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Posted at 5:05 PM ET, 11/16/2010

50 state attorneys general probing foreclosures mess in negotiations over compensation fund

By Ariana Eunjung Cha

The 50 state attorneys general are in negotiations over an agreement over foreclosures that would include a victims' compensation fund that would provide money for borrowers whose homes have been taken away improperly, according to state and industry officials.

The discussions are still preliminary and the final deal may change significantly as details are hammered out and the settlement is vetted by 50 separate state offices, the official said.

While there's no universal agreement that would apply industry wide and the AGs are negotiating separately with each bank, many of the stipulations are the same for the agreements being discussed with the three largest mortgage servicers: Bank of America, JP Morgan Chase and Wells Fargo.

Both sides have tentatively agreed that mandatory third-party mediation if a homeowner requests it is something that should be included. They also agree that there should be no more "dual track" loan modification negotiations that end suddenly with foreclosures. Many homeowners have complained that they were in the middle of loan modification discussions when they were foreclosed on or told to default on their loans to get a modification, and then ended up having their home foreclosed on.

The most radical part of the settlement deal has to do with providing monetary compensation for homeowners who have lost their homes but can prove that they have been foreclosed on wrongly. This is the most contentious item because the amount of the funds that would go into this have not been worked out and it's also unclear how it would be administered.

The big banks have said that they either don't know of any cases in which someone was improperly foreclosed on or that the number of cases is small, but homeowner advocates say wrongful foreclosures were widespread.

By Ariana Eunjung Cha  | November 16, 2010; 5:05 PM ET
Categories:  Housing  
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Comments

50 more politicians willing to sell out the country.

Posted by: grunk | November 16, 2010 5:15 PM | Report abuse

This isn't a country of laws anymore.

It's a banana republic corruptocracy where dollars pay off lawmakers and law enforcement officials.

Posted by: grunk | November 16, 2010 5:31 PM | Report abuse

grunk?

How is the 50 AG's agreeing to mandatory arbitration or a victim compensation fund banana republic style corruptocracy? I suppose the alternative would be a huge class action lawsuit against the banks, but I don't see how that could end much better. Anyway this is a welcome development, it is about time for banks to be put on a leash.

Posted by: Anonymous | November 16, 2010 5:36 PM | Report abuse

Banks and their employees and their lawyers lied and submitted false affidavits and other documents.

The Attorneys Generals will see to it that nobody is punished and nobody goes to jail.

Rules for the moneyed elite, then the rules for everyone else.

This country has reached a shameful state of lawlessness.

Posted by: grunk | November 16, 2010 5:37 PM | Report abuse

The final outcome will be no banks, no lenders, NOBODY will be held accountable in the end.

Paying the fines & setting up funds with OUR TAX BAILOUT MONEY IS AN INSULT AND JOKE UPON THE AMERICAN PEOPLE!

Corporate banking lobbyists win yet another round!

Posted by: Anonymous | November 16, 2010 5:39 PM | Report abuse

"Many homeowners have complained that they were in the middle of loan modification discussions when they were foreclosed on or told to default on their loans to get a modification, and then ended up having their home foreclosed on."

How about some punishment for those who took desperate home owners down a path of hope and then pushed them into the gutter?

I am so tired of there being no real repercussion for those who manipulate, lie to, and cheat consumers. Fines and monetary penalties are a no brainer for someone who can make ten times any monetary penalty they will ever have to pay.

There is a need for justice, no just recompense.


Posted by: amelia45 | November 16, 2010 5:43 PM | Report abuse

Anon,

If I shoot you, I should be charged with a crime and stand trial for that charge. If convicted, I should be punished.

The fraud here was not inadvertent. It was conscious and deliberate. Throwing a few FRN's into the coffers of some state AG does not act as a disincentive to doing it again.

Let's make a rule that all sex offenders can stay out of jail if they pay a big fine. That should put a stop to the predation.

Posted by: grunk | November 16, 2010 5:44 PM | Report abuse

A "compensation fund"? This is just another way for banks to steal. They get the house. You get to fight the bureaucracy.

Better solution: Let the legal system ensure that no rightful owner is dispossessed and to h*ll with the banks if they can't document their claims.

Where are the "property rights" people when you need them?

Posted by: Anonymous | November 16, 2010 5:44 PM | Report abuse

The devil's in the details on this one.

The fact that the elections are old news removes one source of pressure on the AG's to act in the public interest. On its face though this sounds like pretty weak tea.

A financial settlement in light of apparent rampant lawlessness on the part of the loan servicers and the banks is especially weak.

Posted by: JPRS | November 16, 2010 5:47 PM | Report abuse

Jail the bank frauds for shoving people out of their homes.

