READ THIS NOW: CNBC's Diana Olick Finally GETS IT

http://market-ticker.org/akcs-www?post=168930


Lol somebody finally figured out what blank means.
No credit was assigned to anyone for the title on all of those loans.
Dame where the hell have they been, I realized that the first time I looked at the MERS website.
The banks have been playing everyone for a fool, while they committed fraud to do so!
How many trillions of dollars have they ripped the MBS investors out of?
And the shit gets deeper!
Now are we finally going to arrest those bastards?
Because they are not arresting people in California for breaking and entering when they take back their own home after the bank has already resold it out from under them.
The hilarious part is: THE BANK HAD NO RIGHT TO FOREWCLOSE OR TO RESELL IT ON THEM!

There has been plenty of pontificating over the ramifications of foreclosure freezes on troubled borrowers, foreclosure buyers and the larger housing market, not to mention lawsuits, investor losses and bank write downs. There has been precious little talk of what the real legal issues are behind the robosigning scandal.

No there hasn't. I've been pounding the table on the bottom line on this for three and a half years, and on MERS specifically for more than a year.

The record is what it is, and every single Ticker I've ever published is still here, and is searchable.

Josh Rosner, of Graham-Fisher, put the following out in a note today, claiming violations of pooling and servicing agreements on mortgages could dwarf the Lehman weekend:

Nearly all Pooling and Servicing Agreements require that “On the Closing Date, the Purchaser will assign to the Trustee pursuant to the Pooling and Servicing Agreement all of its right, title and interest in and to the Mortgage Loans and its rights under this Agreement (to the extent set forth in Section 15), and the Trustee shall succeed to such right, title and interest in and to the Mortgage Loans and the Purchaser's rights under this Agreement (to the extent set forth in Section 15)”. Also, an Assignment of Mortgage must accompany each note and this almost never happens.

We believe nearly every single loan transferred was transferred to the Trust in “blank” name. That is to say the actual loans were apparently not, as of either the cut-off or closing dates, assigned to the Trust as required by the PSA.

Rather than continue to fight for the “put-back” of individual loans the investors may be able to sue for and argue that the “true sale” was never achieved.

How Hank Paulson's inaction helped Goldman Sachs

http://www.mcclatchydc.com/2010/10/10/101753/inaction-by-treasurys-paulson.html#storylink=omni_popular

Remember Hank Paulson and all those little special favors he did for his old friends?
Did he reign in their recklessness.....NO
Did Congress .............NO
Congress just ended up giving the banks more money because Hank Paulson threatened them with martial law.
Now why would he think martial law? Because if the truth came out about mortgage-gate, people would have sought out the highest form of retribution against the banking industry.


Henry Paulson has received widespread acclaim for his bare-knuckled decision-making as the treasury secretary at the peak of the 2008 financial crisis, but former federal regulators say he missed multiple chances to contain the disaster.

Among the prime beneficiaries of Paulson's inaction in 2006 and 2007 was Goldman Sachs, the investment banking behemoth he ran before he was named to former President George W. Bush's Cabinet.

Paulson's failure to take steps to curb risky mortgage lending also enabled top executives of other Wall Street firms to continue cashing big bonus checks, while less privileged Americans lost their jobs, their homes and their retirement savings in the worst economic catastrophe since the Great Depression.

Paulson and Federal Reserve Chairman Ben Bernanke have been widely praised for engineering the Wall Street bailouts



Read more: http://www.mcclatchydc.com/2010/10/10/101753/inaction-by-treasurys-paulson.html#storylink=omni_popular#ixzz123tlz75k

Statement by CEO of Mortgage Electronic Registration Systems (MERS)

http://4closurefraud.org/2010/10/09/statement-by-ceo-of-mortgage-electronic-registration-systems-mers-the-mers-system-is-not-fraudulent-and-mers-has-not-committed-any-fraud/

Right off the rip a false statement has been made.
MERS cannot track the mortgage.
In a Federal court in Oregon, in undesputable testimony to the court, it was stated on the record, that the MERS system could not transfer a promisory note.
MERS does nothing more than to hold the titles of all properties registered into it's program. They don't have the capabilities to be able to track the transfers upon sale or purchase, that was left up to companies like LPS, who as it turns out didn't actually track the loans or transfers of title either.

