Matt Stoller | U.S. Housing Policy: “Absolutely Insane”

U.S. housing policy: “Absolutely insane”

How far have we gone in fixing the mortgage crisis? We have no idea, because no one’s counting foreclosures

If you were to read the headlines on the ongoing foreclosure crisis, you’d get very confused. Are “Foreclosure Filings Increasing in 60% of Large U.S. Cities,” as Bloomberg reports? Are “Foreclosure Machines Still Running on ‘Low,’” as the Wall Street Journal says? Or are we in the midst of a “Foreclosure Surge,” as CBS News would have us believe? The answer, unfortunately, is that we don’t really know.

Six years after the foreclosure crisis began in earnest, as former Congressional Oversight Panel vice chair and current AFL-CIO general counsel Damon Silvers put it, “it’s impossible to get reliable, comprehensive information on foreclosures.” The government is still not effectively measuring the single biggest weight on the American economy, the foreclosure epidemic that has claimed millions of homes.

There are four separate widely followed private foreclosure tracking services — Corelogic, LPS, RealtyTrac, and the Mortgage Banker’s Association National Delinquency Survey. Each has problems, and none is comprehensive. There are also government sources for foreclosures. The Office of the Comptroller of the Currency, which regulates national banks, has a widely cited Mortgage Metric Report. The data for that report comes from the big mortgage services, and it is “rigorously reviewed”, according to Bryan Hubbard, spokesman for the OCC. It’s considered good data, but it covers only 50 to 60 percent of the market, the part controlled by services regulated by the OCC. The FHFA tracks some limited data around Fannie and Freddie loans, and the VA and FHA track some data around loans guaranteed by those agencies. But like the private data services, none of these foreclosure sources are comprehensive.

Rest here…


8 Responses to “Matt Stoller | U.S. Housing Policy: “Absolutely Insane””
  1. lies is all they tell says:

    thank you Zoe for answering and understanding this part of my case. So no it is all clear as day. All this fraud was not supose become uncovered. it was supose to stay hidden. we were supose to walk away from these homes not fight a foreclosure. because what does foreclosure mean? the owner of the note and mortgae takes back their property if there is a default. UNLESS the homeowner fights the authenticity of the foreclosure. I think what fustrates me the most during this entire thing is how much i have uncovered and i am not a lawyer either. but so many fraudulent issues have been uncovered just by my investigation that made me believe something was wrong and i need to challenge the authenticity.

    so now i understand. if i’d have done nothing, the court would deem this note acceptable but now my lawyer is challeneging the authticity.. so thats what this all ocmes down too. yes we have asked the plaintiff to provide affidavits as well. were you able to get that from your bank yet???

  2. lies is all they tell says:

    WHY WOULD THEY care they are making money. remember we live on greed. we are a debt society (please see zeigeist addendum) all our real money is “interest” on debt . interest on money made of thin air by the feds. why would they want to stop the money train or get involved. this week i learned alot about our local governments. they do not care about the people in its community. I went to a school board meeting to fight changing the time for our local high school. built in a semi rural area with no street lights or side walks. the school is along the major throughfare US 19. there were only 3 parents (including me who showed up) was this not advertised as an open meeting ??? when i tell other parents they said if they new about they would have been there. the school board discssed it fo r 3 minutes . the super intentent said it will save 800,000k but no disussion how. which means although this is a public meeting this was discussed proir. and it didnt matter how unsafe the contidtions were it passed.

    so you see hwo cares how foreclsoures are devistating the community. since the fall of property taxes they have to make it up some other way.
    this will not stop until we demand it stop. we continue to walk away from our houses and not fight they will continue to win

  3. elyse says:

    I have the number….63 million homes….All MERS falsified Assignments on the 63 million loans are now or will be foreclosed! That’s the number reflecting 63 million American homeowners who’s lives have and will be changed forever, many will become or already are, HOMELESS! No mainstream news will actually report it because Wall Street Banksters created MERS and they own the media.

    That’s the number!!

  4. Sarah says:

    There are a few plausible reasons that the author can’t explicitly state, one being a cover-up. This is a blatant attempt, to conceal evidence of wrongdoing, error, incompetence or other embarrassing information. Whether robo-fraud or LIBOR, Industry groups routinely use deception, blog about it, lobby for it, and seize public opinion. We are talking about a US Government that is arguably somewhat captured by the Banksters (certain investors). The most frustrating reality is how academics or non-profit organizations, generally on the side of Democratic or progressive values are restrained (legally, editorially) from directly attacking the proponents of this wave of domestic debt terrorism.

