http://news.firedoglake.com/2011/01/06/floridas-killer-presentation-on-foreclosure-fraud/
If you do nothing else today find the time to flip through the Florida AG's slide presentation and see for yourself why the foreclosure fraud is being made such a big deal of.
Foreclosure is running unchecked, across this country and all the banks used the same system, which is the one the Florida AG has outlined here for you.
I seriously doubt that another foreclosure can legally take place anywhere in this country unless the note was procured after "the light of reason" showed just how illegal the banking foreclosure procedures where.
Ladies and gentleman , this country has been systematically raped and robbed by it's own investment banking elite, who not only knew better, but they personally designed the system in which to do it in.
It's time that their wings were clipped and cuffed, and that they be instituationalized like the jail birds they should be.
There is no more turning a blind eye to the elite, it's now time to place them under the heat of the magnifiying glass under the full glare of the sun.
I’ve mentioned this report from the Florida Attorney General’s office twice now, but I thought I’d highlight it again, because it makes the issues in foreclosure fraud so completely clear. The report consists of 98 slides, laying out the specific activities of mortgage servicers, foreclosure mills and the parent company banks to swindle homeowners and pursue illegal foreclosures with fraudulent documents. It’s a full pictorial history of the past decade in the mortgage industry, complete with actual shots of improper mortgage assignments. They show the same name of a bank officer being written four different ways, clearly forged. They show stamps from notarizations that expired after before they were used to certify foreclosure documents.
I don’t have a copy of the script that goes along with this presentation, but the slides make it very clear. In slide 7, you see the text “The History of Mortgages in America: Banks used to take the original note and mortgage and secure it in a vault.” That simple line shows how radical a change we’ve seen in the past decade, where notes are traded like bubble-gum cards, routinely lost or not conveyed properly at all, and then mocked up and forged after the fact. Slide 14: “Keep in mind these are some of the largest banks in the country… losing ownership paperwork!”
Starting with Slide 15, the presentation explains why the assignments of mortgages used in foreclosure cases are completely invalid, leading to an ineligibility to foreclose, and total chaos
Showing posts with label MBS fraud. Show all posts
Showing posts with label MBS fraud. Show all posts
Saturday, January 8, 2011
Thursday, November 18, 2010
Fraudclosure Hearing, Day II
http://market-ticker.org/akcs-www?post=172631
And there's the beef in all of it's ponzi glory.
And I'm sure the "deep pocket" people don't want to you to see that either.
America the "deep pocket" people have made the "rule of law" in the United States a joke.
I believe it's time to show them just how seriously the rest of us take it.
Having money does not mean your above the law, or can buy the law,inconvenient or not.
Of particular note is that as far as I can tell there has not yet been one case where a court hearing a foreclosure has forced a claimant to produce actual proof of proper transfer.
However, this is not true in the case of bankruptcies. There are multiple bankuptcy cases now winding their way through the courts, and in at least some of them (where the debtor/homeowner is trying to avoid some of their mortgage indebtness) Judges are demanding strict proof that the claiming party for the debt actually owns the paper, including a proper chain of transfers.
In one pending case there have been four separate attempts to dodge production of the paperwork. One of the arguments raised by certain commentators is that it's "inconvenient" (that is, the document is actually in the custodian's vault, but it would cost something to go get and produce it.) Given that the charge for that service is usually around $30-50, this seems to be a convenient lie when one instead prepares four separate pleadings trying to avoid that production - the legal costs alone of such preparation have to reach well into four figures.
Mr. Levitin continues:
While the chain of title issue has arisen first in foreclosure defense cases, it also has profound implications for MBS investors. If the notes and mortgages were not properly transferred to the trusts, then the mortgage-backed securities that the investors’ purchased were in fact non-mortgage-backed securities. In such a case, investors would have a claim for the rescission of the MBS,79 meaning that the securitization would be unwound, with investors receiving back their original payments at par (possibly with interest at the judgment rate). Rescission would mean that the securitization sponsor would have the notes and mortgages on its books, meaning that the losses on the loans would be the securitization sponsor’s, not the MBS investors, and that the securitization sponsor would have to have risk-weighted capital for the mortgages. If this problem exists on a wide-scale, there is not the capital in the financial system to pay for the rescission claims; the rescission claims would be in the trillions of dollars, making the major banking institutions in the United States would be insolvent.
Ding!
Now we understand why banks would spend thousands of dollars in Bankruptcy courts doing their damndest to avoid having to produce that which they do not have.
The claims that people often make that this is a "nothingburger" and can be fixed retroactively do not hold up. As Mr. Levitin explains
And there's the beef in all of it's ponzi glory.
And I'm sure the "deep pocket" people don't want to you to see that either.
America the "deep pocket" people have made the "rule of law" in the United States a joke.
I believe it's time to show them just how seriously the rest of us take it.
Having money does not mean your above the law, or can buy the law,inconvenient or not.
Of particular note is that as far as I can tell there has not yet been one case where a court hearing a foreclosure has forced a claimant to produce actual proof of proper transfer.
However, this is not true in the case of bankruptcies. There are multiple bankuptcy cases now winding their way through the courts, and in at least some of them (where the debtor/homeowner is trying to avoid some of their mortgage indebtness) Judges are demanding strict proof that the claiming party for the debt actually owns the paper, including a proper chain of transfers.
In one pending case there have been four separate attempts to dodge production of the paperwork. One of the arguments raised by certain commentators is that it's "inconvenient" (that is, the document is actually in the custodian's vault, but it would cost something to go get and produce it.) Given that the charge for that service is usually around $30-50, this seems to be a convenient lie when one instead prepares four separate pleadings trying to avoid that production - the legal costs alone of such preparation have to reach well into four figures.
Mr. Levitin continues:
While the chain of title issue has arisen first in foreclosure defense cases, it also has profound implications for MBS investors. If the notes and mortgages were not properly transferred to the trusts, then the mortgage-backed securities that the investors’ purchased were in fact non-mortgage-backed securities. In such a case, investors would have a claim for the rescission of the MBS,79 meaning that the securitization would be unwound, with investors receiving back their original payments at par (possibly with interest at the judgment rate). Rescission would mean that the securitization sponsor would have the notes and mortgages on its books, meaning that the losses on the loans would be the securitization sponsor’s, not the MBS investors, and that the securitization sponsor would have to have risk-weighted capital for the mortgages. If this problem exists on a wide-scale, there is not the capital in the financial system to pay for the rescission claims; the rescission claims would be in the trillions of dollars, making the major banking institutions in the United States would be insolvent.
Ding!
Now we understand why banks would spend thousands of dollars in Bankruptcy courts doing their damndest to avoid having to produce that which they do not have.
The claims that people often make that this is a "nothingburger" and can be fixed retroactively do not hold up. As Mr. Levitin explains
Thursday, November 11, 2010
The acceptable practice of lying in the "New World Order"
http://market-ticker.org/
As a good parent, most teach their children not to lie or cheat.
But with the advancement of the "NEW WORLD ORDER" to do so now leaves your child at a great disadvantage for their future earnings.
The top Talent of Wall Street's Investment Banking Scam Artists, seem now to be allowed to spit directly into the face any Judiciary they please with no questions asked.
To be a good parent now, one must instill the lesson of disobedience to not only the courts and laws they govern, but the laws of ethical behavior as well.
Very soon the position of law enforcement as well as the judicial system itself will become nostalgic relics of a long ago forgotten civilised society.
No law at all will be the order of the day
designed and enforced by the "NEW WORLD ORDER"
Dissenters of such order will all be sent back for reprogramming and if said reprogramming fails again, the consequences will lead to a termination of the subject.
Welcome to the mechanisms of the Machine called the
"NEW WORLD ORDER"
When Caught, Just Lie Some More!
Jesus....
Bank of America appears to have improved the state of the art in the creative foreclosure procedures department. I started hearing a few months ago about a sudden and suspicious increase in the number of foreclosures Bank of America was making in its own name. BofA was in effect saying that it owned these loans and had never securitized them. That seemed questionable, since the bulk of Bank of America’s mortgages had been originated by Countrywide, and Countrywide has said in its SEC filings that it securitized 96% of them.
Well that's easy - they never transferred crap. Now, with the payments not being made, they got a rather large problem in that department..... maybe a fatal one to their "wonderful" and "ethical" bank.....
1. Either Countrywide lied in its 2003 SEC filings or the loan was never on Bank of America’s books. Which would you believe?
2. Even though Countrywide appears to have intended to convey the loan to its CWABS 2003-BC6 trust, it appears never to have completed the steps. The assignments are legally void by virtue of being out of time and by being inconsistent with conveyance chain stipulated in the PSA (which would have been from Countrywide through at least one intermediary entity to the trust. So the trust does not now own the note either.
