Sunday, March 13, 2011

Voices: The American Dream ,Corruption and the Victimized Homeowners

 It´s so hard for government planners, no matter how sophisticated, to ever substitute for millions of individuals working night and day to make their dreams come true.  Ronald Reagan

"In the end, all of us are paying a price for this mortgage crisis.  And all of us will pay an even steeper price if we allow this crisis to continue to deepen...." President Obama explained.  "But if we act boldly and swiftly to arrest this downward spiral, every American will benefit."  President Obama

"Now more than ever before, the people are responsible for the character of their Congress.  If that body be ignorant, reckless and corrupt, it is because the people tolerate ignorance, recklessness and corruption.  If it be itelligent, brave and pure, it is because the people demand these high qualities to represent them in the National Legislature..If the next centennial does not find us a great will be because those who represent the enterprise, the culture, and the morality of the nation do not aid in controlling the political forces."   James Garfield in 1877

"Resistance to tyrants is obedience to God"  Thomas Jefferson

Corruption is worse than prostitution.  The latter might endanger the morals of an individual, the former invariably endangers the morals of the entire Country.  Karl Kraus

I weep for the liberty of my Country when I see at the early day of its successful experiment that corruption has been imputed to many members of the House of Representatives, and the rights of  the people have been bartered for promises of office.  Andrew Jackson

"It is not acceptable for a party who believes they submitted false court documents to merely replace those documents".  Attorney General Richard Cordray

"The mortgage services hired people who would never question authority".   Attorney Peter Ticktin, msnbc Oct. 13, 2010

"The paperwork problems range from potentially forged documents to bank employees who never read borrower's files before signing off on an eviction.."While we don't expect our review to find that consumers were harmed, we will take appropriate action if we find any impact."  JP Morgan spokesman Tom Kelly, Washington Post Sep 29, 2010

"Obviously the banks do not want to grapple with the consequences of trillions of dollars of securitized mortgages having no legal standing.."  Former Rep. Grayson

"Maybe this is like shock therapy.  Maybe this will actually get the lenders to the table and encourage them to work out deals that are to the benefit of everybody."  Economist Karl E. Case quoted in the New York Times

"The U.S. banking industry is entering a new period of crisis where operating cost are rising dramatically due to foreclosures and defaults.  We are less than 1/4 of the way through the foreclosure process."  Chris Whalen

"We are serious about getting it right.  This is our time and we know that."  A.G. Miller

"You can count on us! You can count of 50 A.G's."      A.G. Miller

"How long must the American people work second jobs to stay in our homes?  Shirley Broomfield

"The kind of fraud that got us into this crisis is intolerable."  A.G. Miller

"Everything done is done by the judge who is there to protect the rights of the borrower and lender.."  said Tew, "David Stern didn't create that problem, he is representing banks who are entitled to foreclose.  Since he is the visible person, he will get a lot of bad publicity.  There's been a huge train wreck and David is like the surgeon in  the ER, he is part of the process."  Attorney Jeffrey Tew, representing David Stern

"Negative equity holds millions of borrowers captive in their homes, unable to move or sell their properties"  Mark Fleming, Economist quoted on Huffintong Post

On proposed Banks Settlement for Illegal foreclosures"verges on extortion"  Rep. Randy Neugebauer 3/17/11 Huffington Post

"Ending HAMP now, without a meaningful alternative in place, would mean that struggling homeowners would have far fewer ways of coping with the worst housing crisis in generations"  Timothy Massad, Treasury Dept. Acting Assistant Secretary for Financial Stability

I think all lawyers should be on contingencies.  It forces them to do the right thing.  I don't know if the hourly lawyer has the same incentives to get to the bottom line.  I think the whole world should be on a contingency basis.  If you don't cure the problem, you shouldn't be paid. 
Interview with attorney Thomas V. Girardi, Mortgage Servicing Fraud

"There is a way to modify people's loans so they can stay in their homes," A.G. Madigan said. "That requires principal reduction.  That is the only way for us to make some people be able to stay in and saave their homes." Any settlement must include restitution to those who lost their homes to fraudulent practices.  If her office must litigate, it will. Illinois  Attorney General Lisa Madigan, WGIL Radio Network 6/23/11

“This evidence has made it clear to me that the only way we can ever determine the total economic loss and the amount damage done to the taxpayers is by conducting a full forensic audit of all registry of deeds in Massachusetts. I suspect that at the end of the day we are going to find that the taxpayers have been bilked in this state alone of over 400 million dollars not including the accrued interest plus costs and penalties. The Audit makes the finding that this was not only a MERS problem, but a scheme also perpetuated by MERS shareholder banks such Bank of America, Wells Fargo, JP Morgan and others. I am stunned and appalled by the fact that America’s biggest banks have played fast and loose with people’s biggest asset – their homes. This is disgusting, and this is criminal”.  MA Register, John O'Brian

“It’s like giving aspirin to someone with cancer,” he said of the proposed assistance. “You had all the big players at the top of the pyramid negotiating but nobody was speaking for the homeowners who have far more at stake at the ground level.” Matthew Weidner, Florida Lawyer, N.Y. Times 7/11/11

More voices coming soon.