More Push Back | In 50-State Foreclosure Negotiations, Dispute Underlines Basic Questions

“We’ve been accused of being in bed with the banks. To say that to a group of people who have spent the last seven to 10 years fighting mortgage abuses day in and day out is an insult of the highest order,” said Iowa Assistant Attorney General Patrick Madigan, a longtime Miller deputy, who has worked on major settlements with subprime lenders such as Countrywide and Ameriquest. “It’s just unreal.”

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Oh now really? Explain this…

LINK – Iowa Attorney General Tom Miller | Campaign Contributions Rise When Foreclosure Investigation Begins

Iowa Attorney General Tom Miller’s campaign war chest got a dramatic boost after he announced his leadership of the 50-state attorneys general investigation into foreclosure irregularities. Out-of-state law firms and donors from the finance, insurance, and real estate sector gave $261,445-which is 88 times more than they had given him over the previous decade.

Oh, and what happened to putting people (banksters) in jail?

Actions speak louder than words, boys…

And what about this?

Another person close to the talks, (BONDI?) who like several others spoke on the condition of anonymity to discuss the situation more freely, said many in the group are “just exasperated. . . . This smear campaign of lies and innuendo, it’s uncalled for, it’s unprecedented, and it threatens substantial consumer harm.”

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Don’t know if those are Bondi’s quotes above but they sure are in line with her views below…

“Some homeowners may simply default on their loan and use the States’ agreement to obtain a principal reduction — whether or not they actually made an effort to maintain their mortgage,” wrote Bondi, who serves on the negotiating group’s executive board.

She called it a potential “moral hazard” that “rewards those who simply choose not to pay their mortgage — because they can simply take advantage of lenders‘ obligation to honor virtually automatic principal write-downs.”

Anyway, the latest on the 50 state negotiations…

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In 50-state foreclosure negotiations, dispute underlines basic questions

A recent and acrimonious dispute among state officials over a possible legal settlement to address nationwide mortgage abuses is underscoring basic questions about what the effort should accomplish.

In settling claims against the largest banks related to “robo-signed” foreclosure documents and other flawed paperwork, should officials seek to rectify all the wrongs of the mortgage crisis? How big a settlement is big enough? What approach will net the best deal for struggling homeowners?

Last fall, Iowa Attorney General Tom Miller and a handful of counterparts from other states began pursuing a settlement aimed specifically at overhauling the mortgage servicing industry, which has been plagued with problems.

That endeavor alone has proven complex and time-consuming. So many parties are involved that 50 people or more have regularly crowded into negotiating sessions held in hotel conference rooms in and around Washington. Some rounds have lasted more than eight hours. The state and federal officials, as well as the bank lawyers and executives who have crammed into the sessions, have a running joke that the negotiations resemble the Paris peace talks on Vietnam.

Despite the intricate issues and numerous parties, officials say they are on the brink of securing a settlement that would revamp the way banks service millions of mortgages, lead to more loan modifications for troubled homeowners and extract roughly $20 billion in penalties that quickly could go toward foreclosure prevention efforts.

Check out the rest here…

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4closureFraud.org

 

Comments
15 Responses to “More Push Back | In 50-State Foreclosure Negotiations, Dispute Underlines Basic Questions”
  1. Fury says:

    hey crybaby madigan,
    what is “unreal” is that you say you have been working on mortgage abuses for 10 years.

    what the hell have you done about it?
    why have millions of people lost their homes to fraud?

    your boss is corrupt. he took money from the crooked banks and is now kissing their asses.

    miller wants to rope together all of the AGs and have them sign off on a deal without even conducting an
    an investigation!

    miller knocked schneiderman off the committee because schneiderman IS conducting an investigation.

    disgusting.

  2. abs says:

    He will pimp his whole family for te right price.

  3. housemanrob says:

    THEY ARE LYING, STEALING SCUMBAGS AND THE WHEELS ARE COMING OFF THEIR CART!

  4. Lies says:

    DId everyone see the last email they want to push foreclosures through to fix economy?? blaming us for the mess. please contact your senators involved tell your story if you tell your story its out there. we need help to fix this but we are not in default i was current when wells fargo told me not to pay

  5. The AG’s claims of insults by us are insults to us. DO WE HAVE STUPID WRITTEN ACROSS OUR HEADS? The outrage is Tom Miller and Pam Boni and any other AG that believes the homeowners are immoral, mortgage sinners and unsophisticated dead beats. They either are not informed or they are corrupt, hiding behind a smear champain against home owners. To make a decission to take away our rights as homeowners or investors that have been screwed by ganster banksters, is UNCONSTITUTIONAL. This crime is one of the worst and biggest against human beings across the globe, and they feel they have the right to pass it off as an entitlment to spank the banks with sanctions less than they stole, and cause homeowners and investors greef by taking away our rights for compensation and restitution is OUTRAGEOUS! In the first degree! No jail time is OUTRAGEOUS, and to force the victims into negotiating with the criminals is IMMORAL AND OUTRAGEUOS! A MODIFICATION IS OUTRAGEOUS! THEY NEED TO GIVE US EVERY DOLLAR THEY STOLE AND OUR HO– USE AND COMPENSATION FOR THE INCOME WE HAVE LOST DUE TO THEIR OUTRAGEOUS INTENTIONAL CRIMES AND THEN GO TO JAIL.