This means the odds are awfully high that Bank of America committed multiple frauds on the court, first on the state court in the foreclosures process, and now on the Federal bankruptcy court.
Naw, they'd never do anything like that, right?
The fun here of course goes to motive. Fraud upon a bankruptcy (and state) court is no small thing. It's one thing to "robosign" something that is technically correct but expensive to process correctly.
It's quite another to claim you own something when you don't - there the motive has to be that you'd get REALLY SERIOUSLY reamed if the truth were to come out.
Like, perhaps, that you still have all those notes in your files and never transferred any of them?
Well that could be a problem. In fact, it could be a really serious problem, because in this case the MBS holders bought nothing, you were paid in full, you committed fraud upon the MBS holders, and oh, incidentally, since you're the same person on both ends of the transaction now we have really big problems because the entire "arms length" thing goes up in smoke too, and that's one of the requirements to get "holder in due course" status.
How bad could this be? It could be very bad. It could be in aggregate hundreds of billions of dollars of notes that are - surprise-surprise - really owned by Bank of America (cum-Countrywide) and the losses thereupon could land on them, instead of on the MBS holders.
There is more than enough there to blow Bank of America (and all the other banks that pulled this crap) to well beyond the orbit of Mars - in tiny little pieces.
There also is enough (if we had an honest judicial system) to bring criminal and civil fraud and racketeering charges against literally everyone involved, since these acts would be hard evidence (if not proof) that the original acts were deficient and this is nothing more than an attempt to cover it up.
If you're curious as to why there are rumors floating around about an attempt to pass an ex-post-facto law that is clearly unconstitutional on its face, you shouldn't wonder why they'd try that any more.
This needs to be forced into the open now and both criminal and civil sanction applied to each and every act of deception and fraud that is found.
STOP ARGUING OVER THE "FREE HOUSE" CRAP. IT IS QUITE APPARENT THAT THERE ARE LITERALLY MILLIONS OF INSTANCES OF FRAUD COMMITTED BY THESE INSTITUTIONS AND NOT ONE HAS BEEN INVESTIGATED AND PROSECUTED AS SUCH.
STOP THE LOOTING AND START PROSECUTING - NOW!
PS: I wonder if this is an example of what Greenie was talking about?
As a good parent, most teach their children not to lie or cheat.
But with the advancement of the "NEW WORLD ORDER" to do so now leaves your child at a great disadvantage for their future earnings.
The top Talent of Wall Street's Investment Banking Scam Artists, seem now to be allowed to spit directly into the face any Judiciary they please with no questions asked.
To be a good parent now, one must instill the lesson of disobedience to not only the courts and laws they govern, but the laws of ethical behavior as well.
Very soon the position of law enforcement as well as the judicial system itself will become nostalgic relics of a long ago forgotten civilised society.
No law at all will be the order of the day
designed and enforced by the "NEW WORLD ORDER"
Dissenters of such order will all be sent back for reprogramming and if said reprogramming fails again, the consequences will lead to a termination of the subject.
Welcome to the mechanisms of the Machine called the
"NEW WORLD ORDER"
When Caught, Just Lie Some More!
Jesus....
Bank of America appears to have improved the state of the art in the creative foreclosure procedures department. I started hearing a few months ago about a sudden and suspicious increase in the number of foreclosures Bank of America was making in its own name. BofA was in effect saying that it owned these loans and had never securitized them. That seemed questionable, since the bulk of Bank of America’s mortgages had been originated by Countrywide, and Countrywide has said in its SEC filings that it securitized 96% of them.
Well that's easy - they never transferred crap. Now, with the payments not being made, they got a rather large problem in that department..... maybe a fatal one to their "wonderful" and "ethical" bank.....
1. Either Countrywide lied in its 2003 SEC filings or the loan was never on Bank of America’s books. Which would you believe?
2. Even though Countrywide appears to have intended to convey the loan to its CWABS 2003-BC6 trust, it appears never to have completed the steps. The assignments are legally void by virtue of being out of time and by being inconsistent with conveyance chain stipulated in the PSA (which would have been from Countrywide through at least one intermediary entity to the trust. So the trust does not now own the note either.
This means the odds are awfully high that Bank of America committed multiple frauds on the court, first on the state court in the foreclosures process, and now on the Federal bankruptcy court.
Naw, they'd never do anything like that, right?
The fun here of course goes to motive. Fraud upon a bankruptcy (and state) court is no small thing. It's one thing to "robosign" something that is technically correct but expensive to process correctly.
It's quite another to claim you own something when you don't - there the motive has to be that you'd get REALLY SERIOUSLY reamed if the truth were to come out.
Like, perhaps, that you still have all those notes in your files and never transferred any of them?
Well that could be a problem. In fact, it could be a really serious problem, because in this case the MBS holders bought nothing, you were paid in full, you committed fraud upon the MBS holders, and oh, incidentally, since you're the same person on both ends of the transaction now we have really big problems because the entire "arms length" thing goes up in smoke too, and that's one of the requirements to get "holder in due course" status.
How bad could this be? It could be very bad. It could be in aggregate hundreds of billions of dollars of notes that are - surprise-surprise - really owned by Bank of America (cum-Countrywide) and the losses thereupon could land on them, instead of on the MBS holders.
There is more than enough there to blow Bank of America (and all the other banks that pulled this crap) to well beyond the orbit of Mars - in tiny little pieces.
There also is enough (if we had an honest judicial system) to bring criminal and civil fraud and racketeering charges against literally everyone involved, since these acts would be hard evidence (if not proof) that the original acts were deficient and this is nothing more than an attempt to cover it up.
If you're curious as to why there are rumors floating around about an attempt to pass an ex-post-facto law that is clearly unconstitutional on its face, you shouldn't wonder why they'd try that any more.
This needs to be forced into the open now and both criminal and civil sanction applied to each and every act of deception and fraud that is found.
STOP ARGUING OVER THE "FREE HOUSE" CRAP. IT IS QUITE APPARENT THAT THERE ARE LITERALLY MILLIONS OF INSTANCES OF FRAUD COMMITTED BY THESE INSTITUTIONS AND NOT ONE HAS BEEN INVESTIGATED AND PROSECUTED AS SUCH.
STOP THE LOOTING AND START PROSECUTING - NOW!
PS: I wonder if this is an example of what Greenie was talking about?
READ THE COMMENTS AND WATCH MAX
http://4closurefraud.org/2010/11/09/fake-sheriffs-fake-courts-amp-fake-judges/
The financial pinball game has tilted America!
It's officially over when YOU DECIDE TO STOP PLYING IT WITH YOUR QUARTERS
Fake Sheriffs, Fake Courts & Fake Judges
Posted by Foreclosure Fraud on November 9, 2010 · 40 Comments
The Alice in Wonderland Economy
(Worth the watch)
White Collar Crime and Criminals
“A common mistake made by victims of white collar crime is “unexamined acceptance.” No financial information received from any source should be taken for granted as being truthful and accurate without any critical analysis.”
Our late and great former President Ronald Reagan used to say:
“Trust, but verify.”
Well, how about taking it to the next level…
“Don’t trust, just verify.”
“Verify, verify, verify.”
Do not trust, just verify. Verify, verify, and verify.
White collar criminals build a wall of false integrity around them to gain the trust of their victims.
White collar criminals measure their effectiveness by the comfort level of their victims.
White collar criminals consider your humanity, ethics, and good intentions as a weakness to be exploited in the execution of their crimes.
White collar crime can be more brutal than violent crime, since white collar crime imposes a collective harm on society.
No criminal finds morality and stops committing crime simply because another criminal went to jail.
The financial pinball game has tilted America!
It's officially over when YOU DECIDE TO STOP PLYING IT WITH YOUR QUARTERS
Fake Sheriffs, Fake Courts & Fake Judges
Posted by Foreclosure Fraud on November 9, 2010 · 40 Comments
The Alice in Wonderland Economy
(Worth the watch)
White Collar Crime and Criminals
“A common mistake made by victims of white collar crime is “unexamined acceptance.” No financial information received from any source should be taken for granted as being truthful and accurate without any critical analysis.”
Our late and great former President Ronald Reagan used to say:
“Trust, but verify.”
Well, how about taking it to the next level…
“Don’t trust, just verify.”
“Verify, verify, verify.”
Do not trust, just verify. Verify, verify, and verify.
White collar criminals build a wall of false integrity around them to gain the trust of their victims.
White collar criminals measure their effectiveness by the comfort level of their victims.
White collar criminals consider your humanity, ethics, and good intentions as a weakness to be exploited in the execution of their crimes.
White collar crime can be more brutal than violent crime, since white collar crime imposes a collective harm on society.
No criminal finds morality and stops committing crime simply because another criminal went to jail.
