Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Dodd: Fed was to slow to act on mortgage crisis
By CHARLOTTE EBY,
Globe Des Moines Bureau DES MOINES —
 
Democratic presidential hopeful Chris Dodd on Monday criticized the Federal Reserve Board for failing to respond quickly enough to the mortgage crisis that has rocked Wall Street.

Dodd, who serves as chairman of the Senate Banking Committee, said the Fed reacted late to the problem and “dropped the ball entirely.”

“They had a responsibility here they did not fulfill,” Dodd said at a campaign event in Des Moines.

Dodd, a U.S. senator from Connecticut, is set to meet today with Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson about the problem.

Dodd said the Federal Reserve was required by a law in 1994 to protect consumers from fraudulent, deceptive behavior regarding mortgages, but did nothing in 13 years.

He said a regulatory scheme should have been in place a long time ago.

“More needs to be done with brokers and the credit-rating agencies, in my view,” Dodd said.

Homebuyers who signed up for sub-prime mortgages aimed at people with less than stellar credit histories have faced a wave of foreclosures.

Dodd said some consumers were lured into financial arrangements they couldn’t possibly maintain.

“It was criminal what they did to people here,” Dodd said.

Dodd said up to 2 million people could lose their homes, causing a ripple effect throughout the economy.

Dodd said Fed staff has told him for more than three years the problem was growing and the Republican-controlled Congress paid no attention to it.

Dodd said the government should be working to provide relief to people who will be losing their homes.

“People are saying, is this a deep crisis or not? If it’s your home, it’s a deep crisis. If you get thrown out of your house, believe me, it’s a major crisis, here” Dodd said.

Charlotte Eby can be reached at 515-243-0138 or chareby@aol.com.
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Dodd was paid off, he received over 5 million from the American Bankers Association!  He had the opportunity during his hearings, he choose not to go there! or even listen to the real victims.
 
Send Dodd back to the East Coast!
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Inside Beltway
He's Wall Street's Bitch!
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HereWeGoAgain
Kathy wrote:
“More needs to be done with brokers and the credit-rating agencies, in my view,” Dodd said.

 
It wasn't a broker or credit-rating agency that caused my problem, it was the servicer of my loan, but that seems to be an aside to most politicians.  
 
Brokers can only sell the products that lenders make available. If you stop the lenders from being able to create prodcuts that are set up to make people fail, brokers won't have them to sell.
 
Not that I am defending brokers (who I know 1st hand care more about thier pockets than anything else) but why are the brokers getting the lion's share of the blame for the problems? Oh wait, I know ... politicians can't bite the hands that feed them and help win them elections. Guess the brokers will have to pony up some of their own ill-gotten gains and hire better lobbyists.
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No we need arrests and criminal convictions and compensation for the victims. Senator Dod says what they did was criminal so why if these criminals have exposed the entire economy to risk and millions have lost there homes are there not massive seizures of evidence and arrests.

Senator Dodd is focusing on issues with shared liability he is not adressing overt theft, such as ms fraud and forced placed insurance. He does not seem to be adressing the forgeies , missing paperwork, multiple title claims, forced forclosures to collect derivative and hedgefund payouts. He has not adressed backdated and other insuarce fraud to steal from hurricane victims.

Yes losing your home becuase the lender tricked, trapped, coerced or other wise misled the borrower is crime but it's crime with shared liability becuase the borrower agreed to a signed the documents.

What about ms fraud which is outright manufactured default, forced placed insurance. This is extortion and larceny.

What about cases with missing and forged documentation. Many of these loans were never valid in the first place and many foreclosures have been made on people who never even had loans or at least valid loans.

Senator Dodd had focused on predatory lending from the aspect of borrowers who lost there homes becuase they could not afford the payments, what about outright theft?
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Sen. Dodd had his chance to right a lot of wrongs, and address a lot of issues, he made his decision and went with the money, and now he is trying to have it both ways as he trying for the white house.  Better he ride a white horse, than occupy the white house!

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