Turn off the TV and watch this hearing in full if you care about what is happening with the destruction of this country as we know it.
I do not want to hear anyone say they don’t have the time to watch this.
You do have the time, you just need to reallocate it.
MORTGAGE SERVICES AND FORECLOSURE PRACTICES
The committee held a hearing on allegations of improper and fraudulent mortgage services and foreclosure practices. Witnesses included Iowa Attorney General Tom Miller and home loan bank chief executive officers and mortgage lawyers.
You can skip through some of the beginning when they vote for a second time on the nomination of Peter Diamond to be member of Federal Reserve Board of Governors…
Other than that, watch it in its entirety…
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Click Through to View
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find a good consumer advocate or better yet, a good lawyer! call your area law schools for the names of notable lawyers or professors of consumer defense courses. references from them are a must. you might be able to give the lawyer a % of title to secure payment of the legal fee. when you pay up the % is given back to you. YOU WILL LOSE MUCH MUCH MORE IF YOU DO NOT FOLLOW MY ADVICE!!!!!!!
guidelines means a lot. HAMP IS NOT STATUTORY LAW as in U.S. Code. We all got duped by the word guidelines.
Guidelines means VOLUNTARY. in other words HAMP means
Banks do what you want and We Uncle Sam will pay for it. So the banks are going to get about $ 30 billion dollars for HAMP applications that produced about 100,000 mods and we get nothing but paying more taxes.
Dual track means “WE DO WHAT WE WANT and we want to make money so foreclosure is the best option it produces the most revenue and if we start a trial we get the FEDS to pay us to foreclose.
We need to start decoding and stop buying into the BS.
best regards
DAvid B.
we have to wake up to the scam and for those who DO NOT believe this post well do the research like many of us have and you will find it is all true and testimoney has been given on capitol hill that it is all true. congress knows this and these public hearings are just for more “SPIN CONTROL:” to try to defuse the situation so the banks can commit more fraud.
HAMP WAS NOT FOR HOMEOWNERS IT WAS FOR BANKS. IT Is a round the barn way to inject more capital into the banks to keep them afloat.
exactly what they said ” bank protection”. yeah, more spin to make this last another five years so they can finish the rest of the millions they need to foreclose on to continue fattening their wallets
The banks and their attorneys are committing fraud in the courts that goes way beyond robo-signing. They misrepresent & omit documents alleged to be exhibited in their foreclosure complaints and 1200+ page Summary Judgment Motions. They refused to provide the omitted imaginary documents after many months of demands for same. Their Motions are withdrawn after continued demands for the imaginary documents which purport to prove standing by an illegitimate successor.
Entering into a modification legitimizes an agreement with an entity that does not own the debt and does away with the underlying defenses concerning the original fraud by the brokers and loan originators. All demands for discovery to prove defenses including compliance with the Fair Debt Collection Practices Act have been routinely ignored. In effect the new fraud in the litigation techniques of robo-signing and omitted nonexistent documents obfuscates the original fraud by the brokers and the loan originators which can only be proven through discovery. Discovery must be available as necessary prior to a modification or the banks will be allowed to succeed with fraud while the true party in interest privy to the original fraud is concealed. For unknown reasons which disfavor homeowners, the banks want to hide the fact that these loans have been securitized. They cannot or will not verify and validate the debt by producing endorsed promissory notes, assignments of mortgages(because of fraudulent assignments), payment histories, escrow accounting, agreements between brokers and loan originators and copies of signed documents never provided at the closing, etc.
A simple investigation will probably disclose that the fraudulent litigation practices extend far beyond the robo-signing by the banks.
hello everyone
Well that guy that got thrown out when the Chase guy started talking would have been much more effective if he had written a letter to the OCC to shut down chase bank with a regulation 30 cease and desist order. what that means is that the bank is being given notice to shut its doors in 30 days.
that is what we all need to do is write to our congressman and senators and demand a regulation 30 under OCC guidelines . if the Guys on capitol hill get 10 million letters and petitions to get rid of Jaime Dimon and the current board of chase . it will happen. the occ with a stroke of a pen can stop all foreclosures nationwide.
our problems are stemming from the treasury dept and OCC and the Senate and House Banking Committees. that is where the power and authority are coming from to rob us of our homes. If that FDIC rule is true abut the NPV calculation then they need to get 10 million letters. I worked in both o fthose agencies and like William K. Black, I know how corrupt they are and are mere pawns for the Banks.
When we as citizens get the $ 5 billion dollars of bribe money aka a PACS and health care trusts for the congressman and senators cut off from capitol hill then we as homeowners will start getting somewhere.
We need to take our pens and start writing letters every month. more an dmore and more NOT FAXES NOT emails. but real us postal service letters. a non violent protest to capitol hill to the new chairmans of the house and senate banking committees.
that dog and pony show called a hearing on tv is just a rehearsed scripted event to show voters some bs .
