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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," Jesse Jacobs, a spokesman for Sarbanes, said… "Because a settlement was reached, Sen. Obama will not seek to block Mr. Arnall's nomination," said Tommy Vietor, a spokesman for Sen. Barack ObamaBut not only does the settlement not cover or reform ACC’s largest subprime unit, Argent – the settlement is also not final, until it is reviewed by a court
 
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Special thanks to Mike Dillon and Greg Collins who have made excellent

contributions within this thread.  I am already on record as to my feeling at

this early stage that John Edwards and Ron Paul are the best possible

standard bearers for the overall MSF consensus on the subject of mortgage

servicing fraud. Admittedly much more input is needed.

 

For those of you who missed it or failed to go to the sites, Mike Dillon has 

posted the sites for the two current summaries below. I thought I would go

ahead and post what the financial reports reveal as of 1-11-08.

 

On a related subject I'm sticking my neck wwaaaaaay out in making ticket

predictions many months in advance for both the Republicans and the

Democratics.  For those of you who didn't already know, political predictions 

this far in advance are highly uncertain at this early stage.  Political climates 

are extremely liquid to say the least and can change dramatically within

mere days.*  (* For example a high profile act of terriorism will cause the GOP

to go from underdog to favorite virtually overnight.)

 

That being said I think both of our best chances for change as far as mortgage

servicing fraud goes are going to be shut out unless things change. I predict it

will be a GOP ticket of Giuliani / McCain vs. a Democratic ticket of Clinton /

Obama in the fall.  

 

Again special thanks to Mike Dillon for posting these two sites:

 

http://www.opensecrets.org/pres08/index.asp?cycle=2008

 

http://www.fec.gov/DisclosureSearch/mapApp.do

 

           Posted 1-11-08

           Candidates 

    (millions of dollars) 

   All Candidates  416.2 

        Democrats  241.1 

      Republicans  175.1 

 

         Clinton (D)   89.0 

        Obama (D)   79.4 

       Romney (R)   61.6 

        Giuliani (R)   46.7 

        McCain (R)   31.4 

       Edwards (D)  30.1 

   Richardson (D)  18.5 

            Dodd (D)  13.6 

Thompson, F (R)  12.7 

            Paul (R)    8.2 

          Biden (D)    8.1  

  Brownback (R)    4.1 

     Tancredo (R)    3.5 

    Huckabee (R)    2.3 

      Kucinich (D)    2.1 

         Hunter (R)    1.9 

Thompson, T (R)    1.1 

             Cox (R)    1.0 

       Gilmore (R)     0.4 

         Gravel (D)     0.4

 

 

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Who's on First?

The Challenges We Face - Yahoo! News

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Bono
NEWSMEAT ? Angelo Mozilo's Federal Campaign Contribution Report


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Check this out
Presidential Candidates' Subprime Solutions Forbes

THE MORTGAGE CRISIS NEEDS A BETTER FIX East Texas Review
KRIS-TV - New Zealand Herald
all 14 news articles »


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Presidential Candidates' Subprime Solutions
Matt Woolsey, 01.23.08, 6:00 PM ET

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In Depth: Presidential Candidates' Subprime Solutions

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As voters in South Carolina and Florida prepare to head to the polls this week, and with a clear-cut favorite yet to emerge from either party, questions about subprime lending and the solutions to our current housing troubles are coming to the forefront of the nation's primary races.

Republicans Mitt Romney, John McCain and Mike Huckabee are mostly mum, deferring to the so-called "Bush-Paulson" plan, which calls for a short-term freeze in interest rates and giving local governments the authority to refinance dodgy loans.

Former New York City Mayor Rudolph Giuliani, who has focused his campaign's efforts on hard-hit Florida, backs the Fed's plan and is making the case for regulation applied with kid gloves, warning that something similar to what he calls "Sarbanes-Oxley fallout" could affect any subprime-related regulation. On Wall Street, Sarbanes-Oxley, a 2002 law enacted in response to a number of accounting and corporate scandals, is affectionately called "no auditor left behind" since it calls for increased corporate oversight. Giuliani says this regulation amounts to a tax, as it increases the cost of business.

In Depth: Presidential Candidates' Subprime Solutions

Democrats, by contrast, have proposed individual plans, though many are short on details.

Barack Obama wants to create a "universal mortgage credit," which would give homeowners that earn less than $50,000 a year and don't itemize their tax return, and thus don't receive a mortgage interest deduction, a 10% tax credit. He proposes a government fund to help in-debt homeowners avoid foreclosures, and a federal definition of mortgage fraud, as well as a standardized borrower score that would allow borrowers to easily compare their ability to afford differing mortgage products. He also favors allowing bankruptcy judges to rewrite mortgage payments.

