3 years ago our economy almost collapsed due to the mortgage crises created by lenders or professionals involved in the lending process, yet no loan officers, Wall Street execs nor financial firms have been prosecuted federally, per a CBS report that can be viewed at:
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[http://www.cbsnews.com/video/watch/?id=7390540n&tag=contentMain;cbsCarousel].
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I see where there is some indication that California's Attorney General Kamala Harris ["California and Nevada join forces in mortgage probe," Alejandro Lazo, Los Angeles Times, Dec. 7, 2011] is joining in an effort being made by the Nevada Attorney General--a positive step.
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Showing posts with label Mortgage Fraud in San Bernardino County. Show all posts
Showing posts with label Mortgage Fraud in San Bernardino County. Show all posts
Wednesday, December 7, 2011
Monday, November 7, 2011
Kamla Harris Not Joining New York's AJ Eric Schneiderman's Mortgage Fraud Investigation? Why?
An interesting November 7, 2011 article by Matt Stoller [former Senior Policy Advisor to Rep. Alan Grayson and a fellow at the Roosevelt Institute. You can reach him at Stoller@gmail.com or follow him on Twitter at @matthewstoller] called "50 State Settlement Chatter – $65 Million of Fundraising and the Kamala Harris Network" [found at http://www.nakedcapitalism.com/2011/11/matt-stoller-50-state-settlement-chatter-%e2%80%93-65-million-of-fundraising-and-the-kamala-harris-network.html], if true explains much about the lackluster approach to protecting consumers victimized by mortgage fraud in California.
California Attorney General Harris has positioned herself to either be the champion of consumers or the banking lobby. Commentators have either seen her as a progressive rising star or as another democratic hack.
Understanding how Harris thinks about politics matters as it kinda clues one into what she is likely to do next (or not do).
In Matt Stoller's article he comments:
.
"Harris’s decision-making seems to be driven by personal connections and fundraising networks. This is not at all unusual, but it does contrast a bit with other types of public servants, who often see their job as serving the law itself. So what do her personal connections and fundraising networks look like?
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Well, largely she shares them with President Obama, who endorsed her late in 2010 for the AG office. Her brother-in-law, Tony West, was key fundraiser for Obama in California, having helped raise $65 million for Obama in the state, and he is considered a rising star in the Democratic Party. He now works at the DOJ and has expanded the Civil Rights department to take on some elements of mortgage fraud. The DOJ has an internal directive to make mortgage fraud a top priority, but what mortgage fraud means to the DOJ are mortgage modification scams and penny ante borrowers ripping off fly-by-night lenders. West, while not the direct actor in the DOJ’s settlement talks, is in all likelihood involved in pressure on state AGs to sign on to a settlement. And it’s simply inconceivable he hasn’t dealt with his sister-in-law and political ally on the matter. Harris and West are part of a coherent political network, and much of the strength of that network has to do with reinforcing the traditional bank-friendly policies of the Democratic elite and then using that to create political support.
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The first indication that as California AG Harris was more sympathetic to the Obama side of the ledger on banking is that one of her first decisions as AG was to let off Angelo Mozilo without admitting to wrong-doing or personally paying a fine (the small money that went to restitution came from Bank of America shareholders). I suspect the issue is actually more personal to her than legal, not because she particularly cares about finance or foreclosures, but because her friends and allies are very concerned about ensuring that the banks get a release. In their view, this will cause the housing market to clear, the economy to recover, and then help reelection chances".
.
While General Harris' supporters point out that she backed out of an immediate settlement a few weeks ago with the banks that screwed millions of Californians, she refused to join the joint investigation by Eric Schneiderman and Beau Biden on the foreclosure fraud crisis. The question has to be WHY?
.
Is she afraid of sharing visibility on the subject? Is she worried she will look inadequate in leading her budget ravaged staff that historically is more pro-institution than pro-consumer? Or is she just on the sidelines, trying to figure out what to do? Or is she more closely aligned to the very banking execs she should be joining in the investigation of [For example, she let the mortgage mauraders at Countrywide and its CEO Angelo Mozilo off the hook in February of 2011 when he paid a mere $6.5 million to get out of a predatory lending lawsuit filed by the state of California].
.
