Journalism in the Public Interest

Biggest Banks Ensnared as Foreclosure Paperwork Problem Broadens


A foreclosed townhouse in Centreville, Va., on March 22, 2009. (Paul J. Richards/AFP/Getty Images)

Three of the nation’s largest mortgage servicers have halted foreclosures as scrutiny increases over whether they verify the required paperwork. Several other servicers have also been faulted for foreclosure affidavits that were signed without much authentication, but they have not yet halted foreclosures.

Last week, we noted that the discovery of “robo-signers” — employees who signed off on thousands of foreclosure documents without much, if any, knowledge of their accuracy — had caused Ally Financial’s GMAC mortgage unit to freeze foreclosures in 23 states where foreclosures require a court order.

Since then, Bank of America and JPMorgan Chase have joined GMAC in halting foreclosures in those states. Together with Wells Fargo and Citigroup, these make up the nation’s top five mortgage servicers, with a 71 percent market share, as Bloomberg has noted. (Wells Fargo and Citi both have faced questions about their foreclosure affidavits.)

The Associated Press reported late Sunday that a Wells Fargo executive acknowledged in a May deposition that he had signed hundreds of foreclosure documents each week without verifying any information aside from the date. The company, nonetheless, told AP it had no plans to halt foreclosures and was confident of the documents’ accuracy. (As we’ve noted, other banks — including those that have chosen to halt foreclosures — have also expressed confidence in the accuracy of their documents and played down the likelihood of mistaken foreclosures, despite the flawed paperwork.)

The Wall Street Journal reported today on a homeowner who was engaged in a foreclosure proceeding with IndyMac, which is now called OneWest Bank. A judge threw out the case after ruling that the servicer’s use of a robo-signer meant the affidavit — which establishes basic facts such as the bank’s ownership of a mortgage — had not been properly reviewed. The judge also concluded that the affidavit was incorrect; IndyMac didn’t own the mortgage and therefore did not have standing to foreclose.

The broadening scope of these problems shouldn’t be surprising. Officials at Fitch, a credit rating agency, recently noted that the processing “defects” are industrywide.

The breadth of these problems could initiate a Justice Department investigation or, for public companies like JPMorgan and Bank of America, a civil investigation by the Securities and Exchange Commission over the servicers’ disclosures to investors, according to Peter Henning, a securities law expert and blogger for The New York Times’ White Collar Watch.

More homeowners will likely challenge servicers’ foreclosure cases in court, which may ultimately prolong the housing slump, as Bloomberg pointed out.

We’ve noted that the paperwork flaws are only one of the many types of problems experienced by homeowners fighting foreclosure. For example, our reporting on the mortgage modification process has also uncovered instances in which banks failed to follow the rules and were sloppy with the handling of paperwork. In some cases, homeowners being helped by one part of a bank have been foreclosed on by another part of the bank.

I ask for help in April of 2010..thru my mortgage company “making homes affordable”  isnt this the title?  It is now October and I just got a letter that my home is in foreclosure status and my mortgage company tells me to just call them to let them know when there is a sale date?  OMG they will then try to push it back..reason being is this process takes up to a year for them to help people..they have so many people in the same situation and they cant process anything in a timely I may lose my house and since I have ask my mortgage company to help and they havent YET…IM bad Tell my 3 children and two grand children that live with me and look to me for a place to live…sorry the mortgage company just takes a long time

Let’s not forget about the 27 states that are “non-judicial” - where no court, no judge sees the paperwork at all unless the hapless homeowner can scrounge up the money to hire an attorney to fight it in court. The people in these States have no protection from this fraud - none at all.

Also - Susan - if you want to post your story to their may be some people who can help you with your next steps. This is a nightmare to do on your own.

Couldn’t happen to a nicer bunch of guys. For thousands like me, where the news comes too late, but it’s assuring to know there still is a God who delivers justice.

For what they’ve failed to do in the mortgage fiasco, Chase/JP Morgan, Bank of America, Wells Fargo, and the other majors should be thrown into bankruptcy and their officers imprisoned. This is the Enron situation all over again, but multiplied a hundred fold.

Anthony Garcia

Oct. 4, 2010, 4:18 p.m.

