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Bank of America (BAC), JPMorgan (JPM), Citigroup (C), and Wells Fargo (WFC) have failed to...

Bank of America (BAC), JPMorgan (JPM), Citigroup (C), and Wells Fargo (WFC) have failed to comply with parts of the $25B national mortgage settlement, according to Joseph Smith, the independent monitor appointed to oversee the process. "We still have work to do on the loan modification process," he says. His findings jibe with anecdotal reports and comes as the NY AG has signalled his intention to sue the banks over violations.
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Comments (76)
  • CaladesiKid2
    , contributor
    Comments (271) | Send Message
     
    So the NY AG has signalled his intention? Really? Does anyone think the bankers will take him seriously? They will simply take him to lunch, make promises about his career post government and this too will fade away. What is Turbo Tax Timmy Geithner doing these days?
    19 Jun 2013, 09:10 AM Reply Like
  • MexCom
    , contributor
    Comments (3054) | Send Message
     
    Someone slipped on a banana peel in front of the bank and it was the bank's fault for not putting proper waste receptacles for that eventuality in front of all their branches. This needs a class action suit with a multi billion set aside of assets for the eventual claims that will now come forward, LOL.

     

    With the increasing value of real estate home owners are grasping at every straw to stay in their homes and trying to get the money together to enable them to fruitfully apply for a mortgage modification program. These delays may work in some cases but the proof of service that the banks have come forward with and in the majority of cases should win the day.

     

    The mortgage/bank/litigation lawyers are starting to run out of work and are now chasing after homeowners who don't realize that they were "harmed." They are still in their homes and finally got an eviction notice. This round of claims against the bank is a stalling tactic for the home owner and blackmail backdoor hopeful lawyer to get a fee from a client through a settlement out of court.

     

    To be successful in this business, are we to believe the banks should hire these shinny pants lawyers and beef up their legal staff to be greater than the Justice Department?
    19 Jun 2013, 10:54 AM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    You keep trying MexCom. I realize you probably have a lot at stake, but the homebuyers did not slip on a banana peel. How many settlements and how much fraudulent behavior has to be revealed for you to concede that something is wrong here?

     

    Your investment might be at stake, but for many of us, our home was our investment and while we watch these irresponsible wallstreet corporations playing roulette with our years of savings and hardwork, we see more and more of the fraud revealed as time passes, people with their "investment" at stake try to point the fingers at the homebuyers. Sorry guys, we can't hold you up any longer....you, like us, might have to go back to work for a living.
    19 Jun 2013, 11:40 AM Reply Like
  • spinrbait
    , contributor
    Comments (391) | Send Message
     
    it wasn't the banks who were irresponsible.
    19 Jun 2013, 01:40 PM Reply Like
  • mphill47
    , contributor
    Comments (540) | Send Message
     
    You are going to have to spell out your case against the bank for us. The ONLY foreclosures I have seen in the last 5 years have been for
    default on the loan i.e. didn't pay the rent. Read your mortgage terms, it's spelled out so even I can understand it. No pay, no house. What's your beef?
    19 Jun 2013, 01:56 PM Reply Like
  • MexCom
    , contributor
    Comments (3054) | Send Message
     
    I could lose all in my investment in BAC. That's a possibility and I wouldn't risk my ability to stay in my home (which has no mortgage), my 3/4 times a week to have dinner in a restaurant, my vacations to my 2nd home in the mountains, my ability to fund many charities and to keep plenty of cash in case of an emergency. If these irresponsible "home owners" didn't over extend themselves financially in the first place we wouldn't be having this discussion. They defrauded the bank in providing false information on their ability to pay. They should be brought before a judge for fraud. As an investor, I put up my money in good faith to be of service to deserving clients of the bank. These people are now wanting to sue the bank to get penalty money. He who sues can also lose. My dividend in the bank stock was eliminated during the crisis, my mother-in-law's dividend helped pay her rent, we are now only getting a penny a share per quarter. The bank is building back their capital structure. If you were a true American wanting to help people, you would not support these irresponsible people who caused this crisis in the first place. Penalizing the bank for facilitating this homeowner fraud is simply not the way to go.

     

    BTW - I invest with strength and confidence and beg you to conduct your financial affairs in a similar manner and not blame others for your mistakes. Before making this comment revision I added to my position seeing it hit an extreme low price that I belive could go lower. In that eventuality - I would buy more.
    20 Jun 2013, 11:33 AM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    Yet there is a plethora of lawsuits that would state otherwise.
    20 Jun 2013, 02:18 PM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    As one in the trenches it is amazing to me how many people choose to bury their head in the sand when it comes to fraudulent foreclosures. How many have had their homes foreclosed on that have never missed a payment? How many have had their homes foreclosed on when their homes were paid off? How many have made their "hamp" "harp" or "hope" payments on times for several months, years, only to have their homes foreclosed on anyway.

     

    There is no "clean start" for many of these people because their credit has been ruined, and their savings robbed by fraudulent practices.

     

    Now we have the affidavits of B of A employees stating that what we suspected was true....and still the nay-sayers bury their heads in the sand.

     

    As for us, personally? We sued our lender for fraud and 2 counts of bad faith...and we won. We settled in part and won in part, so I cannot reveal all the details. What I can say is that what it cost us exceeded what we received in return. Nevertheless, part of the settlement included an apology letter because our reputation and hard work was important to us.

     

    It is for this reason, that I know that ALL homebuyers are not deadbeats. And among those you are calling irresponsible, are doctors, lawyers, politicians, teachers, firefighters, servicemen and women, scientists, and the list goes on. Not traditionally the "irresponsible" types.

     

    I could paste the massive list of lawsuits here settled in lieu of prosecution, but I am sure you are aware of them by now. But just ask and I will.....

     

    “The most elementary conceptions of justice and public policy require that the wrongdoer shall bear the risk of the uncertainty which his own wrong has created”. See, Bigelow v. RKO Radio Pictures, Inc., 327 US 251 - Supreme Court (1946), See Package Closure Corp. v. Sealright Co., 141 F.2d 972, 979. That principle is an ancient one, Armory v. Delamirie, 1 Strange 505
    20 Jun 2013, 02:26 PM Reply Like
  • 205427
    , contributor
    Comments (368) | Send Message
     
    Boy do I feel stupid thinking my home was for shelter and my trading / retirement accounts were for my investments.

     

    and Mexcom clearly has a better understanding of the cause and effect than you do unless you can explain how packaging and reselling existing mortgage paper causes a borrower to default on a loan.
    21 Jun 2013, 01:44 AM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    When one servicer sets you up with a "temporary modification" then sends you a letter telling you not to pay them any longer, (although you are not late) because they are selling or sending you loan to another servicer. Wait to hear from the other servicer. You try contacting the other servicer, but they tell you that when they have processed you file you will hear from them.

     

    Then you hear from the other servicer a month later...they have not honored your "temporary modification" with the other servicer and now want a lump sum of penalties and interest and "difference" in payments adding up to about $10,000, along with your regular monthly payment, which you are now behind one month because they took a month to contact you.

     

    So even if you have the two months payments, you realize that they have no standard by which they will fairly deal with you. They set and change the rules as they desire...you don't even know what their motive is....because why would they want your home when most of what you are paying is interest anyway.

