Fraudclosure | Banks (AKA Criminal Enterprises) Face Foreclosure Regulation by States

Banks Face Foreclosure Regulation by States

States across the country are proposing a range of new rules that would make it more difficult for banks to foreclose on troubled homeowners.

The moves have been prompted by concerns that lenders have been inefficient in restructuring mortgages, which results in unnecessary foreclosures, while using shoddy paperwork to repossess homes.

Lenders are strongly resisting the measures, arguing that they will introduce new bottlenecks in the foreclosure process that could obstruct the incipient housing recovery.

“Should all 50 states decide to go down their own path, lenders are going to have multiple processes, each with their own little nuances, and every single penny of that cost will be borne by tomorrow’s borrowers,” said David Stevens, chief executive of the Mortgage Bankers Association.

Such legislation is precisely what the nation’s largest banks hoped to head off in February when they agreed to pay $25 billion in fines and borrower aid to settle allegations of foreclosure abuse with federal agencies and 49 state attorneys general. That settlement laid out standards for how banks must treat borrowers.

Rest from the WSJ here…

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Comments
8 Responses to “Fraudclosure | Banks (AKA Criminal Enterprises) Face Foreclosure Regulation by States”
  1. JohnR says:

    And the push to do as many foreclosures as possible is on so that when the Judiciary finally does do it’s job, there’ll be soooooo many to undo… that justice will never be done. Kinda sucks pretty big time. I wonder if a Federal Grant can be obtained to start a nationwide Company that would go through all the Court records, cataloging the illegal actions and laying it all out for the Courts to re-rule on…. AGAIN! It could create millions of jobs for a number of years. Just a thought!

  2. Giglio John says:

    Hello David Sterns so why would the new mortgages cost more? The banks are paying next to nothing for parking peoples money in there banks, then they are charging for cashing checks, then they put a 3-5 day hold so they can make sure they give you 0% and that is just the beginning. Federal Reserve Note is this owed by whom? The bankers are in the know and they are no bargain, they hide behind the real pants, just think are they in a position of endless money or are they fictionalizing times 10? I believe that is like racketeering Ooops!

  3. leapfrog says:

    “Should all 50 states decide to go down their own path, lenders are going to have multiple processes, each with their own little nuances, and every single penny of that cost will be borne by tomorrow’s borrowers,” said David Stevens, chief executive of the Mortgage Bankers Association.”

    Aw, TFB for TBTF, David. “Your people” shouldn’t have been so greedy and committed so much outrageous FRAUD in STEALING HOMES THEY DO NOT OWN, then they wouldn’t have to be reined in. Ooops! HAHAHA! This couldn’t have happened to a more deserving organization than the MBA. And your little threats of higher borrowing costs in the future are just that…idle threats. If the organizations in business today cannot make loans because of “higher costs,” and having to follow the rules, SOMEONE ELSE will come along and REPLACE them. That’s the American way.

  4. judge allslop says:

    Banker speak, meaning we were never the true lender and we don’t want to expose our fraud.

  5. Giglio John says:

    Fraud, is fraud, is fraud, so let me see if I understand the gun says I did not pull the trigger, so the bullet says I did not put it in the gun, and finally the banks says I did not know it was a gun, so why did you pull the trigger, just to see if you could get away with it! Hmmmmmmmmmmmmmmm! Lawful Money is the only thing a bank/lender/REMIC/investor can lend, so why is it that Your AG thinks that Federal Reserve Notes (Federal Reserve Debt)
    is Lawful Money. So when you go to the Local hamburger stand and he has sandwich steaks $ 1.50 each and you take it home for supper and you find out that it is Red Slime form the USDA approved seller list of Top Quality Meat suppliers, and you get deathly sick because it has e coli, Ebola, and some maggots in it, do you tell everybody that that was a great steak, and that the reason you just got out of the hospital was because you ate to many of them, or do you take Action! Remember The people are created by Who the Government or God? So Remember God created people, people created the constitution, the Constitution created Laws, that created commerce, All for the people by the people under GOD!! So tell the Banks that you are suing them for using your asset, ask for your ORIGINAL LOAN DOCUMENTS, Not a photo of that CONTRACT. So if I take 5 pounds of gold to the bank ask to have them lend me $1200 per ounce (worth $1500-1700), they agree, I make all my payments, and finally pay of the loan, I go to the bank to get my gold back and they give me a piece of paper that say’s paid in full, with a Photo of my 5 pounds of Gold. But where’s the Gold? MERS has it remember that piece of paper that gave them the rights to assign it as needed they forgot who has it know, but your loan is paid off what else do you want, you have the note that says paid off and a photo of your GOLD. Hey is there an ATTORNEY GENERAL out there, then listen up You allowed that to happen, so Squeek up so we All can here you All 50 of those high powered AG???

  6. Pamela Edwards says:

    This whole foreclosure mess started a lot earlier than just recently,back in the 90″s but not to many paid attention when it happened because there weren’t that many going through it.I started telling lawyers and judges back then.They looked at me like I was crazy or something.It’s gotten to this point because we couldn’t get anyone to believe that we were right and the banks were wrong.Now that millions are going through it much more attention is being paid to it.With millions more to come.People it’s time to stand your ground if we don’t we will never get control of this.

  7. Collene says:

    What is going to be done for the homeowners that were not in default and their homes were illegally foreclosed without the owner being notified according to the MA foreclosure laws. Paying over $35,000 to a lawyer and having an unethical judge whose decision was not based on the facts of law and he refused to allow an appeal.

  8. Sarah says:

    Housing recovery means forcing principle reductions and stopping all foreclosures. Which is what the Gov should have done years ago.

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