Home > Attorney Generals, Congress, Foreclosure, Mortgage Modification > Have You Been Hurt by Unfair and Illegal Practices by Your Lender?

Have You Been Hurt by Unfair and Illegal Practices by Your Lender?

California lawmakers do not want the Attorney Generals to give the banks a “Get out of jail free card”.

The lawmakers wrote in support of Harris’ efforts to ensure that a settlement being negotiated between states and large banks over mortgage abuses provides substantial relief to California homeowners. Reports suggest that the settlement under discussion would provide just $20 billion to $25 billion in relief to homeowners, despite the fact that underwater homeowners nationwide owe $700 billion more on their mortgages than their homes are worth.

From the letter, “It is clear that thousands of Californians have been hurt by unfair and, in many cases, illegal practices in the foreclosure process. For this reason, we feel that it is critical that any settlement regarding these abuses must be fair to California homeowners. In particular, we believe that a deal must be structured to provide substantial financial relief for these homeowners…

“Additionally, we do not feel that it is responsible to grant a broad release of liability for abuses that have not been investigated by the attorneys general and are not remedied in the settlement. Our constituents need to know that our nation’s largest financial institutions have the same mandate to follow the law that they do—in other words, the simple fact of being an enormous Wall Street bank cannot mean getting a get-out-of-jail free card.”

Miller said his constituents are fed up. “Wall Street banks have chewed up homeowners all over the country, with no regard for the law or for what’s right. This is not an every once in a while story – it is an everyday story. Every day we hear how banks lose paperwork or charge ridiculous fees or give homeowners wrong information about a modification. This is abuse. Pure and simple. And it has been at every stage of the mortgage process. We need to provide justice to these homeowners.”

Read the rest of the story:

http://georgemiller.house.gov/2011/10/california-members-of-congress-call-for-justice-for-homeowners.shtml

  1. January 19, 2012 at 2:49 am

    Hi, I’m not affiliated with HSI trust but I do have several bank protest blogs and I am encouraging you all to sign the HSI petition at Change dot org to help a family that had their home parallel foreclosed upon by Wells Fargo.

    Wells Fargo first parallel foreclosed and then sold the home even though the family was completely compliant with their government sponsored mortgage payment program.

    http://www.change.org/petitions/john-g-stumpf-ceo-wells-fargo-rescind-rachel-kendalls-foreclosure-auction.

    Please help another family keep their home by signing the change dot org petition, and the success of that mission might eventually bless your own situation.

    If you agree to sign the petition, you don’t have to use your real address or zip code if you don’t want to, just make one up. However I would suggest using your real name and correct email address. Please consider passing on the petition link on your facebook page.

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