t sell our property to get out from under so our only option is to stop paying on underwater property.
The main problem is that most of the FRAUDCLOSUREs activities today revolve around a little know corporation created in the early 90′s by the major banks called MERS. Most mortages show MERS as the MORTGAGEE. Please check your personal mortgage I am sure it will show MERS.
Who Is MERS?
MERS – Mortgage Electronic Registration Inc. – holds approximately 60 million American mortgages and is a Delaware corporation whose sole shareholder is Mers Corp. MersCorp and its specified members have agreed to include the MERS corporate name on any mortgage that was executed in conjunction with any mortgage loan made by any member of MersCorp.
Thus in place of the original lender being named as the mortgagee on the mortgage that is supposed to secure their loan, MERS is named as the “nominee” for the lender who actually loaned the money to the borrower. In other words MERS is really nothing more than a name that is used on the mortgage instrument in place of the actual lender. MERS’ primary function, therefore, is to act as a document custodian.
MERS was created solely to simplify the process of transferring mortgages by avoiding the need to re-record liens – and pay county recorder filing fees – each time a loan is assigned. Instead, servicer’s record loans only once and MERS’ electronic system monitors transfers and facilitates the trading of notes. It has very conservatively estimated that as of February, 2010, over half of all new residential mortgage loans in the United States are registered with MERS and recorded in county recording offices in MERS’ name.
This MERS process has litterally ripped off the STATE of FLORIDA and thereby the FL Counties for BILLIONS of dollars in lost fees and taxes (Why dont you go after MERS and the Banks who own it ??).
MersCorp was created in the early 1990’s by the former C.E.O.’s of Fannie Mae, Freddie Mac, Indy Mac, Countrywide, Stewart Title Insurance and the American Land Title Association. The executives of these companies lined their pockets with billions of dollars of unearned bonuses and free stock by creating so-called mortgage backed securities using bogus mortgage loans to unqualified borrowers thereby creating a huge false demand for residential homes and thereby falsely inflating the value of those homes. MERS marketing claims that its “paperless systems fit within the legal framework of the laws of all fifty states” are now being vetted by courts and legal commentators throughout the country.
The MERS paperless system is the type of crooked rip-off scheme that is has been seen for generations past in the crooked financial world. In this present case, MERS was created in the boardrooms of the most powerful and controlling members of the American financial institutions. This gigantic scheme completely ignored long standing law of commerce relating to mortgage lending and did so for its own personal gain.
That the inevitable collapse of the crooked mortgage swindles would lead to terrible national repercussions was a matter of little or no interest to the upper levels of America’s banking and financial world because the only interest of these entities was to grab the money of suckers, keep it in the form of ficticious bonuses, real estate and very large accounts in foreign banks. The effect of this system has led to catastrophic meltdown on both the American and global economy.
MERS, as has clearly been proven in many civil cases, does not hold any promissory notes of any kind. A party must have possession of a promissory note in order to have standing to enforce and/or otherwise collect a debt that is owed to another party. Given this clear-cut legal definition, MERS does not have legal standing to enforce or collect on the over 60 million mortgages it controls and no member of MERS has any standing in an American civil court.
MERS has been taken to civil courts across the country and charged with a lack of standing in reposession issues. When the mortgage debacle initially, and inevitably, began, MERS always routinely brought actions against defaulting mortgage holders purporting to represent the owners of the defaulted mortgages but once the courts discovered that MERS was only a front organization or “Straw Man” that did not hold any deed nor was aware of who or what agencies might hold a deed, they have routinely been denied in their attempts to force foreclosure.
In the past, persons alleging they were officials of MERS in foreclosure motions, purported to be the holders of the mortgage, when, in fact, they not only were not the holder of the mortgage but, under a court order, could not produce the identity of the actual holder. These so-called MERS officers (i.e. “Robo-Signers”) have usually been just employees of entities who are servicing the loan for the actual lender. MERS, it is now widely acknowledged by the courts, has no legal right to foreclose or otherwise collect debt which are evidenced by promissory notes held by someone else.
The American media routinely identifies MERS as a mortgage lender, creditor, and mortgage company, when in point of fact MERS has never loaned so much as a dollar to anyone, is not a creditor and is not a mortgage company. MERS is merely a name that is printed on mortgages, purporting to give MERS some sort of legal status, in the matter of a loan made by a completely different and almost always,a totally unknown entity.
The infamous collapse of the American housing bubble originated, in the main, with one Angelo Mozilo, CEO of the later failed Countrywide Mortgage.
