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I previously told you that the things would start to change in a wholesale way when the class action suits began, just as things changed when the class action cases were brought in the Tobacco Litigations, well: 4closure fraud has a set of pleadings from Kentucky. It’s a class action suit based on the events of the last few weeks. A group of homeowners in Maine has also begun a class action suit. I believe that one is also in federal district court, though I have not yet seen those papers.
If there are enough class actions brought in enough district courts, based on the same subject matter and proof, the cases will likely be consolidated into what’s called a “multi –district litigation.”
This is snowballing so much faster than I dared hope.
In a related development, A robo-signer working for Wells Fargo admitted that the only thing he checked for accuracy on the assignments he signed, was the date.
Stay tuned firepups, we seem to get new developments hourly.
5 Comments
Kabooooom!
I suspect a bunch of banks are going to be crying very soon.
I was part of a class action lawsuit…two of them over the last 6 years and each of them ended by some manipulation by the banks. It’s very hard to be optimistic and yet, I sure hope this changes things. My chapter 13 is up. GMAC has sent papers for me to apply for a refinance stating that I am two payments behind. Once again, this is inaccurate. I sure hope that things change soon. My republican state seems to be working hard to cover up instead of help homeowners with this problem.
Great.
Cynthia, I think there is a subsurface issue that should be addressed. When we went to the bank to get approval for a loan, they approved us for an amount that was above what we had calculated we could afford. We went in wanting a 30 fixed and had 20% to put down for the amount we had calculated we could afford, but the bank came back and said we qualified for a higher amount and that our down payment was based on the bank approved amount, not on what our house would cost。 Because of the banks higher approval, we no longer had the 20% put down in their calculations. Our loan rate got figured very differently due to this.
This process happened at two banking institutions 8 years ago.
We bought a house at the level we knew we could afford, unfortunately our 20% was never calculated to reflect that.
My husband and I were disgusted by the process. Even more frustrating, our local credit union did not have 30 year fixed mortgages at the time, only 15 and 20.
I wonder how much of the loan negotiating process was rigged in order for the banks to guarantee a high level of risk and that they were betting on the process?
It would be the most politically tone-deaf idea… to even think of bailing out banks for foreclosure fraud, using taxpayer funds.
In fact, it should be inconceivable… but I’ve learned that word doesn’t always mean what I think it does.
Wheee! [The banks are] we’re in for a bumpy ride!