January 18, 2012 – The Federal Reserve Board’s (FRB) attempt to make taxpayers who lost their homes, or, are in foreclosure currently is nothing but a scam, taking advantage of desperate people in a desperate situation. Update at end of story posted 1-23-2012:
The Independent Foreclosure Review (IFR) states;
“As part of a consent order with federal bank regulators, the Office of the Comptroller of the Currency (OCC), the Office of Thrift Supervision (OTS) (independent bureaus of the U.S. Department of the Treasury), and the Board of Governors of the Federal Reserve System, fourteen mortgage servicers and their affiliates are identifying customers who were part of a foreclosure action on their primary residence during the period of January 1, 2009 to December 31, 2010.”
“The Independent Foreclosure Review is providing homeowners the opportunity to request an independent review of their foreclosure process. If the review finds that financial injury occurred as a result of errors, misrepresentations or other deficiencies in the servicer’s foreclosure process, the customer may receive compensation or other remedy.”
This is the biggest scam ever perpetrated on the American People. It makes Bernie Madoff look like a choir boy. Here’s why.
In the spring of 2011 the OCC and FRB issued consent orders against most of the major banks and mortgage companies making it look like they were stopping mortgage / foreclosure fraud. Result? The frauds never stopped. So then to make it look like they have a handle on the situation they hire the following companies (Consultants) to do “file reviews and claims processes to identify borrowers who suffered financial injury as a result of procedural deficiencies.”
- AllonHill for Aurora Bank
- Clayton Services for EverBank
- Deloitte & Touche for JPMorgan Chase
- Ernst & Young for HSBC and MetLife
- Navigant Consulting for OneWest
- PricewaterhouseCoopers for Citibank and US Bank
- Promontory Financial Group for BofA, PNC, and Wells Fargo
- Treliant Risk Advisors for Sovereign Bank
The problem with these so-called Consultants is that they wouldn’t know mortgage / foreclosure fraud if it bit them in the rear end. To overcome that OCC / FRB hired Rust Consulting to man the phones to collect all the information from the taxpayer. Rust Consulting then feeds this information to the so-called “Consultants,” who actually determine if the applicant has been damaged. This is the sticky wicket.
Rust Consultant is owned by SourceHOV, a company with very close ties to the federal government. The “engagement letters” [contract] whereby OCC / FRB hired the Consultants, prohibits the Consultants from making legal conclusions, yet to determine if the Applicants under the IFR have been damaged the Consultants have to draw legal conclusions. Can you say “CONFLICT of INTEREST?” The person in charge of this at Promontory Financial Group [Consulatnt] is Michael Dawson] 1, former high ranking official at the U.S. Treasury.
This double edged sword is in play because seeing how the Consultants don’t know the ends and out of mortgage / foreclosure fraud, or, the inner details of Mortgage Electronic Registration Systems, Inc. (MERS) [MERS is the King-Pin in the Racketeering Enterprise that almost bankrupted the global economy], the OCC / FRB decided to feed all the Applicants information to the Consultants so they can gracefully turn down the vast majority, AND, at the same time get information to help them write their so-called independent reports, hopefully sounding somewhat intelligent on the subject matter. “Bump & Grab” SCAM!!!!!!!!!! The Consultants are knowingly and willingly participating and are now liable. Stay tuned for updates.
1. (From Promontory’s Website) – “Prior to joining Promontory, Michael [Dawson] served at the Department of the Treasury. As Senior Adviser to the Deputy Secretary, he assisted Treasury’s second-in-command in leading an interagency committee of the National Security Council charged with developing counter-terrorist financing strategies; representing the United States in international tax disputes; and conceiving and implementing economic development initiatives in the areas of remittances, foreign direct investment, and housing. Later, as Deputy Assistant Secretary for Critical Infrastructure Protection and Compliance Policy, he was responsible for assisting in the development of regulations implementing the Patriot Act. He also served as Treasury’s lead policy Deputy Assistant Secretary on renewal of the uniform national standards provisions of the Fair Credit Reporting Act, which led to the Fair and Accurate Credit Transactions Act of 2003. Prior to Treasury, Michael served as Chief of Staff and Counsel to FOLIOfn, a web-based, self-clearing broker-dealer. He also was a Litigation Associate, specializing in financial services at law firm Covington & Burling, and was a clerk for Judge James L. Oakes on the Second U.S. Circuit Court of Appeals.”
UPDATE: Januray 23, 2012:
The states are now talking about a settlement with the 5 major banks [Bank of America (BAC), JPMorgan Chase (JPM), Wells Fargo (WFX), Citibank (C) and Ally Financial], which is totally inadequate. It’s no wonder the banks want this settlement now after their scam has been exposed. State AGs would be well advised to be patient and let the “whole truth” come out before any settlement as angry taxpayers might sue state officials. AGs can contact us and we’ll tell them the truth. (307)-275-1017 – firstname.lastname@example.org