Eliminate Your Mortgage

State of Arizona vs. Countrywide, Bank of America, et al - Office of Attorney General Terry Goddard Charges Bank of America with Mortgage Fraud

Foreclosure Fraud | December 18, 2010 at 12:10 PM | Categories: bankruptcy, cdo, cds, Corruption, Fannie Mae, foreclosure, Foreclosure Fraud, Foreclosuregate, freddie mac, Front Page, MERS, mortgage electronic registration system, Mortgage Fraud, Pleads for Help, Random Repost, securities fraud | URL: http://wp.me/pFWnq-460
Office of Attorney General Terry Goddard
AZ State Seal
Terry Goddard Charges Bank of America with Mortgage Fraud
Complaint Below...
(Phoenix, Ariz - Dec. 17, 2010) Attorney General Terry Goddard announced that his Office today filed a lawsuit against Bank of America Corporation and its affiliated companies ("Bank of America") alleging violations of the Arizona Consumer Fraud Act and violations of the consent judgment entered in March 2009 between Arizona and the Countrywide companies owned by Bank of America.
The lawsuit, filed in Maricopa County Superior Court, was triggered by hundreds of consumer complaints and follows a year-long investigation into Bank of America's residential mortgage servicing practices, particularly its loan modification and foreclosure practices.
Goddard stated that Bank of America, the nation's largest residential mortgage loan servicer, should be leading the way out of the country's foreclosure crisis. Instead, he said, "Bank of America has been the slowest of all the servicers to ramp up loss mitigation efforts in response to the housing crisis. It has shown callous disregard for the devastating effects its servicing practices have had on individual borrowers and on the economy as a whole."
The complaint asks the court to hold the defendants in contempt for violating the consent judgment and to order them to pay restitution to eligible consumers and civil penalties, attorneys' fees, and costs of investigation to the State. It further asks the court to order the defendants to pay up to $25,000 for each violation of the consent judgment and up to $10,000 for each violation of the Arizona Consumer Fraud Act.
Goddard noted that Arizona has been particularly hard hit by the foreclosure crisis, as evidenced by recent reports ranking the state second behind Nevada in foreclosures. Nevada plans to file a similar lawsuit against Bank of America today.
The consent judgment was entered into on March 13, 2009 to resolve the Attorney General's allegations that Countrywide had engaged in widespread consumer fraud in originating and marketing mortgage loans. In the judgment, Countrywide agreed to develop and implement a loan modification program for certain former Countrywide borrowers in Arizona. Bank of America acquired Countrywide on July 1, 2008 and has assumed responsibility for Countrywide's compliance with the consent judgment.
The complaint filed today alleges that, since the consent judgment was entered, Bank of America has repeatedly violated the judgment's provisions related to loan modifications. Instead of providing the relief to which eligible homeowners were entitled, Bank of America has failed to make timely decisions on modification requests and proceeded with foreclosures while modification requests were pending in violation of the agreement.
The complaint also alleges that Bank of America has violated the Consumer Fraud Act by misleading Arizona consumers about its loss mitigation process and programs, including matters such as:

* Whether homeowners must be delinquent on their mortgage payments to be considered for a loan modification.
* How much time it would take to receive a decision from Bank of America on a modification request or a short sale request.
* Whether foreclosure would proceed while a modification or short sale request was pending, or while a homeowner was making trial payments.
* Whether the homeowner had been approved for a loan modification.
* Failure to provide valid reasons why the homeowner was declined for a modification.
* Whether the homeowner would be approved for a permanent modification if the consumer successfully made all trial modification payments.

As a result of Bank of America's deceptive practices, many homeowners who were already contending with other financial hardships have been led to unnecessarily deplete their dwindling savings in futile attempts to obtain the promised relief and save their homes. Many homeowners who tried to obtain a modification from Bank of America ended up owing more principal on their loans or having less equity (becoming more "underwater") in their homes. Others gave up their chances to pursue other financial options, such as short sales, while trying to modify their loans with Bank of America. These consumers endured months of frustrating delays, not knowing whether or when they would lose their homes. They called Bank of America and resubmitted their paperwork over and over again in futile efforts to get the help they were promised.
"I am filing this lawsuit today because, after years of delay and broken promises, Arizonans should not have to wait any longer to seek redress," Goddard stated. "Our homeowners and communities need and deserve relief. Bank of America must be held accountable for its deceptive conduct and failed commitments."
This case is being handled by Consumer Advocacy Division Chief Susan P. Segal and Assistant Attorney General Carolyn R. Matthews.
Goddard urged all homeowners who are in or are facing foreclosure to seek assistance as soon as possible. Homeowners can speak with a HUD-approved housing counselor by calling the Arizona Foreclosure Prevention Helpline toll-free at 1-877-448-1211. Borrowers who believe they have been the victim of mortgage fraud or other scams should contact the Attorney General's Office at (602) 542-5763 or by filing a complaint on the Attorney General's website, at www.azag.gov. Additional foreclosure prevention resources are also available on the Attorney General's website.

