Foreclosure abuse rampant across U.S., experts say

Foreclosure abuse rampant across U.S., experts say

www.reuters.com

(Reuters) - A report this week showing rampant foreclosure abuse in San Francisco reflects similar levels of lender fraud and faulty documentation across the United States, say experts and officials who have done studies in other parts of the country.

The audit of almost 400 foreclosures in San Francisco found that 84 percent of them appeared to be illegal, according to the study released by the California city on Wednesday.

"The audit in San Francisco is the most detailed and comprehensive that has been done - but it's likely those numbers are comparable nationally," Diane Thompson,

(visit the link for the full news article)

in states where judges are not required to foreclose on morgages the fraud is greater.
in states where judges must preside, the large banks are simply showing the court forgeries to gain tittle they do not own.

your govenment does nothing to protect the people,
the justice system should throw out fraudulent documents,
and charge lawers with contempt and fraud.

the people need to see these numbers,
84% in some states?
this is an epidemic of morgage fraud



www.reuters.com
(visit the link for the full news article)

reply to post by XPLodER


this video shows how banks make vast sums of money by fraudulently foreclosing on home owners,


rico charges are in order for this crime of knowingly setting up robosigners
criminal charges are in order for lawyers who brough fake documents infront of judges,

when the fraud gets up to 80% in some states an investigation must be launched,
because 80% is bussiness practices not a mistake.

xploder

basically it's like a bank robber who got caught, but instead of being punished he was reimbursed gas money, publicly denounced, but not by name, and matched dollar of dollar for all the loot he stole and gambled away in vegas.

what would this bank robber think, if that's what happened to him instead of 25 years in a colorado supermax.

reply to post by XPLodER

Dear XPLodER,

Good to see you again. I'd like you to straighten me out on this issue.

I understand that having a machine sign the documents instead of a human is against the law. OK, got it. What harm did it do to the borrower who hadn't kept up with his payments? After all, it never would have gotten to the foreclosure process if payments had been made when due.

Appreciate any help you can offer.

With respect,
Charles1952

Originally posted by charles1952
reply to post by XPLodER

 

Dear XPLodER,

Good to see you again. I'd like you to straighten me out on this issue.

hi

I understand that having a machine sign the documents instead of a human is against the law. OK, got it.

to be clear, the name robosigning is misleading,
it should be photoshopping legal documents with the intent of defrauding a court of law.
these robosigning houses were set up to perpertrate fraud, intentionally

What harm did it do to the borrower who hadn't kept up with his payments?

the volume of forcloserures ensured a drop in equity for all morgage holders,
this puts even current payers in negitive equity, the house price drop effected everyone.
this is not the fault of the deliquient borrowers as they were nessacery in the overall scam.

After all, it never would have gotten to the foreclosure process if payments had been made when due.

no the type of fraud included massive increases in interest at timed intervals, this allowed the fraud to continue for a decent period of time. they are known as ARMS.

even people who could afford the loans and still had jobs lost their house because of the other (time adjsuted)
morgage defaults.

now add into that the fact that 80% of these morgages are fraudulent,
ALREADY SOLD ONTO THE SECONARY MARKET as MBS or Morgage Backed Secuities
and the banks dont own them, yet they create fraudulaent documents for court to say they do and then foreclose.
with illegal documents.

weither you pay or not the larger market crash ensures you will suffer.
this is not about borrower fraud and deliquency,
it is about lender fraud and fraudulent documents that destroy everyone

Appreciate any help you can offer.

hope the answer helps


xploder

This foreclosure abuse hurts everyone..
I live in a house that my father built and the house never had a mortgage on it.
Since my father died in Nov I am in the process of getting ready to sell the two homes and other property he owned and i know that because of the banks and there crooked loans that went bad and the amount of foreclosed property on the market i will be lucky to get 1/4 of what the houses were worth in 2006.

My biggest problem is that with Calif going bankrupt the taxes will start climbing.

I am the executor of the estate and the estate get split 5 ways.
All i want is to get the estate settled so i can leave the state of Calif before things get a lot worse.

