And the Oscar for foreclosures goes to …

academy statues for forecloser awardsIt’s Oscar and Foreclosure season.

What if the 84th Academy Awards had a few more considerations — ones that tell the compelling story of the power of banks’ greed.

We are in the midst of the worst housing crisis our nation has known. Families losing their homes to foreclosures. The banking industry dictating homeowner negotiations short sales and foreclosure, even though the banks are not a principal in the transactions.

Homeowners, not knowing who can help them save their homes from foreclosure, are negotiating with their lenders themselves, believing the banks will give them cash or a loan modification. Can banks be trusted?

Delusional homeowners are believing the fantasy. Sad.

But hey, in Los Angeles, for one night we can forget about this whole mess of foreclosed homes and displaced families. It’s Oscar time!

The 84th Film Academy Awards show will take our minds off this foreclosure disaster. As a Film Academy member and a Certified Default Advocate, I would like to have a bit of fun with a few of my own fantasy nominations. These nominations are not necessarily from this year and may not even receive a theatrical release.

For Best Picture I would like to nominate “Too Big to Fail.” This film, shown on HBO, centers on Treasury Secretary Henry Paulson and the few powerful men who decided the fate of the world’s economy in a few weeks. It is more than “looking behind closed doors examining the symbiotic relationship between Wall Street and Washington.” Director Curtis Hanson opens the vault on the financial crisis. How money works, how we got into this foreclosure mess and the power of the banks. Important storytelling. “The Descendants,” “The Artist” and “Midnight in Paris,” you may have some competition.

Treasury Secretary Timothy GeithnerFor Best Actor I would like to nominate Secretary of the Treasury Timothy Geithner. His performance as a public servant is so convincing that we hardly remember May 2007, when he worked to reduce the capital required to run a bank, and March 2008, when he arranged the rescue and sale of Bear Sterns.

For special consideration of this blog post the board of governors at the Academy has added a new category for Oscar consideration: short sale processing bank. Lee Honish has a few nods:

  • Chase Bank: Oddly enough the most even-keeled of the pile for short sale processing these days — and the runaway winner for the best bank to work with. Just a few years ago nobody had even heard of Chase bank, a perennial bottom dweller in the top 10 of banks.
  • Wells Fargo Bank: My big knock on my personal bank is that they seem to be too smart for the room. They actually can read a file and always find minute details in a file for getting an advantage in the negotiation. … I cannot believe I am going to say this, but they are in second position for being intelligent bank people.
  • Bank of America: It should be renamed Bank of Desperation for doing trial loan modifications without documentation, screaming fraud and the God-Forsaken Equator system! I wish we could JD Power-rank short sale processing.

Remember, it is always an honor to be nominated.

Who will you vote for?

Please contact me, Cindy Marty, if you need help with short sales and foreclosures.

Comments

  1. I’m hoping just to survive long enough for the life time achievement award lol!

    honorable mention for best villain as David Sunlin

  2. Outstanding Lee. Dan Sunlin will give Gary Oldman some sporting competition.
    Yes, when this foreclosure mess is over you absolutely deserve the life time achievement award.
    You have inspired may.

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