Wall of Fame Winner – California Attorney General Kamala Harris Announced Homeowners Bill of Rights Legislation

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California Attorney General’s Page Announced Homeowners

Bill of Rights

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On February 29th, 2012, California’s Most Beautiful Attorney General, Kamala D. Harris — has announced the California Homeowner Bill of Rights. The bill has been designed to PROTECT homeowners from potentially irregular, fraudulent, illegal and simply unsafe mortgage companies and practices and help communities cope with the state’s urgent mortgage and foreclosure crisis.

Joined by Senate President pro Tem Darrell Steinberg and Assembly Speaker John A. Pérez, Attorney General Harris announced her sponsorship of six bills designed to guarantee: – Basic standards of fairness in the mortgage process, including an end to dual-track foreclosures – Transparency in the mortgage process, including a single point of contact for homeowners – Community tools to prevent blight after banks foreclose upon homes – Tenant protections after foreclosures – Enhanced law enforcement to defend homeowner rights – paid for by fees imposed on banks – A special grand jury to investigate financial and foreclosure crime.

. “California communities and families are being devastated by the mortgage and foreclosure crisis. We must ensure the deceptive practices that caused it never happen again,” said Attorney General Harris. “The California Homeowner Bill of Rights will provide basic fairness and transparency for homeowners, and improve the mortgage process for everyone.”

The legislation builds on the California commitment announced by Attorney General Harris earlier this month, which is expected to result in $18 billion of benefits for California homeowners. That agreement included reforms for mortgages owned by the five banks that were signing parties. The California Homeowner Bill of Rights will strengthen those protections, make them permanent, and apply them to all mortgages in the state.

“When I secured the California commitment, I made clear it was only one of many steps I am taking to comprehensively address the mortgage and foreclosure crisis,” Attorney General Harris continued. “I want to thank Senate President pro Tem Steinberg, Assembly Speaker Pérez and all the other lawmakers who are supporting this urgent package of legislation for homeowners.” “I want to congratulate the Attorney General on the victory she won on behalf of the people of California,” said Speaker John A. Pérez. “Our state has suffered greatly as the result of bad actors in the banking and financial industries, and this settlement holds them accountable as we continue the difficult work of recovering the housing market and stemming the tide of foreclosures, evictions and auctions.”

“Millions of Californians have already lost their homes to foreclosure and the mortgage crisis is far from over,” said Senate President pro Tem Darrell Steinberg. “This landmark settlement negotiated by Attorney General Harris helps thousands of Californians but thousands more need the same help. We need to put these protections into law so that more people can save their homes.”

CALIFORNIA HOMEOWNER BILL OF RIGHTS LEGISLATIVE PACKAGE

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If passed, the following bills would:

ASSEMBLY BILL 1602 / SENATE BILL 1470- THE FORECLOSURE REDUCTION ACT OF 2012

Authors: Assemblymen Mike Eng and Mike Feuer; Senators Mark Leno, Fran Pavley, and Senate President pro Tem Darrell Steinberg -Require creditors to provide documentation to a borrower that establishes the creditor’s right to foreclose on real property prior to recording a notice of default. -Require creditors to provide documentary evidence of ownership, the chain of title to real property, and the right to foreclose, at the time of the filing of a notice of default. -Prohibit creditors from recording a notice of default when a timely-filed application for a loan modification or other loss mitigation measure is pending. -Prohibit creditors from recording a notice of sale when a timely-filed application for a loan modification or other loss mitigation measure is pending. -Prohibit creditors from recording a notice of sale while a borrower is in compliance with the terms of a trial loan modification or after another loss mitigation measure has been approved. -Require creditors to disclose why an application for a loan modification or other loss mitigation measure has been denied. -Require that notices of foreclosure sales be personally served, including notices of foreclosure sale postponement. -Provide homeowners with a private right of action in instances in which the requirements set forth in the legislation are not followed.

ASSEMBLY BILL 2425 / SENATE BILL 1471 – DUE PROCESS REFORM LEGISLATION Authors: Assemblywoman Holly Mitchell; Senators Mark DeSaulnier and Fran Pavley -Require creditors to provide a single point of contact to borrowers in the foreclosure process who will be responsible for providing accurate account and other information related to the foreclosure process and loss mitigation efforts. -Require creditors to provide a dedicated electronic mail address, facsimile number and mailing address for borrowers to submit information requested as part of a loan modification, short sale or other loss mitigation option. -Authorize borrowers to challenge the unlawful commencement of a foreclosure process in court. -Impose a $10,000 civil penalty on the recordation or filing of “robosigned” documents, defined as documents that contain information that was not verified for accuracy by the person or persons signing or swearing to the accuracy of the document or statement. -Require that certain documents be recorded in a county recorder’s office.

ASSEMBLY BILL 2314 / SENATE BILL 1472 – BLIGHT PREVENTION LEGISLATION Authors: Assemblywoman Wilmer Carter; Senator Fran Pavley -Prevent blight enforcement actions from being taken against new purchasers of blighted property for 60 days, provided that repairs are being made to the property. -Require banks that release liens on foreclosed property to inform local code enforcement agencies of the release so that demolition of blighted property can proceed. -Increase fines against owners of blighted property from $1,000 per day to $5,000 per day, and allow the imposition of the costs of a receivership over blighted property to be imposed directly against the owner of blighted property.

ASSEMBLY BILL 2610/ SENATE BILL 1473 – TENANT PROTECTION LEGISLATION Authors: Assemblywoman Nancy Skinner; Senator Loni Hancock -Require purchasers of foreclosed homes to honor the terms of existing leases and give tenants at least 90 days notice before commencing eviction proceedings.

ASSEMBLY BILL 1950 – ENHANCEMENT OF ATTORNEY GENERAL ENFORCEMENT Author: Assemblyman Mike Davis -Impose a new $25 fee to be paid by servicers upon the recording of a notice of default. The fee would be deposited into a real estate fraud prosecution trust fund that would support the Attorney General’s efforts to deter, investigate and prosecute real estate fraud crimes, including the work of the Mortgage Fraud Strike Force. -Extend the statute of limitations from one year to four years from the date of discovery for violations of law commonly occurring in connection with foreclosure-related scams, including acting as a real-estate agent without a license and charging up-front fees for loan modification services. .

SENATE BILL 1474 / ASSEMBLY BILL 1763 – ATTORNEY GENERAL SPECIAL GRAND JURY Authors: Assemblyman Mike Davis; Senator Loni Hancock -Authorize the Attorney General to impanel a special grand jury for the purposes of investigating and indicting multi-jurisdictional financial crimes against the state.

