April 6, 2011
Ben Bernanke, Chairman
Board of Governors of the Federal Reserve System
John Walsh, Acting Comptroller
Office of the Comptroller of the Currency
Sheila Bair, Chairman
Federal Deposit Insurance Corporation
John Bowman, Acting Director
Office of Thrift Supervision
Re: Withdrawal of Proposed Consent Orders Regarding Mortgage Servicing Illegalities
Dear Federal Regulators of the Financial Institutions of the United States:
The undersigned national labor, civil rights, consumer and community organizations call on you to withdraw the proposed consent orders issued to the nation’s mortgage servicers and to work with the state Attorneys General and United States Department of Justice to obtain a joint settlement that addresses illegal servicing practices in a meaningful manner. The draft consent orders that have been released to the press do not hold servicers accountable for illegal practices and do not stop avoidable foreclosures.
While homeowners and communities continue to face breached contracts, obstruction and misrepresentations from servicers, the proposed consent orders provide no new directions or standards to the financial institutions subject to your supervision. Rather, the proposal permits the perpetrators of these abuses to design a plan to comply with existing laws and contracts. This is insufficient to halt the abuses. Specific and protective measures regarding loss mitigation, account management and documentation must be included in any settlement, as well as an appropriate penalty for past illegalities.
The existence of these proposed consent orders validates the repeated allegations that the servicers have been blatantly and repeatedly violating state and federal laws and contracts. Yet these consent orders permit the perpetrators of these recognized illegalities to create their own process for fixing the problems in the future. These as-yet-to-be-revealed plans apparently will be secret. Without transparency, there cannot be accountability.
Certain federal regulators of this nation’s financial institutions have allowed servicers to flout the laws under which they operate as well as the mortgage contracts with homeowners, government agencies, and investors. For example, during the years leading up to the current foreclosure crisis, the OCC aggressively tried to block state enforcement actions that could have dealt effectively with many of the industry practices that are wreaking havoc upon the American public today. These consent orders continue that pattern of attempting to block effective action at the state level, while permitting abusive practices by federally-regulated institutions to continue unchecked.
Millions of homeowners have been victimized by the fraudulent and abusive practices of mortgage servicers whose staff are trained for collection activities rather than loss mitigation, whose infrastructure cannot handle the volume and intensity of demand, and whose business records are a mess. Servicers falsify court documents in large part because they have not kept the accurate records of ownership, payments and escrow accounts that would enable them to proceed legally. The robo-signing allegations are the most obvious evidence that servicers are routinely failing to comply with the requirements of the laws and contractual provisions to which they are subject and the tip of the iceberg of servicer noncompliance.
These proposed consent orders also appear to do nothing to ensure that homeowners will be protected from past and existing abuses in the mortgage servicing process. The standards and methodology for the third-party review are vague. The proposed orders also provide no guidelines on loss mitigation or on evaluations for core servicing abuses, including application of payments, assessment of fees, or force placed insurance. Finally, the servicers may seek to inappropriately use these self-fashioned reviews as shields against other actions against them by homeowners or government enforcement agencies.
The proposed consent orders do not provide the accountability and rigor required to right this foreclosure crisis. They are clearly not intended to do so. We request that you withdraw the proposed orders and work with the state Attorneys General and United States Department of Justice on a joint settlement.
Thank you for your consideration.
PDF Version below…
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4closureFraud.org
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RE: Withdrawal of Proposed Consent Orders Regarding Mortgage Servicing Illegalities
Been doing a little commenting on HuffPo business and asking questions. I gather I Vent is right on “the man who broke the bank of England.” Financial deregulation (eliminate Glass–Steagall) was required for U.S. to comply with World Trade Organization late 1990’s. That deregulation to comply with world government organization favored by Soros set off the mortgage crazy CDO, Swap, CDO squared, REMIC, MERS, LPS, DOXC, etc., etc. financial crisis – and for many a personal crisis. Soros profits on crashing bank of England were $1 Billion. Somehow he made $3.3 Billion 2009 during our financial mess. Wonder how. I get the feeling if we keep following this “Goldfinger” down the world trade, free trade road, there will be more we have to pay.