Related Stories
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10 Ways To Solve The Housing Crisis

Hillary Clinton wants to place a 90-day moratorium on individual foreclosure proceedings and a five-year freeze on interest rates, as well as provide a $5 billion government-sponsored fund to help borrowers with negative equity. She also plans to increase the size of the Federal Housing Authority to help solve the problem.

Like the Bush-Paulson plan, John Edwards wants to freeze interest rates to allow markets to recover and to let homeowners with underwater mortgages avoid immediate foreclosure. He wants to halt foreclosures until lenders provide assistance to borrowers, such as reducing interest rates or converting a loan to a fixed-rate mortgage, or forgiving a part of a loan. Like other Democrats, he wants to increase the tracking and oversight of the lending industry.

What do you think of the candidates' plans? Weigh in. Add your thoughts in the Reader Comments section below.

But do these plans make sense? Are they feasible? Who will pay for them? What will be their long-term consequences?

Next page: How practical are these plans?

Page: 1 2 3 Next >

Time To Buy Builders And REITs?

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Your Rating     Overall Rating      

Reader Comments

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I said this before Ron Paul has an extensive economic and lending program that would completely revise the interest and tax struture. The banking/Irs system which were formed hand in hand to provide emergency funding for WWI are debt and defiit based. The incentive is to create as much debt as possiible as the "money" that is created is based on monetizing the loans.

In other words under the current Fed fractional reserve system debt is money fed by the IRS and the GSE's that fund the loans  Fannie and Freddie.

No fractional reserve money and a savings based low or no Federal tax economy means an incentive to make loans and investments that benefit us and create savings. It really is that easy it converting a criminal industry
into a reputable buisiness function providing capital.

The problem is we have an anti-capitalistic sytstem letting the criminals off the hook, regulation, and bailouts will only delay a crash and let the culprits off the hook.

Free market capitalism is voluntary and protects the property and contractual agreements and we certainly do not have that now.

No Presidential politician has adressed the fundmental issues of lending fraud, Wall street profiteering and the framework that supports ms fraud, out side of Ron Paul.

The Republicans changed the rules of the game to put Mc Cain ahead of Paul in delagates in LA. No big suprise since Mc Cain has fought for Illegal immigrant rights who get plenty of high risk loans and the corporate criminals exploit them for low wage labor. The lenders also get rich from outsourcing
so it's no big surprise the corporate criminals have pulled out all the stops resorting to outright, overt vote rigging to hold Ron Paul back.


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Didn't mean to beat up on John Mc Cain he's a true American hero but he certainly seems to have nothing to offer in terms of helping us in troubled financial times. He certainly has done much to promote the race wars which will break out between the illegal immigrants demanding their "rights" and competing with legal citizens and residents when times get tough.

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Edwards, Giuliani Out

Edwards, Giuliani reportedly ending campaigns
USA Today - all 5,216 news articles »

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With the temporary departure of Edwards, so goes the best understanding

of mortgage servicing fraud although all of the candidates are becoming more

savvy on this long suppressed subject on a virtual daily basis. That includes

Senator Hillary Clinton of NY.  If Obama does make a strong showing on

Super Tuesday it is possible he would consider his friend and ally John Edwards

as a running mate. But that would be the same semi-bonehead move that Kerry

was forced to make in 2004. Edwards will not endorse Hillary until and unless

she is the Democratic nominee for President.  At which time all Democrats will

support whoever is selected even if it’s the donkey.

 

Even though I will be voting Republican as always, I am a realist. Barring some

unforeseen calamity I do not see a GOP victory in the fall. Unfortunately

another fine candidate Ron Paul may be swept under in the powerful

momentum of whatever Super Tuesday will bring.

 

I thank Greg Collins for making me aware of Ron Paul. But if the *economy*

is really the main issue in the minds of most Americans I have long known that

the Libertarian platform embraced by Republican Ron Paul is vastly superior

in terms of pure DOMESTIC ECONOMY if that issue is isolated.

 
But it is not my main issue. 

wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww   January 30, 2008

Submitted by Ed Cage  |  Plano Texas  |  972-596-4363  |  ecagetx@gmail.com




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Since Hillary and Obama are unlikely to team up in the fall,

(They are not on the same page and that team can't win.)

it is not unlikely that NY Mayor Michael Bloomberg could

offer his services at the Democratic Convention.  However he

does come fully equipped with ultra deep pockets and the

ability to deliver a mega state. He has said if he runs (possibly

as an Independent), he will spend $500M+ on his campaign!