I have a sister living in Texas that can find me property to park my motor home on for less then $2000 with water sewer and power in and i can live a lot cheaper on my disability in Texas then i ever could in Calif.

Originally posted by randomname
basically it's like a bank robber who got caught, but instead of being punished he was reimbursed gas money, publicly denounced, but not by name, and matched dollar of dollar for all the loot he stole and gambled away in vegas.

what would this bank robber think, if that's what happened to him instead of 25 years in a colorado supermax.

well then you wont like this,

However, a clause in the provisional agreement – which has not been made public – allows the banks to count future loan modifications made under a 2009 foreclosure-prevention initiative towards their restructuring obligations for the new settlement, according to people familiar with the matter. The existing $30bn initiative, the Home Affordable Modification Programme (Hamp), provides taxpayer funds as an incentive to banks, third party investors and troubled borrowers to arrange loan modifications.



Neil Barofsky, a Democrat and the former special inspector-general of the troubled asset relief programme, described this clause as “scandalous”.

source

the banks get paid yet again with tax payer money

try not to pull your hair out while this info gets spread around

xploder

They are financially rapeing American citizens , the properties stand empty while people live on the street , in tents , storm drains etc. I watch America for signs of an armed uprising , this is a logical conclusion as the right to bear arms exists , 800 patriot factions across the US , something will spark the tinder box , I don't condone armed insurection , but the amount of arms in the states would indicate it could happen.

I think they are trying everything they can TO GET people to raise arms so they can bring in martial law. I really do.

"The audit in San Francisco is the most detailed and comprehensive that has been done - but it's likely those numbers are comparable nationally," Diane Thompson, an attorney at the National Consumer Law Center, told Reuters.

Whoah, Diane. Easy, Nelly. First, who is stating that this audit is detailed and comprehensive? The National Consumer Law Center? Gee, no bias there!

Would you mind allowing the American Bankers Association to conduct their own audit? Perhaps they might have a different tale to tell, eh?

And generalizing one tiny study to the whole country is a bit of stretch, don't you agree, Diane? I mean, what happens, in California is exactly indicative of what happens in South Dakota, right?

Give me a break. Talk about delusional.

Home loans have dropped 33 percent from a 2006 peak that was fueled by generous loans, often to people with dubious credit records.

Gee, that's the understatement of the year. Instead of dubious, why don't we just tell it like it is? Sub-prime borrowers have terrible, crappy credit and never should have been given a mortgage in the first place! Let's not sugar coat it - These people have a long history of never paying their bills, let alone a mortgage payment.

In many cases during the housing bubble that burst in 2008, original mortgages were repackaged and sold to so many investors

Yeah, we can debate all night long about who owns the note -- the original lender or the investor -- but a defaulted loan is still a defaulted loan and the borrower has reneged on their contractual obligation. The house deserves to be in foreclosure. Would you expect anything less from borrowers with "dubious" credit? I mean, after all, if they can't pay their electric bill on time, what makes you think they can afford to pay a mortgage in a timely manner?

"There have been a very high level of irregularities across the country."

Whatever you say, Pops. Because you have given us so much proof and evidence to believe your claim, right? Nothing like a broad stroke generalization, right?

How about this? Pay your mortgage payment on time. How about that idea? Maybe if you made your payments, you might not be in foreclosure? What a concept! Instead of trying to weasel your way out, and finding technicalities, and legal mumbo-jumbo, why don't you make your mortgage payments and then we wouldn't be discussing this issue in the first place?

You're right. It's the bank's fault. They put a gun to your head and made you purchase that $900,000 house near the ocean in California even though you only earn minimum wage, right? Oh, so you doctored your loan application and lied about your income, eh? Oh, and mortgage broker never explained that the loan was Interest Only? Well, cry me a bloody river!

I'm sorry, but the state of affairs in California does not bode the same for the rest of the country. The rest of the country isn't this stupid. Sorry.

84% of illegal foreclosures? You have to be kidding me. How does something like this not make top NEWS?

The banks have never formally admitted any wrongdoing. A Wells Fargo spokesman said, "We have acknowledged we didn't always follow our policies in the foreclosure process. We found some areas where there were deficiencies in our process."

