Selasa, 26 Juni 2018

Sponsored Links

The Foreclosure Crisis and Its Impact on Today's Housing Market | KCET
src: www.kcet.org

The 2010 United States foreclosure crisis , sometimes referred to as Foreclosure-gate or Foreclosuregate , refers to a widespread epidemic of insufficient foreclosures initiated by big banks. and other lenders. The foreclosure crisis was broadly covered by news outlets starting in October 2010, and several major banks, including Bank of America, JP Morgan, Wells Fargo, and Citigroup temporarily responded by halting their confiscation process in some or all states. The foreclosure crisis led to significant investor fears in the US. A 2014 study published in the American Journal of Public Health links the foreclosure crisis with an increased rate of suicide.

One out of every 248 households in the United States received a foreclosure notice in September 2012, according to RealtyTrac.


Video 2010 United States foreclosure crisis



Controversy signing robot

"Robo-signing" is a term used by consumer advocates to describe the robotic process of mass production of false execution and forged mortgage duties, satisfaction, written statements, and other legal documents related to mortgage foreclosures and legal matters made by people without knowledge of proven facts. It also includes alleged fraudulent charges in which a notary pre- and/or post-notary affidavits and signatures of so-called robo-signers.

On October 21, 2010, the Wall Street Journal reported that the attorney/support lawyer Thomas Ice and Matthew Weidner were discussing testimony of employee mortgage company deposition; Weidner recalls, "Tom and I are talking, and that is, 'Jesus, they're like robots!'" Weidner, a blogger, called them "robo bookmark" in a post January 8, 2010. In 2009, Maine lawyer Thomas Cox, shows a large-scale practice of robot signaling in deposition taken from Jeffrey Stephan GMAC and other robot markings. News outlets reported that on September 14, 2010, Jeffrey Stephan testified that he had signed a written statement which he did not review on Ally Financial's behalf. This revelation led to increased oversight of foreclosure documentation. This practice is apparently common in the mortgage industry. In the weeks following the robot signing revelation, other major banks were censured for hiring robos as well, including JPMorgan Chase and Bank of America.

In the fall of 2010, major US lenders such as JP Morgan Chase, Ally Financial (formerly known as GMAC), and Bank of America suspended legal and non-legal seizures across the United States for robotic signing practices.

On September 21, 2010, HousingWire posted an article mentioning defects in a written statement used in some foreclosure cases on Ally Financial, formerly known as GMAC Mortgage. "This situation with GMAC is not limited to GMAC," Margery Golant, of Golant & amp; Golant, a foreclosure law firm in Boca Raton, Fla., Said in an interview with HousingWire reporter Jon Prior. "All mortgage servants do the same thing, they have people both inside and through the outsourcer we call Robo-signers, they just sign everything that looks, but the legal system requires that they really know that information."

On July 18, 2011, Associated Press and Reuters released two reports that the signing of the robo continued to be a major issue in US courtrooms across America. The AP defined robo-signing as "a variety of practices.This can mean a qualified executive in the mortgage industry signing a mortgage claim statement without verifying information.It could mean someone forged an executive's signature, or lower-level employee signed his or her own name under the title This may mean failing to comply with a notary procedure.In all these cases, robo signing involves people who sign documents and swear to their accuracy without verifying any of the information. "

Maps 2010 United States foreclosure crisis



Role of MERS

The Mortgage Electronic Registration System, known as MERS, is a privately held company that operates an electronic registry designed to track the rights of serving and possession of mortgage lending in the United States. Since the 2010 crisis, 62 million mortgages were held on behalf of MERS, and MERS has initiated thousands of foreclosures in the United States, claiming to be mortgageeurs. Lawyers argue in court that MERS has no legal right to start a foreclosure, because MERS has no questionable loans. The US lending law states that only loan owners can start foreclosures. Classroom action laws according to MERS are pending in California, Nevada, and Arizona. State courts remain sharply divided on the merits of this practice. The state supreme courts in Maine, Arkansas, and Kansas have decided against the MERS right to file foreclosure. However, MERS won court cases in other states such as Michigan, asserting its right to initiate seizure in those states. For example, the Third District Court of Appeals in Florida decided, in 2007, that "... it is clear - and we firmly believe - that there is no substantive, liability or defense rights affected by the use of MERS devices, so] there is no reason why form solely have to address the beneficial substance that enables the use of this commercially effective way of business. "

File:Sign of the Times-Foreclosure.jpg - Wikimedia Commons
src: upload.wikimedia.org


Attempting legislative improvements

In a clear effort to resolve some issues with missing documents, and occasionally fraud, both the United States House of Representatives and the United States Senate passed Hri 3808 which would force the court to recognize out of state and electronic notaries. The bill passes through the Senate through an oral voice, and is not openly debated. President Barack Obama, fearing "undesirable consequences on consumer protection" used his veto power, initially using veto power by simply not signing the bill, and then by issuing a more formal safeguard veto.

The acknowledgment of the Interstate of Notarizations (BESON) Act of 2010 shall require "any Federal or State Court to recognize any notary publicly made by a notary licensed by a State other than the State in which the court is present when such notarization occurs in or affect the interstate of the state. The bill, written by Rep. US Robert Aderholt (R-AL) to help his district court stenographer alleviate the problem by getting courts in other countries to accept deputies enacted in Alabama, came under fire in October 2010 from homeowners who said they would have made it easier for mortgage processors to confiscating the homeowner without proper documentation or chain of property rights.

