“You have people come out of this with tons of late fees that they otherwise may not have been looking at, their credit ratings have been destroyed, their savings depleted…They’re in a far worse place than they would have been had this program not existed.” Neil Barofsky, Special Inspector General for TARP
Showing more fortitude than the average federal regulator, Mr. Barofsky announced his resignation not long after offering the above testimony before Congress. Perhaps he saw what those championed by the governments’ foreclosure investigations already know: That countless billions of dollars and endless inquiries have solved nothing.
Still, other regulators have been content to offer vacuous solutions, such as Comptroller of Currency John Walsh, who, in later congressional testimony, suggested that the banks would be “sanctioned” for what is now generally acknowledged to be, at minimum, hundreds of thousands of various acts of conspiracy, fraud and deceptive practices. As journalist Matt Taibbi explains, federal regulators really have gone out of their way to help…the ones committing the crimes, that is.
‘….Khuzami, the SEC’s director of enforcement, talked about a new “cooperation initiative” the agency had recently unveiled, in which executives are being offered incentives to report fraud they have witnessed or committed. From now on, Khuzami said, when corporate lawyers like the ones he was addressing want to know if their Wall Street clients are going to be charged by the Justice Department before deciding whether to come forward, all they have to do is ask the SEC.
‘”We are going to try to get those individuals answers,” Khuzami announced, as to “whether or not there is criminal interest in the case – so that defense counsel can have as much information as possible in deciding whether or not to choose to sign up their client.”‘
Three years may not seem like a long time in the legal world, but the reality of foreclosures have been the same from the beginning of this crisis: The only people that have the will to help keep people in their homes are the homeowners themselves, their family and friends, and an experienced defense lawyer.
Foreclosure defense is a fast-changing, difficult experience that often involves months of waiting, paper-work wrangling, and postponements. An experienced law firm is capable of working towards a loan modification while defending their clients from attempts to foreclosure. They can use court hearings as well as out of court negotiations such as mediation and conciliation programs to reach a satisfactory settlement. The misdeeds of many lenders can also be used against them in court by an attorney familiar with mortgage paperwork.
Amerihope Alliance Legal Services’ foreclosure experts have helped hundreds of clients bring their payments current, reach reduced payments, and even get principal reductions from their mortgage company.