.

Fraudulent Foreclosures in Illinois

Fraudulent foreclosures are still happening in Illinois.

Illinois' anti-fraud foreclosure bill (HB5665) is stuck in the Illinois House and it looks as if it may not pass.  There has been an amendment to the bill which basically guts the bill and makes it worthless to the people of Illinois. 

This bill without Amendment No.2 saves Illinois taxpayers money and protects them against illegal and fraudulent foreclosures.  HB5665 is not a partisan bill and upholds the principles of both parties. 

How can it pass UNANIMOUSLY out of committee supported by both parties but when out of committee gets gutted and cannot get enough votes to pass and become law?  The only explanation we can think of is that banks want to be able to continue to defraud our courts, defraud our land record systems, defraud our people and abuse our tax dollars in order to make their pockets fatter.  UNBELIEVABLE!

NAACP Chicago Far South Suburban Branch’s Legal Redress Committee has reviewed many foreclosure files and we have NOT FOUND ONE SINGLE FORECLOSURE WHERE THE BANK'S DOCUMENTS DID NOT CONTAIN FORGED SIGNATURES OR OTHER FRAUD!  In fact, two of the largest foreclosure law firms in Illinois are signing documents on behalf of companies trying to transfer ownership of the notes and/or mortgages TO THEIR OWN CLIENTS then TURNING AROUND AND SUING THE COMPANY THEY SIGNED THE DOCUMENTS ON BEHALF OF IN THE FORECLOSURE.  Not only is this UNETHICAL it is ILLEGAL.  But, this is very commonplace in foreclosures and has gone on for years without any charges against them by ANY government organization.  This practice of systemic fraud will continue as long as HB5665 without Amendment No. 2 remains a bill and doesn't become law.

If you are tired of seeing “Too big to fail” banks win by fraudulently gaming the system contact your State Legislator today and demand that they make HB5665 law without Amendment No. 2.

Most of the IL State Representatives' Facebook pages are shown on NAACP Chicago Far South Suburban Branch’s Facebook page.

To find telephone numbers and the email address of your State Representative click on:

http://www.elections.il.gov/DistrictLocator/DistrictOfficialSearchByAddress.aspx

If Illinois does not pass HB5665 without Amendment No. 2 and protect its citizens against illegal foreclosures, then Illinois deserves to be known as the most corrupt state in the country and its citizens deserve NEW LEGISLATORS.

Please share with anyone you know that is in or facing foreclosure.


David L. Lowery, Jr. – President,
NAACP Chicago Far South Suburban Branch

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Walt Wingo May 07, 2012 at 03:19 PM
You should have read the bill. You could have avoided embarrassing yourself with statements like "I often wonder why no one went to the authorities or to the banks and complained that the mortgage was fraudulent BEFORE the foreclosure was filed." THIS IS A FRAUDULENT FORECLOSURE BILL! IT HAS NOTHING TO DO WITH PROTECTING HOMEOWNERS AGAINST FRAUDULENT MORTGAGES.
ron kurowski May 09, 2012 at 01:58 PM
Dave, you have it exactly right. Banks were not forced to make bad loans; they made them because they were making a lot of money off those loans with no risk to their selves. The securitization of the financial industry allowed the banks to sell their sub-prime loans to investment banks such as Golden Sachs who would design financial instruments consisting of thousands of both sub prime and conventional loans and then sell those collateralized debt obligations (CDOs) to unsuspecting investors. The more bad loans banks made the more money they made with no financial risk. As you correctly pointed out it is the big corporations stocked with conservatives that caused the majority of the financial crisis. But the real culprit is a corrupt political system that allowed the morphing of the financial industry, whose function use to be to provide the capital required by the country, into a huge unregulated casino, where the only rule is that there are no rules. A casino whose world view is the market is always right and self correcting and that any regulation is a crime against humanity. It is a world view once heralded but now rejected by Alan Greenspan but is still the center-piece of a right-wing agenda that is determined to keep that casino humming right along no matter what the risk is to the financial health of the country or of the world.
Julie Brown May 13, 2012 at 07:44 AM
Michael, You are truly ignorant! The fraud that is happening with peoples homes have more to do with the banks and Wall Street types greed. I am a forensic and securitization auditor and I can show and tell you how homeowners were preyed on due to their trust in the lending institutions, their underwriters, compliance officers, mortgage brokers and even some real estate attorneys. If I had a dollar for every time I viewed a homeowners documents and learned that the lending institution forged the homeowner's signature, increased their interest rate, changed their good faith estimate and income after the closing date I'd be a millionaire. Not to mention the hundreds of homeowners who were foreclosed on who didn't even have a mortgage because they paid cash for their homes when they closed. I am one of those homeowners. I paid cash for my home and three years later I received a letter from a bank telling me that they would be servicing my mortgage (a mortgage I never had). I contacted the bank and notified them that my home was paid for and the bank representative ordered me to send in proof. I assumed the call was a prank so I ignored it. Four months later I was foreclosed on. Fortunately because I am a fraud investigator the foreclosure action was dismissed with prejudice. While you're blaming the homeowners you may want to go to your recorder of deeds office and look into your own property. You very well may be a MERS foreclosure victim waiting to happen...
Julie Brown May 13, 2012 at 08:05 AM
How naive! The government is a major part of the problem. Watch "The Inside Job" and "Too Big to Fail." You can find these movies and documentaries at your local movie rental store. You will definitely be disappointment in the government you so believe in and even more disgusted that the Wall Street Journal isn't exposing the fraud. Better yet, if you are a homeowner have a forensic and securitization audit conducted on your mortgage documents and research your deed at your local recorder of deeds office. Nine times out of ten if your deed was ever in the Mortgage Electronic Registration (MERS) you're paying your mortgage to a bank who has no interest in your deed and more than likely don't know who your investor is. Banks who do not own your note do not have a legal standing to foreclose on a home according to Illinois foreclosure statues. I was a foreclosure victim and I never even had a mortgage. I paid cash for my home at the closing table. Fortunately because I am a fraud investigator, after two plus years I was able to prove that the bank used fraudulent documents to claim my home and they had no interest in my home. The foreclosure action was dismissed with prejudice. What happened to me is happening to many people nationwide and the banks are getting away with it because there are many people out their in decision making positions who think like you and Michael. It is time for people to wake up and realize this type of fraud can happen to ANYONE!
Julie Brown May 13, 2012 at 08:16 AM
Re: http://www.businessweek.com/the_thread/hotproperty/archives/2008/02/clintons_drive.html Michael, You're kidding, right? You're trying to blame Bill Clinton? Lol! Do your research. Rent "The Inside Job" and "Too Big to Fail" at your local movie rental store. Or, if you have cable search for both on HBO and then watch them. It was definitely the Bush Administration and his Wall Street friends who caused this mess. But don't take my word for it. Do your research so you don't come across as being naive and out of touch with reality...

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »