To hear the big banks tell it, the crisis in foreclosure fraud has abated. They’ve checked and double-checked their documents, replaced the forms where necessary, and are now ready to move forward with the conveyor belt to evictions. If that’s the case, why is another top mortgage servicer suspending foreclosures?
Goldman Sachs’ mortgage servicing unit has suspended evictions and foreclosures in some states, according to a regulatory filing Tuesday.
Goldman has been reviewing the practices of its Litton Loan Servicing unit after regulators and states attorneys general asked for information about its practices, as part of an industry-wide probe into banks’ foreclosure practices, the firm said.
Like the other banks, Goldman said it has no evidence of unwarranted foreclosures, continuing the unbroken record of bank executives not reading the news.
Meanwhile, it seems like a new scandal from the servicers pops up every day or so. In this case, banks who take over the insurance for homeowners whose policies have lapsed end up getting a kickback when the insurer ramps up the price. And the homeowners pay the cost.
Nominally purchased to protect the owners of mortgage-backed securities, such “force-placed” insurance can be 10 times as costly as regular policies, raising struggling homeowners’ debt loads, pushing them toward foreclosure — and worsening the loss to investors on each defaulted loan.
Evidence of abuses and self-dealing in the force-placed insurance industry suggests that there may be far larger problems in how servicers are handling distressed loans than the sloppy document recording that has been the recent focus of industry woes.
Behind banks’ servicing insurance practices lie conflicts of interest that align servicers and their insurer partners against borrowers and investors. Bank of America Corp. owns a force-placed insurance subsidiary, and most other major servicers receive commissions or reinsurance fees on the very same policies they purchase on investors’ and borrowers’ behalf.
“There’s no arm’s-length transaction here, and that creates all sorts of incentives for the servicer to force-place excessive insurance and overcharge consumers for policies that provide minimal benefit,” said Diane Thompson, of counsel for the National Consumer Law Center. “Servicers and insurers have turned this into a gravy train.”
This forced-place insurance scandal is heady stuff; Felix Salmon demystifies it. I’m beginning to think that the mortgage servicing industry is just an arm of the Mafia at this point. They certainly know how to run every criminal enterprise known to man to make money. The Dodd-Frank act reportedly prohibits this little scam, but there doesn’t seem to be any federal entity charged with enforcing that on the servicers. In addition, as Felix notes:
And in the meantime, loan servicers would seem to have every incentive to drag out delinquencies as long as possible, if doing so means they get massive insurance revenues. Or the kickbacks associated with them.
If you want to know why servicers are doing what they’re doing, you just have to follow the money trail. It makes financial sense to let delinquencies go without modifying them, it makes financial sense to eventually foreclose instead of giving the borrower an option to stay in the home.
It’s getting so bad if you’re a borrower, you have to go on a hunger strike to get any attention.



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Where is the community organizer ?
If your calling were really about helping those less fortunate how does it become insignificant.
Anyone remember Bush with his compassionate conservatism then came the community organizer,wonder what the next con is ?
Does anyone out there know of an attorney willing to take on the “where is the Note” issue in Minnesota? I just received a NOTICE REQUIRED BY THE FAIR DEBT COLLECTIONS PRACTICES ACT, 15 U.S. CSECTION 1692, ET.SEQ.(Their spelling).
This is a letter generated by a Burnsville, MN law firm “specializing in representing creditors in residential mortgage foreclosure and bankruptcy cases in the state of Minnesota. (snip)…the firm has enjoyed continuous and vigorous growth to its present status as one of Minnesota’s premier firms representing national creditors.Our firm is a member of the Fannie Mae Retained Attorney Network, the Legal League 100, and the American Legal & Financial Network.”
Their letter says, “The Fair Debt Collection Practices Act entitles you to (snip)…also entitles you to request that we provide you the name of the original creditor if the original creditor is different from the current creditor….if you choose to request the name of the original creditor you must notify us in within 30 days.
Note: they want me to request the name of the original creditor…NOT request that they produce the original note.
So, is this a new clever way to cloud the issue of original note production, or is this the sort of letter that has always been sent in Minnesota?
Since they are a Law firm, how does someone unemployed and bankrupt even attempt to play in their ball court?
Hmmmm. This seems to be an extension of the “dead peasants” policy. If they don’t profit off you in the work-place, they’ll profit off you in your home. Or both!
Ties to Insurers Could Land Mortgage Servicers in More Trouble
Force-placed policies impose costs on both homeowner, investor
“When banks buy insurance on the homes of borrowers whose policies have lapsed, they get a great deal. Just not for the homeowners and investors who have to pay for it.
“Nominally purchased to protect the owners of mortgage-backed securities, such “force-placed” insurance can be 10 times as costly as regular policies, raising struggling homeowners’ debt loads, pushing them toward foreclosure — and worsening the loss to investors on each defaulted loan.”
LINK.
Please David. Laws are for the little people. Or people who haven’t greased the right palms.
Jus’ wonderin’,but is there any connection between these foreclosure scams and counterfeit mortgages to Congress’ unabashed willingness to defund ACORN,based on the flimsy antics of the teabuggers-O’Keefe and Company?
