bank foreclosure

There's been a lot of confusion over the last few days about a possible deal with US banks to settle a fifty-state lawsuit over widespread and massive foreclosure fraud. Attorneys general from all the states have been working together, and the latest word is that the Obama Administration has proposed its own framework for a agreement.

Will that agreement be a fair one for the American people? The signs don't look good. Not that it should be a surprise. Weak and misleading reporting has set the stage for a lousy deal - one that could let bankers off the hook for criminal behavior and even let them to keep their ill-gotten gains.

Time for a quick review of the facts: The banks' mortgage fraud cost the economy many billions of dollars - trillions, if you include their speculation on housing values - and has left millions of homeowners in severe financial distress. This fraud was deliberate, widespread, and systematic, expedited by a program called "MERS" - a combined database and shadow corporation - designed to evade property law,. To date there have been no criminal prosecutions of bank executives for hiring teams of people who knowingly falsified documents and committed perjury on a widespread scale.

It shouldn't be necessary to repeat those facts, since they're so widely documented. But apparently it is necessary, since we're still seeing misleading headlines like this one in last Friday's Los Angeles Times: "Government, banks wrestle over how to settle case over botched foreclosure paperwork."

"Botched foreclosure paperwork"?? There's evidence - overwhelming evidence - that banks hired unqualified people and order them to falsely claim that they possessed property documents they didn't have. "Botched paperwork"? We're talking about a massive crime wave, not a couple of folders that weren't filed alphabetically.

The problem extends to the body of the article too, which uses phrases like "faulty robo-signed documents." Faulty? Robo-signed documents are a form of mass-produced perjury. Each one is a false statement to a court of law. Calling them "faulty" is like calling the money in the back of John Dillinger's getaway car "misallocated." It's like calling the Bonnano crime family's protection racket an "unjust form of taxation."

With journalism like this, it's no wonder that things are playing out as they are, with a Bloomberg News reporting that "the government originally floated a $25 billion penalty, which banks rejected."

"Which banks rejected"? Since when do accused lawbreakers get to accept or reject the terms of their punishment and restitution? Apparently the Administration has been operating under the misapprehension reflected in this sentence from Business Insider: "To get a far-reaching settlement, the White House needs to get the approval of federal regulators, state attorneys general, and of course, the lenders themselves."

Actually they don't need approval from "the lenders themselves." Here's another approach: Have FBI teams descend on every bank headquarters in the country. Subpoena every single email ever sent or received by Jamie Dimon, Brian Moynihan, and all the other bank CEOs to see what they did and didn't know about the illegal activity taking place in their organizations. Or hit them with massive fines and let them settle for a smaller amount. Apparently these approaches haven't been considered.

Instead the Wall Street Journal told us that "The Obama administration is trying to push through a settlement over mortgage-servicing breakdowns." ("Mortgage servicing breakdowns"? I'm out of metaphors for the crimes that journalists persist in describing as errors - from now on you'll have to make up your own.) The Journal reported that the Administration wanted banks to set aside $20 billion to reduce the loan balances on underwater mortgages, or else be fined the same amount.

The Journal report described its sources only as "people familiar with the matter." People? Who are famiiar with the matter? They don't even say which part of the "matter" these "people are familiar with. They didn't just grant these sources anonymity - they obscured all details of their existence. Were they regulators? Administration officials? Bankers? Robot emissaries from the future sent to to find the mother of some future Wall Street prosecutor? We don't know, and that makes it impossible to decode the possible motivations for this story. (The Society of Professional Journalists has published excellent guidelines regarding sources an anonymity, which include: "Identify sources whenever feasible. The public is entitled to as much information as possible on sources' reliability Always question sources' motives before granting anonymity.")

Within 24 hours of the Wall Street Journal story about the settlement, the Huffington Post's Zach Carter was reporting that there never was a deal, and that the $20 billion settlement number used in that report came from ... well, nowhere. Adding to the confusion, the original Wall Street Journal story said that the Administration had a "proposal" for a deal, and not an actual deal.

