flsc task force_residential mortgage foreclosure_epstein_10-21-2009_

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  • 8/2/2019 FLSC Task Force_Residential Mortgage Foreclosure_Epstein_10-21-2009_

    1/11

    \if` 9 gb 99

    Gktge`u 90- 5

  • 8/2/2019 FLSC Task Force_Residential Mortgage Foreclosure_Epstein_10-21-2009_

    2/11

    \if` 5 gb 99

    Npofc`ht a`iujhf( Cihz- jb hgt cg{t- gb ta`{` iktjgh{ v`u` jhjtjit`o iho {p||gut`o

    gh ogkpc`ht{ `jta`u hgt |ugopk`o it imm gu- jb ta`z v`u`- gb opejgp{ ipta`htjkjtz(

    E`kip{` gb cz rihtif` |gjht- J gbb`u ih pho`uu`|u`{`ht`o |`u{|`ktjr` jh ta`{`

    |ugk``ojhf{- gh` tait j{ miuf`mz u`|u`{`htitjr` gb ta` bit` gb cjmmjgh{ gb {jcjmiumz

    `ceittm`o agc`gvh`u{ ikug{{ gpu |ugkmijc`o hitjgh gb miv{(

    JCC@OJI_@ JC\IK_

    _a` [p|u`c` Kgput _i{d Bguk` gh U`{jo`htjim Cgutfif` Bgu`kmg{pu` Ki{`{ !%_i{d

    Bguk`%* |ug|g{`{ ih ic`hoc`ht tg Bmgujoi Upm` gb Kjrjm \ugk`opu` 9(99< tg

    u`ypju` r`ujbjkitjgh gb u`{jo`htjim cgutfif` bgu`kmg{pu` kgc|mijht{( _aj{ j{ i cpka

    h``o`o ic`hoc`ht tait vjmm zj`mo ih jcc`ojit` iho |g{jtjr` bgpubgmo `bb`kt>

    9( ikkgphtiejmjtz |mik`o bjucmz va`u` jt e`mghf{ # gh ta` {agpmo`u{ gb ta` bjmjhf\mijhtjbb m`ho`u{ kgph{`m- imm gbbjk`u{ gb ta` kgput ih{v`uiem` tg ta` kgput

    5( {pe{tihtjim u`opktjgh jh ta` tgtim hpce`u gb bgu`kmg{pu` iktjgh{ bjm`o;( u`opktjgh gb ta` fujomgkd jh gpu Bmgujoi kgput{ ez o`t`uujhf \mijhtjbb{ vag iu`

    hgt m`fimmz `htjtm`o tg `hbguk` ta` pho`umzjhf gemjfitjgh{ bugc eujhfjhf

    bgu`kmg{pu` iktjgh{- iho

    ?( |ugbgpho u`mj`b tg kgphtm`{{ O`b`hoiht agc`gvh`u{ vag- mjd` cz{`mb- iu`tiuf`t{ tuikd`o jh ta` fph {jfat{ gb apf` bgu`kmg{pu` cjmm ittguh`z{ u`tijh`oez fjiht v`mm#a``m`o eihd{ vag{` ki{`{ v`u` gbt`h bjm`o vjtagpt i {jhfm`

    {au`o gb `rjo`hk` ogkpc`htjhf ta` \mijhtjbb{ m`fim ujfat tg eujhf bgu`kmg{pu`

    iktjgh

    [_I_P[ YPG

    @qj{tjhf miv{- ittguh`z{ bgu m`ho`u{ iho eihd`u{ vjmm iho og iufp`- imu`ioz{pe{tihtjr`mz |ugt`kt ifijh{t phiptaguj~`o bgu`kmg{pu` iktjgh{- ept ta` u`imjtz j{

    ta`{` iu` vagmmz jh`bb`ktjr` ifijh{t ta` gh{mipfat gb Bmgujoi oijmz kgput bjmjhf{(

    Oijmz- npof`{- km`ud{- iho gta`u kgput `c|mgz``{ iu` {vic|`o vjta ih jhbmpq gb

    h`v ki{`{- iho ogkd`t{ vjta p| tg 50< bgu`kmg{pu` iktjgh{( _a`{` iu` epuj`o jh ta`

    vgudmgio gb ta` b`v u`cijhjhf `c|mgz``{ m`bt ibt`u ci{{jr` mizgbb{ jh ta` vid` gb