 

But a ticket with both parties from the same state?  Not likely.

Hillary taking a VP role?  Never happen.

Bloomberg takes a VP role?  Possible.

 

Now let's force-feed Obama into the equation:

Ahh.. Two mega states..( Illinois and New York) Uno minuto,

problema grande - A Jew and a Muslim on the same ticket?  We're

back to never happen.

 

Now if Bloomberg runs as an Independent who does that hurt the

most Hillary or McCain?  I say McCain at first glance but consider:

Bloomberg could easily cost Hillary her home state of NY!

 

The possibilities are endless but upon further reflection, we're right

back to "Never happen."  Just for fun though, here's Bloomberg's

position on the subprime mortgage crisis:

 

http://www.nydailynews.com/news/2008/01/24/2008-01-24_mayor_bloomberg_blames_white_house_hopef.html

 

Mayor Bloomberg blames White House hopefuls on subprime mortgage crisis

Thursday, January 24th 2008, 4:00 AM

Mayor Bloomberg adopted the 2008 campaign tactic of bashing Beltway insiders Wednesday night as he issued a compassionate call to help Americans who received shady home loans - a dramatic shift from his earlier stance.

Appearing before the U.S. Conference of Mayors, Bloomberg - who once bluntly blamed the buyers rather than the lenders in the subprime mortgage crisis - said no one should become homeless by defaulting on a loan.

"The most important and immediate economic relief we can offer is to help people who are in danger of losing their homes stay in their homes," Bloomberg said.

Bloomberg said preventing families from getting kicked out of their homes "is more important than giving everybody a check."

"We must make sure that people still have a place to live, regardless of how they got it," Bloomberg said to applause.

Only last August, Bloomberg faulted homebuyers "who really didn't have the wherewithal" or "lied about their incomes" to take out subprime mortgages.

But amid rumors of a possible third-party presidential bid, Bloomberg has suddenly adopted a less harsh tone, offering to help counsel those threatened with foreclosure.

Hizzoner unleashed his hardest jabs at the favorite punching bag of Democratic and Republican White House hopefuls: Washington insiders.

He criticized the government for spending its way into what many economists fear is a looming recession. "We can't borrow our way out of this," he warned.

"They spent most of this decade running up bills with reckless abandon," Bloomberg said after receiving an environmental award from the conference.

"They ate the seed corn without worrying about the next year's crop," Bloomberg said. "Well, the next year is here, and the seed corn is gone. All we've got is a barn full of IOUs."

kdanis@nydailynews.com

wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww   January 30, 2008

Submitted by Ed Cage  |  Plano Texas  |  972-596-4363  |  ecagetx@gmail.com

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Quote:
Only last August, Bloomberg faulted homebuyers "who really didn't have the wherewithal" or "lied about their incomes" to take out subprime mortgages.
But amid rumors of a possible third-party presidential bid, Bloomberg has suddenly adopted a less harsh tone, offering to help counsel those threatened with foreclosure.
 
They tend to say what they think WE want to hear, don't they?
 
 
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Ed Cage
I noticed that too Ann.

Mr Ed
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Who'sNotGettingPaid?

Wall Street donates millions to top presidential candidates - 02/01/2008 - MiamiHerald.com

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Economic Summit

Barack Obama Holds Economic Summit on Reclaiming the American Dream

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fighting back

Union Leader - Manchester, New Hampshire

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Please read
His not so great plan for us. link
 
Close Bankruptcy Loophole for Mortgage Companies: Barack Obama strongly opposed the 2005
bankruptcy bill, which is expected to have serious effects on low and middle-income borrowers of subprime
mortgages. As president, Obama will work to eliminate the federal bankruptcy law’s Chapter 13 provision that
prevents bankruptcy courts from modifying an individual’s mortgage payments. This forces individuals who
seek bankruptcy protection to continue paying the full amount of their existing mortgage plans.
This provision,
which provides unique protection to the mortgage industry, places the interests of big lenders over than of low
and middle-income Americans. Obama believes that the subprime mortgage industry, which has engaged in
dangerous and  sometimes unscrupulous business practices, should not be shielded by outdated federal law.


http://obama.3cdn.net/738d0e804dc3e21efc_xzvomvy89.pdf



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Obama Sub
Consortiumnews.com

Obama's Sub-Prime Conflict

By Dennis Bernstein
February 28, 2008

I remember my first piggy bank: a little pink piggy, made of plastic, with a little slot at the top. The slot was big enough, perhaps, to fit a half dollar, a great deal of money to me at the time.

