Having just read an article at firedoglake on the bailout, http://firedoglake.com/... thing that is clear is that this bail out does nothing to address the illegal behaviors that these lenders engaged in to bring the country to this point. The bail out is clearly just to stop a crises but does nothing to truly prevent the continuation of the problem. I posted this yesterday, but I feel a very real sense of urgency about getting everyone to understand that the current bail out will only embolden these illegal behaviors. Behaviors I have yet to see the media cover on t.v. I have diaried my horrible nightmare predatory lender experience here. http://www.dailykos.com/... Follow me over the fold if you dare to learn the truth about these loans.
There is no better validation for my point about the illegal behavior and the illegal fees than the fact that the gov't, once again in this plan to help Americans will not allow judges to regulate those fees. Read about their continued collusion here. http://www.dailykos.com/...
This is the second or third time that this issue has been discussed before congress and the second or third time that the request has been ignored and denied. Why are they fighting so da*n hard to keep those fees in these loans?? Because they need the money.
When I called the government hotline to report the problems I have been facing, I was told that the number of calls was extraordinary. The woman I spoke to said that caller after caller described illegal fees and illegal activities. She said that they had recieved many complaints of mis applied payments, taxes, and sky rocketing fees.
I don't know how to make this more clear. I would not be in foreclosure or chapter 13 bankruptcy had they not charged me these fees and had they followed existing laws. This bail out does not deal with the illegal behaviors or putting a stop to them. Time and time again, I was told by lawyers that the fees were not really illegal. That there were loopholes and really no way to protect people from the fees. I was told time and time again that the only way to fight these fees would be a class action lawsuit. If you had Homecomings Financial, a subsidiary of GMAC you can get signed up here. http://www.homecomingsfinancialclass... are in process but none have won over this issue).
This is the problem. This is why I can't win my case in court. This is how they keep me stuck in this nightmare. It's the fees!! The way they generate these fees is by not applying your payments properly, you get behind in a payment and they only option is to finance the amount you are behind at 24%, or they don't pay your taxes on time and then add the late fees to your loan. You can check out the huge number of complaints describing everything I have stated and more here http://www.ripoffreport.com/... and here http://homecomings-financial-mortgag...
Once these fees begin to accumulate they refuse contact with you. I have documented this and also got my Attorney General involved. It's a violation of RESPA laws not to allow contact to work out the problem. But this is what they do, fearlessly. You can read about these problems in the links above. So even if you gather the money to pay their outlandish fees, they won't talk to you. This meant the development of foreclosure specialist companies who contact your mortgage lender for you and work out a deal. It's no real deal and it cost 1500.00$ or more...just to get the da*n lender to deal with you. If they were following the law these companies would not exist. I about hit the roof when I heard one of these sheisters report that 50% of the borrowers don't contact the banks to work out a deal. BULLSHITE!!! They won't talk to you. Read the links above the number of people reporting this is huge!
Without fee regulation, this problem will be allowed to continue. The foreclosures will continue. I think that you can tell a persons' weakness in a fight by what they protect. In this case these companies and now our congress is protecting these fees. They must need them desperately. In my view those fees are the key. The hide the illegality behind these loans. They hide the true value of these loans. Because the junk fees make it seem like these loans are worth more than they really are. What's worse is that our government just agreed to buy these loans. They know that these loans are in trouble. But does the gov't really understand that the fees are the problem and that's what has jacked up the cost of these homes? Frank does. The hope is that the real property will be of value and that tax payers will get a return on the investment but they won't let judges in local jurisdiction's regulate the fees so that the loans can be repaid. My fear is that this is an attempt to cover up the illegal behaviors that lead to the fees, the real violations of laws underneath, the accounting errors, the misapplication of payments. Until I hear people talking on the t.v about these behaviors..instead of high risk loans, this problem remains a secret.
Why is congress helping them to protect these fees?? What is so important about not letting judges regulate them to more fair amounts so that people could stay in their homes and not be forced out?? Why? Why do they refuse to aknowledge that these fees are part of the problem??
Listening to Pelosi and Reid, it was clear to me that the republicans gathered together to protect these fees. It's not that Conyers and Barney Frank are unaware. They have spoken about it and they seem clearly angered by what went on in these sessions. Why are they not fighting back. Why are we, once again, just like FISA, just like Torture, protecting this illegal behavior??
There is a reason. And it has nothing to do with fairness, ethical practices, or truth.