The Second-Mortgage Shell Game


The Second-Mortgage Shell Game

The Second-Mortgage Shell Game

Once a Scam, ALWAYS a Scam.


IN January, federal regulators announced an $8.5 billion agreement with 10 mortgage servicers to settle claims of foreclosure abuses, including bungled loan modifications and the wrongful evictions of borrowers who were either current on their payments or making reduced monthly payments.

Under the deal, announced by the Federal Reserve and the Office of the Comptroller of the Currency, the mortgage servicers will pay $3.3 billion to borrowers who went through foreclosure in 2009 and 2010 and an additional $5.2 billion to reduce the principal or the monthly payments of borrowers in danger of losing their homes.

Those numbers might look impressive, but the deal is far too modest to be a credible deterrent to reckless foreclosure practices.



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6 Responses to “The Second-Mortgage Shell Game”

  1. Not only is this not a deterrent, the banks are continuing the same crimes with some of the same robo docs and new robo docs and new tactics. Noting has changed and so far none of the unlawful foreclosed homes have been returned to the homeowners. The banks are sending notices to foreclose or do a mod with the letters stating “you must admit to the debt”. Pressure to make the homeowner admit to a debt they do not owe this party. My friends just brought a notice of motion for relief of stay on a BK that was finalized under pressure of UNLAWFUL RECONTRUST THROWN OUT OF WASHINGTON and MERS claiming to the Beneficiary forcing them by fraud docs into BK. Now trying to take the house before the Independent Review comes back they have also signed up for. Forcing them to seek an attorney I recommended. He and Melissa won the Bains V MERS and Selkawitz cases. There was rumor those cases were settled in modifications. However I emailed Melissa’s office questioning the rumor and the response was “OH Lord”. So I am sure Melissa Huelsman and Richard Jones settled for more than a mod. I am sure the settlement is sealed from public notice. THERE IS NO SHAME BY THESE CRIMINALS AND THEY STOP AT NOTHING AND WHY SHOULD THEY, THERE IS NO ACCOUNTABILITY. THEY JUST COME AT YOU LIKE A TRAIN WITH NO TRACKS.

  2. ON TOP of the second mortgages being credited for the settlement claiming to be doing principal reductions, some seconds have been to homeowners not in danger of losing their houses, which they deserve due to the fraud appraisal inflation however it was never the intentions of the banks to save distressed homeowners from losing their houses to foreclosure. Three people I know of never asked for the principal reduction or a mod and were given one without their applications or request to do so and were elated they were given from 40,000.00 to 90,000.00 off their principle and reduced rates and payments. To their surprize. This is good but not a good faith to keep distressed forsaken homeowners in their houses with the credit for doing what the settlements was intended for.

  3. The smaller ercentage of first place loans that were forgiven were in short sales in non judicial statse where the foecloser would get no deficiency money away, and only in the cases the homeowner short saled and was forced out of their homes, which is opposite of what the settlement was for. The bsnks again taking credit for the principal reduction on the first but not for keeping the forsaken homeowners in their homes, But driving them out of their homes with robo signed docs and fraud closures.

  4. Sarah says:

    When the Banksters themselves dictate enforcement intentions or litigating positions, the very argument for, or expectation of, “regulation” from the OCC or the FED is a symptom of defeat, a mode of journalistic insanity, akin to obsessively cutting out paper dolls.
    To denounce completely, and once and for all, any remaining credibility of so-called public institutions isn’t wild eyed, reckless dissent, it is the promise of change.

  5. Sarah says:

    Is this country ever going to be capable of considering all evictions as “wrongful”? Or do we have to forever put up with sneering elites claiming moral superiority as they justify violence?

  6. Unfortunately I believe the evil of all this is not going away until we have a total implosion of the economy THAT WILL WAKE UP THE MASSES. When you read some of the errogant post and beliefs of some of the people who have not looked into the facts and truth and see how many are blind to the crimes and how many in power are concealing the crime. The organization of the theft without political help, I am doubting anything great will happen until the crooks fall due to their own crimes undoing the horses mouth that feeds them. The well is drying up. The investors have no trust and should not trust the banks. The people dont trust the banks. The average person is seeing this now. You can not cut off the people that feed ya without cutting your own throat. History repeats it self and history has shown the banks became so bad the people took over and took the power away from the banks. It had to get bad before the people woke up.


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