Tuesday, January 4, 2011

Is There A Deal Reached Regarding Robo-Signing

There was a report on Bloomberg today about an imminent deal with the top mortgage servicers as well as other blogs like Zero Hedge covering this topic.  The only conflicting report was a Tweet from Diana Olick via the IA AG (leading the 50 state attorneys general) saying a deal has not been reached.  Not sure where this case stands right now.

Unfortunately I think we all know how robo-signing will end though.  No arrests, no criminal charges, just some fines.  While this deal is being worked out, judges are beginning to speak up and put a stop to existing foreclosures.  In NJ the Supreme Court has demanded the top servicers come before them this month to explain why they feel the Supreme Court should not stop all foreclosures in NJ.  I'm not quite sure what the implications of a deal worked out with the AG's would work with an opposing ruling from a judge.

I submitted the following note to the CO Attorney General today and would suggest that if you feel the rule of law is more important than the capital structure of a bank then you do the same to your own state Attorney General.

I'm under the impression the 50 state attorneys general have reached an agreement with the largest mortgage servicers in regards to foreclosure processes that violated the law.  Why is it that large financial institutions are above the law and there will be NO legal action brought against anyone involved.  Why is it anyone associated with a bank that is too big too fail can simply stand before our judicial process and lie, forge documents and nothing happens.  Sure there will be a fine paid, that is what always happens.  It is very sad to hear that the attorney generals will not have the courage to stand for the rule of law in this country.  If I were to lie before a judge that caused someone to be evicted from their home you know I would be all over the local news in handcuffs and on my way to serve time.  Fraud is rampant in our society.  I'm writing to register my complaint with any outcome that fails to enforce the law as it would be enforced among any American citizen or CO resident.  I do not advocate anyone staying in a home where they fail to pay their debt but I do advocate that all of us must follow the same rule of law, the same process to collect a debt.  Robo-signing is not about trying to keep up with the volume of foreclosures.  No, robo-signing is about the simple fact that banks do not have the proper documentation to foreclose.  Notes were never conveyed properly, reps and warranties were violated, people were put into mortgages they could never afford.  I contacted my own mortgage servicer and submitted a complaint through this office and have had no success in getting help.  I asked my servicer for a copy of my note and endorsement of title.  They refused to show who I am indebted too and this office has failed to support me with seeking what is a legal right of mine.

I am a very discouraged American watching the level fraud that has unfolded in our society the past few years and continues to unfold.  What do we tell our children?  Who pays for this fraud?  Very sad times indeed.  America is a lost society right now that needs true leadership. The attorneys general had an opportunity to do real good and unfortunately will side with the TBTFs and prove that the banking system capital structure is more important than the rule of law.

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