Feds foreclose on segami's dreams of social justice

[SSG Snuggle Bunny]

Segami (1000+ posts)     Thu Mar-10-11 02:35 PM
Original message
ARE YOU KIDDING?? Fed Investigation CAN'T FIND Single Homeowner Wrongfully Foreclosed Upon
 

   

" WASHINGTON, D.C. -- A months-long investigation into abusive mortgage practices by the Federal Reserve found no wrongful foreclosures, members of the Fed's Consumer Advisory Council said Thursday. 

During a public meeting attended by Fed chairman Ben Bernanke and other regulators, consumer advocates on the panel criticized federal bank regulators for narrowly defining what constitutes a "wrongful foreclosure." At least one member of the panel voiced concerns that the public would not take the Fed's findings of improper practices seriously, since the wide-ranging review did not find a single homeowner who was wrongfully foreclosed upon.

The Fed's findings seem to support claims from the banking industry, which has admitted to sloppy practices but has maintained that the homeowners whose homes have been repossessed were substantially behind on their payments. The Fed's report has not been released to the public.

All 50 state attorneys general joined together last fall to probe banks' foreclosure practices after several companies halted home repossessions when improper paperwork practices -- like the so-called "robo-signing" scandal -- came to light. The law enforcement officers have said they've found banks violated numerous state laws. State and federal officials are considering a large-scale settlement with banks and mortgage servicers that could include penalties totaling up to $30 billion and requirements to modify more distressed mortgages. The Fed's report will only further the disagreements between bank regulators, whose top priority is ensuring the safety and soundness of the banking system, and law enforcement officials, who are concerned with reportedly widespread violations of state and federal bankruptcy and consumer protection laws during foreclosures.

Kirsten Keefe, a member of the Fed consumer panel and an attorney at the Empire Justice Center in Albany, New York, said the Fed's report defined "wrongful foreclosures" as repossessions of borrowers' homes who were not significantly behind on their payments. Based on that definition -- the homeowners were already in default -- the Fed found the foreclosures to be justified, members said.


cont'

http://www.huffingtonpost.com/2011/03/10/fed-reports-fi...

HereSince1628  (1000+ posts)        Thu Mar-10-11 02:39 PM
Response to Original message
3. It's like voting, Its all about who gets to COUNT them.

That's why there will never be a free and fair election in America until Obama passes a law declaring only democrats can count votes.

sabrina 1  (1000+ posts)        Thu Mar-10-11 02:50 PM
Response to Original message
10. Wow, they missed my girlfriend, as a matter of fact I KNOW
 they did because she lives, or did until her home was stolen by Wells Fargo, not far from where they supposedly did this 'study'.

Her attorney will be interested in this report.

This reminds me of the 'free elections' in Iraq and other Dictatorships where the 'leader' always somehow gets 99% of the vote. At least they pretend a few people don't like him.

I hope this is met with the derision it deserves.

They are getting desperate now.

I guess they also missed the cases where judges have already ruled that there were illegal foreclosures and returned the homes to their original owners, in some cases, free of any further payments.

Hilarious. We really do live under a corrupt regime.

racist

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x606248

[DumbAss Tanker]

99.99% of them were in arrears and knew it damned well.  Whether the mortgage holder had jumped through all the right hoops to foreclose was all this was ever about, not whether the homeowners were robbed.

[Wineslob]

Wow, they missed my girlfriend, as a matter of fact I KNOW
 they did because she lives, or did until her home was stolen by Wells Fargo, not far from where they supposedly did this 'study'.

Gee DUmbass, that happens when you don't make the payments.   

[SSG Snuggle Bunny]

99.99% of them were in arrears and knew it damned well.  Whether the mortgage holder had jumped through all the right hoops to foreclose was all this was ever about, not whether the homeowners were robbed.

The scheme as conceived by liberals

1. steal millions of homes creating a multi-generational market surplus with no payments coming in

2. ??????

3. profit

Of course, if liberals can show 1 foreclosure was done in error then obviously the rest were not only in error as well but wholesale corruption must surely be the cause.

Gee DUmbass, that happens when you don't make the payments.   

DUmbasses always talk about the little guy.

Whose deposits do they think were used to underwrite the mortgage?

You don't take money from a bank, you take it from depositors.

Wells Fargo didn't steal anything; they recovered property belonging to people to whom they owe fiduciary responsibility.

[Wineslob]

DUmbasses always talk about the little guy.

Whose deposits do they think were used to underwrite the mortgage?

You don't take money from a bank, you take it from depositors.

Wells Fargo didn't steal anything; they recovered property belonging to people to whom they owe fiduciary responsibility.

WHAT!!!!????????   NO, NO, NO,  IT"S BIG BANK!!!!!!!    (DUmode off)

[AllosaursRus]

Every single foreclosure I've heard of is better than 4 months in arrears! So what are they supposed to do DUmbass, wait until the market rebounds before these low life's pay their bills?

Thought so! You don't have a leg to stand on!

[Celtic Rose]

I have never heard somebody claim that they were making full payments and were foreclosed on, which seems to be what this study proves.  I have heard all sort of reasons for not making payments though.