Loan Modifications are a joke. I have been trying to help more than 30 property owners in distress
( all Pro-Bono ), with no results.
The only hope distressed property owners have is to hire a qualified attorney and to challenge the banks in court.
I agree with Pastor David, there is still a God which delivers justice.
These bunch of gangsters should be thrown in jail and their ill-gotten gains confiscated.

Karma to the rescue! What goes around, comes around baby!!
Banksters pound sand. You handled six-figure transactions like they were lemonade-stand exchanges and then tried to rush the fake foreclosures thru while distraught and bewildered homeowners stood helpless on the sidelines.
Thanks but no thanks to the theft of millions of homes, some of which had equity and all of which you attempt to flip as soon as you can. PLUS you get the mortgage insurance payout - and then you sue the homeowner if you can for a trumped-up portfolio of fees and penalties.
Timmy G. dozed for years @ Treasury while this took place. But now state officials, who are actually accountable to voters whom they must face in settings other than giant rallies, are on the case.
Fraud, misrepresentation, notary misuse, fiduciary malfeasance - bring it on!!
Set the housing recovery back?? I think not. Once situated with normal mtgs. the homeowners will resume spending and help kickstart the economy. Their higher prop. taxes will buoy state and local gov., vs. the vulture sales tabs that would depress the tax haul to record lows and send teachers, cops and others to the unemployment lines.
Happy news here!! Cheers to for standing on this from the *beginning.* You were into foreclosures when foreclosures weren’t cool.
Back off banksters. Payback is a witch!!

Pastor Dave - get a good lawyer to work on this for you. Grant interviews and let her get some free p.r. instead of a fee.
Sue to get your house back, dude.
Try it.

hi all-

we’ve been following and tracking the meltdown for a while now and it’s with GREAT interest that we have seen this; big ups to marian wang and propublica, a fantastic resource that we happen to endorse loudly on our site, “EM08: Economic Meltdown 2008” at:

our stance at EM08 has long been that the bankster welfare is the greatest money and VIOLENT crime in history that has literally trashed the entire world.

we agree with pastor dave one bazillion % about taking the banks into bankruptcy and starting criminal procedures.

instead of individuals contracting lawyers, what should be instigated are class actions.  included in these suits, or in separate, but related ones, are suits against:

1.  the ratings agencies who were in CLEAR collusion and conflict of interest relationships with the banks;
2.  the mortgage companies, lead by their don, angelo mozilo at countrywide;
3.  aig and others who exacerbated EM08 by driving up the derivatives mania but received the biggest portion of welfare which of course made the banksters like goldman whole;
4.  the sec, whose complete incompetence or outright corruption - or both - reminds us of FEMA during katrina, but on a scale unfathomable.
5.  the senate banking committee, house finance committee, fed, and treasury, who stood by and even encouraged profligate behavior such as the run up in the derivatives market which multiplied risks by astronomical proportions.

and although we wouldn’t be able to sue them, the conglomerated mass media thoroughly let down all of us.

we haven’t officially launched yet, but if you’d like to uncover more, as well as gain insight as to how everyday people are unplugging from this criminal state of things and finding success, we welcome you to visit us:

good luck all.

The crime that they thought they could sweep under the rug, is now crime submitted to the courts . We are just shy of two years in trying to talk with our serviser, who in turn filed the now famous fraudulent documents.
Karma came back and caught em, thanks to all of you who saw this for what it was and have been fighting back . Karma also delivered a sub prime loan, its criminal, and was the house next door . Its appalling that they lent 286,000.00 to a family that made 35k annually . This they knew would fail , thus they insured their interest, then sold it stamped AAA . You are all right, jail time is needed, and I agree that once they fix these mortgages the economy will start to improve . Keep up the good work .

After nearly a year of telling them we have a financial hardship, and soon won’t be able to pay, finally somebody listened and we were put on the trial mod with Citimortgage, whom I detest!  Their sadistic, rude, employees were usually snotty, had an attitude and usually gave me wrong information.  I kept a log of every call I made, their name, their employee number (they have to give it to you and if they didn’t, I’d hand up, call back and ask for a supervisor and then report them!  Take that a-hole!
Persistence and determination are so important.  They try and frustrate you so you just go away.  I’m convinced the bank tells them to do that.  Sad, huh?  It’s so important to be educated on loan mod’s (google on internet!) and know the lingo.  They take advantage of consumers who are basically just looking for mercy and don’t know what’s what.  I just hope the multitude of people that were incredibly rude to me during the whole process get a taste of it someday.  How anyone can be so cruel, rude and sadistic is beyond comprehension, especially when people are so stressed out to begin with.  The last thing we consumers need is to talk to some person who sounds like a 10th grade dropout with an “I don’t care” attitude, and that was 95% of the types I spoke with at Citimortgage!  We did get a permanent modification on a first and second loan, but it was hell.  I can’t wait to one day pay them both off and I will NEVER ever do business with that God-awful company again!!!!!!

