News related to Mortgage and Foreclosure Fraud

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2001

Whitepaper

"ON THE MAKE": CAMPAIGN FUNDING AND THE CORRUPTING OF THE AMERICAN JUDICIARY

Legal scholar 

David Barnhizer

The corruption of the judiciary includes deliberate judicial wrongdoing in exchange for financial contributions. 

-Most of what judges do is discretionary, and many of the judiciary's professional failures are generated by a lack of accountability for their actions and omissions. 

-We have created a system that allows payments that would otherwise be bribes and legalized the "bribes" as campaign contributions.

12/29/01

The Mortgage Bite:

 Some lenders prey on borrowers

SAN MATEO COUNTY TIMES   

By Marc Albert

"As someone put it to me, loan sharking is legal," said Dan Rossi, of the Oakland City Attorney's Office.

12/7/01

Bank of America has buyer for its real estate operations.

Wichita Business Journal

Altered the accounts, then sold them to Fairbanks and others.

2001**

The Myth of the Rule of Law or How Money Works

In 2000 I visited with a senior staff assistant to the Chairman of one of the
appropriations committees for HUD

I asked him what he thought was going on at HUD. He said, ?HUD is being run as a criminal enterprise.
Based on the documentary evidence, that is absolutely correct.

Catherine Austin Fitts Over the course of several years my company Hamilton Securities and I were
subjected to a government investigation that ultimately resulted in the
destruction of Hamilton and the loss of my personal fortune. This spring the
government finally dropped its investigation, having failed to find or establish any evidence of wrongdoing at Hamilton or by me. This was not a surprising result, because there was none to find. Nevertheless, over the course of five years and at a cost of millions of taxpayers? dollars, Hamilton and I were
harassed into financial oblivion. Why?
8/16/01 Banker Beware: 'Subprime' Lending Looks Even Riskier   Wall Street Journal   More great history of the origins of the loan servicing scam.
8/3/01 Class Action Lawsuit Against Washington Mutual, Inc. and Bank United Corporation   Cohen, Milstein, Hausfeld & Toll, P.L.L.C.   A bit old, but helps to show how long the scam has been around.
6/25/01 FHA Defaults Soaring

30 Percent Jump in NYC in Government-Backed Program: Experts Blame Predatory Lending: Rates Could Rise

By Alice Lipowicz

ACORN

In 1999 and 2000, the FHA took steps to curb abuses in its 203k portfolio after hundreds of decaying brownstones were bought at bargain rates and sold the same day at exorbitant prices.

 6/01

RECORD 75 MILLION AMERICANS NOW
PRETENDING THEY OWN THEIR OWN HOMES

Low Interest Rates Help Many Fulfill The American (Banker's) Dream
Satirewire.com

Humorous article about the reality of homeownership.

5/31/01 Chase Faces Late Fee Lawsuit by Ted Cornwell
creditcollectionsworld.com
The law firm alleges that Chase charged late fees to borrowers whose "mortgage loan payments were timely received." It's not the first time a lender has been sued over late fees, but Chase's predicament does expose a nettlesome liability concern for the nation's mega- servicers.
2/12/01

 Appraisers Petition Against "Make The Deal"

"Its time to protect the homeowner from immoral behavior in the lending industry."

IRED Appraisers fed up with what they say is the "make the deal" mentality of lenders and real estate agents are fighting back with a public petition on The Appraisers Forum. The following letter is addressed to the Appraisal Subcommittee (ASC), Federal Financial Institutions Examination Council:
  Borrowers Beware By Teresa Dixon Murray
Reporter, The Plain Dealer, Cleveland, Ohio
Tom, who has spent several hours every week for the last 16 months trying to fix the problems, says he can no longer stand to think about what the lender has done to his family. "I'm so tired," he says. "Things happen, little things, and I can't take it. Mentally I'm losing it. Why can't somebody do something so this doesn't happen to people?"

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