I support this from Yves Smith at Naked Capitalism. The law must be upheld. Fraud is fraud. It is not “paperwork glitches” or “snafus” or “correctable errors”. It has been the policy of the banks and mortgage servicing organizations to file en mass false statements and false documents in our courts. These practices will not stop unless the senior executives are held accountable for the actions of the organizations they lead.
“Crime Shouldn’t Pay”: Tell the State AGs You Want Mortgage Fraud Prosecuted
Tomorrow, a group of homeowners is meeting with Iowa’s attorney general Tom Miller, who is leading the 50-state effort which is investigating foreclosure and mortgage lending abuses.
This group is presenting a letter to Miller asking them to prosecute bank executives for mortgage fraud and wants to show broad-based support for this idea via having concerned citizens sign it.
Here is the text of their letter:
Dear Attorneys General,
We, the undersigned thank you for investigating fraudulent and illegal foreclosure practices by the nation’s biggest banks.
Your investigation is the best hope for homeowners and communities since this crisis began. Americans are watching. Our expectations are high that we will see justice for the millions of families who have lost their homes, the millions more who are at risk of foreclosure, and the neighborhoods across the country devastated by falling housing values and vacant properties as a result of widespread mortgage fraud.
The bank executives who committed fraud should be prosecuted. Any settlement needs to go beyond fixing paperwork, fully addressing ongoing abuse and ending the flood of unnecessary foreclosures.
We demand that any overarching settlement agreement contain mandatory loan modification programs, including principal reduction for owner-occupant families facing foreclosure and remedies for those families who have already lost their homes.
Now is the time for bold leadership from the nation’s Attorney Generals to hold big banks accountable for the damage they have done to families, communities and the nation’s economy.
I have signed this letter and strongly encourage you to do so. Please visit the site, www.crimeshouldntpay.com to support this effort. Thanks
One thought on “Home Foreclosures – Write Your Attorney General”
LAWYERS WHO FILE FORECLOSURES SHOULD ALSO BE INVESTIGATED
Foreclosure lawyers are officers of the court; knowledge of applicable laws and civil procedure is not required from mortgage lenders, nor loan servicers. In states that require judicial foreclosures, lawyers are the ones who file lawsuits to seize and sell property; and lawyers are responsible for filing and recording foreclosure property deeds.
Inadequate or questionable foreclosure leads to useless property deeds that impede real estate sales; title insurance companies reluctant to cover foreclosed properties; mortgage default claims are being disputed due to defective foreclosures. . .Sample of fraudulent foreclosures by certain foreclosure mills:
–Deliberately utilize defunct lenders or lenders without “standing” to intentionally execute false foreclosure proceedings in civil as well as bankruptcy courtrooms.
– Create and conceal malpractice, delaying foreclosures, engineer various litigations to generate billable legal fees.
– Orchestrate sham foreclosure auctions; property never becomes acquired by lenders, but by ‘straw buyers’
– Commit wrongs which are actionable (unfair debt collection, fraud, various torts) that give rise to lawsuits from property owners,
– Engage in self-dealing foreclosures by which some lawyers gain for themselves foreclosed properties
–Foreclosures via names of defunct lenders allow ’straw buyers’ illegally convey property deeds, flip real estate, and create blighted communities
– Unconscionably create false deficiency judgments against property owners after straw buyers acquire homes for pennies on the dollar
– Intentionally file Bankruptcy court “Motion to Lift” and “Proof of Claim” on behalf of NON-EXISTENT lenders, concealing fact of “non-secured” mortgage debt.
–Involved in fraudulent collection of property damage and mortgage insurance for illegally foreclosed homes
–Fraudulent foreclosures abet loss of property taxes to city revenue, rodents, vagrants, and blight. – Thousands of families are being made unlawfully homeless, scores of homes have been fraudulently flipped and communities are blighted from null foreclosure proceedings.
**more: Request for Congressional Foreclosure Panel to Examine Foreclosure Lawyers
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