MERS helps the mortgage finance process work better. The MERS process of tracking mortgages and holding title provides clarity, transparency and efficiency to the housing finance system. We are committed to continually ensuring that everyone who has responsibilities in the mortgage and foreclosure process follows local and state laws, as well as our own training and rules

.”

The "Nothingburger" Defense Gets Destroyed

http://market-ticker.org/akcs-www?post=168629

If there was a pool of money to dip from, that wasn't the banks, then how did the bank itself, make you a loan?
The simple answer is, is that they didn't.
They took the property deed and registered it in the pool and then took the cash out and gave it to you, but they did not make you a loan. Not with their own money anyway they didn't.
Which is why they didn't give a damn who they gave the loans to, because they were never responsible for the out come.
They didn't register the loan with MERS, they registered the deed, and that's a big difference.
There is NO existing paper work on the loan.
That was proved in the deposition of TAMMIE LOU KAPUSTA
What little information there was came out of Guam or the Philippines.
They had to use other people SS#'s to run Military checks to see if the person was in the military to be able to serve them with papers if they couldn't find them to do so.
A judge kicked back their filings for foreclosure because they hadn't done a full search for the person to be served.
If there were actually loan documents the SS# would have been on them, so there would have been no need to commit a further act of fraud by using someone else's SS#.
There is no way, shape, or form, that this situation can be unwound, because the documentation is just not there to do it.
Not legally anyway.
That's why it's actually mortgage-gate, it started there, and wasn't found out until foreclosure-gate brought it out in the open for the public's eye.
Bernie Madoff is going to have some very elite company.

This is NOT a "minor clerical error."

It is NOT correctable at this point in time.

These securities are FATALLY DEFECTIVE. The parties with the legal duty to check these facts did not do so.

It gets worse.

Most people don't understand that these securities were (and are) typically "sold forward."

That is, the bank doesn't take its own money, loan it to homebuyers, and then take the notes and securitize them, selling the pieces to recover its money.

No, what happened then (and still does today) is that these MBS are sold first and filled after!

That is, a pension fund calls up Vampire Squid Bank and says "I need $100 million of MBS that pay a 5% coupon."

Vampire Squid Bank takes the $100 million dollars and then proceeds to securitize loans.

But in doing so it took the $100 million on a prospective pooling and servicing agreement in which they agreed to provide loans of a certain credit quality and specification to the buyer.

So it's much worse than "we didn't know." It's "we took the money, then we build the security and didn't look, even though we told you we would."

There's no fix for this without something like an RTC structure.

Janet Tavakoli: This is the biggest fraud in the history of the capital markets. And it’s not something that happened last week. It happened when these loans were originated, in some cases years ago. Loans have representations and warranties that have to be met. In the past, you had a certain period of time, 60 to 90 days, where you sort through these loans and, if they’re bad, you kick them back. If the documentation wasn’t correct, you’d kick it back. If you found the incomes of the buyers had been overstated, or the houses had been appraised at twice their worth, you’d kick it back. But that didn’t happen here. And it turned out there were loan files that were missing required documentation. Part of putting the deal together is that the securitization professional, and in this case that’s banks like Goldman Sachs and JP Morgan, has to watch for this stuff. It’s called perfecting the security interest, and it’s not optional.

Dylan Ratigan: property rights gone wrong

http://www.huffingtonpost.com/dylan-ratigan/property-rights-gone-wron_b_754586.html

When the answers don't come quick enough
And you can bet a lot of people are sweatin it righ now to
This is the reason why.

Finally, the last and most important why:

Why isn't the government dealing with it now?

Simply because it could reveal systematic criminal and civil fraud at the highest levels of America's banks and in its political corridors.

Why isn't the government dealing with it now?

