Twilight of Constitutional Private Property Rights | US Senate Banking Committee Hearing on Helping Fraudclosure-Harmed Homeowners


Helping Homeowners Harmed by Foreclosures: Ensuring Accountability and Transparency in Foreclosure Reviews

Housing, Transportation, and Community Development

Tuesday, December 13, 2011
02:30 PM – 04:30 PM
538 Dirksen Senate Office Building



Panel 1

  • Honorable Julie Williams [view testimony]
    First Senior Deputy Comptroller and General Counsel
    Office of the Comptroller of the Currency

Panel 2

  • Ms. Alys Cohen [view testimony]
    Staff Attorney
    National Consumer Law Center
  • Mr. David Holland [view testimony]
    Executive Vice President
    Rust Consulting, Inc.
  • Mr. Paul Leonard [view testimony]
    Vice President of Government Affairs
    Housing Policy Council of the Financial Services Roundtable
  • Dr. Anthony B. Sanders [view testimony]
    Professor of Finance
    George Mason University School of Management
  • Ms. Ann M. Kenyon [view testimony]
    Deloitte & Touche LLP
  • Mr. Konrad Alt [view testimony]
    Managing Director
    Promontory Financial Group, LLC


As you listen to this, keep in mind our Founding Fathers’ constitutionally provided property rights protections:

The truth is that the Founders were concerned about a range of human values, but property rights were high on their list. Their Constitution and Bill of Rights protected property in many ways:

* When it became clear that the ban on ex post facto laws was not broad enough to protect property, they partially plugged the gap with the Fifth Amendment, which (1) prevented any person from being deprived of . . . property, without due process of law and (2) required compensation when property [was] taken for public use (Freddie/Fannie/Ginnie/HUD).

* They granted Congress authority to punish piracy, a crime directed principally against property (I-8-10).

* They adopted the Fourth Amendment, which protected persons, houses, papers, and effects from unreasonable search and seizure.

* They also inserted a number of other checks and balances, designed partly to protect minorities from unfair property confiscations.

More on the Founders’ mindset on property rights,

place[d] property ahead of freedom of religion, press, speech, and assembly, the right to petition the government, the right of self-defense, the right to be secure in one’s home, and the rights of the accused, including the right against self-incrimination and the right to a fair and speedy trial in which one may face one’s accusers. In short, the Framers placed property rights higher than all the rights that are most commonly associated with them.


10 Responses to “Twilight of Constitutional Private Property Rights | US Senate Banking Committee Hearing on Helping Fraudclosure-Harmed Homeowners”
  1. Ali says:

    The OCC sucks, they are just as bad as the banks. I put in a complaint almost 2 yrs ago. They took BOA’s side. I appealed and am told my appeal is still open, but I must send them the info that took me all this time to ferret out.Scew them! They even talk to you like you are a piece of shit. I want nothing to do with them.

  2. Carlos Dehesa says:

    It seems to me that millions of people are helpless and every body is happy!

  3. JS says:

    I just finished listening to this Senate hearing, in it’s entirety.

    Excuse my language, but what an outright, F…ING sham!

    Our government has allowed the banks to select and hire the compnies that will review their illegal behavior; companies that have contracted with them in the past, may have other contracts with them currently, and may have contracts with them in the future. Now just how much incentive will these companies have to report rampant, egregious, FRAUDELENT behavior of a bank that can simply refuse to hire them again, for other work?

    The people testifying on behalf of the companies doing the “independent” reviews aren’t believable even for a second…not their words, not their tone, not their body language.

    As I listened to the testimony of Ann Kenyon, Deloitte & Touche LLP (hired by Chase) I can only wonder how this woman can live with herself. Is she so caught up in her job responsibilities, that she doesn’t go home, at night, and think about the massive fraud she is helping to cover up… or about the financial and emotional distress Chase has unnecessarily caused so many homeowners?

    Another interesting note in the testimony is that the companies doing the reviews will not be allowed to talk directly to any homeowners. If they have questions about the homeowners complaints, they can only ask the banks for more information, not the homeowner. It’s unbelievable.

    What’s so frustrating is that the take-away thought for most Americans is that the banks are being forced to compensate injured homeowners…. our govenrment is working well. All is right in the world. Few will understand the real facts.

    But I must remind myself. I am completely naïve to have expected anything else!

  4. proseway says:

    This is deeply distrubing on so many levels… Engaged by servicers with prior relationships; reviews to be conducted by low level resources with at most 3 weeks training; no harm for robo-signing (you would have lost your house anyway); no direct borrower contact; the process is costly to the servicers; potential economic costs outweigh remedy; no decision made on whether you are signing away your rights; failure to stop the foreclosure process again while in the review process; and finally, the OCC has a long standing record of siding with banks and not consumers. LOL!! And, that Dr. Sanders guy is just plain stupid.

  5. lies is all they tell says:

    2009-2010 only?? what about the future??? they are still doing the same. what happens to all the other years. i just dont get it. how is this all going to help when wells fargo told me not to pay.. theydo not review the cds the credit default swap insurance. they are so funny. this is comic. wells fargowants me out of my home. they want my foreclosure signed by the judge. they want to collect on their cds. this is joke. people that walked away for their homes in 2009 to 2010 are long gone do not want to bring up old skeletons. why wered they fraudclosed on. i can not get my sister to to call. are these people stupid. 99% have driver liseces, voters cards. and they still get letters back. please. they are dumb. my sister has a DL and she has not received a letter. enough i am shutting this sickening video off. a waste of my time

  6. lvent says:

    They are all dirty, greedy bastards..

  7. lvent says:

    This is a manufactured financial crisis being enforced by tyranny and oppression! Defend your property rights…! Demand our Constitution be restored to its original form and ABOLISH THE FED…ISSUE OUR OWN CURRENCY…BACKED BY GOLD…! They are scamming us, and we can’t let them get away with it…It is an eminent front, it is a put on! WTF? Who said they can overrule our Constitution, our Bill of Rights? We are letting them get away with it…They can only get away with what we allow… What they are doing is all a mind game…They are chipping away at our rights because they fear us…..Torches and Pitchforks people! Throw them all out! The people must revolt!

  8. jaclyn says:

    This is where my tax dollars are going ?? Once again, people, do your homework…the foxes are guarding the hen house…again, Just another side step in this little OCC dance. God they must think we’re stupid.

  9. Kathleen Burt says:

    And the 5th amendment protects property from unlawful seizure by those who don’t own it!

    Thank for you the video. Looks like the robosigning period (2009-10) will be “investigated” in a non-transparent process because of ” the Trade Secrets Act” which prohibits full disclosure (!)

    Seems the OCC outsourced this investigation to consultants who have dealinlgs with the servicing banks,( if not directly involved in the mortgage area, they do business with the major banks in other ways. )

    The servicers had input into the complaint forms, the categories listed on them. Not all categories under which homeowners’ losses are considered made it onto the form because, per the OCC, ” because “it’s technical and would only confuse homeowners.” (!)

    The woman from Deloite working with the Chase accounts said the investigators would have 3 weeks of training and their findjngs would be reviewed by two others with more experience in mortgages.

    Doesn’t sound like a very good deal for the robosigned.

  10. TheHutMaster says:

    Great Post!!!

    Thank you.

    ‘Fight the Good Fight”

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