Hullabaloo
Saturday, October 02, 2010
Blighted Titles
by digby
If you've been following this amazing, unfolding foreclosure fraud story then you probably already know that JP Morgan/Chase, BofA and GMAC have all suspended foreclosure processes around the country now that it's been revealed they've been committing massive fraud. And Attorneys General in a number of states have also stepped in to stop the process, for the same reason.
But if you are just coming into the story, as is most of the national press, Alan Grayson has prepared a valuable primer on the crisis that's wee worth watching:
He lays out the history from the beginning when mortgage mills failed to properly file documents, instead using shortcut electronic transfer program instead of the documentation required by law. It's snowballed from there, to the point where nobody really knows who owns what and the crisis atmosphere has given cover to fraudsters, con men and greedy bankers.
Grayson is knee deep in this issue, leading the charge to get to the bottom of it, since ground zero for the foreclosure crisis is in Florida (and which this columnist warns could destroy Florida's economy.) He's dealing with some of these situations among his own constituency and among others, has been at the forefront of bringing this to the attention of the nation:
Democratic Congressman Alan Grayson of Orlando recently wrote the Florida Supreme Court, saying, "taking someone's home should not be done lightly." He asked the court to halt foreclosure proceedings for flawed paperwork brought by the most active "foreclosure mill" law firms in the state. Four firms are already under investigation by the Florida Attorney General's office. They are the Law Offices of David J. Stern, the Law Offices of Marshall C. Watson, Shapiro & Freeman and Florida Default Group.
In response to Grayson, the state Supreme Court punted, saying it lacked the authority to get involved. The court referred the official to the Florida Bar to investigate any allegations.
Sadly, the legal system isn't rapidly stepping up to the plate in most cases to right this, offering up excuses and in some cases, indicating a far great concern for efficiency than justice. Keep in mind that this latest wave of foreclosures isn't a bunch of high flying speculators or people who bit off more than they could chew in the go-go real estate market of the Bush years. Those people were foreclosed upon already. These are prime mortgages that have gone south because of the unemployment crisis. Many of these are people who are victims of a bad economy, not their own bad judgment and in some cases they are being fraudulently foreclosed upon without just cause.
The New York Times speculates that this freeze on foreclosures is a needed pause, allowing borrowers a little breathing room and giving the market a chance to stabilize a bit. Unfortunately, it would also appear that it's going to freeze the market since title insurance companies are justifiably gun shy in the wake of all these fraud revelations. It's a huge mess.
Again, I urge you to watch Grayson's video, especially if you haven't been following this story. It's one of the best illustrations we've yet seen of how the the unregulated businesses of the manic Bush years continue to destroy the lives of average Americans. And if you feel like getting his back on this, you can donate to his campaign here.
.
digby 10/02/2010 09:00:00 AM
|
Progressive Rep. Bob Filner Risks Arrest To Save Cancer Victim’s Home From Foreclosure
As ThinkProgress has noted, there are currently two competing visions of governance in the United States. One, the conservative version, believes in the on-your-own society, and sides with powerful corporations and other privileged sectors of America. The other vision, the progressive one, believes in an American Dream that works for all people, regardless of their racial, religious, or economic background.
This progressive vision was on full display yesterday during a vigil led by Rep. Bob Filner (D-CA) that halted, for now, the foreclosure of a cancer victim’s home. For months, Bonita, California resident Luz Maria Villanueva had been facing impending foreclosure on her home by Union Bank. Villanueva’s situation was especially dire due to the fact that her son has a kidney disease as well as cancer. As medical bills began to pile up, Villanueva had to choose between the life of her son and her home, and she chose her son.
