The Next Robo-Signing Crisis?

http://finance.yahoo.com/news/The-Next-RoboSigning-cnbc-2857229679.html?x=0&sec=topStories&pos=3&asset=&ccode=

I suppose the time has come to ask the the big question.
Where there any legal procedures followed correctly by the mortgage banking industry within the last 12 years?
Odds are no.
How bizarre is it that they used MERS to record thus bypassing the recording fees rightfully due every county that a sale was made in, and yet when it came down to foreclosure time their use of the county recorders office became imperative in order to for the notice of foreclosure sale to be published.

I have to laugh at the "light bulb moment" that CNBC now seems to be having about this issue since they seem to be a tad behind the rest of the class.
Karl Denninger and the kids over at Zerohedge as well as George over on Washington's blog have already written as well as proof read this assignment last year and received an A+ and a gold star for the actualities of what has really gone down concerning the illegalities of what the mortgage investment banks where doing and had already done.
It must be hell to have to wait on the short bus CNBC, since it's always the last to arrive.

It's the next big shoe to drop in the robo-signing foreclosure scandal. Call it part two.

We already know some banks halted foreclosure sales nationwide in October when it was discovered that servicers took short cuts, so-called "robo-signing" in the foreclosure sale process in judicial foreclosure states - about half the country.

Now it appears they may have done the same thing in a different part of the process, the Notice of Default, which takes place in the other half - i.e. the non-judicial states - this happens before the foreclosure sale.

An Irishman Speaks His Mind

http://www.zerohedge.com/article/irishman-speaks-his-mind

A true spokesman for "the Peoples" opinion.


Somehow we think the distinguished Irish gentleman will not make it on CNBC: in under two minutes he explains everything there is to know about modern kleptocratic ponzinomics.

CNBS And FHFA: Bone-Smokers

http://market-ticker.org/akcs-www?post=169741

Karl's being to nice.
He should have called them the "cock suckers" that they are.
Paid propaganda pontificators pureeing the puke,
So that you can swallow it more easily.


Absolute nonsense.

There are several issues related to Foreclosuregate that are absolutely NOT "paperwork issues."

The problem with these guys is that Fannie and Freddie have every incentive to screw homeowners if they can get away with it. But Donovan continues to ignore the fact that there are thousands of people who have tried to get modifications via HAMP and have been intentionally frustrated, with banks claiming they didn't get paperwork that was submitted two, three, four or even more times, phone trees that are impossible to navigate and other similar issues.

CNBC: How Deep Does It Go?

http://market-ticker.org/akcs-www?post=169029

MSM had you been doing your job of investigative journalism, this situation
could never have made it this far.
But you never raised one question in all of these years as to the legality in the mortgage industry's use of MERS.
The question is: Who paid you to keep your mouth shut?

HERE IT COMES FOLKS - WATCH THIS CAREFULLY, ESPECIALLY AROUND 3:30 ONWARD.

Now add to this that it is being reported that JP Morgan/Chase - one of the founders of MERS - has walked away from it. If the legs under that stool get kicked out all of the MBS trusts created using this mess are recognized as being invalid and over $6 trillion dollars of this crap, including a whole lot of Fannie and Freddie paper along with virtually all private-label MBS - all blows up at once.

No, The Fed can't contain that, and neither can the Government. Not in their wildest dreams can they put a cork in the litigation alone, say much less the rest