“A penny earned is a penny saved,” my father told me, as we dropped the first few coins into the opening, and I heard them hit bottom and bounce. And I can’t tell you how excited I was when we broke it open, after a year or so, and I couldn’t fit another penny into the slot.

I tallied up my stash—close to five dollars, I recall— and decided what I would do with my small fortune. I bought a kite, and my imagination soared even higher than my beautiful Chinese box-kite as to what I would save up for next.

My pop gave me a powerful push in the right direction, when it came to savings: A penny saved really was a penny earned.

Unfortunately, this wasn’t the case for the 1,406 people who lost much of their life savings when Superior Bank of Chicago went belly up in 2001 with over $1 billion in insured and uninsured deposits. This collapse came amid harsh criticism of how Superior's owners promoted sub-prime home mortgages. As part of a settlement, the owners paid $100 million and agreed to pay another $335 million over 15 years at no interest.

The uninsured depositors were dealt another blow recently when the U.S. Supreme Court let stand a lower court decision to put any recovered money toward the debt that the bank owners owe the federal government before the depositors get anything.

But this seven-year-old bank failure has relevance in another way today, since the chair of Superior’s board for five years was Penny Pritzker, a member of one of America’s richest families and the current Finance Chair for the presidential campaign of Barack Obama, the same candidate who has lashed out against predatory lending.

During a recent campaign stop in south Texas, Obama met with San Antonio-area residents who had been particularly hard hit by the sub-prime meltdown. He expressed dismay over how lobbyists for the sub-prime lending industry had spent more than $185 million in the last several years for their cause.

“To give you a sense of what that kind of lobbying gets you,” Obama said, a “CEO of the largest sub-prime lender was promised a $100-million severance package at a time when more than two million Americans were facing foreclosure, including nearly 14,000 right here in San Antonio.”

Though Superior Bank collapsed years before the current sub-prime turmoil that is rocking the world’s financial markets – and pushing those millions of homeowners toward foreclosure – some banking experts say the Pritzkers and Superior hold a special place in the history of the sub-prime fiasco.

“The [sub-prime] financial engineering that created the Wall Street meltdown was developed by the Pritzkers and Ernst and Young, working with Merrill Lynch to sell bonds securitized by sub-prime mortgages,” Timothy J. Anderson, a whistleblower on financial and bank fraud, told me in an interview.

“The sub-prime mortgages,” Anderson said, “were provided to Merrill Lynch, by a nation-wide Pritzker origination system, using Superior as the cash cow, with many millions in FDIC insured deposits. Superior’s owners were to sub-prime lending, what Michael Milken was to junk bonds.”

In other words, if you traced today’s sub-prime crisis back to its origins, you would come upon the role of the Pritzkers and Superior Bank of Chicago.

One Failure to the Next

Superior was founded at the tail end of 1988 in the wake of the failed Lyons Savings Bank. The Feds were trying to keep a lid on the magnitude of the S&L post-deregulation crisis and were selling failed or failing thrifts for a song, along with a lucrative package of special benefits.

Chicago’s billionaire Pritzker family and their partners bought Lyons Savings for a quite reasonable $42.5 million, but were also given $645 million in tax credits. The kicker was that the buyers only had to come up with $1 million in cash, and got access to the $645 million, and all the bank’s deposits insured by the Federal Savings and Loan Insurance Corporation (FSLIC).

The Pritzker family’s Superior Bank “started life with enormous tax benefits and a substantial amount of FSLIC-guaranteed assets under a FSLIC assistance agreement,” said financial consultant Bert Ely in a Oct. 16, 2001, statement before the U.S. Senate Committee on Banking, Housing and Urban Affairs.

Ely stated, “Superior’s trick, or business plan” under Penny Pritzker’s leadership was apparently “to concentrate on sub-prime lending, principally on home mortgages, but for a while in sub-prime auto lending, too.” In December 1992, the Pritzkers acquired Alliance Funding, a wholesale mortgage organization.

In a 2002 article in In These Times about Superior Bank’s collapse, business writer David Moberg reported that the bank’s operations were “tainted with the hallmarks of a mini-Enron scandal…And yet the bank’s owners, members of one of America’s wealthiest families, ultimately could end up profiting from the bank’s collapse, while many of Superior’s borrowers and depositors suffer financial losses.”

