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VIDEO: Neighborhood Assistance Corporation of America CEA Arrested Trying To Help Homeowners Keep Their Home

 Click here to view the news story which is sweeping through the internet. 

NACA's founder and CEO getting arrested advocating for Chase homeowners at the Senate Banking Committee. Click here to view the news story which is sweeping through the internet. NACA will continue to fight for all homeowners. As in all of our previous actions we have important friends, including the police who let us off without being charged. They also provide us access to the gated communities where these CEOs live in the lap of luxury. These police and security guards are like millions of homeowners who are either at risk of foreclosure or know someone very close to them who is in danger of losing their home. Everyone is frustrated and angry at the lenders. We will continue the fight and continue to confront Chase and others wherever they go and live who get in the way of homeowners achieving a long-term affordable mortgage payment. We are working with the lenders to have a proposal or follow-up for every homeowner prior to the end of the year. Please continue to access your Web-file for updates. We are determined to get this done for everyone who is committed to staying in their homes. We want to express our sincere thanks to the more than 150 homeowners who, with very little advance notice attended the Senate hearing. Your presence sent a very strong message. NACA is the most effective organization with hundreds of thousands of homeowners who work together getting lenders and investors to do the right thing and restructure mortgages to an affordable payment. Keep up the fight.

Finally, Help For The Middle Class Homeowner: In or Headed to Foreclosure or You Are Underwater? Where's the Note? | Demand to see your mortgage note (Tis Likely They Cannot Find It - Which Is Very Good News For You)

The Wall Street banks’ foreclosure system is a mess. Their total disregard for mortgage laws and standards is what created the foreclosure epidemic in the first place. Now, their total mismanagement is catching up to them. As of today, some of the largest mortgage lenders – JPMorgan Chase, Bank of America, and GMAC (now called Ally) – have been forced to halt foreclosures in 23 states and growing. We can’t rely on Wall Street banks to follow basic rules. We have to hold them accountable. At very least, they must provide the mortgage notes.

What’s a mortgage note?

A mortgage note is the document you signed when you purchased your home loan. Mortgages contain lots of paperwork – but only the original mortgage note with your signature is proof that you owe the debt. That’s why banks need the note to prove that they own the loan and can collect payments from you. The problem is, banks now buy and sell mortgages up and down Wall Street – slicing them up and repackaging them to sell to other banks. The bank you bought your mortgage from two years ago may not be the bank that owns it today. But, in all the shuffle, the mortgage notes often don’t get transferred along with your debt.

When Wall Street banks securitized, packaged, sold, and resold our mortgages, they created a system where it is often impossible to figure out who actually owns mortgage notes and therefore has the authority to foreclose on properties. But the big banks are getting tangled up in their own web. Recent events have exposed a handful of banks that are throwing families out of their homes even though they don’t have the mortgage note that proves they actually have a legal right to do so. There have been instances of two banks trying to foreclose on the same home, and in at least one case, of a bank trying to foreclose on a house where the homeowner had never even taken out a mortgage with anyone in the first place.

Whether you are facing foreclosure, have an underwater mortgage, or are just a concerned homeowner, it’s important that you contact your bank and demand to see the original note on your mortgage. It only takes a few minutes using our free online tool.

via action.seiu.org

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FRAUD, Fraud, fraud: Key Democrat Waters accuses banks of 'fraud' in home foreclosure controversy - With Video

Like many, I am looking to reduce my interest rate on my home given they are at historic lows. I noted, just hours ago, the loan docs actualy say the lender can make documents that they cannot find. Interesting---I am not an attorney but this seems to get at the missing DEED problems. This has the potential to be HUGE, Huge, huge!

A key Democrat accused banks of "fraud" in the emerging controversy over whether foreclosures have been properly administered.

Rep. Maxine Waters (D-Calif.), a senior member of the House Financial Services Committee, suggested the recent epidemic of foreclosures are a result of collusion in the banking industry.

"This is massive collusion and fraud,"

she said during an appearance on CNBC.

"It's proven by the fact that you have millions of people in foreclosure who should have never been in foreclosure," she added. "This just didn't happen because there were a lot of irresponsible people. Think about it, this is unprecedented that this many people, all of a sudden, would be in foreclosure."

Waters is pushing for a national moratorium on foreclosures as Congress and state attorneys' general look into whether banks have been sufficiently diligent in deciding how to lend and when to foreclose on mortgages.

Waters justified her demand on the grounding that consumers were "tricked" by banks that offered mortgages that seemed cheap at the time.

"These exotic products that were put on the market tricked them into mortgages they could not afford," she said.

 

Source:
http://thehill.com/blogs/blog-briefing-room/news/124067-key-dem-accuses-banks-of-collusion-in-foreclosure-controversy

The contents of this site are © 2010 Capitol Hill Publishing Corp., a subsidiary of News Communications, Inc.

This is a very significant move by outgoing Congress member Waters! I personally see that on modified mortgage documents there is a new claus you MUST accept that indicates that, in legal speak, if they cannot find important documents they can rewrite them and you cannot sue them successfully when they cannot find the DEED.

A big Hat Tip to thehill.com and CNBC. The link in the prior sentence takes you to the full story.