Monday, August 27, 2012

The Big Lie - Foreclosure issues resolved

The current administration is revisiting the so called "Foreclosure Settlement"

* First....consider the settlement that the Obama Administration is now beginning to trumpet as one of its greatest achievements. This is the joint forty-nine state & federal settlement wherein the banks claim to eventually paying a  paltry $25 billion. (the 'headline number' provided by the White House) Not only is this a completely "disingenuous" claim, but it was systematically and totally dismantled by Yves Smith of Naked Capitalism (Top ranked financial blog).

In reality, and with maybe... a mere $5 billion (moved around on their books), the five criminal banks were released from ALL STATE lawsuits stemming from the massive and systemic fraud that went into the origination and servicing of housing loans throughout the bubble and into the crash. For this paltry sum, the banks were released from all liability stemming from a decade-long-run of illicit activities that fleeced millions of customers and inflated a bubble that eventually destroyed the economy of the United States and much of the world. Now, you might ask, to what did the five large banks, party to the settlement (Bank of America, Wells-Fargo, Morgan Stanley, Citibank, and Ally Bank) agree to do in exchange for this wonderful bounty of sweeping immunity? They committed themselves, after much dodging and wrangling, to follow the law of the land! (Are you serious ! Really!) Specifically, they promised to stop engaging in fraudulent foreclosure practices. That is harsh! (sarcasm!)

Consider the massive evidence of FRAUD -- besides the reams of paper and court documents, this includes the many witnesses who have spoken to the media, written testimonials or books, already testified in court on related matters, etc. Then, consider even this partial list of crimes to be investigated. Accounting fraud screams out for action under Sarbanes-Oxley; loan origination fraud (including, by 2006, almost universal appraisal fraud); the robo-signing, forgeries, and post-dating of documents that for years were routinely submitted to courts during legal proceedings; the myriad of tax avoidance scams and lost paperwork that were a core feature of the mortgage electronic registration systems; the deliberate misrepresentation in the "Warrants and Reps" attached to the packaging and sale of mortgage-backed securities and derivatives thereof; and on and on it goes. (I should add that, coincidentally, soon after this settlement was signed, several states inexplicably dropped or settled what were very promising criminal investigations.)

But, let us be fair, the Administration got more than that (exaggeration !) Contingent on their meeting a number of criteria, families found to have lost their home through fraudulent actions taken by one of these five gigantic loan servicers were to be eligible to receive $1,500 to $2,000! Now, I cannot speak for you. But if, as a consequence of fraud or negligence on the part of a major bank, I lost my home and as a consequence also lost my credit rating, neighborhood, dignity, and the ability of any children I might have to remain in the schools and with the teachers with whom they were familiar, I would be very angry. If, years later, I got a check for $2,000, such a paltry payment for all that I had lost would strike me as only one more of a long line of humiliations. Some real personal homeowner humiliations are shared below

Apparently, Obama's campaign managers believe that reminding voters listeners of this most awful settlement, one that so clearly defines and encapsulates everything that is so wrong about the Administration's approach to disciplining fraudulent financial institutions, is their best strategy for convincing voters that things would be so much worse under a Romney Administration

 * Excerpts above ....come from a brilliant HuffingtonPost Blog by Robert Prasch titled:

The Obama Administration, the 49 State Mortgage Settlement, and the Spin: A Study in Shamelessness (HERE)

Related post:  Home is Where the Vote Is  (HERE)


Wednesday, August 22, 2012

Home is Where the Vote Is

OHIO is being called the most important swing state for the 2012 election!

President Obama - you - and Governor Romney will be competing for votes of millions of homeowners. As presidential candidates, you need to address ALL the housing issues (Underwater Mortgages, Fraudclosure, Fannie & Freddie holdings) in big swing states such as Ohio, Colorado, Nevada and Florida. Current estimates show there are between 12 - 16 million underwater homeowners, in addition to millions of fraudulent foreclosures that are NOT being counted in these totals.

The housing crisis has hit OHIO harder....than but a handful of states. As a result, many OHIO VOTERS are underwater on their mortgages (mortgage debt is greater than value of home) Recent housing market data shows more than a half a million (529,834) OHIO mortgages are underwater. What does that mean?

1 Million (1,000,258) Ohio eligible voters are underwater
12% of the eligible voters - underwater
528,834 home mortgages - underwater

To put these numbers in perspective, the number of Underwater Voters in Ohio (1,000,258) is OVER one third of the total votes cast for the winning presidential candidate in 2008. **


OHIO VOTERS: please join the New Bottom Line Campaign:

It's not just Ohio's underwater homeowners - it's millions of homeowners being impacted

Washington, DC: - Today (August 22nd) - a national campaign will put the agenda of 16 million underwater homeowners squarely on the national political agenda. ‘Home is Where the Vote Is’ will engage in a 8 state campaign to influence the presidential election with on-the-ground actions led by underwater homeowners along the travel routes of both candidates. The campaign will give a voice to the underwater voter -- a key voting bloc - this election cycle. Swing states included in the campaign are some of the hardest hit by the foreclosure crisis, including OH, CO, NV, FL, IA, MI.