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Therefore, does the Piggybankblog Council find California Attorney General Kamala D. Harris Guilty or Not Guilty of being a “Pawn for the banks?”

The Piggybankblog Council find Kamala D. Harris ……………………NOT GUILTY!

California’s Most Loved Attorney General!

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Ladies and gentleman of the jury, it gives me great pleasure to announce to you our newest winner of the Hall of Fame, California Attorney General Kamala D. Harris! – click here

The People of California LOVE YOU Kamala D. Harris!

Congratulations Kid! You did it! (Wink)

 

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On March 1st, 2012, Martin Andelman from Mandelman Matters called me at about 2am to chop it up, such as we usually talk at about that time in the morning because it is the only time where we are not busy. It was not until about two hours later that I said to Martin: “So, did you see California Attorney General Kamala D. Harris’s announcement yesterday?” Martin said that he had not seen it, so he asked me what it was. When I told him he said: “OMG! I would have never thought that Kamala would have ever done this!” Martin went on to say: “John! This is what we were waiting for! We have to get started right now! It is time! It is time! It is time! We have to unite the people of State of California to stand in support of the California Attorney General! We have to get them to put pressure on the legislation to pass this bill because we know that the banks are going to launch every powerful lobbyist they can get to try and shoot down this bill! We need to unite your blog and my blog and everyone’sblog in the State of California to stand in support of this bill. It will stop the banks in their tracks if it is passed!”

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So please join me and Piggybankblog in support of the California Attorney General in getting this legislation passed. Please also feel free to show your support by writing Kamala D. Harris and thanking her for all that she is trying to do to help Californians stay in there homes at: http://oag.ca.gov/contact

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My name is John Wright AND I AM FIGHTING BACK!

All Rise! The Honorable Judge Wright has left The Courtroom of Public Opinion!

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Kamala Harris, California Attorney General, Faces Setbacks In Passing ‘Homeowner Bill Of Rights’

Cross linked with huffingtonpost.com

04/18/12

For the nearly two years that Kamala Harris has been California’s Attorney General, she has made the fight against fraudulent foreclosures her signature issue. Now, largely due to pressure from business groups, legislators look like they may soon succeed in tanking her most ambitious plan yet to clean up the state’s mortgage market.

Earlier this year, Harris began pushing for California to pass the “Homeowner Bill of Rights,” a collection of six bills that would make significant changes in the way the state regulates mortgages.

Harris was scheduled to testify before the California Assembly’s Senate Banking and Finance Committee on Monday; however, only moments before she was supposed to appear, both of the bills she was discussing were pulled by the committee chairman, Democrat Mike Eng of Monterey Park.

The sudden change reportedly prompted a chorus of catcalls from the assembled crowd.

The pair of laws Harris was scheduled to discuss aim to increasing protections for mortgage borrowers by prohibiting lenders from foreclosing on a property while simultaneously negotiating a loan modification on that property and also simplifies loan documentation by establishing a single, standardized contract for foreclosures and loan restructuring.

Other provisions in the bundle require banks to provide homeowners with a single point of contact during the loan modification process and levy a $25 fee on banks every time they register a default. Proceeds from the default fee would then go into a pool of money funding mortgage fraud investigations.

As part of the $25 billion settlement between the nation’s five largest mortgage holders and the attorneys general of 49 states, in which Harris was a crucial player, the large institutions that hold nearly 30 percent of all mortgages in the state have already agreed to abide by some of these rules. However, that settlement expires in three years and Harris wants the rules to extend into perpetuity.

The banking industry strongly opposes the measures. The Sacramento Bee reports:

In letters to legislators, the state chamber said the measures amount to a “de facto moratorium on foreclosures” that would actually hurt the real estate market with a confusing new set of laws, squeeze credit for property purchases and trigger a wave of lawsuits.The chamber also contends the bills are in conflict with federal standards and are an “extraordinarily restrictive and draconian” permanent response to temporary industry abuses.

Conversely, the bills have received strong support from civic leaders in San Francisco. “Too many San Franciscans have been devastated by the mortgage crisis and too many families have lost their homes due to deceiving banking practices right here in some of our most vulnerable communities,” said San Francisco Mayor Ed Lee in a statement to the San Francisco Sentinel. “Thousands of foreclosures have happened and are happening in neighborhoods in our cities. I applaud the leadership of Attorney General Kamala Harris for standing up for families and using the powers of her office to protect homeowners from mortgage fraud and abuse.”

Last week, the city’s Board of Supervisors passed a non-binding resolution calling for a moratorium on all foreclosures in the city until additional protections, such as the ones in Harris’s bills, are enacted.

An audit of 400 San Francisco foreclosures conducted by San Francisco Assessor-Record Phil Ting found that 84 percent were either fraudulent or missing crucial documentation.

“This matters because families facing foreclosures are entitled to know exactly who holds their loan and to see for certain that the foreclosure is justified,” Ting wrote in a blog on the Huffington Post. “In one case, our audit showed a foreclosure initiated by a party that had no title to the property–and in a number of other cases, we found two competing claims to the title.”

(Full disclosure: Aaron Sankin was briefly an unpaid intern on Harris’s 2003 campaign for San Francisco District Attorney.)

Check out this video by legendary Sacramento Bee political reporter Dan Walters explaining how powerful business interests in Sacramento have had success blocking bills they don’t like:

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Democrats delay California mortgage overhaul amid business opposition

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Piggybankblog posted on 05/05/12

Cross linked with sacbee.com

By Jon Ortizjortiz@sacbee.com

Amid raucous boos and hisses from a packed hearing room gallery, an Assembly committee on Monday suddenly pulled two mortgage reform bills sponsored by Attorney General Kamala Harris – just before she was supposed to testify.

The unexpected turn of events in the Democratic-controlled Banking and Finance Committee turned what Harris hoped would be a slam-dunk hearing into a signal that her “Homeowner Bill of Rights” is in trouble.

The banking and mortgage industries strongly oppose the bills, intended to clean up lending and foreclosure industry abuses. The California Chamber of Commerce has put them on its hit list of “job killer” legislation. “We’re concerned about these bills because we believe that they’ll stall economic development in the state,” said Cal Chamber lobbyist Marti Fisher.

The measures pulled by committee Chairman Mike Eng, D-Monterey Park, would apply to California lenders the terms of consumer protections recently accepted by five major banks to settle a high-profile lawsuit by Harris and other state attorneys general.

The $25 billion settlement reached several weeks ago with Ally Financial, Bank of America, Chase, Citi and Wells Fargo expires in three years. Harris’ bills would apply the stricter rules indefinitely to all mortgage companies doing business in California.

