Mortgage Analysis for enforcement of consumer protection statutes
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The history of money is one long unbroken history of fraud, and this power of money-creation by the banks is the final chapter. In brief, the creation of money, once performed by the producer of wealth, then by the custodian of wealth, who fraudulently issued more paper than the wealth he guarded, has passed to a set of people who neither produce, nor own, nor guard wealth, but are merely book-keepers. I find it incredible that a stable society can persist founded on the most colossal lucrative fraud that has ever been perpetrated on society. If we hypocritically claim that the employment system is a moral system and that man must be kept at work rather than choose work, we are sealing the doom of this civilization. - C. H. Douglas in a lecture at Ashridge Park in 1936
Every effort has been made by the Federal Reserve Board to conceal its powers, but the truth is - the FED has usurped the Government. It controls everything here (in Congress) and it controls all our foreign relations. It makes and breaks governments at will. - Congressman Louis T. McFadden
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Mortgage Analysis can lead to successful legal action against the Lender to effect Debt Elimination
March 15, 2006
The Fed is between the proverbial 'rock and a hard place'. They engineered low interest rates in the first place, both to keep the financial markets going, and in large measure to keep the housing bubble afloat. They are now in the final stages of raising interest rates to prop up the collapsing U.S. dollar and to forestall rampant inflation. Were they to initiate one quarter percent increase too many it would destroy the interest rate environment that is essential to keeping the housing bubble alive; to keeping consumers spending at a high level thereby keeping the economy growing; to keeping corporate sales and profits high thereby keeping the stock market healthy. Have they gone too far already? The bubble seems to be loosing air slowly at this point but what will the impact be of the next increase? The impact of one too many rate increases on such a chronically debt-ridden and maladjusted economy must not be over estimated.
Holding a mortgage with low to moderate equity when this happens can be disastrous to individuals because with falling property values, the homeowner must come up additional equity to forestall foreclosure.
Predatory Lenders' Partner in Crime: How the Bush Administration Stopped the States From Stepping In to Help Consumers
By Eliot Spitzer Thursday, February 14, 2008; Page A25
Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive "teaser" rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets.
Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers.
Predatory lending was widely understood to present a looming national crisis. This threat was so clear that as New York attorney general, I joined with colleagues in the other 49 states in attempting to fill the void left by the federal government. Individually, and together, state attorneys general of both parties brought litigation or entered into settlements with many subprime lenders that were engaged in predatory lending practices. Several state legislatures, including New York's, enacted laws aimed at curbing such practices.
What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge? As Americans are now painfully aware, with hundreds of thousands of homeowners facing foreclosure and our markets reeling, the answer is a resounding no.
Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye.
Let me explain: The administration accomplished this feat through an obscure federal agency called the Office of the Comptroller of the Currency (OCC). The OCC has been in existence since the Civil War. Its mission is to ensure the fiscal soundness of national banks. For 140 years, the OCC examined the books of national banks to make sure they were balanced, an important but uncontroversial function. But a few years ago, for the first time in its history, the OCC was used as a tool against consumers.
In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government's actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules.
But the unanimous opposition of the 50 states did not deter, or even slow, the Bush administration in its goal of protecting the banks. In fact, when my office opened an investigation of possible discrimination in mortgage lending by a number of banks, the OCC filed a federal lawsuit to stop the investigation.
Throughout our battles with the OCC and the banks, the mantra of the banks and their defenders was that efforts to curb predatory lending would deny access to credit to the very consumers the states were trying to protect. But the curbs we sought on predatory and unfair lending would have in no way jeopardized access to the legitimate credit market for appropriately priced loans. Instead, they would have stopped the scourge of predatory lending practices that have resulted in countless thousands of consumers losing their homes and put our economy in a precarious position.
When history tells the story of the subprime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners, the Bush administration will not be judged favorably. The tale is still unfolding, but when the dust settles, it will be judged as a willing accomplice to the lenders who went to any lengths in their quest for profits. So willing, in fact, that it used the power of the federal government in an unprecedented assault on state legislatures, as well as on state attorneys general and anyone else on the side of consumers.
The writer is governor of New York.