I worked with that committee years ago. same ole stuff today but you can be your sweet bank account it is that committee where the homeowners war will be fought eventually.
and the House committee the same way.
finally, unbeknownst to most people. the management of the FDIC and the OCC and treasury come out of the banks. that has to be stopped as well. no govt exec is going to do anything to hurt or demand more accountability from a bank in this mess since his next job at twice or three times his current salary is going to be in a bank. we need to stop this flow of execs back and forth from govt to private industry.
IT IS the FOX WATCHING the CHICKEN COOP syndrome. there should be a five year moratorium on movement beteween govt and industry for top exec leadership , enforcement and policy making jobs.
best regards
David B.
FDIC HAMP guidelines, still mandate, on page 3, that a modification should only be offered if it yields a better return than foreclosure. If the homeowner has significant equity the FDIC guidelines MANDATE, that they NOT be given a modification.
So how can HAMP be advertised as a program whose intent is to help homeowners? Clearly it’s intent is to protect the investors in Mortgage Backed Securities.
From what I’ve read, even the AG’s are pushing for the banks to modify only those loans where the modification offers the investor a better return than foreclosure.
So those who have probably had their homes the longest, perhaps made a more prudent investment (ie their homes are not underwater), and often have the most invested in their homes, will be categorically denied a modification and kicked to the curb.
If the program, and it’s mysterious NPV calculation were never designed to help homeowners, it’s no wonder the banks have so easily rushed to evict millions of America’s struggling homeowners…even those who worked all their lives, don’t have liars loans, still have equity, and can afford to keep their homes at current interest rates.
If we can’t help these seemingly most justified cases, how can we help all the others who deserve a fair chance to get through this horrible crisis that was engineered by our financial institutions while Washington turned a blind eye?
As much money that has poured into the banks from the goverment, the fed andfrom the fraud on the insurance companies, the sell of the homes,etc. NONE OF THEM ARE HURTING FOR MONEY!!! the only people hurting are the homeowners. For DODD TO SAY WE NEEDED MORE RENTALS?? WHAT???they are no longer only getting empty homes they are now stealing peoples homes that have paid 20% down and have paid.they justwanted a modification, one the work modification is even mentioned to the banks they start the foreclosure process. I.ALL THE MONEY GIVEN TO HELP US AND THE BANKS HAVE KEPT IT !! GIVE IT TO US SO WE CAN PAY FOR OUR HOME AND STAY IN IT!! i DONT CARE ABOUT ANY INVESTORS, THEY ARE ALL CROOKS.THERE ARE NO INNOCENT PEOPLE IN THIS MESS THEY CREATED.
HAMP guidelines also mandate, on page 3, that upon any modification discussions, be they HAMP or other alternatives, the foreclosure actions are to come to a halt. Every time they talked about the “dual tracks” all I could think was “Why don’t any of these people know about this provision in HAMP?”
HEARING HIGHLIGHT:
Audience members getting up and (accurately) calling David Lowman a liar. One guy had to be dragged out of the room while stating the obvious facts about CHASE and Mr. Lowman. Mr. Lowman seemed unaffected by it all. After all he already knows he’s a crook!
The almighty question you cant live in these house free. Some individual just bought too much house that they could not afford.
Some did. Many (many, many) others bought homes they could afford but then either a) they lost their jobs/savings thanks to the mayhem the banks unleashed on the economy, b) their interest-rates exploded on loans their mortgage broker assured them would be eligible for refinance when they took them out, or c) they were lured into modification schemes for the banks and/or pumped w/ scams like forced placed insurance. So, for those people, you modify the home to fair market value if they can afford what the place is worth. That’s more than a bank would get at a foreclosure.
For those who can’t afford fair market value let them find an empty they can afford. Banks have a massive number of empty houses in all sorts of price ranges. Tell them “sorry – you really can’t afford that place, but here’s another hundred within a few miles you can afford” then they can move, their loan gets reset, and the bank gets to sell the old house in a non-forced sale which brings lots more money to investors.
Finally (and this is already happening, albeit sporadically and by accident) they can also just lease homes back to people living there if they can’t afford them at all. We can definitively say that the lower inventories of houses driven by the moratoriums are helping home prices so just let the people live there a few years as renters then see if their incomes have recovered enough to buy the place or find them a different empty.
Most of these ideas are actually from Lou Ranieri, creator of the Mortgage Backed Security and outspoken critic of the current practices. He says those two options are what is in the best interests of the investors — those who actually lend the money — and also happen to be good for the borrowers.
I hear you Ramona. However the Justice Dept in a back handed way says there is a way for us all to fight back even if we don’t have any money to hire the big money lawyers.