As Union Bank began to close in on Villanueva’s home, Rep. Bob Filner (D-CA), who represents the woman and her son in Congress, took note of her situation. Comparing the struggle of families trying to keep their homes to the civil rights struggles of the 1960s which landed him in a Mississippi jail for two months, Filner announced that he’d be holding a community vigil on the steps of Villanueva’s house on the day a local sheriff was scheduled to come foreclose on her. He warned that doing so “may result” in his arrest, but that was willing to risk it to help her save her home. Thanks to the publicity Filner and the surrounding community brought to the case, Union Bank decided to call off the foreclosure, for now:
“Thank you, thank you!” Luz Maria Villanueva’s voice was choked with emotion at a rally on her front lawn organized by Congressman Bob Filner (D-San Diego). Nearly 100 people turned out at 5:30 a.m. for a candlelight vigil to protest Union Bank’s announced plan to have the Sheriff’s department take Villanueva’s Bonita home. She has pleaded for a reprieve at least until her young son, who has cancer, completes chemotherapy treatments.
“We’re going to stand together to change America,” said Rep. Filner. “We have a president who talked about hope. We have to give him strength. The banks have taken over both parties.” He called for changes in the law to protect those victimized by predatory lending practices. The rally drew widespread media attention; at least three major TV stations as well as print and online media reporters were on hand to cover the event. Although Villanueva attained a temporary stay when Union Bank called off the Sheriff today, the order could be reissued, Filner warned those present. “We got them to back down, but we need you to be on call.”
Local news station San Diego 6 covered the event. Filner told the station that he gets “hundreds of calls” every day from other constituents facing foreclosure on their homes. He also reiterated his commitment to passing cramdown legislation — which was defeated in Congress last year — to help people stay in their homes. Watch San Diego 6’s report:
The fate of Villanueva’s home is still up in the air, as Union Bank has promised to continue negotiations with her and Filner. For his part, the congressman hopes that other communities and their legislators fight to help their neighbors keep their homes. “I hope this spreads across America,” he said at the vigil yesterday.
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Hullabaloo
Saturday, October 02, 2010
Blighted Titles
by digby
If you've been following this amazing, unfolding foreclosure fraud story then you probably already know that JP Morgan/Chase, BofA and GMAC have all suspended foreclosure processes around the country now that it's been revealed they've been committing massive fraud. And Attorneys General in a number of states have also stepped in to stop the process, for the same reason.
But if you are just coming into the story, as is most of the national press, Alan Grayson has prepared a valuable primer on the crisis that's wee worth watching:
He lays out the history from the beginning when mortgage mills failed to properly file documents, instead using shortcut electronic transfer program instead of the documentation required by law. It's snowballed from there, to the point where nobody really knows who owns what and the crisis atmosphere has given cover to fraudsters, con men and greedy bankers.
Grayson is knee deep in this issue, leading the charge to get to the bottom of it, since ground zero for the foreclosure crisis is in Florida (and which this columnist warns could destroy Florida's economy.) He's dealing with some of these situations among his own constituency and among others, has been at the forefront of bringing this to the attention of the nation:
Democratic Congressman Alan Grayson of Orlando recently wrote the Florida Supreme Court, saying, "taking someone's home should not be done lightly." He asked the court to halt foreclosure proceedings for flawed paperwork brought by the most active "foreclosure mill" law firms in the state. Four firms are already under investigation by the Florida Attorney General's office. They are the Law Offices of David J. Stern, the Law Offices of Marshall C. Watson, Shapiro & Freeman and Florida Default Group.
In response to Grayson, the state Supreme Court punted, saying it lacked the authority to get involved. The court referred the official to the Florida Bar to investigate any allegations.
Sadly, the legal system isn't rapidly stepping up to the plate in most cases to right this, offering up excuses and in some cases, indicating a far great concern for efficiency than justice. Keep in mind that this latest wave of foreclosures isn't a bunch of high flying speculators or people who bit off more than they could chew in the go-go real estate market of the Bush years. Those people were foreclosed upon already. These are prime mortgages that have gone south because of the unemployment crisis. Many of these are people who are victims of a bad economy, not their own bad judgment and in some cases they are being fraudulently foreclosed upon without just cause.
The New York Times speculates that this freeze on foreclosures is a needed pause, allowing borrowers a little breathing room and giving the market a chance to stabilize a bit. Unfortunately, it would also appear that it's going to freeze the market since title insurance companies are justifiably gun shy in the wake of all these fraud revelations. It's a huge mess.
