With more people feeling frustrated with the inaction of the authorities and the system they are taking the help of activists of the Occupy movement to vent their anger directly against the banks implicated in the mayhem. Their contention is that the banks are intentionally not helping to modify loans.
Initially the Hardest Hit Fund (included in the TARP) was meant for the unemployed borrowers only. But later noting that not much progress was being made the underwater borrowers were also included. The programme will run till 1917. The plan cannot reach goals without cooperation from the mortgage firms.
Foreclosure numbers, including all the stages of the process, have shown a decline but perhaps this is the lull before the storm. Prior to the February settlement the banks had slowed down their operations facing investigations at both state and federal levels. But since the settlement they are now geared to rush in again.
The Legal Aid Society has to depend more on the attorneys who volunteer and on the programme of pro bono because of cuts in budget; meanwhile with the continuing economic woes the demand for legal help, especially among those who cannot afford to hire it, has gone up.
Democrat councilwoman of Greenburgh Town Sonja Brown has been served with foreclosure notice by Habitat for Humanity; the latter has an enviable record of foreclosure rate being less than 1%. Her loan is for $46,038.41. Since the beginning of 2011 she has not paid anything towards it.
There are indications that the Federal Reserve fines on eight financial entities, not involved in the February settlement, who are continuing with dubitable foreclosure operations of robo-signing. The Feds had tried to include them in the February settlement but they remained out of it.
Miller and other attorneys general (minus some dissenting figures) are going ahead with a settlement with the banks in the issue of foreclosure fraud – giving banks broad reprieve. But this will not stop some of the attorneys generally independently digging for skeletons in the cupboards and bringing criminal charges against the banks.
The time line for having foreclosure cases reviewed as per the settlement made between banking regulators and 14 financial entities last year will be extended from 30th April till 31st July. The response to letters sent out to borrowers hardly got any response mainly because the letters were couched in too heavy legal terms.
There is full scale wrangling and mudslinging among the Republican presidential candidates but on the vital topics of unemployment and foreclosure all remained vague. Ron Paul has grass root committed campaigners. He is wooing the support of Romney’s Mormons, gun-owners, Hispanics and prostitutes.