Never bid more than $3.00 on a 3 dollar bill bankster home they stold from someone.

Start bidding at 99 cents and bring it up to $3.00 one penny at a time.

Do it until you can give everyone in the USA stuck in homeless conditions back a house for a 3 dollar bill.

Posted by: dottydo | November 16, 2010 5:47 PM | Report abuse

"The most radical part of the settlement deal has to do with providing monetary compensation for homeowners who have lost their homes but can prove that they have been foreclosed on wrongly.

This is the most contentious item because the amount of the funds that would go into this have not been worked out and it's also unclear how it would be administered."
----------------------------------
Well, at least FRAUD and THEFT by the banks are being addressed in this lawsuit. I would think returning a contested foreclosure to court would be fairest and result in the "clearest" title.

Posted by: shadowmagician | November 16, 2010 5:47 PM | Report abuse

The banks knew what they were doing. Their officials are criminals - period. Put them each on trial and see what happens. that'll keep politics the he!l out of it. I'd love to sit on one of the juries!

Posted by: Anonymous | November 16, 2010 5:51 PM | Report abuse

Let me play devil's advocate. Bank A creates false documentation that allows Borrower A to get a loan for which they would otherwise not qualify. Bank A is caught and then forced to redo the loan with correct information. If Bank A had to cheat on the documentation to qualify Borrower A for a mortgage loan then how does the correct documentation qualify him? I Borrower A could have got a loan with the corect information why would the bank need to create false documentation?

Posted by: Anonymous | November 16, 2010 5:54 PM | Report abuse

People who skated around the edges knew what they were doing. They knew they couldn't afford the adjustment in the payment. They were not anticipating the falling of the housing market, and the loss of jobs. They gambled, they lost. Now, get out of the house and move on.

Posted by: Anonymous | November 16, 2010 6:08 PM | Report abuse

Thisis unexpectable. We have a system on the books to deal with this situation. Those guys used people's life-savings as leverage for them to get really rich, while those poor people lose everything they had... some of them ending up homeless.

Criminals MUST be arrested and jailed for their crimes. Otherwise, they won't stop victimizing people.

This is not a democracy. This is a bbullshit-ocracy.

Posted by: jewishmother | November 16, 2010 6:15 PM | Report abuse

Any agreement needs the ability to go back to when a loan was originated and all items in between. I suspect about 5% fraud on the part of borrowers and about the same for lenders. Then varying degrees of right and wrong between the two. This may mean going back many years.

Posted by: gmclain | November 16, 2010 6:19 PM | Report abuse

We were illegally foreclosed on by CitiMortgage. CitiMortgage's law firm, Brice Vander Linden & Wernick, illegally foreclosed on us, admitted they did so - but illegally entered our house, removed our property, changed the locks and refused to return the house to us or correct the title.

We are NOT an isolated incident. We have heard stories from people all across the country, all different servicers that this has happened to them also.

CitiMortgage was informed of the illegal foreclosure immediately after it happened -- it refused to do ANYTHING.

CitiMortgage has been informed that it appears that an employee of the law firm purchased our house after the illegal foreclosure.

It still refuses to do ANYTHING.

This proposed settlement is an absolute joke.

For everyone that has gone through the bureaucracy of trying to get a loan modification, you know *EXACTLY* how bad this is going to be. Papers lost, files lost, same documents requested over and over again, phone calls never returned, new staffers, runaround and ultimately, no relief.

The idea that these AGs are going to be of any assistance to illegally foreclosed homeowners is a joke.

We contacted the Texas AG six weeks ago. We received a form letter. Nothing else. Not a phone call. Not a follow-up letter. Not a status update. Nothing. Essentially, don't call us, we won't call you -- because we're not doing anything!

How are they going to ensure that the fund amount is sufficient for the claims?

These folks can't even admit that they illegally foreclosed on even one homeowner -- how are they going to determine what the fund should be?

These banks knew exactly what they were doing. The AGs must be naive, stupid or complicit - or some combination thereof.

The banks knew they could get away with it and they did -- for as long as possible.

They're not sorry - they're just sorry they got caught.

Our house was illegally foreclosed - and then it appears it was sold to an employee of the law firm that illegally foreclosed. You think they got a sweetheart deal?

We'll never get our house back. We lost our home and our memories.

CitiMortgage knows that we were illegally foreclosed on and knows that an employee of the law firm may have purchased our house -- but CitiMortgage won't step up and accept responsibility and remedy the situation.

I want justice. I want someone to hold these people accountable. I want someone to make sure this doesn't happen again. I want our leaders to lead. And I want our law enforcement to enforce the laws.

