Bribery | As Housing Crisis Festers, Mortgage Servicers Spend $8 Million on Political Contributions

 

As housing crisis festers, mortgage servicers spend $8 million on political contributions

As the financial markets roil, one of the critical factors weighing down the U.S. economy is the flood of home foreclosures. Thursday’s crash underscores how difficult it will be for the economy to make significant strides while the housing market is still in tatters.

The pace of the housing market recovery may depend in part on the outcome of intense negotiations underway among state and federal authorities and the nation’s five largest mortgage servicers.

Government officials are negotiating with the firms — Bank of America, JP Morgan Chase & Co., Citigroup, Wells Fargo & Co. and Ally Financial Inc. — over allegations of widespread abuses in the foreclosure process. State attorneys general around the country have been investigating evidence that the big banks used falsified documentation to process foreclosures.

Rest here…

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4closureFraud .org

 

Comments
28 Responses to “Bribery | As Housing Crisis Festers, Mortgage Servicers Spend $8 Million on Political Contributions”
  1. Kathleen Burt says:

    Read (ShametheBanks.org) that Beau Biden is intervening in a settlement in Delaware involving one of the major mortgage banks (BOA?) and their investor, because fradulent documents may be involved. Hope to see more such couurageous actions!

  2. Nora says:

    No one mentions the fact that servicer income tilts the scales away from any solutions that favor or help the borrowers. Servicers get late fees, foreclosure fees, broker price opinion fees and special default servicing fees when borrowers have been behind for more than thirty days. The faster they foreclose the more they make, too. Fannie offers a premium for rapid foreclosure and recovery of the property. Fannie issues more than 50% of all mortgage backed securities! The banks actually have to turn over most of the extra income generated by prepayments when a loan is refinanced due to language in the PSA’s, but the fees generated by borrowers in default give the servicer an incentive to complete a foreclosure. Foreclosure is by far the most profitable scenario, partly because of fees and partly because they have no money invested or skin in the game because they don’t own the loans and they never did, legally. They can sell your house for pennies and what ever they get for it’s pure profit.

    • Alex says:

      Who ever instituted this fee arrangement is clearly involved in the cover up, knowing the whys and wherefores. The servicers are doing someone else dirty work. WHO? gave thim directive and incentive?

  3. Debbie says:

    Is anyone interested in marching on Washington?

    • True says:

      First we need to get the sodium fluoride out of our water supply!

      • lvent says:

        I wonder what the actual effects on the brain are from sodium flouride? RT news has probably already done a report on that………

      • Nora says:

        Here’s a video of fluoride killing cells when a solution of one part per thirty million of water is added to the medium in the lab dish:
        http://www.youtube.com/watch?v=saZAwB9P2iQ

        Scientists have known since the 1950’s that fluoride is deadly. Pass this link on to everyone you know who still drinks tap water and uses fluoride toothpaste!

    • True says:

      Eliot Spitzer was our Eliot Ness. We see what they did to him. He was set up from the get go. IMHO.

      • lvent says:

        ELLIOT SPITZER FOR PRESIDENT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! His personal life are his and his wife’s business, JFK was no saint either but these men were fighting the Globalist tyranny. Elliot Spitzer took on Wall Street and for that he has earned my repect. Elliot Spitzer was doing his job and going after those who want to destroy our freedom and democracy. The ruling elite Globalists hate that….

    • Nora says:

      There’s a march scheduled for September called “Seize D.C.” Bet the swat teams are already warmin’ up the sound cannons and making sure they have plenty of rubber bullets and tear gas. I’d go if I could afford it, and come back if I was able. You may find that people lose their heads there, Literally! The FEMA camps have guilliottines for dissidents.
      I wonder how many people it takes to suffocate a swat team with their bodies? The fact that there are so many of us and so few of them make their job pretty dangerous if you ask me.
      Don’t forget your ear plugs!