Mozilo started working in his father’s butcher shop, in the Bronx, when he was ten years old. He graduated from Fordham in 1960, and that year he met David Loeb. In 1968, Mozilo and Loeb created a new mortgage company, Countrywide, together. Mozilo believed the company should make special efforts to lower the barrier for minorities and others who had been excluded from homeownership. Loeb died in 2003
In 1996, Countrywide created a new subsidiary for subprime loans. Countrywide Financial’s former management
· Angelo R. Mozilo, cofounder, chairman of the board, chief executive officer
· David S. Loeb, cofounder, President and Chairman from 1969 to 2000
· David Sambol, president, chief operating officer, director
· Eric P. Sieracki, chief financial officer, executive managing director
· Jack Schakett, executive managing director, chief operating officer
· Kevin Bartlett, executive managing director, chief investment officer
· Andrew Gissinger, executive managing director, chief production officer, Countrywide Home Loans
· Sandor E. Samuels, executive managing director, chief legal officer and assistant secretary
· Ranjit Kripalani, executive managing director and president, Capital Markets
· Laura K. Milleman, senior managing director, chief accounting officer
· Marshall Gates, senior managing director, chief administrative officer
· Timothy H. Wennes, senior managing director, president and chief operating officer, Countrywide Bank FSB
· Anne D. McCallion, senior managing director, chief of financial operations and planning
· Steve Bailey, senior managing director of loan administration, Countrywide Home Loans
The standard Countrywide procedure was to openly solicit persons who either had no credit or could not obtain it, and, by the use of false credit reports drawn up in their offices, arrange mortgages. The new home owners were barely able to meet the minimum interest only payments and when, as always happens, the mortgage payments are increased to far, far more than could be paid, defaults and repossessions were inevitable.
Countrywide sold these mortgages to lower-tier banks which in turn, put them together in packages and sold them to the large American banks. These so-called “bundled mortgages” were quickly sold by these major banking houses to many foreign investors with the comments that when the payments increased, so also would the income from the original mortgage. In 1996, Countrywide created a new subsidiary for subprime loans.
At one point in time, Countrywide Financial Corporation was regarded with awe in the business world. In 2003, Fortune observed that Countrywide was expected to write $400 billion in home loans and earn $1.9 billion. Countrywide’s chairman and C.E.O., Angelo Mozilo, did rather well himself. In 2003, he received nearly $33 million in compensation. By that same year, Wall Street had become addicted to home loans, which bankers used to create immensely lucrative mortgage-backed securities and, later, collateralized debt obligations, or C.D.O.s—and Countrywide was their biggest supplier. Under Mozilo’s leadership, Countrywide’s growth had been astonishing.
He was aiming to achieve a market share—thirty to forty per cent—that was far greater than anyone in the financial-services industry had ever attained. For several years, Countrywide continued to thrive. Then, inevitably, in 2007, subprime defaults began to rocket upwards , forcing the top American bankers to abandoned the mortgage-backed securities they had previously prized. It was obvious to them that the fraudulent mortgages engendered by Countrywide had been highly successful as a marketing program but it was obvious to everyone concerned, at all levels, that the mortgages based entirely on false and misleading credit information were bound to eventually default. In August of 2007, the top American bankers cut off Countrywide’s short-term funding which seriously hindered its ability to operate, and in just a few months following this abandonment, Mozilo was forced to choose between bankruptcy or selling out to the best bidder.
In January, 2008, Bank of America announced that it would buy the company for a fraction of what Countrywide was worth at its peak. Mozilo was subsequently named a defendant in more than a hundred civil lawsuits and a target of a criminal investigation. On June 4th, 2007 the S.E.C., in a civil suit, charged Mozilo, David Sambol, and Eric Sieracki with securities fraud; Mozilo was also charged with insider trading. The complaint formalized a public indictment of Mozilo as an icon of corporate malfeasance and greed.
In essence, not only bad credit risks were used to create and sell mortgages on American homes that were essentially worthless. By grouping all of these together and selling them abroad, the banks all made huge profits. When the kissing had to stop, there were two major groups holding the financial bag. The first were the investors and the second were, not those with weak credit, but those who had excellent credit and who were able, and willing to pay off their mortgages.
Unfortunately, just as no one knows who owns the title to any home in order to foreclose, when the legitimate mortgage holder finally pays off his mortgage, or tries to sell his house, a clear title to said house or property cannot ever be found so, in essence, the innocent mortgage payer can never own or sell his house. This is a terrible economic time bomb quietly ticking away under our feet and if, and when, it explodes, another aspect of our former lives are but a fond memory.