Finding a lawyer that is working for you is tough when your a layman, our first one did nothing for us but take our money . There are two sites ( really a lot more) with a wealth of information, When I found them it was
a real relief, there is help out there . Starry your comments are right on .

Where are all of you politicians hiding while these crooks are stealing our houses? I guess the bailouts weren’t enough so now they want our houses too. President Obama, Timothy Geitner, President Obama’s economic team where are you hiding? Oh yeah President Obama ,the economic team that you put in place to difuse the ticking time bomb of the housing market. The same people who helped cause the first housing meltdown. Well now the bomb might be detonating. That’s right , we all know about the slow bleed of the banks, extend and pretend to help struggling homeowners and then pull the rug out from under us again. We the people demand justice. We are mad as %^&*$# and we are not going to take it anymore!

Oh yeah, by the way has some videos of some GMA programs and Diane Sawyers evening broadcast reports about what we are all going through. They have really nailed it in some of their reports. Thank God their are some in the media left that have the guts to tell it like it is.

Tawanda Kanhema

Oct. 5, 2010, 9:44 a.m.

The banks were on a gold rush, and typically neglected to follow procedures… every struggling borrower became a lucrative target. Massive class action style suits will certainly return a good many homes to their owners.

Ms. Wang,
Impressive work. I run a business ethics blog and have discussed your article. Thanks!

I think this was all planned and now the government that screwed you is now on your side! November must be getting close?

Why did we not let these troublemaking giants fail and make room for competitive banking like our founders intended it? Instead we’ve opened up the door for Bank of America Criminals to open their door to Countrywide Criminals (who’s new monicre just happens to be “ReconTrust”, and one way they rake it in is by processing the foreclosures of the bad loans they originated). They now continue their destruction unheeded thanks to George W. Bush and Obama. Just one example of the kind of trouble we are asking for by voting republican. “If you’re not with us, you’re with the terrorists”. Republicans are worse than terrorists.

They had “get out of jail free cards” .LOL. They continue unheeded is a under statement, The supreme court gave corporations the freedom to give unlimited monies to the candidates of their choice . GOP brain Karl Rove (yea GW’s brain) has 2 new corp’s that are spending millions on candidates in key states Rubio in Fl. for one . In Citizens United vs FEC , the supreme court sold out 98% of the people, Motion to Amend the constitution, corporations are not persons, and they need to be subordinate to we the people . If we do not strip corporations of their unbridled powers :no liability, lifespan perpetual, profits at any price is OK - over life, liberty and justice, bad will get real bad . Help pass Obama’s plan on Bush’s tax cuts : tax only those coming home with 200K a year or above . Its the over a million a year who are whining the most . 4 trillion to the debt yet let them keep their tax breaks NOT ! .

I went to today and read a bit of disturbing news about how congress pushed a bill through congress at the end of September that may help the banksters foreclose on people. It is called the Interstate Recognition of Notorizations Act or it is also called bill HR 3808. We are being asked to e-mail President Obama at or call the White House at 1-202-456-1111 and ask President Obama not to sign this bill. Go to to read the message about what these sneaks are up to now.

For a little over 2 weeks now I have been stressing about the way my lender manipulated, lied and decieved me into thinking they were going to help my husband and I get a loan mod. I have been crying and contemplating a lot of things that are not productive.  Now I have come to the realization that not only I was duped but millions of others. Now I am just fighting mad. We all need to band together and file a class action lawsuit here. This is our country and we cannot let them steal our homes from us. Are there any brilliant legal minds out there that can plan a strategy for us to protect us from getting our last bit of dignity stolen from us? Wasn’t there some sort of fraud committed here? I am ready to put signs up all over my front lawn and all over town about how President Obama let the banks steal our houses under the guise of Making Home Affordable and that TARP is a fraud. It is almost mid-term elections and maybe this will get the media, the politicians and the Obama Administrations attention.  There is strength in numbers and the media and the government are just trying to sweep us all under the rug. We need to stand up for what is right. We should not let them take us down without a good fight.