     

    So this is how "packaging and reselling" mortgage paper causes a borrower to fall into default.

     

    Oh, and the fact that within a two month period I have (in my files) letters from 3 different services representing 3 different investors that told me my loan belonged to them.

     

    I, also, thought my home was for shelter. All we wanted to do was prepare for retirement and have a place where our children and grand-children could congregate. Now, instead, I find myself fighting for our future...and theirs.
    21 Jun 2013, 10:40 AM Reply Like
  • mphill47
    , contributor
    Comments (540) | Send Message
     
    You know, stuff like that happens to all of us in the real world. Screw ups by large institutions are hard to deal with because many times one hand does not know what the other hand is doing. It's frustrating sorting it out but eventually you do. So the best advice is sort it out and get on with your life. Bashing BAC on this forum is not going to help you with your problem.
    21 Jun 2013, 11:27 AM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    "One hand does not know what the other hand is doing" has been their battle cry. Screw ups like this happen all the time...occasionally...but this has been a mass assault. This has not happened to a few dozen people, but millions.

     

    As for "eventually" sorting it out...for us, it has been over six years...not how I imagined planning our retirement. It is easy to judge from the comfort of a computer chair, but try having to live with not knowing when and if you will have your day in court, even though you have all the documentation at your fingertips. Having to deal with calls from employees who probably make minimum wage or live in another country, telling us that we owe their employer money, when we have documentation in our file that states other wise. Then when you go to get help from our legislature, the courts, our leaders, they do not even want to look at your paperwork because the lenders have effectively labeled us all "deadbeats".

     

    Bringing this to light DOES help my problem, and it helps millions of others to know that they are not alone.

     

    Consider the subject of this thread...even now....the settlement is not being honored.
    23 Jun 2013, 05:44 PM Reply Like
  • Hayesni
    , contributor
    Comments (116) | Send Message
     
    Wonder when we're going to see something about Barney Frank and the rest of Washington being required to pay for their part in this political fiasco?
    19 Jun 2013, 10:55 AM Reply Like
  • Just_woodman
    , contributor
    Comments (30) | Send Message
     
    Anyone bothered to ask the NY AG how many shares he's short on each of these institutions? Along with his extended family and friends, there could be some real mony to be made by this fellow. Maybe the sec can look into it just for jabs, since the folk down in DC is being called on all these Government issues of late. Maybe, the AG is envious and figures it's time to butter his own bread?? Ya think??
    19 Jun 2013, 11:12 AM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    Both stories cannot be true. Has he found flaws or has he found few flaws....that is the question:

     

    http://huff.to/11nIF5Y

     

    Oh what a tangled web we weave....
    19 Jun 2013, 11:42 AM Reply Like
  • DoowopDave
    , contributor
    Comments (225) | Send Message
     
    Where have all the good banks gone? Gone to the dark side, everyone. When will they ever learn?
    19 Jun 2013, 01:04 PM Reply Like
  • june1234
    , contributor
    Comments (2692) | Send Message
     
    I think of it as government for and by TBTF banks. They do what they want. Just put images of Morgan Stanley, GS, JPM on US currency, simpler and no failure to disclose.
    19 Jun 2013, 01:27 PM Reply Like
  • spinrbait
    , contributor
    Comments (391) | Send Message
     
    its really quite simple make your payments or don't. i know many people have suffered while doing the best that they can do. but its not the banks fault. they loaned the money in good faith, and deserve to get paid according to signed agreements.
    19 Jun 2013, 01:43 PM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    They did not loan money in "good faith", the investors did. There is a difference. "Good Faith" is what they did years ago and it is what we based are agreement to borrow on...that banks operated in "good faith".

     

    Do date, there is a multitude of lawsuits and settlements that would state otherwise.
    23 Jun 2013, 05:48 PM Reply Like
  • MexCom
    , contributor
    Comments (3054) | Send Message
     
    Its obvious that many of these home owners after borrowing on home equity to buy their SUVs and boats all of sudden saw the value of their homes go down and stopped paying their mortgages when the bubble burst. They then hired lawyers to stop foreclosure based on technicalities (maybe an excuse that a default letter was not hand carried and delivered properly). This held up the foreclosure procedure. And now they are drumming up any possible way to get legal help to continue the delay and still not make any payments and are living high on the hog rent free! To prove the point - see if they are still paying their real estate taxes? Then you'll be suing the county too for not proper notification? Hope you end up in jail - you'll get free rent there as well, LOL.
    27 Jun 2013, 12:02 PM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    http://bit.ly/124tFFV

     

    So, let me see if I understand what you are saying correctly....While the bank is making every effort to steal back the homebuyers home, using unethical and fraudulent practices, the homebuyer is supposed to continuing on in integrity as if none of this is happening?
    28 Jun 2013, 10:18 AM Reply Like
  • spinrbait
    , contributor
    Comments (391) | Send Message
     
    egalindo,
    deep down you have to know the bank does not want that home. they are stuck with thousands of homes that are liabilities on their books. again i am sorry about your situation. but 99.99999% of the people who had their homes forclosed on, did not pay their loans. much like people who don't pay their electric bill get the power shut off. nothing is keeping people like you from forming a charity to help the ethical integrity non payers pay their mortgage bills. why should the bank let these people have free home and rent, and not me? i paid my house off early. shouldn't i get a bonus? or am i just lucky and should be punished for my good fortune?
    29 Jun 2013, 08:24 AM Reply Like
  • philipmax
    , contributor
    Comments (266) | Send Message
     
    For years, I and others have faulted individuals, mtge brokers, banks, attorneys, regulators and Wall Street for instigating and propagating the avalanche of defective mortgages.
    None of the major players were harmed (if you discount the thousands of jobs eliminated @ LEH, WAMU, INDYK, BS and some others) that is, no one came before a jury to account for their misdeeds.
    But, reading the news ( particularly BAC), and personally witnessing the subsequent criminal behavior of some major banks, I believe that criminal prosecution should be invoked.
    Realistically, this will not happen, so I and other will just blog our frustrations 'till kingdom come.
    sign me,
    Cynical and jaded
    19 Jun 2013, 07:14 PM Reply Like
  • MexCom
    , contributor
    Comments (3054) | Send Message
     
    The criminals are the homeowners who strategically defaulted, some took out cash and are now living off-shore.
    27 Jun 2013, 12:10 PM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    http://bit.ly/124uWN1

     

    A foreclosure tale

     

    For three decades, Claireather Mason was timely in paying her mortgage but last June after making her monthly payment and a statement from her lender reporting it as received and processed, she got her first default notice in the mail, according to NBC12 in Petersburg, Virginia.

     

    http://bit.ly/124uZbP

     

    The complexity of the problem is obvious. As lenders and title insurers passresponsibility back and forth, property owners who purchased a foreclosed property that had been in the MERS system (and now have broken chains of title) and their neighbors will beforced into expensive and complex litigation in order to determine their boundaries.