One of the measures pulled Monday, Assembly Bill 1602, would give borrowers more legal recourse than they have now. It would also prohibit lenders from foreclosing on a property and negotiating a loan modification on the property at the same time.

“That happens a lot,” said Sacramento bankruptcy attorney Barry Spitzer. “I get people in my office all the time afraid of foreclosure even though they’re working on a loan modification.”

The committee also pulled back Assembly Bill 2425, aimed at tightening loose loan-documentation standards, known as “robo signings.” The bill mandates that mortgage companies establish a single contact for property owners going through a loan restructuring or foreclosure.

“That’s a huge problem,” Spitzer said, because the mortgage industry routinely buys and sells home loans between institutions. “Getting someone on the phone in these cases can be nearly impossible.”

In letters to legislators, the state chamber said the measures amount to a “de facto moratorium on foreclosures” that would actually hurt the real estate market with a confusing new set of laws, squeeze credit for property purchases and trigger a wave of lawsuits.

The chamber also contends the bills are in conflict with federal standards and are an “extraordinarily restrictive and draconian” permanent response to temporary industry abuses.

During the pre-hearing news conference, Harris defended the measures as common-sense legislation while a few dozen people stood behind her wearing yellow T-shirts with “Alliance of Californians for Community Empowerment” printed in black letters.

According to its website, the nonprofit group is devoted to “building power in low to moderate income neighborhoods to stand and fight for social, economic, and racial justice.”

Many members of the group had come from the Bay Area to speak at the hearing, and booed and shouted at Eng for closing testimony, then wildly applauded when Harris began to speak.

“Excuse me, we don’t allow applause here,” Eng said.

Harris spoke for about four minutes, then retreated into a meeting and wasn’t available for questions. That fell to spokeswoman Lynda Gledhill.

Why did the bills get pulled? Weren’t there enough votes? What about two pieces of mirroring legislation in the Senate due for a hearing on Wednesday?

“Right now we’re working with the (Assembly) speaker’s office and the (Senate president) pro tem’s office,” Gledhill said, “to determine our next step.

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California passes bills giving AG Harris greater investigative power

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Piggybankblog posted 06/01/12

Cross linked story with housingwire.com

The California state Assembly and Senate passed a package of bills giving Attorney General Kamala Harris new powers to pursue financial crimes. The legislation is moving to the governor for signature.

The twin bills (AB 1763 and SB 1474) allow Harris to convene a special grand jury in order to prosecute alleged crimes in different jurisdictions, which would aid the Attorney General as part of the national mortgage fraud task force formed in January.

Under current law, separate grand juries are required to cover fraud victims located all over the state. Charges must be filed in each county where a single defendant may have committed a crime.

“The Attorney General is currently engaged in the investigation of significant crimes,” said state Sen. Loni Hancock, D- Berkeley. “Unfortunately, county-by-county grand juries do not work well in dealing with large-scale wrongdoing in multiple jurisdictions. With this bill, the Attorney General can investigate multijurisdictional crimes – it will provide protection when Californians need it the most.”

Another bill passed by California lawmakers extends the statute of limitations on crimes related to mortgage lending to three years from one. Harris’ office said it was difficult to prosecute crimes such as charging upfront fees for loan modifications because of the shortened foreclosure timelines in the state.

A slew of other legislation known as the Homeowner Bill of Rights is being considered in different state committees. These would provide more relief to troubled homeowners and more severe penalties for mortgage servicers. The Federal Housing Finance Agency criticized some of the proposals and received a rebuff from the California lawmakers supporting them.

“California was the epicenter of the mortgage and foreclosure crisis and scammers have been preying on vulnerable citizens who simply want to keep their homes,” Harris said in a statement. “These bills will aid our efforts to prosecute and convict these criminals.”

A spokesperson for Gov. Jerry Brown could not immediately comment on his intention to sign the bills.

jprior@housingwire.com@JonAPrior

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Advocates Applaud California Congressional Delegation’s Call for Investigation into FHFA’s Lobbying Efforts Against the Homeowner Bill of Rights

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Piggybankblog posted 06/01/12

Cross linked with 4closureFraud.org

May 30, 2012– Fourteen members of the California Congressional Delegation sent a letter to the Federal Housing Finance Agency blasting its involvement and opposition to key pieces of the Homeowner Bill of Rights package being considered in Sacramento.

The California Reinvestment Coalition and Tenants Together applaud the leadership of the California Congressional Delegation on this matter. The Homeowner Bill of Rights package introduced by Attorney General Kamala Harris, intends to protect homeowners and tenants from the egregious and unlawful practices that banks have made well-known among our communities. FHFA’s unsolicited sojourn into California’s legislative affairs is shameful, yet expected. FHFA’s refusal to allow principal reduction on Fannie Mae and Freddie Mac loans, support for the “dual track” problem, and weak tenant protection policies has drawn the ire of homeowners, tenants, advocates, and policymakers. Earlier this year, 97 organizations signed onto a CRC letter demanding that FHFA Director Ed DeMarco make these important policy changes or resign his post.

On May 11, the Federal Housing Finance Agency (FHFA)– the government agency charged with overseeing Fannie Mae and Freddie Mac—sent an unsolicited letter to the Members of the California State Legislative Conference Committee who are considering bills intended to prevent foreclosures and create strong protections for California homeowners and tenants. In the letter, FHFA defined a number of the provisions in the bills as “overly broad”, “disproportionate to the perceived problem”, “punitive” of banks, and “increasing legal risks for lenders and investors”. The Agency laid out its critiques without any substantial analysis of the scope of the problem in California, and sounded more like a letter from the banking industry than from an independent regulator charged with helping homeowners and “serving the public interest”.

Today’s letter from the California Congressional Delegation showed support for California’s homeowners and tenants, and urged independence in the legislative affairs of the state. The Delegation called for an investigation of FHFA’s lobbying activities and blasted their lack of expertise of California state legislation. The letter states, “[FHFA’s] letter…demonstrates a clear bias toward the lending industry’s preferred position. Such advocacy on behalf of a private industry, particularly in a matter related to existing state law, is a very questionable activity for an independent federal regulatory agency to undertake, let alone one with an expressed mandate to act in a manner consistent with the public interest.”

The California Reinvestment Coalition and Tenants Together support the California Congressional Delegation call for an investigation of FHFA’s lobbying activities. Nearly 671,000 California families are currently at risk of losing their homes. FHFA’s letter presents the foreclosure process in California as going smoothly, but California homeowners, tenants, and advocates unequivocally disagree. The recent $26 billion National Mortgage Settlement is just one of the many examples that make the case against FHFA’s optimism.

