I couldn’t have said it better

Still a massive problem in Ohio.

You may remember that the nation’s largest Banks, in collaboration with the OCC wasted billions of dollars that could have gone to consumers who were the victims of fraud, perjury and document fabrication in the foreclosure process that was openly perpetrated by banks, often resulting in homes being taken without any meaningful due process of law, often from homeowners who were not even in default, or who were being promised, government subsidized modifications of their loans.

After spending billions on consultants to review bank files, the OCC and the Banks agreed a few months ago just to let the banks decide who they defrauded and to get the checks out to alleged victim homeowners as soon as possible. (I’m not making this up. The Federal Government agency overseeing banks suspended the independent review of the banks files and decided to let the banks themselves decide who they defrauded)

So each and every one of the 2.9 million checks that Rust Consulting will be sending to homeowners is based on a bank’s own admission that they acted inappropriately in the foreclosure process.

The only good news about the OCC settlement is that specifically states that homeowner’s who receive the checks DO NOT WAIVE ANY LEGAL CLAIMS THEY MIGHT HAVE AGAINST THE BANK THAT FORECLOSED ON THEM. While there has been a little problem of some of the checks bouncing, homeowners who can get the bank to honor them should cash the checks.

But, there is a much more important issue for homeowners receiving checks. You are now aware that the bank that foreclosed on you admits that there was something wrong with your foreclosure.

Whether you are still in your home or not you should consider consulting a lawyer in your state who is experienced in consumer, banking and foreclosure issues to determine whether or not you may still have a civil claim against the bank, or even whether the fraud in your case was so egregious that a court might be persuaded to unwind the foreclosure all together.

www.stopohioforeclosure.com

For the first time, searching for evidence of deceptive or fraudulent pattern and practice will be possible on a Nationwide basis. This is good for Ohio Consumers.

Judge Rules Securitized Trust Permanently Barred From Foreclosing

Reblogged from Consumerist:

In spite of the many rules imposed on the debt collection industry, it still generates, by far, the largest number of complaints to the Federal Trade Commission each year. That's why the agency recently completed a lengthy investigation into debt-buyers and why they do such a bad job.

Read more… 1,104 more words

LPS is the company that is one of the most notorious players in the foreclosure crisis. Employees of their subsidiary, Docx were profiled in a 60 Minutes Segment admitting to signing other peoples names to documents and signing documents endorsing loans, assigning mortgages and swearing to facts under oath without authorization from the company on whose behalf they were signing.

Several LPS employees have also been indicted on criminal charges in Missouri and Nevada.

These forged documents were then used and continue to be used to foreclose on homeowners from Oregon to Ohio.

If LPS were taking homes away from citizens with guns instead of forged documents, the Chief Law Officers of 46 States would not have rested until the culprits were in jail. But apparently, since LPS was just taking those houses with admittedly forged documents under their contracts with the largest banks and mortgage servicers in the country a slap on the wrist was the outcome of their “investigation.

Ohio Attorney General Mike DeWine settled out on behalf of the entire state for an LPS contribution of $2,544,990 into the budget of the Ohio Attorney General’s Office. No money for homeowners. No damages for homes fraudulently taken. No Jail for anyone.

There is a bright side for homeowners facing foreclosure. LPS has admitted in the consent decree to be filed in 46 State that it did the following:

1. Admitted that LPS produced documents had defects.
2. That documents used in foreclosures had unauthorized signatures
3. That documents used to foreclose on homeowners were not signed by the person who the documents said sign them.
4. False assignments of mortgages were recorded with clerks and recorders throughout the United States.
5. Documents used in foreclosures had notarizations that were false.

These admissions can be used on behalf of homeowners facing foreclosure to form the basis of counterclaims against lenders or to challenge the right of lenders seeking foreclosure to use the courts to take people’s homes.

The AGs fortunately did not have the power to waive those claims on behalf of individual homeowners. This development makes it more important than ever for those facing foreclosure or who have been foreclosed on since 2008 to consult with legal counsel to determine whether there are claims that can be brought against LPS or the lenders they worked for or whether there are defenses that can be raised to the right of such lenders to foreclose.

For More Information See:

http://www.stopohioforeclosure.com

Tonight at 10 p.m. eastern.