“I’m skeptical of any program implemented by the banks and servicers to examine their prior errors, omissions and intentional or unintentional criminal acts”
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Foreclosure review begins today by homeowner request
A massive review of as many as 4 million foreclosures nationwide began Tuesday as mortgage servicers seek out borrowers whose cases contain flaws.
The review could impact thousands of Floridians, who as part of the federally-mandated program may be compensated if a review finds they suffered financial harm because of defects in their case.
Letters began being mailed Tuesday to eligible homeowners who were in some stage of foreclosure in 2009 and 2010 alerting them that they can request the free evaluation. A homeowner hotline has also been established at 888-952-9105.
If a homeowner in an active foreclosure chooses to participate, the foreclosure will be put on hold until the review is complete.
Auditors are looking for problems such as robo-signing, inaccurate fee charges and foreclosures that occurred while a homeowner was working on a loan modification.
“Robo-signing may or may not result in financial injury but certainly is one of the things they will be looking for,” said Bryan Hubbard, a spokesman for the U.S. Office of the Comptroller of the Currency, which announced the launch of the program Tuesday.
Check out the rest here…
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I blame it on the default industry’s need for speed, MERS who retarded the mortgage industry, outsourcers who separated lawyers from their clients, while playing fast and loose with document review, and lawyers who disregard and traded their ethical responsibilities for greed and who lack skill in the art of controlling their clients. No wonder all this has happened in climate where there is a misallocation of value to the client relationship. One foreclosure file potentially represents the value of the entire client relationship, which empowers lenders to have attorneys bend to their will which results in a bazaar legal mutation of the practice of law in the bank’s “reality distortion field” which in many ways is nonsensical and subject to the 25 year old bank VP’s whimsical and eureka moments to change something, which although contrary to the law, trickles down into a justifiable practice among attorneys too afraid to speak out in fear that they may lose the client’s business. The most senior partners and law firms that employ hundreds of people and have spent the lives devoted to their practice being controlled and subject to the criticism of the least sophisticated loan processor at the bank who just recently graduated from high schools. Accepting the notion that “this is the reality of the business” is just mindless, dumb thinking. I could go on forever about the new breed of “Baby Doomer” Stepford lawyers who don’t even understand the concept of asking why and completely lack the desire to learn new things. What a mess, that’s all I have.
The program won’t work. Foreclosure is a niche practice. Only those who know how to do it could be competent to review potential flaws or wrongs in the foreclosure, and there are few. Since most foreclosure lawyers already represent the services/lenders and they obviously can’t review their own client’s files due to conflicts, who’s left but overly zealous solo’s who will attempt to find even the smallest inconsequential flaws and churn an burn firms that will see the independent review process as a way to make a quick buck. This will cause just another delay in getting the housing market back on tract which is like an anchor pulling down a whole sector of the economy. The resources that must be diverted by the servicers/banks to comply with these new OCC and Federal Reserve directives, unless of course the government will be be pouring more billions of tax payer money into reimbursing the banks/services for expenses for such review which is not unlikely, will take away way from the servicer’s ability to properly service performing loans. in addition, halting foreclosures will put even more people out of work in the real estate default sector, thus creating more problems. Ironically, these newly unemployed people who were making timely mortgage payments will probably have to apply for some type of government sponsored loss mitigation process to save their homes. I can imagine a scenario in these bazaar times where the services will be funded by the government for these review programs and accordingly will attempt to make little profit centers out of reviewing distressed and screwed up loans. Since the servicer/banks will most likely be the ones referring the work to the independent auditors, which I assume will not be volunteer work, they will still have the economic juice to control the process which defeats the purpose. In addition, people who haven’t paid will be compensated, despite what will be no more than non-material defects to the foreclosure. This doesn’t make any sense. Again, just another process of delaying the ultimate conclusion that most will still loose their homes because they just don’t have the money to make their mortgage payments. What a tremendous wast of time.
I meant to say “can” review their own files because of the conflict. Sorry about that.
The program won’t work. Foreclosure is a niche practice. Only those who know how to do it could be competent to review potential flaws or wrongs in the foreclosure, and there are few. Since most foreclosure lawyers already represent the services/lenders and they obviously can review their own client’s files due to conflicts, who’s left but overly zealous solo’s who will attempt to find even the smallest inconsequential flaws and churn an burn firms that will see the independent review process as a way to make a quick buck. This will cause just another delay in getting the housing market back on tract which is like an anchor pulling down a whole sector of the economy. The resources that must be diverted by the servicers/banks to comply with these new OCC and Federal Reserve directives, unless of course the government will be be pouring more billions of tax payer money into reimbursing the banks/services for expenses for such review which is not unlikely, will take away way from the servicer’s ability to properly service performing loans. in addition, halting foreclosures will put even more people out of work in the real estate default sector, thus creating more problems. Ironically, these newly unemployed people who were making timely mortgage payments will probably have to apply for an independent review to save their homes. I can imagine a scenario in these bazaar times where the services will be funded by the government for these review programs and accordingly will attempt to make little profit centers out of reviewing distressed and screwed up loans. Since the servicer/banks will most likely be the ones referring the work to the independent auditors, which I assume will not be volunteer work, they will still have the economic juice to control the process which defeats the purpose. In addition, people who haven’t paid will be compensated, despite what will be no more than non-material defects to the foreclosure. This doesn’t make any sense. Again, just another process of delaying the ultimate conclusion that most will still loose their homes because they just don’t have the money to make their mortgage payments. What a tremendous wast of time.