ACORN sure would have stood up and complained about the bullshit that has been going on.
Just damn. It’s endless.
Link to very interesting Rolling Stone article.
http://www.rollingstone.com/politics/news/17390/232611?RS_show_page=0
I had a similar situation happen to me. I let the home insurance policy expire on my rental house for two months. The bank bought me a policy for $2500. My yearly premium from MY insurance company was $500/yr. Because I had let the policy expire for two months, the bank back charged me for the two gap, ~$400.
My experience with GMAC and ETS last week sure illustrates the corrupt business practices.
GMAC collections on November 2 said get us $16,903.48 by November 4 to stop foreclosure sale on November 12.
ETS (the Trustee conducting the sale) on November 3 said get us $20,348 by November 11 to stop foreclosure sale on November 12.
GMAC would have pocketed nearly $17K and the foreclosure sale would have taken place anyway.
I’ve filed chapter 7 bankruptcy. Sale is delayed for at least a couple of months. I hope to be working before chapter 7 is discharged and convert to a chapter 13.
it’s a trip, if they actually stepped in and corrected all the fraud the whole thing would implode. America’s #1 industry now is corruption.
Another Obama Villa Idiote Won’t STAY M.I.A. !
Well,well, we sure couldn’t have a bunch of “edgy activists ” questioning a rash of questionable foreclosures,can we?
The timing of all this smells to high heaven.
BTW,Mary, do you happen to know if those levees that failed in NOLA after Katrina were insured by any particular insurance company?
The army corp of engineers doesn’t need any stinking insurance. They cannot be sued.
I was under the impressiom that there WAS redress re: MRGO
Will New Levees Protect New Orleans From the Next Hurricane? | The …Aug 26, 2010 … The Army Corps of Engineers is, at Congress’s direction, … attempts by residents of New Orleans or area organizations to sue the Corps for …
http://www.pbs.org/…/five-years-after-katrina-some-question-whether-new-levees- will-protect-the-city-next-time.html – Cached
Residents Feel Vindicated By Ruling In MRGO Lawsuit – New Orleans …Nov 19, 2009 … NEW ORLEANS — A landmark court ruling blaming the Army Corps of Engineers’ ” monumental negligence” for some of the worst flooding from …
http://www.wdsu.com › News – Cached – Similar
Yep, you are right about the MRGO lawsuit but they cannot be sued for the levees. I think you can go to levees.org for the info.
Nice to see that all that education in MBA degrees is bearing fruit. This is what they teach.
Putting the entire FIRE sector in jail would be a massive stimulous to the economy!
That sector represents more that 20% of needless overhead on the economy.
And for an additional GDP boost… once safely behind bars we could get them to do some productive work like stamping license plates.
underwriting
i want to know what happened to the underwriting function/responsibility of banks and other home mortgage lenders.
over several decades, my wife and i have bought, sold, and refinanced a home many times.
in the beginning,
we would begin the procces by calling the bank. we would be assigned a loan officer.
we would take our w-2′s, paycheck subs, credit card numbers, car loan info, etc to the loan officer who would then help us “making an application”.
once we had signed the application, we would be told that it would be reviewed by “the underwriters” and we would then be notified whether we were considered a good credit risk as a potential mortgagee.
what the mysterious underwriters apparently did was check if we had the jobs we claimed, check the status of our credit, determine the ratio of our assets to our liabilities, etc.
if they did not like what they discovered about our financial situation, we would be denied the mortgage OR required to come up with a bigger down payment.
in our experience this system went unchanged for decades.
then around 2002-2004 we made a refinance application, but not to an institution in our community. we made an online mortgage application. all communication was by phone or fax, never in person. the process was MUCH cheaper, only a few hundred dollars. the only time we dealt with anyone in person was at the final paper signing before the checks were disbursed. at no time was underwriting mentioned even in passing (which does not mean it did not occur).
i raise this issue of underwriting because i think it is the key factor in sorting out who bears primary blame for “the mortgage mess”.
it seems to me that bankers and other mortgage lending institutions had a long, well-established, fairly rigorous standard for checking the credit worthiness of mortgage applicants.
if they decided to cut corners on this process, then theirs is the primary responsibility for mortgages that went bad due to fraudulent applications, arm’s that changed terms, ballon payments, etc.
the only ones the banks would not have been responsible for were unanticipated family income loss due to job loss or major illness.
in fact, the phrase “sub-prime” clearly implies the lenders anticipated that some mortgagees might not be able to meet their mortgage payments over the life of the mortgage, which in turn means they had lowered their underwriting standards.
Every single year I have to fax my proof of homeowners insurance to GMAC three or four times- as the first few times they claim not to have gotten it and try to force me into insurance that costs twice that. This is a scam that has been going on ever since I’ve had this loan (four years now).
The community organizer has been put out of commission due to fraudulent claims that have sullied the organizations good name.
Ironically, keeping people in their homes & holding banks & corrupt politicians accountable was their specialty.
Yes. And they would have been successful.