Based upon my current understanding of the mechanics of the now decade long, open-ended foreclosure crises, I'm convinced there is a solution hidden in plain sight. I call it The Re-Redistribution of Housing Wealth in America Program.
My understanding follows having worked in the mortgage foreclosure realm since the 1980s, which is about the same time as the now infamous Wall Street brainchild Mortgage Electronic Registration System (MERS) was conspired by the too big to fail financial Goliaths of the day. [Conspire - to plan together secretly to commit an illegal or wrongful act or accomplish a legal purpose through illegal action.]
I worked for the (then) second largest mortgage loan servicer which was based in St. Louis, the nation's mortgage loan servicing capitol. No coincidence MERS conspirators were operating in St. Louis, too. I knew some of them. I was hired to work as a non-performing asset manager in a newly created department called Loss Mitigation. Its mission was to protect mortgage investors' interests against potential losses. My team was assembled to work a particular mortgage investor's portfolio which consisted of about 7,500 "at-risk" loans. [Mortgage Investors included those entities who purchased the mortgage backed securities from Wall Street, and then hired a mortgage loan servicer (to whom you send your monthly payment) which, for a fee, would collect those payments, administer escrow accounts, assess late fees, cure delinquencies pursuant to mortgage investors' guidelines, and initiate foreclosure on behalf of the mortgage investor who owned the rights to enforce the terms of the mortgage note.]
Older than most of my co-workers, and given free reign to create a niche job description, I quickly assumed a variety of loan servicing and loss mitigation functions both traditional, and experimental - some of which remain in practice today. In addition to structuring loan workouts for delinquent borrowers, I emerged as Plaintiff's mortgage loan servicing expert in Federal Bankruptcy Courts and foreclosure proceedings in NY, NJ, and PA.
Protecting mortgage investors' interests included investigating mortgage loan origination fraud, appraisal fraud, insurance fraud, and predatory lending patterns and practices. Licensed in real estate, insurance, appraisal, and mortgage loan origination, I brought a decade of experience as an independent consultant working with homeowners who faced judicial mortgage and municipal tax lien foreclosure. For the security which accompanies a regular paycheck and instead of working for homeowners, I found myself working for their adversary.
Refusing a transfer to work on another at risk portfolio in another part of the country, I then left the corporate environment for the non-profit sector to concentrate on consumer advocacy. For the last 15 years or so I have been Executive Director for Society For Preservation of Continued Homeownership (SPOCH), a 501(c)(3) homeowner advocacy I co-founded in 1998 with my wife, a CPA, which has provided help to thousands of families in their fight to retain home ownership using unconventional tactics and strategies providing friction to slow or stop the foreclosure process. Recently, our daughter has been volunteering her time and legal counsel in particular matters including The Re-Redistribution of Housing Wealth in America Program which I've been advised to and have since Copyrighted.
I've written several books including one on Ethical Short Sales, and "Fighting Foreclosure - How to Cope with a Mortgage you can't Pay, Negotiate with your Bank, and Save your Home." So I have some history from which to draw upon in proposing The Re-Redistribution of Housing Wealth in America Program, a nationwide solution to the (predatory) mortgage foreclosure and vacant housing crises.
Taxpayers should brace themselves for Round 2 of