This was perjury, fraud and theft. They should be punished accordingly.

Two words.

Perp walk.

www.ourforeclosurestory.org

Posted by: bluebonnetsandbbq | November 16, 2010 6:21 PM | Report abuse

Interesting story, but maybe not as interesting as the story I just read in the Tijuana Mexico newspaper, ElMexico.com about how Wells Fargo/Wachovia were laundering drug cartel money with sums in the billions. What is amazing about that story is that none of the American news outlets have picked up on that very important piece of news. Go figure, free press, etc. blah, blah.

Posted by: mavajuan | November 16, 2010 6:23 PM | Report abuse

So confidence inspiring!

"Since Gulf spill claims czar Kenneth Feinberg took over from BP in late August, many claimants have reported that their applications have remained under review for months and that they have not yet received decisions. "

www.propublica.org

Maybe not so confidence inspiring after all.

Posted by: Anonymous | November 16, 2010 6:24 PM | Report abuse

Hamtramck seeks state permission to file for bankruptcy

http://detroitnews.com/article/20101116/METRO/11160411/Hamtramck-seeks-state-permission-to-file-for-bankruptcy


The dominoes begin to fall.

Posted by: grunk | November 16, 2010 6:28 PM | Report abuse

The state courts may be handling the foreclosures, but The "wrongful foreclosure" lawsuits are in Federal Court. States AGs have no jurisdiction in a Federal Court.
I assume they mean future foreclosures that occur in state courts?
In the words of an old Missouri Red Leg: "Don't pee on my back and tell me it's raining!"

Posted by: spinebob1 | November 16, 2010 6:36 PM | Report abuse

Where is the story of ANYONE whose home was taken away while they were still making mortgage payments as they agreed to do? This kerfluffle all seems to be over paperwork errors or inadequacies, but always involving people who were not paying on their mortgage. I have no sympathy for such people and believe their homes should be taken away, promptly. Nor do I think they should be "compensated". Their compensation was whatever number of rent-free months the process already provided them.

Posted by: BTinSF | November 16, 2010 6:37 PM | Report abuse

Measure to include victims compensation fund, for those who's homes were taken away inappropriately like hell! I'd expect nothing less than a return of my home and an eviction of those who illegally acquired ownership of it ... and then I'd sue the Bank for suffering, damages, and the family turmoil brought about by the fradulent foreclosure - and I'd put it on every billboard in the Country. And then, I'd start to take action. It's how I roll.

Posted by: Anonymous | November 16, 2010 6:41 PM | Report abuse

This all hinges on the term "wrongly foreclosed upon".

I can almost guarantee that it does not include the use of fraudulent paperwork in an other wise fair foreclosure (the owner has indeed missed payments).

The banks will largely get a pass for shoddy documents.

My suggestion, is that where foreclosures have bad paperwork, the homeowner (even if they have missed payments) gets a chance at an automatic sweet deal, re-negotiated mortgage contract that they most likely can afford. To be determined by congressional formula.

Posted by: yarbrougharts | November 16, 2010 6:48 PM | Report abuse

Stop! Enough! These banks committed fraud. Send the head SOB's to jail. Read the Federal statues on defrauding banks. You go to jail.

But a bank defrauds a customer and the officers go to the Hamptons.

This country has no future.

Posted by: Anonymous | November 16, 2010 6:48 PM | Report abuse

Interesting that the Attorney Generals can negotiate with big business to take away citizens legal rights.

Posted by: Anonymous | November 16, 2010 6:56 PM | Report abuse

What a DISGRACE to this Nation... I hope PEOPLE that were burned by this lying thieves take their revenge and blowup these freaking banks. It is inexcusable for this country to let these lying thieves go free. What a disgrace.

How much of that 8.4 billion dollars from Countrywide in 2008 for Mortgage Fraud did that help American Families? ZIPPO and how many have they foreclosed-on AND how many of those loans were BLATANTLY ILLEGAL - oh they don't know - they never bothered to look but those families are now TOSSED to the streets - gotta love that justice system. Last I check some time ago it was less than 2%. These people should be hunted down and SHOT on sight. Maybe that will get the message to the arrogant brain-dead politicians.

Deliberately selling mortgages to people they knew could NOT afford the loan. Then repeatedly raping them of every last penny lying more - promising modification etc... I will celebrate the day 10-McVeigh UHaulers create a 9-11 sized devastation & crators at every one of their big-pretty glass banks.

This is a sad day ang tomorrow the finish the betrayal by retro-actively making legal all those ILLEGAL foreclosures and assignments.

