I am scheduled to meet with Georgia State legislators on foreclosure issues dedicated to the fraudclosure mess and the continued victimization of homeowners. I will cover the “lock box” hold that Bank of America put on the escrow overages of loan modification homeowners that I discovered in 2010 and the truth about “lost docs.”
Here is a PDF link to my flyer summary: Issues surrounding foreclosures – 2 columns
If you want to thank me, my flyer is for sale on GumRoad for donations: https://gum.co/zYBu
Donations will cover my lunch, bus fare, printer toner, paper, and encouragement to write a far more detailed analysis of the fraudclosure mess and what we can do to help clean this economic mess up.
For your reference, here is the text of the half-sheet flyer (see text below):
- Tax and law issues
- Cheating the land title registry system through securitization
- Non-judicial process bypasses courts and destroys remedies
- Impossibility created through securitization obstructs justice
- Nuisance abatement becomes impossible through title issues
- The economic damage
- Conversion to rentals eliminates disposable income
- The “trickle market” artificially raises home prices
- Uprooting families is hurting school system budgets
- Counties lose sales tax revenue from lost businesses
- Why you should care
- Crime rates rise from manufactured hardship
- Tax base erosion is creating budgetary sinkholes
- “Teflon” executives cause political attrition
- Securitization creates economic security risks
- Empty homes create a public health nuisance
- Tools the banks use to steal from counties and homeowners
- “Lock box” policies on escrow overages – possible theft.
- Dual-tracking – catch-22 traps against homeowners
- Paper dumping – offloading loans to avoid settlements
- Departmental fog – blocking homeowners through red tape
- Stealing time – parasitic delays on filing title changes
- Ducking jurisdiction – securitized homes “too big to attach”
- Straw buyers / market in the middle – cheats owners of true sales
- “Lost Documents” excuse – facilitates dual tracking
- The math
- 1 in 5 homeowners suffer a medical issue or other crisis
- PMI is to last until 5 years or 20% of the principle is paid
- The theory of expanding budgets almost guarantees failures
- Loans at 30% of income / 6% are expected to fail by 5 years
###
You must log in to post a comment.