Sunday, January 3, 2016

Obama-A man of his word

Whether you like President Obama or not, I can offer proof that President Obama is a man of his work. I did not vote for Obama in the first election. However after he took office, I learned that President Obama was a man of his word. My situation took a year to resolve, and the Obama administration is responsible for the resolution. With their intervention, I did not lose my home and my mortgager, Bank of America, did not win the day.

I lost my job suddenly in August of 2011. I was two month short of beginning early Social Security payments. I contacted Bank of America and asked that they move the September and October payments and move them to the back of the loan. I also sent in the principal and interest payment for September as a second option.

Bank of America went crazy and said they were foreclosing on my home. I had never missed a payment and simple asked for a little relief. I understood that Bank of America took a hit on the value of my home during the 2009 meltdown, and as time went on, I realized they were trying to foreclose to write off a bad debt and resell my home at market price.

My Social Security began in November of 2011 and I sent in my full payment. Bank of America sent it back. They would not accept my house payments. They were poised to foreclose.

I remembered that President Obama had signed the American Recovery and Reinvestment Act of 2009. After reading this act, I decided to see if the government would really help. I wrote a letter to President Obama explaining this bizarre situation. In November of 2011, I received a letter from the Department of the Treasury in response to my letter to President Obama.

I was instructed to file a complaint with the newly formed Consumer Financial Protection Bureau (CFPB). With the power of the presidency backing me, Bank of America was forced to accept my payments. They kept threatening foreclosure, however I was able to catch up the two missed payments in October of 2012. Bank of America stopped threatening me.

I received a second letter from the CFPB in July of 2013 to let me know they had kept up with this case.

Then in August of 2014, the department of justice cited Bank of America with financial fraud in conjunction with President Obama’s Financial Fraud task force. This is the press release dated August 21, 2014.

Bank of America to Pay $16.65 Billion in Historic Justice Department Settlement for Financial Fraud Leading up to and During the Financial Crisis

Attorney General Eric Holder and Associate Attorney General Tony West announced today that the Department of Justice has reached a $16.65 billion settlement with Bank of America Corporation – the largest civil settlement with a single entity in American history ­— to resolve federal and state claims against Bank of America and its former and current subsidiaries, including Countrywide Financial Corporation and Merrill Lynch. As part of this global resolution, the bank has agreed to pay a $5 billion penalty under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) – the largest FIRREA penalty ever – and provide billions of dollars of relief to struggling homeowners, including funds that will help defray tax liability as a result of mortgage modification, forbearance or forgiveness. The settlement does not release individuals from civil charges, nor does it absolve Bank of America, its current or former subsidiaries and affiliates or any individuals from potential criminal prosecution.

This settlement is part of the ongoing efforts of President Obama’s Financial Fraud Enforcement Task Force and its Residential Mortgage-Backed Securities (RMBS) Working Group, which has recovered $36.65 billion to date for American consumers and investors.