How Wall Street Shafted Main Street

“How Wall Street Shafted Main Street” is the title to this video going around on YouTube. But to be more accurate, I would say “How Wall Street Shafted, is Shafting and Will Continue to Shaft Main Street” — with the help of the U.S. Congress, the Obama Administration and ultimately, all American taxpayers.”  I guess we should continue to remain bent …

“It’s Absurd!” Expert Says About BofA Claims To End Foreclosure Crisis Quickly

From WSOCTV.com A consumer bankruptcy lawyer said the claims that Bank of America will be able to review its foreclosure proceedings nationwide in just a few weeks, is “absurd.” The bank halted all of its foreclosures in all 50 states and ordered a review of the paperwork. “The amount of work required is a matter of a few weeks,” said …

More Boot Camp Grads in the News

New York area consumer bankruptcy attorney and bankruptcy boot camp graduate Linda Tirelli has been quoted several times recently about the banks’ involvement in the foreclosure mess. She has been tirelessly fighting foreclosure fraud and her latest quote is in the New York Post. President Barack Obama will veto a bill that could have helped banks continue to kick mortgage …

Obama sends foreclosure docs bill back to Congress

It’s official.  From the Associated Press by Alan Zibel and Ben Feller. O. Max Gardner, a consumer lawyer in Shelby, N.C., said the bill would have made the problems with foreclosure documents worse. That’s because mortgage companies would have been able to mass-produce documents and affix a digital version of a notary’s seal rather than one on paper. “They could …

Justice to look into foreclosure practices after call by Pelosi, other House Dems

From the blog The Hill by Vicki Needham. The Justice Department will probe the foreclosure practices of financial institutions for possible violations. Attorney General Eric Holder announced a task force housed in the Justice Department will look into the foreclosure practices of a number of financial institutions for possible violations. At a Wednesday press conference, Holder said the Financial Fraud …

Congressmen Attack LPS, Servicer Misconduct; PR Counteroffensive Starting

From Naked Capitalism by Yves Smith. Only been a few Congressmen have weighed in on the mortgage documentation mess so far, since wrapping up the current Congressional session and campaigning consumes a lot of bandwidth. Nevertheless, I am getting reports from DC that people on the Hill are starting to take the issue of foreclosure document fabrication, errors, and improprieties …

The Big Picture

Some people are just coming to the realization that the credit industry has been sloppy and taking shortcuts in their zeal to make as much as money as quickly as they can. Max discovered this years ago and has been teaching consumer lawyers about mortgage securitization and servicing process in his boot camps and his recently concluded special session.  In response …