Click here to close now.

SYS-CON MEDIA Authors: Elizabeth White, Peter Silva, Glenn Rossman, Kevin Jackson, Michael Jannery

News Feed Item

Save the American Dream: Stop Mortgage & Foreclosure Fraud in Maryland

CLINTON, Md., Feb. 11, 2014 /PRNewswire-USNewswire/ -- The following is a statement by Rev. Delman Coates, Ph.D., Senior Pastor at Mt. Ennon Baptist Church, Clinton, MD:

As a local pastor in a region struggling with high foreclosure rates, one of the toughest things I do is counsel members of my church and community who are losing their homes. Homeownership is a cornerstone of the American dream, and for middle class families, their house is the biggest asset they will ever have. It provides economic security for working families, stabilizes our neighborhoods, and enables people to earn equity in an investment that can be passed down to their children and grandchildren.  

The most difficult days of the initial collapse of the real estate market in America and the global financial crisis may have lapsed, but until we do more to protect homeowners with distressed mortgages who are at risk of losing their homes, too many families will continue losing their piece of the American dream.   

Homeowners at risk need more voices fighting to protect their interests. Regrettably, one of the biggest obstacles they face is the persistent myth that foreclosures are primarily the result of deadbeat homeowners who purchased homes they could not afford. Nothing could be further from the truth. Since the late 1990s, banks have been designing ways to securitize mortgages into risky financial instruments, and that combined with the way in which the banks assigned notes and avoided recordation of deeds put vulnerable home buyers at immense personal financial risk.  At the same time, federal and state governments failed to properly protect homeowners and enforce laws regarding fraud and predatory lending.  The end result: millions of Americans lost their homes and home equity over the past 6 years, even though the same banks that created the global financial crisis were saved by the federal government and tripled in size. If the banks are too big to fail, then the American family should be too big to fail as well.

I fear the passing of the global financial crisis and the slow but steady improvement in our economy will paper over the foreclosure crisis that still exists in many of our communities. Here in Maryland, which has one of the highest rates of foreclosures in the country, too many of our elected officials and judges lack the urgency needed to protect the public from predatory lending, mortgage fraud, and foreclosure fraud.  The national mortgage servicing settlement with the banks has been held up as a victory for distressed homeowners, but many advocates see it as a smokescreen giving the impression that states are holding the culprits of mortgage and foreclosure crime accountable.  This slap on the wrist fails to give underwater and illegally foreclosed upon homeowners the restitution they deserve.  False documents are still being submitted in foreclosure hearings. Fraudulent documents are still being filed in land records. State and local recordation laws are still being violated. Banks are still violating terms and conditions of the mortgage settlement by engaging in dual-tracking. Foreclosing entities are still not adequately proving they have standing to enforce mortgage notes.    

Those of us on the ground, in the faith and advocacy communities, are asking for leadership.  The toxic mortgages, the securities fraud, and the questionable legality of foreclosures in Maryland are undermining the faith and credit of property ownership in our state.  But few seem willing to act - not the O'Malley/Brown administration, not the Attorney General's office, not the state judiciary. Legislative solutions are a must.  Greater scrutiny of decisions in foreclosure courts is imperative.  A procedural review of past foreclosures seems appropriate.  Existing laws concerning mortgage and foreclosure fraud need to be more strongly enforced.  Otherwise, the American dream of homeownership will continue to be put at risk for thousands more homeowners Maryland.  As a community, we must educate ourselves, organize ourselves, and elect politicians who will serve the public interests rather than the special interests.  Let's work to save the American Dream.

Contact person: Lauren Jones (301) 238-4979    [email protected]

SOURCE Mt. Ennon Baptist Church

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Platform-as-a-Service (PaaS) is a technology designed to make DevOps easier and allow developers to focus on application development. The PaaS takes care of provisioning, scaling, HA, and other cloud management aspects. Apache Stratos is a PaaS codebase developed in Apache and designed to create a highly productive developer environment while also supporting powerful deployment options. Integration with the Docker platform, CoreOS Linux distribution, and Kubernetes container management system ...
As organizations shift toward IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection &E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 16th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships, will disc...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, will analyze a range of cloud offerings (IaaS, PaaS, SaaS) and discuss the benefits/challenges of migrating to each of...
Cloud data governance was previously an avoided function when cloud deployments were relatively small. With the rapid adoption in public cloud – both rogue and sanctioned, it’s not uncommon to find regulated data dumped into public cloud and unprotected. This is why enterprises and cloud providers alike need to embrace a cloud data governance function and map policies, processes and technology controls accordingly. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance...
Hadoop as a Service (as offered by handful of niche vendors now) is a cloud computing solution that makes medium and large-scale data processing accessible, easy, fast and inexpensive. In his session at Big Data Expo, Kumar Ramamurthy, Vice President and Chief Technologist, EIM & Big Data, at Virtusa, will discuss how this is achieved by eliminating the operational challenges of running Hadoop, so one can focus on business growth. The fragmented Hadoop distribution world and various PaaS soluti...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch ...
The Workspace-as-a-Service (WaaS) market will grow to $6.4B by 2018. In his session at 16th Cloud Expo, Seth Bostock, CEO of IndependenceIT, will begin by walking the audience through the evolution of Workspace as-a-Service, where it is now vs. where it going. To look beyond the desktop we must understand exactly what WaaS is, who the users are, and where it is going in the future. IT departments, ISVs and service providers must look to workflow and automation capabilities to adapt to growing ...
VictorOps is making on-call suck less with the only collaborative alert management platform on the market. With easy on-call scheduling management, a real-time incident timeline that gives you contextual relevance around your alerts and powerful reporting features that make post-mortems more effective, VictorOps helps your IT/DevOps team solve problems faster.
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, will discuss why containers should be paired with new architectural practices such as microservices ra...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been ...
HP and Aruba Networks on Monday announced a definitive agreement for HP to acquire Aruba, a provider of next-generation network access solutions for the mobile enterprise, for $24.67 per share in cash. The equity value of the transaction is approximately $3.0 billion, and net of cash and debt approximately $2.7 billion. Both companies' boards of directors have approved the deal. "Enterprises are facing a mobile-first world and are looking for solutions that help them transition legacy investme...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.