The highest court in the state of Washington recently ruled that a company that has foreclosed on millions of mortgages nationwide can be sued for fraud, a decision that could cause a new round of trouble for the nation's banks.
The ruling is one of the first to allow consumers to seek damages from Mortgage Electronic Registration Systems, a company set up by the nation's major banks, if they can prove they were harmed.
Legal experts said last month's decision from the Washington Supreme Court could become a precedent for courts in other states. The case also endorsed the view of other state courts that MERS does not have the legal authority to foreclose on a home.
"This is a body blow," said consumer law attorney Ira Rheingold. "Ultimately the MERS business
Showing posts with label foreclosure-gate mortgage fraud. Show all posts
Showing posts with label foreclosure-gate mortgage fraud. Show all posts
Friday, September 14, 2012
State court ruling deals blow to U.S. bank mortgage system
My my, that changes the ballgame now doesn't it.
Tuesday, January 25, 2011
Financial Crisis Was Avoidable, Inquiry Finds
http://www.nytimes.com/2011/01/26/business/economy/26inquiry.html?_r=1&hp
Oh crap, we might be really talking perp walk here. Check out the last paragraph. It sounds like the gods might have just got burnt.
"Of the banks that bought, created, packaged and sold trillions of dollars in mortgage-related securities, it says: “Like Icarus, they never feared flying ever closer to the sun.”
The 2008 financial crisis was an “avoidable” disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street, according to the conclusions of a federal inquiry
“The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done,” the panel wrote in the report’s conclusions, which were read by The New York Times. “If we accept this notion, it will happen again.”
Oh crap, we might be really talking perp walk here. Check out the last paragraph. It sounds like the gods might have just got burnt.
"Of the banks that bought, created, packaged and sold trillions of dollars in mortgage-related securities, it says: “Like Icarus, they never feared flying ever closer to the sun.”
The 2008 financial crisis was an “avoidable” disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street, according to the conclusions of a federal inquiry
“The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done,” the panel wrote in the report’s conclusions, which were read by The New York Times. “If we accept this notion, it will happen again.”
Friday, January 21, 2011
MERS CEO R.K. Arnold Leaving Company
http://www.zerohedge.com/article/mers-ceo-rk-arnold-leaving-company
Are the banks using Arnold for the fall guy?
The banks themselves are responsible for the inception of MERS, not Arnold.
They were trying to cut a fat rat and did so it seems for close to a decade, until their house of cards fell down.
Now it seems there are 65 million homes that don't have titles that can be traced.
The mortgage investment banks single handedly fried a 400 year old system that worked without a fault for it's intended purpose, by using a system that they created, that only worked in theory to hide what they were doing.
Stealing America blind.
I see the mafia got picked on and I ask myself why. The investment banks have done way more damage to this country than the mafia ever has, and rather than arrest them our governmennt protects and rewards them.
I can't wait to hear what Karl has to say about this.
Is the biggest fraud in the history of the US housing market about to come unglued? If so, take our prediction of a $100 billion total in future BofA rep and warranty reserves and triple it.
From the WSJ:
The chief executive of the privately-held Mortgage Electronic Registration Systems, or MERS, is planning to leave the company and an announcement could come within days, according to people familiar with the matter.
The company has been under fire by Congress and state officials for its role in the mortgage-document crisis. The firm's board of directors has met in recent days to address the fate of the company and its chief executive, R.K. Arnold, the people said.
Arnold and other MERS executives didn't respond to requests for comment. A MERS spokeswoman Friday declined comment. Arnold, a former U.S. Army Ranger, has served as the CEO and president of Merscorp Inc., the parent company of MERS, since 1998 and has been with the company since its inception 15 years ago, according to a corporate biography.
MERS was built by Fannie Mae (FNMA), Freddie Mac (FMCC), and several large U.S. banks in 1996 as an electronic registry of land records. That created a parallel database to facilitate the packaging of loans into securities that could be sold and re-sold without being recorded in local county courthouses, reducing costs for banks. The company's name is listed as the agent for mortgage lenders on more than 65 million home loans.
But the company's practices have begun to receive heavy scrutiny from state prosecutors and federal regulators, particularly in light of foreclosure-document problems that surfaced last fall. State and federal lawmakers have begun to consider bills that would make it harder for banks to use or foreclose on properties through MERS.