Since 2003 I have been leading the way on the Internet helping people understand predatory lending and thereby helping them seek protection and justice from the illegal practices of lenders. I had shot to the top of the Google results for several mortgage elimination keyword phrases and the Office of the Comptroller of the Currency named three of my leading websites as scams. They weren't of course. My websites, then as now, were explaining the illegal practices of banks and mortgage lenders. It was the Bush Administration that was promoting the scam and today we are seeing the results with the bursting of the housing bubble and the subsequent subprime disaster that has triggered a cascade of economic troubles on America and the world.
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Mortgage Analysis may find violations of consumer protection statutes. The Real Estate Settlement Procedures Act (RESPA) ensures that realtors cannot cheat the homebuyer. State and Federal usury statutes might have been exceeded. The federal Truth In Lending Act (TILA) was originally enacted by Congress in 1968 as a part of the Consumer Protection Act. Designed to protect consumers in credit transactions from predatory lenders, the law requires clear disclosure of key terms of the lending arrangement and all costs. The law was simplified and reformed as a part the Depository Institutions Deregulations and Monetary Control Act of 1980. Debt elimination through knowledge of the statutes is an essential part of real freedom.
In 2005 Susan and Bryan Andrews of Cedarburg, Wisconsin filed a lawsuit against their lender, Chevy Chase Bank claiming that the lender had hidden the true terms of what the Wisconsin couple believed was a good deal on a low-interest loan. They said the interest rate had more than doubled after their first monthly payment, increasing from the 1.95% rate they thought was locked in for five years. Their case began like many hundreds of others filed since the U.S. mortgage industry began to sell adjustable rate mortgages, called ARMs. Cheap rates spawned a housing boom and sent home values spiraling across the country.
In 1995 the Truth in Lending Act was given more teeth and the fines doubled. If it is possible to do so it can be worth the time and expense to refinance to get a mortgage qualified in the more stringent law. Any mortgage or deed of trust signed after September 30, 1995 is covered by this modification of the law. You might also find it helpful to refinance so that your mortgage falls within a three-year right of rescission. Current Trends in Residential Mortgage Litigation show that consumer protection statutes can turn the tables on the lender if you have a qualified professional do a mortgage analysis. Real debt elimination will open the doors for real freedom.
When you applied for your mortgage did the bank give you the contract and give you three days to examine it before you signed it? if not, this is a title violation. Did the bank sign wherever you signed? If not, that is a title violation of the TILA. Each missing signature is a violation. In fact, if the lender does not provide you with fully executed documents within 48 hours of your signing, the mortgage is null and void. The right of rescission, the right to take back your agreement extends for three years. But that is three years AFTER receiving properly and fully executed documents. And there are many more violations, usually 25-35 on each mortgage when an expert mortgage analysis is completed.
If you are a victim of predatory lending or home loan fraud, you may be able to void the mortgage and be awarded your home free and clear of debt. You may also be able to recover money damages in the 6 or 7 figures range. Ocwen Federal in Corpus Christi lost security interest in a home AND paid over $3 million in penalties. Mortgage analysis can determine if you qualify for this process.
If the answer to any of the following questions is "yes," please get out your mortgage closing documents and have our mortgage analysis experts analyze them for violations.
1) Have you repeatedly refinanced your loan? Was the last refinance within the last 3 years?
(A common predatory practice is "flipping," which involves "repeatedly refinancing a mortgage loan without benefit to the borrower, in order to profit from high origination fees, closing costs, points, prepayment penalties and other charges, steadily eroding the borrower's equity in his or her home.")
2) Did you increase rather than lower your interest rate upon refinancing?
3) Are you paying an interest rate in excess of 9.5%?
4) Was the loan obtained to pay for home improvement work that was not done properly, or even at all?
5) Have you had problems with the mortgage company regarding untimely posting of monthly payments? Sudden increases in payments? Adding amounts to your balance for insurance, "property preservation," or other "advances"? Does your principal balance never seem to go down?
6) Were you charged high closing costs (points and fees) on the mortgage?
7) Did the terms of the mortgage change to your detriment at the last minute before the closing?
8) Did the lender pay money to your mortgage broker (look on your HUD-1 Settlement Statement for a "premium" or POC (paid out of closing) or "YSP" ("yield spread premium")?
