The Fed’s Foreclosure-Relief Fail

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The Fed’s Foreclosure-Relief Fail

One woman’s nightmarish odyssey through the system that was supposed to help get her back on her feet.

Like far too many Americans, Debbie Marler of South Point, Ohio has her own foreclosure horror story. It involves one house, seven fraudulent mortgage assignments, three foreclosures, as many states, and five years. It ruined her career prospects, threatened her retirement security, and turned her life into what she calls “a living nightmare.”

This week, Debbie walked to her mailbox and found what the federal government considers appropriate compensation for this odyssey of suffering at the hands of JPMorgan Chase, the nation’s largest bank.

A check for $800.

“I was speechless, just a complete shock,” Debbie said. “That doesn’t even pay for the damn U-Haul from when I moved out of the house in the first place.”

The money is a product of the Independent Foreclosure Reviews, part of an enforcement action against 14 banks for crimes committed in the foreclosure process. The IFRs, shepherded by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve, were supposed to give anyone in foreclosure during 2009 or 2010—a total of 4.2 million borrowers—the chance to have their case investigated by an independent reviewer, and to be compensated if the review revealed harm. But the OCC and the Fed found the program so flawed and mismanaged that they cancelled the reviews early this year and instead ordered the banks to pay $3.6 billion to all 4.2 million borrowers, whether they were harmed or not. The banks, not the regulators, determined how much cash each borrower would ultimately receive; the overwhelming majority received less than $1,000. Despite the paltry payouts, the meager data we have on the reviews shows that as many as 30 percent of all borrowers covered potentially suffered serious harm that led to the improper loss of their home. That matches up with Debbie’s story.

Rest here…

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4closureFraud.org

Comments
6 Responses to “The Fed’s Foreclosure-Relief Fail”
  1. shirlie says:

    Liars and thieves…they all need to be canned and people should be made whole again…shame on america for stealing in some cases…retirement security, equity,income , it is outrageous whenyou ccan’t count on your own president to do the right thing. I feel very sorry that this genertin will have to raise their children and help their parents…instead of the other way around. What a burden for this poor gneration. What scam will they think of next so that our grandchildren pay the Reaper…

  2. Bill says:

    What is the next step? Civil suits to get the rest ? I need to get 80K of equity they stole. I was moving out anyway and the sold it secretly in an auction. Lost 70-90K.

  3. CK says:

    This happened to me as well. I have SIX children and was forced out of my home on Christmas eve. I BEGGED for a modification, repeatedly, and have a pile of documented notes showing the multiple conversations. I was denied a modification. I should have had thousands as well. We received… $400. I didn’t even know about the independent foreclosure review until March! Why was I not notified of my options until then when it was too late? There is no way to appeal. When you call to question, they have no answers. If you wish to fight the payout, you must hire your own attorney. David fighting Goliath. They hurt Americans AGAIN who were already vulnerable.

  4. Rebecca Lara says:

    That is unreal those bastards
    How dare they do that to her
    What a perfect example of how America does their own
    It’s a shame

  5. pat farrell says:

    Blah blah blah.The ONLY way to address the federal reserve banks corrupt practices along with the smaller cohorts like Wells Fargo, B of A, etc. is to become Sovereign, the Secured Party Creditor and in charge of all things in your name, and the $1,000,000 asset account created in the US Treasury.Yes I know most will tell you it is nonsense.Tell me how I have lived in my house for 6 years for free, got B of A to dismiss $50,000 in “debt.” and am suing everybody.
    UNITED STATES DISTRICT COURT-MIDDLE DISTRICT-FORT MYERS DIVISION

    PATRICK LORNE FARRELL©,Plaintiff, vs.STATE OF FLORIDA REPUBLICANSRICK SCOTT, PAM BONDI;JOHN STUMPF, BRIAN MOYNIHAN,THOMAS MARANO,COUNTRYWIDE HOME LOANS,COUNTRYWIDE FINANCIAL,RICHARD JOHNSON,JOSEPH TOMKINSON,WILLIAM ERBEY, OCWEN LOAN SERVICING,BANK OF AMERICA,IMPAC SECURED ASSETS,IMPAC FUNDING CORP.,GMACM, WELLS FARGO BANK,LEE COUNTY SHERIFF,STATE ATTORNEY and CIRCUITJUDGES OF THE 20TH CIRCUIT,Defendants CASE NO. 2:13-cv-140-FTm-29DNF
    COMPLAINT FOR FRAUD,QUI TAM, QUIET TITLE AND SUBSEQUENT DAMAGES
    1. SUMMARILY, Plaintiff PATRICK FARRELL a Democrat, states defendant [SOF] STATE OF FLORIDA REPUBLICANS falsely arrested and maliciously prosecuted him [case 94-2430CF] for 3 felonies, to “make money” by a fraudulent PROBABLE CA– USE AFFIDAVIT, made by the Lee Co. Sheriff, who procured an Arrest Warrant, which caused the 20th Circuit STATE ATTORNEY to fabricate a criminal charge, stealing $20,000 from Plaintiff, under color of law.
    2. S.O.F. took bribes and statements from ISKCON child molesters, who had IRS 501C3 status.
    3. SECONDLY, Plaintiff filed case 07-CA-14942, a case of Mortgage Fraud into the [R] 20th Circuit, against [R] parties of the MBS; IMPAC SECURED ASSETS-2005-2, who also had bogus IRS tax exempt status, only to have the Republican judges refuse to grant Plaintiff relief of any kind, despite Federal Court Orders to do so, and allow WELLS FARGO to file case 07-CA-16767, based upon a false AFFIDAVIT, and sustain said case, based entirely on false pretenses.
    4. All [R] lawyers and judges are merely Corporate Franchise Court, Revenue Collection Agents, working for the REPUBLICAN C.E.O.’s JOHN STUMPF-WFB; THOMAS MARANO-GMACM BRIAN MOYNIHAN- B.O.A., who are agencies of the private FEDERAL RESERVE BANK.
    5. In both and all cases, [R] lawyers and judges violate the UCC, Constitution and statutes to facilitate the taking of equity, property, credit and money by bias, prejudice and phony AFFIDAVITS.

  6. TA says:

    Beyond commentary !! We are insects to them….I wonder how much her Auditor made performing her quicky audit ????

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