SOURCE: Arizona Attorney General

DO YOU HAVE MORTGAGE PROBLEMS?
There are millions of people each month searching for the exact same answers as you! We are in the middle of a US Housing and banking epidemic We can help you...
Attorney consultations are available and we only charge a small fee for the consult. Very small. Our clients are very satisfied. CLICK HERE

Why do lenders have to reduce the principal?

This a question you will hear time and time again when speaking to potential clients. You will also hear, "It's too good to be true". Well here is the answer. During 2001 to 2007 mortgage bankers and lenders violated many laws, which include predatory lending and high cost loans.

Predatory lending is when a mortgage banker places someone with decent credit into a loan that is designed for people with not so perfect credit. These loans were known as "Sub-prime" and "ALT-A" loans. Usually these loans were 2 or 3 year ARM's that would have a rate adjustment every 6 months after the 2 to 3 years were over. Millions of clients that should have been placed in Fannie Mae or Freddie Mac loans were put into these loans, which were easier to do and paid high profits to lenders and high commissions to loan officers.

High cost loans are when mortgage companies or loan officers charge too much for a loan. This could be done by charging excessive points or a very high interest rate. This usually happens to people that lack much of the financing knowledge. A trained loan officer could quickly identify those clients with little knowledge. These loans are illegal, but many loan officers and mortgage lenders didn't care.

The method of achieving our goal, which is principal reduction and possibly a discharge of mortgage is reached in a number of ways. You can see how the following examples below explain

THE LAW IS FIRMLY ON YOUR SIDE TODAY
1. 1. Lender not responding within 20 days. The lender has 20 days to respond to our claim. If the lender does not respond, we will file a "Quiet Title", which means the homeowner is taking full ownership of the title. After this is done, the lender will have no choice but to prove they are the owner, which in most cases is impossible. Chances are the Note was sold or the homeowner defaulted on the loan.

2. 2. Wall Street creating duplicate notes. After someone purchases a home, the note is sent to Wall Street. There are many cases where those on Wall Street would make copies of the Note and sell it 4, 5 or 6 times. You heard the term double dipping, well this is much worse. These Notes are sold to a number of investors thinking they have the original Note. Many of them are aware they don't have the original Note. Fractioning is also a popular Note selling practice. This is when the Note is fractioned into many parts. There could be hundreds of fractions created, so how can all the Note holders come forward showing they have ownership interest in cases of foreclosure. There are just too many Note holders.

3. 3. Loan in default. Usually if a homeowner does not pay their mortgage payment for 3 months or they do a loan modification, the lender can put in a claim to their insurance company. The insurance will cover their loss. Now that the house has been paid in full, the lender will still go after the homeowner for payments or file for a foreclosure. They are trying to get paid again for the same home.

Most people don't understand what lenders have done over the years and the power they had over politicians. Recently the lenders have cleaned up their act. This is why we target loans initiated from 2001 to 2007.

In the coming days I will break down "Option ARM's", what they are, how they worked and how so many people were scammed.

I hope this makes it easier for you to understand

By Tamara Lawrence

Q. How can your program help me?
A. Our goal is to educate and arm the American consumer with the information necessary to protect one's family and property against the unlawful actions of banks. Unfortunately, America is being foreclosed by ruthless foreign and domestic banking interests. We were warned of this by many who knew the repercussions of instituting a private central bank. The following quote is from a man you may have heard of before.

Thomas Jefferson: "The [privately-owned] Central Bank is an institution of the most deadly hostility existing against the principles and form of our Constitution...if the American people allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered."

Q. How does this work?
A. You will use the legal forms to make claims against the bank. When the bank cannot properly respond under commercial law (they never do), an administrative judgment is issued by a third party Notary Witness and is admissible in court if the bank were to try and steal your home at some later date.

Q. How is this Legal?
A. This process follows commercial law which is uniform worldwide and governs commercial transactions and contracts:

UCC 3-104(e) An instrument is a "note" if it is a promise and is a "draft" if it is an order. If an instrument falls within the definition of both "note" and "draft," a person entitled to enforce the instrument may treat it as either.

UCC 9-102(65) "Promissory note" means an instrument that evidences a promise to pay a monetary obligation, does not evidence an order to pay, and does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds.

DO YOU HAVE MORTGAGE PROBLEMS?
There are millions of people each month searching for the exact same answers as you! We are in the middle of a US Housing and banking epidemic We can help you...
Attorney consultations are available and we only charge a small fee for the consult. Very small. Our clients are very satisfied. CLICK HERE

Q. What is the administrative procedure?
A. The administrative procedure is in accordance with The Administrative Procedures Act and evidences the banks' default. When you complete the administrative processes using our forms you will be awarded with a judgment and claim/lien against the bank which is recorded on a UCC-1 Financing Statement.