Our state legislature is considering important pieces of legislation that would give homeowners a full and fair chance to renegotiate their loans and prevent more foreclosures and evictions in our hard-hit state. The Legislative Conference Committee is considering important protections for Californians that include:

  • Substantial restrictions on “dual track”, including a requirement that borrowers who apply for a loan modification in the first 120 days of delinquency get a yes or no determination before the foreclosure process commences; and borrowers who apply for a loan modification after the foreclosure process begins should have the opportunity to have their application considered before the foreclosure process continues. In cases where banks fail to follow these simple procedures, homeowners should have the opportunity to remain in or get back their homes.
  • Procedural reforms requiring servicers to provide borrowers with ample evidence of the servicer’s right to bring foreclosure actions, including the original note and mortgage, and evidence of chain of title.
  • Stronger protections for tenants living in foreclosed properties, including provisions for banks to honor leases, and provide at least 90 days notice to tenants without a lease.

CRC and Tenants Together support the immediate enactment of these reforms in California statutes. Instead of impeding the efforts to protect homeowners and tenants, the Federal Housing Finance Agency should stop sounding like the banking industry and immediately enact these same policies at Fannie Mae and Freddie Mac.

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California Reinvestment Coalition www.calreinvest.org

Tenants Together www.tenantstogether.org

 

Copies of letters below:

1. http://www.scribd.com/doc/95443991/May-30-2012-Cdcd-Fhfa-Mortg-Lobbying-Letter

2. http://www.scribd.com/doc/95443985/fhfa-letter-img-511162030-0001

 

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Federal Financial Housing Agency Might Be Trying To Stop The California Homeowner Bill of Rights From Being Passed.

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June 2nd, 2012

Written by John Wright

The federal government might be protecting the private banks — because in retrospect — the federal government is a bank. This is after you consider the fact that the federal government owns and operates Fannie Mae and Freddie Mac. What does this mean? Well, unfortunately, it might mean that the federal government and the private banks have the same common goal, which might be to make sure it never gets out that both the private banks and the federal government have loans where there are multiple trusts and multiple beneficiaries existing. What does that mean? Well, it means there is a break in the chain of title, which probably exist in the majority of the Fannie and Freddie loans.Click here for laws

Now this does not mean that I am suggesting that the federal government has a cozy relationship with the private banks. In fact — I think the federal government might be kind of pissed off at the private banks for selling Fannie and Freddie those defective loans. For example, the Federal Housing Financial Agency sued 17 of the largest lenders last September for“misrepresenting the quality of mortgage backed securities sold to Fannie Mae and Freddie Mac.”

The FHFA sued the following 17 banks:

  1. Ally Financial Inc. f/k/a GMAC, LLC ($6 billion)
  2. Bank of America Corporation ($5 billion)
  3. Barclays Bank PLC ($4.9 billion)
  4. Citigroup, Inc ($3.5 billion)
  5. Countrywide Financial Corporation (Owned by BofA) ($26.6 billion)
  6. Credit Suisse Holdings (USA), Inc
  7. Deutsche Bank AG ($14.2 billion)
  8. First Horizon National Corporation ($883 million)
  9. General Electric Company ($549 million)
  10. Goldman Sachs & Co. ($11.1 billion)
  11. HSBC North America Holdings, Inc. ($6.2 billion)
  12. JPMorgan Chase & Co. ($33 billion)
  13. Merrill Lynch & Co. / First Franklin Financial Corp. ($24.8 billion)
  14. Morgan Stanley
  15. Nomura Holding America Inc. ($2 billion)
  16. The Royal Bank of Scotland Group PLC ($30.4 billion)
  17. Société Générale ($1.3 billion)

Yet the question is — if Federal Financial Housing Agency sued 17 private banks for misrepresenting the quality of the loans — while stipulating the the “defendants falsely represented that the underlying mortgage loans complied with certain underwriting guidelines and standards, including representations that significantly overstated the ability of the borrowers to repay their mortgage loans.” — wouldn’t that suggest homeowners around the nation should now sue Fannie and Freddie for the same thing — since they now claim to own these loans?

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Now you may not think so — but the California Attorney General certainly did — because on December 19th, 2011, California Attorney General Kamala D. Harris sued Fannie and Freddie in an effort to further her probe into the mortgage foreclosure practices of Fannie Mae and Freddie Mac. California Attorney General Kamala D. Harris even went as far to call for FHFAdirector Edward DeMarco to step down — unless he was willing to reduce mortgage debt for underwater borrowers. For the record, the FHFA has still forbidden principal writedowns even until today.read article

 

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Fannie, Freddie regulator still resists principal reduction

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April 10th, 2012 – Allowing Fannie Mae and Freddie Mac to offer principal reductions may save money thanks to enhanced government incentives, a preliminary analysis released Tuesday shows.

But that doesn’t mean their regulator, Ed DeMarco of the Federal Housing Finance Agency, is warming up to the idea.

DeMarco is facing tremendous pressure to allow the government-controlled mortgage titans to allow principal reduction on the mortgages they back. Some advocates say the best way to stabilize the housing market is to lower the balances for borrowers who owe more than their homes are worth.

DeMarco, however, has steadfastly resisted it, saying previous studies showed principal reduction would be too costly.

The Obama administration sweetened the pot earlier this year by tripling the incentive payments for Fannie and Freddie if they forgive principal. This prompted the firms to take another look at their analysis.

Turns out the increased incentives would make it more beneficial for Fannie and Freddie to offer principal reduction to homeowners who are deeply underwater and behind in their payments.

The $26 billion crapshoot

But DeMarco isn’t backing down just yet. Speaking at the Brookings Institution Tuesday, he brought up several other concerns and costs to principal reduction.

His primary worry is that providing principal forgiveness could prompt many of the 2 million borrowers who are current with their payments to fall behind. Having them default will hurt the housing market more than offering principal reduction will help it, he said.

“The far larger group of underwater borrowers who today have remained faithful to paying their mortgage obligations are the much greater contingent risk to housing markets and to taxpayers,” he said, adding these homeowners can lower their monthly payments through the government’s refinance program.

Also, he pointed out that no more than 600,000 borrowers would be eligible for principal reduction under Fannie and Freddie. This is the universe of folks who are delinquent in their mortgages and whose balances are more than 115% of their homes’ value.

“This is not about some huge difference-making program that will rescue the housing market,” the regulator said.

DeMarco touted a principal forbearance program that Fannie and Freddie already offer. It calls for the companies to defer payment of the underwater portion of the mortgage until the borrower sells the home or refinances. The homeowner pays no interest on the deferred principal.