Are the banks using Arnold for the fall guy?
The banks themselves are responsible for the inception of MERS, not Arnold.
They were trying to cut a fat rat and did so it seems for close to a decade, until their house of cards fell down.
Now it seems there are 65 million homes that don't have titles that can be traced.
The mortgage investment banks single handedly fried a 400 year old system that worked without a fault for it's intended purpose, by using a system that they created, that only worked in theory to hide what they were doing.
Stealing America blind.
I see the mafia got picked on and I ask myself why. The investment banks have done way more damage to this country than the mafia ever has, and rather than arrest them our governmennt protects and rewards them.
I can't wait to hear what Karl has to say about this.
Is the biggest fraud in the history of the US housing market about to come unglued? If so, take our prediction of a $100 billion total in future BofA rep and warranty reserves and triple it.
From the WSJ:
The chief executive of the privately-held Mortgage Electronic Registration Systems, or MERS, is planning to leave the company and an announcement could come within days, according to people familiar with the matter.
The company has been under fire by Congress and state officials for its role in the mortgage-document crisis. The firm's board of directors has met in recent days to address the fate of the company and its chief executive, R.K. Arnold, the people said.
Arnold and other MERS executives didn't respond to requests for comment. A MERS spokeswoman Friday declined comment. Arnold, a former U.S. Army Ranger, has served as the CEO and president of Merscorp Inc., the parent company of MERS, since 1998 and has been with the company since its inception 15 years ago, according to a corporate biography.
MERS was built by Fannie Mae (FNMA), Freddie Mac (FMCC), and several large U.S. banks in 1996 as an electronic registry of land records. That created a parallel database to facilitate the packaging of loans into securities that could be sold and re-sold without being recorded in local county courthouses, reducing costs for banks. The company's name is listed as the agent for mortgage lenders on more than 65 million home loans.
But the company's practices have begun to receive heavy scrutiny from state prosecutors and federal regulators, particularly in light of foreclosure-document problems that surfaced last fall. State and federal lawmakers have begun to consider bills that would make it harder for banks to use or foreclose on properties through MERS.
Saturday, December 11, 2010
Anatomy of Mortgage fraud
http://www.huffingtonpost.com/l-randall-wray/merss-smoking-gun-part-1-_b_794713.html
The question that no one is asking or answering is why aren't are elected officials doing anything to protect "us"?
Because they're all heavily invested in the perpetuation and cover up of the fraud.
Let not forget H.R. 3808.
Congresses blatant attempt to make the bank's nightmare just disappear.
The real mystery is why these trustees cannot produce the notes. I think we have finally found the smoking gun. An interested reader alerted me to MERS's instruction manual, "MERS Recommended Foreclosure Procedures -- State by State", originally written in 1999, updated in 2002 and available on MERS's website (accessed by clicking on: Recommended Foreclosure Procedures).
The first thing to note is the date. Folks, this strategy was formulated in 1999. The second thing to note is these documents demonstrate that failure to properly endorse the notes and transfer them to the REMIC trustee was not an occasional mistake, but rather was MERS's business model. As we will see, MERS planned from the get-go to defraud the counties, and the IRS, and the homeowners, and the buyers of the mortgage-backed securities.
The question that no one is asking or answering is why aren't are elected officials doing anything to protect "us"?
Because they're all heavily invested in the perpetuation and cover up of the fraud.
Let not forget H.R. 3808.
Congresses blatant attempt to make the bank's nightmare just disappear.
The real mystery is why these trustees cannot produce the notes. I think we have finally found the smoking gun. An interested reader alerted me to MERS's instruction manual, "MERS Recommended Foreclosure Procedures -- State by State", originally written in 1999, updated in 2002 and available on MERS's website (accessed by clicking on: Recommended Foreclosure Procedures).
The first thing to note is the date. Folks, this strategy was formulated in 1999. The second thing to note is these documents demonstrate that failure to properly endorse the notes and transfer them to the REMIC trustee was not an occasional mistake, but rather was MERS's business model. As we will see, MERS planned from the get-go to defraud the counties, and the IRS, and the homeowners, and the buyers of the mortgage-backed securities.
