I know a couple dozen people facing foreclosure that I'm immediately sharing this article with.  It will help them!

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Housing problems I am sure are world wide. In many parts of the world I believe we have become too materialistic and the days of buildings homes with bare essentials are now way in the past. People want every thing done at once, take out huge morgages then the banks lend them the money without much question.

As soon as any hints of recession are made then the Banks start raising interest rates and next think people cannot afford to pay the loans back. Land prices of course also are raising up in price all the time and really the only way that people cannot afford to buy or build , is by both partners working. The price of housing needs to fall back as it is becoming fast out of many peoples reach, do do so.

The other option of paying for Rental Homes is also not only becoming very expensive , but also here in Australia, we are facing a shortage of rental accomodation also.

It is all fast becoming a no win situation all round.

Of course Federal Goverment, Banks, greedy land developers and I think many other factors, or all part of the big picture.

Keith.

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Keith, sorry to hear the problem is there also.  Here in America, the proposal has just been put forth for the Feds, of all the worse places to put it, to be expanded for oversight into all things financial.  The Feds are no more Federal than Federal Express.  The Feds are a private bank there for the benefit of banks not the people.

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The more of these mortgage fraud stories I've been getting, the more I think the Realtors, escrow officers and lenders are equally responsible.

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Mortgage fraud is a growth industry as a result of the fact that corporations do not feel.  Corporations have no remorse.  Therefore they have no redemption.  One dying is always entitled to a moment of insight and self-recognition.  With the Rise of The Corporation, a way of life is dying.  I believe knowledge is our best hope for humane social reconstruction as we go through what I call Cybernation.  Modern society has resulted in an increasing dependence on others.  Why?  Because there has been a growth of sheer social systemness due to Cybernation.  I accept the possibility that those becoming stronger and to whom the present and future may already belong to, are not always the better, and may indeed, be morally ambiguous. That is a normalizing view.  That makes it routinely suspect to me.  However, conflating present reality with future possibilities is also suspect. On the contrary, I accept dissonance as part of reality.  Knowledge creates supportable opinions.  Knowledge and knowledge systems are vastly important in shaping social outcomes.  Due to their specialized knowledge, modern corporate managers are already in control of society’s economy and independent from close supervision and control by government.  It is clear to me that the power of the modern corporate manager and their imposement of their corporate culture is on the ascendant and holds a mortgage on at least one future. 

Modern corporate managers are interested in their work no less than their income.  That results in their effort to self-management. Modern corporate managers have opposition to the free market and that makes them purposefully drive towards a planned economy.  Instead of the traditionally sought power through persuasion and education for that knowledge, according to Irving Kristol, modern corporate managers impose themselves “through legislation enabling them to tell people what to do,“ and “willing to sacrifice freedom to achieve” their ends.  I believe that is why corporations have a drive to achieve monopoly.  A monopoly undermines a free market because it is the private sector putting forth all sorts of laws to have the public sector, government, protect it and only its interests, at the expense of its stockholders, its customers, the environment and ultimately, government.  The oil companies are just one of several examples.  All the oil companies have government subsidizing all of their R & D hence their obscene record-breaking profits.  Profits not passed on to their customers or stockholders, but solely to their corporate managers as wages and benefits. Wages and benefits that violate the management rule that profit is the minimum that a business must achieve in order to survive not the maximum it may obtain.  Military contractors and Blackwater use Defense Departments as their major, if not only, market. John Galbraith believed managers as productively benign and dominant.

Modern corporate managers are elitist, self-seeking and use their special knowledge to advance their own interests, power, control, and to dominate their own work situation.  I see modern corporate management as morally ambivalent, embodying collective interests but partially and transiently, while simultaneously cultivating its own guild advantage and pathologies.

Karl Marx did little to define class either formally or connotatively.  However, Marx did have a clear concept of a class as those who have the same relationship to the means of production.  The bourgeois revolution placed increasing amounts of the means of production into private hands.  Power then passed from those controlling land to those investing stocks of money capital.  From there, power passed from those whose incomes derived from money investments or land to those with human capital.  Today, that power is in the human capital of the advanced education that modern corporate managers possess.  These modern corporate managers have an open public presence.  They are not invisible.  Because of their technical knowledge obtained from their advanced education of the forces of production and means of administration, modern corporate managers have de facto control over the mode of production.  Hence, modern corporate managers have considerable advantage with which to pursue their interests.  To the detriment of their stockholders, their customers, their government, and the environment.