MORTGAGE SERVICING FRAUD is just a small part of the GIANT CONSPIRACY TO COVER UP FOR THE MOTHER AND THE FATHER WHO GAVE BIRTH TO BIGGEST THE PONZI SCHEME HEIST IN HISTORY, THE GSE’S FANNIE AND FREDDIE. THE FBI TOLD ME WHEN I GOT DENIED THE LOAN MOD FROM MY PRETENDER LENDER, IN NOT SO MANY WORDS, FANNIE AND FREDDIE ARE GOVERNMENT SPONSORED ENTERPRISES AND ARE THEREFORE RESPONSIBLE FOR THE RAMPANT MORTGAGE FRAUD. THEY WERE THE UN/NEW WORLD ORDER PERPS WHO HIRED MORE PERPS TO HIDE BEHIND. RESCIND OUR UNCONSTITUTIONAL MORTGAGE LOANS, THEY ARE NOTHING BUT A GINORMOUS FRAUD. .
I have an assignment of mortgage signed (scribbled) by Crystal Moore and Brian Bly. I can fax or e-mail.
Who will swear its not her signature, have it notarized and say how they know her signature? His too if possible.
That would win my case.
Thanking you in advance.
John 205-681-9245 collect
the UN/NEW WORLD ORDER PERP, GEORGE SOROS is meeting at a Bretton Woods Conference in N.H. HE IS CALLING FOR A ONE WORLD CURRENCY IN AMERICA AND A NEW WORLD ORDER. OBAMA MUST TELL GEORGE SOROS AND THE UN/NEW WORLD ORDER TO GO BACK TO HELL FROM WHERE THEY CAME. THEY ARE WHO INVENTED THE PONZI SCHEME HEIST VIA NEW WORLD ORDER TREASONISTS IN CONgress SUCH AS SEN. DAVID ROCKEFELLER WHO IS POSING AS AN AMERICAN BUT IS REALLY WORKING FOR THE U.N./NEW WORLD ORDER. THEY ARE WHO COLLAPSED THIS ECONOMY WITH THEIR PONZI SCHEME AND THEIR MULTINATIONAL BANKSTER/WALL STREET PERPS AMONG OTHER TREASONISTS .IT MADE ME SICK TO WATCH THE BLOOMBERG INTERVIEW WITH THAT FOREIGNER, THAT AMERICAN IMPOSTER, NEW WORLD ORDER ASSHOLE GEORGE SOROS SAYING OUR STATES ARE BROKE AND THAT IS DANGEROUS, SCREW HIM. HIS EVIL EMPIRE CA– USED THIS FINANCIAL HOLOCAUST IN AMERICA AND AROUND THE WORLD. TIME FOR THE UNITED STATES OF AMERICA TO SEND THE UN/NEW WORLD ORDER PACKING ALONG WITH ALL OF THEIR FEDERAL PERPS AND REPUBLICAN/DEMOCRATIC PARTY MEMBERS WHO ARE NO MORE THAN TREASONIST IMPOSTERS WORKING FOR THE ELITEIST UN/NEW WORLD ORDER’S AGENDA. AMERICA IS NOT BROKE, AMERICA WAS ROBBED BY THE UN/NEW WORLD ORDER WITH THEIR MULTINATIONAL BANKSTER/WALL STREET/FEDERAL RESERVE/IMF/WORLD BANK/CENTRAL BANKSTER CABAL WHO HAVE HIJACKED AMERICA AND WANT TO BANKRUPT AMERICA. NATIONAL SOVERIEIGNTY WILL PREVAIL, WE THE PEOPLE OWE NO ALLEGIANCE TO THE UN/NEW WORLD ORDER. THEY ARE DRUG MONEY LAUNDERERS AND GUN RUNNERS AND PONZI SCHEMERS AND FINANCIAL TERRORISTS. THEY ARE OUT TO DESTROY THE WORLD AND CREATE A ONE WORLD, FASCIST DICTARSHIP THAT OPPRESSES ALL OF THE PEOPLE WITH FALSELY CREATED DEBT SLAVERY. THEY WANT NO SOVERIEGN NATIONS, LOOK WHAT THEY DID TO EUROPE, THE ARE ALSO THE EUROPEAN UNION AND THE EURO DOLLAR AND WANT THAT HERE, IN AMERICA, THEY WANT THE AMERO. WATCH THE LATEST KEISER REPORT ABOUT ALL OF THIS UN/NEW WORLD ORDER ILLUMINATI/MUTINATIONAL BANKSTER/MULTINATIONAL CORPORATION B.S. AT: http://maxkeiser.com/
LET THE GOVERNMENT SHUT DOWN. THE U.S. GOVERNMENT SPENDS TOO MUCH MONEY. THE PEOPLE ARE SICK AND TIRED OF PAYING TO COVER-UP FOR THE PONZI SCHEME HEIST OF OUR WEALTH BY THE UN/NEW WORLD ORDER WHO WERE BEHIND THE WHOLE SCAM TO BANKRUPT AMERICA. The only thing I do not agree with about a Government shutdown is that CONgress would get paid, but our soldiers won’t. They say that is what the CONSTITUTION SAYS. Hmmmm…. WELL, IF CONgress is now conducting business AS THEY SHOULD UNDER THE U.S. CONSTITUTION, I THINK THAT IS THE CONSTITUTION THEY MEAN, RESCIND OUR UNCONSTITUTIONAL MORTGAGE LOANS WHILE THEY ARE AT IT. IF CONgress was legit as well as PRESIDENT OBAMA, they would pay the soldiers out of their pay. THEY ARE WHO SENT THEM TO WAR IN THE FIRST PLACE. TIME TO END THE WAR MACHINE. BRING OUR SOLDIERS HOME. A COUNTRY THAT IS CONSTANTLY AT WAR IS NOT A FREE COUNTRY. WARS CREATE NOTHING BUT MORE DEBT.