Again, I urge you to watch Grayson's video, especially if you haven't been following this story. It's one of the best illustrations we've yet seen of how the the unregulated businesses of the manic Bush years continue to destroy the lives of average Americans. And if you feel like getting his back on this, you can donate to his campaign here.
.
digby 10/02/2010 09:00:00 AM
|
Progressive Rep. Bob Filner Risks Arrest To Save Cancer Victim’s Home From Foreclosure
As ThinkProgress has noted, there are currently two competing visions of governance in the United States. One, the conservative version, believes in the on-your-own society, and sides with powerful corporations and other privileged sectors of America. The other vision, the progressive one, believes in an American Dream that works for all people, regardless of their racial, religious, or economic background.
This progressive vision was on full display yesterday during a vigil led by Rep. Bob Filner (D-CA) that halted, for now, the foreclosure of a cancer victim’s home. For months, Bonita, California resident Luz Maria Villanueva had been facing impending foreclosure on her home by Union Bank. Villanueva’s situation was especially dire due to the fact that her son has a kidney disease as well as cancer. As medical bills began to pile up, Villanueva had to choose between the life of her son and her home, and she chose her son.
As Union Bank began to close in on Villanueva’s home, Rep. Bob Filner (D-CA), who represents the woman and her son in Congress, took note of her situation. Comparing the struggle of families trying to keep their homes to the civil rights struggles of the 1960s which landed him in a Mississippi jail for two months, Filner announced that he’d be holding a community vigil on the steps of Villanueva’s house on the day a local sheriff was scheduled to come foreclose on her. He warned that doing so “may result” in his arrest, but that was willing to risk it to help her save her home. Thanks to the publicity Filner and the surrounding community brought to the case, Union Bank decided to call off the foreclosure, for now:
“Thank you, thank you!” Luz Maria Villanueva’s voice was choked with emotion at a rally on her front lawn organized by Congressman Bob Filner (D-San Diego). Nearly 100 people turned out at 5:30 a.m. for a candlelight vigil to protest Union Bank’s announced plan to have the Sheriff’s department take Villanueva’s Bonita home. She has pleaded for a reprieve at least until her young son, who has cancer, completes chemotherapy treatments.
“We’re going to stand together to change America,” said Rep. Filner. “We have a president who talked about hope. We have to give him strength. The banks have taken over both parties.” He called for changes in the law to protect those victimized by predatory lending practices. The rally drew widespread media attention; at least three major TV stations as well as print and online media reporters were on hand to cover the event. Although Villanueva attained a temporary stay when Union Bank called off the Sheriff today, the order could be reissued, Filner warned those present. “We got them to back down, but we need you to be on call.”
Local news station San Diego 6 covered the event. Filner told the station that he gets “hundreds of calls” every day from other constituents facing foreclosure on their homes. He also reiterated his commitment to passing cramdown legislation — which was defeated in Congress last year — to help people stay in their homes. Watch San Diego 6’s report:
The fate of Villanueva’s home is still up in the air, as Union Bank has promised to continue negotiations with her and Filner. For his part, the congressman hopes that other communities and their legislators fight to help their neighbors keep their homes. “I hope this spreads across America,” he said at the vigil yesterday.
Blizzard dates Cataclysm launch as December 7 | <b>News</b>
Blizzard Entertainment has finally lifted the lid on plans for the launch of World of Warcraft's latest expansion - Catac...
IMPORTANT: Bing <b>News</b> RSS feed has moved! (France National Soccer <b>...</b>
... FIFA World Cup™ problems which followed the sending home of Nicolas Anelka after his clash with Blanc's predecessor Raymond Domenech. Blanc banned the entire 23-man FIFA World Cup squad from his first More FIFA World Cup News ...
The Birmingham <b>News</b> Pink Edition: Supporting the fight against <b>...</b>
Reports on the work being done in our community to fight the disease and sharing the stories of breast cancer survivors.
eric seiger eric seiger
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