Although stockholders have legal ownership of the mode of production, the modern corporate managers have effective sole possession of the mode of production.  The evidence is extensive and replicated of the increasingly growing split between ownership and management.  Stockholders have no function in production and administration. The position of modern corporate manager immediately devalues owner and workers.  Ultimately it devalues government.  At the same time, that ownership has become passive such that sole control is now in the hands of modern corporate managers. The non-owning corporate managers have displaced the moneyed capitalists.  The corporate managers are the only ones that profit now.  The term professional management has silently instilled a new paradigm of virtuous and legitimate authority.  Its’ result is a command economy.  Isn’t a command economy per se communism?

The Phillip Burch study from 1950-1971, made it clear even then, how massive was the control of corporate management.   Management control without property has only increased.  The fundamental objectives of modern corporate managers are: 1) to increase its own share of a country’s national product, 2) to produce and reproduce their special conditions enabling them to appropriate privately larger shares of the incomes produced by the special culture they possess, 3) to control their work, 4) to dominate their work settings, 5) to silence all but their interpretation, and 6) to increase their political power in order to achieve the foregoing.  The goal of the modern corporate manager is to institutionalize a wage system, i.e., a social system with a distinct principle of distributive justice.  That is “from each according to his ability, to each his own according to his work.”  That is the norm of socialism.  The reason for this goal is that modern corporate managers exclusively earn their living through their labor in the wage system of the modern corporation.

One of the goals of the modern corporate manager is to increase its own share of a country’s national product.   Countries are not a single empire with a central authority able to impose a single set of norms throughout its territory.  Rather it is a system of competing and autonomous states with diverse cultures and religions.  That means dissenting intellectuals could and did, move elsewhere to protect their intellectual innovations in regions more supportable to them.  Which is what corporations have done in their globalization when they moved and continue to move production away from America.  This choice resulted in a cosmopolitan-shared identity transcending local limits,  It enhanced corporate autonomy and eliminated corporation’s allegiance to any one country.   With public education, and as more and more women became educated and emancipated, it became harder for the previously patriarchal extended family to impose and reproduce its social values and political ideologies in their children.  Teachers and intellectuals came to be defined and to define themselves as responsible for and representative of society as a whole.  That is at odds with the corporation that is responsible only to itself.  Responsible for and representative of society as a whole is in stark contrast to the private school and its teacher having an obligation to reproduce only parental values in children.  In the private school, claims and assertions may be justified by the social status of the speaker.  Not so in the public school as all authority-referring claims must be proven before accepted.  A public school education leads to a situation-free discourse.  Statistics show that enrollment in private schools has been on the decline since the early 1970’s even while the public schools have been forced by government into using failed corporate methods correctly abandoned by corporations back in the early 1900’s!  The most recent example of Educating by Myth is the monster No Child Left Behind that wrongly forced schools into using failed corporate methods correctly abandoned by corporations as an accepted business practice back in the early 1900’s.  Legendary statistician W. Edward Deming gave Japanese management in the post-war years the business model that took Japan to commercial dominance.

What do you think discourse means? Discourse is critically important at that highest of levels of corporate management because a business executive deals with decisions broad in scope and covers the longest time frame.  Discourse at the level of a business executive requires the largest understanding of vocabulary and the biggest use of vocabulary.  Roles at the business executive level are the Treasurer, Controller, Senior Partner, President, and CEO type positions.  Decisions made at this level are unpredictable, long-range and related to the future; therefore, they demand the most experience, highest judgement and proven ability to discourse.  Generally, business executives are the few people in charge of the four basics of a business.  They are marketing, accounting and finance, production, and research and development.  Both written and verbal reports at this level are needed to be as periodic, event-initiated and on-demand.  These reports must show all the company's operations and departments related to and affected by each other.  Decisions made at the business executive level generally are unstructured and in three areas.  They are strategic planning, allocation of resources and policy formulation.  Because decisions are at this level hypothetical, they are based rarely on predetermined routine procedures and involve the subjective judgement of the manager.  Therefor, this level is the most crucial in its use of discourse and the hardest for computerized data processing to support.  Business executive must always hit the ground running making critical decisions, perceiving often only by the seat of their pants, both based on how successful their ability to discourse is.  Discourse is a feat.  Any act of pure discourse is a feat.  If one doesn’t believe it, try it some time.

