John O’Brien was the register of deeds in South Essex County, Massachusetts, and he was one of two who audited mortgage fraud in their jurisdiction. Yves Smith has this from him today on the proposed mortgage settlement:
It is my opinion that this deal has been crafted for the banks and by the banks. It is not in the best interest of the consumer, the homeowner, or the taxpayer. Simply put, I do not trust these lenders who have flooded my registry with over 32,000 fraudulent documents to do the right thing. Those homeowners who now have a corrupted title are looking for answers. This deal gives them none. The illegal activity by the banks is nothing shy of a criminal enterprise, where they crossed state lines using the United States Postal Service to deliver the instruments that were fraudulent and contained forgeries.
I know – why don’t you tell the feds they were also selling medical marijuana? Problem solved!
I will continue to pursue my request for Federal and State grand juries to be impaneled to hold the CEOs of these banks liable for the crimes that have been committed under their watch. The only thing missing in this illegal scheme that MERS and the big banks came up with was a gun and a mask. I will continue to expose this fraud and work everyday to make sure that the taxpayers are fully reimbursed for the over $44 million dollars in lost recording fees in my district alone by institutions who still believe fees are “for thee but not for me.” A message needs to be sent to these banks that they may think that you are too big to fail but they are not too big to go to jail.
We need a common sense approach in order to get this economy running again. I strongly believe that the hardworking homeowners who have struggled to stay current on their mortgages should be able to refinance their homes quickly at a fixed rate of 3%. A true national program with these terms would lower payments and infuse millions into our economy immediately.
Let’s not forget that foreclosures benefit no one. When a bank auctions off a home for less than is owed, that becomes the “comp” for the neighborhood. Simply put, your home and those of your neighbors are worth less. It makes far better sense to work with struggling homeowners and to take whatever action is needed to keep people in their homes.
Unless we face the facts and approach this with common sense we will be talking about the same issues a year from now and I am not sure we can wait that long.