"If the American people ever allow private banks to control the issue of their currency, first by inflation,
then by deflation, the banks and corporations that will grow up around them will deprive the people of
all property until their children wake up homeless on the continent their fathers conquered. The issuing
power should be taken from the banks and restored to the people, to whom it properly belongs."
– Thomas Jefferson, Letter to Treasury Secretary Albert Gallatin (1802)
According to the video below, (suprise) our government helped facilitate a coup by
J.P. Morgan to "scoop up" WaMu for "peanuts."
-- Note, the portion of WaMu not bought by the "cherry picking" J.P. Morgan is now suing the FDIC to have
4 billion dollars returned to pay creditors. Hey WaMu, you need to return that 4 billion to the borrowers
you suckered with the ponzi scheme called "securitization." WaMu knew of these practices and actively
and agressively hunted down anyone with a heartbeat (and in some cases not even that) and saddled
these borrowers with a mortgage that had no hope to be repaid after the initial the "teaser rate" reset..
The reason WaMu (and the other criminal "lenders") did this was after getting a borrower to sign on the
dotted line, the loan was quickly sold forward to an investment bank, who then renamed this garbage a
"security" which was sold to large investors like pension funds, etc..The banks and investment banks
made a killing, while borrowers and investors are left to sort through the carnage.Investor suits have
started against these investment banks who sold this trash, borrowers will soon follow "suit."
This N.Y.Times article helps provide an inside glimpse, from a former WaMu employee's perspective,
of what went on as far as WaMu's lending practices (7/2/2009)
More Foreclosure In The News
Letter From The Attorney
You really don't have to look very hard in the news lately, to see that the foreclosure situation in Massachusetts and Connecticut is reaching frightening proportions.
It is hoped that the information on this website may provide benefical advice, guidance, and be used as a resource of information for foreclosure prevention help by those who were victims of coercive tactics in the procurment of their loan, members of the bar, as well as others seeking information about foreclosures in general.
When faced with a foreclosure, most people figure they have no way out and do not challenge the foreclosure of their home. There may be several defenses you as the homeowner have, but fail to use by not challenging a threatened foreclsoure. Over 80% of foreclosure actions go unchallenged by the homeowner, DON'T LET THIS HAPPEN TO YOU !!
When a homeowner is confronted with a potential foreclosure situation, you need to consult an experienced attorney who specializes in this area of the law, due to its highly complex nature. I am admitted to the Massachusetts and Connecticut bar, and I have decided to concentrate a great deal of my practice in the areas of foreclosure defense, workouts with mortgage lenders and servicers that include mortgage mofification negotiation, and also in related areas of the law; such as bankruptcy, divorce, and landlord-tenant law.
There are many options a homeowner may have to possibly defend against foreclosure, including (but not limited to), examining the recent government and lender loan programs (including the Hope For Homeowners Program), private offering of a proposal to modifying the existing home mortgage, challenging the mortgage servicer and lender on the defects, irregularities, and illegality of your home
mortgage, and bankruptcy, just to name a few. Please refer to the links on the left side of this page for more detailed information information about some of these topics.
One of the key concepts to understand in foreclosure defense, is that your mortgage most likely is "securitized." Gone are the days of driving down to your local bank, taking out a loan, and having that lender retain your mortgage note (although these days may be returning after the bloodbath America is now taking). Today your original lender has now "sercuritized" you loan, and ends up selling your mortgage note, again and again, even selling it simultaneously to different investors. Therefore many times when challenged, the entity foreclosing cannot produce your original note, and tries to bluff its way through the foreclosure (if challenged), by saying they are presenting a "certified copy of the original note."
This is fairly new ground in Massachusetts and only recent Massachusetts Bankruptcy decisions have recognized this problem, Massachusetts State courts have not really dealt with the issue in detail to date. I have dedicated a page of this website to the Mortgage Securitization process. This page has a set of videos explaining the securitization process of mortgage backed securities, and also things such as crredit default swaps, and collaterlized debt obligations.
Tenants can be affected by foreclosure as well, and have rights under the law.
If staying in your home is not an option, you may want to consider a Deed In Lieu of Foreclosure
If you have questions about saving your home through foreclosure prevention, or specifically have a question about Massachusetts or Connecticut foreclosure defense, please contact me for a free, no obligation discussion about your situation.
I will look at your situation, and If I can help you I'll let you know. If I can't help you, I'll tell you know that too, and if possible refer you to someone that can help you.
If it turns out that you have a defense to your foreclosure I will work out a payment plan that you can afford.
I would like to say that the mortgage industry as a whole, while under siege at this time, had (and still has) many dedicated professionals who are working in their clients best interests. Unfortunately, there were (and still are) a few bad apples in the bunch, and those individuals have inflicted a devastating blow to our communities, our economy, and quite possibly have contributed greatly to put this country well on the road to recession, if not depression.
It is unfortunate that these bad apples" did not follow the words and advice of the late great Napolean Hill below, in fact this quote should provide a lesson to us all :
"Before us lie two paths -- honesty and dishonesty. The shortsighted embark on the dishonest path; the wise on the honest. For the wise know the truth; in helping others we help ourselves; and in hurting others we hurt ourselves. Character overshadows money, and trust rises above fame. Honesty is still the best policy". ---Napolean Hill
Respectfully submitted,
Glenn F. Russell, Jr.
Law Office of Glenn F. Russell, Jr.,
38 Rock Street
Suite #12
Fall River, MA. 02720
eMail: russ45esq@gmail.com
atty.gruss@gmail.com
Telephone: (508) 324-4545
Fax: (508) 938-0244
Please visit my Contact Information Page
For my Office:
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Meebo details.
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Neil Garfield's Foreclosure Defense Group
I am Listed On Neil Garfield's Living Lies Website,
As A Lawyer "Who Gets It." in Massachusetts and
Connecticut, as part of his Foreclosure
Defense Group
If you wish to become a Trusted Partner, please
contact me for more information
____________________________________________________________________________________________________________
The most recent update of this page occurred on 07/02/2009.
Nothing contained herein should be construed to constitute advice for your personal circumstances.
This is intended as a peripheral exposure to the various foreclosure options available, but by no means is this a comprehensive or exhaustive analysis of foreclosure laws or their alternatives. One defense in foreclosure is a Chapter 13 bankruptcy.Whether or not you should file Chapter 13 bankruptcy, or any bankruptcy, will vary depending on your personal circumstances and should only be undertaken after careful consideration, analysis and after consultation with an attorney experienced with
such matters. These pages may contain information and rules peculiar to the
Commonwealth of Massachusetts and The State of Connecticut
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