I believe that when altruistic individuals (a corporation is not altruistic) find each other and work together they will reap the benefits of cooperation unavailable to the selfish (a corporation is selfish).  Otherwise, the overall degradation of such discourse and union is assured. Aren’t even so-called selfless acts committed to assuage guilt, or to obtain approval or just for the good feeling it gives us?   “Man is yet free, during his brief years, to examine, to criticize, to know, and in imagination, to create.” – Bertrand Russell. Then there’s “If a man doesn’t believe as we do, we say he is a crank, and that settles it.  I mean, it does nowadays, because now we can’t burn him.” – Mark Twain.  We are all in need of truth, trying, and will continue to try, to speak only the truth.  Seeped in our respective cultures, we, and I include corporations, are superb authors of prejudice and discrimination.  We vest meaning into that which has two or more possible meanings, or into an image or truth that is not clear with meaning as we know it, that is indefinite, uncertain, and vague.  When the essential demonstration of the relativity and subjectivity of truth in culture is personified in the concrete fact that a different culture is in front of us, we should instead assign a cause to the difference, to see a reason for it, to find a meaning within it, and to accept it.  Why?  Because, there is more than one interpretation based on point of view.  Usually there are several interpretations.  Modern corporate managers seek to silence all but their interpretation.  Since we are always the authors of our projection of cultural meaning, the result is tension between each other’s corporate culture in their drive to monopolize, which destroys the free market.  In a free market, one always creates; another always beholds and interprets.

Culture is representative of an individual’s reality.  Corporations have a separate legal identity.  An individual’s and a corporation’s culture is also the ability to make things, to be creative in making or doing of things that have form and beauty.   The purely aesthetic sensitivity to culture and beauty is different among different cultures.   There is always a contrast.  Culture as reality has its own quality of being real.  Culture is existing or happening in fact, is actual, true, and objective, rather than not merely seeming pretended, imagined, fictitious, nominal, ostensible and wrong by the standards of another’s culture.

Culture is subjective, actual; not just merely possible or ideal; it is essential, absolute, ultimate, rather than relative, derivative, or phenomenal.  One cultures test of another culture, within the context of only one culture, is not a fair test at all.  Yet, that is exactly what corporate culture exactly does.

Prejudice and discrimination are also derived from the logic of culture making.  Each culture projects their individual expectations.  That results in prejudice and discrimination.  One culture has a propensity to project their culture while the propensity of another culture is also to project their expectations and knowledge onto their culture.  I do not see culture as a science where the best interpretation is the one that gives us the most correct data.

“It seemed to me a superlative thing – to know the explanation of everything, why it comes to be, why it perishes, why it is” Socrates.  With little change in humans biologically for thousands of years, why is that different eras of humans, and different nations, represent the visible world in such different ways?  Because culture also plays a role in the ways the beholder sees themselves, their culture and other cultures.  The beholder only, and always, sees the truth, as they perceive it.  The beholder simply sees what they know to be true, even if another culture knows something different to be true.

“You can recognize a pioneer by the arrows in his back.” – Beverly Rubik.  The synthesis of the conflicting versions and resolution of prejudice and discrimination is undermined by the objectivity of the interpretation because it proves that the beholder is really a participant in the culture's meaning itself.  The creation of conventions and the acceptance of those conventions may overcome this prejudice and discrimination.  When the conventions of perspective, for example, are not correct as in the spatiality of M.C. Escher's works, impossible worlds are created.  However, impossible worlds do exist when conventions become customs where everything is within context.  An assembly, hence between persons and/or nations based on the general agreement of the usages and practices of social life, long continued or established by practice or habit, can reach an agreement.  It can be a thing done often, and hence, usually done easily.  It can become automatic and sanctioned.  The beholder can learn a new projection of their cultural meaning of the concepts, habits, skills, cultures, instruments, institutions, etc. of their given period and location.

“The most exciting phrase to hear in science, one that heralds new discoveries, is not ‘Eureka’ (I found it!) but ‘That’s funny . . .’” - Isaac Asimov.  I seek other criteria than "we are a product of our culture."  All “God's” children must make an effort to learn, and intellectual and emotional growth is the inevitable result of learning.  The power of prejudice and discrimination involves the myth of the immature eye because all seeing is interpreting.  All seeing is the result of the expression of a person's conception of a work of culture, through acting, playing, writing, or even in criticizing it.  All modes of interpretation could be argued as equally valid in representing culture, because there is the role of expectation in culture.  There is also the fact that the culture also depends on the medium.  Concurrently, is that what you see, is what you get.  With the caveat that what you look for is what you see.  We always approach the world through schema, our personal mental set of truths and stereotypes.