What is clear is that Kamala Harris is no progressive lie New York's AJ Eric Schneiderman.
.
The Kamala Harris history?
.
Harris got her start in big time San Francisco politics she was best known as the ex-girlfriend of former long-time Speaker of the California Assembly Willie Brown, who remains a powerful figure in California politics. Harris dumped Brown shortly after he became mayor but he provided key help to her campaign for District Attorney in 2003. It was a tough race against a two-term incumbent. In that race she agreed to participate in a system that mandated campaign finance limits. In the last days of the race when it was clear she had a shot at winning, she ignored the mandated spending limits she had previously agreed to assuming that the fines would be well worth the expense of spending extra money in the home stretch if she won. And she did win. Her career as San Francisco’s District Attorney was marred by allegations of massive mismanagement of the city’s crime lab which was under her jurisdiction. As a result, allegedly hundreds of criminal cases had to be thrown out of court.
.
Maybe General Harris could learn from a very tough AG in hard hit Nevada, Catherine Cortez Masto.
.
Window dressing politics have to stop. Harris needs to decide if she wants to be a warrior for victims or an apologist for the banking smucks that are still raking us over the coals.
California Attorney General Harris has positioned herself to either be the champion of consumers or the banking lobby. Commentators have either seen her as a progressive rising star or as another democratic hack.
Understanding how Harris thinks about politics matters as it kinda clues one into what she is likely to do next (or not do).
In Matt Stoller's article he comments:
.
"Harris’s decision-making seems to be driven by personal connections and fundraising networks. This is not at all unusual, but it does contrast a bit with other types of public servants, who often see their job as serving the law itself. So what do her personal connections and fundraising networks look like?
.
Well, largely she shares them with President Obama, who endorsed her late in 2010 for the AG office. Her brother-in-law, Tony West, was key fundraiser for Obama in California, having helped raise $65 million for Obama in the state, and he is considered a rising star in the Democratic Party. He now works at the DOJ and has expanded the Civil Rights department to take on some elements of mortgage fraud. The DOJ has an internal directive to make mortgage fraud a top priority, but what mortgage fraud means to the DOJ are mortgage modification scams and penny ante borrowers ripping off fly-by-night lenders. West, while not the direct actor in the DOJ’s settlement talks, is in all likelihood involved in pressure on state AGs to sign on to a settlement. And it’s simply inconceivable he hasn’t dealt with his sister-in-law and political ally on the matter. Harris and West are part of a coherent political network, and much of the strength of that network has to do with reinforcing the traditional bank-friendly policies of the Democratic elite and then using that to create political support.
.
The first indication that as California AG Harris was more sympathetic to the Obama side of the ledger on banking is that one of her first decisions as AG was to let off Angelo Mozilo without admitting to wrong-doing or personally paying a fine (the small money that went to restitution came from Bank of America shareholders). I suspect the issue is actually more personal to her than legal, not because she particularly cares about finance or foreclosures, but because her friends and allies are very concerned about ensuring that the banks get a release. In their view, this will cause the housing market to clear, the economy to recover, and then help reelection chances".
.
While General Harris' supporters point out that she backed out of an immediate settlement a few weeks ago with the banks that screwed millions of Californians, she refused to join the joint investigation by Eric Schneiderman and Beau Biden on the foreclosure fraud crisis. The question has to be WHY?
.
Is she afraid of sharing visibility on the subject? Is she worried she will look inadequate in leading her budget ravaged staff that historically is more pro-institution than pro-consumer? Or is she just on the sidelines, trying to figure out what to do? Or is she more closely aligned to the very banking execs she should be joining in the investigation of [For example, she let the mortgage mauraders at Countrywide and its CEO Angelo Mozilo off the hook in February of 2011 when he paid a mere $6.5 million to get out of a predatory lending lawsuit filed by the state of California].
.
What is clear is that Kamala Harris is no progressive lie New York's AJ Eric Schneiderman.
.
The Kamala Harris history?
.