9) If you have an adjustable rate mortgage, were any adjustments done improperly? Can you even tell if the adjustments were correct or not?
10) Does your loan contain a prepayment penalty?
11) Do you believe you were treated unfairly by your mortgage company? Has correspondence with the mortgage company gone unanswered? (Mortgage companies have a statutory obligation to respond to complaints and requests for explanations of accounts. Often, they don't. Each failure may entitle you to $2,000. If your claim against the mortgage company may exceed the number of monthly payments you allegedly missed, the mortgage company may not be able to prove that you are in default.)
12) Did all collection letters sent to you by debt collectors comply with the Fair Debt Collection Practices Act? (Up to $1,000 in fines are available to you if they did not.)
13) Did you (or anyone else who has an ownership interest in and lives in the house) receive a "notice of right to cancel" that was not completely filled out?
14) Did you receive your copy of the loan documents at the closing (as opposed to being sent to you later or did the closing agent send you signed copies at all)?
15) Did you sign a document at the closing stating that you were not canceling?
16) Did the closing occur by mail, or at your home, or in another city?
Analysis professionals are expert at finding these violations and
using them to prepare a legal complaint that can be used to bring the bank
to the negotiating table. Banks are not in a very enviable position since
they have clearly violated the law and if repeatedly caught doing so could
lose their charter. They might settle without any court action required.
If they do force you to sue them, the law is on your side, they know it,
but they just wish to test your nerve. An experienced mortgage analysis
professional can prepare the papers that will bring them to the table. All
an attorney must do is use his or her knowledge of courtroom procedure to
take the paperwork to a successful conclusion.
Here's your NEXT STEP
Nearly every mortgage and deed of trust has at least nine serious violations and average 25-35 or more. Trained mortgage analysis professionals can find these violations in your paperwork and then apply the available remedies. It's possible that letters to the lender informing them of all their violations will bring them to the bargaining table. Other times, a court action is necessary. We have attorneys ready to take your case for a small retainer plus a contingency fee based on fines collected from the lenders.
This is one of the strongest remedies for foreclosure, eviction, or bankruptcy. Before you take a beating that you don't deserve, you might wish to have a Free Preliminary Consultation on the phone and if that points toward a successful process, you can opt to have experts do a formal mortgage analysis. Whatever you decide, the courts have a history of ruling in favor of the Plaintiff/Consumer in Truth in Lending cases. See Truth in Lending Act Case Law favors the consumer
Here's your NEXT STEP
It takes about 3-6 weeks to have the professional mortgage analysis done and complete the legal papers, the accusatory letter (called the letter of rescission) and/or the first complaint. If you are too far into foreclosure and need to put on the brakes some people stop the bank dead in their tracks by filing a chapter 13 bankruptcy. You can continue living in your home while Mortgage Analysis professionals find Truth In Lending Act (TILA) violations in your mortgage contract and Note. If time is tight, don't delay, this may be the solution for you toprevent foreclosure and keep your home. If you are in foreclosure you can consider filing chapter 13 bankruptcy that gives you time to reorganize your finances and the court will stop the bank foreclosure immediately, regardless of your situation.
The part of the Truth in Lending Act directly applicable to consumers is Regulation Z. A Regulation Z loan is a loan made to a consumer for personal, family, or household purposes. Business purpose loans are exempt from Regulation Z and thus the rescission rules, even if they are secured by residential property.
The right of rescission is a consumer protection law found within the
The right of rescission applies to non-purchase money (money used to construct the home on a lot), Regulation Z loans in which a security interest is taken in a consumer's principal dwelling. A Regulation Z loan is a loan made to a consumer for personal, family, or household purposes. Business purpose loans are exempt from Regulation Z and thus the rescission rules, even if they are secured by residential property. Normally, a consumer can only have one principal dwelling at a time. So loans secured by vacation property, cabins, or trailers generally are not covered. The right of rescission does NOT apply to loans to purchase the consumer's principal dwelling. In other words, the right of rescission only exists when a home is pledged for a loan made for a reason other than to build a new home.
