Bankers Ignored Signs of Trouble on Foreclosures

http://finance.yahoo.com/news/Bankers-Ignored-Signs-of-nytimes-2833356369.html?x=0&sec=topStories&pos=7&asset=&ccode=

So federal regulators knew to and never chose to question the legality of what the banks were doing?

But interviews with bank employees, executives and federal regulators suggest that this mess was years in the making and came as little surprise to industry insiders and government officials. The issue gained new urgency on Wednesday, when all 50 state attorneys general announced that they would investigate foreclosure practices. That news came on the same day that JPMorgan Chase acknowledged that it had not used the nation’s largest electronic mortgage tracking system, MERS, since 2008.

That system has been faulted for losing documents and other sloppy practices.

The root of today’s problems goes back to the boom years, when home prices were soaring and banks pursued profit while paying less attention to the business of mortgage servicing, or collecting and processing monthly payments from homeowners.

Banks spent billions of dollars in the good times to build vast mortgage machines

The Problem of Foreclosure Titles Securitized by MERS

http://4closurefraud.org/2009/12/27/following-a-subprime-loan-into-a-mortgage-backed-security/


Cool presentation
Watch it full screen



So, I was recently featured in a post by Karl Denninger, A Birdie On Possible Foreclosure Frauds
Makes for easy securitization understanding 101

The comments on my discoveries in The Tickerforum Comment Zone were very interesting as well.

It was then followed up with Tying It Together: Massive, Pernicious Fraud the next day…

Now, here’s a Power Point Presentation that should be shown to anyone who has a shred of doubt that these banksters are committing fraud.

It was put together for the Ohio Conference of Community Development by David Weichel.

From the properties of the presentation it was created April 26, 2008.

This presentation created OVER A YEAR AGO and is one of the best visual aids to understanding securitization that I have come across.