This can only mean one thing. Are your mark, get set, go! The settlement is about to be signed, sealed and delivered!
The new wave will also mean more fraud and more title defects America. You continue to get sold out and tossed for the bankers who are too big too fail. Get your money out of these banks immediately. Don’t complain, don’t explain when you continue to get screwed….now, you’re doing this to yourself.
REUTERS-
The paralyzed U.S. housing market is once again up against an obstacle it has seen before — mounting foreclosures.
And a fresh drop in home prices is likely to result.
Banks have stepped up the pace of home seizures after a year-long slowdown brought on by the “robo-signing” scandal in which banks were accused of seizing properties without a proper review of loan documents.
The Obama Administration has finally found something it can agree on with the nation’s big banks: The need for the 50 state attorneys general to finally reach a deal to end the year-long investigation into faulty mortgage foreclosure practices and reach a long-awaited settlement, the FOX Business Network has learned.
People at the big banks say the Obama Administration is prodding the state AGs, led by Iowa’s Tom Miller, to agree on a deal that is currently on the table that calls for fines and revised mortgage foreclosure practices — but also limits banks’ liability on legal action.
Excellent video clip. Watch this and tell me if he doesn’t get the fraud. Delaware, Mass., Nevada and NY should be very proud of their AG’s. We are waiting for the rest to show a bit more strength.
Not Done Until The Core of Mortgage Back Securities Is Investigated.
Contact: Corinne Russell (202) 414-6921
Stefanie Johnson (202) 414-6376
April 28, 2011
Fannie Mae and Freddie Mac to Align Guidelines for Servicing
Delinquent Mortgages Updated Framework to Include Servicer Incentives and Penalties
Washington, DC – Federal Housing Finance Agency Acting Director Edward J. DeMarco has directed Fannie Mae and Freddie Mac (the Enterprises) to align their guidelines for servicing delinquent mortgages they own or guarantee. The updated framework will establish uniform servicing requirements as well as monetary incentives for servicers that perform well and penalties for those that do not.
“FHFA’s directive to align Enterprise policies for servicing delinquent mortgages should result in earlier servicer engagement to identify the best solution available for homeowners, given their individual circumstances,” DeMarco said.
The updated guidelines also address the so-called “dual track” by requiring servicers to contact borrowers as soon as they become delinquent and focus solely on remediating that delinquency. The foreclosure process may not commence if the borrower and servicer are engaged in a goodfaith effort to resolve the delinquency. The servicer must conduct a formal review of each case to ensure a borrower has been considered for foreclosure alternatives before the loan is referred for foreclosure. Even after foreclosure processing begins, financial incentives are provided to encourage servicers to continue to help borrowers pursue a foreclosure alternative.
Consistent with statements recently issued by federal and state regulators, this initiative is intended to deal with identified problems in mortgage servicing. The updated framework will streamline and expedite borrower outreach, align mortgage modification terms and requirements, and establish a consistent schedule of performance-based incentive payments and penalties. Fannie Mae and Freddie Mac will each issue detailed guidelines to their servicers
in the second and third quarters of 2011.
“Once fully implemented by the servicing industry, the Enterprises’ aligned policies should give homeowners a greater understanding of the process and faster resolution by requiring earlier contact, more frequent communication, and prompt decisions,” said DeMarco. “Equally important, the newly aligned policies will minimize taxpayer losses by ensuring that Enterprise loans are serviced efficiently and fairly.”
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.9 trillion in funding for the U.S. mortgage markets and financial institutions.
Lenders say ‘dual tracking’ protects their investment if the homeowner is unable to qualify for new loan terms. But regulators seeking to ban the practice say it lulls some borrowers into thinking they won’t have their homes taken away.
Reading between the lines of settlement proposals, the states attorneys general aren’t speaking the same language as the big banks. And struggling homeowners are paying the price.
By Abigail Field, contributor
FORTUNE — Over the past several months regulators have finally noticed what consumer attorneys have been saying for years: the big banks have routinely committed fraud in their foreclosure filings and their records of how much people owe are too often wrong. And the mortgage modification process, which was meant to help homeowners, has been exposed as an abject failure.
In hours of congressional hearings last week, the nation’s banks were repeatedly condemned for dual-track loan modification systems that give hope to homeowners seeking lower monthly payments while at the same time foreclosing on their properties behind their backs.
“Unacceptable deficiencies,” is how the acting director of the Federal Housing Finance Agency put it. Failed oversight, ineffective practices and insufficient staffing were criticisms added by other top regulators and legislators.
Boca Raton resident James Strassburger could have told lawmakers all that. He just wishes they were listening this year when One West Bank sold his home at foreclosure auction during negotiations for a loan modification.
Strassburger, 56, and his wife, Deborah, 58, who lived in their home for 19 years, were ordered out in May, holding two yard sales so they could squeeze into a rented apartment.
But the real kick in the gut came in August, six months after the auction, when they got a letter congratulating them for earning a trial loan modification. It was followed by a note alerting them to a hearing that would essentially give them their home back. Their mortgage payment was due Sept. 1, the letter reminded.
“This all could have been avoided. We could have been living our lives,” said James Strassburger, a former business owner whose flooring jobs dropped off when the economy fell. “It’s not a good feeling. I don’t like seeing my wife cry.”
One West Bank said it was looking into the Strassburgers’ case, but did not respond to a request for comment for this story.
Washington lawmakers began paying earnest attention to the nation’s foreclosure nightmare this fall as banks pulled back on their home repossessions after acknowledging assembly line-like processing systems had potentially illegal shortcomings.
Hastily prepared court documents, as well as the dual-track foreclosure and loan modification process, were discussed Wednesday in a hearing of the Senate Committee on Banking, Housing and Urban Affairs, and Thursday in the House Judiciary Committee.
![[VIDEO] AG Beau Biden TOTALLY Gets It! “One of The Greatest Fraud in The Courts of American History”](https://stopforeclosurefraud.com/wp-content/themes/gazette/thumb.php?src=wp-content/uploads/2011/10/BeauBiden2.jpg&w=100&h=57&zc=1&q=90)
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