Wednesday, December 8, 2010
Fannie, Freddie Pressed on Mortgages .
http://online.wsj.com/article/SB10001424052748703963704576005990436624546.html?mod=yahoo_free_middle
This means, Congress is wasting money by checking it out now, when the conflict of interest was obvious before the start.
But they passed it anyway.
Another fine example of Joke exposure.
I wouldn't give up my rights either if I was Freddie or Fanny, or the home owner.
Especially not with the mortgage securities fraud situation.
If Justice actually does still serve the rule of law
The banks are going to have to eat most of those loans back if not all, and all of the people involved arrested.
Oh and look who's involved
Little Timmy
Giving more money to the banks as an incentive, and absoluely jack shit to you.
Home values have fallen more than 15% already, so this is a joke.
Mark to market would be a better deal if they were actually going to give you something, because the market is flooded and your home is worth squat.
There is a 9 year ready supply on the market right now, and that's not even counting those held up or pending foreclosures.
This means, Congress is wasting money by checking it out now, when the conflict of interest was obvious before the start.
But they passed it anyway.
Another fine example of Joke exposure.
The ongoing discussions underscore the sometimes awkward relationship between the Obama administration and FHFA, which has overseen Fannie Mae and Freddie Mac since their takeover in September 2008 and is charged with stemming taxpayer losses. An FHFA spokeswoman said participation in the FHA and Treasury loan-modification efforts is under review.
I wouldn't give up my rights either if I was Freddie or Fanny, or the home owner.
Especially not with the mortgage securities fraud situation.
If Justice actually does still serve the rule of law
The banks are going to have to eat most of those loans back if not all, and all of the people involved arrested.
In addition, Fannie Mae and Freddie Mac, along with other mortgage investors, are reluctant to approve principal reductions if banks that own second mortgages on the same properties also don't take losses..
Unlike most loan-modification efforts, the FHA program is open only to borrowers who aren't behind on their payments
Oh and look who's involved
Little Timmy
Giving more money to the banks as an incentive, and absoluely jack shit to you.
Home values have fallen more than 15% already, so this is a joke.
Mark to market would be a better deal if they were actually going to give you something, because the market is flooded and your home is worth squat.
There is a 9 year ready supply on the market right now, and that's not even counting those held up or pending foreclosures.
The Treasury Department initiative to reduce loan balances builds on HAMP, in whichbanks reduce monthly payments for distressed borrowers by lowering interest rates and extending loan terms.Starting in October, banks were able to receive additional subsidies if they first write down loan balances for borrowers owing at least 15% more than their home's current value. Fannie Mae has said it won't participate in the Treasury program. Freddie Mac says it is still reviewing whether to join.
Friday, November 12, 2010
The take over of Institutional fraud
http://www.businessinsider.com/institutional-fraud-2010-11
The status quo would collapse were systemic fraud and complicity banished. Rather than the acts of evil conspirators, they have become the foundation of the U.S. economy and financial system.
Though fraud and complicity are presented in the mainstream media as isolated conspiracies outside the status quo, the truth is that the status quo is now entirely dependent on fraud and complicity for its very survival. Every level of the status quo would immediately implode were fraud and complicity suddenly withdrawn from the system.
How is this true? Let me count the ways.
The status quo would collapse were systemic fraud and complicity banished. Rather than the acts of evil conspirators, they have become the foundation of the U.S. economy and financial system.
Though fraud and complicity are presented in the mainstream media as isolated conspiracies outside the status quo, the truth is that the status quo is now entirely dependent on fraud and complicity for its very survival. Every level of the status quo would immediately implode were fraud and complicity suddenly withdrawn from the system.
How is this true? Let me count the ways.
Thursday, November 11, 2010
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.
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.
Wednesday, November 10, 2010
The Press Continues To Wake Up
http://market-ticker.org/akcs-www?post=171792
Are you there yet America?
Mad enough to take your country back?
Or are you willing to settle for a life with "no rule of law"?
We're not children to be ruled over for our own safety, without mind or experience enough to understand that whats being meted out is no longer for the benefit of our welfare but for that of those that would abuse us.
It's time for the last curtain call on this show and to end the wealth of it's run.
