MARTHA COAKLEY
ATTORNEY GENERAL
AG Coakley Highlights Proposed Legislation to Prevent Foreclosures at Meeting of Realtors
BOSTON– Addressing a group of 200 real estate agents, mortgage brokers, attorneys, home inspectors, and property managers, Attorney General Martha Coakley highlighted today her proposed legislation to address the ongoing mortgage foreclosure crisis that has gripped the Commonwealth.
An Act to Prevent Unnecessary and Unreasonable Foreclosures, which is sponsored by Senator Karen Spilka and Representative Steven M. Walsh, requires that creditors take reasonable steps to avoid foreclosure and prohibits foreclosures without appropriate documentation. The legislation will also prevent additional foreclosures by mandating loan modifications in certain circumstances. AG Coakley discussed the legislation during her keynote address at the North Shore Association of Realtors’ Annual Membership Meeting and Business Expo in Peabody.
“Our communities have been devastated by the housing crisis,” said AG Coakley. “The proposed legislation will help rebuild our communities by promoting a process in which creditors and borrowers work together. Requiring creditors to take reasonable efforts to avoid unnecessary foreclosure is in everyone’s best interest.”
The legislation targets loans generally considered to have a higher risk of default, such as interest-only loans, adjustable rate mortgages, and loans with short-term introductory interest rates. Under the bill, creditors are required to have appropriate documentation that supports their right to foreclose prior to beginning foreclosure proceedings and are prohibited from passing on certain fees and costs associated with foreclosure to homeowners. The legislation makes the failure to comply with the law a violation of the Massachusetts Consumer Protection Act.
Since taking office in January 2007, combating the foreclosure crisis has remained a priority of Attorney General Coakley’s administration. During this economic crisis, Coakley’s office has taken on Wall Street and big banks to recover more than $440 million for taxpayers and keeping more than 15,000 people in their homes. The office has brought predatory lending cases against two major subprime lenders, Fremont Investment & Loan/Fremont General and H&R Block/Option One Mortgage Corporation. The Attorney General’s Office has also reached settlements with investment giants Goldman Sachs and Morgan Stanley for their role in securitizing subprime loans. Additionally, the AG’s Office has brought enforcement actions against mortgage professionals who engaged in loan application fraud and other loan origination misconduct.
An Act to Prevent Unnecessary and Unlawful Foreclosures is yet another step in Attorney General Coakley’s fight to keep people in their homes and hold banks and lenders accountable. For more information about the Attorney General’s foreclosure prevention efforts, please visit www.mass.gov/ago.
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4closureFraud.org
h/t nakedempire
More foot dragging and kicking the can down the road by the U.S. Government. 99% of foreclosures are illegal. They bifurcated the mortgage and the note and that is what I believe is the actual ORIGINATION FRAUD and the contract killer for the pretender lenders. There is a giant cover-up about that fact. I know the FBI considers the ORIGINATION FRAUD to be the LIARS LOANS and the falsifying of documents that occured before and after the closing to get these loans approved. They were all LIARS LOANS and it began at the recorders office when they never recorded the notes with the security instrument which is the mortgage. That separation is illegal. Without the note on record who can prove the note ever existed? They destroyed the original notes and all they have left is an unsecured debt. Because of what they did, these debts are no more than an unproven speculation. They destroyed the chain of title and it was intentional. None of the scammers ever wanted to get caught holding the empty bag of shit. All they needed was to create a DEBT to speculate with and someone with a pulse. Then they made hundreds of trillions off of that PONZI SCHEME SWINDLE AND HEIST playing all sides and assuming many identities in this Ponzi Scheme. It was really IMF owned Fannie and Freddie who instituted this scam and hid behind the scenes from the ORIGINATION FRAUD to the FRAUDCLOSURES. Susan is right, now the judges must RESCIND the loans now and give WE THE PEOPLE clear title to our homes. Anything else is just more FRAUD. .
What I meant to say was the fact they never recorded any notes made the whole contract phony and fraudulent/illegal. There was fraud committed before that but the separation of mortgage and note is what I believe to be the foreclosure detonator. How could they even sell these loans to anyone and secure anything when they never took the first step and secured their collateral lien at the recorders office by recording the mortgage and the NOTE and assigning it to the DEED. The only proof the note ever existed is a copy? A COPY OF A NOTE proves nothing. If the note was never recorded, they could alter that doc and we have nothing to compare it to because we all got endorsements in blank. Where is the UNDENIABLE PROOF YOU SIGNED THAT NOTE ? ANYONE COULD PRODUCE A COPY OF A NOTE AND ATTACH THEMSELVES WITH A FAKE ALLONGE AND A FRAUDULENT ASSIGNMENT AND SAY YOU OWE THEM MONEY. YOU CAN GO TO DOCSTOCS AND GET AN ALLONGE WITH ANY BANKSTERS SIGNATURE ON IT THAT YOU WOULD LIKE. .THIS WILL SOON BE CHAOS. THERE IS NOT FIXING THIS.