Most mortgages in America are now backed by our government. And in order for a bank to get that backing from our government it must fill two criteria:

1. The borrowers must be verified by the banks and their agents as qualified.

2. Lenders must fill out paperwork accurately and make sure that when the home's title changes hands, so does the documentation.

But in the past two decades, a whole lot of the time, that never happened.

Why?

Calif. lawmakers want foreclosure investigation

http://finance.yahoo.com/news/Calif-lawmakers-want-apf-156017385.html?x=0&sec=topStories&pos=main&asset=&ccode=

Nancy Pelosi,
Didn't she just have congress vote on passing off an electronic signature as legal for a Notarized document?
I can just imagine the fraud that could be produced out of that one can't you?
I could sell your car for you and you would even know I did it until it turned up missing.
This investigation is no job for the "collusionists" from congress.
This is a crime and should be treated as such.
I wonder if this is Nancy's way of covering her democratic ass if Obama signs it?
God Damn, they think we're stupid.

More than 30 House members from California are calling on federal regulators to investigate whether mortgage companies broke the law by using paperwork that may have contained errors.

The Democratic lawmakers, led by Rep. Zoe Lofgren and House Speaker Nancy Pelosi, urged bank regulators and the Justice Department to probe whether mortgage companies violated any laws in handling foreclosures and borrowers' requests for loan assistance.

"It appears that we aren't dealing with isolated incidents and that a pattern of misconduct and obstruction is present," Lofgren said Tuesday.

Pelosi calls for investigation

http://www.huffingtonpost.com/2010/10/05/democrats-call-for-invest_n_751373.html

I'd like to say this is a good thing but it's not.
This is Nancy making a political maneuver, because her ass is on the line for reelection.
If Congress investigates this it will be like every other thing they have touch, a cover up for their criminal friends.
Goldman Sachs got caught bold face lying at one of their investigations and never even got charged with perjury and still carry on the same corrupt practices to this day, because all the SEC did was to fine once again.
What the banks have done is criminal and it goes all the way to the top of that billion dollar bonus ladder.


House Speaker Nancy Pelosi and the other California Democrats are calling for an investigation into the foreclosure fraud scandal that has forced the nation's biggest banks to halt foreclosures in 23 states.

"It just shows the irresponsibility of the banks, so eager were they to securitize those loans they didn't care almost what they were," said House Speaker Nancy Pelosi (D-Calif.) in an interview with HuffPost on Tuesday.

Bank of America, JPMorgan Chase, and Ally Financial (formerly known as GMAC) halted foreclosures in 23 states after employees admitted in sworn depositions that they didn't verify information in thousands of foreclosure documents.

The California delegation sent a letter to Attorney General Eric Holder, Fed Chairman Ben Bernanke, and Comptroller of the Currency John Dugan demanding an investigation into "possible violations of law or regulations by financial institutions in their handling of delinquent mortgages, mortgage modifications, and foreclosures."

In the Senate, Sen. Bob Menendez (D-N.J.) sent letters to Bank of America, JPMorgan Chase, GMAC, and 117 mortgage servicing companies demanding to know what they've done in light of

Kudlow gets into foreclosure-gate

http://market-ticker.org/

Lol The talking head trying to figure out how to solve it.
This is Karl's blog, I left it straight up instead of giving you the individual article on purpose.
Karl has 2 more articles that are the fallout from this, that come right after this one.
Do not let the talking heads scare you or sway you.
Read what Karl has to say about it, trust me, he know volumes more than they do or ever will, about exactly what is going on.
They are paid to implant ideas, especially at this point, which is a prison point for an awful lot of people.
I have to laugh over someone must get paid, I'm pretty sure AIG already took care of that, at your expense, without your consent.
I only have one question for Karl, why did you leave Hank Paulson out?



Yes, I've dubbed it: Foreclosuregate.



I'd love to tell you that I think there's some reasonable way to get out of this.

There isn't.

The reality of this is far worse than it appears. Kudlow is still downplaying it, really, even though I emailed him today with the source documents of a half-dozen Tickers. Whether they prompted him to spend the time on it tonight I'll never know.