Moberg wrote that “the Superior story has a familiar ring. … Using a variety of shell companies and complex financial gimmicks, Superior’s managers and owners exaggerated the profits and financial soundness of the bank. While the company actually lost money throughout most of the ’90s, publicly it appeared to be growing remarkably fast and making unusually large profits. Under that cover, the floundering enterprise paid its owners huge dividends and provided them favorable loans and other financial deals deemed illegal by federal investigators.

“Superior’s outside auditor, which doubled as a financial consultant, engaged in dubious accounting practices that kept feckless regulators at bay. Many individuals—disproportionately low-income and minority borrowers with spotty credit records—had apparently been exploited through predatory-lending techniques, including exorbitant fees, inadequate disclosure and high interest rates.”

When it collapsed in 2001, Superior Bank represented the largest failure of a U.S.-insured depository institution for a decade.

“The failure of Superior Bank was directly attributable to the Bank’s Board of Directors and executives ignoring sound risk management principles,” said FDIC Inspector General Gaston Gianni Jr. in a Feb. 7, 2002, report.

Banking whistleblower Anderson noted that “Superior failed at a time of historically low interest rates, high employment, a strong economy, and a growing housing market. … There was no reason for it to fail unless you consider gross negligence, a flawed business plan, and a conspiracy to deceive the regulators who were clearly asleep and were negligent themselves in their duties of protecting the class of underinsured depositors.”

Pioneering Work

Anderson said the bank owners and board members used Superior for their pioneering work in sub-prime lending, developing the financial instruments that helped set the stage for the current sub-prime meltdown.

“The Pritzkers like to say they did sub-prime lending to help the disadvantaged get into the home equity business, [but] it would be more accurate to state they ran a very large nation-wide predatory lending operation,” Anderson said, citing criticism of Superior’s lending practices in a letter written to the Office of Thrift Supervision on July 3, 2002, by the National Community Reinvestment Coalition, an association of more than 600 community-based organizations that promote access to basic banking services.

As an owner and board chair of Superior, Penny Pritzker also was named in a RICO class action suit on behalf of the more than 1,400 depositors at Superior, who initially lost over $50 million of their life savings.

"This is a story of two Americas with two sets of laws, one for the rich and powerful and another for the rest of us,” said Clint Krislov, the depositors’ attorney, in a recent interview. “My clients will all be dead, before they get back their money, given the Supreme Court’s recent decision to uphold the lower court, which put the predatory owners on the front of the line, if any money is recovered.”

The Pritzkers arrayed a powerful and well-connected legal team including former President Bill Clinton’s impeachment lawyer Lanny Davis, two ex-comptrollers of the currency, and two former General Counsels to the FDIC, the American Banker Magazine reported.

Given the political sensitivity of the sub-prime mortgage crisis, Anderson said he believes Penny Pritzker should resign her post as Obama’s Finance Chair, the person who oversees the campaign’s fundraising.

Otherwise, Anderson said, Pritzker’s presence could undercut Obama’s credibility on the issue of predatory lending and create a possible conflict of interest if Obama is elected President and tries to crack down on sub-prime abuses.

Obama campaign spokesman Tommy Vietor had no comment about the controversy surrounding Pritzker, but added: "Barack Obama has already made it very clear that he's going to crack down on fraudulent brokers and lenders."

One might wonder why Hillary Clinton’s campaign hasn’t jumped on this issue. Maybe it’s because Penny’s little brother, J.B. Pritzker, is a mover and shaker in the Clinton campaign.

In May of 2007, Jay Robert, aka, (J.B.) Pritzker, threw his support behind Hillary Clinton, representing a coup for her campaign by wresting the billionaire out of Obama’s home town of Chicago, and better still, the brother of Obama’s Campaign Finance Chair.

J.B. Pritzker announced he would head a new grassroots organization called Citizens for Hillary Clinton. Pritzker told reporters at the time, the new organization would go into states "where we haven't fully organized" and seek out campaign supporters as well as raise funds.

Apparently the Pritzkers will be sitting at the head table at the Inaugural Ball if either Democrat wins.

Dennis Bernstein is an award-winning investigative reporter and public radio producer. He is co-host and executive producer of the daily radio news magazine, Flashpoints, on Pacifica Radio, and a contributing editor to the Pacific News Service.

To comment at Consortiumblog, click here. (To make a blog comment about this or other stories, you can use your normal e-mail address and password. Ignore the prompt for a Google account.) To comment to us by e-mail, click here. To donate so we can continue reporting and publishing stories like the one you just read, click here.