I've found prejudice and discrimination is because of a lack of communication somewhere along the line.  Prejudice and discrimination in the interpretation of culture is conventional, hence learned.  There is no innate in prejudice and discrimination.  I believe that other cultures would be surprised to learn that other cultures are no less annoyed with their culture than their culture is with others.  Therefor children must be able to grow into adulthood under culture and for that matter government’s eye, not culture’s/government’s thumb.  If one can not be comfortable in the land of their birth, where else can one go to be comfortable?  Too many people have a painfully obvious need for their country's welcome and safety.

I believe it’s cultural relativism, the diversity of moral opinion, “the problem of other minds.”  That begs the question is morality simply a matter of opinion or a rationalization of beliefs?  I think that depends on the moral code of the culture.  Pope Benedict XVI, though, inveighs against “the dictatorship of cultural relativism.”  Should the tolerant tolerate intolerance?  I abhor modern sports as big business, trophy hunting, animal testing, abortion, torture, unjust wars, just wars with no reasonable chance of success, the concept of corporations, slaughtering a species to extinction, and the criminalization of drugs and private behaviors between consenting adults, yet my culture allows it.  Am I misguided because the moral culture I live in clearly allows them?  What about a purely statistical notion of what is normal versus a normative one?  What about apparent moral disagreements being simply the result of the fact that, in different circumstances (cultures), the same moral principles can have different practical implications.  What about the theories of Consequentialism, Deontology and Virtue?  Do I make judgements as well as I can even when I may not be in a position to know?  But wait, wait, “Don’t let yourself get overwhelmed with questions; just take it easy.” - Ludwig Witthenstein.

I seek redemption as I believe in the capability of redemption:  “Man is not so lost, that eternal love cannot return, so long as hope retaineth ought of green” Purgatorio, Dante’s Divine Comedy.  Mentre che la speranza ha fior del verde – La Divina Commedia, Purgartio III.   A corporation is not a man or woman or child.  It does not feel.  Without feeling there is no hope for redemption.

Does the end ever justify the means?  What else could justify the means other than the end?  It is emblematic of my failures and frustrated idealism to have become a cynical pragmatist.  I reject action on the scale of absolute morality on the grounds that it leads inevitably to fatal consequences.  Justification consists of an argument; that is, a collection of premises (starting assumptions) whose truth is believed to render some claim more probable.  An argument fails to be persuasive if the hearer/reader is not willing to accept its premises without further justification. Aren’t we motivated by a concern to protect our narrowly conceived self-interests?  Haven’t we learned at a very young age that it is often expedient to disguise our self-interest motivations in the language of moral principles?  Corporations are no different.

My Theses Against The Concept of A Corporation and The Resulting Rise of Corporate Culture

The Future of Intellectuals and the Rise of the New Class is a book by Alvin W. Gouldner.  This book is available for checkout from any public library.  It’s home is the Sonoma State University library, Rohnert Park, California.  I read it when I was in college.  It is still applicable to today.

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With enough blame to go around, who will be first to step up to the microphone and say, “our group is partially to blame because…and we will hereby pledge to do the following to help homeowners in foreclosure…” Or “our group is partially to blame because…and we hereby pledge to make the following changes in our own industry so this never happens again…”By the way, the groups that want to shift blame outward and let government clean up this mess, kindly refrain from whining about higher taxes, higher fees your industry will pay, harsher regulations, higher costs of doing business, and the cost of a bigger government sector. <!-- /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:""; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman"; mso-fareast-font-family:"Times New Roman";} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.25in 1.0in 1.25in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} -->

Yeah!!! send those greed bastards to us and we'll exploit them! http://www.greedypeople.com

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February 15, 2009, Wells Fargo agrees to halt Foreclosures, temporarily..

Some lawmakers have suggested Geithner "strongly encourage" banks receiving government capital through the controversial $700 billion Troubled Asset Relief Program, or TARP, to temporarily stop foreclosures. "TARP-assisted financial institutions should allow struggling homeowners more time to qualify for any systematic loan modification plan," Frank and Rep. Doris Matsui, D-Calif., wrote in a letter to Geithner on Wednesday.

