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So it seems that the people who lost their homes through illegal or improper foreclosure practices cannot be found. More than 600,000 checks ranging up to $125,000 have not been cashed and are in the process of being reissued. Recipients may still bring claims for damages or even title, state law permitting. The point is that the foreclosures and the assistance to avoid foreclosure were conducted with faulty premises and improper motive. So the banks agreed to pay money with no prejudice to the borrowers who lost their homes. The interesting thing is the banks themselves have come up with those situations in which their practices are wrong. That is potentially an admission against interest — a powerful weapon to use against the banks that have already “completed” foreclosures that were either void (rescission was sent) or voidable (no proof of ownership, authority or balance).
The basic myth proffered by banks is that if we don’t allow their admittedly faulty and even fraudulent foreclosures to proceed, the entire financial system will collapse. This ignores the damage that happened anyway including upcoming announcements from pension funds that they won’t be able to honor pension benefits because of losses in mortgage backed securities. But more importantly, if the banks were telling the truth, why are they abandoning 25% of all the properties they foreclosed, most of whom were owned and might still be legally owned by people who sought modifications under which most of them would still be paying the mortgage (even if it is invalid); these properties are being foreclosed on tax deeds or even bulldozed — more than 100,000 homes receiving that treatment so far. Entire neighborhoods exploited and obliterated. How is that reality less important than the theory that the financial system would collapse if the big banks fail?
And now the issue of who gets priority the condo association or homeowners association vs the bank in foreclosure. There are many cases, some of which we have handled where the issue seems to have been dispositive on whether the owner would settle with the association after the association foreclosed their lien or after the alleged mortgage holder had completed the foreclosure process but failed to keep the assessments current.
And for all the efforts of the U.S> Government starting under President Bush and continuing under President Obama, the laddering, layering and leveraging continues unabated. The banks, if anything, have been emboldened by their continued success at creating illusion and perpetrating fraud. Chase is now listed as at high risk because their balance sheet contains mostly illusions of their own making.
The U.S> Government essentially made the decision that it was more important to save the big banks than to save the average American. In dollar terms this amounts to homeowners loss of around $15 TRILLION in assets, which now amounts to a gain for the banks and their co-venturers in the false claims of securitization.
But now suddenly after years of inaction by the Department of Justice, Attorney General Holder breaks ranks and encourages lawyers to go after the big banks and especially the people who ran them and the U.S> economy into the ground.
Filed under: foreclosure