Foreclosures
© Occupy Wall Street via TwitterForeclosure protester arrested at DOJ.
As Occupy Our Homes demonstrates at the Department of Justice the fraudclosure crisis continues unabated.

A Florida family man who not only made his mortgage payments on time but made payments early faces foreclosure by Wells Fargo. The explanation for initiating the foreclosure proceedings by Wells Fargo is nothing short of amazing and offers a sad commentary on how little has changed despite the 2008 financial crisis and supposed reforms like Dodd-Frank.
Etienne Syldor said he's worked his whole life for a home in Orlando for his wife and three children.

Syldor is an immigrant from Haiti and a bus driver at Walt Disney World. At times, he said he has worked multiple jobs to make sure he never missed a mortgage payment.

Last year, Wells Fargo offered him mortgage modification, and he was told if he made four monthly payments during a trial period, the modification would be permanent.
So far so good. Family man working multiple jobs to make sure he is paying his bills - personal responsibility and all that jazz. Court records confirm that Syldor made his payments.

Then something funny happened.

Despite the payments Wells Fargo began foreclosure proceedings on Syldor. Not surprisingly this made no sense to Syldor who, thankfully, hired an attorney and contacted a news station.

Wells Fargo's statement to the news station is one for the ages.
Wells Fargo, bank representative Veronica Clemons sent a statement:

"For some loans, completing trial payments is a significant step toward a permanent modification; however, in this instance, the loan was part of a mortgage-backed security and in a protected pool, with specific payment guidelines. We are working with Mr. Syldor to explain the guidelines and explore options that may help."

The bank told Eyewitness News Syldor didn't follow the modification guidelines because he paid early and sometimes his payments were sent one on top of the other.
Oh the absurdist world of MBS. Because Wells Fargo sold Mr. Syldor one of these chopped up and reassembled frankenloans it didn't matter that the bank was getting paid - usually the goal of loaning money - what mattered was that the arcane calculus of the derivative was not being complied with. And since Syldor was so happy to have a home for his family and was able to cobble together the cash from working multiple jobs he rushed to pay his mortgage to keep his home. His reward? Foreclosure proceedings that would have put him and his family on the street.

It's 2013 and we are still dealing with this nonsense.