George …. You stated
“I do not agree that non-paying borrowers should be entitled to profit from the government’s intervention either.” Ok for the BANKERS but not your constituents ??
With the BANKERS MBS scheme we are talking major RICO style FRAUD. Their was fraud creating the bogus MERS loans, fraud when they avoided paying fees and taxes to the state and counties, fraud when they co-opted the rating agencies to call the MBS packages “AAA paper”, fraud when they put lipstick on the pig and sold these MBS packages around the world, fraud when they bet against their sham scheme with CDO insurance which perpetuated the TARP Bailout and finally their fraud to get around a legal foreclosure process by using fraudulent bogus assignments, alonges, robo-signers and then encouraged the creation of these rocket docket judges and court rooms that give the defendant less than 5 minutes per case. This is judice ?? In American, if you are a BANKER and you dont like our laws just get the legislature to change the law. Out of all of this admitted to FRAUD not one BANKER has gone to jail !!
No, George, I hope in your letter stating :
“expediting cases in which there are no legitimate issues which should prevent the lender from receiving or selling the property on account of the borrower’s default.”
is just an explanation of you being uninformed and not another way the Bankers have gotten to you to change/reform the foreclose laws to accomodate their GREED.
The only thing you did state that makes alot of sense is to eliminate the deficiency judgements for these poor homeowners, both on the first and second mortgages of which there are alot of. These harassed, embarrassed, abused, duped and evicted homeowners for the most part did not create this tragedy but are the victims of it .
Please GET REAL ….. These SOB BANKERS have destroyed the wealth of America and need to goto jail, not get a special legal reform deal to circumvent foreclosure law with the affect of the government again BAILING THEM OUT !!!!
Yes, I have some novel ideas.
1. Hold banks that own the Fed accountable for the artificial low interest rates that caused the debt crisis.
2. Prosecute banks that enticed unworthy borrowers. Obviously, the peasant borrowers did not force the banks to loan themselves money they could not possibly repay.
3. Hold the bankers accountable for their private politicians(including apparent newcomer George Moraitis Jr.)
4. Prosecute bankers for the purposeful obfuscation and disappearance of all of the loan documentation.
5. Force banks to buy all of the mortgages back from pensioners that were sold under false pretenses.
6. Prosecute banks for securities fraud for short selling packaged mortgages that they and their rating agencies called AAA.
7. Hold banks accountable for holding the Congress at gunpoint with their rip-off bailout schemes
8. Force banks to follow the same laws the rest of us follow in the judicial process.
9. Prosecute all forged and falsified document creators working for the banks.
10. Investigate and prosecute HAMP beneficiaries who lied to and stole the homes of innocent victims.
11. Outlaw fraudulent fractional reserve banking practices.
12. Reverse legal tender laws.
13. Hold banks responsible for lost notes of mortgages that they sold to unwitting pensioners.
14. Legalize regime-free banks who do not participate in fractional schemes.
Any other questions?
I read an email from you that has become highly publicize and for good reason. You appear to be implying that the banks should have an additional upper hand regarding foreclosure court cases through expedition because you appear to assume that if the courts to (many of which already automatically) assume that just because the homeowner has a debt over what the home is owe and that the homeowner is behind on payments, should be treated differently and/or expedited is not due process.
In fact, as someone who works at a law office, you are well aware that giving the courts orders to assume the homeowner is guilty for being potentially frivolous in a lawsuit, you give the lender has a free pass to avoid it has not committed fraud.
Most mortgages have errors, some of which is not enough to dispute the loan, others of course are good grounds to remove a mortgage and even strong enough to have judges fine the multi-billion dollar companies for not following the simple rules behind mortgage financing.
You automatically assume all homeowners have a responsibility to pay for a property as a condition of benefits of home ownership. Not everyone buys a home with financing, they inherit it, pay cash, etc., but the point I want to is it’s not a homeowners responsibility to pay an alleged loan unless the proper documentation is presented to the courts. If the bank loses the file, it loses the loan. That’s why a few homeowners who owned their homes free and clear came home one day to find the locks changed. That’s why many mortgages have been thrown out of court. That’s why MERS has been found by multiple courts to not provide valid mortgage liens.