  • 8/2/2019 FLSC Task Force_Residential Mortgage Foreclosure_Epstein_10-21-2009_

    3/11

    \if` ; gb 99

    |mpcc`tjhf |ug|`utz rimp`{ !ihgta`u phbgutphit` u`{pmt gb Bmgujoi{

    phkgh{kjghiemz ajfa bgu`kmg{pu` uit`*( _a` pho`u{tibb`o iho gr`uvgud`o npof`{

    iho u`cijhjhf kgput `c|mgz``{- ghmz iem` tg fjr` `ika ogkd`t iho bjm` i euj`b

    kpu{guz fmihk`- jb tait- iu` vjtagpt ta` tjc` iho u`{gpuk`{ u`ypju`o tg `qicjh` `ika

    bgu`kmg{pu` ki{` tg o`t`ucjh` ta` `qj{t`hk`- {pbbjkj`hkz iho jht`fujtz gb ta`|i|`uvgud kmijc`o tg e` ikkpuit`- tup`- kgc|m`t`- iho ittika`o tg bgu`kmg{pu`

    kgc|mijht{( Ez cz gvh bjm` u`rj`v{ iho ipojt{- J bjho miuf` hpce`u{ gb ta`{`

    bgu`kmg{pu`{- cg{tmz phkght`{t`o- gkkpu vjtagpt ta` \mijhtjbb `r`u {agvjhf i mivbpm

    kmijc- `r`u |ugopkjhf i kgc|`t`ht ibbjoirjt gu gujfjhim hgt`- o`{|jt` itt`{tjhf iho

    {jfhjhf `htju`mz tg ta` kghtuiuz(

    Fjr`h tait ta` mg{{ gb i agc` ai{ `hgucgp{ bjhihkjim iho |{zkagmgfjkim jc|ikt-

    iho biu u`ikajhf uj||mjhf `bb`kt{ gh ta` bieujk gb i {puugphojhf kgccphjtz- i {tit`

    i{ v`mm i hitjgh- iho i{ v` hgv {``- `r`h ta` fmge` # jt {``c{ jhkpce`ht gh p{ imm

    tgf`ta`u tg u`ypju` fu`it kiu` e` tid`h e`bgu` kgput{ immgv bgu`kmg{pu`{ tg |ugk``o(

    Dita`ujh` \gut`u- ih Jgvi miv |ugb`{{gu- bgpho jh a`u {tpoz gb 9-6''vvv(pt`qi{(`op'miv'ngpuhim{'tmu'i{{`t{'iukajr`'r16'j{{p`9'|gut`u(|ob

  • 8/2/2019 FLSC Task Force_Residential Mortgage Foreclosure_Epstein_10-21-2009_

    4/11

    \if` ? gb 99

    gb ta` gujfjhim hgt`{ iu` gbt`h `hogu{`o tg iho ez |iutj`{ h`jta`u gb vagc !gu

    gbt`h egta gb vagc* iu` ta` \mijhtjbb- eujhfjhf p| i vagm` ag{t gb kghbmjkt#gb#

    jht`u`{t- kaijh#gb#tjtm`- iho |ug|`utz ujfat{ j{{p`{- miuf`mz phioou`{{`o jh tgoiz{

    ui|jo#bju`- phkght`{t`o bgu`kmg{pu` ki{`{( _a`u` iu` `r`h kgttif` jhop{tuj`{ {pka i{

    Hitjghvjo` _jtm` Km`iujhf ![`` Ittika`o* vajka {|`kjimj~` jh vait ta`z kimm op`ojmjf`hk`( _a`{` bjuc{- {tibb`o ez bguc`u uj{d cihif`u{- |ugrjo` gu ku`it`

    ibbjoirjt{ gu h`iu ku`ojem` ogkpc`htitjgh h``o`o tg bjmm fi|{ jh ta` kaijh gb

    kp{tgoz- i{{jfhc`ht{- gu `hogu{`c`ht{(

    U`fiuojhf ta` |ugt`ktjgh{ gbb`u`o ez Bmgujoi [titpt` :