If you were wondering if the Federal Government was engaged in a conspiracy (yes, that word) with the large banks to steal houses, you no longer need to wonder.
It is .
Dateline: 2007.
Where have we seen this before? Oh yeah: When the OCC went to court with the backing of the Bush Administration to block enforcement of state predatory lending laws.
That's right folks: The so-called "regulators" regulated your right to a fair deal - they made sure you didn't get one. They knew the banks were cheating and playing games - effectively robbing the people - and not only did nothing, they blocked the states from putting a stop to it.
Now can someone tell me, once again, why we as Americans continue to respect the Federal Government?
And don't give me this crap about "they have guns."
I remind you that in the 1960s and early 70s the government had lots of guns too, and yet the people effectively forced the government to withdraw from Vietnam.
When the people of this nation - hundreds of thousands of them - are willing to lay peaceful siege to Washington DC - to be "in their face" every single day without fail, refusing to leave, being in the face of every Congressman, every Senator, every FOMC and Federal Reserve Board Governor, every OCC employee - at their office, in front of their house, where they appear to give speeches - then, and only then, will the banks robbing people stop.
Just 1/2 of 1% of the population of this nation would be over 1.5 million people.
We get robbed because we, thus far, are consenting.
We get robbed because not even 1/2 of 1% of the population will rise and demand that it stop, the banks involved be closed and their executives prosecuted - being "in their face" - on a literal daily basis until it does.
Are you there yet America?
Mad enough to take your country back?
Or are you willing to settle for a life with "no rule of law"?
We're not children to be ruled over for our own safety, without mind or experience enough to understand that whats being meted out is no longer for the benefit of our welfare but for that of those that would abuse us.
It's time for the last curtain call on this show and to end the wealth of it's run.
If you were wondering if the Federal Government was engaged in a conspiracy (yes, that word) with the large banks to steal houses, you no longer need to wonder.
It is .
But even as it closed the door on state oversight, the OCC chose itself not to scrutinize the foreclosure operations of the largest national banks, forgoing any examination of their procedures and paperwork. Instead, the agency relied on the banks' in-house assessments. These provided no hint of the problems to come until they had tripped the nation's housing market, agency officials later acknowledged.
Dateline: 2007.
Where have we seen this before? Oh yeah: When the OCC went to court with the backing of the Bush Administration to block enforcement of state predatory lending laws.
That's right folks: The so-called "regulators" regulated your right to a fair deal - they made sure you didn't get one. They knew the banks were cheating and playing games - effectively robbing the people - and not only did nothing, they blocked the states from putting a stop to it.
Now can someone tell me, once again, why we as Americans continue to respect the Federal Government?
And don't give me this crap about "they have guns."
I remind you that in the 1960s and early 70s the government had lots of guns too, and yet the people effectively forced the government to withdraw from Vietnam.
When the people of this nation - hundreds of thousands of them - are willing to lay peaceful siege to Washington DC - to be "in their face" every single day without fail, refusing to leave, being in the face of every Congressman, every Senator, every FOMC and Federal Reserve Board Governor, every OCC employee - at their office, in front of their house, where they appear to give speeches - then, and only then, will the banks robbing people stop.
Just 1/2 of 1% of the population of this nation would be over 1.5 million people.
We get robbed because we, thus far, are consenting.
We get robbed because not even 1/2 of 1% of the population will rise and demand that it stop, the banks involved be closed and their executives prosecuted - being "in their face" - on a literal daily basis until it does.
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
Friday, October 29, 2010
Foreclosuregate Explained: Big Banks on the Brink
http://www.truth-out.org/foreclosuregate-explained-big-banks-brink64621
It's high time "WE" just pushed them over the edge.
They deserve nothing less.
And "WE" owe them alot more
Ohio Attorney General Richard Cordray filed a lawsuit against lender GMAC in October that aims to stop sales of all repossessed homes foreclosed with robo-signed documents and to reverse judgments on those foreclosed homes that have not yet been sold. In addition, the suit seeks damages for homeowners and a $25,000 fine for every fraudulently filed court document.
In Kentucky, Heather McKeever filed a class action lawsuit against GMAC on behalf of homeowners there alleging the giant lender, a recipient of $16 billion in federal bailout money, violated the RICO Act. "This is organized crime by people in suits but it is still organized crime," she said.
