Marin Family Action

Today, President Obama signed into law the most sweeping reforms of our financial system since the Great Depression and the strongest consumer protections in history.

We’ve put together a video that walks through what the bill means for the American people:

Watch the video to see a few highlights.

• There’s now a single agency responsible for looking out for consumers: the Bureau for Consumer Financial Protections. Instead of seven agencies dealing with these issues part-time, one agency will be in charge of establishing clear rules of the road for banks, mortgage companies, payday lenders and credit card lenders.
• Mortgage brokers won’t make a higher commission by selling people mortgages that they can’t afford. This was a major factor in the recent housing crisis. Now brokers and banks have to take into consideration a borrower’s ability to repay before giving a home loan.
• You’ll be able to get a free credit score if you’re denied a loan, an apartment, or a job because of your credit, so you won’t be turned down without knowing why. Right now, you get one free credit report a year, but you can’t see your credit score for free, even if a lender or employer rejects your application because you have bad credit.

No more bailing out banks with our tax dollars, no more “too big to fail.” If a company’s in trouble because of risky gambles, it will have to liquidate — and do so before it can take down the rest of the financial system.

To learn more and watch the video, head over to WhiteHouse.gov:

Yesterday, under pressure from the President, the Senate overcame a partisan minority and took an important step toward passing an extension of unemployment insurance. We need to keep the pressure on to ensure that there are no more delays and that this assistance gets to our friends and neighbors who lost their jobs during this crisis as soon as possible.

Their struggles are a staggering reminder of how much damage has been done and how many families have had it so tough for so long now — in no small part due to reckless greed and irresponsibility hundreds or thousands of miles away on Wall Street.

The problem was that year after year, decade after decade, Wall Street gained more and more power in Washington, and they and their allies in Congress fought with everything they had to derail these reforms — but this time there was a President who fought back, and this time they lost.

Let me tell you something: This President has been fighting for the middle class since Day 1. He stood strong for the Recovery Act that’s created or saved 3 million jobs and cut taxes for 95 percent of working families. He fought tooth and nail against the insurance companies to pass health reform after seven previous presidents failed. And now the middle class has won out over the Wall Street lobbyists.

Wall Street reform is a big deal — and it’s only the latest major step forward for the American people.

Sincerely,

Joe Biden
Vice President

P.S. If you’ve made it this far, I know you’re interested in Wall Street reform. Check out the video, and share it with folks who might find it helpful:

Wall Street Reform Video

The bank did not do its job, according to this judge: “If you make a liar loan, then you cannot claim you were harmed by relying on lies.” The result: This family won their home free and clear.

A false loan application is fraud and usually grounds to deny a bankruptcy discharge, but this lender did not verify the income and did not rely on false application, according to an Oakland, CA, judge which called the case “a poster child for some of the practices that have led to the current crisis in our housing market.”

When homeowners call the HopeLine, they are usually given a timeline stating where they are in the foreclosure process and how much longer they will be able to keep their home. “It’s a total waste of time,” said one Mill Valley resident. “I didn’t learn anything new, and I had to wait on hold forever just to listen to some guy across the country that doesn’t really know what he’s talking about.

The FBI has a section on its site entitled “Money Matters.” Sections include Scam Watch, Credit Cards, Managing Your Money, Dealing with Debt, Your Home, etc.

The court found that MERS acted “only as a nominee” for Bayrock under the Deed of Trust and there was no evidence that the note was transferred.

In bankruptcy court documents, the party attempting to foreclose is identified as Mortgage Electronic Registration Systems Inc., or MERS, a small Vienna, Va.-based company employed by lenders to streamline the resale of mortgage loans and servicing rights. In that role, MERS claims an interest in tens of millions of U.S. home loans and the legal right to foreclose on those in default.

The Marinstock Benefit Concert was held to encourage us to give back to our community by helping families who have lost so much due to the mortgage crises.

Bombshell – Judge Orders Injunction Stopping ALL Foreclosure
Proceedings by Bank of America; Recontrust; Home Loan Servicing et al
Foreclosure Fraud | June 6, 2010 at 8:03 AM
(St. George, UT) June 5, 2010 –
A court order issued by Fifth District Court Judge James L. Shumate May 22, 2010 in St. George, Utah has stopped all foreclosure [...]

Marin Family Action and Families Fighting Foreclosure under the direction of Manny Fernandez is doing an amazing job of holding the mortgage wolves at Bay. Approximately 36 homes are still in the hands of the families — NOT the lenders or, worse, those that do not hold the note but who “service the loan.”