Wall Street Journal Unaware of Illegal Foreclosures?

English: Offering subprime mortgage.
English: Offering subprime mortgage. (Photo credit: Wikipedia)


Do you suppose that Mary Kissel has no internet access where she works? I’ve been following the story of illegal foreclosures with many web posts for more than four years. There must be hundreds if not thousands of web sites from personal stories to major news outlets detailing the crimes. And there have federal investigations culminating in the much ballyhooed settlement over the robosigning scandal.


I guess it makes one’s ideological prejudices more comfortable to deny unpleasant realities.


I’m not impressed with that quality of comment. It insults the intelligence when a supposed authority doesn’t acknowledge basic facts. I have read several times the Wall Street Journal’s preferred narrative of the housing crisis, that too many people bought “too much” house. That’s an interesting definition of a crisis surrounded by financial industry fraud and law breaking on a breath taking scale.


Mary Kissel’s commentary should cast doubt on the ability of the Wall Street Journal to accurately report on this subject.


James Pilant


Conservative Pundit Claims No Homeowners Have Been Wrongfully Foreclosed




Despite hundreds of thousands of wrongful foreclosures uncovered by investigators, Wall Street Journal editorial board member Mary Kissel claimed that “there hasn’t been a single homeowner who has been identified who was foreclosed on who shouldn’t have been foreclosed on” in a Friday appearance on Fox Business.


The reality of the situation is far different, with $1.4 trillion worth of mortgages being rendered legally unenforceable by the paperwork abuses that were so common during and after the subprime mortgage boom. Foreclosures based on shoddy or forged documents have become commonplace since the financial crisis. These aren’t faceless numbers, either, as reporters have indeed identified individual homeowners who were wronged.


Louise and Ceith Sinclair of Altadena, California might like a word with Kissel. The Sinclairs were current on their modified home loan when a company called Nationstar bought the loan from the original servicer, ignored the finalized loan modification, and foreclosed on the Sinclairs while ducking their repeated inquiries. Nationstar sold the house out from underneath them, and without a local news investigation that shamed the company into reversing the sale, it’s unclear whether the Sinclairs would have a home today.


via Conservative Pundit Claims No Homeowners Have Been Wrongfully Foreclosed.

From around the web.

From the web site, E Credit Daily.


Two huge settlements with the biggest U.S. banks — dubbed the National Mortgage Settlement and the Independent Foreclosure Review — involved millions of wronged homeowners thrust into foreclosure. But that’s not enough to convince Wall Street Journal editorial board member Mary Kissel.

She was adamant about this mind-boggling claim she made during the October 11 edition of Fox Business’ Varney & Co.

From the web site, Foreclosure Help SCC.


Did you hear the recent news about a homeowner in West Sacramento effectively using the new California Homeowner Bill of Rights to stop foreclosure on his home?  You can read about it in the Sacramento Bee: “West Sacramento homeowner uses new state law to stop foreclosure (5/23/2013)” The Fair Housing Law Project at the Law Foundation of Silicon Valley prepared a summary of the California Homeowner Bill of Rights which homeowners can use when working with their bank or servicer to apply for a loan modification.