There was a mortgage meltdown in the United States more than four years ago. President Obama, in his State of the Union Address, recently discussed investigating irregularities with regard to how mortgages were handled in the United States. The President stated there will be a fresh investigation into mortgage abuses. He said his goal was to “hold accountable those who broke the law, speed assistance to homeowners and help turn the page on an era of recklessness that hurt so many Americans.” I wonder whether this was election year speech or is the President going to finally take the appropriate action necessary to find and punish the real villains of the mortgage crisis.
Fifty Months With No Significant Prosecutions
More than fifty months into the mortgage crisis in America all prosecutorial actions of the Federal government have been very narrowly focused. These civil lawsuits are looking for fines do not impact on the huge level of profits made by the illegal inappropriate activities of the mortgage lenders that led to the financial meltdown in the United States. To date there have been no significant criminal prosecutions against the major mortgage lenders in the United States.
I am concerned this new investigation will be more of a public relations campaign to help President Obama be reelected and not a detailed look into who should be the subject of criminal prosecution with regard to mortgage irregularities in the United States. The president must make sure the individuals charged with conducting this investigation are given real power to prosecute those individuals and organizations that abused their public trust causing trillions of dollars in damages and millions of Americans to lose their homes. The President, to restore the public faith in the financial system in the United States, must conduct a full investigation and hold all those individuals responsible for the mortgage crisis in America accountable for their inappropriate and/or illegal acts.
If your home is in foreclosure you should hire an experienced lawyer to defend your case. Elliot Schlissel was a former President of the Commercial Lawyers Conference in New York. His initial experience was in representing financial institutions collecting on loans and credit cards from debtors. Elliot has used his vast experience in representing the banks to help individuals whose homes are in foreclosure defend themselves from attorneys representing the banks. His law office appears in court for foreclosure settlement conferences. They draft answers alleging defenses such as defective mortgages, predatory lending,foreclosure fraud and other real estate defenses. They provide clients with all foreclosure defense options at the initial consultation.
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