Daily Finance | What the Mortgage Mess Settlement Proposal Really Means

“In sum: the scale of bank lawlessness and abuse of borrowers is so epic that far more than this term sheet is needed. The AGs and the rest need to find their backbone and recognize they should be giving dictation, not negotiating away from a term sheet that’s at best a minimum demand.”

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What the Mortgage Mess Settlement Proposal Really Means

By ABIGAIL FIELD

Now that I’ve had a chance to read the mortgage mess settlement proposal I realize what it really is: a repudiation of the servicing industries’ standard business practices.

Thankfully, it includes a couple provisions I was concerned were absent. Servicers have to show their math when announcing if a modification is denied, so the consumer can challenge the calculation, and foreclosures will no longer start with incomplete or fraudulent documentation. Those steps buttress other good provisions: banning foreclosures while modifications are negotiated and tried, and making trial modifications permanent after three payments.

While I’m glad those provisions are in the document, the term sheet is nonetheless pathetic. Repudiating the servicing industry’s business model mostly means telling servicers they can’t break the law and must act with basic good faith, such as crediting payments as of the day they were received and charging only one late fee for a late payment. As a result, the agreement reads as an indictment — not just of the servicing industry, but also of law enforcement, regulators and Congress.

See full article from DailyFinance: http://srph.it/gOy9B1

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4closureFraud.org


Comments
5 Responses to “Daily Finance | What the Mortgage Mess Settlement Proposal Really Means”
  1. fighting mad, mad as hell says:

    Hey, they have gotten around to investigating and filing charges against those who commit million dollar bank fraud! Here’s proof.

    (03-10) 14:29 PST Santa Ana, Calif. (AP) —

    A Southern California couple have been arrested on charges that they bilked eight banks out of $130 million.
    Federal prosecutors say 61-year-old Thomas Chia Fu and his 48-year-old wife, Cheri L. Shyu, were arrested Thursday at their Newport Beach home, a day after a grand jury indicted them on bank fraud charges. They face up to 30 years in prison if convicted.
    It wasn’t immediately clear whether the couple had an attorney. An arraignment was set for Thursday afternoon.

    Fu and his wife obtained a $130 million revolving line of credit in 2006 from a consortium of banks, including Bank of America Corp., for their Anaheim-based importing business, Galleria USA.
    Prosecutors claim the couple inflated their sales and inventory to obtain the credit, and faked documents to support the fraud.

    Read more:
    http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2011/03/10/state/n142932S85.DTL#ixzz1GF4lCX2I

    Imagine that! They lied to get loans and inflated the worth of their company! NO wonder that this dastardly couple must go to jail!
    Only real bankers are allowed to get away with such fraud!
    How dare they do what the bankers do!

  2. l vent says:

    THIS SETTLEMENT IS OBVIOUSLY A BUNCH OF FRAUD TO COVER UP FOR THE ORIGINATION FRAUD. Possession is nine tenths of the law. Screw this and ignore it like they are trying to ignore all of us and make us all go away. WE ARE NOT GOING AWAY UNTIL THE HO– USE STEALING STOPS PERMANANTLY AND THE STOLEN MONEY IS RETURNED TO THE PEOPLE AND THE WHITE COLLAR CRIMINALS ARE LOCKED UP IN PRISON. UNTIL JUSTICE IS SERVED, WE ARE NOT SAFE.

  3. l vent says:

    Let’s not forget what the Nazi’s said after the Holocaust. The people were to blame for the Holocaust because of their own cowardess. This is a very telling statement indeed as we now find ourselves clearly in the grips of the Fourth Reich. Our own mainstream media is their Nazi Propaganda Machine. They to, are BALMING THE VICTIMS.

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