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.
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$ 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.

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.

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

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.

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?”

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.

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.

thanks david

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.