We can assume that the $20 billion proposed figure is accurate, given the number of stories that have used it without a public denial. As far as the details are concerned, however, we're now officially becalmed in fog-shrouded waters somewhere between Plausible Denial, Absolute Confusion, and WTF, with no idea which way the currents are drifting. As the outlines of the Administration's proposal begin to coalesce (our response to it will is coming shortly),the media's failure to educate the public has left the public unable to judge it fairly.

When it comes to Wall Street, first the politicians failed. Then the regulators failed. Then the ratings agencies failed. Now apparently it's the media's turn. American journalism has really let us down this time ...

... according to people familiar with the matter.

For the past year, we've been digging into the administration's fumbling efforts [1]. We've crunched a lot of numbers along the way, and now we're sharing what we found 2013 including loads of previously unreported data.

Using new Treasury Department figures, previously unreleased documents obtained through Freedom of Information Act requests, and new analyses of state and industry data, we have assembled the most detailed look yet at how the the mortgage industry [2] and the government's main effort, the Home Affordable Modification Program (HAMP), have failed homeowners.

It provides crucial context to the ongoing government investigation into mortgage servicing practices, which might lead to reforms [3] of how banks and servicers handle homeowner requests for modifications.

Here's what we learned:

• Only a fraction of struggling homeowners are getting help.2026 [4]


• Mortgage servicers are only reaching a small fraction of struggling homeowners.2026 [5]


• The largest servicers, especially Bank of America, have left most struggling homeowners in limbo without either modifying or foreclosing. [6]


• HAMP itself hasn't made much difference: It hasn't led to an increase in modifications.2026 [7]


• Just over one in five homeowners who applied for a HAMP mod have received a permanent modification2026 [8]


• And in one quarter of rejections, mortgage servicers - notorious for losing documents - have cited missing documents as the reason. [9]


• Here are your overall chances of getting a mod with each of the top servicers. [10]


• Treasury claims servicers are improving, but its own data show otherwise. [11]


• When servicers offer a mod, it's generally more affordable than mods used to be.2026 [12]


• But instead of mods, servicers have recently been offering more repayment plans, which actually increase struggling homeowners' payments. [13]


• In the end, most government funds set aside to help homeowners are still unused. [14]
  
  
  
  
  
  Surface Encounters proudly guarantees buyer satisfaction and price tag setting up granite assurance. “I’m generally skeptical going with new organisations, but your workers has manufactured me a believer!” - Steve, Indianapolis
  
  Surface Encounters is known as a fast-growing surface encounters enterprise and, nevertheless they've stored speed with all of the modern consumer referrals. “This company is among the most affordable, dependable and friendly vendors inside the whole state. I might encourage them to any person.” - Mike R., South Bend
  
  A great deal of work goes into establishing amazing countertops from nature. The process incorporates laser measurement creative vein matching, precision diamond and water-jet cutting, edging and expert installation. 1 can't just simply call in their buy for the custom countertop and also have it inside each day or two. Quality requires time.
  
  Surface Encounters encourages people to go to a showroom to study alot more about pure stone countertops. Apart from the variety and fabrication technique, one other very important portion of buyer treatment is ensuring an individual understands methods to treatment for their granite countertop to keep it seeking new for decades to come.
  
  Granite is usually a wonderful pure stone product that's a famous material employed for countertops and floor tiles in kitchens and bathrooms. Granite has surpassed marble in attractiveness mainly because is it much more tough and easier to treatment for. Granite is unmatched by artificial goods for its strength and sturdiness, tolerance to temperature modifications and resistance to stains and scratches.
  
  Granite is actually a effortlessly formed stone that may be quarried from deep inside earth, harvested, cut, polished, sealed and installed in residences to add splendor, elegance and fashion. For the reason that this is a normal solution, no two slabs are exactly alike. Granite is offered in lots of colors through the different minerals which can be uncovered from the rock. Given that it arrives from throughout the world, several regions and environmental issues allow it to be unique.
  
