Bloomberg: States and Litigants Pressure Banks, Foreclosures Are Dropping

We can’t say the tide has totally turned but we definitely changed the course of the ship of foreclosures. By fighting tooth and nail across the nation, we and others like us are drawing blood in litigation, legislation and other efforts. The multi-state settlement has not been the reason. If anything it was meant to give the banks carte blanche to continue. But doubts about representations of ownership of the loan and where the money went are taking their toll.

With only a 10% drop its a dent not a gaping hole blown out of foreclosures. Default notices are being sent to one in 686 homes. States like Oregon, Nevada and Hawaii have passed laws and other states are looking at the same thing — mediation or proof of loan ownership before foreclosure can proceed, are dropping the number of foreclosures sharply.

At the Sign Up for Full Day Seminar in Emeryville (San Francisco), a specialist from Nevada will present the issues in mediation and forcing the true decision makers and owners of the loan to step forward. We will also present this important material in the Anaheim seminars. One is for homeowners Sign up for 1/2 day Homeowners Seminar and the other is a CLE seminar for lawyers, paralegals and other real estate professionals Sign Up for Full Day Seminar in Anaheim. Participants will get discounts on the purchase of our forms library and workbooks. Call 520-405-1688 for details.

I’m pleased to report that the Canadian Business Journal has published my article on the dangers of buying foreclosed properties on in a six page spread, circulated in the United States and of course Canada.

These efforts are paying off as the light shines brighter on the illicit banking activities that brought us to this point. We are winning battles both in the press and in the courtroom, but the war is far from over.

It’s time to step up the pressure and really mean it. The deny and discover strategy is not just some tactic. It goes to the truth of the matter. The “original” documents are probably photo-shopped so you don’t need to admit that is YOUR signature. The note names the wrong payee and repayment terms from the standpoint of the REAL creditor.

The chain of title is all based upon vapor with no underlying financial transaction. But the trail of money is undocumented, and that is how the Banks were able to “borrow” ownership of the loan and trade on the loans and receive insurance, credit default swap payments and bailouts, while the real loss was sustained by investors who thought they were buying real mortgage bonds in a real trust that had real loans in the pool, when none of that was true.

For lawyers who work directly with me in the Garfield Firm or otherwise, attendance at the seminars is mandatory — and free. Our purpose is not to try to corner the market on this legal business. That is virtually impossible with 20 million homes still at risk. The purpose is to get our message straight and to have aggressive attorneys, understanding and believing the facts, present themselves, their objections and pleadings in a competent credible manner.

I don’t care who is the hero in all this. It just needs to be done if we are to get our country back on track.

Posted in bubble, Corruption, Eviction, securities fraud |