It literally means that from Countrywide's ILLEGAL LOANS from only ONE SMALL SLIVER of their illegal loans - that over 965-THOUSAND FAMILIES will be tossed to the street and they DO NOT EVEN KNOW their loans were illegal or stated income loans. That is outrageously disgusting!

Yep, they are a disgrace... watch what happens as people learn they were setup in these loans and didn't even know it. Then these liar AG work out deals for the thieves and GIVE THEM BACK THE HOUSES after raping these families...

Every Foreclosure mill should be open target and all those working inside should be as well... this is sick - and those lawyers are laughing all the-way to the bank... what goes around comes around...

Posted by: Anonymous | November 16, 2010 6:58 PM | Report abuse

When you have no home, you must then hire a lawyer who will do legal battle with the bank lawyers. Hmm. Sounds like Big Money wins again.

Posted by: Anonymous | November 16, 2010 7:13 PM | Report abuse

So a bank can steal your house anytime it wants to and you have no recourse.

Gee, what a surprise that this "probe" does to homeowners exactly what the TSA does to airline passengers.

Posted by: solsticebelle | November 16, 2010 7:17 PM | Report abuse

This is a transparent effort to sweep this wholesale thievery under the rug as fast as possible.

They'll set up a fund that will never pay out a dime, then say "we fixed it", and let the banks return to stealing Americans' homes.

You can't even IMAGINE how much money the banks are making on this scam. And they just hope Americans don't rise up in outrage and ruin their racket.

Posted by: Anonymous | November 16, 2010 7:17 PM | Report abuse

So, who is going to correct the document chain in the land records? Who is going to face criminal charges; at least contempt of court, or possibly perjury?

Posted by: Anonymous | November 16, 2010 7:26 PM | Report abuse

The only way we can be certain that the investigation of the banks has been thorough and comprehensive is if someone goes to jail. Great crimes have been committed, and those who perpetrate them and those that profit are never held accountable. If the people responsible for this massive fraud were sent to prison for their crimes I would then believe in the justice system. Otherwise, it's a sham to allow the banks and the corrupt politicians to continue with business as usual.

Posted by: Anonymous | November 16, 2010 7:32 PM | Report abuse

While they're at it, let the folks who lost their homes either have 'em back or buy 'em a new one if their old homes have already been sold. Everyone deserves a roof over their head!

Posted by: Anonymous | November 16, 2010 7:35 PM | Report abuse

I don't see any charges being filed. There has been widespread fraud and perjury in known situations and the AG's settlement does not address this issue. Fine with the funds and improving the process but something needs to be done on a criminal level to ensure this stops here and is never repeated.

Posted by: Desertdiva1 | November 16, 2010 7:36 PM | Report abuse

@ anon - pls. take a deep breath. go over to propublica.org and read some of the loan mods tab. there is a bit more to this than you might realize.
many people do qualify for their home value @ today's prevailing interest rates, which are @ decade-lows. simply reworking the loan with today's rates (cost to taxpayer = zip) gives many people a huge reduction in monthly payment. (the same interest rates vulture speculators are getting as they descend on our neighborhoods en masse, in bus tours.)
that is what many people wanted, and applied to HAMP and HARP for. they were *told* to stop paying to qualify.
these now-defaulting mtgs., which were festooned with zillons of padded fees, were then sent rapid-fire into FC.
some 8-10 million homeowners didn't just get up one day and say "to heck with that dang mtg." they were coached to stop paying, en masse. or stay stuck in a boom time mtg. rate.
it was, and is, a racquet.
pls. help us stop this practice....and stand up for the little guy whose mtg. was sold, flipped, sliced and diced after it generated a fat fee for a banker who misrepresented it.
move your money. say no to banker-felons, and no to trashing the working people whose money was so tempting to the crooks that they melted down the housing market to get to it....

Posted by: FloridaChick | November 16, 2010 7:43 PM | Report abuse

Hey look, more smoke and mirrors for the American people. This is total BS and just a ploy to make people think something will be done if they are "wrongly" foreclosed on. 99.9% of foreclosures were warranted by the contract homeowners signed when they agreed to take out the mortgage. Minor technicalities in paper work doesn't make the contract null and void and certainly doesn't mean a foreclosure wasn't warranted when payments were habitually missed. What will this fund actually accomplish? People aren't going to get free houses. Basically the States AG's are trying to cover their own a**es because they know that many county recordation practices are out dated and couldn't keep up with the fast moving mortgage industry. If there are any real title issues, those can be brought up with the title companies and even the State and County courts.