The first version of the IRON Act (HR 1979), sponsored by Aderholt in 2005, passed the House of Representatives in December 2006. The same bill was subsequently sponsored by US Senator Tom Carper (D-DE) and introduced to the US Senate Judiciary Committee such as S.2083 in 2007, but eventually stalled. The bill was again sponsored by Aderholt (R-AL) and was introduced in the US House of Representatives as HR 3808 on 14 October 2009. This passed with a vote in the House on 27 April 2010. The bill was sponsored by Rep. Bruce Braley (D-IA), Rep. Mike Castle (R-DE) and Rep. Artur Davis (D-AL). The bill was elected in the US Senate on Sept. 27 at the urging of Senate Chief Justice Patrick Leahy (D-VT). Leahy's staff said they had received a call from a pressing "constituency" for the passage of the bill. But Leahy probably supported the bill after being lobbied by a notary at the September event at D.C. in honor of President Calvin Coolidge.

Senator Robert Casey (D-PA), who delivered many pieces of legislation at the last minute on behalf of the Democrats on the last day before the Senate delayed the recess, transferring the bill from the Judicial committee to the vote. Senator Jeff Sessions (R-AL) helped gather Republican support for the bill. The Senate then passed the bill with unanimous approval. Aderholt said that he and his supporters "were surprised that it came at the eleventh hour there" in the Senate. President Obama vetoed the bill on October 8, following protests from homeowners' supporters and increased oversight of the press.

Ohio State Secretary Jennifer Brunner emerged as one of the earliest critics of the bill, calling the time of its share "suspicious." Brunner organizes opposition to the bill, urging citizens to call and email the President and tell him not to sign the deed. CNBC senior editor John Carney called the bill "mysterious" and wrote that the bill "might save banks like GMAC, JP Morgan Chase, and Bank of America from their foreclosure gate problem."

Aderholt defended the bill in a statement: "There is absolutely no connection between the Interstate Recognition of the Act on the 2010 Act and the recent issue of seizure documentation... The bill expressly requires legitimate notarization, and in no way validates Inaccurate notarization, legal notarization is the responsibility of the state and I fully support every state attorney general vigorously demanding all notary fraud. "

financial « A Brief History…
src: abriefhistory.org


Legal action against bank

National Mortgage Settlement

On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) approved a historic settlement with the federal government and 49 states. The settlements, known as the National Defense Settlement Rights (NMS), require servicers to provide approximately $ 26 billion in assistance to depressed homeowners and in direct payments to states and federal governments. This settlement amount makes NMS the second largest civil settlement in US history, following only the Tobacco Prime Settlement Agreement. The five banks must also comply with 305 new mortgage service standards. Oklahoma under then-Attorney General Scott Pruitt reached out and agreed to settle with the bank separately.

Joseph A. Smith, Jr., Commissioner of the North Carolina Bank, was tapped into a Settlement Monitor. He created the Office of Mortgage Settlement Oversight (OMSO) to ensure that banks provide assistance to homeowners and comply with new mortgage service standards as required by NMS.

SunTrust Settlement Nasional

The Federal Government, along with state statewide prosecutors in 49 states and the District of Columbia, reached completion in 2014 requiring SunTrust Mortgage, Inc. to provide $ 500 million in various forms of assistance to borrowers. The United States District Court for the District of Columbia enters the Order Agreement on September 30, 2014. The consent order is directed to alleged violations of SunTrust in relation to the practice of assault and mortgage seizure. SunTrust is also required to create a 40 million dollar fund for approximately 45,000 SunTrust borrowers taken over between January 1, 2008 and December 31, 2013. In addition, SunTrust is required to comply with significant new homeowners protection. The consent order requires SunTrust to follow the service standards set by the 2012 National KPR Settlement (NMS) with the five largest banks.

Ocwen National Service Settings

The Consumer Financial Protection Bureau (CFPB), together with public lawyers and state banking regulators in 49 states, and the District of Columbia obtained an Approval Decision requiring Ocwen Financial Corporation - which at the time was the largest non-bank lender of mortgage lending in the United States. country - and its subsidiary, Ocwen Loan Servicing, to provide $ 2 billion in first-party debt reduction to underwater borrowers. The approval order is addressed to Ocwen's error during the mortgage service process. It also includes two companies previously purchased by Ocwen, Litton Loan Servicing LP ("Litton") and Homeward Residential Holdings LLC (formerly known as American Home Mortgage Servicing, Inc. or AHMSI). Ocwen is also required to pay $ 125 million to nearly 185,000 borrowers of Ocwen, Litton and Homeward who have been taken over and are also required to comply with significant new homeowners protection.

The Eviction Lab exposes the U.S.'s 'invisible' housing crisis ...
src: cdn.vox-cdn.com


See also

  • Remote bankruptcy - the desired feature of a vehicle like REMICS
  • Title chain
  • The financial crisis of 2007-08
  • Occupy Homes - a protest movement to save a foreclosed home.
  • Real estate mortgage investment channel (REMIC)
  • Shadow banking system

The Deep, Uniquely American Roots of Our Affordable-Housing Crisis ...
src: www.thenation.com


References

Source of the article : Wikipedia

Comments
0 Comments