Posted 5 years ago on Feb. 3, 2012, 12:33 p.m. EST by economicallydiscardedcitizen
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It's becoming more well known that banks and servicing companies are regularly breaking laws to take advantage of people in foreclosure. This article does a pretty good job of explaining it and includes a solution:
'The elephant in the room is that what we’re facing in this country today is not just a foreclosure crisis, what we’re dealing with with is much better described as a FRAUDclosure crisis.'
'Today, even forecasts from the likes of Goldman Sachs and Amherst Securities peg the number of foreclosures between 10.4 and 14 million by year-end 2014, and those numbers could easily go higher should home prices continue to fall… which they invariably will. Add those numbers to the millions of foreclosures already water under the bridge, and were talking about a crisis that results in ONE IN FOUR Americans with mortgages losing their homes to foreclosure in the next handful of years.'
“OWS is an expression of American discontent, and others will follow. Protests and social unrest are particularly likely if people feel they are unfairly losing their homes to support irresponsible, law-breaking institutions that have successfully disregarded the fundamental rules of capitalism and good citizenship.”
The harsh truth is that whatever is done in the future at state or federal levels to mitigate the damage caused by foreclosures, it’s simply too late to prevent our FRAUDclosure crisis from pretty much wiping out our nation’s middle class economy for more than a generation. As a practical matter, the only real question we face today is how many are wounded and how many are killed… none of us is getting out unscathed.
There should be no question in anyone’s mind… there are only two paths ahead from which to choose. Both involve fighting a war… but on one path the battle is fought by lawyers in our courts… on the other, by citizens in our streets.
Make no mistake about it… if we are to mitigate any of the damage being caused, uphold the rule of law, and protect the rights of millions of homeowners… it should be obvious to anyone that WE NEED TENS OF THOUSANDS OF LAWYERS trained in foreclosure defense, loss mitigation and bankruptcy. And yet, more than four years into the FRAUDclosure crisis, we don’t have anywhere near the number of trained, ethical attorneys required to meet the demand.
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