I lost my house because I did not know then what I know now. I also could not afford to pay my electric bill let alone an attorney. Since that foreclosure happened in 2009 and the home has since been resold, does this mean I can claim compenstation for the fraud used on that home? If so, how do I get in on that?
On my other home, GMAC keeps sending me letters and letters about calling them to modify my loan. But my foreclosure case was dismissed at a Sanctions hearing. Somehow my home also keep showing up on the Clerk of Courts records for an online Auction Sale! Case was dismissed last year!
Winning is one thing…it’s keeping it WON that’s a whole different story.
Well, that explains it! Wells Fargo called several times lately. Curiosity got the best of me as the caller id had Wells Fargo’s name on it. I finally ‘answered’ once. The caller asked ME to verify or identify my loan. I guess this is a legal requirement. I told the caller I was represented and would only give my attorney’s name and number plus I asked if they wanted the name of their WF attorney? The caller wanted neither. He said never mind and hung up. Is this a Wells Fargo ‘hunting’ expedition?. Pardon me if I am a little suspicious of Wells and their wanting to correct or alibi their way out of fault through “inquisition.”
Fool me once, shame on you, fool me twice. . . . well you know the drill:)
The Wells # that called was from 800-868-0043.
Tennessee, I’ve just started getting calls from Bank of Robbing B*stards, sorry BoA. Exactly same line. Ask me to verify the property address, loan number and monthly payments. I just tell them I’d like to record this conversation as in Florida both parties must agree to the recording, so that my attorney has a record of what was said. Everytime they say I cannot agree to that and I must disconnect the call. It can be fun playing with these people… 🙂
If you had admitted you had a loan, they could have used it against you for admission. They are asking to verify social security numbers also. DO NOT GIVE anyone your social over the phone unless it is 911111screw you!
Ok.. here is one thing that is bothering me about Wells Fargo. If you google phone numbers that have been calling you, ( if you are late, in default etc).. and you look on website “800 notes” to see who the caller is…. some of the people who have been called by 800-678-7986, which is WF. Or someone affiliated with them. People have been asked to ” send in pages of their mortgage documents to verify the information”. No lie. That is what I read in some of the posts on there. Could this have something to do with the OCC complaint article here? Who does that??? This just proves to me that WF is still up up to their ol’ trickery. Wells Fargo, or whomever should be supplying the paperwork etc. to the “investigators”. Why should the burden be on us? Is this just another attempt for information? Like signing a modification waives your right for recourse against them. Am I making sense here? Just a heads up. I am not so sure I am excited about this. The people who were wronged ( myself included ) should have to send in the supperting documents like explanations of the phone calls they had with the lender re: “you have to be behind to qualify” “default to qualify” ” oh.. those default letters you get during loan mod? Just ignore them… they are automatically generated, when you are late… don’t worry about them now… as long as you are in the mod process.. they don’t matter” need I go on? Anyone??!! Chime in here. Souldn’t the lender have the mortgage or deed of trust to supply to the “auditors”? Maybe because they don’t have it?? Like everyone has been saying all along. Seriously. Just sayin’
This is getting to be a laughing joke…..they are stalling and running in circles like rats that are trapped in a cage….and can’t get out….and they know it…..they planned it…they did it…it’s done…and got caught. OCC is with the bankers…plus…how many times has all this been investigated…..I am so sick of hearing of the robo signing crap….why don’t they come forth with the real creditor…..who paid the bank when the NOTE was cashed and destroyed…let’s hear the real story that the bank’s lent no money…..yet they cashed the Note and still took monthly payments to boot…..our tax dollars paid the mortgage…just like we have paid everything else….like trillions in bailouts that were not even needed…it paid the high bonuses …they are fooling no one….we are way ahead of them and they know it….and they all are on the way down if not already down…the rope must be getting tighter….has anyone ever wondered why the real creditor was never in court..? Title Co’s covered this fraud by saying it was the privacy act…..the homeowner could not find any information of the creditor….because our own tax dollars paid the mortgages…we owed no one…..the banks have 2 copies of the note…one is just like you got at closing the other has the endorsement stamp ‘ Pay to the order ‘ blank space …WITHOUT RECOURSE…..THE BANKS NAME AND A SIGNATURE OF SOMEONE AT THE BANK………In the foreclosure they put the same copy that you got at the closing….in Request to Produce you ask for many documents, including the note….keep repeating for request…someone may screw up and send the copy with the stamp…that is what you need in court….the mortgage was paid. This is very hard to get but keep trying…..many banks are refusing to answer all the request and the corrupt courts are shuting a blind eye and looking past their denial to answer ……with luck you just may get it.
