Silence Is NOT Always Golden, Negotiating A 'Foreclosure Fraud' Settlement

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Silence Is NOT Always Golden, Negotiating A ‘Foreclosure Fraud’ Settlement

Silence Is NOT Always Golden, Negotiating A ‘Foreclosure Fraud’ Settlement

Bizarre is the first thing that comes to mind. What many of us find disturbing is what exactly is playing part behind closed doors. The following information should have been in place years ago…

Take for instance the latest from The Wall Street Journal:

The document also spells out steps for banks to verify the accuracy of amounts owed, people familiar with the proposal said. Banks will face limits on fees that they can impose on delinquent borrowers. The document also includes a list of directives to improve tracking of mortgage notes and the chain of title, and to boost oversight of foreclosure law firms and third-party vendors, these people said.

The code of conduct references the Mortgage Electronic Registration System, or MERS, an electronic lien-registry system designed to facilitate the recording of mortgages. It says details clarifying the use of MERS may be spelled out later.

Banks said they are studying the document. “We are analyzing what was shared with us yesterday,” said a spokeswoman for Wells Fargo. A spokesman for Citigroup said, “Our discussions with government officials are confidential.” Bank of America declined to comment.

Negotiating fraud should not be an option. Why keep this information from the public?


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3 Responses to “Silence Is NOT Always Golden, Negotiating A ‘Foreclosure Fraud’ Settlement”

  1. DanJS says:

    Negotiating Fraud Should Not be and Option (Your words)

    Answer me questions, please:

    Is our government taking the position that “if” fraud exists, the fraud is against the court, and not the mortgagor?

    Are the mortgagors seen not as “victims of fraud,” but as “incidental,and possibly adversarial ‘outsiders’ who have no right to a seat at the so-called “negotiation table?

    Or is the government saying the “lenders” and/or the “investors” are the only agrieved parties/victims of the mortgage servicers?

    Is there a distiction be drawn for mortgagors who were told at closings in “non-judicial states” that they have “no choice” in those states, but to sign away their rights without redress once they leave the table and walk out the door with their homes legally encumbered withing a “straitjacket” of conditions and requirements they can no longer contest? Regardless of what happens with the “deed to secure debt” they were manipulated into signing?

    Please give us comment.

  2. dinsfla says:

    Dan,
    I usually never comment. I think we all know by now the extent that the government is helping no one but these banks.

    I believe 70-75% of all US Mtgs are backed by the government and guess who gets the tab on these toxic papers?

    They back these up knowing they are “NBS” (Nothing Backed Securities) and we come thru with the bail outs. It’s a shell game from start to finish. Everything is staged.

    Currently JPMorgan made a profit of $17 Billion and guess the amount they set aside for Bonuses/Salaries…. $9 Billion!

    It’s only due to the investors who are unleashing these monster lawsuits against them that is making the gov’t act quickly.

    If you watch the hearings on the foreclosure mess…these people have absolutely no clue what they are doing. No idea!

    This is a Wall Street Government.

    D-

  3. Keith says:

    If your in a foreclosure you need to make a claim to the promissory which is an investment agreement, the deed of trust is the mortgage.
    You need to make a claim to the home which was paid for at closing.
    If you get a copy of the abstract of title you will see there was a zero balance in both the account receivables and payables. Banks don’t make loans, you create the current for the purchase with your signature. If a bank cannot make consideration or take any risk then it cannot make a binding contract. WAKE UP FOLKS.

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