foreclosure

I generally agree with yoru statement, all the tricks the FED did to print hosuing dollars are done now, now people have to bring real money, and that means wages. However I disagree with statement "businesses competing with foreign wages CANNOT pay higher wages to American workers". Businesses overpay their CEOs and upper management all the time (boards are made up of cronies, not directors working in best interest of stockowners) and big US businesses are generally making high profits and have record cash reserves. So businesses CAN afford to pay workers high wages, but rather, they simply WON'T because they do not have to (no laws, unions etc to force them) and the WON'T because unlike the waste of over-priced salaries at high-end of coroporate ladders, business are not so stupid and wasteful and low-end and they keep low and middle workers wages as low as they can or they outsource.

But just so you know in real world there is an alternative ( not one you will ever see in US due to our politics and people assumptions like yours) look at Germany. They are an exporting machine. Their companies are very competitive in world market AND their worker wages and benefits are much higher than US. They have higher horuly salaries, their workers get 6 weeks vacation from get go, etc.. Also, they are fairly heavily regulated, their companies are held to high safety standards, high worker fairness standards, and tough environmental standards and also their companies do a lot with expensive alternative energy.

So in my mind there are at least two ways to for a countries companies to be competitve on world market, China or Germany, the only option is NOT China and depressed wages and weak currency.

Again and again, I see smart people assuming we must just do a China to compete, low wages, weak currency, trash the environment, peel back regulations that keep workers safe and keep work place fair. Its like Germany's example does not enter our consciousness. No way we can have a strong social safety net, treat enviroment well, have a strong currency, pay workers well, regulate businesses to ensure fairness and still compete, pay not attention to Germany.

It may not be easy for US to replicate what is working for Germany, primarily simply because most in US media and culture has it so we don't even know it that at least one coutnry is already proven it is possible, but it is crazy not to at least look at what they are doing and see if maybe we could strive for something closer to them. Germany competes and grows and German workers benefit. Germans model is very good for the common wealth, and yet, all we can fixate on is China.

We see same phenomen in business. There are some companies that are very successful and treat their workers much better than average, while other companies see their only way to success is to treat low end workers as badly as possible and to overcompensate upper management. See simply Costco vs. Sam's club.

Stop self-limiting, we can be a globally competitive country and have a solid middle class and have clean air and water, safe workplaces. But we won't if we let crony upper management of US companies decide everything in their interest, because clearly, sh%^ting on workers and over-compensating themselves and their friends, corrupting our government for their purposes is what they will keep doing unless we fight for something better.

KABOOM! BofA, GMAC, Chase, Wells, Citi, Onewest Face N.J. Foreclosure Freeze

This is coming in from multiple fronts...

Chink in the Armor

The State Supreme Court of NJ has ordered a halt to all foreclosure in the state of NJ.

This is most excellent news for the reason you may not realize:

NJ is owned by the Wall St. Bankers.  Remember the movie Copland about a town in NJ owned and run by a bunch of NYC cops?

Guess
who used to be Governor of NJ?  Corzine.  Guess what his job was before
he became Governor?  Head of Goldman Sachs.  If you are a banker of
certain levels,  you live in one of three places, Manhattan,  Long
Island,  or NJ (what exit?).  NJ is owned and operated by the large NY
banking firms so for the Supreme Court to turn on them is stupendous
news.

V

www.chinkinthearmor.net

Matt Weidner

Apparently
the practices in foreclosure courts in New Jersey have gotten so out
of hand that the court has initiated an inquiry into the questionable
nature and inaccuracies of documents submitted in courts across the
entire state.

The
attached Order is filled with all sorts of crazy language like,
“Protecting the integrity of the judicial foreclosure process” and the
“need to restore integrity to the foreclosure process” and “due
process”.

Apparently
there were six “foreclosure Plaintiffs with a public record of
questionable practices” which the court felt compelled to address in
its supervisory capacity.

What in God’s name is going on up there in New Jersey?

Things
are just fine down here in Florida…..no problems with integrity or due
process or robo signing…no sir-ee, things are just fine thank y’all
very kindly.

Them banks ain’t run us over down here….no sir-ee, things are just fine thank y’all very kindly.

The integrity of our real property system is not in run…..no sir-ee, things are just fine thank y’all very kindly.

Us dumb
yokels down here in Florida cain’t hardly read all them fancy
newspapers and we ain’t heard ‘nuthin ’bout ‘nuthin going on in
Congress.

So you go on with yer investergatin…we’s jus fine down here in Sunnie Floreeduh!

Bloomberg

BofA, Lenders Face Possible N.J. Foreclosure Freeze

Bank of America Corp., JPMorgan Chase & Co.
and four other mortgage lenders and loan servicers face a possible
suspension of home foreclosures in New Jersey by Jan. 19 under a judge’s
order.