Q. How does this process work?
A. Our documents help you ask questions and make claims against the bank under Notary witness. A notary is a magistrate of the court and an impartial witness in the dispute and can issue an administrative judgment. The judgment is prejudicial and stands in the public courts.

Q. What if I am in foreclosure?
A. This administrative remedy procedure will bring to light bank fraud and non-responses from the bank. If they don't answer (which they won't) then they are in agreement with all claims of fraud. This can be presented as evidence in your case. The administrative process defeats the bank before or during a foreclosure action.

Q. What if I am current on my payments?
A. Mortgage fraud starts from inception, why throw good money after a bad mortgage.

Q. What is your success rate?
A. We have not seen one bank dispute any of the claims made in the administrative procedure. If the process is finished by you then an administrative judgment will be rendered.

Q. How long does it take?
A. The whole procedure takes about 60-90 days depending on your current situation, but judgment is rendered in about 60 days.

Q. What are the steps to the process?
A. You start with discovery and make claims against the bank. If the bank cannot respond with answers and proof of their claim of a debt, then the bank is given a short period of commercial grace to cure it's fault in commerce. If the fault is not cured then a judgment is rendered by the notary witness.

Q. What happens when the process is done?
A. Depending on your situation, the property can be re conveyed and the mortgage is void for fraud. You may also choose to get Quiet Title through an attorney if needed to clear the title so the house can be sold on the market.

Q. Are you attorneys?
A. No, we only provide Legal Information, which is not legal advice. Legal information informs you of the law and your rights but does not advise you what course of action to take for your situation. Legal advice is what lawyers provide.

Q. Will I need to hire my own attorney to do this?
A. If you have a serious legal problem we suggest that you consult an attorney. The products offered are not a substitute for the advice of an attorney.

Q. What do I need to do to make this work?
A. Follow the procedure and commit to the education process so that you know why and how this can work. A correct mindset can only come through understanding and education. We give you the educational tools for this most important part of the process.

Q. Do you offer support?
A. Yes, once you are a member you will have a full access to a secure members only area where you can create and mail your legal forms, contact support, access our knowledge base and many other legal resources that are available to you.
DO YOU HAVE MORTGAGE PROBLEMS?
There are millions of people each month searching for the exact same answers as you! We are in the middle of a US Housing and banking epidemic We can help you...
Attorney consultations are available and we only charge a small fee for the consult. Very small. Our clients are very satisfied. CLICK HERE

NY POST - Fraud-closure biz fizzles out
Foreclosure Fraud | November 15, 2010 at 9:54 AM | Categories: Corruption, Fannie Mae, Foreclosure Fraud, Foreclosuregate, MERS, bankruptcy, cdo, cds, foreclosure, freddie mac, mortgage electronic registration system, securities fraud | URL: http://wp.me/pFWnq-3Im
New York Post
Bank lawyers prosecuting the 80,000 foreclosure cases in New York are all but admitting that the cases they have filed over the past number of years have been riddled with fraud.
In the three weeks-plus since New York State Chief Judge Jonathan Lippman put the foreclosure lawyers on notice that any fraud in foreclosure paperwork would be met with severe penalties -- he is making lawyers sign affirmations promising they took "reasonable" steps to make sure the legal papers are true -- practically no new foreclosure cases have been filed, The Post has learned.
And existing cases have ground to a halt, a source close to the state's foreclosure practice said.
"Banks do not want to be the first to test the new rules," the source said.
The virtual shutdown of New York's foreclosure business comes despite chest-thumping, bravado-filled statements made by some banks in October that they had nothing to be afraid of when it came to foreclosure fraud and that the lawsuits aimed at kicking delinquent homeowners from their houses would continue shortly.
It seems lawyers pressing the foreclosure cases are not willing to bet their law licenses on such claims.

Read more: CLICK HERE

Maybe you simply need to refinance or want to buy a new home. If that is the case we can help with that as well.

<

(Click the image here)

These are some excellent informative links for you. I truly hope they are helpful to you no matter what level of petroleum fuel investing you are currently at.

Diesel Fuel Offers
Diesel Fuel Shipping Videos And Information
Petroleum Fuel Transaction Desk
Petroleum Fuel Contract Samples
Nigerian Bonnie Lite Crude Production
JP54 Colonial Grade Jet Fuel Shippping
JP-54 Jet Fuel Quiz - Fact or Fiction
Petroleum Fuel Transaction Desk (in Russian)
World Petroleum Orders - How Fortunes Are Made
Mexican Dove Bonds, 1913 White Doves, 1895 Pink Lady Bonds