Foreclosure Notes 4/25/13 – 4/29/13

Error claims cast doubt on Bank of America foreclosures in Bay Area (Center for Investigative Reporting)

Despite recent settlements with state and federal regulators and a new California law that tightens rules for the mortgage industry, banks and their subsidiaries continue to file invalid documents and foreclose on properties to which they appear to have no legal right, an analysis of thousands of pages of property records and wrongful foreclosure lawsuits shows…

During the past five years, 184,000 Bay Area properties went into default; last year, the value of these loans exceeded $11.6 billion…

Despite the new state law requiring Bank of America to provide Rodriguez with a single contact to answer questions about his loan, the documents show he has been assigned seven different contacts since January.

Bank “Zombie Title” Rises, Hurting Communities and Borrowers, as OCC and Fed Sit Pat (Naked Capitalism)

…this abuse has skyrocketed since 2010, when the GAO estimated that abandoned homes ranged between 14,500 and 35,600. They ((zombie foreclosures)) are now pegged at 35% of the one million homes in foreclosure.

While Wronged Homeowners Got $300 Apiece in Foreclosure Settlement, Consultants Who Helped Protect Banks Got $2 Billion (Rolling Stone)

The upshot of this story is that in advance of that notorious settlement, the government ordered banks to hire “independent” consultants to examine their loan files to see just exactly how corrupt they were.

Now it comes out that not only were these consultants not so independent, not only did they very likely skew the numbers seriously in favor of the banks, and not only were these few consultants paid over $2 billion (over 20 percent of the entire settlement amount) while the average homeowner only received $300 in the deal – in addition to all of that, it appears that federal regulators will not turn over the evidence of impropriety they discovered during these reviews to homeowners who may want to sue the banks…

All of this just confirms what we already suspected about the foreclosure settlement. This whole enterprise was conceived by the government solely as a means of dealing with the explosive problem of containing the private liability of these “systemically important” companies. Not only are we not prosecuting these firms anymore, we’re also actively in the business of protecting them from litigation.

In Spain they are all indignados nowadays (The Guardian)

…the powerful use the language of shame to keep us impotent: unemployment and debt are the fault of the individual alone, they say, and social sadness a private affair. This is no doubt why María Dolores de Cospedal, general secretary of the ruling Partido Popular (PP), recently boasted that its supporters “would go hungry” rather than fail to pay their mortgage…

Cospedal was targeting the Mortgage Victims’ Platform, which, through its campaigning, is transforming the isolating stigma of eviction into a groundswell of popular outrage that is fuelling practical action.

SPAIN: DURING THE MONTH OF JUNE! DELAY OF YOUR MORTGAGE PAYMENT! 10 DAYS UP TO 90 DAYS! (Hazte Valer)

Introducing the action # HazteValer and not pay: 10 DAYS IN JUNE delayed PAYMENT OF ALL MORTGAGES. Delaying the payment of the mortgage is the strength we have as debtors.

((in Spanish; Google Translate seems to work well enough))

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s