If other states file similar lawsuits lik
It's high time "WE" just pushed them over the edge.
They deserve nothing less.
And "WE" owe them alot more
Why don't we have Mickey Mouse sign the thing, instead of having a human being sign it? I mean it becomes meaningless," New York Supreme Court Judge Arthur Schack told PBS "Newshour
"This is not simply a glitch in paperwork," wrote Iowa Attorney General Tom Miller, who is heading up the states' joint investigation into the mortgage paper fraud mess
.
"This was an industry wide scheme designed to defraud homeowners," Florida attorney Peter Ticktin told The Associated Press.
Ohio Attorney General Richard Cordray filed a lawsuit against lender GMAC in October that aims to stop sales of all repossessed homes foreclosed with robo-signed documents and to reverse judgments on those foreclosed homes that have not yet been sold. In addition, the suit seeks damages for homeowners and a $25,000 fine for every fraudulently filed court document.
In Kentucky, Heather McKeever filed a class action lawsuit against GMAC on behalf of homeowners there alleging the giant lender, a recipient of $16 billion in federal bailout money, violated the RICO Act. "This is organized crime by people in suits but it is still organized crime," she said.
If other states file similar lawsuits lik
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.
Thursday, October 28, 2010
Florida Foreclosure Auction Cancellations `Frustrating' to Judge
http://www.bloomberg.com/news/2010-10-26/florida-foreclosure-judge-criticizes-lenders-amid-cancellation-of-auctions.html
Which pretty much tells you the banks still don't have their shit together, because it's impossible to put together the documentation of something they don't own.
The Miami judge managing a backlog of 80,000 foreclosures said it’s “frustrating” that lenders including Bank of America Corp. and JPMorgan Chase & Co. continue to cancel foreclosure auctions.
Circuit Judge Jennifer Bailey in Miami-Dade County, which has the most foreclosures in Florida, recently set up a system to clear the logjam. She also chaired a state Supreme Court task force last year set up to address the volume of foreclosures in the state’s courts.
Bailey said banks are canceling foreclosure sales every day. They canceled at least 20 yesterday in front of one judge, saying they had to review the affidavits used to seize homes.
The cancellations came as Charlotte, North Carolina-based Bank of America and Detroit-based Ally Financial Inc.’s GMAC Mortgage unit said they were moving to complete pending foreclosures.
Which pretty much tells you the banks still don't have their shit together, because it's impossible to put together the documentation of something they don't own.
The Miami judge managing a backlog of 80,000 foreclosures said it’s “frustrating” that lenders including Bank of America Corp. and JPMorgan Chase & Co. continue to cancel foreclosure auctions.
Circuit Judge Jennifer Bailey in Miami-Dade County, which has the most foreclosures in Florida, recently set up a system to clear the logjam. She also chaired a state Supreme Court task force last year set up to address the volume of foreclosures in the state’s courts.
Bailey said banks are canceling foreclosure sales every day. They canceled at least 20 yesterday in front of one judge, saying they had to review the affidavits used to seize homes.
The cancellations came as Charlotte, North Carolina-based Bank of America and Detroit-based Ally Financial Inc.’s GMAC Mortgage unit said they were moving to complete pending foreclosures.
Monday, October 25, 2010
Foreclosure Mess Under Review, Report Looms: Bernanke
http://www.cnbc.com/id/39828633
Here comes Ben to save the day!
No, not for you.
But for his banking buddies.
You see the FED is in a fix,
That crap is sitting on their books to and it makes them look very stupid for forking over money (yours) for a title they can't even transfer.
It's either that or collusion, either way it's bad for the FED.
The stupidity factor, means Ben's not fit to make economic decisions that effect this country.
And the collusion factor, means Ben should be tried and imprisoned like the rest of the big investment banking industry, after all he does take violations of proper procedure seriously.
Federal banking regulators are examining whether mortgage companies cut corners on their own procedures when they moved to foreclose on people's homes, Federal Reserve Chairman Ben Bernanke said Monday.
Preliminary results of the in-depth review into the practices of the nation's largest mortgage companies are expected to be released next month, Bernanke said in remarks prepared for delivery to a housing-finance conference in Arlington, Va.
