October 3, I wrote about the suspension of the foreclosures across the country as a result of the use of the lender "robo-firmantes" discovery in the preparation of documents fraudulent exclusion.? As expected, proactive stop lenders deleted any pressure on the Federal Government to impose a moratorium on exclusion and soon, as lenders realized that there would be consequences, resumed the foreclosures in its entirety.? But as soon come to learn, there are consequences in life when we do something wrong.
While the Fed has not acted, General Prosecutors of many States have intensified and threatening criminal trials of the lenders. As reported in the Wall Street Journal today, Attorney General of Ohio has criticized a number of banks and loan services companies including Wells Fargo & Co.; Allied Financial Inc. GMAC Mortgage; Bank of America Corp.; J.P. Morgan Chase & co Mr. Cordray said that banks are trying role on fraud committed in foreclosures with temporary solutions that do not address underlying problems in the practices of banks: "is not acceptable for a party who believes that they present false court documents to replace only those documents." Wells Fargo and any other banks do not allow simply a '-over "….."Banks are committed fraud on the Court, essentially of perjury and then saying ' Whoops! You caught me! "Here is some different tests and use that instead."?? In an interview Friday, Mr. Cordray said that banks "would be well served to develop an agreement with borrowers to modify loans and to develop payments".
Here in California Attorney general Jerry Brown urged lenders to stop foreclosures, while investigating the problem of robo-firmante. But unemployment has not been ordered. In addition, he has announced that California has joined a coalition of 50 General prosecutors and dozens of multi-state in an effort to state banking regulators to require lenders to find solutions to serious and potentially widespread problems in the process of exclusion throughout the country.? This could indicate a concerted effort to push the lenders to modify loans as a way to possibly avoid legal action against them by fraud.
The big question for everyone is whether it's a sign of real action at the State level to help owners of setback or whether only election year rhetoric.? With elections tomorrow, perhaps more information get us once the push for votes disappears.
The problem for most people who seek modification of course will be find help with the process of changing. Due to modification of nationwide loan scams so far, the majority of the States (including California) have essentially outlawed loan switches. Jerry Brown has called to fight against fraud to the consumer a priority, but so not fraud by lenders specifically means "Modification loan fraud".? For example, in October filed a lawsuit for $ 60 million to shut down companies offering "forensic audits" loans that could disclose to faulty or fraudulent loan documents.? Without the help of the private sector amendments seeking loan will be at the mercy of what they are told representatives of the lender. Not necessarily truthful or in the best interest of the borrower.
Meanwhile not expecting anything from Washington.?Advisory presidential Elizabeth Warren has been charged with establishing a new consumer financial protection board. While the title is encouraging, has already suggested that the Agency cannot become deeply entangled with the issue. She said, fiscal generals probably assume leadership in relation to the exclusion of more recent U.S. clutter.? To continue, do not seek help Washington.
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Bank of America to recover KaBOOM in 23 StatesForeclosures stopped: banks takes the principle of LumpsHAMP Mortgage Legal Takes Effect reduction program
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