Thank God. California Politicians Standing up for the people. Our Congressional Representatives wrote a letter to Eric Holder, Attorney Genera,Ben Bernanke, and John Walsh, Acting Comptroller.

Also enclosed a 20 page letter of constituents experience on how banks are treating people.

I encourage all of you to ask you Representatives to do the same.

  This is the bill , sent to the President . It attaches a notary stamp , ” logically” to a electronic document so they do not separate or get lost .  They will continue to try plugging the leaks on their pirate ship, its looking more organized as in conspiracy and racketeering charges AKA RICO . It may be a way for banks to try to authenticate their fraudulent docs. but they will have to back date millions of them at this point . Keep making waves .

I want to explore squatters rights…. we are living in our home, our roots are planted… the banks can’t prove they own our homes because they don’t have docs to support it.  It is a stretch but perhaps some really ballsy attorney will take it on???  If it can work and someonoe takes this on - I want credit for the idea… engrmom in Cali….

what the mortgage companies are doing is abusive.  We have a sale date set every two weeks.  When I call the woman who is handling our modification she says don’t walk - we’ll find something - if only a short sale - they don’t want the house to sit empty.  But the stress is killing us.  We don’t know when the hammer will drop… a new sale date set every two weeks… but this last time we called it was a month…. Must be because of paperwork nightmare. 

ReContrust…. that’s our “owner”.... I didn’t know they were Countrywide - the swindlers who convinced all was well and it was a conservative loan.

Does anyone know if Michigan is one of the states in which they’ve halted the foreclosures?

American Patriot

Oct. 6, 2010, 8:34 a.m.

Where Home Owners and Foreclosed Home Owners come together to Unite and file Class Action Lawsuit against these corrupt Banks and Lenders.

It is time WE THE PEOPLE start fighting back.

Pastor Dave:  Here is a clip from an article to answer your question.

In some states, lenders can foreclose quickly on delinquent mortgage borrowers. By contrast, the 23 states in which Bank of America is delaying foreclosures use a lengthy court process. They require documents to verify information on the mortgage, including who owns it.

Those states are:

Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.

American Patriot—would love to hear more about UNITED HOME OWNERS. We’ve lost our home, but I think we’d make wonderful witnesses and plaintiffs. Do you have a website?


Keep fighting.  I haven’t won the war but the mistakes the lenders keep making is just digging their grave deeper.  I have been in temp mod for over 8 months, denied due to negative NPV.  When I challenged it told, I wasn’t denied for that reason and they did not need to provide a reason. However, per HAMP they do.  Sent a letter to the Treasury Dept, got a call yesterday, your file notes negative NPV and they wanted to review the details. So we will see where that goes. Today received a letter from the lender noting the reason was excessive forebearance.  Hello I have been working w/you for over 18 months do you think that has anything to do with the excessive forebearance. They also have under estimated my income.  All this paperwork is going to my lawyer to add to my class action suit.  Hopefully it goes faster then the foreclosure notice.
This is the biggest crime in our history and it is not just effecting those who have lost their home but everyone.  Lenders developed a risky product, knew the risk, insured against and are not being held accountable.  Disgusting.

I have submitted forensic evidence to the court proving forged signatures by attornies and forged notaries…

This is verified by an FBI expert witness - yet, courts still ignore it.  These foreclosure mills are committing Fraud on the Courts and they have NO legal standing to even demand payment.  Judges simply yawn - one can only imagine how money they are being bribed…

What happens when a million families learn their mortgage loans were deliberately illegal - then - the courts gave their homes away to the same criminals that destroyed their lives…? 

These loans are NOT secured by the asset (property) because these lenders did NOT follow the law and “perfect” the transaction.  They deliberately bypassed the recordation process then did NOT tell the investors or borrowers or local land records anything…

If the loans are not secured, they cannot be securitized.  If they cannot be securitized then their is not legitimate investment.  The entire ordeal was a sham…!