     

    http://onforb.es/124uZbR

     

    I stand corrected. The government’s report on how it will pay out $3.6 billion to borrowers who were foreclosed in the financial crisis reveals exactly how many lost their homes despite being current on their payments. The answer is: 53.
    28 Jun 2013, 10:29 AM Reply Like
  • Scoreboard
    , contributor
    Comments (154) | Send Message
     
    Look, I worked hard and long at Circle K for several years. I eventually made $14.00 and hour. I was told that I could afford a $350,000.00 home. How am I supposed to know different. Why should I take responsibility for making the single largest purchase of my lifetime. I may have signed a document that contained specific terms and conditions. But the bank lied to me. I promise that's true. I expect the government to step in and punish these evil-doers. And I believe it is fair compensation that I now can buy that home for $100,000.00. I deserve that... because the banks are evil. The only reason one would disagree with me is because they have an investment in the banks. Home buyers have no responsibility in this mess. Where were we to turn to? Lawyers? Realtors? Internet? Government publications? Friends who purchased homes? Books? Other banks? Financial consultants? How was I to have any idea that my salary would not be enough to support a house at this price. It is RIDICULOUS that I should be expected to know this. Make the banks pay... and pay ... and pay. They are evil... they must pay.
    19 Jun 2013, 09:11 PM Reply Like
  • Jason B
    , contributor
    Comments (302) | Send Message
     
    LOL good one.
    20 Jun 2013, 01:30 AM Reply Like
  • mphill47
    , contributor
    Comments (540) | Send Message
     
    Great one !
    21 Jun 2013, 11:33 AM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    Your sarcasm is noted. The propaganda of the banks has been thoroughly successful. However, the truth is something quite different. I will readily acknowledge that there are those who did not know what they were getting into, however, upon further investigation you will find that the deceit in the lending institutions was running rampant, and the evidence of systemic fraud is far nearer the truth than the "deadbeat" homebuyer.

     

    Many who have been foreclosed on include, teachers, professors, firemen, policemen, some politicians, doctors, lawyers (although, lawyers have a better chance at fighting back). My own lawyer had to fight back the foreclosure mill which was wrongfully trying to foreclose. He won his case...then they tried again.

     

    Oh and let's not forget the litany of servicemen laying their lives down for our country whose families get foreclosed on while they are overseas.

     

    Then we have far too many whose homes were paid off, yet they have been successfully foreclosed on, because the courts have bought into the very prejudice you are advocating above and refused to hear the homeowners side...and while you think this might not happen very often...if it happened to you, you would be furious at the expense and effort it took to prove what should have been glaringly obvious.
    22 Jun 2013, 09:51 AM Reply Like
  • Hayesni
    , contributor
    Comments (116) | Send Message
     
    Scoreboard,

     

    That was good. It would be funny if there weren't so many people who think exactly like that. They are entitled. They are like the drug adict.

     

    I'm not saying the Banks are lilly white here, they are in business to make money, but the Pusher who enables the adicts in this case is big government pushing programs for votes. They pushed people into homes they could not affoard and when the bubble popped they had to protect their votes by shifting blame to the middle man.
    20 Jun 2013, 09:04 AM Reply Like
  • spinrbait
    , contributor
    Comments (391) | Send Message
     
    i do wish adjustable rate mortgages were made illegal. especially with the ultra low teaser rate many start off with. i always thought the best way out of the mortgage mess would have been to force banks to turn the initial teaser rate into a 30 year fixed. banks would make a little instead of nothing, and millions more would have been able to keep their home. when adjustable rates went up and gas went to 4.00 a gallon, it just decimated so many people. jmho
    20 Jun 2013, 09:41 AM Reply Like
  • mphill47
    , contributor
    Comments (540) | Send Message
     
    That's like saying they should outlaw guns and 32oz Big Gulp drinks to protect us all. The adjustable rate mortgage makes sense for some people....mainly those that will not be in their homes forever.
    People are told exactly how the mortgages work and it is spelled out in detail. The ones that cry foul are the ones that have their rates increased or whose homes diminish in price. Many don't want to take responsibility for their actions.. They are the SQUEALERS.
    23 Jun 2013, 03:42 PM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    What of lenders who manipulated libor rates, lied to borrowers about loan terms, lied to investors about risk factors, offered borrowers modifications and later foreclosed anyway, and now are foreclosing on homes they have no interest in...should they be responsible for their actions?
    24 Jun 2013, 03:19 PM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    http://bit.ly/134OFCD

     

    "A homeowner in Florida says her house was sold in foreclosure even though she was current on her Wells Fargo mortgage, ThinkProgress has learned. Her case is just one of many since the foreclosure crisis exposed improper or even potentially illegal behavior by banks."

     

    So....what about the bank taking responsibility for their actions?
    25 Jun 2013, 09:51 PM Reply Like
  • spinrbait
    , contributor
    Comments (391) | Send Message
     
    i believe that you believe that.
    26 Jun 2013, 08:02 AM Reply Like
  • Hayesni
    , contributor
    Comments (116) | Send Message
     
    I went to a bank to borrow $500.00 to transplant this beautiful apple tree because I really liked the apples.

     

    The cotton picking tree died and the SOB that runs the bank actually expects me to pay the $500.00 back with interest.
    23 Jun 2013, 09:13 PM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    Did you transplant it on your land or the bankers land?
    24 Jun 2013, 03:20 PM Reply Like
  • Hayesni
    , contributor
    Comments (116) | Send Message
     
    All mine. Bought and paid for without a single problem. The bank offered a deal. I agreed. They made money and I bought a home.
    26 Jun 2013, 12:20 AM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    Our first three homes were bought without problems, also. So plant your tree and be happy you did not get caught up during the period when banks forgot that borrowers were also customers and they began to think they were just "muppets".
    26 Jun 2013, 09:16 AM Reply Like
  • Hayesni
    , contributor
    Comments (116) | Send Message
     
    A loan involves a contract. You should know the terms of the contract going in. Both you and the bank has to live up to the terms of the contract. The bank can not just change the contract (they signed it also). Somehow I feel that I could buy another dozen houses and there would not be any problems as long as I lived up to my part of the contract.
    26 Jun 2013, 07:28 PM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    So, if the contract is based on fraud you should still honor it? What if they are not honoring their end of it and they are profiting from their fraud?

     

    “The most elementary conceptions of justice and public policy require that the wrongdoer shall bear the risk of the uncertainty which his own wrong has created”. See, Bigelow v. RKO Radio Pictures, Inc., 327 US 251 - Supreme Court (1946), See Package Closure Corp. v. Sealright Co., 141 F.2d 972, 979. That principle is an ancient one, Armory v. Delamirie, 1 Strange 505
    28 Jun 2013, 10:32 AM Reply Like
  • MexCom
    , contributor
    Comments (3054) | Send Message
     
    Most homes are sold through a realtor. If he steered you to a home that you clearly could not afford sue him! In many localities, you need to be represented by a professional closer or a lawyer on your behalf, if they clearly saw that you couldn't afford the home and didn't show you the escalation clause in an adjustable mortgage contract and not have you initial that clause, sue him! The bank only did what you wanted, agreed to in the contract and dully signed and pledged your good faith to pay. Then by not paying the mortgage - who is at fault? Surely not me - the stockholder invested in the bank.
    27 Jun 2013, 12:18 PM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    Then the stockholder who is invested in the bank should (and has) sued the bank responsible for the fraudulent loans.