    • Hell NO! No More Bankster Bailouts! says:

      @ Sarah,

      Some of the academics have been paid by the banksters to publish articles in support of robo-signing. While several noted legal academics such as William Black have criticized the fraud perpetrated by the banksters, I recall articles written by a pair of academics at a MN school who went off the deep end in published articles in favor of the banksters’ fraudulent acts.

      We have to keep in mind that some of our colleges and universities are also captured by the Banksters.

      And, by the way, how can you say that the US Government is only SOMEWHAT captured? All of our regulators make a revolving door career between the banksters and jobs as regulators. Congressional staffers and even PRESIDENTIAL CABINET MEMBERS do likewise, and if not directly for jobs with the banksters, then for jobs with the law firms representing the banksters interests. SOMEWHAT captured? only SOMEWHAT? I’d hate to think what it would be like in an admittedly captured US Government.

      And then the Banksters also employ lobbyists. With the Banksters control of key congressional offices and control of the regulators, apparently the lobbyists are there to influence the rest of congress that they don’t already own.

      • lies is all they tell says:

        all of you answer me this……………….in my discovery we ask wells fargo to produce the date in which my robo stamped note “was stamped” how can they actually produce “when”, when the note itself with the robo stamp does not have a date. where would the date come from and even if the produce a date how do we know it it true. the only true date would be if the robos stamped endorsed note astcually had a date on it as there is one whe we go to closing.
        so same priciple, continue to fraud americans because we are to timid and brain damaged by all this flouride and preservites who cares if our home is stolen. to busy eating bon bons and getting fat to give a rats ass
        this has to change people we need to get mad enough and make somethign happen
        these fraudulent foreclsoures must stop

      • Ali says:

        All of this fraud is blatent, right down to the local authorities (recorders, tax accessers, ect. I can’t believe the amount of property taxes we pay) and when all is said and done I wonder who the fall guy/girls are going to be. Anyone who covered this up and prolonged this through commiting fraud upon the courts, some will never wake up, But I am wide awake and will continue to be the town crier as long as I breathe. I say BRING IT ON. They can’t, they don’t have the paper! If they do have the paper then there’s the proof. Sound like someone is stuck between a rock and a hard place! I hope and pray their lifes are as ruined as the people who’s life’s have been ruined, health ruined, and sometimes (more then you hear about) death. The day of reckoning is approching, wake up folks! Push pull or get out of the way, we are coming!!!!

      • Zoe says:

        @lies is all…

        I am not a lawyer and anyone would be nuts to take my opinions as legal advice, but here is my defense against undated rubber stamping. First, I challenged the AUTHENTICITY of the undated stamped indorsements. The UCC states that UNLESS the defendant challenges the authenticity of signatures on the note, then the signatures are deemed authentic. (For hours, I focused on finding those words–“unless,” or similar–to find out what I could challenge, specific to my case.)

        Challenging AUTHORIZATION of the stamped signatures will accomplish nothing, as the plaintiff’s attorney will simply ratify the signatures. Bank-influenced revisions of the UCC allow anything–from no indorsement at all to chicken scratching to drops of blood from a thief–as valid indorsement of the note. A different approach is needed to defend against the absurd practice of multiple stamps floating around with no record of who stamped or when.

        The burden of proof is now on the plaintiff to show the court that the indorsements on my note are authentic. I asked that each person who used the stamp and each person whose signature was stamped provide a copy of a corporate resolution or other directive designating them to negotiate, endorse, or stamp millions of dollars in notes equivalent to cash. I showed that Fannie generally requires the last indorsement to be an ORIGINAL signature, but if facsimile is allowed, a corporate resolution authorizing the endorser must be in the file, so my request was not overburdening.

        I challenged UNDATED stamped indorsements as simply hearsay, without admissible evidence to the contrary. I asked that someone with direct knowledge or someone familiar with regular course of business acknowledge under oath that an authentic signature stamp was applied to MY note.

        The judge instructed the attorney to provide affidavits from endorsers and stampers and delivery receipts to prove the date of the indorsements and timely note transfer into the trust.

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