The real problem isn't the foreclosures. It's the REMICs.

The "loose document standards" of the go-go years were all predicated on this never happening - all the way up to now. In fact, the entire premise of the last three years of Bernanke, Geithner and everyone else's actions in the government has been under the (false) belief that they could "re-inflate" house prices. This would allow everyone to refinance out of the mess, and since nobody would ever see the inside of a court, nobody would be the wiser, other than a few REMIC holders who went after each other when a note was sold twice.

Instead, what we have is a nightmare. House prices are not going to go back up. As a direct consequence, we have an intractable problem.

The REMICs - the foundational conduits for all this paper - are to a large degree defective. I bet some of Fannie and Freddie's are too. Many notes were not conveyed, and in the states where recordation is necessary, most of them weren't recorded either. Many of these original notes are known to be sitting with the originator, never endorsed over and in some cases shipped overseas or deliberately destroyed. For all intents and purposes they're gone, because once the MBS closes they can't be put in later on.

This can't be fixed because both the offering circulars and IRS regulations set hard cut-offs for these things by which time everything has to be "in" and done. Further, you can't put anything in a REMIC that's defaulted - only good paper. So a defaulted note can't be put in, and nothing can be put in now, as the time has lapsed. Violate either of these and the REMIC's tax preference is destroyed. Don't violate it and some of the REMICs are empty boxes with, at best, naked promissory notes (legally a signature loan) and no standing to foreclose.

On Larry's show they were calling for "emergency legislation." It won't matter. The REMIC issues are the ones you can't fix. If those are defective then attempting to fix it triggers tax liabilities in the hundreds of billions of dollars. Forget that idea

Personal ponder on Mortgage-gate

In 2002 my father died and left me his property in FL.
The original title transfer was never recorded in his name, so I couldn't do anything with the property and they foreclosed.
In FL it's required by law to have a probate attorney, so I did what was required and had no money left to hire an attorney in New York to reopen the estate of the the person he bought it from, who had died a year earlier.

The question is now, who's fault is it really that the title transfer wasn't done?
The original owner or the Bank that processed the sale?
Inquiring minds now want to know.

Flawed Paperwork Aggravates a Foreclosure Crisis

http://www.nytimes.com/2010/10/04/business/04mortgage.html?_r=1&hp

There is a big difference between flawed and fraud because you don't own the title.

As some of the nation’s largest lenders have conceded that their foreclosure procedures might have been improperly handled, lawsuits have revealed myriad missteps in crucial documents.

The flawed practices that GMAC Mortgage, JPMorgan Chase and Bank of America have recently begun investigating are so prevalent, lawyers and legal experts say, that additional lenders and loan servicers are likely to halt foreclosure proceedings and may have to reconsider past evictions.

Problems emerging in courts across the nation are varied but all involve documents that must be submitted before foreclosures can proceed legally. Homeowners, lawyers and analysts have been citing such problems for the last few years, but it appears to have reached such intensity recently that banks are beginning to re-examine whether all of the foreclosure papers were prepared properly

Editorial:On the Foreclosure Front

http://www.nytimes.com/2010/10/03/opinion/03sun1.html?scp=1&sq=&st=nyt

The spin to soften the crime is in the house kids.
Note how it's the "foreclosure front" rather than "Mortgage-gate". A name it's self that brings up the reminder a crime or rather many Federal crimes have been committed by the Mortgage Industry for the sake of speculation greed.
It always goes back to Wall Street and the buying and selling of financial instruments.
Note to the fix the author thinks should be imposed.
To once again lie the fix upon Barney Franks door.
Because Barney is buddies with those who committed the crimes.
He worked hard to ensure that Fannie and Freddie would comply with their needs.
His suggests of sway are all geared toward the coverup of the crime.
What worries me is he is also ascociated with the letter Senator Al Franken sent to Obama, Holder and the others he sent it to.
If mortgage companies work fast now and get sign a quick fix, you will have left a carbon print allowing them to get off the hook.
They need a miracle and are banking on you needing one to.
But your miracle has actually already happened, make sure you don't give it back.
I heard from over at Karl Denninger's place that Wells Fargo is threatening to sue people if they don't sign for their fix.
Don't sign no matter what they threaten, they don't have a leg to stand on.

