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Industry Pressure On Dodd-Frank Slows Progress On New Rules

February 2, 2012 Leave a comment

What We’re Reading This Week

January 11, 2012 1 comment

New York State Financial Services Agency investigating force placed insurance by big banks.

The Foreclosure Crisis: A Nation in Denial

Laid Off, With Retirement Almost in Sight.

Massachusetts Homeowners Facing Foreclosure Should Have a Day in Court.

A Bittersweet Homecoming.

Dual Tracking by Lenders is Unacceptable

November 28, 2011 2 comments

Your lender has finally responded to your many calls. You’ve sent your documents in repeatedly and finally have a dedicated person handling your case. But then, suddenly that person disappears. He won’t return your calls and you are in limbo again. Then you get a call from your lender, it’s a new representative asking if you’d like to apply for a loan modification. You explain that you’ve already applied and are waiting for approval. This rep can’t seem to find your documents and asks you to send them again. Oh, and by the way, since so much time has passed he will need everything you send to be updated.You call several times to check with him – has he received your documents? He tells you your file is incomplete, there are several documents missing.

This scenario happens too many times to count but each time you are contacted by a new representative it gives you hope that this may be the last one! But it never ends because it is by design to keep you in a maze.

In the meantime, even though they are giving you the impression that you are on track to receive a modification (as soon as they receive your missing paperwork) there is something else going on behind the scenes. It’s called dual tracking. While your stuck in the maze of lost paperwork and representative turnover the lender is advancing your home into foreclosure.

Call your senator, representative and attorney general’s office and demand that legislation be passed to prohibit lenders from starting the foreclosure process while a homeowner is in the process of a loan modification.

Progressive Change Campaign – Tell Your Foreclosure Crisis Story

November 24, 2011 2 comments

Has the foreclosure crisis affected you? Bold Progressive Change Campaign wants to hear your story.

Did your bank inhibit you from trying to save you home? Did they claim you didn’t send in the proper documentation or repeatedly lose your paperwork? Did they foreclose on your home (or try to) while you were in the process of applying for a loan modification?

It’s time for American politicians to hold the banks accountable. They have ignored this crisis for far too long.

Follow this link to share your story.

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

November 18, 2011 1 comment

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