Posted by: Jsuf | November 16, 2010 7:48 PM | Report abuse

Sounds like you are shifting the burden of proof onto the little guy. How is he supposed to prove you wrongfully put him out if you never had to prove you had the right to put him out in the first place?

Posted by: Anonymous | November 16, 2010 7:50 PM | Report abuse

I didn't pay my mortgage for the past 6 months. They took my house away, that is not fair.

Posted by: Edknowsbest | November 16, 2010 7:54 PM | Report abuse

Where is the 'victims compensation fund' for the people who had their homes devalued in Goldman + CountryWide + WaMu's antics that destabalized the housing market and left people with homes worth less than they paid for them ?

Goldman paid a mere 500 million in SEC fines.

That's it.

SEC can't do anything BUT civil...

It's the DOJ we rely upon to act for the criminal.

I'm surprised to hear of a 'victims compensation fund' out of the DOJ here for homes that may have been illegally foreclosed upon.

My god -

The REAL Crime isn't the illegal foreclosure, I'm tempted to say that's an intentional distraction.

The REAL crime is what Goldman did, and topping it ? They bet against the housing sector after they passed off all their collateralized debt objects.

Who is asleep at the wheel over at DOJ.

And Why ?

That's what I'd like to know.

BTW - I don't see this in any news - but it's an interesting step forward by US DoS...


Ms. Clinton accepted that the U.S. had created certain radical outfits and supported terrorists like Osama bin Laden to fight against the erstwhile Soviet Union, but that backing has boomeranged. “Part of what we are fighting against right now, the United States created. We created the Mujahidin force against the Soviet Union (in Afghanistan). We trained them, we equipped them, we funded them, including somebody named Osama bin Laden. And it didn’t work out so well for us,” she said.

No kidding it didn't work out well for us.

And Poindexter was set up to head TIA ?

After destroying Iran Contra and having his criminal conviction overturned on a technicality as Enron executives are seeking right now ?

Things are bad, I'm not quite sure I want to know how bad things are.

Too bad wikileaks didn't exist during Iran Contra - no Bushes ever would have made it into the White House.

New world now- that's for sure.

FULL ACCOUNTABILITY AT A GLOBAL LEVEL.

And US Department of Homeland ?

We don't use machines to gather information - people with A CONSCIENCE COME TO US.

It's the way it's SUPPOSED TO WORK.

Posted by: Anonymous | November 16, 2010 8:02 PM | Report abuse

Odd, Says Sign in -

Then it says anonymous.

One has to wonder here what the WAPO is up to.

Posted by: Anonymous | November 16, 2010 8:03 PM | Report abuse

"Let me play devil's advocate. Bank A creates false documentation that allows Borrower A to get a loan for which they would otherwise not qualify. Bank A is caught and then forced to redo the loan with correct information. If Bank A had to cheat on the documentation to qualify Borrower A for a mortgage loan then how does the correct documentation qualify him? I Borrower A could have got a loan with the corect information why would the bank need to create false documentation?"
--------------------------------
Anon: A good comment, but this story is more about homes being taken away using false documentation. Such as the financial Note being separated from the mortgage and sold to three or four buyers in sucession, none of whom bother to record or endorse it properly so nobody is sure who owns the property. Or the banks using MERS instead of the County Courthouse to record the documentation; then foreclosing using a robo-signer and bribed notary along with fraudulent documentation. That kind of thing. The creditworthiness of the original buyer is irrelevant in this story.

Posted by: shadowmagician | November 16, 2010 8:07 PM | Report abuse

Why AMERICA are there So many Ignorant U.S. Citizens? -- SO many Vote for Criminal Globalist THUGS! - WE-the-People need to Rid Our' Great REPUBLIC of these $CORPster / $BANKster 'FED' CRIMINALS!! -- Abolish the Federal Reserve NOW AMERICA!! -- And any in CONGRESS whom Support these MUDERERS are also TRAITORS!!

Posted by: jward52 | November 16, 2010 8:09 PM | Report abuse

When global financial corporations control non global nation states politicians and Justice Departments ?

I recall Harrison Fordin Mosquito Coast had to just collapse everything to get rid of the unwanted criminals in his ice house.

It's a choice and a promise.

Posted by: Anonymous | November 16, 2010 8:10 PM | Report abuse

If Goldman's collection of zero equity sub prime mortgages wrapping them into collateralized debt objects (CDO's) and selling them off to third world nations ?

Isn't treason ?

THink about it - Goldman took LAND contracts in the US - on US Sovereign soil

come on DOJ Attorney's do I have to lead you to the FINISH HERE ?

For GOD SAKES get some TALENT over at DOJ

Or we'll rendeer you NO LONGER NECESSARY.

