Legg Law Firm, LLC. Consumer Blog: Recent Comments

Comment on Where we are and how do we get out of it

2009-03-03T12:28:29Z

--------------------------------------------------------------------------------

MARYLAND MORTGAGE FRAUD TASK FORCE HOLDS INAUGURAL MEETING

Seventeen Local, State and Federal Agencies Coordinate Their Efforts
to Combat Fraud and Seek Restitution

BALTIMORE, Maryland – Representatives of seventeen local, state and federal agencies today attended a meeting of the Maryland Mortgage Fraud Task Force to discuss recent prosecutions and ongoing investigations and to coordinate future civil and criminal enforcement actions.

U.S. Attorney Rod J. Rosenstein said, “Local, state and federal regulatory and investigative agencies are working to coordinate our mortgage fraud enforcement actions, identify appropriate cases for investigation and devote resources to pursue them. Today the Maryland Mortgage Fraud Task Force received briefings about recent cases in which we have pursued civil and criminal remedies for mortgage fraud, and we developed plans to hold even more con artists accountable and deter mortgage fraud in the future. We are going to seize cash, bank accounts, jewelry, artwork, houses, cars, boats and other assets that were purchased with ill-gotten gains, and return the money to the victims.”

The goals of the Task Force include: (1) streamline the procedures for criminal mortgage fraud referrals; (2) develop and implement a training program for state and federal investigators and prosecutors who handle mortgage fraud cases; (3) share useful information with and facilitate cooperation among the many agencies that have a stake in these cases; (4) track open investigations to ensure that partner agencies do not duplicate their efforts; (5) pursue asset forfeiture and secure restitution for victims; and (6) communicate information to the public in order to warn people about common schemes and help prevent them from becoming victims of mortgage fraud and related financial crimes.

Law enforcement objectives include prosecuting lawyers, accountants, appraisers and mortgage brokers who generate fraudulent loans and targeting schemes spawned by the mortgage crisis and economic downturn, such as so-called “foreclosure-prevention specialists” who prey on homeowners who fall behind on their mortgage payments.

The agenda for today’s meeting included briefings about recent mortgage fraud cases prosecuted in Maryland, an overview of mortgage fraud schemes and investigative strategies, a summary of civil and administrative remedies pursued by state agencies and a discussion of the Task Force’s objectives.

The following agencies participated in today’s Task Force meeting:

Maryland Department of Labor, Licensing & Regulation
Maryland Office of the Attorney General
Maryland Insurance Administration
Maryland Department of Human Resources
Maryland State Police
State’s Attorney’s Office for Baltimore City
State’s Attorney’s Office for Baltimore County
State’s Attorney’s Office for Mont

Comment on New Maryland Laws affecting foreclosures, foreclosure frauds, mortgage fraud and prohibiting terms

2009-03-02T18:51:48Z

MARYLAND MORTGAGE FRAUD TASK FORCE HOLDS INAUGURAL MEETING

Seventeen Local, State and Federal Agencies Coordinate Their Efforts
to Combat Fraud and Seek Restitution

BALTIMORE, Maryland – Representatives of seventeen local, state and federal agencies today attended a meeting of the Maryland Mortgage Fraud Task Force to discuss recent prosecutions and ongoing investigations and to coordinate future civil and criminal enforcement actions.

U.S. Attorney Rod J. Rosenstein said, “Local, state and federal regulatory and investigative agencies are working to coordinate our mortgage fraud enforcement actions, identify appropriate cases for investigation and devote resources to pursue them. Today the Maryland Mortgage Fraud Task Force received briefings about recent cases in which we have pursued civil and criminal remedies for mortgage fraud, and we developed plans to hold even more con artists accountable and deter mortgage fraud in the future. We are going to seize cash, bank accounts, jewelry, artwork, houses, cars, boats and other assets that were purchased with ill-gotten gains, and return the money to the victims.”

The goals of the Task Force include: (1) streamline the procedures for criminal mortgage fraud referrals; (2) develop and implement a training program for state and federal investigators and prosecutors who handle mortgage fraud cases; (3) share useful information with and facilitate cooperation among the many agencies that have a stake in these cases; (4) track open investigations to ensure that partner agencies do not duplicate their efforts; (5) pursue asset forfeiture and secure restitution for victims; and (6) communicate information to the public in order to warn people about common schemes and help prevent them from becoming victims of mortgage fraud and related financial crimes.