The action, announced today by New Jersey Supreme Court Chief Justice Stuart Rabner, also covers Citigroup Inc.’s mortgage unit, Ally Financial Inc.’s GMAC mortgage unit, OneWest Bank and Wells Fargo & Co.
The lenders were implicated in “robo-signing,” the submission of
hundreds or thousands of foreclosure claims that falsely swore to
personal knowledge of their contents, Rabner said.

The six
companies must “show cause why the processing of uncontested residential
foreclosure matters they have filed should not be suspended,” under an
order by Judge Mary C. Jacobson in state court in Trenton.

“It’s
important that the judiciary ensures that judges are not rubber-stamping
documents of questionable reliability,” Rabner said today in a
conference call with reporters.

Another
24 lenders and loan servicers with more than 200 residential foreclosure
actions each in 2010 must “demonstrate affirmatively that there are no
irregularities in their handling of foreclosure proceedings,” according
to an order by Judge Glenn A. Grant, administrative director of the
courts.

First U.S. State

Rabner
said New Jersey is the first U.S. state to take such an action. The
state’s courts received 21,752 new foreclosures in 2006 and have gotten
65,222 this year, according to Grant’s order. Only 6 percent of cases
were contested this year, meaning 94 percent lacked “any meaningful
adversarial proceeding,” according to the order.

Lawyers
in foreclosure cases must also certify that they have communicated to
employees at the mortgage companies that they have personally reviewed
all documents and that they are accurate, Rabner said.

Bank of
America, Wells Fargo and JPMorgan are the three biggest U.S. home-loan
servicers, handling payment collections, debt modifications and
foreclosures on almost 50 percent of the $10.7 trillion of outstanding
mortgages, according to newsletter Inside Mortgage Finance.

Attorneys
general from all 50 states in October started probing mortgage
servicers after revelations that they may have acted illegally in having
employees sign affidavits that they didn’t review. GMAC Mortgage,
JPMorgan Chase and Bank of America were among companies that temporarily
halted foreclosures amid claims that the legal documents were
mishandled.

Suspended Forclosures

Thomas Kelly,
a JPMorgan spokesman, declined to comment on the New Jersey order.
Since September, the New York-based bank has suspended foreclosures in
40 states, including New Jersey, he said. It resumed foreclosures in
some of those states, he said.

Jumana Bauwens,
a spokeswoman for Charlotte, North Carolina-based Bank of America, said
the bank is reviewing the judge’s order and can’t comment at this time.

Gina Proia, a spokeswoman for Detroit-based Ally Financial, declined to comment.

New York-based Citigroup “will review the Justice’s order and will ensure that we meet the new requirements,” spokesman Mark Rodgers said in an e-mail.

Foreclosure Review

“Citi
has been continuously reviewing its foreclosure processes with respect
to its U.S. mortgage portfolios,” Rodgers said. “Last year, we took a
series of steps to strengthen our processes and added additional
resources to ensure foreclosures were being processed correctly.”

Diane Henry,
a spokeswoman for Pasadena, California-based OneWest, declined to
comment. OneWest was formed in the aftermath of IndyMac Bancorp’s
failure.

Jason Menke,
a spokeswoman for San Francisco-based Wells Fargo, said in an e-mail:
“We recognize and respect the need to ensure we always comply with
respective state laws. With our outside counsel, we intend to comply
with the New Jersey court’s order and demonstrate why the foreclosures
scheduled in New Jersey should move forward.”

U.S. bank regulators investigating foreclosure problems could impose fines or seek criminal penalties as soon as January, said Julie L. Williams, chief counsel of the Office of Comptroller of the Currency, said at a congressional hearing Dec. 2.

The
order is In the Matter of Residential Mortgage Foreclosure Pleading and
Document Irregularities, Administrative Order 01-2010.

To contact the reporters on this story: David Voreacos in Newark, New Jersey, at dvoreacos@bloomberg.net; Jody Shenn in New York at jshenn@bloomberg.net.

Order with supporting docs below...

4closureFraud.org

Order to Show Cause Issued by Judge Mary Jacobson - Residential Mortgage Foreclosures - Robosigning

Order to Show Cause Issued by Judge Mary Jacobson - Residential Mortgage Foreclosures - Robosigning

Administrative
Order Directing Submission of Information from Residential Mortgage
Foreclosure Plaintiffs Concerning Their Document Execution Practices to a
Special Master

Administrative Order Directing Submission of Information From Residential Mortgage Foreclosure Plaintiffs C... Notice and Order - Emergent Amendments to Rules 1:5-6, 4:64-1, and 4:64-2 - Residential Mortgage Foreclosures

Notice and Order - Emergent Amendments to Rules 1 5-6, 4 64-1, And 4 64-2 - Residential Mortgage Foreclosures

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