There is so much wrong with the property system that we will never fix the economy until we fully address the systemic fraud:
(Reuters) – In July 2009, Roy and Sheila Bowers refinanced the mortgage on their suburban ranch home in Topeka, Kansas. The couple wanted to take advantage of the low interest rates that were all the rage at the time.
Roy, a truck driver, and Sheila, a former hotel housekeeping supervisor, knew their new loan from Wells Fargo would enable them to save $198.86 a month – a nice chunk to help with gas and groceries.
But what the Bowers never imagined was that their old loan, the one Wells Fargo told them was paid off, would resurrect itself, trashing their credit report, scotching their son’s student loans and throwing the whole family into foreclosure. All, they say, even though they didn’t miss a single mortgage payment.
The Bowers aren’t alone.More and more, homeowners say that mortgages they thought were dead and buried are springing back to life, sometimes haunting them all the way into foreclosure.
“It’s the most egregious manifestation of an industry that’s seriously broken,” said Ira Rheingold, a lawyer who is the executive director of the National Association of Consumer Advocate.
Diane Thompson, an attorney with the National Consumer Law Center, says she has defended hundreds of foreclosure cases, and in nearly all of them, the homeowner was not in default. “The record-keeping on the part of the mortgage servicers is not to be trusted.”
The problems grew from a lot of sloppy recordkeeping that began during the housing boom, when Wall Street built a quick-and-dirty back-office operation to process mortgages quickly so lenders could sell as many loans as possible. As the loans were later sold to investors, and then resold around the world, the back office system sidestepped crucial legal procedures.
Now it’s becoming clear just how dysfunctional and, according to several state attorneys general, how fraudulent the whole system was.
Our story is a prime example of what so many hard working Americans are facing from day to day. When President Obama addressed the people at the State of the Union address, he gave us a glimmer of hope for a better future. While addressing the State of the Union, he assured the American people he would hold wrong doers of the Real Estate/foreclosure crisis accountable and ensure for a level playing field.
Our story is a direct reflection of how manipulative, dishonest, and out and out ruthless the Big Banks, lawyers, and judicial system has become. They have infiltrated the very core of our Justice System, while leaving the hard working Americans to fend for themselves. When lawyers mislead, abuse, and manipulate the Federal courts, we know we are in a very unbalanced playing field, and when the courts buy into their lies we know as hard working Americans, there is no Justice what so ever. We can honestly make these accusations based on miserable first hand experiences. We have been forced to endure a sadistic emotional and financial roller coaster ride throughout our journey to reveal the truth of an unsubstantiated wrongful foreclosure. Our understanding of the Judiciary obligation to the people is quite different from what has happened to us. Our understanding of the Judiciary’s obligation is to uphold and promote the independence, integrity, and Impartiality of the office, while avoiding impropriety and the appearance of impropriety. We have always believed the people have the right to be heard in order to allow for a level and fair playing field. Truth, Justice and The American way is literally becoming a myth. We the People are beginning to lose confidence in the very thing we hold so dear, and unclear to the intent of which instituted the pledge of allegiance; I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under god indivisible, with liberty and justice for all.
Where do the hard working, truthful American people turn for a fair fight?
Sincerely,
Dave LeForge