Why ? Because the world will judge for itself- review the data, the books, and see- a GREAT CRIME HAS TAKEN PLACE HERE.

US LAND CONTRACTS have been bought and sold through fraudulent mechanisms promoted by Goldman Sachs.

The joke used to be "I don't even know who owns my mortgage, I think Greece bought some of Goldman's CDO's"

How can this go on ?

How much money is Goldman pumping INTO Washingnton ?

One thing Goldman and DOJ can't do

is SKATE GLOBAL ACCOUNTABILITY

With a data relase that will REALLY nail the coffin shut that Goldman seems to willing to do on the US economy.

People will see for themselves the damage done by Goldman.

They will ask - HOW could the US DOJ NOT know this ? HOW Could they have let this happened.

DOJ Says- oh no, someone is going to make us look bad - we better head them off at the pass.

There IS no pass on the GLOBAL MEDIA SHARE - aka the internet.

The IDEA was to MAKE SURE there are MULTIPLE MEDIUMS for MEDIA throughput by DARPA when this entire project started.

The internet came out of the nation states LAST check position before MATE - oh noes ! Some OTHER nation adhering to fragmentary nationalism using the most fragmentary device the nuclear warhead could take out our communications system, let's build ARPANET - and we better make it global !

REALLY ?

A nation state seeking GLOBAL media throughput- now if that's not an oxymoron.

It's about as puzzling as the FBI showing up in Tbilisi.

DOJ better get on the ball on Goldman before they don't jobs OR pensions.

Who the hell do you think manages your pensions ?

If you're a police officer and don't ever stop any crimes ? I'm not sure how long you can say you're policing ANYTHING.

GET ON THE BALL DOJ

Goldman is NOT Above the law -

Watch the GOP banking lobby supporters RUN to Uraguay when wikileaks carves them a NEW PERSONA.

Posted by: Anonymous | November 16, 2010 8:20 PM | Report abuse

I am so tired of hearing how these home buyers were victimized and why we tax payers have to bail them out.

These people, along with appraisers, mortgage companies, banks, politicians (yess you Barney Frank and Chris Dodds), are all a part of the biggest fraud scheme this country has ever seen.

Deport them all!

Posted by: krankyman | November 16, 2010 8:21 PM | Report abuse

The strength of a nation is derived from the integrity of its homes.
--Confucius

Posted by: Anonymous | November 16, 2010 8:26 PM | Report abuse

All of these comments from the anonymous obviously have no clue as to what they are talking about. My favorite is the person asking for the victim's compensation fund for having their home devalued. Are you that dumb? Your house was never worth that much to begin with. It's called a bubble. Easy money and easy access caused a run up in prices which is why your hovel appreciated so much.

Posted by: Jsuf | November 16, 2010 8:29 PM | Report abuse

The United States of America used to be the land of opportunity, success, progress, and hope for many citizens and those striving to become a citizen.

But, in recent decades, the Right-Wing leg of the U.S., political spectrum has been turning the country over to a bunch of rogue Corporate Greedy Scandalous Fraudulent Money Changers, who have no morals, ethics, or values , and have been allowed to abuse and rape the citizens of the United States of their little jobs, possessions, wealth and livelihoods.

Posted by: lcarter0311 | November 16, 2010 8:32 PM | Report abuse

I echo these words:

Banks and their employees and their lawyers lied and submitted false affidavits and other documents.

The Attorneys Generals will see to it that nobody is punished and nobody goes to jail.

Rules for the moneyed elite, then the rules for everyone else.

This country has reached a shameful state of lawlessness.

Posted by: grunk | November 16, 2010 5:37 PM | Report abuse

Well said, grunk.

Posted by: Anonymous | November 16, 2010 8:34 PM | Report abuse

I suppose we could all go back to how Moody's triple A'd bundled zero equity mortgages brokered through Goldman - all thanks to removal of Glass-Steagall allowing Goldman to get their hands in this.

False documents ?

To this DAY -

As Hans Timmer of World bank notes Moody's is about to downgrade US Treasuries which - you might as well call unemployment at 50% at that point ? To this DAY We have let FRAUDULENT documents either on Goldman's side or Moody's side- we haven't HAD a formal investigation - no House or Senate committee set up (puzzling - money must be good).

If we fished UPSTREAM here and went after how this EVER CAME INTO BEING ?

We'd not have THIS issue to deal with.

So, I say- focus on the cause - upstream, not the downstream disasters. Sure - it's important, but we are ignoring the CAUSAL factors here.

Goldman paid 500 million and that's that ?

All I see bottom line is a LAND GRAB.

It's like it's 1820 all over again.