These lenders never funded the loans from the beginning.  They Pre-Sold the mortgage loans as MBS to their investors.  Commingled the investors’ monies to create more subprime mortgages - and kept flipping the funds internally on BALANCE SHEETS.  These were warehouse-funds so there was no oversight or audits to worry about.  If the mortgages are proven fraudulent, then the investments cannot exist.  Hence the proverbial TOO BIG to FAIL - because those specific investments are tied to retirement funds - GOV retirement funds… So, will they prosecute the wrong doers in the name of justice and forsake their retirements OR will they allow these little pawn borrowers to lose everything they own because they were defrauded..? Thus far - it appears the borrowers are the losers… 

Just think - Obama is signing a NEW NOTARY BILL this week supposedly which will coincidentally wash away the FRAUDS committed by his buddies…

Imagine that…

Keep the Powder Dry

Check out this story from Florida, where a contractor for JPMorgan Chase broke into a woman’s home and changed the front door lock while she was hiding in the bathroom calling 911, thinking it was a robber!

Her home wasn’t even in foreclosure!



David. I am Shocked about this bill.
The New Notary Bill.
This has to be stopped somehow .
I wonder now Obama really want to destroy the American middle class. Please everybody contact the Whitehouse to stop this.

It is in my opinion: Obama and the Banksters giving us the middle finger. This Has to be stopped somehow.

Please Everybody Call the White House and ask the president not to sign.

If he will sign this bill we will have 30, 000.000. homeless in America. Yes 30 million.

H.R. 3808 Bill (Pardon for the Banks )
Tel. # (202) 456-1111

You can call 9 am-5pm Eastern time.

I also have the number for the White House fax machine if you want to respond to HR 3808 or also known as, The Interstate Recognition of Notorizations Act . The number is 202-456-2461. Let’s make some noise!

Linda : This Bill has been passed in April.2010. I believe the bankster new the Robosigner fraud will come to daylight soon.

This is why the Congress and Senate has passed it.

I feel this is a huge Conspiracy because the robosigner story is only a week old and they already have a Pardon sitting on the Presidents desk?

Gabor: Yes, I also believe it is a huge conspiracy. The media is just starting to chip away at it a little bit. has an interesting clip from the Dylan Ratigan show from MSNBC that talks about the begininings of the conspiracy. I think it might have aired today. If President Obama signs that bill we will all know for sure he has been in cahoots with them the whole time.

Linda: If this bill was passed in April. I believe it has been written way before. Let See the crisis has started in 07. so did the bail out. then in 09 the other bail out. Obama announced HAMP. then documents were lost always by the banks.So the foreclosure avalanche started.
The Banks new they were braking the law by the robosigners but they figured they can get away with it for a while. Now they got chought but the law to protect them has already been passed and waiting for the president’s signature. It smells bad.
I wrote an e-mail to the white house already, and sent e-mails to CNN and MSNBC. We all should alert all the media.

Chase is Braking into a home. Womans 911 call video.

This is gotto stop by Nazi Bank JP Morgan Chase.

Just what our Country is coming to?

Gabor: I also sent e-mails to the WH, and called the WH and left a message. I also called my congressman and e-mailed the Senator .  I also called and filed a complaint with the FTC about my mortgage servicer. The FTC told me to get in touch with my state AG which I did. They immediately e-mailed me out a new Making Home Affordable package after I explained my story about how PHH mortgage told me I was approved for the Obama Plan then I was denied with no reason for denial,I guess her office is investigating what went on here. I also found out that Fannie Mae holds our note and called them. The woman at Fannie Mae tape recorded our conversation and is doing an inquiry into why PHH bungled our loan mod.  Hopefully this is not more smoke and mirrors.

When I e-mailed the WH I also asked the Pres. to put a 5 year moratorium on all foreclosures until they can get to the bottom of not only the foreclosure crisis but the HAMP program crisis.  These banks and mortgage servicers need to be held accountable and investigated. That takes time and so many more people do not need to lose their homes because of the banks and the mortgage companies deceptive and fraudulent practices.