Matt Taibbi: Courts Helping Banks Screw Over Homeowners
http://www.rollingstone.com/politics/news/17390/232611?RS_show_page=0
A MUST READ!
The foreclosure lawyers down in Jacksonville had warned me, but I was skeptical. They told me the state of Florida had created a special super-high-speed housing court with a specific mandate to rubber-stamp the legally dicey foreclosures by corporate mortgage pushers like Deutsche Bank and JP Morgan Chase. This "rocket docket," as it is called in town, is presided over by retired judges who seem to have no clue about the insanely complex financial instruments they are ruling on — securitized mortgages and labyrinthine derivative deals of a type that didn't even exist when most of them were active members of the bench. Their stated mission isn't to decide right and wrong, but to clear cases and blast human beings out of their homes with ultimate velocity. They certainly have no incentive to penetrate the profound criminal mysteries of the great American mortgage bubble of the 2000s, perhaps the most complex Ponzi scheme in human history — an epic mountain range of corporate fraud in which Wall Street megabanks conspired first to collect huge numbers of subprime mortgages, then to unload them on unsuspecting third parties like pensions, trade unions and insurance companies (and, ultimately, you and me, as taxpayers) in the guise of AAA-rated investments. Selling lead as gold, shit as Chanel No. 5, was the essence of the booming international fraud scheme that created most all of these now-failing home mortgages.
The Real Reason America’s Cities and Towns Are Broke
A MUST READ!
The foreclosure lawyers down in Jacksonville had warned me, but I was skeptical. They told me the state of Florida had created a special super-high-speed housing court with a specific mandate to rubber-stamp the legally dicey foreclosures by corporate mortgage pushers like Deutsche Bank and JP Morgan Chase. This "rocket docket," as it is called in town, is presided over by retired judges who seem to have no clue about the insanely complex financial instruments they are ruling on — securitized mortgages and labyrinthine derivative deals of a type that didn't even exist when most of them were active members of the bench. Their stated mission isn't to decide right and wrong, but to clear cases and blast human beings out of their homes with ultimate velocity. They certainly have no incentive to penetrate the profound criminal mysteries of the great American mortgage bubble of the 2000s, perhaps the most complex Ponzi scheme in human history — an epic mountain range of corporate fraud in which Wall Street megabanks conspired first to collect huge numbers of subprime mortgages, then to unload them on unsuspecting third parties like pensions, trade unions and insurance companies (and, ultimately, you and me, as taxpayers) in the guise of AAA-rated investments. Selling lead as gold, shit as Chanel No. 5, was the essence of the booming international fraud scheme that created most all of these now-failing home mortgages.
The Real Reason America’s Cities and Towns Are Broke
WHERE ARE THE INDICTMENTS?
http://market-ticker.org/akcs-www?post=171936
WAKE THE FUCK UP AMERICA!
When a reporter can no longer report
You no longer have a CONSTITUTIN!
TARP and the statute of limitations is a very interesting point concerning the cover up to.
If you don't start hitting the streets America and showing your anger over being raped by the Investment Banking Industry as well as your Governments own collusion of it,
YOU will loose any sense of freedoms you ever had!
And become nothing more than a slave that serves the MACHINE!
Matt Taibbi blows the door off the entire Foreclosuregate scam with yet another article.....
In one case handled by Jacksonville Area Legal Aid, a homeowner refinanced her house in 2005 but almost immediately got into trouble, going into default in December of that year. Yet somehow, this woman's loan was placed into a trust called Home Equity Loan Trust Series AE 2005-HE5 in January 2006 — five months after the deadline for that particular trust. The loan was not only late, it was already in foreclosure — which means that, by definition, whoever the investors were in AE 2005-HE5 were getting shafted.
Why does stuff like this matter? Because when the banks put these pools together, they were telling their investors that they were putting their money into tidy collections of real, performing home loans. But frequently, the loans in the trust were complete ****. Or sometimes, the banks didn't even have all the loans they said they had. But the banks sold the securities based on these pools of mortgages as AAA-rated gold anyway.
Right. So what's the bottom line?
In short, all of this was a scam — and that's why so many of these mortgages lack a true paper trail. Had these transfers been done legally, the actual mortgage note and detailed information about all of these transactions would have been passed from entity to entity each time the mortgage was sold. But in actual practice, the banks were often committing securities fraud (because many of the mortgages did not match the information in the prospectuses given to investors) and tax fraud (because the way the mortgages were collected and serviced often violated the strict procedures governing such investments). Having unloaded this diseased cargo onto their unsuspecting customers, the banks had no incentive to waste money keeping "proper" documentation of all these dubious transactions.
The entire thing was and is a scam. I've been blowing the whistle on this for more than three years. There's no interest in stopping it, and most people's eyes glaze over.
But the essence of the scam is this: you were asset-stripped, your money stolen, you were sold an overinflated house, and all of it was an intentional scam.
What's sad is that most Americans who have an opinion about the foreclosure crisis don't give a **** about all the fraud involved. They don't care that these mortgages wouldn't have been available in the first place if the banks hadn't found a way to sell oregano as weed to pension funds and insurance companies.
That's one of the larger uglies in all of this. Not only were you ripped off but worse, the banks who did it not only robbed you once on your house, but robbed your pension fund on the back end!
There's a cynical argument to be made that the entire purpose of TARP and all the other BS pulled by both Obama and Bush was to run the statute of limitations - that is, intentionally delay recognition of the harm until you can't sue to recover any more.
Then there's the attempts to block the public's access to the courts - to observe. A right guaranteed in the Constitution.
Worse, about an hour later, April Charney, the lawyer who accompanied me to court, receives an e-mail from the judge actually threatening her with contempt for bringing a stranger to his court. Noting that "we ask that anyone other than a lawyer remain in the lobby," Judge Soud admonishes Charney that "your unprofessional conduct and apparent authorization that the reporter could pursue a property owner immediately out of Chambers into the hallway for an interview, may very well be sited [sic] for possible contempt in the future."
What part of The Constitution did this DOUCHE NOZZLE not bother to read?
We stand for this? Now we not only have perjury across the board and fraud up and down the line but we also have courtrooms where judges exclude the public in direct contravention of both state and federal Constitutions?
This so-called Judge needs to be imprisoned.
Why don't the banks want us to see the paperwork on all these mortgages? Because the documents represent a death sentence for them. According to the rules of the mortgage trusts, a lender like Bank of America, which controls all the Countrywide loans, is required by law to buy back from investors every faulty loan the crooks at Countrywide ever issued. Think about what that would do to Bank of America's bottom line the next time you wonder why they're trying so hard to rush these loans into someone else's hands.
The banks are insolvent. Bankrupt. Kaput. Period.
We're beyond Banana Republic stage - this is well into the realm where the looters are now employing as many hired guns as they can find in a puerile attempt to cover their tracks and continue to cover up the original looting with more looting!
The only remaining question is why the public sits still for this obviously outrageous behavior, and when we will see the general public rise off their couches, turn off Dancing With The Stars, demand that this crap stop and the institutions involved be shut down and broken up with their executives subject to investigation, prosecution and imprisonment.
WAKE THE FUCK UP AMERICA!
When a reporter can no longer report
You no longer have a CONSTITUTIN!
TARP and the statute of limitations is a very interesting point concerning the cover up to.
If you don't start hitting the streets America and showing your anger over being raped by the Investment Banking Industry as well as your Governments own collusion of it,
YOU will loose any sense of freedoms you ever had!
And become nothing more than a slave that serves the MACHINE!
Matt Taibbi blows the door off the entire Foreclosuregate scam with yet another article.....
In one case handled by Jacksonville Area Legal Aid, a homeowner refinanced her house in 2005 but almost immediately got into trouble, going into default in December of that year. Yet somehow, this woman's loan was placed into a trust called Home Equity Loan Trust Series AE 2005-HE5 in January 2006 — five months after the deadline for that particular trust. The loan was not only late, it was already in foreclosure — which means that, by definition, whoever the investors were in AE 2005-HE5 were getting shafted.
Why does stuff like this matter? Because when the banks put these pools together, they were telling their investors that they were putting their money into tidy collections of real, performing home loans. But frequently, the loans in the trust were complete ****. Or sometimes, the banks didn't even have all the loans they said they had. But the banks sold the securities based on these pools of mortgages as AAA-rated gold anyway.
Right. So what's the bottom line?
In short, all of this was a scam — and that's why so many of these mortgages lack a true paper trail. Had these transfers been done legally, the actual mortgage note and detailed information about all of these transactions would have been passed from entity to entity each time the mortgage was sold. But in actual practice, the banks were often committing securities fraud (because many of the mortgages did not match the information in the prospectuses given to investors) and tax fraud (because the way the mortgages were collected and serviced often violated the strict procedures governing such investments). Having unloaded this diseased cargo onto their unsuspecting customers, the banks had no incentive to waste money keeping "proper" documentation of all these dubious transactions.