Goldman found a way to get at US land contracts and BEST PART? They were able to sell them off at inflated value all the while they had no equity, and THEN cashed in betting against them.

It's as if there is a financial terrorist organization attempting to take down the United States quietly through manipulating and exploitation of all that a nation state that subscribes to territorial nationalism HAS - which IS TERRITORY - LAND.

Bah- 500 million was REAL heavy - and I'm sure Goldman learned their lesson even if they wrecked the entire national economy. RIIIIIGHT ?

This current issue is a DISTRACTION from the REAL CAUSES of the problem.

This problem might not exist had DOJ moved more proactive and less reactive post that horrid summer of 2007. I LOVED when Neil Cavuto of Fox Business Banking Lobby Fronted As News kept up the good work "There is no recession, everything is FINE folks" FBN worked HARD to keep that message out there.

Odd, last I checked, Fox News was the #1 advertiser FOR Countrywide and GM's Di-Tech.

Funny, Fox didn't have an issue with GM or General Motors Home Mortgage division Di-Tech- now renamed Ally Bank with cute commercials.

I was going to make a T-shirt that said "No, seriously, my parents REALLY WENT with AIG" as in - they could no longer rely on their home equity for medical emergencies.

Posted by: Anonymous | November 16, 2010 8:38 PM | Report abuse

This had better not include ONE DIME of taxpayer money. Before we see that, we would rather the government go after the swine in the finacial services inudstry and run them out of business. In fact, now that I think of it, I'd PREFER that they be run out of business and every executive tried and sent to prison or hanged. I, and just about every other voter, are furious that these subhuman cockraoches are even allowed to breath as it is.

Posted by: mibrooks27 | November 16, 2010 8:43 PM | Report abuse

What do you think about interracial love? and interracial dating online?
I really don’t know why they call it forbidden love.
Love is an emotion that transcends all boundaries of race, caste and creed.
Love does not see the color of the skin, nor the social status of the person. The All pervading emotion is very pure and it can stand the test of time, if the need so arises.
I am a black girl and I met a white guy on blackwhitepassion dot com recently. What's your idea about interracial marriage? BLACKWHITEPASSION DOT COM is a dating club for interracial singles to have fun together. Interracial is not a problem here, but a great merit to cherish!

Posted by: abulaw | November 16, 2010 8:50 PM | Report abuse

Is anyone else out there wondering whether the banks, realtors, sellers really knew who owned the property when they put the mortgage on it? For example, if I bought a house (with or without a mortgage) who's sure that the 'seller' actually, legally owned it & could rightfully sell it? Confusion about who owns the mortgage comes later and is its own problem. Comments, y'all?

Posted by: Anonymous | November 16, 2010 9:29 PM | Report abuse

Can we all wait a moment please and review the bidding? Yes, the banks are not without blame, but what about the millions of homeowners who deliberately lied on their application forms to buy a home they knew from the beginning they could never afford, yet counted on rising prices to make money in the short term. When prices dropped and their plans fell apart, they looked everywhere else except in a mirror. Are we now to bail them out even further with a proposed "compensation package", as well as offer the previously designed "loan adjustments"? What about the hard working and tax paying public who did the right thing, bought into the reasonably priced homes, made (and still are) making the payments as promised. Are these folks now forced to pay for the crooked loan officers and the cheating homebuyers? Fix the problem, don't reward those who contributed to it. And, let's not forget the third leg of this stool of shame, crooked real estate agents. I had one even tell me to let him "get me in a new house, then walk away from the other home loan". We of course turned him down. Multiply that by millions and you can see the genesis of our current mortgage problem.

Posted by: Anonymous | November 16, 2010 9:36 PM | Report abuse

Foreclosure Fraud Assault - A Cry For Help http://newsblaze.com/story/20101116120222nnnn.nb/topstory.html

Posted by: Anonymous | November 16, 2010 10:48 PM | Report abuse

AHAHAHA oh wow this is great!

Banks foreclosed wrongly, even forged deeds and legal documents and the only recourse whatsoever isn't anything that's actually damaging to them - just allowing them to print more money into a ludicrous 'fund' that gets 'distributed to people who can prove that they were improperly foreclosed on!'

America: making the victim prove the crime against them since 1913!

