Georgia | Attorney General Sam Olens Joins Dissenters Opposing Writedown Plan in State Foreclosure Deal

“Market forces generally work better than government dictates”

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True statement unless the “markets forces” are lying, cheating and stealing, which they are…

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Georgia Joins Dissenters Opposing Writedown Plan in State Foreclosure Deal

Georgia Attorney General Sam Olens said he has “significant concerns” about a proposal to reduce loan balances for some homeowners as part of a settlement of a nationwide foreclosure probe, joining at least seven other states that have criticized such a plan.

A deal with the top mortgage servicers in the U.S. that includes writedowns could encourage homeowners who are current on their loans to stop making payments, Olens, a Republican, said today in a telephone interview.

“You’re declaring in advance who the winners and losers are,” Olens said. “I’m a little concerned that this process disengages the normal market forces.”

Republican attorneys general in Virginia, Texas, Florida, South Carolina, Oklahoma, Nebraska, and Alabama have signed letters opposing the imposition of writedowns, which proponents call the most effective way to modify a home loan.

You can check out the rest here…

You can also voice your opinion to Sam Olens by calling (404) 656-3300.

What ever happened to this?

Newly Elected GA Attorney General Sam Olens wants Authority to Launch CRIMINAL Investigations of Improper Foreclosures.

Posted by Foreclosure Fraud on December 3, 2010 ·

New AG Olens wants power to investigate foreclosures Newly elected state Attorney General Sam Olens said Wednesday he will push the General Assembly for the authority to launch criminal investigations of improper foreclosures. And an expert in property law predicts that Olens’ proposal will be just one measure among several related to tightening up the … Read more

Yea, whatever…

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4closureFraud.org

Comments
14 Responses to “Georgia | Attorney General Sam Olens Joins Dissenters Opposing Writedown Plan in State Foreclosure Deal”
  1. talktotennessee says:

    They are looking at this all the wrong way! As an appraiser, I am often called on to do liquidation appraisals. A liquidation appraisal calls for valuing a previously foreclosed property at a value for which it could be sold within a 30-day window. Now, think about that for a minute and let it sink in. . . . .
    What just happened with that REO sale?
    YES! The guarantor or loan backer WROTE DOWN the mortgage to liquidate in a 30 day window. Usually a cash investor will buy and make the profit on resale. The investor profits but the original mortgage holder loses. What does he lose? Principal.
    If the loan can be written down to sell for pennies on the dollar from the original mortgage, the investor who owns it akes a hit, the insurer who insured the loan takes a hit.
    Principal is written off or down if you will.
    Why not do the same for the homeowner. I will guarantee you most loans could be modified to help both homeowner and gain the investor a better return than a REO 30 day liquidation will recover.

  2. Ron says:

    What does any Attorney General know about market forces. What I thought would be of most concern to the states is the health of their constituents and state economies. Write Downs help everybody but the private banks.

    Why would the AG’s in these states support anything other than what is of benefits to the state.

    How can the states manage millions of unemployed and homeless.

  3. Denise Dorsey says:

    Very good article Sally bravo. Pay attention people.

  4. Kathryn Harper says:

    I’m in Ga and just left my third message for Mr. Olens. Have never received any reply, btw, so I don’t expect one this time either. Ga, as many of you know is a non judicial foreclosure state. This is where we need reform, not some write down with the new contract favoring the bank. I for one would simply like the opportunity to see if my mortgage can be corrected. Since we all know that can’t be done, let’s arrest the bankers and update the laws to make it easier for people like me to find some redress.
    How many months have the ag’s been meeting and this is all we get?

  5. Sally says:

    “the normal market forces”

    And just WHO are these market forces? It has been proved and admitted over and over that the market forces are big banks and Wall Street execs. But it’s a stretch to call them normal. Well, they are working on becoming normal…NORMAL CRIMINALS! It’s becoming normal to commit egregious crimes and admit so in public hearings with no fear of reprisal to claw back the money they stole or prosecution for stealing it. These criminals have publicly admitted their crimes and have been exposed in every congressional investigation or hearing, yet nothing is done. Referring this to the SEC is a joke, as it is short staffed and can only bring CIVIL suits. And the Department of JUSTICE? Well, no need to say more… These investigations and feigned indignation are only very expensive window dressing.

    These useless investigations are sucking up tax money by millions and millions of dollars and giving our country nothing in return, except the facade that a committee is “investigating.” We should know we are in trouble when at a congressional hearing about the mortgage mess, one of our “distinguished” senators asked a professor to explain MERS to him! He actually did not know one thing about MERS, except that it was to be discussed that day. Do they ever do a little homework before they sit in those hearings as the so-called leaders? Some of our representatives need to be in prison with the Wall Street execs, and others need to be removed from their positions–without pensions for life.