"We are looking intensively at the firms' policies, procedures and internal controls related to foreclosures and seeking to determine whether systematic weaknesses are leading to improper foreclosures," Bernanke said. "We take violation of proper procedures seriously," he added.
Here comes Ben to save the day!
No, not for you.
But for his banking buddies.
You see the FED is in a fix,
That crap is sitting on their books to and it makes them look very stupid for forking over money (yours) for a title they can't even transfer.
It's either that or collusion, either way it's bad for the FED.
The stupidity factor, means Ben's not fit to make economic decisions that effect this country.
And the collusion factor, means Ben should be tried and imprisoned like the rest of the big investment banking industry, after all he does take violations of proper procedure seriously.
Federal banking regulators are examining whether mortgage companies cut corners on their own procedures when they moved to foreclose on people's homes, Federal Reserve Chairman Ben Bernanke said Monday.
Preliminary results of the in-depth review into the practices of the nation's largest mortgage companies are expected to be released next month, Bernanke said in remarks prepared for delivery to a housing-finance conference in Arlington, Va.
"We are looking intensively at the firms' policies, procedures and internal controls related to foreclosures and seeking to determine whether systematic weaknesses are leading to improper foreclosures," Bernanke said. "We take violation of proper procedures seriously," he added.
Saturday, October 23, 2010
Guest Post: U.S. Financial Markets: The Well Has Been Poisoned (Anger of the Honest Part II)
http://www.zerohedge.com/article/gues-post-us-financial-markets-well-has-been-poisoned-anger-honest-part-ii
This is why no institutional investor will touch private-market mortgage securities with a 10-foot pole. The U.S. government and the Fed had a stark choice: either impose the rule of law and indict and convict hundreds, if not thousands, of people who perpetrated and profited from the systemic fraud and embezzlement at the heart of the mortgage and mortgage-securities industries, or socialize the corrupted, poisoned markets and use taxpayer funds to prop up the wizened shell of a stripmined market and reward the criminals with freedom.
They chose to reward the criminals and prop up a simulacrum market with only one buyer: the Federal Reserve. You can go to the the Fed's balance sheet and see the $1.2 trillion in mortgage-backed securities it owns. There is no effort to hide the brazen socialization of what once was a private-sector, free market.
When the well has been poisoned, the only players dumb enough to drink from it are the taxpayers, who have no choice as the politico toadies of the investment banking/financial Power Elites have funneled some $13 trillion in cash, backstops and guarantees into their "partners" who fund their campaigns and write the laws via their lobbyist proxies.
The Fed isn't dumb--it's desperate. The markets, systemically riddled with collusion, cronyism, fraud, embezzlement, misrepresentation and outright lies, have no participants except Central State proxies and "marks" who sadly still believe the ceaseless propaganda about "rising corporate profits," "recovery" and "a free-market economy." Hahahahaha--free market! Please don't make me laugh that hard, I might hurt myself.
This is why no institutional investor will touch private-market mortgage securities with a 10-foot pole. The U.S. government and the Fed had a stark choice: either impose the rule of law and indict and convict hundreds, if not thousands, of people who perpetrated and profited from the systemic fraud and embezzlement at the heart of the mortgage and mortgage-securities industries, or socialize the corrupted, poisoned markets and use taxpayer funds to prop up the wizened shell of a stripmined market and reward the criminals with freedom.
They chose to reward the criminals and prop up a simulacrum market with only one buyer: the Federal Reserve. You can go to the the Fed's balance sheet and see the $1.2 trillion in mortgage-backed securities it owns. There is no effort to hide the brazen socialization of what once was a private-sector, free market.
When the well has been poisoned, the only players dumb enough to drink from it are the taxpayers, who have no choice as the politico toadies of the investment banking/financial Power Elites have funneled some $13 trillion in cash, backstops and guarantees into their "partners" who fund their campaigns and write the laws via their lobbyist proxies.
The Fed isn't dumb--it's desperate. The markets, systemically riddled with collusion, cronyism, fraud, embezzlement, misrepresentation and outright lies, have no participants except Central State proxies and "marks" who sadly still believe the ceaseless propaganda about "rising corporate profits," "recovery" and "a free-market economy." Hahahahaha--free market! Please don't make me laugh that hard, I might hurt myself.
