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Wednesday
May232012

Colorado Initiative 84 - Amend Foreclosure Laws 

"Colorado’s Foreclosure laws used to be simple: The banks and/or foreclosing parties had to provide original documents in order to take someone’s house: notes, deeds of trust, and their assignments. In 2006 the laws changed primarily due to the lobbying efforts of powerful lawyers and the financial industry. At the time, Colorado had more foreclosures than any other state, approximately 13,000. A provision was proposed to reduce the workload for the banks and the servicers, claiming that it would “streamline the process.” It failed to note that “streamlining” meant increasing the profits for the lawyers while diminishing Constitutionally protected “due process rights” for Colorado property owners, creating a system where people are losing their homes wrongfully and sometimes fraudulently."  Read the whole blog post here.

Friday
Feb102012

Government Bows To Big Banks in Settlement

"Is this really the best our government can do? I hope not. This settlement might or might not be the end of the attempt to rectify the financial crisis, but as things stand, we have a settlement in which the banks commit to follow the law and pay out some pocket change. The settlement doesn’t fix the housing market. It doesn’t create accountability for the financial crisis. It doesn’t even create incentives against future wrong-doing. But it provides the Obama Administration (and those attorney generals who just jumped in for the settlement at the last minute) with a fig leaf of political cover. It galls me is that the Obama Administration is going to trumpet this settlement as evidence that it is serious about prosecuting the crimes behind the financial crisis and helping homeowners." Read the full article.

Thursday
Nov032011

A Deal That Wouldn’t Sting

AFTER months of back and forth, a deal that is supposed to punish large financial institutions for foreclosure misconduct may be nigh. Cutting to the chase: if you thought this was the deal that would hold banks accountable for filing phony documents in courts, foreclosing without showing they had the legal right to do so and generally running roughshod over anyone who opposed them, you are likely to be disappointed.  Read the rest of the story here:  http://www.nytimes.com/2011/10/30/business/a-foreclosure-settlement-that-wouldnt-sting.html?_r=1

Monday
Jul112011

$30 Billion Settlement Pending  

State and federal prosecutors are pressing to complete a proposed settlement with the nation's five largest home loan companies over alleged mortgage abuses.  The deal with the mortgage companies would broadly absolve the firms of wrongdoing in exchange for penalties reaching $30 billion and assurances that the firms will adhere to better practices going forward, Despite failing to marshal a strong case proving misconduct during the foreclosure crisis.  The government is seeking to craft a settlement quickly, in the hopes that this will inject greater certainty into the financial system, stabilize home prices and add vigor to a flagging economy.  Read the full article.

Sunday
May222011

New York Attorney General Takes On Wall Street

The fix was in to let the Wall Street scoundrels off the hook for the enormous damage they caused in creating the Great Recession. All of the leading politicians and officials, federal and state, Republican and Democrat, were on board to complete the job of saving the banks while ignoring their victims ... until last week when the attorney general of New York refused to go along.  Click here to Read more