    Americans are without jobs and without homes–many from FORCED unemployment unlikely to change anytime soon–because of these greedy individuals who are obsessed with making more and more money while Rome burns. The banksters already have more money than they can ever spend, except for converting it to tons of gold before the rest of us have to eat out of trash cans. Millions of Americans already are forced to food stamps. Does that not matter? It matters to ME!

    It is absurd for these AGs to say they can’t accept write downs because it would encourage those current on their mortgages to stop paying. Does that not say they want the homeowners still paying mortgage payments to keep up this criminal enterprise? Is it not admitting that these homeowners already have reason to stop paying? Is it not saying that they are the shoulders on which this is placed until the elite can run out the statute of limitations for their prosecution? More importantly, does it not say that the REAL power to turn this around is in the hands of those still paying their mortgage?

    The financial system is going to fall sooner or later, and many homeowners are going to wish they had used that mortgage money to stimulate our economy themselves. Remember what our “generous” politicians tried to sell to us with a one-time payment of $300-600 to taxpayers to stimulate the economy. It was an insult to every hard-working American, considering the amount of TARP money banks took and kept, or, as has been reported, took to an offshore bank. If $600 dollars ONE TIME in our hands could stimulate our economy (which it didn’t), why not show them what all of our mortgage payments EVERY MONTH actually COULD do for our country! We could help those who have been forced to the streets. We could create jobs, we could start new businesses. We could pay off personal debt. We could be AMERICANS again. Forget FICO scores, who wants more credit anyway? That’s what all of this misery in America is about now. We must learn to save and pay cash for things we need. Besides, does anyone really want more of those gadgets made in China that break just after the warranty expires and before the purchase on a credit card is paid off?

    When our representatives speak of “spreading the wealth,” we can be sure they don’t mean distributing it to hard-working, creative, middle-class Americans. Foreign countries who hate America should not be allowed profit from our country’s misery and should not determine the value of our dollar.

    It could be true that palms are being greased, accounting for the sudden change of mind from state AGs. Either that or we have allowed the biggest morons and morally corrupt people on earth to run our federal and state business. They must have the biggest laugh when they all meet on their yachts. It’s passed time to exercise WE THE PEOPLE power.

    America is NOT broke, the wealth is just in the wrong hands, and we need to put it where it belongs.
    Just maybe it is time for America’s homeowners to write down their own loans and STOP PAYING these crooks who breached our mortgage contracts at the closing table. Our representatives have let us down. They are NOT listening to us. If even 30% of homeowners would stop paying their mortgage for six months, we could be heard!

  6. JIm Bethea says:

    Be careful in signing any new agrements, because these new contracts practically & openly [legalease] that even if you know that they have involved you in any types of fraud you will not try to sue or bring criminal / civil charges against them……..screw them!!!!!!!!!

    I contract/agreement which states such elements is unstable, tainted and non-enforcable in the first place, but they are trying everything to make their past fraud try to slip through the political cracks of real justice????

  7. MARIO KENNY says:

    we are already in revolt, have been for the past 4 yrs just that most people do not realize it yet

  8. Is anybody surprise?? Only a revolt from the American people will make this AG’s move in the right direction, but would it ever happen? I think not….

  9. l vent says:

    Write downs may effect the normal market forces? NO ONE wants a write down of a FAKE MORTAGE LOAN THAT NEVER EXISTED. THAT SHIP SAILED WITH THE LOAN MOD FRAUD. RESCIND OUR FAKE MORTGAGE CONTRACTS!! This AG is being VERY DECEPTIVE HERE by not telling the people of his state the TRUTH, FRAUD IS THE NORMAL MARKET FORCE. He is right though, just deceptively so, IF YOU TAKE FRAUD OUT OF THE EQUATION, THERE WILL BE NO MARKETS.

  10. Officer of the Law says:

    Cash talks. By the way, who will prosecute the prosecutors when they are obvioulsy taking bribes?

    • housemanrob says:

      Eventually all of this greed will consume all of greedsters. Than they will finally start to turn on each other!

      • yvonne says:

        That is exactly what the Basic Instruction Before Leaving earth says…they will consume each other with their own lust(for greed)…just a matter of time…but the house of cards is crumbling….their is yet hope for America…

    • angry & NOT TAKING IT says:

      Officer of the Law…we can prosecute the prosecutors as private attorney generals.. this how WE can bring criminal charges..they gov forces that CONtrol the Gov agency’s are all violating their oath to up hold PUBLIC POLICY… obstruction of justice, aiding and abetting or accessory after the fact , property conversion ,violating their oath of office, this would INCLUDE THE STATE AG.!
      FUKEM >>BRING IT!

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