Foreclosure Diaries | A Foreclosure Film in the Making Awaits Final Scene

Trailer for upcoming documentary feature, FORECLOSURE DIARIES, detailing the collateral damage that swept, tsunami-like, across the nation, leaving millions vulnerable to the shenanigans of the Wall Street, the big banks, so-called “securitized trusts” and their front line shock troops: so-called “Foreclosure Mills” (ie: Steven J Baum in New York and Daniel J Stern in Florida; now both, mercifully, out of business.) The film which will highlight many years worth of recorded calls; memos and communications with servicers like notorious Litton Loan and will also underscore the complicity of large Wall Street firms, like Goldman Sachs (former owner of LItton Loan) in pursuing an agenda that pushed foreclosure over loan modification. Other areas under scrutiny include so-called force placed insurance; credit default swaps and collateralized debt obligations.See other related uploads on the PACFILM site.


A Foreclosure Film in the Making Awaits Final Scene

What do an insurance agent in Tennessee, a homemaker in Ohio, a private investigator from Wisconsin and a helicopter stunt pilot in Hollywood have in common? Well, for one thing, they’ve all participated in some fashion in “Foreclosure Diaries,” the documentary that my company, Pacific Street Films, has been producing, in fits and starts, since 2006.

When work first started on the film, the original tag was “Follow the Money,” and the road seemed to lead towards a dark and confusing destination. There was all this talk in the industry about scads of money to be made in servicing “subprime” loans. There were seminars, conferences, it seemed all the rage.

The trajectory of the film, back then, seemed to be a journey into a mortgage-version of Heart of Darkness. Now, I’ve always had a visceral reaction to the term “subprime” — implying something less than human — and I believed that at the end of the road I’d find a Kurtz, a take-no-prisoners evil mastermind. At one point, I thought Kurtz could be John Devaney. Remember him? The short lived Wall Street wunderkind, raking in subprime generated cash, hand over fist, buying yachts and planes, mansions and art. His larger than life personae even provided an inspiration for a feature treatment I wrote called “Positive Carry,” the title: a paean to his slight-of-hand financial dealings and a nod to his yacht of the same name (his demise as a hedge fund manager was accompanied by some glee in the financial community).

More here…


6 Responses to “Foreclosure Diaries | A Foreclosure Film in the Making Awaits Final Scene”
  1. Kathleen Burt says:

    Looking forward to the film. The murder-suicide in Stamfort, Ct ( last week) couldt be included in the film’s ending….?

    That was one of the worst cases. A 59-year-old caretaker shot her mother, in her 80s, who had Altzheimers, and then herself when their house was sold at auction. They’d been living there without utilities, and the negibors called the police to check it out.

    There are now, no doubt , many caretakers of 85-95 year old parents in the same situtation, waiting for a bank to proceed against them. The Stamford story would affect them deeply.

    This situaton drags on and on with no end in sight. We need films to dramatize it, apparently Frontline’s excellent series isn’t being watched by enough viewers.

  2. Bobbi Swann says:

    This is real life folks and as much as this sickens my soul I have no respect for either the law enforcement agencies who are beyond cruel nor the politicians who line their pockets with the banksters monies and finally to the thieves we bailed out who call themselves Citi, Chase, Countryside, BofA & Wells Fargo. My plea: God please help us in our hour of need: Our Father, which art in Heaven, Hollowed by Thy name. Thy Kingdom come. Thy will be done on earth, as it is in Heaven. Give us this day our daily bread. And forgive us our trespasses, as we forgive those who trespass against us. Lead us not into temptation, but deliver us from evil, for thine is the kingdom and the power and the glory, forever and ever. Amen

    • To Tell The Truth says:

      Amen…let His Kingdom come His will be done in each of these fraudclosure cases!!!! And justice and mercy…

  3. Guy Fawkes says:

    I wish someone would do an accurate calculation of how many foreclosure victims thus far. As in 2009, when I first started this quest, the official numbers were 6 million. And the “official numbers” keep getting smaller. The last “official number” I heard was 3.9 million foreclosures. So, the “officials” are fucking using propaganda to skew the “official number” to make it look better.

    To my unofficial calculations, looking at data, there have already been 11 million foreclosures since 2007.

    • Pamela Edwards says:

      And it’s supposed to get worse not better.It’s like when they say the unemployment rate has fallen{thats a doozy}it hasn’t fallen and those people are not back to work they’ve simply useed up thier benefits and are no longer traceable.Most of them are living with friends and family or are on welfare cause they have no other way to support themselves.Doesn’t mean they’re deadbeats or anything else.Some have died and killed themselves,others have just decided to move on and do what they can do.When this is finally over and thats going to be a long time coming the statistics are going to be overwhelming.I guess this is when true accountability will be taken and perhaps more learned.Till then it’s just a mouthing of platitudes and thats it.

    • popgoestheweasel says:

      “To my unofficial calculations, looking at data, there have already been 11 million foreclosures since 2007. ”

      I say 11 million pissed off and violent Americans with their families will end ALL this!

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