  6. Nye Lavalle says:

    The real issue no one is focusing on is WHY?? Why the robo-signing? Why the false affidavits” Why simple $10 to $12/hour clerks acting as VP’s? Why the false endorsements” Why the lost and reappearing allonges? Why the fraudulent assignments, whether robo-signed or not? Why assignments to trust years after closing dates? Why didn’t the notes get to the trust? Why endorsements in blank as standard operating procedure? Why, why, why???

    Simple word FRAUD!!!! Fraud in the inducement and from the origination. Fraud from the sale and securitization. Fraud in the servicing. Fraud in foreclosure and bankruptcy. Fraud upon the courts and by some courts as well. Fraud to the shareholders while the books are cooked. Fraud to our pension, mutual, trust, and insurance funds. Fraud upon our land records. Fraud upon our communities and taxes. FRAUD, FRAUD, FRAUD!!!!

    Look, no one that I know has been around this longer than I have. I called out this out decades ago and everyone stood pat. It’s time to rise up America and take your country back! The war against evil is more important than some war in far distant lands. This is an attack on you, your country, your children, and the future of this once great nation that has been brought to its knees by a terrorism far greater than Bin Laden, it’s financial and economic terrorism!!!

    In the coming weeks and months as more lawsuits are filed, one word you will have to understand is Scienter! It’s an element of fraud that must be proven. Well, I warned and warned and showed them the evidence. They ignored and ignored and ignored the fraud right smack in their face. That’s Scienter and we will bring them to their downfalls. Just don’t be afraid to speak and act out. Fight and fight hard!!!

    http://en.wikipedia.org/wiki/Scienter

    • Bobbi Swann says:

      Perfect, perfect, perfect! You are so dead right!!!!

      • see says:

        Nye Lavalle, I would also like to add besides the fraud was GREED and SLOPPINESS. You see the little, dumb, stupid, ignorant homeowner was never suppose to catch on to this scheme. The banks could never have stolen all these homes, because of the sloppy work and corners cut done by banks so they had to fabricate all the fraudulent documents. AND when push came to shove, all they had to say was that deadbeat homeowner didn’t pay their mortgage and kept pushing that fact. Now you have the judges, who are either on the take or don’t know what the hell is going on, and the homeowner who feels like his neighbor got one up on him and is jealous, believing all this crap. Couldn’t get any better for the banks.

  7. leapfrog says:

    Get off your self-righteous corrupt high-horse, Patrick Madigan. Miller is bought and paid for the banksters. We can SEE it in his campaign contributions. Do you think we are all fools? Please.

  8. Jim Bethea says:

    You can clearly see that Bondi is in with the banks by the way she is trying to put a spin on it against the public/bank customers ~~

    :BONDI =:
    “Some may simply default on their loan and use the States’ agreement to obtain a principal reduction”

    If the banks have sold the “promissory notes” to fund these accounts then they have no equity of their own involved ~~~ If they cannot produce the “true original” promissory note; then they have no legal rights or standing to sue any of their customers.

    Bondi is trying to make it sound as though the banks are or could be victims of the PEOPLE when in fact these banks have created an “undisclosed account” via depositing their customer’s promissory note as the only deposit ~ sends a check out of this account to the attorney for closing ~ then gets a return in the amount of the alleged loan plus portions of the estimated accrued interest over the terms of the contract.

    There are so many violations of contract law that are involved in every loan whether it be a car, credit card or mortgage loan == constructive fraud [knowing in advance what they are doing is fraud by law] ~ constructive forgery [when they use fraudulent documents to attempt to foreclose] ~ kitting checks [issuing checks or checkbook entries before these accounts are even funded] ~ Trafficing Unfunded Securities [selling paper they have no equity of their own involved in] ~ receiving secret commissions while acting as an agent to these accounts ~ State & Federal RICO violations because 2 or more knowingly and willfully are participating in this fraud locally and nationally ~

    So according to Bondi ~ poor ole banks are becoming victims of the mean ole public that is trying to get something for nothing when it is absolutely the other way around ~~

  9. lvent says:

    Bloomberg reporting Goldman files complaint against BOFA’s $8.5 Billion dollar settlement. Something smells fishy…..BOFA is part of the Big Club. They are all in it.

  10. pamelag says:

    miller received big big $$$ from gang banksters after he announced that he was going after them.so he is set for life. no one will answer me, what about the $16 trillion treasury (timmy g) gave these guys???? it is mentioned in GAO report that bernie sanders (vt) pushed.

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