“The overriding goal of this is to stop lawsuits. If this were just some random think tank making the recommendation, I wouldn’t pay it as much attention. But keep in mind, this is the think tank from whose board of trustees Bill Daley was just plucked to become White House Chief of Staff.
“President Obama has made a brilliant choice in naming William Daley, a member of Third Way’s Board, to serve as White House Chief of Staff – and his selection sends a clear signal that he intends to govern and campaign from the center over the next two years.”
Bill Daley’s Third Way Promotes Limiting Lawsuits for Foreclosure Fraud Victims
It wasn’t so long ago that Third Way, which has gained renewed confidence and influence on Capitol Hill in recent weeks, opposed any moratorium on foreclosure operations, sticking their head in the sand and denying the existence of the growing foreclosure fraud crisis beyond a few “technical errors.” The fact that Third Way’s Board of Trustees mostly works in finance, for some of the top banks in America, all of whom are exposed by this crisis, was pretty obvious from their recommendation.
But in the aftermath of the Ibanez ruling in Massachusetts, not even Third Way can deny the problem any longer. In a publication on their website, Anne Kim and Jason Gold (who has worked for First Horizon, Bank of America and Merrill Lynch in his career) offer a legislative corrective to the situation that would “fix” foreclosure fraud. They tip their hand in the introduction: “As egregious as the paperwork failures were in the Massachusetts case, it would be far more damaging to the American economy if every foreclosure and every securitization were suddenly open to question.”
OK, but that’s not really the fault of homeowners, is it? It’s the fault of the banks whose shoddy practices broke the US residential housing market. So forgive me for characterizing your “fix” for that as more a way for the banks to get off scot-free for their criminal activities rather than an equitable expression of justice for those abused by the system.
After saying, interestingly enough, that “As a result of ongoing criminal and other investigations by state attorneys’ general, banks and the lawyers they worked with are likely to pay the price for their transgressions,” Third Way outlines a three-pronged approach:
Check out the rest of the post here…
Full memo on “Fixing Foreclosure-gate” below…
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4closureFraud.org
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How can they say with a straight face that banks who are facing criminal charges should be allowed to convert the fraud that gave rise to those charges into legitimate transactions by prohibiting civil suits? Who gets the property with clouded title? The state?!
Congress’ right to regulate state property laws stems from .. where? The commerce clause maybe? I guess I haven’t seen real property move between state’s but who knows, maybe President Hope & Change will make that happen.
As for more corporate welfare to banks .. enough! Seriously; we’ve had it.
Obama’s Chief of Staff proposing a fraud bailout is disgusting. I hope the Republicans impeach and remove the fraud in the White House soon enough, and I was one of his earliest and most vocal supporters. Granted, they’re just as culpable but at least they didn’t show up lying about Hope .. then giving us Bush’s Hope Now, or lying about Change, then leaving in place the same crooks that caused the current mess and the bailouts that shielded them from responsibility.
You may notice that the banks stocks have been on a climb ever since the disclosure of “putback” claims that could amount to hundreds of billions of dollars.
Why.
Because the financial investing community (Wall Street in general) absolutely believe that Bill Daley and his bank cronies will ultimately succeed. The banks are really too much bigger to fail now than the last time around and the government is not interested in bailing them out again. The inability to foreclose created by their ultimate greed (won’t even hire $10/hr clerks to keep up with the paperwork while taking in billions in fees and spreads) will only bolster the cases for “putbacks” that could bankrupt the major financial players in this country.
Think the Congressional pigs who feed every election cycle at the corporate troughs are going to let that happen. Wall Street’s stock investors think not.
As a foreclosure defender and rule of law advocate I abhorr this situation. However, as long as people are complacent, and other than the tens of thousands that may visit this and similary blogs our citizens are complacent, those in power ALWAYS win in the end.
So rant and rave and post all you want. In the end there is going to be a legislative fix that lets the banks off the hook in a manner proposed by Mr. Daley and his minions. Just look at the Ally Bank putback settement for pennies on the dollar against potential claims before the case even got into serious discovery.
Not one financial company executive has been charged with ANY criminal conduct related to the mortgage meltdown mess (securities fraud, mail fraud, bank fraud, insurance fraud, RICO among others). And you think our elected officials are going to allow those of us who fight for the middle class in defending their foreclosure cases and their Constitutional rights to bring foreclosures to a halt. NEVER. When enough of the judiciary say enough, ala NY Supreme Court Judge Shack, they will make their move. As a long term Las Vegas resident and former casino licensee I say “BET ON IT”.
The right, with cooperation from the left (NAFTS, GATT and repeal of Glass-Steagle) has been intent on it’s attack against the middle class for 3 decades now. They are succeeding. They will not rest until they turn this formerly great nation into a second/third world country that resembles Mexico.
Until we have the guts to vote every single elected official at Federal and State levels out of office, regardless of party, and put in a new batch to show we are serious, nothing is going to change. The only thing our current elected representatives care about is retention of power and priviledge.
That’s the sad reality of the country we live in folks.
The only homeowners to blame are those that speculated multiple times and the heloc abusers. ALL OF THESE MORTGAGES UNDER SECURITIZATION never seem to pass the legal contract status, so let’s cut the bullshit and start charging all of the giggling culpables with the FRAUD for which they should suffer the consequences. This latest attempt to CANDYCOAT foreclosure problems just makes me fill my barf bag! AAARRRGGGHHH !
hello mr. daley of three way
his three point program is nothing but a projection from the real problem
corruption at the highest levels of occ and the national banks. I ought to know I blew the whistle on that corruption in the occ years ago. my modication that was supposed to be free cost me $ 10,000 dollars in hidden fees that were never disclosed and I have fighting emc chase ever since. now as of Monday there has been a class action lawsuit against emc chase for this very thing in eastern washington in the federal district court in yakima, wa. but most of the victims of emc chase are in seattle and the west coast of washington.
what mr daley represents is another sell out to a corrupt bank and a corrupt occ alleged of course comptroller of the currency.
it is lot more than just foreclosure fraud. it is loan orgination fraud, loan servicing. forgery of documents and our whole federal govt system and regulators bound and determined to sweep the whole mess under the rug and deny everything while 40 million people have their homes stolen. my goodness in ohio chase did the bait and switch on a state court judge and foreclosed on him after dual tracking him with a fraudulent modification.
we can kiss
i was charged the same anount by wells fargo. mine was a take it or leave it mod. either sign the papers or go into foreclosure. this was last year. i was not ready to leave my house
I could not have said it better myself.They are running scared, now is the time to drag out the tar and feathers.Run them out of town on a rail.
The Banksters are stilll trying to find the escape route. It is time they realized Pandora’s box has been opened and there is no putting the secrets back in the box.
What must they escape from……..their own kingdom?
good post ! Plaintiffs answer to my defense case DISCOVERY MOTION-(non responsive answer)
was “TRADE SECRETS”
yes they cited Trade Secrets