Tag: Maria Cantwell

Slow, Steady Calls For Investigating Foreclosure Fraud

Cross posted from The Stars Hollow Gazette

Some encouraging news in the on going call for an investigation into foreclosure fraud, Sen Maria Cantwell (D-WA) called for Attorney General Eric Holder to investigate the fraud before letting the bank off with a pitiful settlement $20 billion and a “get out of jail” card for criminal charges, She also demanded a full investigation into robo-signing scandal and ‘pump and dump’ mortgage bubble scheme:

I am concerned that recently reported settlement proposals will effectively absolve these financial institutions of substantial civil and criminal liability in one of the largest alleged fraud schemes during the financial crisis. Specifically, I am concerned that the proposed settlement includes a release from liability that may be far too sweeping, does not adequately compensate victims, does not require enough of banks to reform the system that led to the crisis in the first place, and is being made before all the facts are known and without the backing of a full inquiry into the size and scope of the alleged fraud.



Without a thorough investigation, it is impossible to truly estimate just how pervasive the defects in the foreclosure and securitization process are. Continued reports of wrongful foreclosures, forged documents, and an inability of servicers and banks to prove chain of title and the legal right to foreclosure, raises the very alarming possibility that these defects were endemic to the mortgage servicing industry across the country. The sheer magnitude of the potential fallout from these defects demands that we undertake a full investigation to uncover the true scope of wrongdoing before providing blanket immunity to the perpetrators.

I am also concerned that reports of a settlement in the range of $20 billion, as recently reported, may not adequately compensate the victims of the foreclosure crisis. As a result of the pump-and-dump scheme perpetrated by the nation’s largest banks that inflated – and burst – the housing bubble, an estimated 14 million Americans are underwater, owing $700 billion more on their homes than those homes are worth. A $20 billion settlement is woefully inadequate to compensate the wrongfully evicted or homeowners struggling to stay in their homes. Much more should be required of banks to provide meaningful help underwater homeowners and compensate foreclosure fraud victims.

And some good news for homeowners facing foreclosure in Florida:

WEST PALM BEACH РHome­owners in foreclosure may have a better chance of getting a true trial, instead of a quickie judgment, following a 4th District Court of Appeal decision that requires banks to prove ownership of the note at the time they file for repossession.

The ruling Wednesday in Palm Beach County was heralded by foreclosure defense attorneys who said it may even force banks to dismiss some cases and start over with new paperwork.[..]

Wednesday’s ruling was on the case of Robert McLean vs. JPMorgan Chase, and involved a 2009 Broward County foreclosure.

According to the decision, which reversed a lower court’s verdict in favor of the bank, Chase originally filed the foreclosure claiming the note – basically the IOU from the borrower – was “lost, stolen or destroyed.”

The claim has been made thousands of times as lenders rushed without the proper documentation to take back homes tangled up in the real estate boom’s securitization frenzy.

Although most notes are found before a final foreclosure judgment is entered, the 4th DCA said the note also must be correctly dated and endorsed to show ownership before the foreclosure was initially filed – something that Chase didn’t have, according to the ruling. The court also questioned a mortgage assignment made to Chase that was dated three days after the foreclosure was initially filed.

If there is substantial doubt about the note, the bank should dismiss and refile the case or the home¬≠owner should be entitled to an evidentiary hearing instead of a more hasty “summary judgment,” the ruling said.

A Clear difference: setting the Price of Carbon, so WE get a Share

Clearly America needs to reach for, and achieve, a Clean Energy Future.

Not so Clear is the Road we will take, if any, to ultimately get there …

Kerry says Obama intends to move votes on energy

Reporting by Timothy Gardner and Richard Cowan, Editing by Sandra Maler, Reuters — June 22, 2010

WASHINGTON – […]

Obama is slated to meet leading Republican and Democratic senators on Wednesday to discuss a way forward for the energy legislation.

[…]

Kerry said the bill must include ways to price carbon but was not “locked into any one single way of doing it.”

“The fact is if we don’t price carbon, we will create one tenth of the jobs and reduce only one tenth of the emissions,” he said. “It would essentially be an energy-only bill.”

The Empire Strikes Back — in the Fight for our Energy Future

The Empire Strikes Back (1980)

Yoda: I am wondering, why are you here?

Luke: I’m looking for someone.

Yoda: Looking? Found someone, you have, I would say, hmmm?

Luke: Right…

Yoda: Help you I can. Yes, mmmm.

Luke: I don’t think so. I’m looking for a great warrior.

Yoda: Ohhh. Great warrior.  [Yoda laughs and shakes his head]

Yoda: WarsNOT — make one great.

Not even wars, for control and mining of strategically important geo-politcal Natural Resources — that may or may not, determine the course of the world’s future …

‘Cap and Dividend’ turns Carbon Caps into a Profit-Sharing Gig

Did you know that ‘Cap and Trade’ is an Old School Solution?

There’s a new Carbon Solution in play, that is CLEARLY a contender …

Cap and Dividend:

The CLEAR Climate Solution

The cap-and-dividend CLEAR Act, introduced by Senators Maria Cantwell and Susan Collins, is simple, fair and built to last. Simple: a 100% auction of permits to pollute, a return of most of the money raised directly to the people, with the remainder used for clean energy investments. Fair: each American gets an equal monthly refund from auction proceeds so that those who use less energy will do better than those using more.

http://chesapeakeclimate.org/c…

Ratigan reviews Frontline’s Warning, labels Wall Street as Legalized Gambling

If you missed Dylan Ratigan’s interview today with Senator Maria Cantwell (D-WA) — well you missed a lot!

They spell out in stark relief the very REAL need for serious Wall Street Regulation — NOW!   (and still!)

Or we risk a repeat of the same Bubble-driven collapse of Trillion Dollar Derivative Bets, that occur in the dark, beyond the reach — or even the Watch — of any Govt Regulator, or even the Public scrutinity.

Nothing has changed, they can STILL Gamble Trillions in Derivatives, and let US the Taxpayers pick up the Tab, whenever their Bets GO Bad!

Link to MSNBC Clip to the Ratigan Cantwell Interview

Definitely a “Must See”, in my opinion.

So much so, I transcribed much of it, to help peak your interest …  

Who will the Senate Finance Committee Listen to?

Have you met your Senate Finance Committee?

Give em a call because your Future Health Care, or lack thereof, is in their hands.

Senate Committee on Finance

Members

REPUBLICANS

CHUCK GRASSLEY, IA

ORRIN G. HATCH, UT

OLYMPIA J. SNOWE, ME

JON KYL, AZ

JIM BUNNING, KY

MIKE CRAPO, ID

PAT ROBERTS, KS

JOHN ENSIGN, NV

MIKE ENZI, WY

JOHN CORNYN, TX

DEMOCRATS

MAX BAUCUS, MT

JOHN D. ROCKEFELLER IV, WV

KENT CONRAD, ND

JEFF BINGAMAN, NM

JOHN F. KERRY, MA

BLANCHE L. LINCOLN, AR

RON WYDEN, OR

CHARLES E. SCHUMER, NY

DEBBIE STABENOW, MI

MARIA CANTWELL, WA

BILL NELSON, FL

ROBERT MENENDEZ, NJ

THOMAS CARPER, DE

http://finance.senate.gov/site…

Chances are, these good Senators, while they hear us, have some other Constituents, always on their minds.