CNN | Rage Grows Over Foreclosure Fraud Deal

Rage grows over mortgage deal

NEW YORK (CNNMoney) — As more details emerge about the massive $26 billion foreclosure settlement between the five biggest mortgage lenders and the states’ attorneys general, a growing number of borrowers are realizing that the deal will do little, if anything, to help them out.

Proponents of the settlement deal tout that roughly 1 million homeowners who owe more on their homes than their homes are worth are expected to have their mortgage balances lowered through principal reductions and another 750,000 would be able to refinance into loans with lower interest rates.

However, that’s only a fraction of the 11 million homeowners who are currently underwater on their homes, according to CoreLogic. And it’s also a mere sliver of the 3.5 million people who lost their homes to foreclosure over the past four years.

“The impact [of this settlement] will be small,” said Mark Zandi, chief economist for Moody’s Analytics. “It’s not a home run; it’s a single.”

Rest here…


14 Responses to “CNN | Rage Grows Over Foreclosure Fraud Deal”
  1. ChrisYAHanWatcher4YAH says:

    You may consider these GIFTS of Moolah via FDCA FDCPA FTCPA where they can OWE You for up to 25000$ per call Absent permissible purpose for Violating these Federal and State protection against Vexatious Greed 3rd party debt Collectors, or Dragnet Operators Fishers for customers No solicited?

  2. To Tell The Truth says:

    Do not give up guys…what about we the people that can file our own suit? Am sure there has to be some patriotic and righteous attorneys out there that would do so if they know they can depend on us also to support them…Matt is one….I will not give up…

    besides, as I keep saying, if my GOd be for me no one, NO ONE can be against me and He does a better job of fighting my battles for me so I just tag along and do what HE says when He says…so far so good…so with this new law suit, He is there every step of the way leading and guiding by His Holy Spirit…I just want to encourage to call upon His name and He will answer….He is faithful even when we are not… so , Let God arise and let His enemies be scatter…I am not one for violence but the kingdom of God suffereth violence and the violent taketh by force…we don’t bow to evil, evil must bow to the greater Spirit of GOd in us that the spirit that is in the world…

  3. Ali says:

    Oh yeah and I wanted to tell you I have recieved no less then 10 calls today from people who want to “hjelp me Modify” my non-mortgage”. How annoying. I asked them how they got my # and they said I must ahve asked for help before. Sure and if my Uncle had tits he’d be my Aunt.

    • lvent says:

      LMAO Ali, you are right…!! There is no privacy with these jerks..I keep getting all different offers in the mail with different amounts that I supposedly owe…some high some low..all saying it could be my last chance to modify (the fraud)…!! I used to get hand written letters from so called interested investors…not any more..and all of the calls have stopped because of course, I am nasty as hell to them..I treat them like the dirt bags that they are..!

  4. Ali says:

    Igor, here’s more: National City Mortgage w/ Nationwide Tile co. In Glendale, CA/ Bankfinancial/Google this one its a doosey “Phelan and NAAL PC /title examiner/escow cosing officer uses Ticor Title, paralegal at Phelen Nolan/ Mortgage National City Mortgages Services Company/used First American Title Compamany multible times/ Chicago Title and Trust Co./ First Midwest Mortgage Corp., also uses Nationwide Title in Glendale, CA. First MidwestBank P.O. Box 6480 Vernon Hills, IL USA 60061/ First Midwest Title Corp./ Tri County Morgage Group/ Glenfed Mortgage Group/ Home Federal Savings & Loan Assoc./ Accumortgage. This one is big “Thomas Nolan” see “” “Secret Occult economy coming out of the Shadows”
    Hope this helps , will post more as it becomes available. I knew it couldn’t just be the banks, they had to enlist brokers to help, this just goes so much deeper then anyone realizes.

  5. Pamela Edwards says:

    This was never meant to give anything to the homeowners it’s just more colored sunshine being blown somewhere sunshine is not meant to be blown.When people realize this maybe they will get the idea you can’t trust any of these guys never will be able too either.This is just one more facade to add to the growing list.Get agrip it’s not going to get better yet and won’t for some time to come.

  6. talktotennessee says:

    If we want to protect homeowners and stop foreclosure acitivity which is taking place as we write, there must be a legal challenge by those who stand to lose the most in the AG settlement. This would be municipalities losing massive tax base and investors, pension funds, those invested heavily that don’t know what is about to happen when banks have immunity from their misdeeds. Banks are liquidating shadow inventory, collecting massive fees and writing down values that will erode tax base and investor’s interests.
    Failure of the settlement would be a win-win for all those entities and homeowners as a sidebar effect.

    Legally challenging the settlement, if possible, would send this settlement behind closed doors that has tied the hands of cities, counties, states, homeowners, investors to an agreement that is approved only by one party and the banking industry. Where is the equity in this? I question legal standing of an AG to have the power to bind that many potential losses without their input into the matter.
    Enrage investors who don’t realize what they are losing. Erosion of the tax base is something that has not even hit the fan yet but it will. Appraisers are already set to re-appraise properties to their market value. When normal arms length sales have depressed value to the level of REOs and it is happening right now, appraisers will be armed with a little clout to help homeowners gain an advantage on property taxes!
    Smell the coffee folks, crash this settlement in the courts.
    This one action would help us ALL!
    Talk it up!

    • Igor says:

      How do we crash the settlements in the courts? That takes knowledgeable and willing lawyers. I think any lawyer would be to scared to go forward with this. Lets face it, they could a least loose their careers.

      • Igor says:

        And, lets face it the municipalities, the courts, the taxes lost, etc is not driving these entities to file suits, then there is something far more nefarious lurking under the radar that prevents these type suits. Intimidation, corruption, we cant know, yet,

    • To Tell The Truth says:

      I’ve been saying that all along…I agree…let us all challenge it and send the message to the AG’s and the homeowners….and everyone else everywhere else…a rico suit….

  7. lvent says:

    Now its the responsible-v- irresponsible homeowner fight..Demarco and all of his ideaolog friends are very dangerous people. They are getting more evil, cold, calculating and deceptive in their ways of covering up what they are trying to do. I feel sorry for anyone who does not get what they are trying to do…Whoever thinks that silencing people who speak the truth is a good idea, that is also incredibly dangerous as Weimar Germany proved. I agree with what radio show host Michael Savidge said a while back, we will all be lucky to live through this.

  8. Ron Moss says:

    So ….What else is new?

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