     

    In fact, the investor has and continues to sue the bank and these same investors have won numerous settlements.

     

    If the bank acted in good faith with borrowers, we would not have this mess. Most borrowers actually got into the loans because they WANTED their homes.

     

    28 Jun 2013, 10:35 AM Reply Like
  • Hayesni
    , contributor
    Comments (116) | Send Message
     
    Fraudulent loans are one thing this subject is another. The bubble did NOT pop because of fraudulent loans. It popped because of politicians trying to buy votes from irresponsible borrowers propped up by rules which made ridiculous loans legal as opposed to fraudulent. They wanted their homes as well. The problem is they simply couldn't afford them. There have always been disputes about loans. Some of them were upheld and some were not. Those disputes did NOT nearly bring down the economy. Most of the recent suits we hear about are about banks not dotting all the I's and crossing all the T's associated with ending the legal loopholes associated with getting squatters out of homes they occupied (mostly rent free) through irresponsible loans encouraged by our government.
    29 Jun 2013, 11:26 AM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    Following is a list of settlements that not only acknowledge illegal behavior, but serve as evidence that the home-buyers were not the perpetrators of this fraud:

     

    10/6/2008 – $8.68 billion dollar settlement with Countrywide for the State of California – relief for home-buyers - ?
    8/3/2010 - $600 million dollar settlement with Countrywide Financial with the New York City Pension Funds – relief for homebuyers – 0
    10/15/2010 - $67.5 million settlement with the SEC – relief for homebuyers – 0

     

    2/2/2011 – Former Countrywide executives make a $6.5 million settlement with California - relief for homebuyers – 0
    6/29/2011 – B of A settles with 22 institutional investors for 14 billion. – relief for homebuyers – 0
    7/20/2011 – Countrywide settles a class action suit for charging excessive fees to more than 450,000 borrowers. – relief for homebuyers - ?
    12/21/2011 – Countrywide settles bias suit for $335 million dollars for discrimination – relief for homebuyers – ?

     

    2/2012 – $25 Billion dollar 48 state settlement with 5 major lenders. – relief for homebuyers yet to be determined, but they are still losing their homes.
    From the article in Huffington Post, 4/23/2013
    “In February of last year, five large banks, including Bank of America, agreed to a $25 billion settlement with 49 state attorneys general and federal authorities to resolve broad-based and persistent claims that they mishandled home loans in crisis. The banks were accused of charging improper fees while dispatching homeowners on customer service misadventures that often terminated in foreclosure. On Thursday, Bank of America and other mortgage companies -- 13 in all, this time -- finalized a separate $9.3 billion
    settlement with federal bank regulators to resolve similar claims.
    The settlements also required the mortgage industry to revize loan "servicing" practices -- how it manages homeowner accounts --widely seen as unfair and damaging. The deadline to make those reforms was Oct. 1.
    Banks may face fines of up to $1 million for each violation.

     

    Berry (a borrower) will receive nothing under these high-profile legal deals, even though she claims the same types of abuse that the settlements were meant to resolve. She is not alone, consumer advocates say. While these agreements have led to an uptick in aid for some borrowers, for many others, the deals might as well have happened on a different planet.”

     

    11/2012 - JP Morgan and Credit Suisse Settle With SEC For $417 Million Relief for homebuyers who were victims of this fraud? - 0

     

    1/2013 - HSBC To Pay $249 Million In Foreclosure Settlement
    “WASHINGTON (AP) — British bank HSBC will pay $249 million to settle federal complaints that its U.S. division wrongfully foreclosed
    on homeowners who should have been allowed to stay in their homes.
    The agreement with the Federal Reserve and the Office of the Comptroller of the Currency is similar to deals with 12 other banks that
    ended a review of loan files required under a 2011 federal action. Combined, the 13 banks will pay $9.3 billion.”

     

    2/2013 - $8.5 Billion dollar settlement for wrongful foreclosures. Relief for homebuyers for losing their homes? $300 - $2000 dollars. (I have yet to hear of anyone getting $125,000 as noted in settlement).

     

    3/2013 – LA Times reported that they found 1600 pages of undisclosed settlements filed with the FDIC against major banks!
    Relief for homebuyers? - 0

     

    With all the settlements and court cases regarding bank fraud still pending, the lenders are still allowed to foreclose and remove families from their homes. This is making countless families homeless and destroying the moral of millions of American citizens.

     

    Yet the evidence tells us that these families have been lured into liar loans and later into default:

     

    A) The FBI estimates that 80 percent of all mortgage fraud involves collaboration or collusion by industry insiders.
    B) Register of Deeds, John O’Brian has documented massive fraud.
    C) San Francisco study found 85% error in foreclosures
    D) Movies: Too Big Too Fail, Insider Trading, Margin Call, and most recently, We Are Not Broke

     

    So for homebuyers the question is…why are we still paying for the fraud? And why are we the ones being labeled the “deadbeats” while the Executives that created this fiasco are getting bailed-out and they are getting huge bonuses in addition?

     

    In addition, the lawsuits have not ceased…
    February 2013 – U.S sues the S & P for ratings fraud related to Mortgage-Backed Securities (MBS).

     

    “The U.S. government is seeking $5 billion in its civil lawsuit against Standard & Poor’s, accusing the ratings service of defrauding investors, in one of the most ambitious cases yet from the Justice Department over conduct tied to the financial crisis.
    The United States said S&P inflated ratings and understated risks associated with mortgage securities, driven by a desire to gain more business from the investment banks that issued those securities. S&P also falsely claimed its ratings were objective, the lawsuit said.”
    April 2013 - AIG is suing B of A for mortgage fraud:

     

    “(Reuters) - American International Group Inc (AIG.N) won a legal victory over where a mortgage fraud lawsuit it brought against Bank of America Corp (BAC.N) should be heard, a two-year-old case that has largely been on hold because of the dispute over venue.
    The 2nd U.S. Circuit Court of Appeals on Friday agreed with AIG that the case belongs in state court, not federal court as Bank of America preferred.”

