Now Baby Boomers Steal Their Homes
“We have been sounding the alarms that the banks are illegally evicting the very men and women who are out there fighting for this country. This is a devastating confirmation of that.” -Col. John S. Odom Jr.,USAF (Ret.)
America’s men and women who have the brass cojones to don the uniforms of the U.S. military to fight America’s enemies are not only fighting a war in mountains of Afghanistan or the deserts of Iraq, they are fighting a war at home. When these courageous souls come home from their tour, they aren’t greeted by hippie protesters spitting on them and calling them, “Baby Killer” or enduring the likes of Jane Fonda aka Hanoi Jane or Leftist militant Tom Hayden palling around with America’s enemies overseas like their fathers and grandfathers did. These brave men and women who had to endure months or even years of guerrilla and urban warfare are way too tough to let something like that break them. Unfortunately, they have to deal with something more vile.
The “Me” generation that brought us hippie pot smokers, draft dodgers, peace protests, psychedelic drugs, glutinous materialism, and the mantra, “Greed is Good” is now the establishment that they rallied against forty-five years ago. However, unlike the establishment they protested, who guided America through some of it’s greatest accomplishments of the 20th century by defeating fascism, ending racial segregation and landing a man on the moon, the establishment of the hippie generation has no problem selling America’s heart and soul to the highest bidder if it means lining their pockets with cold hard cash starting with the soldiers they used to call Baby Killer.
The Servicemembers Civil Relief Act or SCRA provides a wide range of protections for individuals entering, called to active duty in the military, or deployed overseas. The law is intended to postpone or suspend certain civil obligations to enable military personnel to devote full attention to duty and relieve stress on family members back in the U.S. The SCRA protects members of the military from such obligations as outstanding credit card debt, mortgage payments, pending trials, taxes and the terminations of leases.
Like Richard Nixon, who these Baby Boomer Bankers protested against in their youth, for thinking he was above the law, they too believe they are above the law and have no problem breaking the law when it comes to illegally foreclosing on people and being able to line their pockets with cash by taking advantage of our military personnel on deployment overseas.
Take the case of Sergeant James B. Hurley, a Michigan National Guardsman who not only had his modest home foreclosed on by foreclosure mill operator, Orlans Associates run by GOP Sugar Mama Linda Orlans, his wife and two young children were evicted from their west Michigan house in the dead of winter while Sgt. Hurley was dodging IEDs in Iraq. When Sgt. Hurley returned to Michigan, after his tour with wounds he sustained in combat, he discovered that Orlans at direction of his mortgage servicer, Saxon Mortgage (now owned by OCWEN) sold his house to a buyer in Chicago for $76,000.
After a six year legal battle, Sgt. Hurley was able to negotiate a substantial settlement with Orlans, Saxon and Deutsche Bank who had acted as the Trustee for the Mortgage Backed Security Trust that owned his mortgage note.
Sgt. Hurley was one of the lucky ones, when Sgt. Hurley decided to take on these domestic financial terrorists it was estimated that there were only about 50-75 military personnel in the same position as Sgt. Hurley. Hurley’s case set off an avalanche of complaints from active military personnel and National Guard members who were losing their homes while deployed in war zones. This prompted Congressional hearings with heads of the major banks in 2011. Last week, the major banks admitted to illegally foreclosing on nearly 1000 deployed military personnel and of those nearly 50 were current on their payments.
Bank of America, Citigroup, JPMorgan Chase and Wells Fargo uncovered the foreclosures while analyzing mortgages as part of the national mortgage settlement with the federal government and state Attorneys General. In January, the Office of Comptroller of the Currency, regulatory agency that oversees banking in the U.S. ordered the banks to identify not only military members but other borrowers who were evicted in violation of federal law.
This public admission by the major banks along with acknowledging they relied on faulty documents to push through foreclosures is an about-face because from the past five years, they claimed they very rarely evicted anyone by mistake including military personnel protected by federal law.
In 2011, the banks reached an agreement with the U.S. Department of Justice. JPMorgan settled claims that it inappropriately foreclosed on 18 military service members and overcharged 6,000. Bank of America and Morgan Stanley also agreed to settle claims they foreclosed on 178 military members between 2006 and 2009. However, last weeks admission by the banks indicates the problem is much worse than it they led Congress and the public to believe.
When regulators forced the banks to re-examine their loans, JPMorgan, Wells Fargo and Bank of America each discovered another 200 military members a piece whose homes were wrongfully foreclosed on in just 2009 and 2010.
According to the New York Times, “The banks turned over the figures, including those on the military members, to regulators last month. The regulators have no plans to release the information publicly. The people with direct knowledge cautioned that the numbers were not precise and could underestimate the extent of the problems.”