JPMorgan, Citigroup, Bank of America and Wells Fargo each have received billions of dollars in federal aid through TARP.

htthttp://money.cnn.com/news/newsfeeds/articles/djf500/200902131828DOWJONESDJONLINE000900_FORTUNE5.htm

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Illinois sheriff scolds banks for evictions of 'innocent' renters, http://www.cnn.com/2008/US/10/08/chicago.evictions/index.html

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Treva J. Hearne, trevahearn@aol.com

245 East Liberty Street, Suite 110
Reno, Nevada 89501

775) 329-5800

 Fax Number: (775) 329-5819

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War in its classic sense has come into American’s homes because they can't pay their mortgages due to the mortgage fraud.

http://www.cbsnews.com/stories/2009/02/13/ap/europe/main4799190.shtml?source=search_story

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Nevada legislators finally got fed up enough with the lenders illegal foreclosures and did something.

http://www.leg.state.nv.us/75th2009/Bills/AB/AB149.pdf

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And here's more reasons why this recession isn't getting any better!

From Brandon @ BLC4law@aol.com

Beware of Loan Modification Documents -- Read Carefully!

Folks, as part of my ongoing misery with Countrywide -- after it failed to follow through with a loan refinancing deal because I refused to sign the loan application that CW employees completed with false information (they overstated my income and also showed me as having a $30,000 savings account when I had none at all!) -- Countrywide sent me a "loan modification" agreement. This process is apparently totally separate from any refinancing arrangements.

Supposedly, the loan modification was based on CW's discussion with the Attorneys General of various states that sued the company for fraud / deceptive trade practices. The letter I got from CW regarding the loan modification said I needed to do absolutely nothing to get a reduced interest rate and most importantly to us, a reduced monthly payment schedule. Yet when they sent the loan modification document, lo and behold, there was a paragraph in the document by which I agreed to give up any legal rights I might have against Countrywide based on alleged fraud or misconduct in refinancing. I refused to sign it. Nobody had ever mentioned that I was going to have to give up and release any claims I might have against this company. CW puts people in horrible economic circumstances, gets them over a barrel, so to speak, then knowing that a person in that position will do and sign almost anything to save the home, puts provisions in the loan modification documents to protect themselves from past lies and misconduct. How egregious is that?? Did Congress really give BOA and CW billions in funds so that the company could run roughshod over the rights of borrowers and silence their complaints of fraud and deception in the refinancing process? I think not.

The refinancing scam is going to prove more deadly to our nation than even the subprime loan origination practices that set our economy's downfall in motion. Sooner or later, the truth will come out. For those of us who are CW customers and have experienced this firsthand, there will be no surprise when it all surfaces. But it will likely be too late to reverse the damage done...

Where is the government oversight? Where is the "transparency" in Countrywide's handling of these matters that we have heard would be required of these monster corporations receiving billions from the federal government?

Note that Countrywide's attorneys -- in a court of law, mind you -- have stated that their refinancing offers are "not promises of anticipated future performance" on the company's part but are mere "puffery" ... What does this mean in plain-Jane English? It means, ladies and gentlemen, that CW's refinancing offers are absolutely meaningless. Also be aware that if your refinancing depends on an appraisal of your property, that Countrywide has been sued in the State of Washington for mortgage appraisal manipulation. Meaning, Countrywide cherry-picks appraisers to give the company the valuation that it wants, not the true valuation of your property. There are countless ways this company will scam you, defraud you and eventually send you to foreclosure.

Then of course when the refinancing fails, for whatever reason (a loan application that CW itself falsified, or a bogus appraisal on your property that results in you NOT qualifying after being promised and assured that you do), you get a loan modification document that will take away any legal rights you have against the company. BEWARE!!

Brandon

BLC4law@aol.com

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NV AB 149 FURTHER Requires Homeloan Modifications

Nevada legislators finally got fed up enough with the lenders illegal foreclosures and did something.

http://www.leg.state.nv.us/75th2009/Bills/AB/AB149.pdf

FEBRUARY 9, 2009

Nevada ASSEMBLY BILL NO. 149 establishes additional restrictions on the trustee’s power of sale with respect to owner-occupied housing by providing a homeowner with the right to request mediation under which he may receive a loan modification. Once a homeowner requests mediation, no further action may be taken to exercise the power of sale until the completion of the mediation. Each mediation must be conducted by a senior justice, judge, hearing master or other designee pursuant to rules adopted by the Nevada Supreme Court or an entity designated by the Nevada Supreme Court.

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

Section 1. Chapter 107 of NRS is hereby amended by adding thereto a new section to read as follows:
1. In addition to the requirements of NRS 107.085, the exercise of the power of sale pursuant to NRS 107.080 with respect to any trust agreement to which NRS 107.085 applies and which concerns owner-occupied housing is subject to the provisions of this section.