  4. pamelag says:

    i can tell how these parasites are going to vote by looking at where the major campaign $$ come$ from! how is this legal. ? it should be prohibited! look how much $ they make from banksters, pharma, monsatan, dow,et al! is there a fine line between campain $ and BRIBES?

  5. housemanrob says:

    Like I said before…it is a money train and the lack of moral responsibility is going to bring us down and DESTROY OUR ECONOMY. It is inevitable, cannot be stopped any longer, so everybody best be prepared! These are very strange days….I am not a profit….. but can an avalanche be stopped? Me thinks not!

  6. ted1 says:

    we keep talking about this somebody must be able to put together a plan that we can find someone who is political and still cares a little about this country i know how to fight but not with words they have said there has been fines 2% of theft the rest profit does it ever get paid and to who ? If the gov’t would take back the theft and apply it to our national debt we would have no debt temporarily till the thieves gave all the money away again .we give to all our enemies to try to buy their friendship and still get laughed at how can we get smart and get something i have a mgt from countrywide /boa/hsbc and anyone else who wants to try to steal my house i have proof that nobody but me owns it but i can’t get anyone arrested for fraud wirefraud extortion grand larceny etc. the law does not care how about we get together and stop this serious reply only 863 660 2720 i don’t have time for bs i will make time for to go forward and many thanks to every one who sends info to this site

  7. lies is all they tell says:

    yes if any of the netities that are contributing to anyones campagn fund it is a conflict of intrest. florida is a corrupt place to be right now. yes we all need to speak loud and start writitng all the AG’s. someone needs to step up and help us

  8. True says:

    WE NEED AN ELLIOT NESS! A FED TO GO AFTER THE AG’s IN ALL 50 STATES. ESPECIALLY THE SOUTH EASTERN UNITED STATES. IN GEORGIA, THE AG IS NOT MANDATED TO INVESTIGATE MORTGAGE FRAUD, WHILE GEORGIA IS A NON-JUDICIAL FORECLOSURE STATE! THE SOUTH EASTERN UNITED STATES (THE VETERANS ADMINISTRATION LOAN GUARANTEE REGION) IS A CRIME SCENE!

  9. lizinsarasota says:

    Folks, we don’t have to look far to find corruption in the upper reaches of FLORIDA government. Pam Bondi, the Florida attorney general, took campaign donations from Lender Processing Services, its affiliates/subsidiaries, in-house counsel, and at least one attorney who works with its in-house counsel, WHILE Lender Processing Services was under investigation by the attorney general’s office. She also took campaign contributions from the top three guys at the wayward process server, ProVest (and one of their wives!), WHILE ProVest was under investigation as well.
    This guy she’s tapped to do an “independent” investigation into her firing of the attorneys investigating Lender Processing Services, Jeff Atwater, the Florida CFO, took campaign contributions from no fewer than TEN Lender Processing Services-affiliated companies. “Independent”? Yeah, right.
    I would suggest we get on all the newspapers’ comment boards and get this story OUT. We need to yell it to the rooftops. We need to blog on all the Florida newspapers’ comment boards, and get on the NY Times, Huff Post, Washington Post, LA Times, Boston Globe, etc. comment boards as well. We need to bring this issue into the mainstream conversation. We need to pester the reporters at our local papers and tell them to report this story! The Sarasota Herald Tribune hasn’t made a PEEP about Bondi – can you believe it – and instead fed us several days worth of one of those “sovereign citizen” stories, linking legitimate foreclosure activists with wild-eyed, marginal nut jobs.
    We need to call into question the integrity of our attorney general and let every single state attorney general know that our attorney general can’t be trusted to properly investigate foreclosure fraud here in Florida, much less negotiate a good faith settlement with other states’ attorneys general. We need to demand a federal investigation into Bondi and the firings of these two attorneys specifically, foreclosure fraud in Florida in general – and keep the focus on this dirty, dishonest, corrupt situation.
    I don’t know about you all, but I’m sick of this crap.