'Home is Where the Vote Is' is organized by The New Bottom Line, a growing movement of community organizations, congregations, and individuals working together to challenge big bank interests and fight for principal reduction for underwater homeowners. Allies in highlighting and mobilizing underwater voters this season include Rebuild the Dream, Right to the City, Home Defenders League, Ohio FRAUDclosure and the hundreds of thousands of underwater homeowner and voting families.

READ Huffingtonpost Business Blog:
Underwater Voters Take Aim at Obama and Romney over Housing

Neither President Obama nor Governor Romney has proposed the bold solutions needed to address the housing crisis at the root of the American economy’s troubles. Resetting mortgages to fair market value is essential to keeping families in their homes and the recovery of the US economy and job market. Economists from both sides of the political spectrum support it.

'Home is Where the Vote Is' will elevate the real stories and power of underwater voters to the level that the campaigns will be forced to respond. Nationally, there are 16 million underwater homes, worth $2.8 trillion, that are $1.2 trillion underwater.  Resetting those mortgages to fair market value would save the average underwater homeowner $543 per month, pumping $104 billion into the national economy every year. This would create 1.5 million jobs nationally

The candidate that fails to seriously address Wall Street , underwater homeowners, and the resulting housing crisis WILL BE the candidate that loses.

More Americans Speak Out About Underwater Housing - (OH, NV, CO) 

Our neighborhoods are being destroyed by foreclosed homes. It's our communities that are deprived of hundreds of millions of dollars in revenue because too many homeowners have to unfairly pay the big banks instead of investing in local businesses. Entire communities are being blighted across our state and nation because of the failed policies and the on-going fraudulent practices of the big banks.

MORE: ...Huffington Post Business Blog - by Tracy Van Slyke

Wednesday, August 15, 2012

Thousands of Ohio homeowners foreclosed on improperly

Newspaper (Cleveland Plain Dealer) coverage: on our previously reported story:

Thousands of Ohio homeowners were foreclosed on improperly, lawsuit claims

Ohio Bombshell: Former AG takes on LPS, Mills & Servicers

CLASS ACTION COMPLAINT filed in Cuyahoga County (Cleveland)

Explosive Legal News: 
Cuyahoga County:  Court of Common Pleas
Linda Clark, Doehner, Lowery, Whiteman, Laura YEAGER
Urgent Update: CALL to ACTION for plaintiff being evicted (HERE)
Lender Processing Services (LPS) 
LPS Default Solutions 
Fidelity National Information Services (FNIS)
American Home Mortgage Bank Servicing (AHMSI)

The complaint clearly spells out the criminal behaviour of the co-conspiring entities which acted in concert while participating and perpetrating enormous FRAUD in OHIO's foreclosures.  Our former Attorney General along with some powerful legal allies have filed this action on behalf of a proposed class consisting of:

ALL OHIO CITIZENS who were (a) defendants in judicial foreclosure actions {with} first lien mortgages on their homes that were purportedly held by securitization trusts, and that were knowingly initiated and prosecuted by Defendants on behalf of parties that lacked legal standing to do so, and (b) who were damaged by Defendants’ abusive foreclosure practices, including: (i) preparing, executing, and notarizing fraudulent court documents and assignments of mortgages and other property records that were used to initiate and prosecute such foreclosures, and (ii) imposing inflated, unfair, unreasonable and/or fabricated fees for “default management services” (the “Class”)
Three (3) categories of defendants {Servicers, Foreclosure document venders, and Foreclosure Mills) acted in concert and conspired in furtherance of the fraudulent scheme to generate enormous profits from default servicing fees by knowingly initiating foreclosure actions on behalf of entities that lacked legal standing to bring such actions.

92 page Class Action Complaint: DOWNLOAD HERE
Sadly, in what appeared to be an instant counter action and outrageous and unconscionable retaliatory attack - a 10-day eviction notice was posted on Plaintiff Michael and Laura YEAGER's home - the day after the complaint was filed! It has since been followed up with another! The PREDATOR DRONE foreclosure mill law firm (REIMER, ARNOVITZ, CHERNEK& JEFFREY CO LPA ) apparently tasked co-defendant paper filing drones' (Manley Deas Kocholski) to execute the writ-of-possession while the morally corrupt  bank sponsored attorney - Kristi Pallen* - ( (330-405-1199) continues the fight to legally block the Yeager's request for a  Stay (of an eviction). Reimer (Pallen) has also refused a supersedeas property bond offer (collateral), or to accept a previously agreed upon short sale. 
*Kristi Pallen - Previous irresponsible, bank-sponsored, failed action ADMONISHED:
READ HERE on admonished behaviour: U.S. Bank National Association v. Lenor
*Plaintiff’s counsel, Attorney Kristi Brown, also identified as Attorney Kristi Pallen, filed this matter on behalf of bogus Plaintiff, U.S. Bank National Association.
The Court finds Plaintiff’s counsel (Kristi Brown kna Kristi Pallen) did not follow Local Rule 4.2. filing procedures for service by Certified Mail....and...
The Court strikes all entries pertaining to service and further, the Court finds Plaintiff’s counsel failed to prosecute this matter...and.. Therefore, it is ORDERED this case is dismissed, without prejudice, .....and for Want of Prosecution. It is further ORDERED this case is dismissed... for failure to perfect service within 120 days, according to Fed.R.Civ.P 4.
Plaintiff’s counsel is admonished !!!!! as to Service by Certified Mail

