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Sunday – October 1

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Foreclosure Workshop #46: Wells Fargo Bank vs. Cole — Why Organizing the Homeowners SuperPac Is the Mortgage Borrower’s Only Real Hope for Change as Fifteen Million More Homeowners Are Being Targeted for Foreclosure in Our Lower Court

Recently, large monetary damage awards against lenders have given homeowners renewed hope.

A Texas Federal Court, for instance, just awarded $298 million against Allied Home Mortgage, a Dallas Jury just awarded $4 billion against JPMorgan Chase, a Sacramento Bankruptcy Court just awarded $45 million against the Bank of America, and a New York Bankruptcy Judge just awarded $2.416 billion against Lehman Bros — in addition to the more than a combined $300 billion in additional government regulatory fines and sanctions for mortgage abuse awarded since 2008.

But did anyone listening to our show nationwide receive any of those billions except perhaps an insulting few bucks, $300 for most, from the otherwise falsely heralded AG Settlement?

A case in point is our case study on today’s show, Wells Fargo v. Cole, bringing home the reality for most, for despite there having been a series of recent homeowner-friendly Hawaii appellate decisions, for example, many of our lower courts are still doing the same old thing, ruling with an erroneous anti-free-house mentality against our homeowners.

And the same thing is true nationwide, judging from the emails we are receiving from our website, for instance, from New Jersey, New York, California, and Florida to mention just a few disappointing jurisdictions.

And the “independence” shown by lower courts from otherwise controlling contradictory appellate case law precedents in their jurisdiction is not the only problem, as homeowners continue to find it difficult if not impossible to retain competent legal counsel.

On past shows we have discussed many reasons for the lack of knowledgeable foreclosure defense attorneys, without which Justice in our courts is virtually impossible, and on that front there is no hope in sight, for there continues to be a witch hunt by Bar regulatory agencies against any attorney brave (or stupid) enough to try to help homeowners and therefore exposing himself or herself to, yes, even disbarment.

For instance, the attack on foreclosure defense attorneys began in earnest in California where a number of licensed attorneys began to assist homeowners to secure loan modifications, not surprising with unsuccessful results.

While there were no doubt some attorneys taking client monies based on false promises, in California, which quickly spread to other states, attorneys were summarily disbarred for unsuccessful results, 396 between 2009-2012 alone, often due solely to negative loan modification results. And many homeowners, having lost in court and not surprisingly fed up with their unjust result, too often have turned on their legal counsel demanding their money back and complaining to Bar regulators.

In Hawaii alone, in the past two years a majority of those attorneys specializing in foreclosure defense have been suspended or disbarred.

Returning to the seeming allure of recent large court damage awards, not infrequently they are greatly reduced on appeal or in subsequent settlements; and regulatory fines and sanctions have been equally of little benefit to the vast majority of abused homeowners, as such awards and regulatory funds rarely benefit the vast majority still being ravaged within a legal system especially at the lower court level which has been operating as an unashamed collection agency for crooks.

On today’s show, with the above as a backdrop, we will make a plea for going forward with the Homeowners SuperPac as the only way left to secure Justice for homeowners now that the lower courts continue by and large to ignore even the decisions of appellate courts in their jurisdiction.

Specifically, we will not only propose an organizing plan for the Homeowners SuperPac, but more importantly outline a program for new needed legislation.

A movement without specific goals would be just more blogosphere that the system could insincerely simply continue to ignore.

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