Well that Wells Fargo spokesman needs to lose his job, along with all these other crooks who are taking peoples houses away...

Originally posted by charles1952
reply to post by XPLodER

 

Dear XPLodER,

Good to see you again. I'd like you to straighten me out on this issue.

I understand that having a machine sign the documents instead of a human is against the law. OK, got it. What harm did it do to the borrower who hadn't kept up with his payments? After all, it never would have gotten to the foreclosure process if payments had been made when due.

Appreciate any help you can offer.

With respect,
Charles1952

With a title transferred using robosigning, the borrower is paying someone that does not even technically have ownership of the home, so the lender does not have the title to transfer to the borrower if they were to pay it off.

You are looking at this the wrong way, it is not about the borrower getting away with not paying, it is about the banks destroying the ownership chain of custody through massive fraud. That potentially effects anyone that wants to purchase property, not just the borrowers.

Now since we live in a world of massive fraud, and desperation to keep the banks from bringing down the world economy (they will fail), they have made this ridiculous settlement saying the banks don't have to prove ownership to foreclose. It is setting a HORRIBLE precedent, basically destroying hundreds of years of property laws. The banks deserve to lose massively on these foreclosures as the vast majority are due to loans that never ever should have been made because the borrower simply could not afford them.

reply to post by XPLodER


Its truly a criminal act what these banks do. LIES CHEATERS AND THIEVES one and all.

My friend has a morgage with Bank of America, who BTW refuses CASH payments for morgages , They told her she HAD untill monday (2-20) to pay 3000 bucks. NOW ALL banks are closed on moday for a Holliday (presidents days) but the money is still due! My friend was getting worried so I called my lawyer (he's DAMN good in this stuff) he told her to 1. Pay because otherwise fighting a foreclosure is messy and 2. A western union money wire to BoA will put you in the clear and is instantly in the bank closed or not.

Later over drinks my lawyer told me BoA is on its death throws like Lehman was in 2008, toxic morgages and failing economy is killing it. The stock is in the below 30 dollar range (my estimate last I checked) and falling
So they have to steal all they can from their customers before a bailout AND/OR a liquidity sale to other banks as it begins to crumble. Scary times my friends.

Hello out there in what in the ‘ell happened to the housing market land.

I cannot speak authoritatively for any state other than Arizona where I have lived since 1997.I do however expect many other states are the same given the duplicity of what I feel was a scam.

I moved here in 97 and after living here only a short while I began to ask, “WTF mates, what is going on here”.

Houses which had been constructed in the late eighties and early 90s and sold new originally for $150 / 160k were ‘being sold’ for $250k, and ‘being sold’ btw is the operative term for what I suggest was the scam created by the realtors, appraisers, mortgage companies and banks.

Scam you say, let me explain, I decided to jump on the bandwagon and become a rich realtor, so I talked to several who trained and attended several seminars and other functions offering training and networking. I got an ear full immediately of tactics to promote making millions. I believe some likely had shows at 2am on tv teaching others how to become rich in real estate. Suffice it to say, I didn't continue with my training.

The fact people were purchasing these houses is as much due to the scam as their own ignorance and greed, e.g. many were first time home buyers with no knowledge of what they were doing and totally trusting of the propaganda spouted by everyone involved, the 'team' I was taught and eyes wide when told they could make thousands of dollars in a couple of years.

Example, daughter moved here, called me one day, “dad, ________ bank just approved us for a $487k dollar loan, do you believe it? I said yes honey, it’s all a part of the scam and of course you know you can’t afford that with your and ______'s current combined incomes being less than $60k per year.

Luckily our daughter and son in law were educated and financially wise enough to see thru the charade, but many weren’t and bought into it only later to be exploited by some financial institution which bought the paper on the house. Fact: There was a time here in Arizona that you needed a score card to keep track of how many times your mortgage had been sold and purchased and ‘who owned it today’.