     

    April 2013 – Prudential Insurance sues Goldman Sachs for Mortgage Fraud and Racketeering on MBS :
    “Goldman fails to dismiss Prudential mortgage fraud lawsuit
    * Prudential alleged losses on more then $375 mln RMBS
    * Fraud, racketeering claims allowed to proceed
    * Goldman, Prudential decline to comment
    By Jonathan Stempel
    April 9 (Reuters) - Goldman Sachs Group Inc must face a lawsuit in which Prudential Financial Inc accused the Wall Street bank of defrauding it into buying more than $375 million of residential mortgage-backed securities it knew were unsafe.”
    April 2013 - Foreclosure Review Finds Potentially Widespread Errors
    “BOSTON -- Nearly a third of all foreclosed borrowers who faced proceedings brought by the biggest U.S. mortgage companies during the height of the housing crisis came to the brink of losing their homes due to potential bank errors or under now-banned practices, regulators have revealed.
    Close to 1.2 million borrowers, or about 30 percent of the more than 3.9 million households whose properties were foreclosed on by 11 leading financial institutions in 2009 and 2010, had to battle potentially wrongful efforts to seize their homes despite not having defaulted on their loans, being protected under a host of federal laws, or having been in good standing under bank-approved plans to either restructure their mortgages or temporarily delay required payments.”
    30 Jun 2013, 10:17 AM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    This list is not nearly exhaustive, considering the 1600 pages of "secret" settlements filed with the FDIC.
    30 Jun 2013, 10:20 AM Reply Like
  • MexCom
    , contributor
    Comments (3054) | Send Message
     
    In most if not all what you cited above, the bank did not admit to any wrong doing and the the parties agreed to the settlement - i.e. there was no fraud. You accuse but the parties settled. This may be considered lible. If your propaganda does the bank harm - you could be sued.
    5 Jul 2013, 11:19 AM Reply Like
  • Hayesni
    , contributor
    Comments (116) | Send Message
     
    As I have previously stated. There is no doubt in my mind that I can choose a house, get a loan from a bank, set up a payment schedule and buy the house. I would never hear a word out of the bank other than the routine tax papers. 15 or 30 years from now I would own the house and wouldn't even know the name of the loan manager.

     

    If you go on line today, you can buy Black Berry stock at a huge discount. That does not mean the stock will be worth a cent in three years. It also does not mean that the broker who sold you the shares stole your money. We keep mixing the purchase of homes and other investments together. The housing bubble popped because people who were not financially able to purchase a home were put in homes and because people thought they could get much more house than they could actually afford.

     

    Other people lost money because they purchased bundles that did not make financial sense. That is not the housing bubble. It is an poor investment.

     

    Would you care to buy some Black Berry stock? I can get you all you want at a low price. That does not mean I will buy it back at the same price in three years if the company goes broke or the price has gone down.
    1 Jul 2013, 08:32 AM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    I once believed that, too. Then in spite of the usual, normal lending processes that we have gone through many times before...we were cheated.

     

    It was pretty obvious, really. Our contract would support our facts...but the lender did not honor our contract and felt no shame. They passed our file from employee to employee trying to decide what to do. We have ALL been given the label of "deadbeat" so that they own collusion in the process is dismissed as incidental...but it is not.

     

    I know how the stock market works...which is why I do not take those kinds of risks. What I was purchasing was a home. The value could go up or down, as long as the payment was what I could afford that is all that mattered.

     

    The lack of understand on this site is motivated by your own fear of loss...in spite of the multitude of lawsuits and authorities I can cite illustrating the fraud, you still walk with blinders on your eyes.

     

    The world is rioting all around you. People are crying out for someone to listen, to just look at their documentation. They are promised help that does not come. And others justify their losses by hubris and depraved indifference.

     

    Families did not "invest" in their properties, they were buying a home. Many were lied to and deceived so that someone somewhere could increase their bottom line. Many have lost assets and 401K's due to the fraud. It is real. It exists. Brought to us by those who have the education and insight to know better taking advantage of those who did not. Taking advantage of families who thought buying a home was the same as when their grandparents bought a home years ago.

     

    There was fraud in our loan. We have had our day in a court of law and prevailed. But we will never get back those 6 years and everything is cost us financially and emotionally and we are still not done in spite of it. The fraud continues. And you help to exacerbate it by not listening to the multitude of lawsuits, or noting the outrage of the Independent Foreclosure Review, or hearing the cries of millions upon millions of people around the world who are suffering at the hands of austerity.

     

    This is the world we will leave to our children and grandchildren. I want to teach them better than this. We don't need blackberries, but a roof over our heads and a place for our children to get up and go to school and feel safe is a necessity. (and please spare me the rhetoric about the paperboy and the mansion). This has been fraud, plain and simple, and if the multitude of lawsuits do not convince you then you choose to look the other way for the sake of your own profits, not because it is not true.
    1 Jul 2013, 11:05 AM Reply Like
  • mphill47
    , contributor
    Comments (540) | Send Message
     
    So what everyone is asking is "what was the fraud ?" . You are rambling in generalities that are not making sense. Be specific as to what the fraud was.
    1 Jul 2013, 11:16 AM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    http://bit.ly/1b2GYOW

     

    STEP 8: Criminally Disregard TIL 2: pushed Borrowers into Loans Banks KNEW borrowers could not afford when the Loan reset
    This is criminal disregard of the Fiduciary Responsibility required of loan officers
    Banks pushed loan officers with every ruse and bonus possible to snag unsuspecting Borrowers regardless of future harm to the Borrower.

     

    STEP 11: Fraudulently Foreclose Loan defaults: falsify Loan ownership; falsify Foreclosure documents
    "Pretender Lenders" (Banks) foreclose as if they own the Loans; they do NOT own the Loans
    Loan Servicers (Banks) illegally assign Loans to Securities years after these Funds Closed (robosigning fraud not slipups)
    60 Min: Fraudulent Foreclosure Docs Video
    The REMICs have Failed
    Robosigning Website Proof
    List of robo-signer names used in foreclosure documents

     

    STEP 12: CHEAT the US Taxpayer: Use TARP to pay off lawsuits; get money to do Loan Mods Bank Servicers can't legally make Pretender Lenders (Banks) are Servicers with NO authority to modify these loans Only Loan Owners can modify the Loans.
    Since Loans were not assigned to specific Securities, Investors don't own the Loans either.
    Confuse and obfuscate to the max to achieve affordable "settlements" with Fed and States
    1 Jul 2013, 03:02 PM Reply Like
  • spinrbait
    , contributor
    Comments (391) | Send Message
     
    i was beginning to wonder if you were one of the "truth squad" obamabots trolling the boards all over the internet. bashing jpm on an investment board with such vitriol just didn't make sense. then when i saw step 12, that is right out of the occupy play book. i admit, you had me for awhile.
    2 Jul 2013, 08:39 AM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    I put my references above the comment, so there is no question where I got them. I read a lot.

     

    Here is another one: http://bit.ly/12F1DAI

     

    ""Delay was achieved using tactics including claiming that documents were incomplete or missing when they were not, or simply claiming the file was 'under review' when it was not," said loan underwriter William Wilson, who worked for BofA in Charlotte.

     

    Wilson said the bank conducted an "blitz" on modification applications twice a month, canceling any application that was more than 60 days old.

     

    The purge could wipe out 1,500 modification applications in one fell swoop, he said.

     

    "We were instructed to delay and then push homeowners to accept an internal refinance so that Bank of America would profit," Wilson said."

     

    Read more: http://bit.ly/12F1DAK

     

    Unlike your response...I back mine up with facts and references...using name calling like "obamabots" and "trolling the boards" is dismissive...and does not describe who I am, nor does it address the issues to which I am referring.

     

    If you want to know who I am and why I write, just ask. I am a homebuyer who began seeking out reason why the lender could change my loan terms and not honor our contract then claim it was "no big deal" because their "mistake" only cost us $25-50 thousand dollars...to start. I began researching what was happening to other homebuyers who were in distress and why we could not get any help.

     

    I am also an investor with a 401K that has been depleted due to this fiasco, as well. We sold our stocks we had set aside for our retirement, to buy our way out of a bad loan, hoping to see justice, eventually. I have learned a lot since then.