@ I vent thank you , you hit in on the nut shell. he left out “mortgage modification fraud” in his letter. i guess we dont matter only the presnt foreclsoures forget the millions of folks who are being told to not pay hteir mortgage because we have to be in imenent defualt before being helped. and then dual tracking us into foreclsoing by losing paper work. it crazy already. this need s to be addressed to. that the hamp loan is fraud. god help us all
Ha!
Those fat cats will view this letter as nothing more than a flea on an elephant’s back. I do not see anything coming for this letter. The FEDs have already made up their minds to bail the banks out and there is nothing that will stop their scheming and manipulation of their rule making powers. In other societies they would be taken out. I mean isn’ this the same thing in essence going on in Libya right now? The government is corrupt and people want it changed? Why are 70 million Americans willing to accept this fraud. I say it is past time to go to the streets. When I see policy changes to stop the fraud, to mitigate the fraud already permitted, and to stop the foreclosure processes and make banks reduce mortgages to current property prices, I will not believe there is any honesty in the American system any more.
This is really great. Now we need an OPEN LETTER describing the ORIGINATION FRAUD and the FRAUDULENT INDUCEMENT OF THE MORTGAGE. FANNIE/FREDDIE are hiding behind these servicers and they are the ORIGINATORS OF THE ORIGINATION FRAUD. THE MOTHER AND THE FATHER THAT GAVE BIRTH TO THE PONZI SCHEME HEIST OF THE AMERICAN PEOPLES WEALTH AND PROPERTY RIGHTS. THESE LOANS ARE RAMPANT WITH FRAUD FROM EVEN BEFORE WE ARRIVED AT THE CLOSING TABLE OF FRAUD TO THE FRAUDCLOSURE. FORECLOSUREGATE IS JUST THE COVER UP FOR THE ORIGINATION FRAUD. WE THE PEOPLE MUST DEMAND A FULL RECISSION OF THESE FRAUDULENTLY INDUCED LOANS THAT NEVER EXISTED. WE NEVER AGREED TO PARTICIPATE IN A PONZI SCHEME THAT WAS RAMPANT, PERNICIOUS AND EXTREMELY, ALMOST UNBELIEVABLY HOW CRIMINALLY DECEPTIVE AT ITS INCEPTION THIS SCAM TRULY WAS..
TY
Those of you who are facing the prospect of losing your home better understand that as badly as they are manipulating the system there is a system to manipulate. What you need to do is hide within the details of and levels of system that they created. The beauty of their folly is that it is so deep that when you are able document the issue so clearly once it reaches a high enough level of scrutiny its fails on process flaws. We can win this war one, robo-signed, predatory by design loan/foreclosure at a time. This fight will only be won if everyone at risk…. ALL AMERICANS question the right to know who owns their mortgage and how that money has been distributed around the world… It is truly amazing the stuff we are clearly able to document every day we look a the individual cases… please let us document yours… http://diligencegroupllc.net – AH