The entire thing was and is a scam. I've been blowing the whistle on this for more than three years. There's no interest in stopping it, and most people's eyes glaze over.
But the essence of the scam is this: you were asset-stripped, your money stolen, you were sold an overinflated house, and all of it was an intentional scam.
What's sad is that most Americans who have an opinion about the foreclosure crisis don't give a **** about all the fraud involved. They don't care that these mortgages wouldn't have been available in the first place if the banks hadn't found a way to sell oregano as weed to pension funds and insurance companies.
That's one of the larger uglies in all of this. Not only were you ripped off but worse, the banks who did it not only robbed you once on your house, but robbed your pension fund on the back end!
There's a cynical argument to be made that the entire purpose of TARP and all the other BS pulled by both Obama and Bush was to run the statute of limitations - that is, intentionally delay recognition of the harm until you can't sue to recover any more.
Then there's the attempts to block the public's access to the courts - to observe. A right guaranteed in the Constitution.
Worse, about an hour later, April Charney, the lawyer who accompanied me to court, receives an e-mail from the judge actually threatening her with contempt for bringing a stranger to his court. Noting that "we ask that anyone other than a lawyer remain in the lobby," Judge Soud admonishes Charney that "your unprofessional conduct and apparent authorization that the reporter could pursue a property owner immediately out of Chambers into the hallway for an interview, may very well be sited [sic] for possible contempt in the future."
What part of The Constitution did this DOUCHE NOZZLE not bother to read?
We stand for this? Now we not only have perjury across the board and fraud up and down the line but we also have courtrooms where judges exclude the public in direct contravention of both state and federal Constitutions?
This so-called Judge needs to be imprisoned.
Why don't the banks want us to see the paperwork on all these mortgages? Because the documents represent a death sentence for them. According to the rules of the mortgage trusts, a lender like Bank of America, which controls all the Countrywide loans, is required by law to buy back from investors every faulty loan the crooks at Countrywide ever issued. Think about what that would do to Bank of America's bottom line the next time you wonder why they're trying so hard to rush these loans into someone else's hands.
The banks are insolvent. Bankrupt. Kaput. Period.
We're beyond Banana Republic stage - this is well into the realm where the looters are now employing as many hired guns as they can find in a puerile attempt to cover their tracks and continue to cover up the original looting with more looting!
The only remaining question is why the public sits still for this obviously outrageous behavior, and when we will see the general public rise off their couches, turn off Dancing With The Stars, demand that this crap stop and the institutions involved be shut down and broken up with their executives subject to investigation, prosecution and imprisonment.
ALERT: Casus Belli - Ex-Post-Facto Law!
http://market-ticker.org/akcs-www?post=171940
Heads up kids,
Congress is taking a payoff to make the MERS problem go away for the Mortgage Banking Industry!
Better get those DC phones ringing off the hook.
Congress has no problem screwing over their constituents in favor of the political donations that the lobbyist hand out to them.
Rather than have to prosecute the elite of the American Corporate Banking system they will stick a knife right in your back!
It's just one more example of changing the rules in the middle of the game
because "big money" can buy anything, including a "GET OUT OF JAIL" free card!
The bastards that are supposed to serve you as well as the constitution, are going to once again totally ignore they're duties and bow to their MASTER...
It's your choice now,
You either allow them to do it....or you make heads roll!
Now from The Garfield Continuum comes the following warning:
After years of negative judicial decisions about the use of a straw-man on mortgages, MERS was about to lose its existence as well as its credibility. But now all of that is set to change as Wall Street money is pouring into the coffers of those who are receptive (i.e., almost everyone in Congress). The legislation is already being drafted under the interstate commerce clause to ratify MERS and everything it did retroactively. It appears that the Obama administration is ready to pardon all the securitization deviants by signing this bill into law. This information is corroborated by several people who are in sensitive positions — persons who would be the first to know such proposals.
Fortunately, there are some people in Washington who have a conscience and do not want to see this happen.
Besides the obvious seediness of this maneuver, it runs roughshod over state property laws, and the rights of investors, homeowners and borrowers. It amounts to a permanent installation of a Federal system that supersedes the county records for recording property rights. Off-record comments I’ve heard from people in power are outraged at this assault on states’ rights. But these people are not legislators, who are getting promises larger than anything in your imagination, if they will support such a bill. It might be couched as a uniform law to be adopted by the states to get around the states rights issues, but it will permanently remove some of the power over property that lies solely within the jurisdiction of the states and place it preemptively within federal jurisdiction.
All of this is scheduled to happen during the lame duck session of congress between now and the end of the this year, 2010. That means in a manner of days, some bill that may look like it has nothing to do with property, mortgages or foreclosures is going to have attached to it a provision whose effect will go even further than the notarization bill that went through Congress like S–t through a goose and almost got signed by the President. We caught that one AFTER it was passed by Congress unanimously but before Obama signed it.
We announced it as an attempt at a presidential pardon to all those who committed crimes in the notarization of documents that were fabricated and forged, all those who committed forgery and perjury and all those who created counterfeit documentation that was presented to courts as original documents.
This time we got the information, we think, before it was stitched into some innocuous looking bill. If we don’t find it and block it, the plight of homeowners will get that much worse.
That would be an ex-post-facto law, and is explicitly barred by The Constitution.
Such a bill, were it to be promulgated, would be an act of intentional subversion of The Constitution and a violation of the oath of office of every Congressperson who votes or argues for it.
If such a law is in fact introduced it would turn the rule of law on its ear and make clear that we now live in a nation where literal theft will be made legal retroactively by the Congress and President in an explicit form and with the impact of literally stealing millions of privately-held homes.
Heads up kids,
Congress is taking a payoff to make the MERS problem go away for the Mortgage Banking Industry!
Better get those DC phones ringing off the hook.
Congress has no problem screwing over their constituents in favor of the political donations that the lobbyist hand out to them.
Rather than have to prosecute the elite of the American Corporate Banking system they will stick a knife right in your back!
It's just one more example of changing the rules in the middle of the game
because "big money" can buy anything, including a "GET OUT OF JAIL" free card!
The bastards that are supposed to serve you as well as the constitution, are going to once again totally ignore they're duties and bow to their MASTER...
It's your choice now,
You either allow them to do it....or you make heads roll!
Now from The Garfield Continuum comes the following warning:
After years of negative judicial decisions about the use of a straw-man on mortgages, MERS was about to lose its existence as well as its credibility. But now all of that is set to change as Wall Street money is pouring into the coffers of those who are receptive (i.e., almost everyone in Congress). The legislation is already being drafted under the interstate commerce clause to ratify MERS and everything it did retroactively. It appears that the Obama administration is ready to pardon all the securitization deviants by signing this bill into law. This information is corroborated by several people who are in sensitive positions — persons who would be the first to know such proposals.
Fortunately, there are some people in Washington who have a conscience and do not want to see this happen.
Besides the obvious seediness of this maneuver, it runs roughshod over state property laws, and the rights of investors, homeowners and borrowers. It amounts to a permanent installation of a Federal system that supersedes the county records for recording property rights. Off-record comments I’ve heard from people in power are outraged at this assault on states’ rights. But these people are not legislators, who are getting promises larger than anything in your imagination, if they will support such a bill. It might be couched as a uniform law to be adopted by the states to get around the states rights issues, but it will permanently remove some of the power over property that lies solely within the jurisdiction of the states and place it preemptively within federal jurisdiction.
All of this is scheduled to happen during the lame duck session of congress between now and the end of the this year, 2010. That means in a manner of days, some bill that may look like it has nothing to do with property, mortgages or foreclosures is going to have attached to it a provision whose effect will go even further than the notarization bill that went through Congress like S–t through a goose and almost got signed by the President. We caught that one AFTER it was passed by Congress unanimously but before Obama signed it.
We announced it as an attempt at a presidential pardon to all those who committed crimes in the notarization of documents that were fabricated and forged, all those who committed forgery and perjury and all those who created counterfeit documentation that was presented to courts as original documents.
This time we got the information, we think, before it was stitched into some innocuous looking bill. If we don’t find it and block it, the plight of homeowners will get that much worse.
That would be an ex-post-facto law, and is explicitly barred by The Constitution.
Such a bill, were it to be promulgated, would be an act of intentional subversion of The Constitution and a violation of the oath of office of every Congressperson who votes or argues for it.
If such a law is in fact introduced it would turn the rule of law on its ear and make clear that we now live in a nation where literal theft will be made legal retroactively by the Congress and President in an explicit form and with the impact of literally stealing millions of privately-held homes.