To the extent the suspensions ensure a process that is legal and fair, they are to the good. But delays feed uncertainty, and that could be bad for the economy. Will they result in fewer foreclosures, helping to prop up prices? Or will they create a backlog of foreclosed homes that will push prices down when they come to market?

The best outcome would be for lenders to work harder to avoid foreclosures altogether. Congress and the administration need to give borrowers more tools to fight for modifications of their mortgages that will allow more Americans to stay in their homes.

The Obama antiforeclosure effort, for instance, requires lenders to do an analysis to see whether it is more prudent to foreclose on a troubled loan or to modify it. Lawyers for borrowers say that it is often unclear why a modification is denied. Congress should pass a law giving homeowners the right to challenge any foreclosure if the lender cannot show it has done a proper analysis.

The Dodd-Frank financial reform law could also help. One provision authorizes — but does not require — more government spending to provide legal services for struggling homeowners. That should be a priority.

What sort of loan modifications are available matters a lot. Reductions in principal are generally regarded as the best way to both deliver relief to homeowners and avoid redefault. The administration has altered its programs somewhat to emphasize principal reductions. It must press lenders to follow through.

The central weakness in the administration’s antiforeclosure

Company Stops Insuring Titles in Chase Foreclosures

http://www.nytimes.com/2010/10/03/business/economy/03foreclose.html?_r=1&ref=business

Shares dropped for Old Republic on Friday. They're sitting in a very bad position, alot of payout and a loss of income.
The smell of death is in the air.
You can't sell insurance without a clear title.
MERS broke the paper trail.


Old Republic said in the memorandum that its agents were already reporting written cancellations of contracts involving both Chase and GMAC.

Shares of the major title insurance companies dropped on Friday amid concern that their business would suffer as a result of the foreclosure freezes. Fidelity National Financial fell more than 4 percent, while First American Financial dropped 3 percent.

Fidelity National issued a statement saying it did not believe the problems with the foreclosure process would have “a material adverse impact.”

Mark P. Stopa, a lawyer in Florida who represents defaulting homeowners, said that if more title insurance firms began to shy away from insuring foreclosed properties, the entire housing market could suffer. The prices of foreclosures would plummet, because lenders will not issue a new mortgage without title insurance.

“Judges have to force banks to do foreclosures correctly,” Mr. Stopa said. But that would require a significant increase in staff, he said, and “I’ll believe it when I see it.”

MERS Info – Discovery – Submissions – Interrogatories

http://4closurefraud.org/2009/10/21/mers-info-discovery-submissions-interrogatories/


Oh this is just to rich. You have to read it.
MERS has 1000 prefered shared of stock as well as 1000 shares of common stock issued.
It would be very interesting to know who the holders were.

MERS just blew up the banks

Fraud Factories Rep Alan Grayson Explains the Foreclosure Fraud Crisis

http://video.godlikeproductions.com/video/Fraud_Factories_Rep_Alan_Grayson_Explains_the_Foreclosure_Fraud_Crisis


You will not believe the 4 examples he gives for fraudulent foreclosure.
Apparently the MERS system was worked over time between 2005-2008.
If you bought or refinanced within that time period your mortgage was never physically recorded.
Listen very carefully he explains right off the bat your financial state has nothing to do with this problem. So whether your paying or not this
involves your mortgage.
If your mortgage company contacts you do not sign anything they put before you. They need a carbon footprint, don't give them yours.
Call a Real Estate lawyer if they make you an offer. The first council is always free.

By the way Alan Grayson informed the Attorney General (Eric Holder) of the United States about this and he ignored it.
Why because Freddie and Fannie are shareholders of MERS.
Can you see now how all of this is brought to you by Corporate America?
The bank bailouts now take on a whole new meaning don't they?

