A number of national consumer groups are organizing calls to state attorney generals to stiffen their collective spines. As you may recall, the 50 state attorney general investigation into mortgage and foreclosure abuses started with the usual fanfare and promises of tough action and has been trying to beat a quiet retreat since them.
The AG leading the probe, Tom Miller of Iowa, made a public promise in December to put bank
executives in jail for the crimes they’ve committed against the American people. Last week, he backtracked almost completely, and is now claiming the matter is inherently civil, not criminal. The laws certainly haven’t changed since last year, only the party line has.
Don’t let the AGs get away with it. Call and let them know that you are watching and are not about to be fooled by a bait and switch.
Go to CrimeShouldn’tPay and add your name to the petition now.
Join thousands of people this Thursday, February 3 by calling your state Attorney General and demanding a strong settlement against the big banks. The site provides the phone numbers and a possible script with two demands, deep principal mods and criminal prosecutions. I’d add one more: the right to a third party appeal over suspected servicer fee errors and abuses.
A few minutes of your time (http://bit.ly/callag) on Thursday will send a message to the Attorneys General that the public is hopping mad and won’t settle for anything less than serious penalties for the big banks and equal protection under the law for millions of homeowners.
Please spread the word. Email this post to your friends. Go to www.crimeshouldntpay.com and post the call-in day details on your Facebook page and announce it on Twitter. Thanks!
Via David Dayen, at least one federal regulator wants to do something about the foreclosure crisis. Federal Deposit Insurance Commission Chair Sheila Bear has proposed implementing rigid standards for mortgage services in the financial reform regulatory rulemaking. She's advocating the idea of a claims commission for homeowners.
Federal Deposit Insurance Corp. Chairman Sheila Bair wants a foreclosure claims commission set up, similar to the one established during the oil spill crisis in the Gulf of Mexico last year, to help homeowners victimized by improper foreclosures....
Lenders and servicers have restarted foreclosures from the robo-signing scandal and have begun refiling thousands of affidavits. Chase said it would mail out $2 million in refunds to those families.
But Bair wants to consider more in compensation and in new regulation.
"The mortgage servicing industry is fundamentally flawed and in desperate need of reform. It does not provide significant incentives to provide borrowers enough loss mitigation needs," Bair said.
She added that some servicers have become too big to succeed. Since 2000, the five largest servicers grew their market share from 32% to more than 60% today, Bair said, adding that these companies were either incapable of or reluctant to commit the resources necessary to implement effective loss mitigation practices.
As the 50 state attorneys general continue their investigation into the servicing industry, Iowa AG Tom Miller has said a fund to compensate borrowers victimized by robo-signers is on the table, but not necessarily pending.
It's good as far as it goes for those who've already been victimized by the mortgage servicing industry, but there's an immediate need to stop these unwarranted foreclosures and prevent their being further victims. Dday:
A nationwide compensation fund is fine, but in the end it’ll probably end up as just a payoff, the cost of doing business for the banks. You have to add to that real modifications with principal reductions, to reset the entire housing market and stabilize it. And you have to provide consequences for illegal behavior, which is in the background of virtually every foreclosure action over the past several years. Judge Arthur Schack is taking on foreclosure lawyers because they are lying in his court and breaking the law. The remedy for that is to throw those people in jail, and that needs to go all the way to the top. “I’m not going after lawyers, I’m out to do justice,” Judge Schack said. “We have something called due process of the law.” And there’s no justice without actual sanctions for criminal behavior. “We’re not Animal House,” concluded Judge Schack. “Some animals, like banks, are not more equal than others, to bring George Orwell into this.” It was Animal Farm, but have I mentioned that I love Judge Schack?
It's a start, and a good thing that someone in the administration is talking about doing something, anything on this issue. But it is just a start.
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Small Business <b>News</b>: SMBs and the Economy
Recently businesses have expressed concern over excessive regulations that have made conducting business ever more expensive, often with limited justification.
Fox <b>News</b> caught faking it - Boing Boing
When a liberal blogger asked Fox News reporter Jesse Watters for comment on recent claims from an insider that the network makes stuff up, Watters ignored the question and mocked the interviewer's cheap camera. After MSNBC ran the clip, ...
Probably Bad <b>News</b>: Drunk Dialing FAIL - Epic Fail Funny Videos and <b>...</b>
epic fail photos - Probably Bad News: Drunk Dialing FAIL.
bench craft company scam
Small Business <b>News</b>: SMBs and the Economy
Recently businesses have expressed concern over excessive regulations that have made conducting business ever more expensive, often with limited justification.