Tuesday, August 14, 2012

OHIO to Palm Beach FL - Vote Lisa Epstein - Tues AUG 14th

It is so rare to meet a person that can impact our society and affect change. It is even more rare have that person... want to share their knowledge as a public servant. Today Palm Beach County Florida residents (VOTERS) can honor such a person - vote today for
Palm Beach County Florida
Number one financial Blogger: YVES SMITH of Naked Capitalism says:
Get Everyone You Know in Palm Beach County to Vote for Lisa Epstein for Clerk of the Court...Tuesday”

Lisa Epstein, a foreclosure fighter (who gained national recognition for her research and discovery) attempts to pull off an upset Tuesday (August 14th) in the race for Clerk of Court in Palm Beach County. This position is the equivalent of a "register of deeds" (The official who records mortgage transfer documents & title) in counties across the country.

Lisa Epstein is running in the Democratic primary against a longtime incumbent, who has done little of note in highlighting the fraudulent documents rolling into her office. Palm Beach County Florida is one of the key areas {and states} for the foreclosure crisis.

With no Republican's primary race WILL decide the next Clerk of Court.

The Palm Beach election is drawing national attention. Neil Barofsky, the former special inspector general for the bailout funds {TARP}, has endorsed LISA. Number one financial Blogger Yves Smith of Naked Capitalism threw her support behind Epstein in a postGet Everyone You Know in Palm Beach County to Vote for Lisa Epstein for Clerk of the Court Tuesday.”

ALL voters in Palm Beach County can participate in the election

Read more from David Dayen: Lisa Epstein Challenging incumbent

Read: BLOOMBERG BUSINESS WEEK: on Lisa Epstein run for office (HERE)

Read: Lisa Epstein - Homeowner Hero wants to help - again (HERE)

View: Lisa Epstein - National Television Interview:  (Video Here)

Sunday, August 5, 2012

OHIO: Home is Where the Vote Is

OHIO is being called the most important swing state for the 2012 election!

President Obama - you - and Governor Romney will be competing for votes of millions of homeowners.  But, presidential candidates need to address ALL the housing issues (Fraudclosure, Fannie & Freddie holdings, Underwater Mortgages) in big swing states such as Ohio, Florida, Colorado and Nevada. Current estimates show there are between 12 - 16 million underwater homeowners, in addition to fraudulent foreclosures NOT counted in that total. That is potentially some 15 - 20 million voters who are watching how you - as President - and Governor Romney will address this issue. But that's just the tip of the iceberg...
Mansfield Ohio 8-1-12 photo by Luke Sharrett The New York Times
It's not just the millions of homeowners impacted - it's all of us. It's our neighborhoods that are destroyed by foreclosed homes. It's our communities that are deprived of hundreds of millions of dollars in revenue because too many homeowners have to unfairly pay the big banks instead of investing in local businesses. Entire communities are being blighted across our state and nation because of the failed policies and the on-going fraudulent practices of the big banks.

MESSAGE:  The candidate that fails to seriously address Wall Street accountability, foreclosures, underwater homeowners and the resulting housing crisis WILL BE the candidate that loses ...HuffingtonPost Business Blog - by Tracy Van Slyke:

President Obama: Home Is Where the Vote Is
.....Just over four years ago, Wall Street and big banks crashed the economy, causing home values to tank. Now over 15 million homeowners are underwater--drowning in debt to banks they shouldn't owe. This means that the money they have worked hard and saved for to buy their home to invest in their future, support their retirement, their kids' college funds, and any safety net is gone.

And this is the crux of a major election issue. The Washington Post and National Public Radio have already started to report that Presidential candidates need to address housing in swing states.....

..... start publicly addressing how to hold Wall Street accountable (everyone but Wall Street loves that!) and really, truly, boldly, support millions of homeowners and everyday people whose lives have been systematically ruined by the big banks.

Read more of Tracy's blog (LINK HERE)

In Palm Beach County Florida....your vote ...can make a difference ....(HERE) & (HERE)