AZ AG Terry Goddard press conference tomorrow re: Homeowners Rights

Sometimes you just have to love Twitter it is so fast.  10 minutes ago I read this! 

ArizonaAG AZ Attorney General 

AG Goddard will hold a press conf tomorrow to announce a significant legislative proposal RE: rights of home loan borrowers in AZ#AGOs

Now if you are keeping up on this issue you will have read yesterday that 50 states Attorney Generals have joined together to share information and  INVESTIGATE  the foreclosure fraud that has been occuring over the past 2-3 years. This fraud has been dubbed "foreclosure-gate" by some media. 

While investigating  is a great move it does not help those that  have already lost their homes.   It will however help many that are facing problems now.    WE are eager to hear what Terry Goddard has to say tomorrow regarding homeowner rights.  

You probably already know that 2-3 major banks have a foreclosure freeze in effect nationwide. So while that is happening, read up and get ready in case you have to fight further on your foreclosure.  Do not assume that anything is being solved.   Voting time is coming up and I encourge you look into the records of those you vote for.. are they covering up fraud or are they revealing fraud. 

REmember to have all 50 states involved means this is BI PARTISAN.. probably the largest Bi Partisan effort in years. 

ARIZONA AG Goddard Warns 60 Mortgage Servicers About Possible Foreclosure Violations

NOTE:   Arizona is second largest hit by foreclosure crisis.  If you are facing foreclosure there is a free seminar Sunday in Arizona.    

 Goddard Warns Mortgage Servicing Companies About Possible Foreclosure Violations, Demands Information
((Phoenix, Ariz. -- Oct. 8, 2010) Attorney General Terry Goddard announced today he is sending letters to more than 60 mortgage loan servicing companies in Arizona, warning them about possible violations of state law in document signature practices involved in home foreclosures and demanding a thorough review of those procedures to make sure they comply with the law.Those practices involve the use of "robo-signers" -- employees who may sign hundreds of foreclosure documents a day without reviewing their contents. Some of the nation's largest loan servicers have admitted publicly in recent days that their employees have signed thousands of documents without knowing what's in them. They further admitted that employees have signed affidavits that falsely claim personal knowledge of the facts and have sometime filed inaccurate documentation.

In the letters to servicers, Goddard said such practices likely constitute a violation of the Arizona Consumer Fraud Act. He demands that the companies review the documentation supporting foreclosures and immediately rectify all foreclosures or trustee's sales found to have been not legally justified.

"Several servicing companies have admitted that rubberstamping foreclosure documents was common in other states. If it took place in Arizona, I want it stopped," Goddard said. >>>keep reading by clicking title links




Excerpts from Arizona AG Facebook: (click to read full note on facebook)

Bank of America, the nation's largest bank by assets, today announced it is halting all foreclosure sales across the U.S., effective Saturday, in response to the "robo-signer" disclosures. The bank said it would keep its moratorium in place until it completes an assessment of its document signing practices in every state.

In his letters, Goddard also reminded the companies of a new state law that makes it illegal for some trustee's sales after July 29 to be conducted without first attempting to contact the borrower to explore options to avoid foreclosure. 

A copy of the letter to servicers can be found here: http://www.azag.gov/press_releases/oct/2010/Mortgage%20Loan%20Servicer%20Letter.pdf

2 days earlier a settlement with Wells Fargo was reached.  This will help some but not necessarily in the way they think. Some will qualify for principle reductions.   Read the information here
 Attorney General Terry Goddard announced a multi-state agreement with Wells Fargo Bank

Wells Fargo Settlement with Arizona: Terry Goddard AG

Well it is a small start. Thank you AG. NOW can you make it more than just forcing a refi? What about hundreds of people already WRONGFULLY evicted from their home in past couple of years??? I do appreciate the good hard work done and some of my friends faceing foreclosure NOW will benefit.  I would like to see the CROOKS in JAIL though. And let me see if I understand this right..... the AG office is given 2 million by Wells FARGO to prevent foreclosure... meanwhile I have friends evicted and financially ruined,  who could not get relief earlier.

My friends won't get relief now, because you have to refinance to get the relief.  you can't refinance if you are out of the home.

Let's see:   So while you get 2 million for fighting foreclosure; my friends get the boot, and  upturned life  with the bonus of  a 7 year blight on credit.  All this and more  for fighting foreclosure and morgtage fraud.  Yup sounds equitable to me.  (sarcasm intended).

Don't get me wrong I am thrilled you got settlement. At least it's something; however,  I would still  like to see the CROOKS in JAIL . 

Arizona Attorney General Terry Goddard: "(Phoenix, Ariz. - Oct. 6, 2010) Attorney General Terry Goddard today announced a multi-state agreement with Wells Fargo Bank ('Wells Fargo') over allegedly deceptive marketing of payment option adjustable rate mortgage loans ('POAs') by two companies it acquired: Wachovia Corporation ('Wachovia') and Golden West Corporation ('Golden West').

At least 1,718 Arizona POA borrowers will be eligible for loan modifications that will provide almost $154 million in mortgage relief in Arizona, Goddard said. This sum includes more than $86 million in principal forgiveness for Arizona homeowners. The eligibility period for modifications to be made extends from April 1, 2010, to June 30, 2013. Wells Fargo will also pay $2.1 million to the Arizona Attorney General’s Office to assist the State’s efforts to prevent or mitigate foreclosures and prevent mortgage or loan modification fraud."