Please Visit StopServicerScams.com to Stop Servicer Fraud
As readers may know, the banking industry is trying to prevent the FDIC from moving forward with its proposed reforms on securitizations and is also attacking related SEC reforms, namely amendments to Rule A/B.
To further the effort to curb servicer abuses, please visit the website, StopServicerScams, and sign the petition. As we have written, and as experts and foreclosure defense lawyers have reported in Congressional testimony, and as pending lawsuits by attorneys general in Arizona and Nevada allege, servicer abuses are a significant cause of foreclosures. These include including delaying and misapplying payments, using false hopes of pending mods to extract more payments from consumers, and applying compounding junk fees.
We will submit the signed petition in early January. Thanks for your support in this important effort.
Sign the petition here…
~
Slow down, folks
I read the petition and noted it only addressed “the big servicers”, which seem to be explicitly defined further down on the web page as limited to only three of them.
It also only petitions redress for fraud after-the-fact of fraudulent origination.
As the FHFA’s unfortunate Mr. DeMarco seems to understand, we will not get to the bottom of this financial genocide – and end it – before understanding its beginning.
Perhaps Mr. DeMarco was curious: For every fraudulent foreclosure, how many fraudulent originations and ‘faulty’ securitizations occurred?
Having spent four months combing through these crappy files, and done now with most of the heavy lifting, Mr. DeMarco knows the answer. Unfortunately, it does not seem likely he will be invited to disclose his findings to the public any time soon.
The subject ‘petition’ covers up these issues.
What gives, Naked Capitalism?
When are the perpetrators of this massive fraud going to be charged, and what could be the consequences?
Prison time and property forfeitures along with punitive “triple damages” penalties should be assessed with at least one third of the damages paid directly to the borrowers whose notes unwitttingly financed this scheme.