2. The trustee shall not exercise a power of sale pursuant to NRS 107.080 unless the trustee includes in the notice required by subsection 2 of NRS 107.085:

(a) Contact information which the grantor may use to reach a person with authority to negotiate a loan modification on behalf of the trustee;

(b) Contact information for at least one local housing counseling agency approved by the United States Department of Housing and Urban Development; and

(c) A form upon which the grantor may indicate his election to enter into mediation or to waive mediation and one envelope addressed to the trustee and one envelope addressed to the Administrative Office of the Courts, which the grantor may use to comply with the provisions of subsection 3.

3. The grantor shall, not later than 30 days after service of the notice in the manner required by NRS 107.085, complete the form required by paragraph (c) of subsection 2 and return the form to the trustee by certified mail, return receipt requested. If the grantor indicates on the form his election to enter into mediation, the trustee shall file a copy of the form with the Administrative Office of the Courts, which shall assign the matter to a senior justice, judge, hearing master or other designee and schedule the matter for mediation. No further action may be taken to exercise the power of sale until the completion of the mediation. If the grantor indicates on the form his election to waive mediation or fails to return the form to the trustee as required by this paragraph, no mediation is required.

4. Each mediation required by this section must be conducted by a senior justice, judge, hearing master or other designee pursuant to the rules adopted pursuant to subsection 7. The trustee or his representative and the grantor or his representative shall each attend the mediation. The trustee shall bring a copy of the deed of trust and the mortgage note to the mediation. If the trustee is represented at the mediation by another person, that person must have authority to negotiate a loan modification on behalf of the trustee or have access at all times during the mediation to a person with such authority.

5. If the trustee or his representative fails to attend the mediation, does not bring to the mediation each document required by subsection 4 or does not have the authority or access to a person with the authority required by subsection 4, the court may issue an order requiring a loan modification in the manner determined proper by the court.

6. If the grantor fails to attend the mediation, the court shall dismiss the matter and the mediation shall be deemed completed for the purposes of this section.

7. The Supreme Court or an entity designated by the Supreme Court shall adopt rules necessary to carry out the provisions of this section.

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The U.S. housing sector saw a record 2.8 million households threatened with foreclosure in 2009, according to figures, and the numbers are expected to rise in 2010.

RealtyTrac Inc. reported the 2009 number foreclosures rose 21 percent from 2008, according to the Associated Press. One in 45 homes were sent a notice, including default filings, scheduled foreclosure auctions, and bank repossessions.

Up to 3.5 million households could enter foreclosure in 2010 as more homeowners fall behind on their mortgages, the AP said.

Unemployment and dropping incomes are expected to lead to more foreclosures in 2010. Homeowners with good credit who took out conventional, fixed-rate loans are the fastest growing group of foreclosures.

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And the recession keeps on keeping on - not getting any better. Why? Because of the banks. Banks like Bank of America. Homeowners sued Bank of America for its reneging on its promise it made to the U.S. Treasury Department to immediately modify troubled mortgages as a condition of accepting $25 billion of federal bailout money. That’s money we taxpayers gave Bank of America’s sorry asses.

http://www.reuters.com/article/idUSTRE62M4D020100323

Then the largest U.S. bank, Bank of America, puts its own financial interests ahead of obligations and promises to help struggling homeowners. That is fraud and acting in bad faith because Bank of America agreed to take part in the Treasury Department's $75 billion Home Affordable Modification Program, known as HAMP, because it accepted bailout funds from the Troubled Asset Relief Program.

But Bank of America had an incentive not to modify loans because doing so caused it to repurchase more loans, collect lower servicing fees, and assess lower default charges because fewer payments would be deemed late. That incentive is the answer to Why Have Lenders Chosen Their Senseless Fanaticism to Foreclosures.

Because of that incentive, Bank of America "has serially strung out, delayed, and otherwise hindered the modification processes," leaving thousands of borrowers "often worse off than they were before they sought a modification."

http://www.consumeraffairs.com/finance/bofa.html

http://www.americanbadbusinesslist.com/bank-of-america-complaints.htm

http://www.complaintsboard.com/bycompany/bank-of-america-a68.html

http://www.leagle.com/unsecure/page.htm?shortname=infdco20100730e10

http://www.my3cents.com/search.cgi?criteria=Bank+of+america

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