    • Nora says:

      Where did you get the information on the source of her campaign contributions? If it’s a reliable source, you have the potential for a great article. Write it and shop it around to a few small publishers. You could also email your article to a whole bunch of sites like LivingLies, and email it to your state representative, congressman, even to your attorney general, Pam Bondi! You can’t state anything that isn’t true, but you don’t have to name your source (s). Post your article on Facebook and Twitter, and if you don’t have your own blog, see if some of your friends will post it or link to it on theirs.

      Voices that are silent invite tyranny, socialism and injustice. jamaclaypod@comcast.net

  10. True says:

    when All Capone made ‘contributions’ aka payoffs/bribery to politicians, he was considered a criminal and the Feds went after him. Her could have not ‘done business’ without his political partners in crime. Now either crime is crime or it is not. If crime is not crime, then …………….

    • True says:

      ‘Accepting a bribe’ in the form of a political contribution is a crime. Pure and simple. The ‘collective’ public must demand prosecution. Not individual powerless people. Power is in numbers. So is media exposure.

  11. Jeanette Ambrose says:

    I feel ill…

  12. Linda says:

    Money talks, B.S. walks. It’s all about the money and we have become the B.S.

    • lvent says:

      So are you just a coward, or are you on Wall Streets payroll??????????????????…………..

    • david black says:

      hi LInda
      my friend suggested that we are missing the point bout these banker servicer bums. what if

      they are using our mortgage payments to pay for their crooked attorney fees so they can keep on doing what they are doing.

      now that would be knock out news story.

      it makes sense to me. why not use our mortgage payments against us when we are trying to right a wrong whatever that may be in referance to our servicing origination or foreclosure.

      what is you had 1,000,000 payments at $ 2k a piece. why would you use your money when you have all that money at your disposal. that is every month.

      now if that is true.

      that would be one hell of a news story on cnn.

      best
      David B.

      • lvent says:

        They are using anyone paying a mortgage to keep this Ponzi Scheme going…Bloomberg reported that the Fed collects trillions in mortgage payments that they use to buy treasuries with. They are doing a ponzi scheme with treasuries, recycling old debt, and causing economic stagflation………They are creating no new wealth, only recycling old wealth…. People paying the mortgage are aiding and abetting their own demise………REPORT THAT PRIME TIME ON CNN…..

  13. lvent says:

    The pimps and whores for the elite globalist new world order agenda are all in plain sight…..

  14. david black says:

    hello all

    well perhaps the next big scandal to come out on this topic is the alleged ponzi scheme by mortgage servicers of using homeowners mortgage payments to pay for their attorney fees while the homeowner thinks they are having their mortgage payments going to the investor . dual tracking that initiates when a homeowner applies for a mortgage modification is a good example of that. no one is really complaining about this practice.

    the attorneys are not either for the mortgage servicers. if we all think that big law firms are eating off corporate servicer profits for bank profits to pay their attorney fees . well perhaps we all need to think again .

    if you had a million mortgage payments coiming every month and you wanted to run a ponzi scheme with those payments and use that scheme to pay your attorneys fees using someone else’s money. just imagine the possibilities.

    and for now I have no information about my mortgage now for seven months. no statements no online access no info nada not even a working phone number for chase emc. and I am not even behind nor in modification.

    so where is my paperwork ?

    my attoreny wrote mr cordray of u.s. consumer financial protection agency and no response whatsoever. under dodd frank now , at my mortgage counselor a new policy has emerged by lenders. when you apply for a mod you are in effet giving them notice of your default on the origiinal terms of your loan subject to net present value model analysis and they do not have to comply with any hud 1 TILA OR RESPA requriements.

    now this is the new ponzi scheme and then take your payments to pay their attorneys and foreclose on you .

    as I said NO ONE IS COMPLAINING Nd NO news on this little ponzi scheme alleged of course on the news.

    regards
    David

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