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Tim- The man who was quoted for this last article is presently looking for any Superior Bank victims out there.

He has been working on this for many years & has been a wonderful supporter during my fight.

Superior Bank loans- Allied Funding---email me.
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Obama & KKK

Ku Klux Klan Endorses Obama

February 7th, 2008
by James R. Crowe
4.5 / 5 (401 Votes)


Anything or anyone is better than Hillary Rodham Clinton
KENTUCKY - USA - Imperial Wizard, Ronald Edwards has stated that, "anything is better than Hillary Clinton."


White Christian Supremacist group the Ku Klux Klan has endorsed Barack Obama to be the next President of the United States of America.

Speaking from his Kentucky office in Dawson Springs, the Imperial Wizard exclaimed that anything or anyone is better than having that "crazy ass bitch" as President.

This is the first time in Klan history that any member of the KKK has ever publicly supported an African American candidate for the presidency.

KKK lodges all over America have been gathering and holding rallies supporting the black presidential candidate.



KKK members in Tennessee rally against Hillary Clinton and support Barack Obama


Grand Turk Cletus Monroe has also been very vocal about the election and has donated thousands of dollars to Obama's election fund.

"The boy's gonna do it. My Klan group has donated up to $250,000 to the Obama fund. Anything is better than Hillary Clinton. Hell I'll even adopt a black kid from Africa before I vote for Hillary."

"A few years back we were lynching negroes. Now we're gonna vote for one to be president of the US of motherfu**ing A, damn it! Anyone or anything is better than Hillary Clinton - anything!!"

Placards for Barack Obama have been put up around the Klan's Headquarters and the KKK have announced a television ad campaign to support the African American candidate.

Ku Klux Klan Endorses Obama
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Moody's
 
....The evidence on whether rating agencies bend to the bankers' will is mixed. The agencies do not deny that a conflict exists, but they assert that they are keen to the dangers and minimize them....But in structured finance, the agencies face pressures that did not exist when John Moody was rating railroads. On the traditional side of the business, Moody's has thousands of clients (virtually every corporation and municipality that sells bonds). No one of them has much clout. But in structured finance, a handful of banks return again and again, paying much bigger fees. A [big deal] can bring Moody's $200,000 and more for complicated deals. And  the banks pay only if Moody's delivers the desired rating. Tom McGuire, the Jesuit theologian who ran Moody's through the mid-'90s, says this arrangement is unhealthy. If Moody's and a client bank don't see eye to eye, the bank can either tweak the numbers or try its luck with a competitor like S.&P., a process known as "ratings shopping."
 
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Servicemembers

Hillary Clinton’s Plan to Protect America’s Servicemembers from Foreclosure

By admin - Posted on April 28th, 2008

 

4/27/2008 -- For more than a year, Hillary Clinton has been fighting to solve the housing crisis and keep American families in their homes. And she has a long record of fighting for the men and women of our Armed Forces, Reserves, and National Guard - for better health care, job opportunities, and affordable homes.

Hillary Clinton: Photo by Marc Nozell (CC)Hillary Clinton: Photo by Marc Nozell (CC)

Recent reports indicate that a growing number of veterans and servicemembers are facing difficulties making their monthly mortgage payments and are struggling to keep their homes. One survey found that nearly half a million veterans are paying more than 50 percent of their income toward the home they own. [NAEH, Nov. 2007] USAA, which serves military members and their families, has reported an increase in mortgage delinquencies. And the Army and the Department of Veterans Affairs have indicated that they are dealing with a greater number of servicemembers facing home-finance problems and the threat of foreclosures. [USA Today, April 25, 2008.]

When our troops fight on behalf of our country, the least of their worries should be whether their home will be there when they get back. And yet, as the housing crisis grows, an increasing number of troops fighting on the frontlines are at risk of facing a battle back here at home - with lenders to avoid skyrocketing payments and losing their home to foreclosure. The least we can do for the brave young men and women in uniform who protect us is to protect their families and homes. No one fighting for our country overseas should have to worry about losing their home.

Today, Hillary Clinton is announcing new proposals to protect America’s fighting men and women from foreclosure and to help them achieve the security of stable, affordable, fixed-rate mortgages. Her plan is builds on her comprehensive agenda to address the housing crisis.

