Disappointments in the Housing Market

    One of my biggest disappointments in this decade is how the housing crisis was handled by the government and banks. So many people have suffered as a result of the negligence of the American Government and the greed of the banks. I have been researching the legislative codes in this field and following the trend of the case law and the judges various holdings about specific issues. Unfortunately the American homeowner believes they have no recourse. The banks have thoroughly planned this "loan modification fraud"which they have perpetrated on the American homeowner. They never put anything in writing....all their promises are made on the phone!! The most common scheme trend (my terminology for the fraud fashion of the day for the banks) is one in which the banks draft a "loan modification agreement", send it to the homeowners for the owners to get notarized. The banks then ask for the notarized documents to be sent back to them with a check in the amount of their so reduced monthly payment. The bank NEVER sends the agreement back with a signature. Further, the language of the agreement is very one sided and usually includes a waiver of rights to sue the bank.  The courts find that a contract does not exist due to the lack of a signature by the bank. The bank is not held to their promise to the homeowner.

    It is time for the banks to own up to their responsibility to all American tax payers, because without them, their very existence would be in question today. Due to the lax in the law, American home owners have poured their life savings, livelihood, blood, sweat and tears in to their homes just to watch the it be taken away from them by the very institutions that were saved with tax payer dollars. It is time for the legislature to take action and make the newly written laws called "Homeowners Bill of Rights" which goes into effect in 2012 retro-active, which would give tens of thousands of homeowners a chance to redeem their livelihood and feel they have not been let down by their government. It is our civil duty to not look the other way when it comes to big business corruption and show them we have a voice. That the American public will not stand silent while thousands of families are being torn for the benefit of the few.

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