Monday, November 8, 2010
Charles Schwab and the Federal Home Loan Bank of Chicago sue Citigroup
http://finance.yahoo.com/news/Banks-Brace-for-Costly-Fights-nytimes-2170039967.html?x=0&sec=topStories&pos=7&asset=&ccode=
Yeah the INVESTORS know that the banks have committed FRAUD and embezzled money from them,
But somehow NO ONE in the Government can see any crime that has been committed.
WHY?
Because they are complicit in the banks actions up to their eyeballs.
They can't even smell the aroma of the crap anymore because their noses are to far buried up the banking industries ass, with the private banking entity called the FED, being the ultimate ass Master that they will continue to allow the country to be stimulated by.
Updated Even as investors put aside their worries on Friday about the effect of the foreclosure mess on bank stocks, new signs emerged of what is likely to be a long and expensive legal battle for the financial services industry over mortgages gone bad.
Citigroup disclosed in a regulatory filing that it was being sued by several investors, including Charles Schwab and the Federal Home Loan Bank of Chicago, in an effort to force Citigroup to buy back soured mortgages that the investors contended did not conform to proper underwriting standards.
Meanwhile, Wells Fargo said in a filing that it "cannot estimate the possible loss or range of loss" from these cases, and Bank of America said in a filing that investors holding $375 billion worth of mortgage securities had filed similar suits.
In a separate announcement, however, Bank of America said a lawsuit brought by
Yeah the INVESTORS know that the banks have committed FRAUD and embezzled money from them,
But somehow NO ONE in the Government can see any crime that has been committed.
WHY?
Because they are complicit in the banks actions up to their eyeballs.
They can't even smell the aroma of the crap anymore because their noses are to far buried up the banking industries ass, with the private banking entity called the FED, being the ultimate ass Master that they will continue to allow the country to be stimulated by.
Updated Even as investors put aside their worries on Friday about the effect of the foreclosure mess on bank stocks, new signs emerged of what is likely to be a long and expensive legal battle for the financial services industry over mortgages gone bad.
Citigroup disclosed in a regulatory filing that it was being sued by several investors, including Charles Schwab and the Federal Home Loan Bank of Chicago, in an effort to force Citigroup to buy back soured mortgages that the investors contended did not conform to proper underwriting standards.
Meanwhile, Wells Fargo said in a filing that it "cannot estimate the possible loss or range of loss" from these cases, and Bank of America said in a filing that investors holding $375 billion worth of mortgage securities had filed similar suits.
In a separate announcement, however, Bank of America said a lawsuit brought by
Citigroup being sued by Schwab and the Federal Home Loan Bank of Chicago,
http://finance.yahoo.com/news/Banks-Brace-for-Costly-Fights-nytimes-2170039967.html?x=0&sec=topStories&pos=7&asset=&ccode=
Yeah the INVESTORS know that the banks have committed FRAUD and embezzled money from them,
But somehow NO ONE in the Government can see any crime that has been committed.
WHY?
Because they are complicit in the banks actions up to their eyeballs.
They can't even smell the aroma of the crap anymore because their noses are to far buried up the banking industries ass, with the private banking entity called the FED, being the ultimate ass Master that they will continue to allow the country to be stimulated by.
Updated Even as investors put aside their worries on Friday about the effect of the foreclosure mess on bank stocks, new signs emerged of what is likely to be a long and expensive legal battle for the financial services industry over mortgages gone bad.
Citigroup disclosed in a regulatory filing that it was being sued by several investors, including Charles Schwab and the Federal Home Loan Bank of Chicago, in an effort to force Citigroup to buy back soured mortgages that the investors contended did not conform to proper underwriting standards.
Meanwhile, Wells Fargo said in a filing that it "cannot estimate the possible loss or range of loss" from these cases, and Bank of America said in a filing that investors holding $375 billion worth of mortgage securities had filed similar suits.
In a separate announcement, however, Bank of America said a lawsuit brought by
Yeah the INVESTORS know that the banks have committed FRAUD and embezzled money from them,
But somehow NO ONE in the Government can see any crime that has been committed.
WHY?
Because they are complicit in the banks actions up to their eyeballs.
They can't even smell the aroma of the crap anymore because their noses are to far buried up the banking industries ass, with the private banking entity called the FED, being the ultimate ass Master that they will continue to allow the country to be stimulated by.
Updated Even as investors put aside their worries on Friday about the effect of the foreclosure mess on bank stocks, new signs emerged of what is likely to be a long and expensive legal battle for the financial services industry over mortgages gone bad.
Citigroup disclosed in a regulatory filing that it was being sued by several investors, including Charles Schwab and the Federal Home Loan Bank of Chicago, in an effort to force Citigroup to buy back soured mortgages that the investors contended did not conform to proper underwriting standards.
Meanwhile, Wells Fargo said in a filing that it "cannot estimate the possible loss or range of loss" from these cases, and Bank of America said in a filing that investors holding $375 billion worth of mortgage securities had filed similar suits.
In a separate announcement, however, Bank of America said a lawsuit brought by
Banks Brace for Costly Fights Over Mortgage Mess
http://finance.yahoo.com/news/Banks-Brace-for-Costly-Fights-nytimes-2170039967.html?x=0&sec=topStories&pos=7&asset=&ccode=
Yeah the INVESTORS know that the banks have committed FRAUD and embezzled money from them,
But somehow NO ONE in the Government can see any crime that has been committed.
WHY?
Because they are complicit in the banks actions up to their eyeballs.
They can't even smell the aroma of the crap anymore because their noses are to far buried up the banking industries ass, with the private banking entity called the FED, being the ultimate ass Master that they will continue to allow the country to be stimulated by.
Updated Even as investors put aside their worries on Friday about the effect of the foreclosure mess on bank stocks, new signs emerged of what is likely to be a long and expensive legal battle for the financial services industry over mortgages gone bad.
Citigroup disclosed in a regulatory filing that it was being sued by several investors, including Charles Schwab and the Federal Home Loan Bank of Chicago, in an effort to force Citigroup to buy back soured mortgages that the investors contended did not conform to proper underwriting standards.
Meanwhile, Wells Fargo said in a filing that it "cannot estimate the possible loss or range of loss" from these cases, and Bank of America said in a filing that investors holding $375 billion worth of mortgage securities had filed similar suits.
In a separate announcement, however, Bank of America said a lawsuit brought by
Yeah the INVESTORS know that the banks have committed FRAUD and embezzled money from them,
But somehow NO ONE in the Government can see any crime that has been committed.
WHY?
Because they are complicit in the banks actions up to their eyeballs.
They can't even smell the aroma of the crap anymore because their noses are to far buried up the banking industries ass, with the private banking entity called the FED, being the ultimate ass Master that they will continue to allow the country to be stimulated by.
Updated Even as investors put aside their worries on Friday about the effect of the foreclosure mess on bank stocks, new signs emerged of what is likely to be a long and expensive legal battle for the financial services industry over mortgages gone bad.
Citigroup disclosed in a regulatory filing that it was being sued by several investors, including Charles Schwab and the Federal Home Loan Bank of Chicago, in an effort to force Citigroup to buy back soured mortgages that the investors contended did not conform to proper underwriting standards.
Meanwhile, Wells Fargo said in a filing that it "cannot estimate the possible loss or range of loss" from these cases, and Bank of America said in a filing that investors holding $375 billion worth of mortgage securities had filed similar suits.
In a separate announcement, however, Bank of America said a lawsuit brought by
FRAUD and THEFT right in your face, sanctioned by your Government
http://market-ticker.org/akcs-www?post=171609
America, is this really what your willing to stand for, as the rule of law in this country?
The persecution of treason must be enacted for any government official that does not come out right and demand the arrest and prosecution of the cabal, that has chosen to over look these crimes as just a paperwork mistake.
Even the dumbest American can understand after watching this, that a well thought out plan was in progress from beginning to end by the mortgage investment banking industry, formerly known as the Wizards of Wall Street.
This ladies and gentleman was NOT God's work, but the work of the Financial Mafia, and QE2 is another extention of the coverup of their crimes!
LETS ROLL AMERICA!
Because either this plane is going down, or "WE" all do!
Here Come The Depositions
Gee, there's nothing wrong here with this sort of signing of documents, right?
About 30 minutes worth..... repeated admissions that she's signing as a "witness", but she never actually witnesses anything - she's signing documents as a witness that she never witnessed. (10:00, roughly, first video, and right in the front of the second video, and well into it....)
Naw, there's nothing wrong with submitting hundreds (thousands?) of documents to a court in which you claim to have witnessed a signature when you really didn't......
It's also ok that a person who has such limited knowledge of the English language that they do not understand what the words "For good and valuable consideration" means when signing as a witness. Or, for that matter, what the words "effective date" mean. Yes, really (~4:00 to 5:30, second video.)
