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gp.org | December 30, 2015

By David Dayen

Recently, my family went to watch The Big Short which is a movie about the mortgage industry. The movie showed the banking industry selling collections of mortgages without knowing what they were worth. When the banking industry got in trouble, they asked the government for money. The politicians, both Democrats and Republicans, bailed out the banks-- the richest industry in the world-- to the tune of billions of dollars.

Seven years later, the Democrats and Republicans in Massachusetts have passed a bill (S2015) that again enriches the banks and is terribly unfair to average people. The bill dramatically reduces the time homeowners have to challenge the validity of signed statements that are part of the foreclosure process.

Banks, before being granted the right to foreclose on homeowners, are required to submit these statements that swear that the homeowner is actually in default and that the bank owns the mortgage. However it was uncovered that many banks had statements signed by employees who had no knowledge of these things at all. This is called robo-signing. S2015 is a bad bill because it reduces the time for homeowners to challenge this fraudulent practice from ten years to --in some cases-- as little as one year. This will result in homeowners running out of time to reclaim a home that is rightfully theirs.

To restore the rights of these homeowners, the Green-Rainbow Party has been approached by the Massachusetts Alliance Against Predatory Lending (MAAPL) -- to help gather signatures to permanently suspend this law. The GRP was one of the founders of MAAPL, and the issue of foreclosures is dear to the GRP as it relates to our key value of social justice and equal opportunity.

To repeal S2015, the GRP, along with our MAAPL partners, needs to collect 43,000+ signatures from registered voters, in a 60 day period which may end as early as the end of February.

 

Back to December 2015 Archive

 

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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