White Collar Crime Major Target of Federal Prosecutions

http://www.johntfloyd.com/corporate-crime-lawyer.htm

Well looking at some of the categories of corporate crime, I do believe the banks are actually in more trouble than just meets the eye.


The ECU targets individuals, businesses and industries in the following areas:

•Corporate fraud
•Insurance fraud (non-health care related)
•Securities and commodities fraud
•Mass marketing fraud
•Telemarketing fraud
•Ponzi schemes
•Advance fees schemes
•Pyramid schemes


The primary goal of the FIFU, according to the FBI, is to identify, target, disrupt, and dismantle “criminal organizations and individuals engaged in fraud schemes” against the nation’s financial institutions in the following areas:

•Financial institution failures
•Insider fraud
•Check fraud
•Counterfeit negotiable instruments
•Check kiting
•Loan fraud
•Mortgage fraud
The primary goal of AF/MLU is, according to the FBI, “to promote the strategic use of asset forfeiture” by making sure that its “field offices” utilize money laundering violations in all appropriate investigations “to disrupt and/or dismantle criminal enterprises.” The unit’s resources are directed in the following areas:

•Identity theft
•Data entry and analysis of financial documents
•Forensic accounting
•Tracing assets subject to forfeiture

Corporate fraud

http://www.articlesfree.co.uk/Art/4158/279/Corporate-Fraud-Laws-To-The-Rescue.html

Robo signers committed fraud, they were supposed to study over each case they signed off on for foreclosure to make sure all the necessities were in order to be able to foreclose.
MERS is more than just a case of fraud though, it also a entails grand theft charge for all those home that were taken from the fraud that was perpetrated against them.
In the UK and Hong Kong they also have a charge of corporate manslaughter.
If a corporate crime in any way had influence upon a persons death, said corporation can be charged with corporate manslaughter.
Think of all the people that have committed suicide over the loss of their homes, and the cold hard fact is, the banks had no legal rights to forclose, created by their own design (MERS) to protect their own greedy asses.

Criminology when referring to corporate crimes is the crimes that have been committed by the corporation or the persons involved with the day to day working of the organisation. This means that in the eyes of the law, a corporation is treated as an individual entity and any crime committed by the corporation may lead to imposition of penalties against it as well as the directors in charge of managing the company.

White collar crime refers to highly placed individuals in the upper echelons of a company that deliberately bend the law for their personal profit realisation. In this case the corporation is held accountable for the behaviour of its employees and may face restrictions as well as heavy fines. The majority of white collar crimes are committed out of greed rather than conceit.

The punishment for corporate fraud is generally a fine, and imprisonment ranging from 6 months to 10 years. It is difficult to detect corporate fraud, as people generally do not leave any trace of evidence, being masters at what they do.

HOMEOWNERS' REBELLION:COULD 62 MILLION HOMES BE FORECLOSURE-PROOF?

http://www.webofdebt.com/articles/homeowners.php



Over 62 million mortgages are now held in the name of MERS, an electronic recording system devised by and for the convenience of the mortgage industry. A California bankruptcy court, following landmark cases in other jurisdictions, recently held that this electronic shortcut makes it impossible for banks to establish their ownership of property titles—and therefore to foreclose on mortgaged properties. The logical result could be 62 million homes that are foreclosure-proof.

Mortgages bundled into securities were a favorite investment of speculators at the height of the financial bubble leading up to the crash of 2008. The securities changed hands frequently, and the companies profiting from mortgage payments were often not the same parties that negotiated the loans. At the heart of this disconnect was the Mortgage Electronic Registration System, or MERS, a company that serves as the mortgagee of record for lenders, allowing properties to change hands without the necessity of recording each transfer.

MERS was convenient for the mortgage industry, but courts are now questioning the impact of all of this financial juggling when it comes to mortgage ownership. To foreclose on real property, the plaintiff must be able to establish the chain of title entitling it to relief. But MERS has acknowledged, and recent cases have held, that MERS is a mere “nominee”—an entity appointed by the true owner simply for the purpose of holding property in order to facilitate transactions. Recent court opinions stress that this defect is not just a procedural but is a substantive failure, one that is fatal to the plaintiff’s legal ability to foreclose.