Per earlier poster:
> To add, the PHONY LOAN MODS can only be performed by the LENDER, and we don’t know them? To add. BEWARE, as the LOAN MOD will extinquish your rights to SUE. Watch Out America! No good can come from a LOAN MOD. You will still have FRAUDULENT DOCUMENTS for the lifetime of that property..<
I received info about supposed loan modifications from two different mortgages servicers…. despite the fact that I never received a signed offer to modify a loan, much less had the opportunity to negotiate any terms with the "owner/holder" of my note. The first mortgage servicer, Saxon, said I "qualified" subject to a series of "trial payments." After two so-called "trial payments" my note was quickly moved to loan servicer Ocwen, who disavowed know of any loan modification or trial payments.
Ocwen then started a never-ending process of asking for and "losing" documents until I refused to continue "acting" like they were honorable (HA!) "representatives" of the "Lender" or the "Investor." After sending my "first" …and last "trial payment to Ocwen" to avoid foreclosure, they stopped the auction sale to "deposit my check," but immedieatly refused my demand that all correspondance from them to me had to be accompanied by documents that are actually signed by an officer of Ocwen, or the "Lender" and/or the "investor." They immediately began foreclosure actions again…. I BK'd and was granted an automatice stay of foreclosure. Undeterred, they auctioned my home "on (their) schedule" and two weeks later (after I let them know I was going to report them to the GA bar, I received an e-mail from their attorney letting me know that he had not "actually completed the auctions" though I was present at the courthouse steps when it occurred.
It's not over until it's over…..
To my shame, I remitted a total of three payments of money towards 3 "trial payments" to two mortgage servicing companies. They are not "mortgage servicing companies"! I worked in the collection department of a "real" mortgage servicer. There is a difference between a collections department of a real mortgage servicer and a "collections agency" posing as a loan servicer.
Now, I've received another unsigned notification from Ocwen saying I did not qualify for a loan mod because I filed for BK. I filed against no creditors but the "pretender-lender/"mortgage servicer,: and the "investor". I did so just to get the attention of someone other than Ocwen who make promises that are lies and refuse to back up their "promises" with authorized signatures.
Now…. based upon the earlier poster's comment, I ask:
Is the next step in this on-going, systemic fraud the creation of fraudulent loan modification "agreements" with or without fraudulent signatures of duly and legally authorized corporate officials of "lenders," "mortgage servicers," "Trustees," or "investors"?
To "back up" these fraudlent loan mods (that will prevent me from suing,) will my own signature be digitally "cut" from the "lost documents" I submitted and then "pasted" into digital "agreements" I never authorized to create a forged document I never signed with "wet ink"?
And again, will this "new tactic" prevent me from suing anyone to absolve myself, my credit, and reputation from this sorrid mess?
It does state that it will prohibit foreclosure without the appropriate documentation? Well, then that means ALL OF US. RESCIND the mortgages.and give us CLEAR TITLES… but…..Will they ALLOW for the FAKE, MADE UP NOTES AND AFFIDAVITS? I just know that my friend fought for nearly 2 years for a loan mod. and it finally came through as $1.00 ( one dollar) less each month. She spent more on the postage. photocopying, for the three (3) submissions. To add, the PHONY LOAN MODS can only be performed by the LENDER, and we don’t know them? To add. BEWARE, as the LOAN MOD will extinquish your rights to SUE. Watch Out America! No good can come from a LOAN MOD. You will still have FRAUDULENT DOCUMENTS for the lifetime of that property..
Sounds good until you bring in reasonable steps and then since your leaving that up to people who are bound and determined to make money anyway they can tends to cast a pall on what should be good news.Will they take these reasonable steps…..not so much.They will be back to thier games in no time flat.Remember these people only want to make money and will let nothing stand in the path of doing so.A step in the right direction assurdly,but without proper supervision will go no where.
ok what ever………………………………………how about foreclosure mortitorium so the rest of us do not lose our houses???????