Power Breakfast: Foreclosure fraud measure advances, Sunday alcohol, Falcons stadium, Home Depot, oil, auto sales

An effort to protect Georgia homeowners from foreclosure fraud is expected to advance Monday in the state House of Representatives, AJC reporter April Hunt writes.

House Bill 237, which is expected to move out of committee, is a key part of the legislative agenda of new Attorney General Sam Olens, Hunt reports. It calls for criminalizing falsifying documents and gives Olens and district attorneys more power to investigate claims of fraud.

“There is an unacceptable level of inappropriate conduct that has hurt confidence of homeowners across the state and the country,” Olens explained to committee members during a hearing, Hunt writes.

The problem is that foreclosure guidelines and what constituted fraud was not addressed in the state’s 1995 mortgage fraud law, Hunt reports.

That oversight has left Olens powerless to demand records and investigate when residents call with complaints, Hunt writes. The main issue appears to be some lenders backdating and otherwise falsifying documents in the long chains of transfers, which makes the process go faster.

The new proposal criminalizes that work as forgery, Hunt reports.

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2 comments Add your comment

lizinsarasota

February 28th, 2011
6:38 am

If your foreclosure case was brought by your lender by any of the following law firms, know that these attorneys were enthusiastic users of the now-notorious Lender Processing Services, f/k/a as FIS, or Fidelity National Foreclosure Solutions, “notorious” for robo-signing and other fraud. This is list not a complete list of the GA law firms using LPS, just a list of those who won awards, wrote an article that was published, got a kickback, went on a golfing junket, or got some sort of recognition in three back issues of LPS’s newsletter, The Summit, published in Sept.’06 and Oct., Dec. of ‘07. If nothing else, the newsletters demonstrate a long standing relationship between the firms we now know as foreclosure mills and one of the companies that supplied them with their documents. Tell your lawyer to find these three back issues of The Summit and know that there is a great chance there is fraud in your paperwork. Max Gardner in NC has all three issues and that’d be a good place to start.
Ellis, Painter, Ratterree & Adams
McCalla, Raymer, Padrick, Cobb, Nichols & Clark
Shapiro & Swertfeger (photos Oct. ’06)
McCurdy & Candler, L.L.C.
Stites & Harbison
Richard B. Maner
Stephen J. Knezo
Albertelli & Halsema, PL
Flanagan & Ireland
Moore & Associates
Shuping, Morse & Ross
MORRIS, SCHNEIDER, PRIOR, JOHNSON & FREEDMAN, LLC (wrote article 12/07)

Jane Quatam

March 1st, 2011
12:08 pm

Without fraud and incompetent regulatory oversight the banks of this once great nation could no longer exist. SunTrust has still not paid back its government loans – why are we bailing out failed banks? I thought capitalism was about risk and reward, SunTrust seems to have gotten the reward without risk and had it all funded by the taxpayers.

Fraud permeates our financial and political system from the lowly real estate appraiser who gives the appraised value deemed appropriate by those paying his fee, to the office of the President of the United States who’s office is for sale to the highest bidder, I mean “fund – raiser”.

When Wall Street bankers are jailed for their crimes, when the revolving door in D.C. is nailed shut, then we can have meaningful reforms, until then it is merely the foxes guarding the hen house.

Good luck with fraud reform in Georgia, it was an original colony and is still being run like a kingdom. I would suggest one would have a better chance of finding a diamond in a pile of horse manure than finding an honest politician in the Gold Dome.