Tammy Baldwin To Introduce Resolution Opposing Immunity For Banks In Fraudclosure Deal

Tammy Baldwin To Introduce Resolution Opposing Immunity For Banks In Foreclosure Deal

WASHINGTON — Rep. Tammy Baldwin (D-Wis.) is set to introduce a resolution in Congress this week calling on the Obama administration and state attorneys general to ensure that any deal reached with the nation’s biggest banks on foreclosure abuses includes full investigations into what happened, awards proper compensation to victims and provides no immunity for potential wrongdoing.

U.S. Attorney General Eric Holder and the state AGs have been working with the nation’s five largest mortgage firms — Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo — to settle disputes over potentially illegal foreclosure practices, such as the so-called robo-signing of foreclosure documents.

Baldwin’s resolution states that any settlement should follow three guidelines: 1) Banks that engaged in fraudulent behavior “should not be granted criminal or civil immunity for potential wrongdoing related to illegal mortgage and foreclosure practices,” 2) the federal government and state AGs should “proceed with full investigations into claims of fraudulent behavior by mortgage servicers” and 3) any monetary sum paid by the banks should “appropriately compensate for, and accurately reflect, the extent of harm to all victims.”

“We have to do the best we can to make innocent victims whole. But secondly, especially in light of the taxpayer bailout of the biggest banks, we owe taxpayers a solemn effort to do everything we can do to uncover what went wrong and whether laws were broken,” Baldwin said in an interview with The Huffington Post. “Part of that is to make certain this won’t happen again. That, to me, is one of the most basic responsibilities we have.”

Check out the rest here…

Copy of her resolution below…




Mortgage Concurrent Resolution 11-3-11

7 Responses to “Tammy Baldwin To Introduce Resolution Opposing Immunity For Banks In Fraudclosure Deal”
  1. Kelley Monahan says:

    I am forwarding this resolution to New Hampshire Congressmen Charlie Bass and Frank Guinta immediately also copying Ann Kuster.
    Kelley J. Monahan
    Register of Deeds
    Grafton County
    New Hampshire

  2. A kind thoughtful comment for a change, most think that all of us homeowners dug ourselves this hole by being far too greedy and buying what we couldn;t afford. Where I live 76& of the homes have been foreclosed; the strip malls, all of 3 have numerous vacantcys, people are forced to rent at high prices and move in on top of one another, some states the federal government is actually selling homes for a $100 down???? there isn;t one homeowner that will qualify even for that if their credit is ruined and still no job! Now they want to rent the homes back to us, I have been trying to get a group to pitch tents at the park, and just leave the homes vacant, now wouldn;t that just frost them. Most likely no one would notice, this is clearly not a high end area.

  3. Jen Quinn Realtor says:

    As a Realtor watching all these home owners illegally thrown out on the streets for the past 4 years, while the banksters and servicing companies lied to these home owners saying “Oh yea your good just keep sending in this $ amount per month and your going to be fine, long enough to collect from these home owners as much in pocket then pull the rug from under them and foreclose, while the courts allow this is a shock to what I once knew… These poor people /families /kids /animals thrown out of their home and lied to by these bastards!
    Their have been families who killed their entire family thinking their was no other way out, their were people who hung themselves or put the gun against their head and pulled the trigger!! THIS IS MURDER ON THE BANKSTERS AND ALL INVOLVED. They made these people feel worthless, as i said these BAstards.

  4. Mario Kenny says:

    I guess its getting where enough is enough right? but maybe not just quite yet.

  5. John says:

    A jury is still the best and the oldest method of getting what is the right and just for both parties. We are guaranteed that under our constitution..

    If anyone is seeking any other resolution there must be a selfish reason.

    • talktotennessee says:

      John, We are losing access the courts in many states. Non-judicial states you lose your home and never get a chance to go into court to challenge unless you know something is wrong with your loan. In judicial states, some courts have sold out to banks and other courts feel like what happened to homeowners is a victimless crime and they correctly should be ousted if they defaulted. It is not that simple! As an appraiser and Realtor, I saw people promised fixed rates loans and switched to another at closing or lied to just to get them to refinance. Bait and switch was a perfect tactic to sell the old, poor and uneducated. Kids sold out their parents homestead for a refi. Mortgage brokers sold out family members for a high yield dollar yield or kick back from the AE at a lender bank. Everyone said, oh, we can refi it later and maybe they thought they could. Old folks were told they could remodel their homes and have a dollar or two in their pocket and rehabbers ripped them off, leaving them with a ramshackled house, incomplete repairs, and a bad loan they could never hope to pay so they lost their homes. Ignorance is not bliss. The elderly, blacks, Hispanics and just plain uneducated were targeted to sell high yield loans, often an ARM, pre-payment penalty, double loans with high interest rate balloon notes on the second, amortized for 15 or 30 years owing the same at the end as the beginning. They handled and serviced, bundled, packaged through investment trust banks to market.People trusted mortgage brokers who were “:helping” them. All they had to do was show up sign their names, brokers made up everything else. Is ignorance a crime? Try to tell some 80 year old widow whose kids are refinancing Mama’s house so they can get the equity money that she can’t trust her kids or she is doing the wrong thing! In the appraisal field you see it all. Yes you say people should have known better but tell me you have been to a closing and read all the paperwork and I will say the truth is not in you, because it NEVER happens. Most people have little or no understanding of what what done and still don’t frankly! A lot of us in the business failed to know about the bogus deception, chain of title error, who owns our loans, about nominees like MERS, that Wells Fargo is ASC or Chase is EMC, everyone is someone else and no one and nothing is what you thought it was, etc. .It has been an education and not a good one!

    • John….You cannot take our Constitution inside the court building….it must be left outside….when you walk through the doors of the court building..your rights are left outside. Inside..in the foreclosure courts …nothing can be said of the constitution….that is what they have done to us…taken away our rights…..so we do not have any guarantee of anything….google the Constitution and our rights in court under the NWO……the courts are under the NWO……Our own government does not go by our Constitution…the NWO has their own and it certainly is not in our favor….that among many other issues is what we are fighting for….for our freedom back…our rights back…our country back….our homes back…and our Constitution back with our Bill of Rights….and the list goes on…………………

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