Community | January 03, 2011 | 18 comments

Foreclosure-Gate 2.0 Take Action Now!

source: http://figrd.blogspot.com/

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figgdimension
One of the most frustrating parts of the financial reform game is how powerless most of us really are, most of the time. Take this story:

Top policymakers at the Federal Reserve are fighting efforts to rein in widely reported bank abuses, sparking an inter-agency feud with the FDIC and the Treasury Department. The Fed, along with the more bank-friendly Office of the Comptroller of the Currency, is resisting moves to craft rules cracking down on banks that charge illegal fees and carry out improper foreclosures.

The same day the New York Times takes note of how banks are breaking and entering on a regular basis during the foreclosure process, we learn that the Fed is trying to prevent even the meekest regulations on their behavior.
This time, though, there is a way to stand up against the banks. And the reason is because in this case, Sheila Bair at the FDIC actually wants to do the right thing. There’s an open letter from Wall Street reformers to regulators advocating a wide range of new measures on the mortgage and securitization fronts. Congressman Brad Miller, who has been on predatory lending since 2004, penned a letter to the regulators. His effort is getting traction.
And now there’s a petition that you can sign, at StopServicerScams.com. If you missed it before the holidays, sign it now. We will be submitting the signatures today by the end of the day today. We up to 12,000, which is a large number for this sort of initiative, thanks to the efforts of Credo, FireDogLake, Mike Konczal, Chris Whalen, and Josh Rosner (the total on the site does not reflect the signatures obtained through some of these channels). We added a comment field, so your comments will be delivered to Geithner, Bair, Bernanke, and Walsh. Tweet it. Put it on Facebook. Send it to your friends and family.
This is meaningful action that every citizen can take.
If you aren’t trying to be part of the solution, you ARE part of the problem. Take action. www.StopServicerScams.com.
  1. groups:
    Community,   Politics,   Culture,   WTF,   9 more
  2. tags:
    News,  Economy,  Real Estate,  Foreclosuregate,  2 more
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18 comments // Foreclosure-Gate 2.0 Take Action Now!

  • insaintity
  • nanac
    • 0
      nanac  

    • Americans banks/corporations are almost as corrupt as the Mafia, and most of the politicians are not any better...

    • 1 year ago
  • jubal
    • +1
      jubal  

    • I have a house in foreclosure right now and Wells Fargo is not dealing in good faith. We submitted all the documents they asked for and then denied us the modification of the loan saying they never received the documents. They moved straight to foreclosure when the payments reached the third month...we started the modification application on the second month.

      They now say the house is going to be sold on May 4th, 2011, but the house is valued 100K less than the loan. There is no way to even sell the house to get out of the loan. If they auction the house they are going to loose at least 120K if not more....just doesn't make any sense.

      If they modified the loan like they assured us that they would based on our prequalification...they would still get the full amount of the principal only not over 30 years but 40 years and the interest rate would have dropped to 2%.

      Something doesn't make sense about why they are moving the way they are on this house. It needs 40K in repairs which includes a new roof and an updated electric and plumbing system.

      Maybe its because the lot is half an acre and if they tear the house down they could build 4 houses in its place and divide the lot up. Perhaps that is why...they see there is more money here than just us living in a single family home.

    • 1 year ago
  • figgdimension
  • Prijedor
  • figgdimension
  • EdJoyProductions
    • +6
      EdJoyProductions  

    • Signed, but Jeremy Benson is correct in what any kind of bank regulation is going to face in the new political climate. Sadly, as long as banks are able to get away with criminal practices with no consequence, they will continue and/or escalate.

    • 1 year ago
  • figgdimension
  • Jeremy_Benson
    • +4
      Jeremy_Benson  

    • We've got an incoming republican majority along with some tea partiers, and all are staunchly opposed to government regulation. The passage of new regulations will have to battle its way through all of that. Considering how difficult it was to get anything done with this previous batch of reps, excepting that random blip of productivity at the end there, the chances of this going anywhere are slim unless there is a large public outcry for it. So sign the petition in the meantime, but get out and vote and encourage others to do so next time because that is the ultimate petition.

    • 1 year ago
  • Prijedor
  • KSirys
  • Progresshiv
  • figgdimension
  • pissedoffinarkansas
  • ThatCrazyLibertarian
  • figgdimension
  • figgdimension
  • figgdimension
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