  Granite is largely produced up of quartz crystal, nonetheless it also comprises several amounts of other metals like feldspar, mica, copper and iron. Some granite may well have bits of gold or silver. The amount of every metal is dependent on the region it arrives from. All granite is shaped into a really hard stone by heat and strain. Rain adds other minerals as it is forming. It is to choose from throughout the entire world, in just about every country, and each area will produce a surface encounters one of a kind selection of granite.
  
  Surface Encounters state-of-the-art machinery ensures the greatest superior finished products as they style and formulate a few of the best kitchens and bathrooms. Granite Countertops enhance the warmth and magnificence of houses when improving their worth and bettering lifestyles.
  
  Surface Encounters is additionally involved with worker morale; happy staff are more very likely to lead to your results of the home business. Furthermore to currently being a successful agency and a single that's great to get the job done for, Surface Encounters does their portion to protect our planet.
  
  Surface Encounters does what on earth is best for his or her clients, workers plus the surroundings. Surface Encounters makes use of sophisticated water recycling capabilities to recycle approximately 43,000 gallons of water on a daily basis. Additionally, 100 % in the scrap created in making elegant kitchens and lovely baths is re-used as aggregate in street creating, surface preparations and concrete.
  
  The Columbus, Ohio Grand Opening of Surface Encounters capabilities an art gallery showroom of Granite, Marble, Quartz and Engineered Stone counter tops. Store Manager, Scott Donnelly unlocked the doorways of your showroom at 4717 Roberts Road, just west in the I-270 Beltway. The Surface Encounters manufacturing approach utilizes precision, automated technologies through the fabrication of your customer's custom-made counter top, such as: a laser measuring alignment that programs the diamond-tipped sculpturing blades. Surface Encounters' process incorporates computer-driven software that perpetuates the stone's natural veins. All Surface Encounter store has not less than a single registered, interior designer to assist you in developing the completed task you happen to be wanting for. The craftsmanship continues through the
  
  House owners are deciding to remodel rather than sell their real estate in today’s marketplace
  Granite countertops have grown to be a top rated alternative amid Wixom buyers for kitchen remodeling jobs. Kitchen remodeling is usually the primary task tackled with families paying 3,000 hours or even more annually within their kitchen. Granite countertops give an atmosphere that enhances the top quality time invested with friends and family and mates. Granite countertops very last a lifetime and boost the superior of residences.
  
  Surface Encounters Wixom retailer manager, Sal Dellacasa, says there are various causes people are deciding upon granite for their countertop demands. “Granite countertops add magnificence and elegance to a kitchen. Granite is offered in a variety of vibrant hues and loaded textures and its strength and sturdiness is unmatched by every other all natural stone or artificial countertop content.”
  
  Surface Encounters’ potential customers get pleasure from expert services along with a friendly, practical workers to tutorial them through the kitchen remodeling approach. A great number of of Surface Encounters new potential customers are referred to them by preceding buyers.
  "This enterprise is probably the most reasonable, reputable, and friendly businesses inside the entire state. I'd recommend them to just about anyone." Mike R. Clinton Twp., MI
  
  "The business has consistently been there to help me in what ever way plausible. Thank you so much!" David V. Lapeer, MI
  
  
  Surface Encounters Macomb would be the property of half-off granite for kitchen and bathroom countertops. Granite countertops by Surface Encounters have fast end up being the the best choice for Macomb residents who are remodeling their kitchens. Kitchen remodeling normally requires priority with families spending three,000 hours or even more annually in their kitchen. Granite countertops deliver an atmosphere that enhances the level of quality time spent with family and friends and enrich the top notch of residences.
  
  Surface Encounters Macomb retailer manager, Sal Dellacasa, says there are lots of good reasons consumers are deciding on granite for their countertop must have. “Granite countertops add beauty and elegance to a kitchen. Granite is available in a variety of vibrant colors and abundant textures and its strength and sturdiness is unmatched by every other surface encounters all natural stone or synthetic countertop content.”
  
  Surface Encounters’ potential customers savor specialized service and a friendly, effective staff to guideline them through the kitchen remodeling course of action. Lots of of Surface Encounters new clientele are referred to them by previous customers.