Addressing the Foreclosure Crisis
http://thedianerehmshow.org/shows/2010-10-19/addressing-foreclosure-crisis
Attorneys general from all 50 states are investigating mortgage foreclosures. How a proposed moratorium on mortgage foreclosures could affect homeowners, banks and the economy.
Guests
Tom Deutsch
deputy executive director, American Securitization Forum.
Greg Ip
U.S. economics editor, The Economist, and author of "The Little Book of Economics: How the Economy Works in the Real World."
Kathleen Day
spokeswoman, Center for Responsible Lending; ethics teacher at Georgetown University’s graduate program in real estate studies.
Comments
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BANK of AMERICA just informed me that since my foreclosure sale date is with 14 days in order to accept a package for modification they are requiring that I pay all of my back payment upfront before the sale date. Told them if I had the money I would not be needing the modification (HELLO!!!!) but that just does not matter, althought I had been working with a third party to do the modification and did have delays they have all the phone calls of this fact, I was just not waiting until the last minute.
They already approved and closed our modification of the house we occupy but the house we could not sell for over a year. Now they require the pmt of back payments if requesting submission within 30 days need 50% of back payments and if 14 days need 100% of back payments according as of July 29th. WHY was I not told this when I had my weekly talk that we were in the process of submitting the modification, if I had been told that I would have known I had a major deadline and pushed the modification company to meet that deadline.
THANK YOU BANK OF AMERICA for your continued BACK STABBING of the people that are trying to survive this economic nightmare. I was told there was nothing I could do and no one could postpone the sale date because that is what the guidelines state. NO HUMAN CONCERN BY BANK OF AMERICA.. NO WRITTEN NOTICE TO HOMEOWNERS OF DEADLINE REQUIREMENTS AND POLICY CHANGES FOR MODIFICATIONS.
Too bad our government does not consider all the homeowners loosing their homes as "TOO BIG TO LET FALL" but they have helped the very ones who caused this mess. SICK AND TIRED OF IT ALL....THANKS CONGRESS
I am somewhat appalled how calm the response is to this mortgage crisis.
This is not a paperwork crisis, but a bold and brazen
disregard for civility and law. The threat to our Republic
from this crisis is as severe as any this nation has ever faced.
This threatens the very fabric of our legal system,
our economy, and perhaps whether this nation
can survive.
Where are the criminal prosecutions? Remember Michael Milken, and his RICO prosecution?
Personally, I am going to avoid doing business with
any of these banks, but apparently, my reaction is the
exception rather than the rule. There behavior is so brazen,
that don't seem to fear any public backlash.
This is not an issue about "paperwork". You can't go to court with depositions that are fraudulent, and sign affidavits
that aren't true, and just call it paper work problems.
That's criminal, and lying in business dealings in order
to take advantage of someone in some circumstances is fraud.
Also, if you hire someone, and you know that
you are not going to provide the goods or service
that you allow someone to offer on your behalf,
then you could be liable for breach of contract,
or fraud.
This is not a "mess", this sounds to me like a tsunami level
crime.
Both my parents were in the mortgage industry for many years, before retiring. The were absolutely scrupulous with
following procedures, and getting the details correct.
This is required by law, and short circuiting this process
can be a crime. Property rights, and title transfers
are fundamental elements of our economic system, and
if you undermine this, you threaten our entire Republic.
The problem is more than following the details of the foreclosure process; This situation is associated
with deceptive loans, improper claims of title, false
depositions, forgery etc.