They pointed the finger t o the Fair Housing Act . Now simply put this law going back to 1964 does cover mortgage discrimination. even if you loose, i f HUD ( HOUSING AND URBAN Development headed u p by shawn donovan got 10 million homeowner complaints for mortgage discimination and fraud by these banks and servicing companies and foreclosure companies, my bet is that things would change fast.
the law provides for attorney fees paid by the defendant ie the bank and the justice dept will go after the bank.
that is a huge relief and it also provides for full restitution to the homeowner mortgagee etc etc.
I think it is worth a shot.
for those on capital hill , they cant cover up a sinking ship with 40 million people on it.
and that is NOT the half of it.
this is just the first chapter of a long sad story that will unfold over the next ten years. but the next two
will be horrific.
one can always go down and file a chapter 13 by oneself and that stops everything. if you can read yo u can learn to handle you r own bankruptcy filings.
best regards
David B.
thanks david
Screw them. They still won’t admit to the real fraud, the securitization fraud at the origination of the loan. They are still talking loan mods.? Are they ever going to get real? I am so sorry but I cannot watch these boldfaced liars anymore. I am sick to death of all of it. If they want my house they will have to come into my house, shoot and kill me. and then drag my dead body out to the curb. I think I have finally really, truly had enough.
I’m with you I Vent! LOAD UP!
You don’t have to turn off the TV since CSPAN3 is carried by many cable systems throughout the country, I gave notice about the event on http://www.swarmthebanks.com but none of the over 50 blogs that appear on swarm repeated the message on their own blogs.
Swarm is generating a lot of hits these days for these several dozen foreclosure blogs, but apparently the love is a one way street.
Just sayin.
Here is the text of my email to Adam J. Levitin who spoke up at the Congressional hearing today:
“Thank you so much for your clear presentation of the economic issues at the heart of the mortgage crisis at the Congressional Hearing today. It all goes back to the inflated home values (that could not be supported by homeowner payments) that now have to be deflated. As you vividly explained, the real question is how to split the pending losses among the various parties involved. As was evident at the hearing, the bankers at the table (and some of the senators) are still trying to hide all this under the table, but I have no doubt the issue will come to a head sooner or later. …….I applaud your good work for the benefit of your fellow citizens! Please keep it up.”
This hearing is a big dog and pony show. These AGS and the OCC and Treasury have in their possession thousands and thousands of complaints from howeowners about fraudulent servicing companies and their practices. FTC went after one EMC whic his now part of chase and fined them $ 24 million and that allegedly never even stopped em.
it is amazing that the IOWA AG would say that the perjury is an affront to iowa state courts. affront sounds like an insult . excuse me PERJURY IS A FELONY . I wrote a letter to the senator from oregon on the banking committee requesting him to get a cease and decease order from the OCC under regulation 30 of the occ regulations. he never replied.
I also told him we homeowners want to see these scumbags and bums and fraudsters in jail under indictment etc etc. What we have here a corrupt allegedly banking system with the entire mortgage pipeline from loan app to foreclosure contaminated with fraud and misrepresentation.
What mr ATG from IOWA calls an affront I call a massive fraud scheme that attacked the equity positions of the middle class. We lost $ 5 trillion in equity and now over the next two to five years another 10 million homes.
these guys I have worked with before i n OCC and we said years ago this would all happen.
this is just a dog an pony show . if you notice the co chairman speaks of fraudulent borrowers yet there are not borrowers. what an affront to listen to this.
when we homeowners own that committee the way the banks do now, that is day the truth will come out and we will be the xpert witnesses that come in testify.
David B.
I watched the entire thing start to finish.
I was actually more impressed than I expected by the questions which were asked.
Both the BOA and JPM reps were lying sacks of you know what.
Personally, I would have been happy if they were hauled away in shackles right from the hearing.
Either I was totally snowed which is entirely possible OR more people in government might actually do something about this that I had assumed.
Am I wrong?
yes
they are going to cover up the whole mess and try to shove 40 million people out of their homes and equity under a big you know what rug.
it makes you want to do harm to somebody…where are the pitchforks!!!
40 Million won’t go! This trail leads down the path of darkness until the complete collapse of our economy. The foreclosures, with their liars, cheats and carpetbaggers, will be shut down when the powers wake up. Just a matter of how long!
Jim, I watched the whole thing last night, too, and was very impressed by Ms. Thompson’s testimony, but then she is a good attorney working on behalf of defrauded homeowners. Mr. Levitit, the law professor, made lots of sense too, and I noticed at the very end, when everyone was standing up, shuffling to leave the room, he and the president of MERS (can’t remember his name) were still sitting there talking closely…well, it looked as if the MERS guy was actually listening to something Mr. LEvitit was telling him. He needs to listen! That law professor was so intelligent and so RIGHT about all that he said.