1. Enforce an absolute moratorium on foreclosures while servicemembers are on combat tours of duty overseas and improve foreclosure protections for veterans returning home. In 2003, Congress passed the Servicemembers Civil Relief Act (SCRA) to help ease economic and legal burdens on active-duty military personnel. The SCRA offers important foreclosure protections for servicemembers to help them keep their homes, whether they are serving abroad or at a base here in the U.S. But the protections are not categorical and they have sometimes been ignored by lenders. They do not apply to mortgages taken out by members of the Armed Forces after they have joined their service. And lenders can still take military personnel to court - even those on tours of duty overseas - to try to get an order of foreclosure, forcing troops to ask for relief from the court. Hillary believes that not a single soldier, sailor, airman, or Marine should have their home foreclosed - or have to deal with lenders in court - while they are serving on the front lines in Iraq or Afghanistan or elsewhere. She will therefore enforce an absolute moratorium on any foreclosure proceedings against a servicemember’s home during the period that he or she is on a tour of combat duty, increase penalties for lenders who attempt to violate the moratorium, and support and expand efforts initiated by Senator Bayh to educate troops about their rights. She will also work with lenders and servicers to implement an immediate freeze in interest rates on subprime adjustable rate mortgages.

At the same time, Hillary will improve existing SCRA foreclosure protections so that returning veterans have time to get their affairs in order when they come home. Those protections currently apply for only 90 days after a servicemember returns to inactive status. Hillary will extend that period to nine months - consistent with recent legislation - so that our men and women in uniform have enough time to work out mortgage difficulties that have arisen while they were serving our country.

2. Let servicemember or veterans with unaffordable subprime mortgages restructure their mortgage and stay in their homes. The director of the VA’s loan guarantee service recently testified before a House committee on the challenges facing veterans and servicemembers who have taken out subprime mortgages and now face increasing payments and the threat of foreclosure. Current law contains restrictions that prevent many of these military families from using VA-backed loans to refinance or restructure their mortgages, including equity requirements and a refinancing loan limit of only $144,000. Hillary will ensure that every veteran or servicemember who lives in their home and who has been saddled with an unaffordable subprime, adjustable rate mortgage can move into a stable, affordable, fixed-rate mortgage backed by a government guarantees.

* She will increase access to low-interest loans through the Veterans Affairs Home Loan Guaranty Loan Program, by permanently raising the maximum loan guarantee so that men and women in uniform can seek loans up to the Federal Housing Administration maximum - in some areas more than $700,000. Eligible families can use these guarantees to refinance or restructure an existing VA-backed or subprime mortgage, or to buy a new home.
* She will relax the equity requirement that prevents some veterans from refinancing, eliminate the upfront fees on VA mortgages for veterans of the Iraq and Afghanistan wars who take out VA loans within two years of leaving active duty, reduce other fees and costs, and extend payment periods for remaining fees.
* She will also give veterans and servicemembers the option of restructuring their mortgages through the new FHA guarantee program that she announced last month. This will provide veterans and servicemembers with a set of options on how to restructure troubled mortgages in the way that works best for them.

3. Provide free foreclosure and mortgage counseling services to all veterans and servicemembers. Hillary supports legislation to direct the Department of Defense to create a new financial counseling program for military families, including home foreclosure and mortgage counseling. She will devote funds from her $30 billion Emergency Housing Fund to help pay for this program as it is implemented through public/private and federal/local partnerships in communities across the country. Under Hillary’s plan, every member of the Armed Forces, Reserves and National Guard and every veteran will have access to free counseling services for home finance.

Source: Hillary Clinton campaign

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PMS
Predatory Mortgage Servicing, It's how they steal your home.
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NoVoteCounts!
No ones vote counts, The corporate fraudsters run our country now. Just ask a Supper delegate.
 
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ameriquest

CBS News
GOP criticizes mortgage loans to Obama ally
Minneapolis Star Tribune - 16 hours ago
However, Obama spokesman Bill Burton said it was hypocritical for backers of GOP candidate John McCain to take issue with the loans when one of his top advisers, John Green, "lobbied for Ameriquest, which was one of the nation's largest subprime ...
Obama Campaign Calls Johnson-Mortgage Story Overblown Atlantic Online
Obama VP Vetter Draws Scrutiny CBS News
Washington Post - ABC News - New York Times Blogs - KCRG
all 103 news articles »
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Who'sOnFirst?

Posted: September 21
Updated: Today at 8:45 AM

Kanjo 7th in money received

Fannie Mae, Freddie Mac have given local congressman $96K in campaign contributions.