     

    You were right about the "truth" part.
    2 Jul 2013, 04:55 PM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    http://1.usa.gov/12CfB6u

     

    "Mortgage fraud perpetrators include licensed/registered and non-licensed/registered mortgage brokers, lenders, appraisers, underwriters, accountants, real estate agents, settlement attorneys, land developers, investors, builders, bank account representatives, and trust account representatives.

     

    With elevated levels of mortgage fraud, the FBI has continued to dedicate significant resources to the threat. In June 2010, the Department of Justice (DOJ), to include the FBI, announced a mortgage fraud takedown referred to as Operation Stolen Dreams. The takedown targeted mortgage fraudsters throughout the country and was the largest collective enforcement effort ever brought to bear in combating mortgage fraud.

     

    Mortgage fraud enables perpetrators to earn high profits through illicit activity that poses a relative low risk for discovery. Mortgage fraud perpetrators include licensed/registered and non-licensed/registered mortgage brokers, lenders, appraisers, underwriters, accountants, real estate agents, settlement attorneys, land developers, investors, builders, bank account representatives, and trust account representatives. There have been numerous instances in which various organized criminal groups were involved in mortgage fraud activity. Asian, Balkan, Armenian, La Cosa Nostra,2 Russian, and Eurasian3 organized crime groups have been linked to various mortgage fraud schemes, such as short sale fraud and loan origination schemes.

     

    Mortgage fraud perpetrators using their experience in the banking and mortgage-related industries—including construction, finance, appraisal, brokerage, sales, law, and business—exploit vulnerabilities in the mortgage and banking sectors to conduct multifaceted mortgage fraud schemes. Mortgage fraud perpetrators have a high level of access to financial documents, systems, mortgage origination software, notary seals, and professional licensure information necessary to commit mortgage fraud and have demonstrated their ability to adapt to changes in legislation and mortgage lending regulations to modify existing schemes or create new ones."
    1 Jul 2013, 03:41 PM Reply Like
  • Hayesni
    , contributor
    Comments (116) | Send Message
     
    I do not have a dog in this fight. I do not own any stock in any financial institution. Your step 8 is exactly what we have been saying. People were allowed and perhaps even encouraged to get into loans they could not afford. The Federal Government, Fanny and Freddy were all complicit in this. The President was bragging about the rate of home ownership being at record levels after previously warning that we were building a disaster. Barney was saying all is well and those who pointed out the obvious were criminal.

     

    Well guess what. If the Federal Government supports a program which will make money for those who participate, they will participate. In this case the Banks didn't have much choice. They could not continue with business as usual because the Government would come down on them with both feet if they didn't provide loans to people who simply should not have been provided loans of those levels. When the problem became so obvious that we were going into disaster, (apparently to everyone but Barney) the banks did what banks do and that was to bundle at risk loans and shed them to people stupid enough to buy them.

     

    I would like to be sympathetic to your situation, but I know many, many people who have or are paying for their homes and I do not know anyone who was caught up in one of these stupid loans and I certainly do not know anyone who lost their home through NO FAULT OF THEIR OWN. I do not know a single person who did everything right and simply got kicked out of their house and I never have known one (unless you count people who were in a house and then lost their source of income). I'll keep an eye out for that one.

     

    I certainly do not think the banks are clean as the driven snow here. They should have been screaming to high heaven that we were running into a train, but that is not how to make money, because the Federal Government was driving the train. One of the reasons there are so many settlements by the banks is that the Government has distanced themselves from responsibility here and the Banks are paying these settlements and in many cases pure public assistance with your tax dollars.

     

    My kids are purchasing their first house now and I have not heard a peep out of them. The only advice I gave them was do not accept any loan where you do not know exactly what the monthly payments will be during the entire length of the loan and to remember the variable expenses like taxes and insurance would increase over time.
    2 Jul 2013, 09:06 AM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    My children have also purchased a home, I now know how to tell them what to look for and the lenders now know they are being watched.

     

    The loans that were issued in the last ten years had no resemblance to the 1st 3 loans we previously had. We thought we knew the drill, and while we had questions we were dismissed as "not understanding how it works", trust those with "more experience and expertise" in these matters. We had hired financial planners to help us prepare for our retirement.

     

    Recently, I did warn a close friend about the current lending practices, who took heed when he was charged with erroneous charges upon closing. He refused to pay those charges, told them he would call off the whole deal, and somehow the charges got dropped.

     

    I will agree that there should be a shared responsibility here, but thus far, that is not what I am seeing.
    2 Jul 2013, 05:41 PM Reply Like
  • Hayesni
    , contributor
    Comments (116) | Send Message
     
    Now your last post makes more sense to me. I can certainly understand where when you are required to use so many people to be able to sign on a loan, there is plenty of room for the average buyer to get stuck with someone not doing their jobs correctly. Many have purchased homes only to find out weeks, months or years later that there was a structural problem with the house. Of course you are the person responsible for getting the house inspected.

     

    I remember when I purchased my first home, I had the check list an one of my closing expenses was the survey. Well I knew the survey had not been done, so I went to my lawyer who was a friend and told him the survey had to be done. He told me it had been done and he had already paid the $90.00. That was almost the end of our friendship, but I told him we would not close until the survey was done properly. When the very unhappy person I had called a liar showed up, all did not go well, but then we found the fence between my future house and my neighbor to the north started on the corner marker at the back of the lot but was just over 30 inches onto my property at the front corner of the house.

     

    So yes there was fraud, but it certainly was not the responsibility of the Bank. That was the fault of my lawyer, the surveyor and of course ultimately it was on me.
    2 Jul 2013, 09:27 AM Reply Like
  • mphill47
    , contributor
    Comments (540) | Send Message
     
    Great comments. Let me add one more thing. The last thing Banks want to do is foreclose. This is a giant headache for a bank as they are not in the real estate business. In every case I have seen over my 70 years the bank has bent over backwards to keep someone in the home and not foreclose. Reading the comments from EGalindo she would have you believe that the evil banks are like Simon Lagree in the old time movies, lurking in the shadows waiting throw out the home owner and foreclose.
    2 Jul 2013, 12:25 PM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    The following quote and the recent B of A whistleblower disclosures does not sound like Banks willing to work to keep homeowners in their homes.

     

    ""Delay was achieved using tactics including claiming that documents were incomplete or missing when they were not, or simply claiming the file was 'under review' when it was not," said loan underwriter William Wilson, who worked for BofA in Charlotte.

     

    Wilson said the bank conducted an "blitz" on modification applications twice a month, canceling any application that was more than 60 days old.

     

    The purge could wipe out 1,500 modification applications in one fell swoop, he said.

     

    "We were instructed to delay and then push homeowners to accept an internal refinance so that Bank of America would profit," Wilson said."

     

    Read more: http://bit.ly/12F1DAK

     

    If not for an experience that vastly differs from your opinions, I might just agree. Previously, banks have been willing to work with homebuyers. Several years ago in the 80's we had a problem with our other home and the bank was very patient with us. We worked hard to get back on track, but we have learned that the currently standards have drastically changed.