The right of rescission requires lenders to provide certain "material disclosures" and multiple copies of the right of rescission notice to EACH owner of the property. Following proper disclosures, lenders must wait at least three business days (until you are reasonably satisfied that the owners have not rescinded) before disbursing loan proceeds.
Lenders must provide the owners with material disclosures, disclosures that include information such as the APR, the finance charge, the amount financed, the total of payments, and the payment schedule. In most cases, this means that you must give the Reg Z closing documents to each property owner. It may seem odd to give these disclosures to people who are not borrowers, but these disclosures provide important information that consumers need to consider when deciding whether or not to go ahead with the transaction. When someone is pledging their home, they have a right to get this information.
In addition to the material disclosures, Reg Z requires that each owner receive two copies of a Notice of Right To Rescind.
The three-day right of rescission period begins once the material disclosures and notice have been given, and lasts three full business days. Business days are defined by Reg Z to include all calendar days except Sundays and federal holidays. Saturday IS considered a business day for rescission purposes, regardless of whether bank offices are open.
Reg Z allows borrowers to waive their rescission rights, but this exception only applies in very limited circumstances. The law is protective of the right of rescission.
Borrowers may waive their rescission rights and receive their loan proceeds immediately only if they have what is called a "bona fide personal financial emergency." This means a financial emergency of the magnitude that waiting an additional three days will be personally or financially devastating to the borrower. It might include situations involving natural disasters such as flooding, or a medical emergency that requires immediate funds. Waiving the right of rescission is not a common practice, mostly because doing it wrong can backfire and create a rescindable loan, causing all kinds of problems down the road.
There are serious consequences to the lender for failing to follow the right-of-rescission rules. First, until a lender provides the material disclosures and the proper Notice of Right to Rescind, the three-business day rescission period does not start to run, and the transaction remains rescindable for up to three years. And once you rescind a transaction, the security interest in the property becomes void and the lender must reimburse the consumer for all of the finance charges collected over the life of the loan.The big question is whether you are within the right of rescission window. Was your mortgage signed less than 3 years ago? If not we recommend either a refinance to bring it up to date or, if you are in foreclosure, file bankruptcy temporarily so we can get the papers ready to take you OUT of bankruptcy by filing an action against the lender. More details at
The key to a successful action against the predatory lending practices of lenders is accurate, complete paperwork that properly cites the statutes and case law. That is what an experienced, well-trained mortgage analysis and compliance professional can do for you. Debt elimination that opens the door to real freedom requires knowledge and the courage to exercise your rights.
Here's your NEXT STEP
By M. W. WALBERT
Social Credit by CH Douglas
In every country of the world the global financial system has
repeatedly been brought to the Bar of
Public Opinion as the chief factor in world unrest, and there is little
doubt that the jury of We the People has confirmed the Verdict somewhat rhetorically
expressed by Mr. William Jennings Bryan in his famous election speech: "The
money power preys upon the nation in times of peace, and conspires against
it in times of adversity. It is more despotic than monarchy, more insolent
than autocracy, more selfish than bureaucracy. It denounces, as public
enemies, all who question its methods, or throw light upon its crimes. It
can only be overthrown by the awakened conscience of the nation."
Social Credit by C.H. Douglas can clarify the issues from which we can
move forward to create a financial system that is fair and equitable.
Billions for Bankers - Debts for the People
The Banks and Small Business Borrowers: case studies of adversity by Evan Jones
Articles by Evan Jones
A Case Study in the Adverse Small Business Environment in Australia
How control of the world's money has inexorably led to an ever tighter grip on control of the world's people.
Brave New World by Aldous Huxley
Huxley presents a dystopic view of a future in which mind-control creates a harmonized society stratified into classes suitably manipulated and deprived to carry out work tasks with a hive mentality. A foreign element is inserted when a high ranking Alpha brings a Native American from a Reservation and a new perspective on freedom gnaws at the fabric of the propaganda matrix.
Propaganda by Edward Bernays
Walter Lippmann's book, Public Opinion, published in 1922, detailed the study in which he and Edward Bernays were involved while in London during the First World War. It had to do with painting pictures inside people's heads, which were cunningly and deliberately designed by expert craftsmen to mislead not only individuals but entire societies.
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