Ash was in the middle of working out a loan modification when this happened. “This is in essence a burglary,” Ash remarked. The bank took her late husband’s ashes.
But it doesn't look like there's going to be any concerted effort to fix any of these problems -- if the Fed has its way anyway:
Top policymakers at the Federal Reserve are fighting efforts to rein in widely reported bank abuses, sparking an inter-agency feud with the FDIC and the Treasury Department. The Fed, along with the more bank-friendly Office of the Comptroller of the Currency, is resisting moves to craft rules cracking down on banks that charge illegal fees and carry out improper foreclosures. The FDIC supports such rules, according to an FDIC official involved in the dispute.The Fed is run by bankers, after all ...The new regulations would rein in debt collection, loan modification and foreclosure proceedings at bank divisions called "mortgage servicers." Servicers have committed widespread fraud in the foreclosure process. While the recent robo-signing of fraudulent documents has received the most attention, consumer advocates have complained about improper fees and servicer mistakes that lead to foreclosure for years.
"Given that we've seen a massive failure in servicing practices and a massive failure to address servicing in an honest way, I think this is important," says Joshua Rosner, a managing director at Graham Fisher & Co., and longtime critic of the U.S. mortgage system.
Last week, the National Consumer Law Center and the National Association of Consumer Advocates published a survey of 96 foreclosure attorneys from around the country, attesting that servicers have pushed 2,500 of their clients into the foreclosure process, even as the borrowers were negotiating loan modifications with the same servicers.
I think this story tells itself. But if you haven't been following the details I highly recommend dday's coverage on this over the past few months if you want to catch up. It's an astonishing story.
Meanwhile, the wonks at Naked Capitalism have put together a petition to ask the regulators to do their jobs.
As readers may know, the banking industry is trying to prevent the FDIC from moving forward with its proposed reforms on securitizations and is also attacking related SEC reforms, namely amendments to Rule A/B.
To further the effort to curb servicer abuses, please visit the website, StopServicerScams, and sign the petition. As we have written, and as experts and foreclosure defense lawyers have reported in Congressional testimony, and as pending lawsuits by attorneys general in Arizona and Nevada allege, servicer abuses are a significant cause of foreclosures. These include including delaying and misapplying payments, using false hopes of pending mods to extract more payments from consumers, and applying compounding junk fees.
We will submit the signed petition in early January. Thanks for your support in this important effort.
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Annual Holiday Fundraiser going on right now. If you can help support the blog, I appreciate it. Cheers!
digby 12/22/2010 10:30:00 AM
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(Newser)
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Amid wrongful foreclosures and screwy paperwork, banks have been breaking into homes whose owners still occupy them, a flurry of lawsuits argues. Owners have returned home to find the locks changed and their property—from laptops to old photos to the ashes of a loved one—missing, the New York Times reports. In some cases, banks mistakenly think homes have been abandoned; most mortgages contain a clause letting banks enter abandoned homes to secure the property.
In other cases, mortgage payments are up to date, but the banks, apparently confused, enter anyway. Banks say these mistakes happen in only a tiny portion of a huge number of cases. But “volume is not an excuse for violating someone’s rights,” says a law expert. “This is in essence a burglary,” said one victim who sued a bank for breaking into her chalet and emptying it of her belongings.
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Fox <b>News</b>, Hypocrisy, And “Politically Correct” Journalism
My earlier post about Megyn Kelly's absurd equation of illegal immigration and rape in a discussion about changes to the Associated Press Style Guide.
Keith Olbermann: 'Fox <b>News</b> Is 100% Bullshit'
Keith Olbermann is anything but hesitant when it comes to a battle with Fox News, and the MSNBC anchor took to Twitter Wednesday to share his views on the TV network he probably wouldn't even call a rival.
Stubborn Joblessness Among Vets Darkens US Economy - AOL <b>News</b>
The newly reported drop in jobless claims belies continued rough going for America's Iraq and Afghanistan war veterans, who are experiencing 10 percent unemployment.
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