The lending industry balked at the legislative suggestion that the banks, mortgage lenders and servicers bring in “independent auditors” to review their loan portfolios for defective lending and foreclosure documentation processes. They look at their lending practices and services from more private “business rule” approach to whatever potentially deceptive foreclosure processing problems they may have, despite having received billions in bailout money from our hard earned tax dollars. This is just foreshadowing of that fact that these financial institutions have no idea what was going on with their default processing divisions and what disasters may be lurking. all the big-wigs signed lengthy certifications and affidavits as to there as to there foreclosure documentation processes ad nauseum without any clue whether these statements were true or in place. Now they are scrambling to fix it or make what they attested to true. It is not unusual scenario at most large lending institutions for the lending and investing “money making” side of the house to have very little input and communication, if at all, with the “waste product” default divisions. Congress should have ordered independent audits through the newly formed but lamed Federal Consumer Protection Bureau, but for usual gridlock and the lack of funding for the new bureau, that was not possible. It’s a precarious balance between the how tough the government can be with big banks which have been determined as “too big to fail.” I’m sure the industry will be very careful about those borrowers to whom they offer “review” services in order to reduce liability. The banks will not be as forthcoming with the disaster files which will not be pouring out anytime soon for re-evaluation. It’s a packaged “program” gap measure to create the perception that the banks are taking steps to resolve things. However, unless that banks find a way to make money, or as they call making the them “profit centers”, from the government to provide such review services, I don’t see the re-reviews is as a very effective program. Notwithstanding all the late but remedial measures to right the wrongs, the reality is mortgagors got the money and can’t pay it back, which in the end, despite all the hoop-la, media publicity and “get tough” approaches by state prosecutors, will result in the loss of their home.
They cannot even THINK they will get by with this!!
I absolutely cannot believe this!!! Please say this is a joke!!! The fox keeping watch over the hen house? My God what is happening to our country!
The OCC is completely in the pocket of the banks. To entrust that pack of bought bastards with anything is an insult.
The Ca Secretary of State is also in the pocket of the banks. The whole Notary process is a sham!
“Yes, as through this world I’ve wandered
I’ve seen lots of funny men;
Some will rob you with a six-gun;
And some with a fountain pen.
And as through your life you travel,
Yes, as through your life you roam,
You won’t never see an outlaw
Drive a family from their home.”
~ Woody Guthrie – Pretty Boy Floyd
Florida Statute 772.11 a.k.a Civil Remedy for Theft or Exploitation grants private right of action to sue the banksters for all the foreclosure fraud and misrepresentations. It is treble damages and attorney fees for the winner.
The banks get to choose their auditor – are you kidding me! What a joke! The OCC is also a joke. They took almost a year to respond to my complaint and did absolutely zero.
This appears to me to be part of the set-up for giving the banks a “Get Out of Jail Free” card. Reportedly the 20-25 billion dollar settlement the State AG’s are working on will only require the banks to pony up about 1.5-2 billion. The rest will come in “promised” modifications. Don’t hold your breath.
I am thoroughly convinced the rule of law has gone out the window in this country.
Patrick
Fox watching the henhouse perhaps? Would a Bankster reveal their own criminal “tradesecrets” and admit to wrong doing on an epic scale? They haven’t yet. This “review” is likely to infuriate citizens further, since it clearly shows how Government no longer serves the people’s interest, just those of Wall Street.
Example one is Bryan at the OCC saying “robosigning” isn’t a big deal if no one was hurt by it. Oh ok cool, we can all go out and commit a bunch of felonies tomorrow as long as “no one gets hurt”. The insane statements from hapless Government stooges is impressive if not good comedy. The OCC’s role is as a cheerleader for TBTF Banks and this is yet another lame attempt to sweep unprecedented fraud under the rug and make it go away.
Bank chosen mortgage foreclosure auditors??………And so far nameless? Here we go again!
As I said before Michael Bloomberg is representing Israel the land of The Jews as led by Netanyahu compared by true Israle as led by Moses recorded in the Bible as indicated by the tribe of Judah lineage through King David, King Richard and the round table on down through King James, Kinf George the 6th who was the father of the present Queen Elizabeth. The other members of the twelve tribes wandered on throughout Scotland,, Norway, Finland, etc., etc.,
Yup. Just a scam. They want to find out what you have on them so they can get rid of the evidence.
Keep compiling evidence and sit on it so when your time comes, take em down with both barrels!