It should be apparent to all concerned that the true reason behind the large number of foreclosures in this country has little to do with the inability of the majority to make their mortgage payments and more to do with those who perpetrate this travesty along with those who allow them to get away with it. No one can escape blame on this one from the politicians who deregulated the industry, to those who bought more home than they needed as well as those who sold them the property in the first place, but I think a larger part of the blame should go to those who illegally foreclosed and the lawyers and judges who failed to protect the rights of those affected by it. My case as presented below;
“On October 26, 2005, customers of Litton Loan Servicing, LP (“Litton”) filed a class action complaint charging the company with violations of federal and state law.” “The named Plaintiffs filed the class action lawsuit on behalf of a Nationwide Class and a California Subclass of Litton customers.” “The Nationwide Class alleged claims based on violations of the Real Estate Settlement Procedures Act (“RESPA”) relating to Litton’s improper actions in imposing late fees or treating payments as late during the 60-day grace period following the effective date of loan transfer if a borrower sends a payment to his or her old servicer on time.” (Unknown Author, Schaffer v. Litton Loan Servicing, LP, Retrieved from www.lieffcabraser.com). Out of all of the shady dealing that this organization has been alleged to be involved in the best that they could do was hitting them for late payments. This organization’s name appears on many courts filing nationwide as servicer of these mortgages which tells me that they should have true working knowledge that those for whom they are collecting do own the mortgage and can exercise the right of foreclosure. Notwithstanding the judge in this case caps the settlement for the Plaintiffs at $500,000.00 and if they were to come upon more than 500,000 victims then no one would receive a dime except for the lawyers who brought the case to court. Moreover “recipient who submits a timely and valid Claim Form will receive a pro rata distribution of the Settlement Fund, of up to, but not to exceed sixty dollars ($60.00).” You’ve paid for years and many the amounts of the total late charges paid is well over $60.00 but that’s all that you are allowed to collect and they call it justice.
“The growing furor in the United States over improper foreclosure documents is focusing intense attention on MERS, a mortgage-record service company that tracks more than 60 million mortgages.”
“Mortgage Electronic Registration Systems has filed thousands of foreclosure actions around the country on behalf of lenders.” “Its right to do that is under challenge.” “Several courts around the country recently have ruled that MERS lacks the right to file such cases.” “MERS, on behalf of the banks and myriad trusts that own the mortgage loans, has initiated thousands of foreclosure actions around the country, as the “mortgagee of record” listed on homeowners’ mortgages.” “Homeowners’ lawyers and advocacy groups contend that MERS has no right to initiate the actions because it doesn’t own the mortgage loans.” “Lending laws specify that only the actual owner of the loan can file a foreclosure action.” “MERS earlier, however, won court rulings in several states, upholding its right to foreclose.” “In most of those cases the issue raised wasn’t whether MERS owned the mortgage loans, but whether it could proceed even though it wasn’t able to locate and produce documents such as loan assignments.” (Scot Paltrow, 10/13/2010, Reuters, Factbox: The role of MERS in foreclosure furor, Retrieved from www.reuters.com). So our judges allowed them to take away a citizens “American Dream” even though they could not prove that they owned the property and we call this justice. All this from those who took an oath to protect the rights of ordinary citizens and those who may not be able to protect themselves. This same group is sent represent us in our state, local and federal government and we have the audacity to wonder why the system suck and can’t be fixed, go figure.