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Mortgage Foreclosure Abuse: The Fight Continues

Posted by Larry Doyle on January 27, 2014 8:28 AM |

I wish I had the silver bullet to address and fix the rampant abusive practices that have transpired within the mortgage servicing entities of many of our large banks and elsewhere.

I don’t.

That said, the ongoing problematic issues within mortgage servicing practices remain prevalent. How do I know? I hear from people entangled in this mess on an ongoing basis.

In my opinion, these issues go right to the core of what I believe is the problem with the structure of our banking industry in America today. That problem centers on the fact that we have a few banks (e.g., JP Morgan Chase, Bank of America, Wells Fargo) that dominate the market, especially within the mortgage realm.

As many longtime readers of my blog are aware, this economic structure known as an oligopoly allows, if not promotes, the following abusive type practices:

1. price controls, if not outright market manipulation, via collusion
2. little to no competition
3. hoarding of information and charging excessive prices to those who want or need access to it
4. banks acting in their own self-interest rather than on behalf of their customers

Regrettably, far too many of our fellow citizens still dealing with these institutions in terms of addressing the servicing of their mortgages find themselves caught in this web. What is one to do?

I have heard from so many people who have exhausted countless hours in an attempt to get some degree of satisfaction with little to show for it. Little doubt why many are questioning the spirit of fair dealings and justice in our nation today when they are not able to get satisfaction on this front.  The only issue that I might even possibly compare this frustration to is the anguish felt by so many in attempting to address their healthcare coverage. So what might one do? My tact on addressing issues of this sort is three fold:

1. I always look for somebody inside an organization, in this case the mortgage servicer, to whom I can go and make them “own” my case. This can certainly be a challenge and I do not pretend it is easily accomplished. I do think it is far better to spend time and effort in this pursuit than circuitously navigating a servicer in what likely feels like a merry go round.

2. Take the same tact with your elected officials, those being your attorneys general, congressmen and congresswomen, and people within the newly launched Consumer Financial Protection Bureau. Get very specific and demand that an individual stand up to “own” your case and fight on your behalf.

3. How to hold these individuals and entities accountable? Public pressure via writing about your experience and getting very specific in terms of names and details via blogs and other social media outlets. Inform the individuals up front as to the fact that you are taking your case and fight into the public arena. They will not appreciate this fact but that is too bad.

Having engaged countless investors and consumers who have been abused on a variety of fronts, ultimately I believe these steps as laid out above are the best way to go about trying to get some satisfaction.

I would certainly welcome hearing from individuals with personal experience in this space.

I will be addressing these topics on February 9th in an interview on Blogtalk Radio.

Navigate accordingly.

Larry Doyle

Please order a copy of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.

For those reading this via a syndicated outlet or receiving it via e-mail or another delivery, please visit the blog to comment on this piece of ‘sense on cents.’

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The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

  • Senka Boston

    thank you Larry for addressing this issue in your today’s blog. My listeners (mostly mortgage/foreclosure/eviction fraud witnesses) and I are looking forward to our discussion on February 9th.

    Thank you

  • BANA Mortgage Hostage

    As I stand about a snowballs chance in hell of defending myself against the FRAUDCLOSURE in court, might as well bring it public. Mine is a typical story, 2006 Streamlined FHA refi of Mortgage by a broker for Countrywide, et al, MERS, robo-stamped, forged indorsements of the Note, fraudulent notarization and forgeries on the meanless assignments of the Mortgage. 6 loan modification applications submitted, including 2 Hamp applications, neither denied nor approved. Foreclosure initiated 5/1/09 by BAC Home Loan Servicing without any assignment or indorsement in existance to or from this entity. Limbo foreclosure from 5/1/09 – 8/23/13. Meanwhile, BANA is offered by HUD the PMI for the entire unpaid principal balance, accurred interest for 4 years, ridiculous fees placed by Countrywide and Bana…and GETS PAID THE PMI. BANA then ‘assigns and indorses (fraudulently)’ to Hud my mortgage and note, who in turn auction off my mortgage in the single family home loans sale, 2012-3 to Tourmalet Advisors for 39.4% of the unpaid principal balance,held in Statutory Trusts registered in Delaware, Tourmalet Advisors, then use Kondaur Capital Corp as their servicer. Kondaur doesn’t provide mortgage modifications; they are house flippers, offering ‘keys for cash’..$2500 to walk away from the home stolen by Countrywide et al + Bank of AMerica, Et al.
    THEN Kondaur initiates foreclosure actions using the SAME FRAUDULENTLY obtained/created documenation as BAC Home Loan Servcing LP used to initiate their foreclosure action, and saying I owe the same amount the HUD already Paid BANA for with the PMI. .
    Try to explain that to a Supreme Court of NY Judge! Or as a Pro Se defendant, try and put it all into legalese that is an ‘acceptable’ form of via NYS rules of civil procedure..RIGHT. The judge insinuated that I was a dead-beat homeowner because I hadn’t made a mortgage payment in 6 years, and was I actually expecting a free house? Yep, all my fault.
    Don’t the judges have a clue as to the truth behind these fraudclosures?
    Meanwhile, Tourmalet Advisors? Tourmalet Advisors, be it a GP, LP, LLC or LTD,
    total in offshore accounts $160,629,170
    with another $479,407,400 to be sold to investors totaling:
    $640,036,570 in the Cayman islands
    Non-off shore trusts hold $217,127,726 ,ranging from 15 – 39 investors per trust
    with 436,906,676 to be sold for a total of
    $654,034,402 domestic
    total = $1,294,070,972 invested… Who are these ‘investors’?

    Are you kidding me?? As a homeowner it seems I have no rights, and no where to turn for help. The situation is just ridiculous.

    Thanks for the shoulder, and for the opportunity to expose this travesty for what it is.

    • Matt

      If you are in the Second Judicial District (Suffolk, Nassau, Westchester Counties and NYC, have see s lawyer and check out Bank of New York v. Silverberg. I had the same situation and the Judge threw out the bank’s case.






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