Archive for the ‘Foreclosure Defense’ Category

Where’s Waldo? Where’s a Copy of the Mortgage Settlement?

Thursday, February 16th, 2012

Just like Waldo, a copy of the mortgage settlement is awfully hard to find.

The dust has finally settled on last week’s mortgage settlement.

It dominated the news cycle once the details of the agreement broke. I spent the bulk of my day a week ago talking to the media and weighing in on it’s significance.

But there is one clear question that I haven’t heard anyone been able to definitely answer yet.

Has anyone seen the darn thing, in it’s entirety? I sure haven’t!

I’ve seen press releases from the states, plenty of summaries, and an extensive statement from Attorney General Eric Holder. So there are details that are out there. But the document itself?

Right now Waldo is easier to find.

No formal agreement has been filed with the courts and we hear it may not even be completed!

And according to my friends at the Crew of 42 Blog, Congress hasn’t seen a copy of it either.

Maryland congressman Elijah Cummings is quoted in Crew of 42 as saying he wasn’t concerned that he hadn’t seen a copy and that he trusts his attorney general.

Color us slightly more skeptical.

A website was set up explaining the details of the settlement the day it was announced, but where the actual settlement is supposed to be it just says coming soon.

For a government that prides itself on being transparent, this just can not stand.

President Obama may be reengaged and all signs point to him being back on the side of the homeowner, but there are plenty who remain unconvinced and this doesn’t exactly help.
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Fraud Probe Has Real Teeth, Banks Are Running Scared

Thursday, January 26th, 2012

Like the characters in "The Blair Witch Project", the banks are running scared!

Well what a wild week it has been. When we came to work on Monday we feared President Obama would put the housing crisis to bed without ever holding the banks’ feet to the fire.

The settlement with the banks, which we have blogged about ad nauseam this week, seemed as sure as a chip-shot field goal.

But thanks to President Obama’s suddenly get-tough approach, as evidenced by his State of the Union speech, we’ve seen the banks’ kick go wide-right and now all bets are off.

Can There Be Real Change In Mortgage Industry?

Now we are not completely sold that things will play out exactly as homeowners would like, this is of course the federal government we’re talking about, but for the first time we have a true sense of optimism. The President may finally be seeing things our way, and we want to throw our full support behind him.

There is no doubt cages have been rattled in the mortgage industry, and nerves have been frayed. If Obama’s plan to re-write the foreclosure rules didn’t have some kind of teeth, then we doubt we’d be seeing the type of reverberation thorough the media and the top echelons of government that we’ve detected in the last few days.

Banks Are Fearful of Settlement Collapse


The settlement could be falling apart at the seems, at least JPMorgan Chase CEO Jamie Dimon thinks so. He told CNBC this morning that Obama’s announcement to investigate the packaging and servicing of mortgage loans could stop the settlement cold.
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Obama and the State of the Union — a Political Jekyll and Hyde?

Wednesday, January 25th, 2012

Leading up to the State of the Union, we heard a lot of chatter that a proposed $25 billion settlement with the banks would be a selling point in President Obama’s speech.And maybe it would have been, had President Obama delivered the State of the Union. But clearly the person we saw last night addressing Congress was candidate Obama, who is a very different individual.

The State of the Union, at times, felt more like a stump speech that an address from a sitting president. That’s not necessarily a bad thing.

Obama finally sounded like someone willing to play tough with the banks with his No bailouts, no handouts, and no copouts’ line. Only time will tell if this is a true change in the President’s perspective, or if he’ll go right back to being the same man who handed out bailouts like candy.

We were glad to see Obama acknowledge that Wall Street was playing by its own rules, but he had a hand in allowing them to do so, so we hope he understands if we’re still a bit skeptical.

Right before the State of the Union, the Huffington Post broke the news that New York Attorney General Eric Scheniderman has been named to lead a new Unit on Mortgage Origination and Securitization Abuses, which could be a real game-changer. Like the editorial team at Oppenheim Law, Schneiderman has been a vocal critic of the aforementioned settlement.

He has been very tough on the White House’s foreclosure policies before, so maybe we’ll finally see the accountability and thorough investigation that we’ve been demanding.
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Foreclosure Fallout: Robo-Signing deal falls flat

Tuesday, January 24th, 2012

President Obama is likely to talk about this in tonight’s State of The Union Address, but we’re not going to wait that long.

With details of the proposed $25 billion settlement with the nation’s largest banks over the robo-signing fiasco now out in the public eye thanks to the Associated Press, we feel a large sense of disappointment.

There’s no question that this deal will change the mortgage industry for the better. Some homeowners will even have a much better chance of being able to restructure their loans when facing foreclosure under this deal.

No One’s Getting Their Keys Back

Yet, there are many out there who are going to feel little comfort with this agreement. Here’s what the deal is NOT going to do. It’s not going to put people who’ve lost their homes (again because of deceptive foreclosure practices) back in those houses, or give them any real financial security.

According to the deal, about 750,000 Americans, which by the way is about


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