  • 8/2/2019 FLSC Task Force_Residential Mortgage Foreclosure_Epstein_10-21-2009_

    5/11

    \if` 0 gb 99

    {ic` b`v {jfhgu{- hgtiuj`{- iho vjth`{{`{- p{pimmz `c|mgz``{ gb ta` cgutfif`

    {`urjk`u- {jfhjhf hgtiuj~`o ogkpc`ht{ gr`u iho gr`u bgu i vjo` riuj`tz gb

    jh{tjtptjgh{ tait iu` mgkit`o imm ikug{{ ta` hitjgh(

    @QIC\M@ GB AGV KPUU@H_ MIV IHO [IHK_JGH[ IU@JH@BB@K_JR@

    @iumj`u taj{ z`iu- BOMF vi{ {ihktjgh`o vjta ta`ju kmj`ht- ngjhtmz iho {`r`uimmz- tg|iz i cgh`tiuz bjh` jh ta` icgpht gb /:0-9;

  • 8/2/2019 FLSC Task Force_Residential Mortgage Foreclosure_Epstein_10-21-2009_

    6/11

    \if` 2 gb 99

    ta`z v`u` jht`ho`o tg vgud- `{|`kjimmz jh phkght`{t`o bgu`kmg{pu`{ u`mj{a`o ez egta

    \mijhtjbb{ iho ta`ju miv cjmm{ i{ `bbgutm`{{ i{{`t iho u`r`hp` |ugkpu`c`ht(

    R@UJBJKI_JGH I[ I O@_@UU@H_ IFIJH[_ BJMJHF PHBGPHO@OKI[@[

    _aj{ upm` kaihf` j{ u`kgcc`ho`o e`kip{` gb ta` h`v `kghgcjk u`imjtz o`imjhf

    vjta cgutfif` bgu`kmg{pu` ki{`{ jh ih `ui gb {`kpujtj~itjgh( Bu`yp`htmz- ta` hgt`

    ai{ e``h tuih{b`uu`o gh cpmtj|m` gkki{jgh{ |ujgu tg ta` o`bipmt iho bjmjhf gb ta`

    bgu`kmg{pu`( \mijhtjbb&{ {titp{ i{ gvh`u iho agmo`u gb ta` hgt` it ta` tjc` gb bjmjhf

    ai{ e`kgc` i {jfhjbjkiht j{{p` jh ta`{` ki{`{- |iutjkpmiumz e`kip{` cihz bjuc{ bjm`

    mg{t hgt` kgpht{ i{ i {tihoiuo imt`uhitjr` |m`iojhf jh ta` kgc|mijht( _a`u` air`

    `r`h e``h {jtpitjgh{ va`u` tvg ojbb`u`ht |mijhtjbb{ air` bjm`o {pjt gh ta` {ic` hgt`it ta` {ic` tjc`( Cihz ki{`{ J {`` v``dmz |pu|gut tg air` ta` cgutfif` !|pemjk

    u`kguo* iho ta` hgt` ittika`o- ept gbt`h ta`u` j{ hg hgt` ittika`o- imtagpfa ih

    jhkgc|m`t` hgt`- ta` Ionp{tiem` Uit` Ujo`u !|pemjk u`kguo* cjfat e` ittika`o(

    U`ypjujhf ta` |mijhtjbb tg r`ujbz jt{ gvh`u{aj| gb ta` hgt` it ta` tjc` gb bjmjhf

    |ugrjo`{ jhk`htjr` tg u`rj`v ta` iktjgh{- `h{pu`{ tait ta` bjmjhf j{ ikkpuit`- `h{pu`{

    tait jhr`{tjfitjgh ai{ e``h cio`- iho tait ta` |mijhtjbb j{ ta` gvh`u iho agmo`u gb

    ta` hgt`( _aj{ u`ypju`c`ht vjmm fjr` ta` tujim npof`{ fu`it`u kghbjo`hk` jh ta`ju

    iptagujtz tg {ihktjgh tag{` vag bjm` bgu`kmg{pu` iktjgh{ vjtagpt i{{pujhfta`c{`mr`{- ta` O`b`hoiht!{* iho ta` kgput gb ta`ju iptagujtz tg og {g(