You mention the lenders shouldn’t shoulder the additional costs of foreclosure. What about the additional cost we as American people who have shouldered not only the additional costs of bad bank loans, but derivatives (the real reason behind TARP, home buyer tax credits, virtually interest free loans to not re-lend, but to buy treasuries to help shore up bank balance sheets with risk free profits, allowing the banks to continue to be the third party brokering poor documented mortgages to the FHA, Fannie Mae, and Freddie Mac, and not criminally prosecuting their executives for continuing to commit fraud and to encourage copycat operations to pop up all over? Can you tell me the true costs we are shouldering for the banks? No one can in dollars and cents, but we soon will as inflation will take off as lending costs increase due to the banks poor conduct and our government’s loose lending to support banks that should have been left to go bankrupt. Instead you propose that instead of banks going broke, people should go broke. Intervention to help the banks didn’t help the economy, it made it worse overall. Had they gone bust, smaller, more conservative banks would have picked up the slack as it has throughout history.
In fact, the TARP bailout, of which most Americans did and still feel was wrong, was given to lenders without a full investigation into their mortgage frauds which helped create this crisis and in fact is only accelerating it by rewarding banks for knowingly writing and selling fraudulent loans to the public, pension funds, wall street,and world markets.
Why are you encouraging them by giving banks more ammunition that they already have with waiving deficiency judgments for expedited proceedings?
Banks should be held to a higher stardard. Many of these court cases wouldn’t even reach trial had the banks provided what consumers and attorneys request prior to suing. Nearly all the people I know who have loans and attorneys I’ve spoke with who have asked for the note, debt validation, an accounting of their loan and a settlement offer only receive a response that the bank has already provided that to you or dodge providing the documentation and say, we will not offer you a settlement. Small local banks don’t have this problems. Large, law dodging, governemnt bailout spoiled banks still do have these problems. Who is really at fault now?
One way to improve the system is to stop making excuses for the banks, impose harsher penalties for themselves not being able to work things out with homeowners, and to simply follow due process.
Stop wasting your time on helping the courts and banks speed up the process. Focus on penalizing banks for not keeping up the properties they have possession of properties they haven’t sold and driving home values down because of poor loan decisions. We don’t need any more Flint, Michigan’s in the US.
I sincerely hope you are not or have not received moneys from banks for representing them directly and/or indirectly. If you have, in the present or past, I believe it’s your ethical duty to disclose who you have and when, this includes campaign contributions.
Message: So the banks doing the fallowing does not count Forged notes, lost notes, intentional destruction of notes, unauthorized people signing mortgage assignments or endorsing notes, missing documentation, fraudulently fabricated documents, different plaintiffs foreclosing on the same property, plaintiffs who do not exist and the inability or refusal to provide proof of purchase and/or ownership of the promissory notes.
But only what the homeowners do counts? This guy is Fraud he just wants to expedite the Short Sale process so His Fathers Company can make millions Short Sellig their properties Sorry Florida you guys elected this guy!
Message: When I found out I was locked in a loan that wasn’t as presented and wanted to change it I was told tough cheese I signed the contract. So be it I did sign the contract. Then came the revelations that the bank did not follow proper proceedure and screwed up the chain of title. So my feeling is I will sue, go for quiet title and tough cheese to the banks. George R. Moraitis is not a representative of the people but another tool of the banks. I hope the citizens of Florida recall the man. I have much stronger terms I could use to express my feelings for the representatives like him. My feeling is that everybody that is caught in the broken chain of title should be awarded their home free and clear. As I see it now we are in a game if musical chairs and the music is about to stop. No one and I mean no one should vacate their home because the way things are going federal reserve notes will be plentiful and you will be able to pay cash for your home but be unable to afford foodso at least keep the shelter you now have.
Message: to mr moraitis. no, no, no shortcuts for banks to foreclose. they should follow the same rules as to documentation that us mere mortals have to follow. many banks cannot even prove they hold the mortgage. next they will want to foreclose on those of us who don’t even have a mortgage.
Message: RE: The George Moraitis Jr absurdities.
His ridiculous argument is that if a homeowner does not have “equity” that homeowner has no rights in the legal system. This is outrageous.
Another intelligent lawyer making money as a crony capitalist and screwing middle class taxpayers. Thanks for this brilliant analysis Moraitis!!!
Dear SR Moraitis,
“should not be shouldered by the lenders without their consent through the manipulation of the legal process.”
This is what you are concerned with?
What kind of tool are you?
You Sir are trying to manipulate the legal process for the benefit of law breakers.
How many liar loan mortgage bankers are in jail?
How many Ninja loans did the banks fraud enable themselves to profit from, and yet you don’t feel the need to correct this manipulation of the legal process?
Get a clew.
Put bankers in jail
“ I am certainly not defending bonuses paid to bank executives or dividends given to shareholders in the wake of this crisis”
Yes you are!!!
George, you are welcome to submit a response to these comments on 4closureFraud.org for posting if you like…