The regulator said a final decision should be made in the next few weeks.

At least one analyst doubts that Fannie and Freddie will opt to reduce principal significantly, noting that DeMarco praised principal forbearance and warned forgiveness would help relatively few people.

“We see this as a strong political attack against principal reduction,” said Jaret Seiberg, an analyst with Guggenheim Washington Research Group. - source article money.cnn.com

 

Oh please Mr. DeMarco! Can we please have a principal reduction? We promise to be good little boys and girls if the federal government gives us a reward for paying on time! Who knows? Maybe we will get to go on a field trip if we are really good!

WTF was this guy thinking? This guy makes me want to down a can of Coca-Cola — just to let out a burp where I say — “Prrrrick.” I mean — it is guys like this that sometimes make me think we should just go back to the practice of tar and feathering and marching them down the street!

Now correct me if I am wrong — but it almost sounded like this fool was talking about the people who are not paying as being not worthy of receiving help. Well, if so, those are pretty big words coming from a guy that is charge of a bank (Fannie and Freddie) that is the epitome of being rewarded for bad behavior with taxpayer money. This is especially after you consider that the federal government has generously pumped 16.6 TRILLION DOLLARS of our taxpayer money into bailing out the very banks who created this crisis in the first place. With that being said, I noticed that nobody seemed to worry about the taxpayer bailout “prompting other banks that were current to default so they could get a taxpayer bailout.” Where was the federal government to stop that moral hazard? (Dramatic license with used with use of picture) (Disclaimer)

The simple fact is that the American homeowner is no longer fat – dumb – and happy. The American homeowner is well aware that there has most likely been a break in the chain of title in most of those Fannie and Freddie loans. – S.F. audit of loans. This is exactly why I think the real reason was that the FHFA sued those 17 banks in the first place. That is why Mr. DeMarco should have been farting magical fairy dust that created a principal rate reduction for every Fannie and Freddie loan. This might have been his last opportunity to settle with the American homeowner — before we get more pissed off than we already are.

Well look at the bright side. At least there might be one thing that homeowner and Bank of America can finally agree on. That is that we both apparently do not like the Federal Housing Finance Agency and Edward DeMarco. – BofA Stops Selling Loans to Fannie Mae

This is exactly why I say the federal government might simply have the same motive as the private banks when it comes to the multiple trust and multiple beneficiary issue. This is because, like all the private banks, Fannie and Freddie (The Federal Government) simply have too much to lose, if people were allowed to receive their homes free and clear because there was a break in the chain of title. In fact, that might be the very reason the Federal Housing Financial Agency has started to lobby state officials in California in the same way the private banks do. For example, fourteen members of the California Congressional Delegation sent a letter to the Federal Housing Finance Agency blasting it for its involvement and opposition to key pieces of the California Homeowner Bill of Rights. – Click here for article

Copies of letters below:

  1. May 30, 2012 Cded FHFA Mortgage Lobbying Letter
  2. Federal Housing Finance Letter

This is why I say that Fannie and Freddie and the Federal Housing Finance Agency should not be considered a friend to the homeowner on this issue. This is simply because there seems to be a serious conflict of interest going on here. That is because in the end — it could be said that those who have loan with Fannie and Freddie have something in common with the American Indians. This is because — just like the American Indians — these homeowners have also been foreclosed on by The United States Governnmet — which might be the real Bank of America at the end of the day.

Now — on the other hand — the fact that the California Attorney General sued Fannie and Freddie is exactly one of the many reasons that California Attorney General Kamala D. Harriswill always be considered a friend to the California homeowner in the Golden Gate and the Golden State of California.

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That is why I am asking you to take action today by holding accountable any public official that does not vote in favor of the Homeowner Bill of Rights in any future election for office. This is because it is important that we let them know that the California homeowner stands in support ofCalifornia Attorney General Kamala D. Harris and the Homeowners Bill of Rights.

Therefore, please take a moment of your time to write the six California government officials that will be voting on the Homeowners Bill of Rights. Please attach this link to the email that you send them. Please also be sure to send this link to all of your friends.

These are the State Officials that will be voting:

  1. Noreen Evans: http://sd02.senate.ca.gov/contact
  2. Mike Feuer: http://asmdc.org/members/a42/
  3. Ron Calderon: http://dist30.casen.govoffice.com/
  4. Mike Eng: http://asmdc.org/members/a49/
  5. Sam Blakeslee: http://cssrc.us/web/15/
  6. Don Wagner: http://arc.asm.ca.gov/member/70/

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Your turn Martin: Mandelman Matters

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My name is John Wright AND I AM FIGHTING BACK!

All Rise!  The Honorable Judge Wright has left The Courtroom of Public Opinion!

 

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California Homeowner Bill of Rights Passes Legislature, Bringing Mortgage Reforms One Step Closer to Law

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Piggybankblog posted 07/03/12

Sacramento, CA…Attorney General Kamala D. Harris announced the California Homeowner Bill of Rights is one step closer to becoming law after key provisions passed the California Legislature today. The bills, which provide first of their kind protections for homeowners and reforms to the mortgage and foreclosure process, will now be sent to the desk of Governor Jerry Brown for consideration. The bills were approved 53 to 25 in the Assembly and 25 to 13 in the Senate….

“Passing these key elements of Homeowner Bill of Rights represents a significant step forward for struggling homeowners,” said Attorney General Harris. “These common-sense reforms will require banks to treat California homeowners more fairly and bring more transparency and accountability to their practices in our state. Responsible homeowners will have a better shot to keep their homes.”

. “Californians will finally have a fighting chance to keep their homes, as this measure brings fairness to the loan modification and foreclosure process,” said Senate President pro Tem Darrell Steinberg. “At the same time, the protection gained by homeowners will help stabilize the housing sector of our economy. I applaud my colleagues for their hard work to protect consumers through this reasoned compromise.”

“The package approved by the Legislature today is a major victory for California’s consumers,” said Assembly Speaker John A. Pérez. “We impose tough new regulations on banks and lenders to stop the abusive practices we’ve seen since the collapse of the housing market, and this package will bring relief to hundreds of thousands of California homeowners.”

The California Homeowner Bill of Rights consists of a series of related bills, including two that were passed on June 26 by a two-house conference committee: AB 278 (Eng, Feuer, Pérez, Mitchell) and SB 900 (Leno, Evans, Corbett, DeSaulnier, Pavley, Steinberg).

