Trailer for upcoming documentary feature, FORECLOSURE DIARIES, detailing the collateral damage that swept, tsunami-like, across the nation, leaving millions vulnerable to the shenanigans of the Wall Street, the big banks, so-called “securitized trusts” and their front line shock troops: so-called “Foreclosure Mills” (ie: Steven J Baum in New York and Daniel J Stern in Florida; now both, mercifully, out of business.) The film which will highlight many years worth of recorded calls; memos and communications with servicers like notorious Litton Loan and will also underscore the complicity of large Wall Street firms, like Goldman Sachs (former owner of LItton Loan) in pursuing an agenda that pushed foreclosure over loan modification. Other areas under scrutiny include so-called force placed insurance; credit default swaps and collateralized debt obligations.See other related uploads on the PACFILM site.
A Foreclosure Film in the Making Awaits Final Scene
When work first started on the film, the original tag was “Follow the Money,” and the road seemed to lead towards a dark and confusing destination. There was all this talk in the industry about scads of money to be made in servicing “subprime” loans. There were seminars, conferences, it seemed all the rage.
The trajectory of the film, back then, seemed to be a journey into a mortgage-version of Heart of Darkness. Now, I’ve always had a visceral reaction to the term “subprime” — implying something less than human — and I believed that at the end of the road I’d find a Kurtz, a take-no-prisoners evil mastermind. At one point, I thought Kurtz could be John Devaney. Remember him? The short lived Wall Street wunderkind, raking in subprime generated cash, hand over fist, buying yachts and planes, mansions and art. His larger than life personae even provided an inspiration for a feature treatment I wrote called “Positive Carry,” the title: a paean to his slight-of-hand financial dealings and a nod to his yacht of the same name (his demise as a hedge fund manager was accompanied by some glee in the financial community).