Secession of Californian proportions, catalyst for change
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California was the first of the 50 states to announce its withdrawal from national negotiations with the Big Banks over their mortgage practices which gained widespread public attention since the folding of the housing market.
The national negotiations had been in the works for nearly a year when California’s state Attorney General (AG) Kamala Harris made the decision to quit. California was the hardest hit in the nation by the housing crisis, Harris explained, and the estimated $20 billion settlement being offered by the Big Banks was “inadequate” in addressing the state’s housing grievances.
During just the 11-month period of AG-lender negotiations, more than 160,000 homes were foreclosed in California. The number of California cities on the list of the nation’s top-ten cities with the greatest volume of foreclosures jumped from five to eight. [For more information on Harris’ decision to pull out of the deal with the Big Banks, see the letter issued by the State of California Office of the Attorney General.]
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About The Author
ft Editorial Staff
is the writing staff comprised of legal editor Fred Crane, In-House Broker Consultant Fernando Nunez and writer-editors Connor P. Wallmark, Giang Hoang-Burdette, Jeffery Marino, Carrie B. Reyes, Sarah Cantino, Matthew Taylor, Matthew Shade and Nicole Jessen.
Yes it’s very important people take their money out of the big banks and place it in local banks and credit unions. This way a community’s capitol stays in the community rather than being gambled on the global derivatives market.
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“The number of California cities on the list of the nation’s top-ten cities with the greatest volume of foreclosures jumped from five to eight. ”
!!!!! 8 of 10.
“Yes it’s very important people take their money out of the big banks and place it in local banks and credit unions…”
Money? You have no money, you have political promises. In a very short order, we are going to be reminded why paper money is forbidden by the US Constitution.
Every cent is circulation owes it’s existence to the federal debt market, not any real money. You may remember back in the 90s as the republican congress was balancing budgets for the first time in 40 years, the morons at the Treasury department and the White House were warning that paying down the debt would result in the contraction of the money supply, and that the extinguishing of the national debt would cause monetary panic.
This illustrates the nature of fiat money. You CANNOT use money as a standard of value, as demanded by the Constitution, AND use money as a tool to effect policy concerning prices and levels of employment.
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Forfeit The Assets of Lenders, anyone Who Knowingly Made or Sold Fraudulent Mortgages!!
The U.S. Justice Department should make every effort to forfeit the ill-gotten gains of lenders, their executives, anyone that criminally or civilly is proven to have defrauded home loan borrowers or purchasers of mortgage-backed securities.
Many foreclosed American homeowners don’t know they have “recourse mortgages” including equity credit lines that allow “lenders” to attach their subsequent income and assets to recover “lender loan losses not satisfied by foreclosure.”
Mortgage lenders claim they did not breach a fiduciary relationship with borrowers by not disclosing high numbers of foreclosures in neighborhoods which they solicited making refinance and purchase money mortgage loans—when it appeared obvious increasing foreclosures would bring down property values leaving property buyers holding the bag. Lenders have responded that U.S. Law made them make loans to unqualified home buyers. While that excuse may serve lenders, why should lenders be protected from homeowner lawsuits for not disclosing large numbers of foreclosures in neighborhoods lenders solicited home loans? Lenders in such cases, should be prohibited from being able to go beyond the foreclosed property to collect from a foreclosed homeowner any amounts not satisfied by lender foreclosure.
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