    VAI_ J AIR@ VJ_H@[[@O

    @ika cghta- J u`rj`v aphou`o{ gb bgu`kmg{pu` ki{`{ jh \imc E`ika Kgphtz 90ta

    Npojkjim Kjukpjt Kgput- vajka u`r`im bmiv{ jh imcg{t `r`uz {jhfm` ki{`(

    _a` u`ypju`c`ht bgu r`ujbjkitjgh ez \mijhtjbb{ ittguh`z vgpmo e` ih `bb`ktjr`o`t`uu`ht tg {tg| jmm`fim bgu`kmg{pu` iktjgh{ bugc e`jhf bjm`o- kmgffjhf p| Bmgujoi

    kgput{- iho {pe{`yp`htmz m`iojhf tg ta` o`ri{titjhf u`{pmt gb fuihtjhf jmm`fim iho

    phbgpho`o bgu`kmg{pu`{( J |`u{ghimmz vjth`{{ jh ki{` ibt u ki{` ibt`u ki{`>

  • 8/2/2019 FLSC Task Force_Residential Mortgage Foreclosure_Epstein_10-21-2009_

    7/11

    \if` 6 gb 99

    Bim{` {tit`c`ht{ |pu|gutjhf ta` ittikac`ht gb i kg|z gb ta` hgt` tg ta`kgc|mijht va`h i kpu{guz fmihk` u`r`im{ hg hgt` ittika`o gu ghmz ih

    Ionp{tiem` Uit` Ujo`u- vajka j{ ih jhkgc|m`t` Hgt`

    [tit`c`ht{ tait i tup` iho kguu`kt kg|z gb ta` Hgt` j{ ittika`o tg ta`kgc|mijht- va`h i ojbb`u`ht tup` iho kguu`kt kg|z vjta i |u`rjgp{mzmikdjhf `hogu{`c`ht i||`iu{ jh i mit`u |m`iojhf

    Mg{t Hgt` Ibbjoirjt{ vjta i mit`u bgpho hgt` gb yp`{tjghiem` ipta`htjkjtz Cgutfif` I{{jfhc`ht{- gbt`h phu`kguo`o- vjtagpt ta` i{{jfhgu{ kgu|guit`

    {`im- kgc|m`t`o cghta{ ibt`u ta` jhjtjitjgh gb ta` bgu`kmg{pu` iktjgh- {jfh`o

    ez jhkgc|`t`ht {jfhgu{ vag jmm`fimmz u`|u`{`ht egta ta` i{{jfhgu iho

    i{{jfh``

    Ittguh`z{ itt`{tjhf tg kgc|m`t`o |i|`uvgud jh ki{` ibt`u ki{` opujhf[pcciuz Npofc`ht tjc` emgkd{- z`t i mit`u u`rj`v gb cihz gb ta`{` {ic`ki{` bjm`{ {agv hg Hgt`{

    [`urjk` |ugk`{{jhf kgc|ihj`{ gvh`o ez iho |ugrjojhf {`urjk` bgu \mijhtjbb{m`iojhf tg km`iu iho `fu`fjgp{ kghbmjkt gb jht`u`{t

    _jtm` Kgc|ihj`{ gvh`o ez \mijhtjbb{ ittguh`z{- ioojhf _jtm` B``{ iho _jtm`@qicjhitjgh B``{ !`qic|m`> Bmgujoi O`bipmt Miv Fugp|- \(M( gvh{ H`v

    Agp{` _jtm`- M(M(K(*

    Ittguh`z#jh#Bikt bgu immpo`o tg vjta i{t`uj{d{ iho tz|`o {cimm bghtbggthgt`{ tait h`r`u bpmmz `q|mijh gu kmiujbz ta` iptagujtz fuiht`o iho'gu ta`

    |iutj`{ u`mitjgh{aj|

    Ibbjiht{ {jfhjhf i{ u`|u`{`htitjr`{ gb cpmtj|m` bjhihkjim jh{tjtptjgh{ Ibbjiht{ {jfhjhf gh ibbjoirjt{ itt`{tjhf tg dhgvm`of` gb bikt{ i{ gb i oit`