Posted by: Anonymous | November 16, 2010 11:10 PM | Report abuse

Our tax-payer money went to the banks for TARP. They turned around and invested it in T-Bills or Treasury Notes. Tax-payer money (again) pays the interest to the banks on the money (our money) they invested in the Treasury. This was all done to incentivize the banks to loosen up lending, right? Is anyone being helped? Are home loans being restructured so people can stay in them? Are small businesses being helped by the SBA or are they just putting more pressure on the banks to be the bad guys and collect those homes and businesses? Banks need more regulation, not less. Roll the regulations back in that existed before Bush and add a few more. How about quotas and guidelines for mandatory loan restructuring? Eliminate dual-track processing by the banks. How can you track foreclosure and supposed restructuring at the same time? This is not negotiating in good faith. It is quite the contrary. Want change? Vote out of office any politician that takes money from banks. Search your browser for follow the money dot com. You'll find out if your reps are working for you or against you.

Posted by: Anonymous | November 16, 2010 11:15 PM | Report abuse

Why do we need private banks anyways? Just nationalize them, seize all of their assets, and imprison those who have commited fraud.

Done deal.

Posted by: Anonymous | November 17, 2010 4:33 AM | Report abuse

If the house was foreclosed upon wrongfully then the owner should get the house back and damages from the bank.
In addition anyone who helped evict him was part of the wrongdoing and should be made to pay damages and go to jail, which includes sheriff's etc. etc.

I do not see why people are wondering what to do about it.

If the eviction was illegal it was a home invasion.

Posted by: Anonymous | November 18, 2010 9:22 PM | Report abuse

When in American law did it become ANY Attorney General's job to SAVE the Crooks? NEGOTIATE with CRIMINALS ? FAIL TO PROSECUTE ORGANIZED GRAND THEFT?

And AGAIN go to the public coffers to pay for these rich men's CRIMINAL FINES and the restitution they should be forced to pay.

Hello --THESE CROOKS are BILLIONARES! GARNISH THEIR BANK ACCOUNTS-- JUST like the courts do to the working class.

These Banksters and their Equally Corrupt and Culpable Law Firms have COMMITTED FRAUD UPON THE COURT.They have fasified and forged affidavits and documents on property they had NO LEGAL STANDING to take in the first place.

The Courts have ASSISTED the FINANCIAL RAPE of the American people. These Rapists (Banks, Wall Street Criminals} go free and the VICTIMS and innocent people not even involved,are forced to pay the RAPISTS.

These Banks and Attorneys have stolen land and property from people WITHOUT legal standing. THESE FORECLOSURE DECISIONS should be VOID. DOES MANIFEST INJUSTICE get a day in COURT ?

Unemployment benefits and social security on the chopping block so the wealthy can keep their tax cuts. Of Course the wealthy CREATE JOBS- JUST NOT IN AMERICA! How many Banks and Wall Street multimillionares are committed to JOB CREATION ????
Soon NO ONE but the wealthy will have property or a home. How many people will it take- pushed out into the streets- before the "peasants" revolt?

Posted by: oky1dokey | November 19, 2010 3:52 AM | Report abuse

When in American law did it become ANY Attorney General's job to SAVE the Crooks? NEGOTIATE with CRIMINALS ? FAIL TO PROSECUTE ORGANIZED GRAND THEFT?

And AGAIN go to the public coffers to pay for these rich men's CRIMINAL FINES and the restitution they should be forced to pay.

Hello --THESE CROOKS are BILLIONARES! GARNISH THEIR BANK ACCOUNTS-- JUST like the courts do to the working class.

These Banksters and their Equally Corrupt and Culpable Law Firms have COMMITTED FRAUD UPON THE COURT.They have fasified and forged affidavits and documents on property they had NO LEGAL STANDING to take in the first place.

The Courts have ASSISTED in the FINANCIAL RAPE of the American people. These Rapists (Banks, Wall Street Criminals} go free and the VICTIMS and innocent people not even involved,are forced to pay the RAPISTS.

These Banks and Attorneys have stolen land and property from people WITHOUT legal standing. THESE FORECLOSURE DECISIONS should be VOID. DOES MANIFEST INJUSTICE get a day in COURT ?

Unemployment benefits and social security on the chopping block so the wealthy can keep their tax cuts.

Of Course the Wealthy CREATE JOBS- JUST NOT IN AMERICA! How many Banks and Wall Street multimillionares are responsible for ANY JOB CREATION IN THIS COUNTRY????

Soon NO ONE but the wealthy will have property or a home. How many people will it take- pushed out into the streets- before the "peasants" revolt?

Posted by: oky1dokey | November 19, 2010 3:57 AM | Report abuse

I'm thinking there are already laws governing both sides of this debacle. Why do we have 50 states working on what surely will be ex post facto laws?

Why doesn't some high powered Washington Post reporter ask some of these state officials "Why aren't you enforcing existing laws?"?

Watchdogs or Lapdogs????

Posted by: selfgov2000 | November 19, 2010 6:01 PM | Report abuse

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