BILL O ’ BOYLE boboyle@timesleader.com

U.S. Rep. Paul E. Kanjorski, D-Nanticoke, has received $96,000 in campaign donations from mortgage buyers Fannie Mae and Freddie Mac since 1989 – ranking him seventh among all members of Congress who received donations from the two firms.

The rankings were compiled by Capital Eye, a division of OpenSecrets.org, which describes itself as nonpartisan, independent and nonprofit, and “the nation’s premier research group tracking money in U.S. politics and its effect on elections and public policy.”

The U.S. government recently took control of the two government-sponsored enterprises that have donated $4.8 million to current members of Congress – 57 percent of the recipients being Democrats.

Kanjorski is ranked behind three Republicans and three Democrats in donations received – including Sen. Barack Obama, the Democratic nominee for president. Obama received $126,349 to place him second on the list behind Sen. Chris Dodd of Connecticut, chairman of the Senate Banking Committee, at $165,400.

Kanjorski is the highest-ranked local legislator, and received more than New York Sen. Hillary Clinton, who received $76,050 to place her 12th. Clinton has been in office only since 2000, while Kanjorski was first elected in 1984.

Sen. John McCain, the Republican presidential nominee, received $21,550. Sen. Joe Biden, Obama’s vice presidential running mate, received $3,300.

Pennsylvania Sen. Bob Casey (D-Scranton) received $7,000; Sen. Arlen Specter (R-Philadelphia), $1,100; and U.S. Rep. Chris Carney (D-Dimock Township), $250.

Lou Barletta, Republican challenger in the 11th District, attacked Kanjorski for accepting the donations.

“Paul Kanjorski is chairman of the House Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises,” Barletta said in a prepared release. “Housing lenders Freddie Mac and Fannie Mae are government-sponsored enterprises – and therefore directly under Kanjorski’s supervision. Kanjorski is tasked with the congressional oversight of the mortgage, banking and insurance industries. But Kanjorski has taken campaign contributions from the sub prime mortgage, banking and insurance industries – all areas he is supposed to regulate – since 1989.”

Barletta said the current financial woes have happened “under Kanjorski’s watch.”

“What did he do to stop it?,” Barletta asked. “Nothing; in fact, he kept taking their campaign contributions.”

Adam Benson, spokesman for Kanjorski, issued a statement from the 24-year Congressman.

“Lou Barletta is trying to turn one of the most serious financial crises of our time into a political game,” Kanjorski said. “I want to focus on the matters at hand, but I must briefly respond to the malicious smears to my record.”

Kanjorski said in 2005 he introduced H.R. 1295, the Responsible Lending Act, which could have prevented many of the predatory lending problems that led to the current housing crisis. He said the bill would have modified underwriting practices, enhanced housing counseling services, improved appraisal oversight, bettered mortgage servicing, and established a system for licensing and overseeing mortgage brokers.

“We had competing bills and sought over several months to negotiate a bipartisan compromise on these matters, but the House Republican leadership squelched these efforts before we could ever get a bill out of our Committee,” Kanjorski said. “These Republican leaders at the time included Tom DeLay. That’s the same Tom DeLay who has given $5,000 to Lou Barletta’s campaign.”

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H. Gosh
http://www.citizensvoice.com/articles/2008/09/21/news/wb_voice.20080921.a.pg1.cv21cdkanjorski_s1.1961078_top3.txtI

I was going to post a long response to the TIMES LEADER article on Congressman Kanjorski, however, the CITIZEN's VOICE has printed an opposing view article that lists everything I was going to discuss.  The link is above.

Congressman Kanjorski has worked tirelessly on the real estate issues, being the only Congressman who acknowledged mortgage servicing fraud early on.  Lou Barletta's claim to fame is his ordinance denying "illegal" aliens the right to rent apartments in Hazelton, PA. 

If Mr. Barletta wishes to look at campaign contributions, I have several on his list I would seriously like to discuss with him!!  Personally, as a resident of Pennsylvania, Congressman Kanjorski has my vote - he knows where the 209 By-pass is (not) and when the train is coming.  (local 11th District joke).

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Okay, Obama took a bit more money from Freddie than the rest of the crooks!

But I can assure you the Republicans have taken their fare share from more from lobbyist of banks, mortgage companies, lenders and of course Litton Loan Servicing, LP/U. S. Bank, NA.

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:)

They both suck! I wish there were more choices.

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Jane Doe
Choosing a president over one issue is stupid. You have to look at the overall picture & at this point, try to figure out who is the best to lead us out of this mess.  You can be a ME person or you can be a WE person. You all chose.


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Obama & Palin

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