     

    I do not know what lurks behind this catastrophe, but I do know that thus far, the banks have not been willing to work with homeowners. How much evidence needs to be published before you consider that possibility?

     

    Yet your dividends hinge on the belief that as of 2006, 40 million people suddenly became irresponsible, like never before in history (unless you count the 30's when the banksters were put in jail). And now your dividends depend on these same "irresponsible" borrowers willingness to hold up the economy.

     

    If, you as investors, insisted that the banks work with the homebuyers, they might listen. If the homebuyers thought they were being heard and their loans were genuinely being modified, they would no doubt become reperforming loans, but that is NOT what is happening now.
    2 Jul 2013, 05:12 PM Reply Like
  • MexCom
    , contributor
    Comments (3054) | Send Message
     
    http://onforb.es/13rClwr

     

    Every dollar of settlement you get out of the banks - 40% is out of the pocket of the taxpayer. This is the tax revenue that is lost - billions of dollars so far. This increases the National debt and increases the future tax burden of your children. Wouldn't it be better to teach the mortgage cheat homeowner who refused to keep up with their payments a lesson? Why do I have to pay for their mistakes?
    3 Jul 2013, 08:59 AM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    For every dollar of settlement that banks paid out, there is a fraudulent loan or foreclosure represented in that payout. The tax revenue that is lost is primarily paid by those on whom the fraud was perpetrated.

     

    Why do this homeowners who were lied to, and continually given hope that actually is not coming have to continue to pay for the fraud?

     

    Until you have been cheated by a system rigged against you, you cannot begin to imagine the frustration of not being heard...but then if you will not listen to the plethora of lawsuits, settlements and evidence of forged documentation...you are one of those not listening.

     

    http://bit.ly/12lEx37

     

    “When Jason Grodensky bought his modest Fort Lauderdale home last December, he paid cash. But seven months later, he was surprised to learn that Bank of America had foreclosed on the house, even though Grodensky did not have a mortgage."

     

    Which is why banks can get away with foreclosing on homes they have no right to.
    3 Jul 2013, 09:41 AM Reply Like
  • Hayesni
    , contributor
    Comments (116) | Send Message
     
    EGalino,

     

    I think I was married to you one time.

     

    One last time and then I'm done saying the same things over and over again. This has nothing to do with dividends. I do not and have never owned ANY stock in ANY financial institution.

     

    The tax revenue that is lost is NOT primarily paid by those "on whom the "fraud" was perpetuated." It is paid by the tax payers of America. The relatively small number of us that are left.

     

    A huge percentage of these settlements have gone to people who pay no federal taxes. They just file for their refund each year. In the meantime, the glut of paperwork and other requirements brought on by the fraud of putting so many people in homes they could not afford merely serves to prolong the process and lengthen the time those people milk the system. It also backs up the system so anyone who does have a legitimate claim gets caught up in the mess.

     

    If we didn't have the housing bubble in the first place, the tax payers would not be paying the rent for cheats who have lived in homes they are not paying for and the small fraction of people with legitimate complaints caught up in this mess could get the attention they need to resolve the legitimate issues.

     

    If you have a legitimate complaint, you happen to be like the customer who has gone into McDonald's and bought and paid for her Big Mac. When the kitchen catches on fire, your Big Mac probably is not going to get to you in a timely fashion and when it does, you may not like the service. Likewise when tens of millions of loans default and have to be dealt with the system can not add millions of new employees in time to be sure the system continues to function at the same efficiency we should be able to expect under normal circumstances.

     

    Does this mean you don't have a legitimate complaint? Frankly I don't have a clue one way or the other. What I do know is that the housing bubble and the near collapse which resulted because of it had nothing to do with tens of millions of good, honest, hardworking, intelligent, diligent people who only wanted to purchase a home which they could afford and were willing to do what it took to pay for it.

     

    The financial problems came about because politicians were buying votes by spending tax revenue and decided it would be good to put a bunch of freeloaders into homes they didn't have a chance of paying for and the banking system went along with the flim flam rather than standing united and declaring that was a plan for disaster.

     

    In closing, when McDonald's catches on fire, you better not expect business as usual. On Dec. 8th. 1941 it was not business as usual and when Congress decided it could buy votes by messing with the mortgage industry, you can bet it will not be business as usual for a long, long, time.

     

    If you actually have a legitimate complaint, I have not been able to figure out what it is, and at this point, I actually no longer care.

     

    At least I don't have to get a divorce to get rid of this racket.
    3 Jul 2013, 11:50 AM Reply Like
  • MexCom
    , contributor
    Comments (3054) | Send Message
     
    So true. These homeowners stopped paying and their loss ended right there. They continued to live in their home rent free until evicted. All at a loss to the banks and the taxpayer from the tax revenue loss on the write-off from the settlement payouts to undeserving people. They think that they deserve something for nothing. I recently moved and sold my home for a $60,000 loss. No basis to take a tax loss write off. Where is my sugar daddy law suit/settlement to help me? The value of the home went down - I got the best price possible when I sold. Now these poor people want to walk away never paying back their debt and declare bankruptcy to possibly start over. And, they don't have to pay any broker commission on the sale! Their financial mistake is gone. I have to suffer with no tax write off and losing out to my taxes going to pay-off these claims. They walk away free and I have to continue to pay.
    5 Jul 2013, 11:35 AM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    You're right you are repeating yourself...and not listening. Perhaps the divorce was warranted.

     

    If I bought a big mac from McDonald's and the kitchen caught on fire, so they served me a burnt rice burger. I would complain... and rightfully so. If the kitchen is on fire, fix it before you try getting rid of all the burnt food on unsuspecting customers.

     

    Do you have evidence that the settlements went to a huge percentage of people that did not pay federal taxes? Have you posted one authority or citation to support your claims?

     

    No matter how the financial bubble came. It is here and needs to be dealt with maturely, and not by expecting those who can least afford it to carry it. Because, like it or not, there is a glut of evidence and authorities, which I have already cited a fraction of, supporting the fraud. And there are supposed to be laws in support of fiduciary responsibility. And there are laws against forgery which are not being observed.
    3 Jul 2013, 04:24 PM Reply Like
  • mphill47
    , contributor
    Comments (540) | Send Message
     
    You better get off of this silly board and go to work or you won't be able make your mortgage payment forcing Simon Lagree to foreclose on your loan.
    3 Jul 2013, 05:24 PM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    http://bit.ly/13nCbr2

     

    Jerde, 70, has been fighting foreclosure proceedings since 2008 and was the subject of a Whistleblower article in the Star Tribune in August 2011 after she paid JPMorgan Chase almost $50,000 — leaving her almost penniless.

     

    Two days after acknowledging receipt of Jerde’s money order, the mortgage holder told her she didn’t qualify for a permanent loan modification that would allow her to stay in her home. After being contacted by the newspaper, a bank spokeswoman said she would “try to find a solution.”

     

    Thus far, other than calling me names and trying to bully me for having an opinion that differs vastly from those here, you have offered no evidence of your "massive deadbeat homebuyers" defense.

     

    If you do not wish to hear what I have to say, then do not reply and I will not get the notification that there are replies.

     

    4 Jul 2013, 10:46 AM Reply Like
  • Hayesni
    , contributor
    Comments (116) | Send Message
     
    EGalindo,

     

    Have a glorious Independence day.

