Digital Journal-

LOS ANGELES, CALIFORNIA, May 12, 2014, As a result of unscrupulous bank practices, such as “Robo-Signing”, Mortgage Document Packages were sold off in batches with no oversight. Supporting Documents were far and few between, and exactly who owned many of these properties could not be determined. The result was thousands of Homeowners losing their homes without Due Process. Those people who had the capability of speaking out received some relief, which often amounted to a “pat on the back”, or a Check in the amount of $300.00, or even as little as $25.00, which was supposed to satisfy people who lost homes worth hundreds of thousands of dollars.

The resultant “Mortgage Meltdown” was the impetus for the Government to convene a 49 State Attorney Task Force, which created the Independent Foreclosure Review (IFR). The IFR, which started in 2011, was supposed to help compensate homeowners whose homes were foreclosed or were in danger of foreclosure between 2009 to 2010, by giving them the chance to apply for a review of their foreclosure process by independent consultants.

However, in January last year, 13 mortgage servicers and federal bank regulators have agreed to put an end to the IFR which was perceived to be time-consuming and costly, and exchange it with a multi-million dollar settlement instead. According to statistics from the Office of the Comptroller of the Currency or OCC, 95% of the checks that were issued from the identified Mortgage Servicers were in the amount of $300. Some people who did not even submit a claim form were able to receive this settlement, something that others find questionable. The consultants and the attorneys received more in compensation than most of the defrauded homeowners. Of course the IFR was terminated, as it was not going to work in the favor of the banks.

The instant case is most disturbing in that an elderly individual was defrauded by his Caretaker, who even went to the extent of Forging his signature to the “Deed of Trust” Document. The home went from a free-and-clear property, to a property deep in debt. A Forensic expert agreed that the signature was indeed a Forgery, yet the bank officials decided to use it anyway as a Fiduciary Instrument to further their own interests, and proceed with the Foreclosure.

If an 88 year old individual has no legal recourse, it represents a legal system that has gone “sour”. Steven Rosenberg, whose father is the victim of not only Caretaker Abuse, but also of One West Bank Abuse, is not going to stand idly by and watch his family home become another statistic. How many other families have lost their homes due to criminal actions of caretakers, and then the banks? It is almost as if the banks invite these criminal episodes to take place so that their position is enhanced in the foreclosure process.

[DIGITAL JOURNAL]

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