The two identical bills passed by the conference committee contain key elements of the legislative package and provide protections for borrowers and struggling homeowners, including a restriction on dual-track foreclosures, where a lender forecloses on a borrower despite being in discussions over a loan modification to save the home. The bills also guarantee struggling homeowners a single point of contact at their lender with knowledge of their loan and direct access to decision makers. For the first time, the Homeowner Bill of Rights imposes civil penalties, of up to $7,500, on the repeated filing of foreclosure documents without verifying their accuracy, a practice commonly known as “robo-signing.” In addition, homeowners may require loan servicers to document their right to foreclose.

Homeowners will also have a clearly-defined right to access the courts to protect themselves from violations of these protections.

The Homeowner Bill of Rights also consists of four bills outside of the conference committee process. These will enhance law enforcement responses to mortgage and foreclosure-related crime, in part by empowering the Attorney General to call a grand jury in response to financial crimes spanning multiple jurisdictions. Additional elements will help communities fight blight related to foreclosure, and the crime that results, and provide enhanced protections for tenants in foreclosed homes. Please see the attached fact sheet for the status of these bills.

The California Homeowner Bill of Rights was introduced February 29, 2012 at a press conference featuring Assembly Speaker John A. Pérez and Senate President pro Tem Darrell Steinberg and bill authors from the Assembly and Senate. The Homeowner Bill of Rights codifies many of the core protections from the recent national mortgage settlement.

The California Homeowner Bill of Rights extends Attorney General Harris’ response to the state’s foreclosure and mortgage crisis. Attorney General Harris created a Mortgage Fraud Strike Force in March, 2011 to investigate and prosecute misconduct related to mortgages and foreclosures. In February 2012 Attorney General Harris extracted a commitment from the nation’s five largest banks to dedicate an estimated $18 billion to mitigate financial harm to California borrowers caused by bank misconduct in the foreclosure process.

More details about the California Homeowner Bill of Rights are found on the attached fact sheet. To learn more about how the bills impact California homeowners, review the slideshow at:http://www.oag.ca.gov/

 

 

John Wright Responds To The Homeowners Bill of Right Passing.

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July 4th, 2012

Written by John Wright

Well it looks like Californians will celebrate a very special 4th of July today after of the announcement of the Homeowner Bill of Rights yesterday being one step closer to becoming law now that it has passed the California Legislature. This is because the bills were approved 53 to 25 in the State Assembly and 25 to 13 in the Senate and are now on the desk of Governor Jerry Brown for consideration.

Now many California’s who are currently struggling with their home being foreclosed on are wondering just what kind of immediate relief — if any — this will bring to them – and so do I. I mean, I understand that the two identical bills passed by the conference committee contain key elements of the legislative package and provide protections for borrowers and struggling homeowners, including a restriction on dual-track foreclosures, where a lender forecloses on a borrower despite being in discussions over a loan modification to save the home. I also understand that the bills also guarantee struggling homeowners a single point of contact at their lender with knowledge of their loan and direct access to decision makers. I understand that, for the first time, the Homeowner Bill of Rights imposes civil penalties, of up to $7,500, on the repeated filing of foreclosure documents without verifying their accuracy, a practice commonly known as “robo-signing.” In addition, I also understand that homeowners may now require loan servicers to document their right to foreclose – and so on. However, many Californians do not understand what this bill does for those who are currently foreclosed on now. For example, has the Homeowners Bill of Rights provided a process that will help stop the foreclosure and sale of a home where there have been multiple trusts and multiple beneficiaries existing where the bank is unable to accurately identify the actual owner of the debt? I ask this because that is pretty much the situation with almost every single loan in foreclosure out there. That is why I am going to spend the next few days trying to answer that question.

Nevertheless, make no mistake, because the California Homeowners Bill of Rights is a major step in the right direction.

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“The entire Homeowner Bill of Rights legislative package will create a level playing field for California homeowners,” said Attorney General Harris. “In addition, it will allow my office to continue to prosecute those who take advantage of homeowners who are desperate to stay in their houses.”

Assembly Bill 1950, authored by Assemblymember Mike Davis (D-Los Angeles), passed out of the Senate Judiciary today.

The bill extends the statute of limitations for prosecuting mortgage related crimes from one year to three years, giving the Department of Justice ample time to investigate and prosecute mortgage fraud crimes.

Two bills to provide additional protections to tenants who rent homes that are foreclosed upon also passed out of the Senate Judiciary and Assembly Judiciary Committees today.

Assembly Bill 2610 (Assemblymember Nancy Skinner, D-Berkeley) and Senate Bill 1473 (Senator Loni Hancock, D-Berkeley), will require purchasers of foreclosed homes to give tenants at least 90 days before starting eviction proceedings.

If the tenant has a fixed-term lease, the new owner must honor the lease unless the owner demonstrates that certain exceptions intended to prevent fraudulent leases apply.

Also passing out of the Judiciary Committees were Assembly Bill 2314 (Assemblymember Wilmer Carter, D-Rialto) and Senate Bill 1472 (Senator Fran Pavley, D-Agoura Hills), which provide additional tools to local governments and receivers to fight blight caused by multiple vacant homes in neighborhoods.

The final component in the California Homeowner Bill of Rights, AB 1763 (Assemblymember Mike Davis, D-Los Angeles) and Senate Bill 1474 (Senator Loni Hancock, D-Berkeley), gives Attorney General Harris the ability to convene a special grand jury to investigate and indict the perpetrators of financial crimes involving victims in multiple counties. AB 1763 and SB 1474 passed out of the Senate Public Safety and Assembly Public Safety, respectively.

Two key parts of the Homeowner Bill of Rights passed Monday out of both houses of the Legislature and sent to Gov. Jerry Brown.

Those bills, which came out of a two-house conference committee, provide protections for borrowers and struggling homeowners, including a restriction on dual-track foreclosures, where a lender forecloses on a borrower despite being in discussions over a loan modification to save the home.

The bills also guarantee struggling homeowners a single point of contact at their lender with knowledge of their loan and direct access to decision makers.

For more information on the California Homeowner Bill of Rights, go to www.oag.ca.gov .

There has been a variety of positive responses from many people around the other states in our union here at Piggybankblog.com about the historic California Homeowners Bill of Rights being passed here in California — while wondering why their Attorney General does not do the same thing.

Pam Bondi (Aka Blondie) Is Bank Owned

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From the State of Florida: “What makes me mad as crap is why Pam bimbo is not helping the people of Florida? Why is Pamela Bondi (Aka Blondie) letting Floridians homes to just ROT! I live in the North Tampa bay area where there are so many empty houses rotting away. What makes California so different from Florida?” – Pam “Blondie” Piggybankblog Protest

I will tell you what makes California so different from Florida. Her name is California Attorney General Kamala D. Harris — AND SHE FOUGHT BACK FOR THE PEOPLE OF THE STATE OF CALIFORNINA AND WON!