It's also ok that this person's signature has been scanned into a computer and used as if an original?
It's ok to testify that you never sign as a "Vice President", then you're shown a document where you have indeed signed as a Vice President.... of course, the problem here is that she doesn't understand and read enough English to know what she's doing - she's simply been paid to sign her name anywhere it appears. (~7:00 into the second video)
This is what passes for due process of law in this country. These are "technical deficiencies" in paperwork.
We don't actually have companies exploiting immigrants to this nation who have extremely-limited understanding and comprehension of the English language to utter documents attesting to false facts, right?
This most-certainly is not evidence of an organized conspiracy to defraud the courts, defraud the people, and steal homes, right?
How much more of this crap will we tolerate America?
America, is this really what your willing to stand for, as the rule of law in this country?
The persecution of treason must be enacted for any government official that does not come out right and demand the arrest and prosecution of the cabal, that has chosen to over look these crimes as just a paperwork mistake.
Even the dumbest American can understand after watching this, that a well thought out plan was in progress from beginning to end by the mortgage investment banking industry, formerly known as the Wizards of Wall Street.
This ladies and gentleman was NOT God's work, but the work of the Financial Mafia, and QE2 is another extention of the coverup of their crimes!
LETS ROLL AMERICA!
Because either this plane is going down, or "WE" all do!
Here Come The Depositions
Gee, there's nothing wrong here with this sort of signing of documents, right?
About 30 minutes worth..... repeated admissions that she's signing as a "witness", but she never actually witnesses anything - she's signing documents as a witness that she never witnessed. (10:00, roughly, first video, and right in the front of the second video, and well into it....)
Naw, there's nothing wrong with submitting hundreds (thousands?) of documents to a court in which you claim to have witnessed a signature when you really didn't......
It's also ok that a person who has such limited knowledge of the English language that they do not understand what the words "For good and valuable consideration" means when signing as a witness. Or, for that matter, what the words "effective date" mean. Yes, really (~4:00 to 5:30, second video.)
It's also ok that this person's signature has been scanned into a computer and used as if an original?
It's ok to testify that you never sign as a "Vice President", then you're shown a document where you have indeed signed as a Vice President.... of course, the problem here is that she doesn't understand and read enough English to know what she's doing - she's simply been paid to sign her name anywhere it appears. (~7:00 into the second video)
This is what passes for due process of law in this country. These are "technical deficiencies" in paperwork.
We don't actually have companies exploiting immigrants to this nation who have extremely-limited understanding and comprehension of the English language to utter documents attesting to false facts, right?
This most-certainly is not evidence of an organized conspiracy to defraud the courts, defraud the people, and steal homes, right?
How much more of this crap will we tolerate America?
Friday, November 5, 2010
Ackermann's Deutsche Bank Follies:Chickens Come Home To Roost By F. William Engdahl
http://www.rense.com/general92/bankc.htm
Oh My God!
A massive load of shit just hit the fan.
And just when you thought the Investment Banking World got boring, the bag of shit that it is just split wide open. Oh My God what a mess.
They not only eat their own, they set them up for dinner!
I hear the chain gang calling out on this one kids.
Investment Banks busted dead to rights
The earlier filing of fraud charges against Wall Street banking titan Goldman Sachs by the US Government Securities and Exchange Commission (SEC) was only the tip of a huge fraud iceberg. Now a US mortgage insurer has charged one of the most aggressive banks involved in the US subprime mortgage scam of fraud. The bank is none other than Deutsche Bank. This case is also likely to be just the "tip of a very big iceberg."
Since he left his post as president of the Swiss-US Credit Suisse bank to go to Deutsche Bank, Swiss banker Josef Ackermann has focused on making the premier German bank into an imitation of the major Wall Street banks. It seems he has succeeded only too well.
Assured Guaranty Ltd., owner of Assured Guaranty Mortgage Insurance Company of New York has sued affiliates of Deutsche Bank AG over $312 million of mortgage-backed securities (MBS), the controversial bonds that the bond insurer guaranteed and says were "plagued by rampant fraud and misrepresentations." Assured Guaranty is asking a judge to force Deutsche Bank to repurchase the loans, on which the insurer has already paid almost $60 million in loss claims with potential for tens of millions of dollars more. The suit was filed in New York State Supreme Court against DB Structured Products Inc. and ACE Securities Corp. The bond insurer, backed by billionaire Wilbur Ross, is also seeking reimbursement for the claims paid and for future losses. This is major.
Oh My God!
A massive load of shit just hit the fan.
And just when you thought the Investment Banking World got boring, the bag of shit that it is just split wide open. Oh My God what a mess.
They not only eat their own, they set them up for dinner!
I hear the chain gang calling out on this one kids.
Investment Banks busted dead to rights
The earlier filing of fraud charges against Wall Street banking titan Goldman Sachs by the US Government Securities and Exchange Commission (SEC) was only the tip of a huge fraud iceberg. Now a US mortgage insurer has charged one of the most aggressive banks involved in the US subprime mortgage scam of fraud. The bank is none other than Deutsche Bank. This case is also likely to be just the "tip of a very big iceberg."
Since he left his post as president of the Swiss-US Credit Suisse bank to go to Deutsche Bank, Swiss banker Josef Ackermann has focused on making the premier German bank into an imitation of the major Wall Street banks. It seems he has succeeded only too well.
Assured Guaranty Ltd., owner of Assured Guaranty Mortgage Insurance Company of New York has sued affiliates of Deutsche Bank AG over $312 million of mortgage-backed securities (MBS), the controversial bonds that the bond insurer guaranteed and says were "plagued by rampant fraud and misrepresentations." Assured Guaranty is asking a judge to force Deutsche Bank to repurchase the loans, on which the insurer has already paid almost $60 million in loss claims with potential for tens of millions of dollars more. The suit was filed in New York State Supreme Court against DB Structured Products Inc. and ACE Securities Corp. The bond insurer, backed by billionaire Wilbur Ross, is also seeking reimbursement for the claims paid and for future losses. This is major.
Foreclosures and banks' debt to society
http://www.guardian.co.uk/commentisfree/cifamerica/2010/nov/05/banking-mortgage-arrears
America no longer has a "rule of law"
If it actually did the major investment banks would no longer be in business.
Rewritten bankruptcy provisions reduce indebted homeowners to servitude. What has become of the rule of law in the US?
The mortgage debacle in the United States has raised deep questions about "the rule of law", the universally accepted hallmark of an advanced, civilised society. The rule of law is supposed to protect the weak against the strong, and ensure that everyone is treated fairly. In America, in the wake of the subprime mortgage crisis, it has done neither.
To some, all of this is reminiscent of what happened in Russia, where the rule of law – bankruptcy legislation, in particular – was used as a legal mechanism to replace one group of owners with another. Courts were bought, documents forged, and the process went smoothly. In America, the venality is at a higher level. It is not particular judges that are bought, but the laws themselves, through campaign contributions and lobbying, in what has come to be called "corruption, American-style".
When it became clear that people could not pay back what was owed, the rules of the game changed. Bankruptcy laws were amended to introduce a system of "partial indentured servitude". An individual with, say, debts equal to 100% of his income could be forced to hand over to the bank 25% of his gross, pre-tax income for the rest of his life, because the bank could add on, say, 30% interest each year to what a person owed. In the end, a mortgage holder would owe far more than the bank ever received
America no longer has a "rule of law"
If it actually did the major investment banks would no longer be in business.
Rewritten bankruptcy provisions reduce indebted homeowners to servitude. What has become of the rule of law in the US?
The mortgage debacle in the United States has raised deep questions about "the rule of law", the universally accepted hallmark of an advanced, civilised society. The rule of law is supposed to protect the weak against the strong, and ensure that everyone is treated fairly. In America, in the wake of the subprime mortgage crisis, it has done neither.
To some, all of this is reminiscent of what happened in Russia, where the rule of law – bankruptcy legislation, in particular – was used as a legal mechanism to replace one group of owners with another. Courts were bought, documents forged, and the process went smoothly. In America, the venality is at a higher level. It is not particular judges that are bought, but the laws themselves, through campaign contributions and lobbying, in what has come to be called "corruption, American-style".
When it became clear that people could not pay back what was owed, the rules of the game changed. Bankruptcy laws were amended to introduce a system of "partial indentured servitude". An individual with, say, debts equal to 100% of his income could be forced to hand over to the bank 25% of his gross, pre-tax income for the rest of his life, because the bank could add on, say, 30% interest each year to what a person owed. In the end, a mortgage holder would owe far more than the bank ever received
Thursday, November 4, 2010
Fed to Let Banks Increase Dividends
http://online.wsj.com/article/SB10001424052748703805704575594650694019436.html?mod=WSJ_hp_LEFTWhatsNewsCollection
What I'd like to know is if these healthy banks were involved in the MBS scandal or foreclosure fraud, why aren't their assets frozen?