But the most telling aspect of the meeting was in about the last 15 minutes when Sen Dodd asked what seemed like loaded questions of BofA and Chase, loaded as in giving them the answers in a way, something about the greatest percentage of foreclosures taking place in non-judicial states. It was almost like a wink-wink-nod-nod from him to them. I would not be surprised. He got a few sweetheart deal mortgages of his own back in 2007 and 2008, and Michael Moore explains in his excellent documentary, Capitalism: A Love Story.
But I do have hope that enough good senators there are seriously concerned and are not going to sit quiet about it, especially the ones from Colorado and Montana. Even the older Republican senator started off by admitting that he knows what it’s like to be 60 days late on your mortgage, which he went through years ago when his kids were small. But then he explained what used to be the norm — the bank would just work with you to help you get caught up on those few months’ back payments.
If he only realizes that many of us, like me, were only 90 days late on their mortgage, with the bank refusing forebearance, then he’ll comprehend how times have changed for the worse.
hi JA
I hope so too but you know what they say about hope when you are loosing in a football game and we howeowners are the loosers so far in this game to the tune of $ 5 trillion so far. by the time this is all over it may reach $ 15 trillion. wait till the commercial foreclosures hit next year that has hardly any press.
yes an investigation may prove fruitful but here is some evidence for it that I discoverd.
in my loan docs there is an almost hidden phrase NEVER disclosed in the TILA DOCS>
It speaks of an 1/8th of a point charge every six months for when the payment is recalculated against the new six month LIBOR index. now that looks innnocous but remember the TILA LAW SAYS THAT ALL CHARGES MUST BE SHOWN prior to the homeowner signing the mortgage docs.
Well that was never shown on the TILA docs for me and I contend for millions of others. now that we are all under water that little point charge becomes major important. why ?
well you and I m ight be stuck with this mtg for the next 30 years. if that 1/8th of point or 1/8 of one percent of interest accumulates over thirty years , it amounts to 6.5 points of interest added to the calculation of your payment so your interest rate might be in the last five years of your loan almost 12.5 percent.
what that means is we are all dogs at the track trying to catch the rabbit . the rabbit being our doubling or tripling mortgage payments. like instant foreclosure for most .
now here are the key points.
HIDDEN CHARGES ARE prima facie evidence of fraud and racketeering to the point that in contract law null and voids the validity of the promissory note we all signed.
Secondly, it violates federal law of which there are several.
finally, it brings up the point that what is in your mortgage documents may NOT BE what is in the computer software servicing your mortgage. no one is certifying the software that services our mortgages is consistent with the mortgage documents.
I have caught banks changing the software to defraud the homeowner out of more interest because they can and because there is no regulatory oversight over these computers that are servicing our mortgages.
What does that 1/8th of point add up to over 30 years. well that depends on the LIBOR index as it goes up that 1/8th of a accumulating point (if in fact it is accumulating and only checking the computer code will determine this ) adds up to about $ 300k in additional interest in the computer models I ran.
‘
$ 350,0000 in interest charges over 30 years on a 1.2 million dollar mortgage instrument for an initial mortgage balance of $ 350,000 over 30 years starting out at 5.5 percent.
now if you have a million of these mortgages and you do the math
$ 350,000 additional interest times 1,000,000 mortgages equals some big bucks
equals $ 350,000,000,000 that is 350 billion dollars per million loans.
now what if you elevate the mortgage balances like was done to me while receiving mortgage payments by putting those payments in a suspense account. just adding one months interest and escrow charges to the mortgage balance called capitalizing interest then adds even more revenue.
this is NON stop criminal and civil racketeering. n in kentucky kentucky mortgage defense.org and their attorneys ms Mckeeney has filed a civil RICO case against several big banks one of which is u.s. national bank, n.a. for this type of FRAUD plus the foreclosure fraud.
the final point of all this is t hat these hearing bring up this point
the whole mortgage servicing, orgination and foreclosure business is based currently on a fraud model to defraud the homeowner and must be cleaned up and the wrong doers put in prison doing flower plantings and
the homeowners like us NEED FULL RESTITUTION of our homes and all of our payments
on these LIAR PREDATORY LOANS must be paid back to us and the loans renegotiated.
this happened on a small scale in a case called homeowner vs. novastar in federal court in tacoma , wa. and the court ordered all payments paid back to the homeowners.
we need and Jim needs to p ush on the concept of full restitution for homeowners , halt foreclosures, declaration that all promissory notes deeds of trust are invalid for fraud. in other words
the contracts, ie the mortgages are null and void and all MERS registrations for 47 million loans are invalid on their face . in other words if it is in MERS the registration is invalid and can not be used to conduct a foreclosure in any state.
PUT MERS out of business forever close down chase national and bank of america and break them up and penalize and imprison the servicers perpetrating this fraud and provide full restitution.
best regards
David B.