That is why the People of State of California would not only like to thank their beloved California Attorney General – but we would like to also thank the following:

And all those members who voted a YES for the Homeowners Bill of Rights.

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That is why I say Kamala D. Harris for Governor of the State of California!

You go girl! You are a rock star baby! And I don’t mean maybe!

The People Of California love and support you Kamala D. Harris!

Thank you for a job well done!

You will always be our California Girl!

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My name is John Wright AND I AM FIGHTING BACK!

All Rise!  The Honorable Judge Wright has left The Courtroom of Public Opinion!

 

Please donate if you liked today’s blog.

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Governor Brown Signs Homeowner Bill of Rights

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Piggybankblog posted on 07/12/12

Piggybankblog posted picture

Cross linked story with www.keytcom

A new law is protecting California homeowners who are trying to save their home from foreclosure. Governor Jerry Brown signed the California Homeowners Bill of Rights into law which is designed to stop abusive tactics by loan servicers.

California Bill of Rights:

  • Bans Dual Tracking: Banks won’t be allowed to foreclose on a home while the homeowner is pursuing a loan modification. Requires one single point of contact at the mortgage provider. Allows homeowners to sue for significant violations Increases penalties for robo-signing: Which is automatic approval for foreclosure without reading the documents. California is the first state to adopt such a law and it has it’s skeptics.

“I think it’s good that they passed the California Bill of Rights,” former bank executive, Candice Jones said. “Unfortunately we do need to know who moderates it and who oversees it to make sure it does get done.” Jones is a Santa Barbara resident who is fighting back against the banks helping families and individuals keep their homes. She fears that the new law could lead to an increase in foreclosures before January. “They’re (banks) going to do the same thing they did after the Attorney General’s settlement was signed, speed up foreclosures and get as many done as possible before they get caught,” Jones said.

One of the tactics the California Bill of Rights will protect the homeowner against is robo-signing. Jones says thousands of fabricated documents are being robo-signed and recorded at the Santa Barbara Courthouse everyday. Joe Holland is the Santa Barbara County Clerk, Recorder and Assessor. His office is responsible for recording foreclosure documents with the court. Jones believes Holland has a legal responsibility and a duty to make sure those documents are true and accurate before they are turned over to the court.

Holland told KEY News that his office does not know which documents are robo-signed and that the newly signed law does not impact the way his office does business.

Homeowner Marina Reed says the County Recorders Office needs to do more to protect from fraudulent foreclosure documents being recorded. “It is the documents that go through his department that the banks are then using against the homeowners in court,” Reed said. California has nearly a million foreclosed homes and another 700,000 are at risk.

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California Homeowners Bill of Rights will be in effect on January 1st, 2012.

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My name is John Wright AND I AM FIGHTING BACK!

All Rise! The Honorable Judge Wright has left The Courtroom of Public Opinion!

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Please donate if you liked today’s blog.

 

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California Attorney General Slams Romney During DNC Speech For Romney Fraudclosure Plan! You Go Girl!

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September 6th, 2012

Written by John Wright

California Attorney General Kamala D. Harris has once again proven in a speech delivered on Wednesday at the Democratic National Convention that she is willing to use her national platform and influence to put the spotlight on what has been described as the worst mortgage crisis our nation has ever faced. The California Attorney General speech before the Democratic National Convention would prove once again that Kamala D. Harris is willing to be an advocate for distressed California homeowners and homeowners around the nation who were a victim of the banks potentially irregular, fraudulent, illegal and simply unsafe predatory mortgage practices.

Piggybankblogger Senka shows up in youtube below.

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President Obama stood with me and 48 other attorneys general in taking on the banks and winning $25 billion for struggling homeowners,” Harris said, noting that Obama also supported credit card and Wall Street reform.

“That’s leadership!” Harris continued. “That’s what President Obama did. And that’s why we need to give him another four years. We need to move forward. President Obama will fight for working families. He will fight to level the economic playing field and fight to give every American the same fair shot my family had.”

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I think she is one of us!

You Go Girl!

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Romney: Accelerate foreclosures to ‘allow investors to buy up homes’

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October 18, 2011

Piggybankblog posted picture

Republican presidential candidate Mitt Romney argued Monday that the U.S. housing market would be better off if more American families were renters instead of homeowners.

“One is, don’t try and stop the foreclosure process,” the candidate told the Las Vegas Review-Journal in response to a question about what he would do to encourage housing. “Let it run its course and hit the bottom, allow investors to buy up homes, put renters in them, fix the homes up, and let it turn around and come back up.”

“The Obama administration has slow-walked the foreclosure processes that have long existed and as a result we still have a foreclosure overhang,” Romney added

Daily Kos’ Jed Lewison predicted that Romney’s quote would almost certainly end up in a campaign ad if he survives the nomination process.

“It’s not just that he’s saying we need to help banks put more people out of their homes, it’s not just that he’s saying we need to do it until we hit bottom, it’s that he’s also saying that then and only then will ‘investors’ feel comfortable buying up homes so that they can rent them out to the people who used to own them,” Lewison wrote.

Romney will appear with the other Republican candidates at a CNN debate in Las Vegas Tuesday. Nevada has the country’s highest foreclosure rate. One in every 118 households in the state were foreclosed on in August, according to RealtyTrac. - Original article

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That is why, unless you are the wealthiest few, I suggest that you do not vote for Mitt Romney. It would be like basically shooting yourself in the foot.

It is readily apparent that Mitt Romney might find our civil and constitutional rights a major inconvenience to his economic recovery plan. That is why it might be said that the Mitt Romney economic plan of allowing fraudclosure to take place could be viewed much in the same way that Adolf Hitler might have seen the Jews as a major inconvenience to Germany’s economic recovery. What’s next? Is Mitt Romney going to ask for our gold teeth and our hair to solve the economic crisis that his banking friends caused with their greed?

Romney administration below.

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It can happen again!

Don’t vote for Mitt Romney unless you want to be fraudclosed on!

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Her name is Kamala D. Harris AND SHE IS FIGHTING BACK!

All Rise! The Honorable Kamala has left The Courtroom of Public Opinion!

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Follow John’s Daily Blog

Register to be part of my blog

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Please donate if you liked today’s blog.

 

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Kamala Harris, California Attorney General, Touts Controversial Bank Settlement In DNC Speech

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Cross linked with huffingtonpost.com

CHARLOTTE, N.C. — California Attorney General Kamala Harris said in her Wednesday speech at the Democratic National Convention that the $25 billion settlement between the government and the nation’s largest banks shows President Barack Obama’s leadership.