    cghta{ v`mm jhtg ta` bptpu` gb ta` oit` ta` ogkpc`ht vi{ hgtiuj~`o

    Iho- cg{t eibbmjhf- \mijhtjbb{ mj{tjhf ta`c{`mr`{ i{ i kg#O`b`hoiht

    GUJFJHIM HG_@[

    Jh iktpim |uiktjk`- kghbp{jgh gr`u vag gvh{ iho agmo{ ta` hgt` {t`c{ bugc ta` bikt

    tait ta` \mijhtjbb vi{ i{{jfh`o ta` Cgutfif` !gbt`h phu`kguo`o* cghta{ ibt`u ta`

    jhjtjitjgh gb ta` bgu`kmg{pu` iktjgh ez C@U[ gu {gc` gta`u phdhgvh hic`- j{ hgt

  • 8/2/2019 FLSC Task Force_Residential Mortgage Foreclosure_Epstein_10-21-2009_

    8/11

    \if` 1 gb 99

    gh ta` Cgutfif` ez `jta`u hic` gu `hogu{`c`ht- ai{ {``cjhfmz hg u`mitjgh tg ta`

    O`b`hoiht vait{g`r`u- j{ gbt`h ih phu`kgfhj~iem` hic` tg ta` O`b`hoiht vag tggd

    gpt i Cgutfif` vjta i ojbb`u`ht kgc|ihz- vag u`cjt{ cghtamz |izc`ht{ tg z`t

    ihgta`u kgc|ihz- vag ciz !gu ciz hgt* air` u`k`jr`o cgojbjkitjgh i{{j{tihk`-

    ikk`m`uitjgh iho jc|`hojhf bgu`kmg{pu` iktjgh hgtjk`{ bugc ihgta`u kgc|ihz(Bputa`ucgu`- kghbp{jgh gr`u vag gvh{ ta` hgt` {t`c{ bugc ta` kgc|m`q

    {`kpujtj~itjgh |ugk`{{ vajka epuj`{ ta` gvh`u jh i fuir` |i|`u`o gr`u ez miz`u{ gb

    bjhihkjim jh{tjtptjgh{ iho m`fim |ugt`ktjgh{ vajka iu`- phbgutphit`mz- hgt `qt`ho`o

    tg ta` Eguugv`u( Mi{tmz- kghbp{jgh gr`u vag gvh{ iho agmo{ ta` hgt` {t`c{ bugc

    \mijhtjbb{ u`bp{im{ tg ih{v`u {jc|m` Oj{kgr`uz yp`{tjgh{ tg taj{ |gjht- kjtjhf

    O`b`hoiht {``d{ kghbjo`htjim- |ug|uj`tiuz- gu tuio` {`ku`t jhbgucitjgh(

    Jh u`epttim tg ta` kgcc`ht {pecjtt`o ez ta` u`|u`{`htitjr` gb ta` Bmgujoi Eihd`u{

    I{{gkjitjgh- jb ta` hgt`{ v`u` imm o`mje`uit`mz `mjcjhit`o jcc`ojit`mz p|gh

    kghr`u{jgh tg ih `m`ktughjk bjm`- ta`h jt j{ ypjt` ta` kghphoupc agv ta`{` o`{tugz`o

    gujfjhim hgt`{ iu` jhriujiemz |ugopk`o va`h u`ypju`o ez ta` Npojkjiuz- O`b`hoiht{

    kgph{`m- gu i kgc|`mm`o Cgtjgh tg \ugopk`( Gujfjhim hgt`{ iu` {gc`agv bgpho- it

    {gc` |gjht jh ta` ki{`- o`{|jt` airjhf e``h o`mje`uit`mz `mjcjhit`o( Vajm` taj{

    ciz {``c jc|g{{jem`- taj{ kghnpujhf p| gb |u`rjgp{mz o`mje`uit`mz `mjcjhit`o

    jt`c{ j{ ugptjh` iho p{pim |uiktjk` jh tgoiz{ bgu`kmg{pu` ki{`{( Jh cz gvh

    bgu`kmg{pu` ki{` ih imt`u`o mjd`h`{{ gb i kg|z gb cz Hgt` vi{ |ugopk`o iho

    |pu|gut`o tg e` i kg|z gb ta` gujfjhim hgt`(

    Vajka {k`hiujg j{ tup`> I gu E7

    I(Imm gujfjhim hgt`{ v`u` o`mje`uit`mz `mjcjhit`o iho ta` gujfjhim hgt`{tait iu` e`jhf |ugopk`o ez ta` tagp{iho{ jh kpuu`ht bgu`kmg{pu` iktjgh{