Just went to Read the “Shit hit the fan letter to the banks from congress.” I also read that the truth about these loan mods. Loan Mods are not available because the Banks DO NOT hold your note. The note was sold to a trust,whose investors won’t agree to a loan modification. In other words if you got a mod. you are lucky. We made need Mortgage Defense Attorneys to save our homes. Like we can afford that. Maybe we should see about a class action lawsuit. Hopefully there will be a moratorium on foreclosures for a while so people can have a chance to wrap their heads around what needs to be done here.Come to think about it my mortgage company did mention something to me about what the investors might want. And my State Ag office told me to start saving as much money as we can right now.I guess there is so much mortgage fraud out there that it is possible some people can hire a mortgage defense attorney and walk away with their house for free but this sounds very risky. I feel basically screwed unless I win the lottery.Hopefully congress and the U.S. AG will do something for us here but the more time that ticks away the more chance these crooks have of stealing our houses.I read somewhere that the Pres. may have to make Fannie/Freddie forgive all debt. Maybe the fraud of the notes is bigger than tthe banks can disguise.

News Flash   OBAMA does not sign Interstate Notary Act….    GOOD NEWS !

Your calls and speaking out are making headlines…

Keep making Waves.

Tell Whitehouse THANKS

Thank God President Obama got the message and did not sign Bill HR 3808. The people have spoken. If he would have signed that bill the people would have had their biggest fears realized that Pres. Obama is trying to protect these crooks.  We can’t stop hammering away. Funny, haven’t heard a thing about this on any mainstream new channels. I heard the news on the radio. I think this humongous scandal is only beginning and Obama knows this.This is just the tip of the iceberg.

It is just the tip of the iceberg, and that bill only notarized what we have exposed, the FRAUD . Karma got them again, that bill passed the house in April, and then went no where until this fraud went national 2 weeks ago. Then the sponsors of the bill woke up and said S>>> we have to get this into law . The senate stamped it quick and sent it to the President last week . They keep thinking that their toxic mortgages and the fraudulent docs to rush foreclosures through will end the crises . Proven wrong again . Keep writing, emailing, faxing,calling the major media outlets until they fix this crises, and bring the perpetrators to jail . No justice, No peace ! Thanks All

Pamela Stanford

Oct. 8, 2010, 11:23 p.m.

Harry Reid calls for a 50 state wide moritorium 10/08/10. Dave Stevens of HUD also calls for a moritorium.
Hold on folks, this could be real big.

Now the truth has come out and I am hearing these banks now want to give loan mods. I will not negotiate a loan mod or send them another dime until they send me a verifiable copy of the note.

Some media reports are calling this foreclosuregate scandal just the tip of the iceberg that when it is all uncovered it is going to be the biggest ponzi scheme ever. It is just starting to unravel. Power to the people!!!!!

Please vote REPUBLICAN on Nov. 2nd!  Unless of course you like more of the same we’ve been getting for the past two years from the DemocRATS!  Obama will continue to ram his socialist agenda down our throats, and part of that agenda is breaking the people—financially, emotionally, etc.  It’s all part of the plan so we are at their mercy and take any crumbs they throw at us.  FIGHT BACK AND TELL ALL YOUR FRIENDS AND FAMILY TO VOTE REPUBLICAN!  THANK YOU, AND GOD BLESS AMERICA!  THIS IS ONE OF THE MOST CRITICAL ELECTION OF OUR NATION’S HISTORY.  IF OBAMA AND HIS OBAMABOTS ARE NOT STOPPED, HE’S GOING TO COMPLETELY BANKRUPT THIS COUNTRY!!!!

How about we stop crying about a paper work smoke and mirrors story. The real story her is: THESE PEOPLE HAVE NOT PAID THE MORTGAGE THAT THEY SIGNED FOR!!!  Next time you won’t buy a house you can’t afford.  Thanks.

Tawanda Kanhema

Oct. 19, 2010, 5:52 p.m.

Guess what.. they didn’t pay because many of them were not financially eligible to receive mortgages in the first place. If you lure a minor into a contract and they default, as they naturally will, you will be the ultimate loser. The buck stops with the lenders for creating a mortgage wonderland and then flouting the law to recover their investments.

Tawanda Kanhema

Oct. 19, 2010, 5:53 p.m.

Guess what.. they didn’t pay because many of them were not financially eligible to receive mortgages in the first place. If you lure a minor into a contract and they default, as they naturally will, you will be the ultimate loser. The buck stops with the lenders for creating a mortgage wonderland and then flouting the law to recover lost investments.

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