The wife and I learned first hand in our search for potential properties how inflated the housing market was, and being from a conserative midwest state we swallowed our collective tongues when we heard the prices. But relax we were ‘assured’ by every realtor we met with at the time by what I now see as two of the biggest lies I've ever heard; the first lie being “these houses are a great investment and I guarantee you it will appraise, and I have a friend at the ______ (bank or mortgagte institution) and I can get you a low down payment, minimize closing cost and put you into this house at +/- 5%, less if you go with an ARM”. Now the second lie, “and since you’re new here in Arizona, let me tell you about the market and how almost everyone out here buys, sells and moves every two years. Take a look at these figures and let me show you how in two years, based on the past five years of real estate history, you can make more than $50, maybe a $100k by buying this house for $225k.”

Now, this verbage was almost identical without exception across the board. We have personally visited with more than 25 realtors since 97 (there is always yours and whoever is representing the seller) and they all played the same tune.

Now, you say 25, there must be thousands of realtors, and there are, and I made it a point since 97 to talk to anyone and everyone I met anywhere, folks in our neighborhood, friends, acquaintances, people at work, people at sporting events, people we bumped into while looking at a 100 or more house, people in restaurants and bars, etc. and I feel comfortable and confident in telling you I have personally collected information from literally thousands of home buyers / owners thru my networking.

I shall tell you factually, on the part of the majority it was a premeditated scam predicated by and on those participanting in the ‘team’ as I was told in my initial training, to convince thousands to buy, sell, buy, sell, buy, sell so the 'team' could make millions.

The abuse is rampant because the Federal Govt is now linked to over 90% of the mortgages. That's absolutely crazy!! In 1990 that number was about 50%. The abuse always follows the govt. programs. Just look at Medicare and Medicaid abuse, waste and fraud now estimated to be around $100 billion a year.

Now, Obama keeps pushing for more govt. sponsored "relief" programs in the housing industry. Who is he really helping? If this is allowed to continue it will end up being a black hole just like Medicare/Aid. Medicare fraud has gotten so profitable for the abusers that organized crime is actually involved in the buying/stealing and selling of beneficiary numbers.

We are all becoming more and more dependent on the govt. at every turn. Don't buy the save the middle class BS. What they are really doing is creating a whole new class. The Dependent Class!! The scales are rapidly tipping that way. Just wait until the point where more than 50% of the population pays absolutely now Federal taxes at all. We are almost there. So the rest of us are left paying the tab for all govt. programs and all of the rampant abuse and fraud attached to them. We will soon support the Dependents and all of the Crooks leaching off the same tit.

Then What??

It's somewhat deceiving the way people make this argument. From what I understand all these people who were foreclosed on didn't make payments for whatever reason and should have lost their homes. It's just the way the bank actually foreclosed on the homes that was done wrong, more or less a formality.

reply to post by CookieMonster09


This post is an example of why it doesn't make mainstream news and why it's so damn difficult to rally against the utter BS and criminal behavior being thrust upon the western world (not even going to go into the legal crimes thrust on the rest of the world). Our system cannot work with exploitation, it's that simple. But we have people so indoctrinated or so afraid of change that they simply join the choir of blaming the poor.

reply to post by charles1952


they would have never had to resort to robosigning if they had kept their paperwork properly....would they have???
so, how deep does their crappy paperwork go??
seems as though they had a problem provijng ownership of the note....
well, that seems to indicate a problem with the chain of ownership ....
which should be recorded at just about every country clerk's office, but the wise ole wall street bankers thought it was best to throw mers into the mix...
so, does 83% of the homes sold have a proplem festering in the title?? if so, well, got a feeling that the banks have done way more damage to every home owner in this country!!!

own a home and have a little bit of money to waste?? hire someone to do a investigation on the integrity of your title.....and well, come back and tell us what you find, and how you did it...so I can do it preferably on the cheap!!

Originally posted by CookieMonster09
They put a gun to your head and made you purchase that $900,000 house near the ocean in California even though you only earn minimum wage, right?

Yes, because this is a normal example of what happened during subprime lending.


It sounds like you want to play the blame game, but fail to realize that the banks are trying to ILLEGALLY forclose on people. Just because people can't make payments, which by the way, how could they have predicted this situation? They lost there job and can't find a new one because the banks sold us out in the first place.

Who is really to blame? Do you think these people don't want to make there payments? Would you look for any excuse you could find not to get kicked out on the street?

Yes, you would.