Should they be allowed to indulge with money they fraudulently stole?
According to people familiar with the matter, regulators as soon as next week are expected to give guidance outlining the standards banks must meet to increase dividend payments. The Fed is expected to take a conservative approach that would require banks to demonstrate their ability to meet tough new international capital standards and any requirements stemming from the U.S. financial-regulatory overhaul.
Many U.S. banks are itching to boost payments to shareholders, citing improved profits, because they have long relied on a steady stream of dividends to lure investors. But they have been in a holding pattern as regulators across the globe hashed out new rules requiring banks to hold more capital as a buffer against future losses
What I'd like to know is if these healthy banks were involved in the MBS scandal or foreclosure fraud, why aren't their assets frozen?
Should they be allowed to indulge with money they fraudulently stole?
According to people familiar with the matter, regulators as soon as next week are expected to give guidance outlining the standards banks must meet to increase dividend payments. The Fed is expected to take a conservative approach that would require banks to demonstrate their ability to meet tough new international capital standards and any requirements stemming from the U.S. financial-regulatory overhaul.
Many U.S. banks are itching to boost payments to shareholders, citing improved profits, because they have long relied on a steady stream of dividends to lure investors. But they have been in a holding pattern as regulators across the globe hashed out new rules requiring banks to hold more capital as a buffer against future losses
Tuesday, November 2, 2010
Lawmaker Questions Power to Foreclose .
http://online.wsj.com/article/SB10001424052748704865104575588791583567372.html?mod=WSJ_hp_LEFTWhatsNewsCollection
The Banks only have as much power, as you allow them to believe they have.
And you allow them to live by feeding them, or allowing them to feed off of you.
It's time to cut the ties that bind
"There are too many people getting foreclosed on not properly," said Mr. Marshall, who represents two counties near Washington, adding that he is drafting a Virginia law that would require lenders to pay county fees before being allowed to proceed with foreclosures. "The disdain with which the conditions of law have been treated by those who want to make money too fast is very troubling to me."
In a state-court lawsuit filed in Georgia last week seeking class-action status, lawyer David Ates says MERS isn't a secured creditor, meaning it lacks the power to foreclose on behalf of lenders, mortgage servicers or other parties.
Mr. Ates said he is seeking to have all Georgia foreclosures by the company "be declared invalid and the title be returned to the debtor."
Also last week, the District of Columbia's attorney general, Peter Nickles, issued a statement saying no D.C. homeowner can be foreclosed upon unless the security interest of the note holder has been physically recorded with the district's Recorder of Deeds, a condition that electronic assignments through MERS don't meet.
MERS spokeswoman Karmela Lejarde said the company doesn't keep track of how many users have stopped using the electronic filing system. MERS declined to say how many lawsuits have been filed against the company since foreclosure troubles erupted in mid-September.
The Banks only have as much power, as you allow them to believe they have.
And you allow them to live by feeding them, or allowing them to feed off of you.
It's time to cut the ties that bind
"There are too many people getting foreclosed on not properly," said Mr. Marshall, who represents two counties near Washington, adding that he is drafting a Virginia law that would require lenders to pay county fees before being allowed to proceed with foreclosures. "The disdain with which the conditions of law have been treated by those who want to make money too fast is very troubling to me."
In a state-court lawsuit filed in Georgia last week seeking class-action status, lawyer David Ates says MERS isn't a secured creditor, meaning it lacks the power to foreclose on behalf of lenders, mortgage servicers or other parties.
Mr. Ates said he is seeking to have all Georgia foreclosures by the company "be declared invalid and the title be returned to the debtor."
Also last week, the District of Columbia's attorney general, Peter Nickles, issued a statement saying no D.C. homeowner can be foreclosed upon unless the security interest of the note holder has been physically recorded with the district's Recorder of Deeds, a condition that electronic assignments through MERS don't meet.
MERS spokeswoman Karmela Lejarde said the company doesn't keep track of how many users have stopped using the electronic filing system. MERS declined to say how many lawsuits have been filed against the company since foreclosure troubles erupted in mid-September.
Friday, October 29, 2010
Let's Talk About A Bank Holiday
http://market-ticker.org/akcs-www?post=170706
With the banks having admitted (actually being forced to admit) their financial shenanigans which include fraud as well as embezzlement, what Karl is proposing is actually the due course that should have already been executed.
There can be no forgiving nor forgetting or a conveniently misplaced looking the other way at this point.
If those that serve us as government, local or federal, don't comply with laws written specifically that address the fraud and embezzlement that the banks have inflicted upon this entire nation at will, the it will prove 2 things irrefutably.
1. Corporate America is making the rules for the running of this country, and can pick and choose at random which laws they will comply with, if any.
2. Your government is openly committing treason in regards to their duties (which were taken under oath)to the "People" of this nation.
Karl is not dreaming a little dream,
He's stating due process of the law.
Which is something that "WE" all should be able to expect from those that publicly represent us.
Let us pre-suppose that Obama grows a sack this afternoon and today after the market closes announces it.
What does it mean?
A few things happen:
1.All banks are closed as of the close of business and will not re-open unless they're certified clean and solvent. No mergers, no take-unders, you either live or die.
2.
With the banks having admitted (actually being forced to admit) their financial shenanigans which include fraud as well as embezzlement, what Karl is proposing is actually the due course that should have already been executed.
There can be no forgiving nor forgetting or a conveniently misplaced looking the other way at this point.
If those that serve us as government, local or federal, don't comply with laws written specifically that address the fraud and embezzlement that the banks have inflicted upon this entire nation at will, the it will prove 2 things irrefutably.
1. Corporate America is making the rules for the running of this country, and can pick and choose at random which laws they will comply with, if any.
2. Your government is openly committing treason in regards to their duties (which were taken under oath)to the "People" of this nation.
Karl is not dreaming a little dream,
He's stating due process of the law.
Which is something that "WE" all should be able to expect from those that publicly represent us.
Let us pre-suppose that Obama grows a sack this afternoon and today after the market closes announces it.
What does it mean?
A few things happen:
1.All banks are closed as of the close of business and will not re-open unless they're certified clean and solvent. No mergers, no take-unders, you either live or die.
2.
Wells Fargo Emerges as Target, Role Model in Foreclosure Probe
http://www.bloomberg.com/news/2010-10-28/wells-fargo-emerges-as-target-role-model-in-foreclosure-probe.html
Arizona your Attorney General is a sellout, rather than fight for living up to the letter of the law, he will allow a once again "No Fault" fine.
What does a "No Fault" fine do, rather than being tried for the crime committed?
It allows companies like Halliburton, to go on using flawed cement to created the biggest environmental disaster of all times.
These corporations know what they are doing and it's about time they were held legally as well as morally responsible for the death and destruction that they leave in their wake.
Ohio’s attorney general today criticized the bank’s plan to submit supplemental affidavits to courts in about 55,000 foreclosure proceedings after it found some statements “did not strictly adhere to the required procedures.” At the same time, Arizona’s top state lawyer held up Wells Fargo’s Oct. 6 agreement on loan modification procedures as a model remedy for a 50-state foreclosure probe.
“These people think they can play by a different set of rules,” Ohio Attorney General Richard Cordray said in an interview today on Bloomberg Television’s “InBusiness with Margaret Brennan.” “It’s not just individuals who signed flawed affidavits. It’s a business model designed on fraud.”
Wells Fargo agreed to pay $24 million to eight states, including Arizona, and make more than $772 million in loan modifications to resolve allegations that companies it acquired deceptively marketed adjustable-rate mortgage loans.
No Wrongdoing
According to the agreement, Wells Fargo admitted no wrongdoing and never originated or marketed pick-a-payment mortgage loans.
Arizona your Attorney General is a sellout, rather than fight for living up to the letter of the law, he will allow a once again "No Fault" fine.
What does a "No Fault" fine do, rather than being tried for the crime committed?
It allows companies like Halliburton, to go on using flawed cement to created the biggest environmental disaster of all times.
These corporations know what they are doing and it's about time they were held legally as well as morally responsible for the death and destruction that they leave in their wake.
Ohio’s attorney general today criticized the bank’s plan to submit supplemental affidavits to courts in about 55,000 foreclosure proceedings after it found some statements “did not strictly adhere to the required procedures.” At the same time, Arizona’s top state lawyer held up Wells Fargo’s Oct. 6 agreement on loan modification procedures as a model remedy for a 50-state foreclosure probe.
“These people think they can play by a different set of rules,” Ohio Attorney General Richard Cordray said in an interview today on Bloomberg Television’s “InBusiness with Margaret Brennan.” “It’s not just individuals who signed flawed affidavits. It’s a business model designed on fraud.”