Fox <b>News</b> caught faking it - Boing Boing
When a liberal blogger asked Fox News reporter Jesse Watters for comment on recent claims from an insider that the network makes stuff up, Watters ignored the question and mocked the interviewer's cheap camera. After MSNBC ran the clip, ...
Probably Bad <b>News</b>: Drunk Dialing FAIL - Epic Fail Funny Videos and <b>...</b>
epic fail photos - Probably Bad News: Drunk Dialing FAIL.
bench craft company sales
Small Business <b>News</b>: SMBs and the Economy
Recently businesses have expressed concern over excessive regulations that have made conducting business ever more expensive, often with limited justification.
Fox <b>News</b> caught faking it - Boing Boing
When a liberal blogger asked Fox News reporter Jesse Watters for comment on recent claims from an insider that the network makes stuff up, Watters ignored the question and mocked the interviewer's cheap camera. After MSNBC ran the clip, ...
Probably Bad <b>News</b>: Drunk Dialing FAIL - Epic Fail Funny Videos and <b>...</b>
epic fail photos - Probably Bad News: Drunk Dialing FAIL.
bench craft company scam
Small Business <b>News</b>: SMBs and the Economy
Recently businesses have expressed concern over excessive regulations that have made conducting business ever more expensive, often with limited justification.
Fox <b>News</b> caught faking it - Boing Boing
When a liberal blogger asked Fox News reporter Jesse Watters for comment on recent claims from an insider that the network makes stuff up, Watters ignored the question and mocked the interviewer's cheap camera. After MSNBC ran the clip, ...
Probably Bad <b>News</b>: Drunk Dialing FAIL - Epic Fail Funny Videos and <b>...</b>
epic fail photos - Probably Bad News: Drunk Dialing FAIL.
benchcraft company scam
Small Business <b>News</b>: SMBs and the Economy
Recently businesses have expressed concern over excessive regulations that have made conducting business ever more expensive, often with limited justification.
Fox <b>News</b> caught faking it - Boing Boing
When a liberal blogger asked Fox News reporter Jesse Watters for comment on recent claims from an insider that the network makes stuff up, Watters ignored the question and mocked the interviewer's cheap camera. After MSNBC ran the clip, ...
Probably Bad <b>News</b>: Drunk Dialing FAIL - Epic Fail Funny Videos and <b>...</b>
epic fail photos - Probably Bad News: Drunk Dialing FAIL.
bench craft company scam
Small Business <b>News</b>: SMBs and the Economy
Recently businesses have expressed concern over excessive regulations that have made conducting business ever more expensive, often with limited justification.
Fox <b>News</b> caught faking it - Boing Boing
When a liberal blogger asked Fox News reporter Jesse Watters for comment on recent claims from an insider that the network makes stuff up, Watters ignored the question and mocked the interviewer's cheap camera. After MSNBC ran the clip, ...
Probably Bad <b>News</b>: Drunk Dialing FAIL - Epic Fail Funny Videos and <b>...</b>
epic fail photos - Probably Bad News: Drunk Dialing FAIL.
bench craft company sales
Small Business <b>News</b>: SMBs and the Economy
Recently businesses have expressed concern over excessive regulations that have made conducting business ever more expensive, often with limited justification.
Fox <b>News</b> caught faking it - Boing Boing
When a liberal blogger asked Fox News reporter Jesse Watters for comment on recent claims from an insider that the network makes stuff up, Watters ignored the question and mocked the interviewer's cheap camera. After MSNBC ran the clip, ...
Probably Bad <b>News</b>: Drunk Dialing FAIL - Epic Fail Funny Videos and <b>...</b>
epic fail photos - Probably Bad News: Drunk Dialing FAIL.
bench craft company sales
Small Business <b>News</b>: SMBs and the Economy
Recently businesses have expressed concern over excessive regulations that have made conducting business ever more expensive, often with limited justification.
Fox <b>News</b> caught faking it - Boing Boing
When a liberal blogger asked Fox News reporter Jesse Watters for comment on recent claims from an insider that the network makes stuff up, Watters ignored the question and mocked the interviewer's cheap camera. After MSNBC ran the clip, ...
Probably Bad <b>News</b>: Drunk Dialing FAIL - Epic Fail Funny Videos and <b>...</b>
epic fail photos - Probably Bad News: Drunk Dialing FAIL.
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