Law enforcement objectives include prosecuting lawyers, accountants, appraisers and mortgage brokers who generate fraudulent loans and targeting schemes spawned by the mortgage crisis and economic downturn, such as so-called “foreclosure-prevention specialists” who prey on homeowners who fall behind on their mortgage payments.

The agenda for today’s meeting included briefings about recent mortgage fraud cases prosecuted in Maryland, an overview of mortgage fraud schemes and investigative strategies, a summary of civil and administrative remedies pursued by state agencies and a discussion of the Task Force’s objectives.

The following agencies participated in today’s Task Force meeting:

Maryland Department of Labor, Licensing & Regulation
Maryland Office of the Attorney General
Maryland Insurance Administration
Maryland Department of Human Resources
Maryland State Police
State’s Attorney’s Office for Baltimore City
State’s Attorney’s Office for Baltimore County
State’s Attorney’s Office for Montgomery County
State’s Attorney’s Office for Prince George’s County
United States A

Comment on Where we are and how do we get out of it

2008-10-13T03:13:13Z

There are serious decisions confronting us. The recent activity of the government which is designed to "unfreeze" the credit markets is off the mark. The problem is not the lack of credit - we have had more than enough credit made available - we cannot afford more credit. The credit that was extended to consumers was often predatory and unsecured debt, notwithstanding teaser rates or terms, excessively expensive.

We need to deal with the debt; not try to cure the excess credit issues by throwing more credit at the problem. The stock market reaction is a realization that there will be difficult times ahead since consumer spending will grind to a halt if the past debt must be paid.

The net effect of the excessive and expensive credit is that the middle class in this country has been left insolvent. Insolvency exists when a person cannot pay their debts as they become due and/or the person's liabilities exceed assets. The excess credit has left many in the middle class insolvent since the middle class is unable to pay their debts as they become due. The drop in both housing prices and the stock market has now also rendered many in the middle class since their liabilities now exceed their assets.

Comment on Where we are and how do we get out of it

2008-10-13T02:17:43Z

There are over 4 times MORE foreclosures in the horizon. . .these are homeowners that are late at least 30 days on their mortage. Once you've fallen behind and seeing the value of your home thousands of dollars below market. . you can imagine the tidal wave of foreclosures coming soon.
4 times as many. .

Comment on Who could have anticipated that telling regulators not to regulate could lead to disaster? Anyone and Everyone

2008-09-25T11:45:12Z

The reason you see nothing is because there is nothing for the homeowners who have been repeatedly bilked by the unregulated for billions and billions of dollars. This is about rewarding those who engaged in the bilking of the American middle class. This has been open season on the American Middle class. The government decided it was fair to allow Wall St and its brokers to arrange loans and take outrageous fees without regard to any legitimate lending standards. Where in the plan is the requirement that those who bilked the public will have to repay the ill gotten gains - there is none. The bottom line to this situation is that the net effect is that they have picked the middle class clean. The middle class will limp along poor, humiliated and devastated. Those who caused it - will live off their ill gotten gains.

Comment on Who could have anticipated that telling regulators not to regulate could lead to disaster? Anyone and Everyone

2008-09-25T09:38:28Z

So far, I have seen absolutely nothing that helps Main Street. This farce reminds me of the scene from Blazing Saddles where the Sherriff puts a gun to his own head in order to stop the mob from killing him. Funny in the movie; not funny on Wall Street.

As I have asked before, will they turn the FBI loose on these fools? Some jail and a lot of restitution would go a long way in precluding this from happening yet again. Has everyone actually forgotten the savings and loan debacle?

Comment on How "high finance" from Wall St. lead to the run up in real estate prices

2008-09-19T00:17:30Z

looking forward to reading more, especially in areas of what is allowable vs what is not allowable; will check in from time to time

Comment on How "high finance" from Wall St. lead to the run up in real estate prices

2008-09-18T13:14:44Z

Scott: The example you provided about the buying power of $600 per mortgage payment is simply stunning. . and in general, your article is to the point.
I would like your permission to put this article on my blog . .
Please let me know.

Comment on The Credit Crisis Continues

2008-09-17T12:16:27Z

Will the continuing crisis and federal response actually help any consumer? While the securitization system is completely discredited, I see zero viable help at the federal level for any consumer. Hopefully, I missed something.

Are you aware of any effort at Maryland state level to address the issue of securitization and the initial fraud involved in the majority of these mortgages?

Comment on Saving Families' Homes who have been victims of Foreclosure Scams

2008-07-25T20:52:06Z

2 years ago some bilked me into signing an and I didn't know it at the time but my principle started to go up. I wasn't told about that only in 2 years I can refinance