Harris got her start in big time San Francisco politics she was best known as the ex-girlfriend of former long-time Speaker of the California Assembly Willie Brown, who remains a powerful figure in California politics. Harris dumped Brown shortly after he became mayor but he provided key help to her campaign for District Attorney in 2003. It was a tough race against a two-term incumbent. In that race she agreed to participate in a system that mandated campaign finance limits. In the last days of the race when it was clear she had a shot at winning, she ignored the mandated spending limits she had previously agreed to assuming that the fines would be well worth the expense of spending extra money in the home stretch if she won. And she did win. Her career as San Francisco’s District Attorney was marred by allegations of massive mismanagement of the city’s crime lab which was under her jurisdiction. As a result, allegedly hundreds of criminal cases had to be thrown out of court.
.
Maybe General Harris could learn from a very tough AG in hard hit Nevada, Catherine Cortez Masto.
.
Window dressing politics have to stop. Harris needs to decide if she wants to be a warrior for victims or an apologist for the banking smucks that are still raking us over the coals.
Thursday, December 23, 2010
Mortgage Servicers Predatory Conduct - Is Mike Ramos Asleep at the switch??
Abuses by "mortgage servicers", which are the companies that collect the mortgage payments, impose late fees, negotiate loan modifications and initiate foreclosures, are rampant.
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Around the nation (and our county) the stories are, and point to a pattern of behavior by servicers that is out-and-out illegal.
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Sheila Blair, the head of the FDIC, and other federal regulators are pushing to get mortgage servicing standards written into risk retention guidelines set to be released in the near future.
.
One of the most frustrating parts of the financial reform game is how powerless most of us really are, most of the time, especially when the prosecutorial agencies are ignoring the millions of dollar in injury to pursue small time political figure abuses.
.
What is sad, is that County prosecutors like Mike Ramos in San Bernardino County have NOT protected consumers under existing California law [e.g.California Business & Profession Code § 17200 et seq]. That entire section of the California Business & Profession Code prohibits false, deceptive and unfair trade practices and gives the prosecutor the power to seek an injunction to stop the abuses. While there are "special units" at the San Bernardino County DA's office and at the Attorney General's office, this issue is not even being touched (instead they are focusing on alleged fraud in the lending process)--the result, consumers are paying fines and penalties they don't owe, some are being dragged into foreclosure processes and in some instances not just losing their homes, but having their credit ruined for years to come, costing them more money to buy household appliances, cars and needed consumer purchases.
.
Support Blair's effort to tell the government it's time to rein in mortgage servicers is a given, but call and demand your AG (attorney general) and the DA's office (Mike Ramos) start investigating the mortgage services for unfair, deceptive and or fraudulent conduct (like charging penalties not authorized in the contract signed by the consumer, being harassed by collector calls for mortgage payments not yet owed or for fees/penalties incorrectly calculated, refusing to meet and in good faith do work outs the consumers are entitled to be considered for under other state laws, being forced out of their homes by companies not authorized to do business in California--to name a few).
.
P.S. For more info a good article to look at: huffingtonpost.com/2010/12/21/mortgage-crisis_n_799593.html
.
Around the nation (and our county) the stories are, and point to a pattern of behavior by servicers that is out-and-out illegal.
.
Sheila Blair, the head of the FDIC, and other federal regulators are pushing to get mortgage servicing standards written into risk retention guidelines set to be released in the near future.
.
One of the most frustrating parts of the financial reform game is how powerless most of us really are, most of the time, especially when the prosecutorial agencies are ignoring the millions of dollar in injury to pursue small time political figure abuses.
.
What is sad, is that County prosecutors like Mike Ramos in San Bernardino County have NOT protected consumers under existing California law [e.g.California Business & Profession Code § 17200 et seq]. That entire section of the California Business & Profession Code prohibits false, deceptive and unfair trade practices and gives the prosecutor the power to seek an injunction to stop the abuses. While there are "special units" at the San Bernardino County DA's office and at the Attorney General's office, this issue is not even being touched (instead they are focusing on alleged fraud in the lending process)--the result, consumers are paying fines and penalties they don't owe, some are being dragged into foreclosure processes and in some instances not just losing their homes, but having their credit ruined for years to come, costing them more money to buy household appliances, cars and needed consumer purchases.
.
Support Blair's effort to tell the government it's time to rein in mortgage servicers is a given, but call and demand your AG (attorney general) and the DA's office (Mike Ramos) start investigating the mortgage services for unfair, deceptive and or fraudulent conduct (like charging penalties not authorized in the contract signed by the consumer, being harassed by collector calls for mortgage payments not yet owed or for fees/penalties incorrectly calculated, refusing to meet and in good faith do work outs the consumers are entitled to be considered for under other state laws, being forced out of their homes by companies not authorized to do business in California--to name a few).