That means hordes of victims of predatory lending could end up owning their homes free and clear—while the financial industry could end up skewered on its own sword.

California Precedent

Gingerly, Retailers Try to Pass Along Higher Costs

http://online.wsj.com/article/SB10001424052748704029304575526331692863238.html?mod=WSJ_hpp_sections_business

Oh look raising the price of everything all at the same time to see if already stretched households will pay more for it.
Don't do it people, buy as little as you can possibly get away with.
Refuse to participate.
The FED is watching and ready to stimulate once the price gouging really starts to hurt and it will because it's everything at once.
And gingerly means lightly or sparingly.
All at once is a landslide and it's meant to bury you.




Companies that sell consumer mainstays from beer to dresses, from steaks to tires, are rolling out price increases in a collective test of America's economic strength.

Coffee retailer Starbucks Corp., clothing firm Jones Apparel Group Inc., and Goodyear Tire & Rubber Co. are among the many companies wrestling with higher raw-materials costs and looking to pass along some of those costs to customers.

.The ability of companies to sustain such price increases may sway how the Federal Reserve views the health of the economy, and potentially figure in its decision on whether another big round of stimulus is needed. The country's low rate of inflation was cited by the Fed last month as a main reason the central bank is considering further steps to juice the economy.

Senator Franken Sends Letter To Bernanke, Bair And Holder Demanding Criminal Charges For All Responsible For Biggest Alleged Mortgage Fraud In History

http://www.zerohedge.com/article/senator-franken-sends-letter-bernanke-bair-and-holder-demanding-criminal-charges-all-respons

No wonder they didn't want Al on board. He's fiesty that's for sure.
This was to good to be true, except it is lol.
He also sent a copy to Elizabeth Warren as well as Obama

The biggest financial story which continues to get absolutely no mention on CNBC just got its latest multi-step escalation: Senator Al Franken has just blasted a letter to Tim Geithner, Shaun Donovan, Secretary of Housing and Urban Development, Eric Holder, John Walsh, Controller of the Currency, Sheila Bair, and, drumroll, Ben Bernanke, telling the recipients that "each of your agencies has an important role to play in addressing this egregious situation and holding all appropriate actors fully accountable. As such, I respectfully request that you collaborate to conduct a thorough investigation into the alleged misconduct. As part of this investigation, it is crucial that Ally and its employees are held fully accountable for any criminal misconduct." Since if this pervasive mortgage fraud is more than just alleged, the stink will reach to the very top of places like JP Morgan, Ally, and possibly every single bank that has been in the mortgage origination business, something tells us that Ben Bernanke, whose job is precisely to protect the banks' interests will not rush into any investigation for the duration of FASB's existence. It gets better: "Additionally, all homeowners who may have experienced illegitimate foreclosure sales, those who have been forced to defend against illegitimate foreclosure actions, and those who have been harmed must be identified. These individuals must receive proper restitution and compensation, as provided for under the law." And the punchline: "It is critical to confirm that no loans provided through the FHA or in conjunction with the HAMP program were associated with Ally's misconduct." Yes, oddly enough the government is about to lose even more credibility once it is discovered that it worked in collaboration with the biggest mortgage fraud scheme in history.

The letter concludes:

Ohio SecState Sends Criminal Referral To US AG Over Mortgage Scandal

http://www.zerohedge.com/article/ohio-secstate-send-criminal-referral-us-ag-over-mortgage-scandal

Thank God for Zerohedge because MSM (main stream media) is as useless as 2 tits on a bull.

Since the mainstream media has declared a black out on any coverage of the ongoing Mortgage Scandal, here is the latest: Ohio Secretary of State Brunner has sent a criminal referral to the US attorney general over ubiquitous mortgage fraud.

We will bring you more as we see it.