Wells Fargo agreed to pay $24 million to eight states, including Arizona, and make more than $772 million in loan modifications to resolve allegations that companies it acquired deceptively marketed adjustable-rate mortgage loans.
No Wrongdoing
According to the agreement, Wells Fargo admitted no wrongdoing and never originated or marketed pick-a-payment mortgage loans.
Wednesday, October 27, 2010
Treasury: Foreclosure woes not systemic threat
http://finance.yahoo.com/news/Treasury-Foreclosure-woes-not-rb-2286295932.html?x=0&sec=topStories&pos=8&asset=&ccode=
I had to laugh that it was a member of the oversight panel that corrected Phyllis, after all she is the chief of Treasury's Homeowner Preservation Office.
And you wonder why are country is swirling down the toilet drain. With people like Phyllis running the show, we don't stand a chance of survival.
The U.S. Treasury does not see a systemic financial threat from the risk that banks will be forced to buy back mortgage securities due to faulty foreclosure documents, a senior Treasury official said on Wednesday.
A member of the Congressional Oversight Panel, Damon Silvers, objected to Treasury's benign view of the threat, citing a demand by eight large investors, including the Federal Reserve Bank of New York, that Bank of America (NYSE:BAC - News) take back some $47 billion in mortgage bonds because of mishandled mortgages backing them.
According to Fed estimates, Bank of America would likely have to book a $23 billion loss on the securities if forced to buy them back, Silvers said.
"Five such requests, if honored, to Bank of America will amount to more than the current market capitalization of Bank of America, which is now $115 billion," Silvers told Caldwell.
"Now, do you wish to retract your statement that there is no systemic risk in this situation? And the word is risk -- not certainty -- but risk," he added. "I would urge you to do so because these things can become embarrassing later."
I had to laugh that it was a member of the oversight panel that corrected Phyllis, after all she is the chief of Treasury's Homeowner Preservation Office.
And you wonder why are country is swirling down the toilet drain. With people like Phyllis running the show, we don't stand a chance of survival.
The U.S. Treasury does not see a systemic financial threat from the risk that banks will be forced to buy back mortgage securities due to faulty foreclosure documents, a senior Treasury official said on Wednesday.
A member of the Congressional Oversight Panel, Damon Silvers, objected to Treasury's benign view of the threat, citing a demand by eight large investors, including the Federal Reserve Bank of New York, that Bank of America (NYSE:BAC - News) take back some $47 billion in mortgage bonds because of mishandled mortgages backing them.
According to Fed estimates, Bank of America would likely have to book a $23 billion loss on the securities if forced to buy them back, Silvers said.
"Five such requests, if honored, to Bank of America will amount to more than the current market capitalization of Bank of America, which is now $115 billion," Silvers told Caldwell.
"Now, do you wish to retract your statement that there is no systemic risk in this situation? And the word is risk -- not certainty -- but risk," he added. "I would urge you to do so because these things can become embarrassing later."
Monday, October 25, 2010
Treasury Shields Citigroup as Deletions Undercut Disclosure
http://www.bloomberg.com/news/2010-10-25/u-s-treasury-shielding-of-citigroup-with-deletions-make-foia-meaningless.html
The cover up of fraud and embezzlement is actually considered and accepted a "Trade Secret" by the Treasury.
What I want to know is:
How long will it be before we see the evidence of vigilante justice being meted out, by the betrayed taxpayers, of the United States?
With every day's new attempt by the various government entities to sugar coat the wide spread racketeering that the investment banks subject this country to, the odds of such an act, are being brought clearly into focus.
It's only a matter of time, and that time, is clearly growing short.
The late Bloomberg News reporter Mark Pittman asked the U.S. Treasury in January 2009 to identify $301 billion of securities owned by Citigroup Inc. that the government had agreed to guarantee. He made the request on the grounds that taxpayers ought to know how their money was being used.
More than 20 months later, after saying at least five times that a response was imminent, Treasury officials responded with 560 pages of printed-out e-mails -- none of which Pittman requested. They were so heavily redacted that most of what’s left are everyday messages such as “Did you just try to call me?” and “Monday will be a busy day!”
None of the documents answers Pittman’s request for “records sufficient to show the names of the relevant securities” or the dates and terms of the guarantees. Even so, the U.S. government considers the collection of e-mails a partial response to an official request under the federal Freedom of Information Act, or FOIA. The Justice Department in July cited an increase in such responses as evidence that “more information is being released” under the law.
The cover up of fraud and embezzlement is actually considered and accepted a "Trade Secret" by the Treasury.
What I want to know is:
How long will it be before we see the evidence of vigilante justice being meted out, by the betrayed taxpayers, of the United States?
With every day's new attempt by the various government entities to sugar coat the wide spread racketeering that the investment banks subject this country to, the odds of such an act, are being brought clearly into focus.
It's only a matter of time, and that time, is clearly growing short.
The late Bloomberg News reporter Mark Pittman asked the U.S. Treasury in January 2009 to identify $301 billion of securities owned by Citigroup Inc. that the government had agreed to guarantee. He made the request on the grounds that taxpayers ought to know how their money was being used.
More than 20 months later, after saying at least five times that a response was imminent, Treasury officials responded with 560 pages of printed-out e-mails -- none of which Pittman requested. They were so heavily redacted that most of what’s left are everyday messages such as “Did you just try to call me?” and “Monday will be a busy day!”
None of the documents answers Pittman’s request for “records sufficient to show the names of the relevant securities” or the dates and terms of the guarantees. Even so, the U.S. government considers the collection of e-mails a partial response to an official request under the federal Freedom of Information Act, or FOIA. The Justice Department in July cited an increase in such responses as evidence that “more information is being released” under the law.
U.S. Housing Subprime Mortgage Market Securitization Debacle, They Knew What They Were Selling
http://www.marketoracle.co.uk/Article23741.html
Gee, I wonder if Ben and Timmy has read this yet?
Even if they haven't do yourself a favor and enlighten yourself.
It's a real easy read, without any bogus misrepresentation of the actual events occurring.
The "three strikes rule" is a mind blower, in how low the investment banks went to satiate their need for greed.
What I can't understand is, that in light of all that has come out, WHY THE HELL SHOULD THE TAXPAYER BE ON THE HOOK TO PAY FOR ANY OF THIS GARBAGE.
FRAUD AND EMBEZZLEMENT DON'T GET PAID FOR, THEY GET PROCECUTED.
At the end of last week's letter on the whole mortgage foreclosure mess, I wrote:
"All those subprime and Alt-A mortgages written in the middle of the last decade? They were packaged and sold in securities. They have had huge losses. But those securities had representations and warranties about what was in them. And guess what, the investment banks may have stretched credibility about those warranties. There is the real probability that the investment banks that sold them are going to have to buy them back. We are talking the potential for multiple hundreds of billions of dollars in losses that will have to be eaten by the large investment banks. We will get into details, but it could create the potential for some banks to have real problems."
Real problems indeed. Seems the Fed, PIMCO, and others are suing Countrywide over this very topic. We will go into detail later in this week's letter, covering the massive fraud involved in the sale of mortgage-backed securities. Frankly, this is scandalous. It is almost too much to contemplate, but I will make an effort.
But first, let me acknowledge the huge
Gee, I wonder if Ben and Timmy has read this yet?
Even if they haven't do yourself a favor and enlighten yourself.
It's a real easy read, without any bogus misrepresentation of the actual events occurring.
The "three strikes rule" is a mind blower, in how low the investment banks went to satiate their need for greed.
What I can't understand is, that in light of all that has come out, WHY THE HELL SHOULD THE TAXPAYER BE ON THE HOOK TO PAY FOR ANY OF THIS GARBAGE.
FRAUD AND EMBEZZLEMENT DON'T GET PAID FOR, THEY GET PROCECUTED.
At the end of last week's letter on the whole mortgage foreclosure mess, I wrote:
"All those subprime and Alt-A mortgages written in the middle of the last decade? They were packaged and sold in securities. They have had huge losses. But those securities had representations and warranties about what was in them. And guess what, the investment banks may have stretched credibility about those warranties. There is the real probability that the investment banks that sold them are going to have to buy them back. We are talking the potential for multiple hundreds of billions of dollars in losses that will have to be eaten by the large investment banks. We will get into details, but it could create the potential for some banks to have real problems."
Real problems indeed. Seems the Fed, PIMCO, and others are suing Countrywide over this very topic. We will go into detail later in this week's letter, covering the massive fraud involved in the sale of mortgage-backed securities. Frankly, this is scandalous. It is almost too much to contemplate, but I will make an effort.
But first, let me acknowledge the huge
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