.
P.S. For more info a good article to look at: huffingtonpost.com/2010/12/21/mortgage-crisis_n_799593.html
Monday, October 11, 2010
WHAT's RAMOS DOING ABOUT MORTGAGE FRAUD-- [updated 1/7/2011]
With reports of home prices dropping and foreclosures seemingly unabated by the bailout strategies directed at the failing/weakened banks (notwithstanding the recent announcement on a freeze by one lender and some conflicting thoughts in Congress on what to do, when, how, etc), I sense a real need to better educate consumers on the things to look for should a consumer think or sense they may have been victims of lender fraud.
Some sites (updated 10-19-2010) of some possible interest to consumers that may feel they have been the victim of mortgage fraud and want to try and understand some of the issues and potentially tap into other internet resources is:
1)http://rortybomb.wordpress.com/2010/10/08/foreclosure-fraud-for-dummies-1-the-chains-and-the-stakes/ [good basic info]
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2)http://www.youtube.com/watch?v=ssl5yb7FewA [a fascinating explanation of how the banks scored big time on the bailout and left the rude facts out to homeowners on how they might have fared differently]
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3)Operation Hope - www.operationhope.org (877) 592-HOPE (4673)
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4)Neighborhood Works - www.nw.org (888) 995-HOPE (4673)
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5) National Community Reinvestment Coaltion - www.fairlending.com (800) 475-6272
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6)National Council of La Raza - www.nclr.org - (213) 489-3428
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7)ACORN - Home Equity Loss Prevention Program - www.acornhousing.org - (888) 409-3557
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8) National Foundation for Credit Counseling - www.nfcc.org (800) 388-2227
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9) HUD-approved counseling agency info line (800) 569-4287
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10)US Department of Housing & Urban Development website - www.hud.gov
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11)11)adc.asm.ca.gov/issues/MortgageCrises/
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Blogger Bob's comment(s): This will be updated occasionally as additional information comes to my attention of a non-privileged nature due to the San Bernardino County DA's office having dropped the ball on this important issue. Items 3-11 were added 10-19-2010.
.
12)[No. 12 added on 1/7/2011] New website to check out: Foreclosure InfoCA.org (launched by the Public Interest Clearinghouse and the California Bar Association)--note: This provides links to a list of programs and has information.
Some sites (updated 10-19-2010) of some possible interest to consumers that may feel they have been the victim of mortgage fraud and want to try and understand some of the issues and potentially tap into other internet resources is:
1)http://rortybomb.wordpress.com/2010/10/08/foreclosure-fraud-for-dummies-1-the-chains-and-the-stakes/ [good basic info]
.
2)http://www.youtube.com/watch?v=ssl5yb7FewA [a fascinating explanation of how the banks scored big time on the bailout and left the rude facts out to homeowners on how they might have fared differently]
.
3)Operation Hope - www.operationhope.org (877) 592-HOPE (4673)
.
4)Neighborhood Works - www.nw.org (888) 995-HOPE (4673)
.
5) National Community Reinvestment Coaltion - www.fairlending.com (800) 475-6272
.
6)National Council of La Raza - www.nclr.org - (213) 489-3428
.
7)ACORN - Home Equity Loss Prevention Program - www.acornhousing.org - (888) 409-3557
.
8) National Foundation for Credit Counseling - www.nfcc.org (800) 388-2227
.
9) HUD-approved counseling agency info line (800) 569-4287
.
10)US Department of Housing & Urban Development website - www.hud.gov
.
11)11)adc.asm.ca.gov/issues/MortgageCrises/
.
Blogger Bob's comment(s): This will be updated occasionally as additional information comes to my attention of a non-privileged nature due to the San Bernardino County DA's office having dropped the ball on this important issue. Items 3-11 were added 10-19-2010.
.
12)[No. 12 added on 1/7/2011] New website to check out: Foreclosure InfoCA.org (launched by the Public Interest Clearinghouse and the California Bar Association)--note: This provides links to a list of programs and has information.
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