UCI Opens Consumer Protection Clinic Tied to $18 Billion Mortgage Settlement with Banks

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Porter
UC Irvine Law Professor Katherine Porter, who Attorney General Kamala Harris in March named to monitor California's landmark foreclosure settlement with five major banks, is starting a Consumer Protection Clinic to help homeowners get promised relief.

The school's role is part of a state settlement with the banks, which are obligated to deliver up to $18 billion in California homeowner and borrower benefits over the next three years.

Porter and UCI Law are currently enlisting law professors and students to help Californians avoid foreclosure and unfair and deceptive business practices such as robo-signings of mortgages, according to the university.

Katherine Porter, UCI Professor, Oversees $18 Billion Mortgage Settlement with Banks

"This is a truly unprecedented development, not only the size and nature of the settlement and monitoring process, but also the involvement of law students in helping the Attorney General aid troubled consumers," Porter says in a UCI statement.

"There is no other legal clinic like this in the country in terms of offering multiple perspectives on consumer law. It will prepare UCI law students for sophisticated careers in law and policy--all while helping distressed homeowners."

Porter will co-teach the Consumer Protection Clinic, and students will work directly with bank reps, homeowners, advocates and government lawyers. Their tasks include: helping troubled homeowners obtain loan modifications; developing and implementing compliance plans to monitor banks; communicating with the public, homeowners and legal advocates about the settlement; preparing public reports on compliance; and providing advice and support to the Attorney General.

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5 comments
mitch young
mitch young

He Matt, sad story. Not being snarky. But here's my tale. Back during the late 1990s and early 2000s I got caught up in the .com bubble. I didn't invest in anything really stupid like Pets.com. No, I had Lucent, Palm, and Apple stock as most of my portfolio, Deidrich coffee too! Well, as we all know, the market crashed -- but everyone said it was just a minor correction. Then it crashed again. I had foolishly leveraged (on margin), pretty much the same as you refi'ing and leveraging against 'equity'. Long story short, I had to sell most everything, to cover margins on the stuff that really took a hit (Palm, Deidrich's). So basically all my saving from the time I got out of college was 'poof'! I didn't get bailed out from my stupidity, even though in 1999 everyone, but everyone was saying get in the market and stay in. Remember Dow 30,000?  So why should I pay, and really that's what's happening, costs are being spread around to all of us -- for your errors, even if they were in part caused by bad advice?

mitch young
mitch young

Remember, homes are basically auctioned off. That guy with the NINJA loan (disproportionately 'Hispanic' btw) was able to outbid the dude with the 20% down and a steady paycheck.  He got the house while the other guy remained a renter. Now, he gets to stay in the house, rather than having to quit the place for someone who could actually afford it -- like the guy he screwed over in the first place. Meanwhile our thrifty dude is still renting, and his bank is increasing his checking account fees to pay for Kamala's boondoggle.

Matthew T. Coker
Matthew T. Coker

I just don't believe everyone stuck with a bad loan is totally at fault. I re-fi'd to improve my property and pay down debt. Though no one knew how bad it would become at the time, the bubble began bursting during the approval process. That caused me concern, but I was advised my property value would not plummet below the new amount of the principal. It was the wrong bet, and I am suffering the consequences, as I should. But it also pisses me off that, seemingly overnight, I went from being a good credit risk to a deadbeat, or at least that is the way that the bailed-out financial companies have been treating me, incessantly calling for payment of bills that are not even due yet despite me having paid every one previously before they were late. And you wouldn't believe what hell it's been trying to just apply for a loan modification. Call all of us losers, but if the companies with record profits can get help, I'm not going to turn it down either.

Matthew T. Coker
Matthew T. Coker

Would that make those who aggressively marketed bad loans, forced banks to approve them and then bet against the loans winners?

Foreclosure Nation
Foreclosure Nation

 another ignorant mouthpiece completely void of awareness of fraud.  Example: read plethora of lawsuits between big banks and government agencies and engage brain before opening mouth

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