     

    Nick
    4 Jul 2013, 01:37 PM Reply Like
  • MexCom
    , contributor
    Comments (3054) | Send Message
     
    How many of these whistle blowers are disgruntled employees who recent got fired from the down sizing of mortgage operations? Then there are the Finger brothers writing letters of complaint to the SEC all over their loss of control of their bank in Texas and not getting on the BAC Board of Directors.
    5 Jul 2013, 11:39 AM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    "An institutional investor is calling on Bank of America CEO Brian Moynihan and the bank’s board to investigate allegations from former employees that they were encouraged to deny mortgage modifications to homeowners.

     

    In a letter filed with the Securities and Exchange Commission, the shareholder, Houston-based Finger Interests Number One, blasts the board and the company’s management in light of the employees’ claims, saying “nothing has really changed” under Moynihan and the leadership of Chairman Charles Holliday."

     

    Read more here: http://bit.ly/11oq0J8
    5 Jul 2013, 09:31 PM Reply Like
  • spinrbait
    , contributor
    Comments (391) | Send Message
     
    elgalindo,
    do you think a bank would rather have a forclosed home, when home values are lower than the loan value, over a modified loan? that is unless the bank is supposed to write off principle. i wouldn't do that either. and neither would you if you had been the one to loan the money.
    6 Jul 2013, 08:14 AM Reply Like
  • MexCom
    , contributor
    Comments (3054) | Send Message
     
    Finger lost control of his Houston Bank from the buy-out of NCNB. He may have been promised a seat on the BOD. He lost in a proxy fight to get on the BAC board but lost. He has been a gadfly ever since even with his ownership of over 1 million shares. He is only venting out his sour grapes as you are doing here. This is not doing any good for the homeowners who want to modify their mortgages or getting evicted in foreclosure proceedings. Isn't it about time you spend your time in some productive enterprise in bettering your situation instead of making like it miserable for all involved.
    8 Jul 2013, 01:23 PM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    MexCom, Previously, I would have accepted your advice and deemed it as wise, but losing a home and retirement funds to fraud is not the same as making a bad deal on an auto loan or buying a suit that doesn't fit.

     

    This affects every area of our lives and the lives of those around us. It would certainly be easier for those "responsible" to ignore the situation and allow those who are struggling to slowly lose hope...after all...it didn't happen to "you". But this disaster will be with us a long time...and it was NOT the fault of those just trying to buy a home for their families.

     

    So, occasionally, I point out the obvious, the misery does affect us all. Alan Greenspan yelled at Brooksley Born, also. She tried to warn us what was coming:

     

    "It was like my worst nightmare coming true. I had had enormous concerns about the over-the-counter derivatives [OTC] market, including credit default swaps, for a number of years. The market was totally opaque; we now call it the dark market. So nobody really knew what was going on in the market."

     

    She was ridiculed and yelled at for her warnings. Now she is silent, but knowing she was right.

     

    It is funny how any article or opinion that differs from yours is "sour grapes". No matter how many articles or authorities point out the obvious, they are all just whiners? Don't know how things work?

     

    Like with the story of the Emperor's New Clothes, our empire is naked, and even a child can see it.
    9 Jul 2013, 10:29 AM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    Spinrbait, I agree with you. I do not understand why the banks are doing what they are doing. Yet, that is what this thread is about. Banks NOT complying with the settlement. This is on the tail of other articles about abut the ex-employees of B of A offering affidavits stating that they were instructed to deny modifications to customers who DID qualify.

     

    I sat in on a hearing as a witness to B of A attorneys taking the home of a woman who had been approved and was paying her modification payments. She had been "duo-tracked" so at the same time she was applying for a modification, B of A was putting her through the foreclosure process, so at the same time they sent her the paperwork telling her she qualified and instructing her to send in her payment to save her home, they were selling her home out from under her.

     

    I heard the judge instruct B of A to wait until the woman had her hearing in another court the following month. That same day B of A sent movers to the woman's home to remove all her belongings, while she was away from home, against court orders.

     

    What has happened to just basic human compassion? Neighbors helping neighbors?

     

    Why would B of A rather risk disobeying a court order and sell out a home from a woman willing to save her home rather than help her save her home? I don't know. Perhaps you can ask them.
    7 Jul 2013, 05:52 AM Reply Like
  • MexCom
    , contributor
    Comments (3054) | Send Message
     
    The bank is doing everything they can to "comply with the settlement." The preponderance of the evidence is that they are doing everything possible to qualify owners for loan modifications and keep people in their homes. Gadflys such as yourself are not helping the situation. Hiring lawyers and writing letters and posting on SA is not helping - its doing the opposite. We need to build confidence with the market, the homeowners and prospective customers of the bank. A stronger bank can then make riskier loans. Why are you so much against helping the people who deserve refinance and initial home purchases?
    10 Jul 2013, 09:59 AM Reply Like
  • EGalindo
    , contributor
    Comments (90) | Send Message
     
    Apparently, you have not read my posts or at least you have not "heard" the content. Homeowners are not likely to sit back quietly and lose their homes to "fraud" and false accusations of being "deadbeats", and as one who sees it everyday I can assure you, thus far, the majority of the banks are RARELY working with the homeowners. In fact, some of the fraud is so blatant, it is abusive.

     

    I have posted references to homeowners who did not OWE a mortgage, homeowners who have been removed from their homes by homeland security with AK47's for asking for 60 days to move. I have posted references to the sites that verify my facts.

     

    What is not helping is people that continue to think it is okay to steal homes out from others....that it is only a technicality, it is okay to cheat some people because they were not savvy enough to know they were being cheated. Or to place a entire group of people into a "deadbeat" category so that they do not matter or authorities don't have to hear our cases.

     

    All we have to do is look around, read the news, and we know that the economy is suffering like never before and asking people to accept having their homes stolen and their credit ruined like it is no big deal is just not going to happen, and judging from your posts, if you were in this position (yeah, yeah, I know this would NEVER happen to you) you would not just shrug your shoulders and let it go. Yet it has happened to people who least expected it, and when they went for help, they were treated as reprobate, even when they did not OWE a mortgage.

     

    Even now you chide me for fighting for homeowners. Why? Because all of our fighting is messing with potential dividends and future profits.

     

    Again, the very nature of this thread is that banks are NOT doing everything they can to "comply with settlement". Try reading the affidavits from the B of A employees...you can find them here:

     

    http://bit.ly/15wkzHi

     

    Quite the opposite, MexCom, I want to help these people and I work to do that, but we need transparency and a desire to really 'help' and not 'hide'.

     

    As I have stated before there is plenty of 'wrong' to go around and recovery requires shared responsibility by both lenders and borrowers. Thus far, that has not been the case...so lawyers, writing letters and posting is all we have to continue to bring attention to the problem, until there is a solution that works.

     

    Helping homebuyers will bring confidence to the market.
    10 Jul 2013, 11:27 AM Reply Like
  • mphill47
    , contributor
    Comments (540) | Send Message
     
    Wish this site had an Ignore feature.
    10 Jul 2013, 05:54 PM Reply Like
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