READER COMMENTS ON
"BREAKING: MA Attorney General Files Suit Against Bank of America, Citigroup, JPMorgan, Wells Fargo, Ally Financial, MERS For Illegal Foreclosures"
(9 Responses so far...)
COMMENT #1 [Permalink]
said on 12/1/2011 @ 1:20 pm PT...
Yeah! The nation is saved! ...
but what about the new law that anyone withing in the United States suspected of being a "terrorist" (example of a terrorist) can now be grabbed and sent to GITMO (no Obama did not close it) indefinitely and held without trial.
Hey ... what's on Thursday nite football?
COMMENT #2 [Permalink]
said on 12/1/2011 @ 1:22 pm PT...
U.S. Citizens can be merely accused then taken away forever without notice, charges, or trial.
Unless Obama vetoes the bill.
COMMENT #3 [Permalink]
Ernest A. Canning
said on 12/1/2011 @ 2:57 pm PT...
There appear to be four major categories of deceptive business practices that Coakly leveled against these five miscreant banks in the complaint.
1. "Use of false documents to expedite foreclosures 'Robo-Signing'."
According to the complaint, the banks used false documentation in the foreclosure process, including so-called “robo-signing”, whereby bank personnel signed affidavits that were untrue, or not based on the signor’s actual knowledge...Evidence also suggests these practices were not confined to the foreclosure process, but also used in the assignment, transfer and modification of mortgages secured by property in Massachusetts.
2. "Foreclosure without Legal Authority 'Ibanez Violations'"
The complaint alleges that these entities ignored this fundamental legal mandate and proceeded to foreclosure even though they did not hold the mortgage, and thus had no legal authority to conduct the foreclosure. The banks’ failure to obtain a valid assignment of the mortgage prior to foreclosure has adversely impacted titles to hundreds, if not thousands, of properties in the Commonwealth.
3. "Undermining Public Records 'MERS'"
MERS [a private electronic registry system] was adopted [by the banks] primarily to avoid land registration and recording requirements, including payment of recording and registration fees, and to facilitate sales of mortgage loans. The use of MERS has resulted in a lack of transparency as to the entities that have the legal authority to enforce mortgages, and unfairly conceals from borrowers the true identity of the holder of the debt...The complaint also alleges that through the use of the MERS system, the banks unlawfully failed to register assignments of mortgages and transfers of the beneficial interests in mortgages.
4. "Misrepresenting Loan Modification Programs."
This last allegation is troubling because it reveals that some of the fraudulent practices actually began after the 2008 financial meltdown.
The National Homeownership Retention Program commenced on 11/6/08. The complaint alleges that since that time, the "banks misled borrowers about their eligibility for this program and the amount of relief available, failed to achieve a significant level of modifications, and often strung along borrowers for months in trial modifications that were ultimately rejected."
COMMENT #4 [Permalink]
said on 12/1/2011 @ 3:59 pm PT...
"Unless Obama vetoes the bill."
His lawyers have said it's legal. Kinda' like bush and his lawyers that said it was ok to torture.
Must be expecting some riots from OWS. The only other regular progressive and I just got banned from our local online newspaper Bangor Daily News in ME.
Mostly trolls from our tea party gov. now. One of them wrote that a pro OWS writer could be expecting a visit from the FBI.
They are desperate .
Occupy Wall Street
COMMENT #5 [Permalink]
said on 12/1/2011 @ 4:07 pm PT...
Regarding the loan modification program (HAMP), the banks also scammed their clients in two way:
Scam #1: many people who succeeded in obtaining approval ended up with higher payments than what they had with the original loan.
Scam #2: banks told people who applied for HAMP that they had to show "hardship" in order to be approved, and that they had to skip mortgage payments. And after applicants stopped paying, they foreclosed on them. Many people who not not have faced foreclosure otherwise ended up losing their homes, even after they offered to pay back the skipped payments.
COMMENT #6 [Permalink]
said on 12/1/2011 @ 4:10 pm PT...
"...who would not..."
COMMENT #7 [Permalink]
said on 12/1/2011 @ 7:23 pm PT...
COMMENT #8 [Permalink]
said on 12/1/2011 @ 7:29 pm PT...
COMMENT #9 [Permalink]
said on 12/4/2011 @ 3:21 pm PT...
This can be traced to the explosion of veture capitalism in the 80's.This was a tool for the bankers to strip jobs from the American people.The banks used these entities to buy companies and then shut them down after they sell off the plant machinery.
This was prevelent in the midwest and Pensylvania.The banks are still selling derivatives disquized as performance bonds
Where's the Attorny General of the Us?