    iu` buipopm`ht4 GU

    E(Imm gujfjhim hgt`{ v`u` HG_ o`mje`uit`mz `mjcjhit`o iho ta` gujfjhimhgt`{ iu` irijmiem` tg e` |ugopk`o jh kgput4 ta`u`ez jhrimjoitjhf ta`

    Bmgujoi Eihd`u{ I{{gkjitjgh{ gen`ktjgh{ tg ta` |ug|g{`o ic`hoc`ht tgBmgujoi Upm` gb Kjrjm \ugk`opu` 9(99< tg u`ypju` r`ujbjkitjgh gb

    u`{jo`htjim cgutfif` bgu`kmg{pu` kgc|mijht{(

    _a` jhbgucitjgh u`rj`v`o tg r`ujbz ta` \mijhtjbb{ iptagujtz tg kgcc`hk` ta`

    cgutfif` bgu`kmg{pu` iktjgh vjmm e` ittika`o tg ta` kgc|mijht( _a` r`ujbjkitjgh

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    9/11

    \if` : gb 99

    cio` tg ta` e`{t gb ta` T{jfhjhf u`kguo kp{tgojih{S dhgvm`of` iho e`mj`b

    |g{{jemz ciz hgt u``{tiemj{a i mg{t hgt`- ept ciz jh bikt u``{tiemj{a ta` kgput

    {z{t`c{ jht`fujtz iho |ugrjo` {jfhjbjkiht {pe{tihtjr` |ugt`ktjgh{ ibbguo`o ez

    npojkjim jh{j{t`hk` gb `{tiemj{ajhf i rimjo kmijc ez ta` |iutz eujhfjhf i bgu`kmg{pu`

    iktjgh(

    [_I_@ KGPU_[ AIR@ E@@H U@MPK_IH_ _G JHRGD@ [_I_P_GUZ

    IP_AGUJ_Z _G [IHK_JGH \MIJH_JBB[ I[[@U_JHF KMIJC[

    PH[P\\GU_@O EZ MIV GU @RJO@HK@

    Ihz |iutz {``djhf tg bgu`kmg{` i cgutfif` vjtagpt i fggo bijta e`mj`b # ei{`o gh

    jhr`{tjfitjgh u`i{ghiem` pho`u ta` kjukpc{tihk`{ #jh ta` bikt{ fjrjhf uj{` tg ta`

    i{{`ut`o kmijc ciz e` {ihktjgh`o %p|gh ta` kgput&{ jhjtjitjr`(% 06(9

  • 8/2/2019 FLSC Task Force_Residential Mortgage Foreclosure_Epstein_10-21-2009_

    10/11

    \if` 9< gb 99

    U@YPJUJHF R@UJBJKI_JGH GB U@[JO@H_JIM CGU_FIF@

    BGU@KMG[PU@ KGC\MIJH_[ VJMM @BB@K_PI_@ I__GUH@Z

    IKKGPH_IEJMJ_Z

    _a` _i{d Bguk` U`|gut fjrjhf uj{` tg ta` |ug|g{`o ic`hoc`ht km`iumz {|`id{ tg

    ta` |ugk`opuim kghk`uh{ gb ta` kgput{( Ez oui{tjkimmz u`opkjhf gu tgtimmz `mjcjhitjhf

    ta` hpce`u gb ph{pe{tihtjit`o bgu`kmg{pu` iktjgh{ jhjtjit`o- ta` u`mj`b vjmm e` b`mt

    jcc`ojit`mz jh ta` kgput {z{t`c iho jh agc`{ ikug{{ Bmgujoi va`u` ajujhf

    kgc|`t`ht m`fim kgph{`m j{ ih phibbguoiem` mpqpuz( Ioojtjghimmz- kgh{jo`uitjgh iho

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