“President Obama stood with me and 48 other attorneys general in taking on the banks and winning $25 billion for struggling homeowners,” Harris said, noting that Obama also supported credit card and Wall Street reform.

“That’s leadership!” Harris continued. “That’s what President Obama did. And that’s why we need to give him another four years. We need to move forward. President Obama will fight for working families. He will fight to level the economic playing field and fight to give every American the same fair shot my family had.”

The Obama administration joined state attorneys general in negotiating a February settlement with the nation’s five largest banks following revelations in 2010 that banks had been forging documents in the foreclosure process. The settlement is supposed to provide relief to homeowners in the form of mortgage modifications, reduced principal, and even small cash payments in cases of wrongful foreclosure.

Homeowner advocates have taken a dim view of the settlement, claiming that banks’ mortgaging servicing divisions continue to abuse homeowners as before. The California Reinvestment Coalition said last week that settlement progress reports indicate “banks have made little progress on providing principal reduction to California homeowners, and instead have prioritized short sales — a tool that represented business as usual for banks before the settlement was ever announced.”

Republican presidential candidate Mitt Romney, for his part, has alternated between saying the government should let the housing market “hit bottom” and that the government should “help people” deal with their banks. The housing issues page on Romney’s website is vague.

“That’s not leadership,” Harris said, referring to Romney. “Doing nothing while the middle class is hurting. That’s not leadership. Loose regulations and lax enforcement. That’s not leadership. That’s abandoning our middle class.”

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Her name is Kamala D. Harris AND SHE IS FIGHTING BACK!

All Rise! The Honorable Kamala has left The Courtroom of Public Opinion!

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Follow John’s Daily Blog

Register to be part of my blog

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Please donate if you liked today’s blog.

….

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PRIVACY NOTICE: Warning – any person and/or institution and/or Agent and/or Agency of any governmental structure including but not limited to the United States Federal Government also using or monitoring/using this website or any of its associated websites, you do NOT have my permission to utilize any of my profile information nor any of the content contained herein including, but not limited to my photos, and/or the comments made about my photos or any other “picture” art posted on my profile.

You are hereby notified that you are strictly prohibited from disclosing, copying, distributing, disseminating, or taking any other action against me with regard to this profile and the contents herein. The foregoing prohibitions also apply to your employee , agent , student or any personnel under your direction or control.

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6 Comments

  1. David LeForge says:

    Let’s hope this catches on in other states

  2. David LeForge says:

    Let’s hope this catches on in other states

  3. Nora says:

    See John, I told you she was doing her job! You maligned her when she was looking out for the people of California. I’m glas to see your version of an “apology”.

    • Piggybankblog says:

      Well I do not know if it was meant as an apology. (lol) let’s not forget that her office drew first blood, after I caught a fake blogger coming on my blog from her office posing as a victim, but just to influence my supporters to think I told people to go to Stein on my blog and suggested that I was responsible for them being victims. This of course was ludicrous — because I had never told anyone to go to Stein on my blog, even though I did put my attorney in positive light because he was still my attorney at the time fighting the banks. It would only stand to reason why I would support my attorney, but it does not stand to reason why I would tell people to go to Stein, after you consider that I was officially with Brookstone Law Firm — and Stein was just co-lead counsel on my lawsuit at the time.
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      Nevertheless, and for the record, I had no intentions of protesting against Madam Attorney General before the fake blogger incident. In fact, I actually had announced on my blog that I was not going to get involved. So I am not sure that I am apologizing for being put in a position of defending myself, but I do regret that it would end up that my attorney would end up being scandalous after that fact, because I was very concerned about how long I could defend an attorney that had just been arrested by the feds. Though Stein is innocent until proven guilty, I will admit that it was enough for me to publically withdraw my support for him. In addition, I cut off all contact with him and his office as a result, because I began to question how responsible it would be for me to continue defending him with such serious allegations, after I realzied that I knew nothing about the allegations.
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      So this blog above is not an apology. It is just me being true to my word, as have always said that I would turn her into a hero on my blog, if she would do something that held the banks accountable in my eyes. Let the record show that she has gone above and beyond doing that in my eyes, and that I am just happy that Madam Attorney General and I can put the past behind us, as we both work together to help one another help the homeowners.
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      Thank you for taking the time to share your thoughts Nora. I appreciate that you are following my blog.
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      Your friend always,
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      My name is John wright AND I SUPPORT CALIFORNIA’S MOST LOVED ATTORNEY GENERAL!
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      Respectfully,
      John Wright
      Piggybankblog.com

  4. Nora says:

    See John, I told you she was doing her job! You maligned her when she was looking out for the people of California. I’m glas to see your version of an “apology”.

    • Piggybankblog says:

      Well I do not know if it was meant as an apology. (lol) let’s not forget that her office drew first blood, after I caught a fake blogger coming on my blog from her office posing as a victim, but just to influence my supporters to think I told people to go to Stein on my blog and suggested that I was responsible for them being victims. This of course was ludicrous — because I had never told anyone to go to Stein on my blog, even though I did put my attorney in positive light because he was still my attorney at the time fighting the banks. It would only stand to reason why I would support my attorney, but it does not stand to reason why I would tell people to go to Stein, after you consider that I was officially with Brookstone Law Firm — and Stein was just co-lead counsel on my lawsuit at the time.
      .
      Nevertheless, and for the record, I had no intentions of protesting against Madam Attorney General before the fake blogger incident. In fact, I actually had announced on my blog that I was not going to get involved. So I am not sure that I am apologizing for being put in a position of defending myself, but I do regret that it would end up that my attorney would end up being scandalous after that fact, because I was very concerned about how long I could defend an attorney that had just been arrested by the feds. Though Stein is innocent until proven guilty, I will admit that it was enough for me to publically withdraw my support for him. In addition, I cut off all contact with him and his office as a result, because I began to question how responsible it would be for me to continue defending him with such serious allegations, after I realzied that I knew nothing about the allegations.
      .
      So this blog above is not an apology. It is just me being true to my word, as have always said that I would turn her into a hero on my blog, if she would do something that held the banks accountable in my eyes. Let the record show that she has gone above and beyond doing that in my eyes, and that I am just happy that Madam Attorney General and I can put the past behind us, as we both work together to help one another help the homeowners.
      .
      Thank you for taking the time to share your thoughts Nora. I appreciate that you are following my blog.
      .
      Your friend always,
      .
      My name is John wright AND I SUPPORT CALIFORNIA’S MOST LOVED ATTORNEY GENERAL!
      .
      Respectfully,
      John Wright
      Piggybankblog.com

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