The Monster: How a Gang of Predatory Lenders and Bankers Fleeced America, and Launched a Global Crisis
http://www.alternet.org/story/148577/the_monster:_how_a_gang_of_predatory_lenders_and_bankers_fleeced_america,_and_launched_a_global_crisis
I wish I could say I was making this up, unfortunately I can't.
Because this is how the "banks" rolled America, using loaded dice.
In my world it's called white collar crime, in their world as well as the governments it's called business as usual.
Exposing the major players behind the biggest financial hurricane in the history of global capitalism.
A few weeks after he started working at Ameriquest Mortgage, Mark Glover looked up from his cubicle and saw a coworker do something odd. The guy stood at his desk on the twenty-third floor of downtown Los Angeles's Union Bank Building. He placed two sheets of paper against the window. Then he used the light streaming through the window to trace something from one piece of paper to another. Somebody's signature.
Glover was new to the mortgage business. He was twenty-nine and hadn't held a steady job in years. But he wasn't stupid. He knew about financial sleight of hand -- at that time, he had a check-fraud charge hanging over his head in the L.A. courthouse a few blocks away. Watching his coworker
I wish I could say I was making this up, unfortunately I can't.
Because this is how the "banks" rolled America, using loaded dice.
In my world it's called white collar crime, in their world as well as the governments it's called business as usual.
Exposing the major players behind the biggest financial hurricane in the history of global capitalism.
A few weeks after he started working at Ameriquest Mortgage, Mark Glover looked up from his cubicle and saw a coworker do something odd. The guy stood at his desk on the twenty-third floor of downtown Los Angeles's Union Bank Building. He placed two sheets of paper against the window. Then he used the light streaming through the window to trace something from one piece of paper to another. Somebody's signature.
Glover was new to the mortgage business. He was twenty-nine and hadn't held a steady job in years. But he wasn't stupid. He knew about financial sleight of hand -- at that time, he had a check-fraud charge hanging over his head in the L.A. courthouse a few blocks away. Watching his coworker
Friday, October 22, 2010
FDIC called on to put BoA in receivership
http://www.huffingtonpost.com/2010/10/22/fdic-called-on-to-put-ban_n_772535.html
Mr Black is an expert in white collar crime and a former regulator.
He's got my vote to head up the investigation team.
Charging that the ongoing foreclosure fraud epidemic is the work of precisely the same unrepentant bank officers whose fraudulent mortgage schemes crashed the financial system in the first place, two leading critics of the financial industry are calling on the FDIC to put some of the nation's biggest banks into receivership -- starting with the Bank of America -- and make them clean house.
William K. Black, a former regulator and white-collar crime expert who cracked down on massive fraud during the savings and loan scandal of the 1980s, and his fellow economics professor at the University of Missouri-Kansas City, L. Randall Wray, write in the Huffington Post that it's time to "foreclose on the foreclosure fraudsters". They write:
The lenders, officers, and professional that directed, participated in, and profited from the fraudulent loans and securities should be prevented from causing further damage to the victims of their frauds, through fraudulent foreclosures.
They argue that, far from being a coincidence, massive foreclosure fraud "is the necessary outcome of the epidemic of mortgage fraud that began early this decade." The reason for that:
The banks that are foreclosing on fraudulently originated mortgages frequently cannot produce legitimate documents... Now, only fraud will let them take the homes. Many of the required documents do not exist, and those that do exist would provide proof of the fraud that was involved in loan origination, securitization, and marketing. This in turn
Mr Black is an expert in white collar crime and a former regulator.
He's got my vote to head up the investigation team.
Charging that the ongoing foreclosure fraud epidemic is the work of precisely the same unrepentant bank officers whose fraudulent mortgage schemes crashed the financial system in the first place, two leading critics of the financial industry are calling on the FDIC to put some of the nation's biggest banks into receivership -- starting with the Bank of America -- and make them clean house.
William K. Black, a former regulator and white-collar crime expert who cracked down on massive fraud during the savings and loan scandal of the 1980s, and his fellow economics professor at the University of Missouri-Kansas City, L. Randall Wray, write in the Huffington Post that it's time to "foreclose on the foreclosure fraudsters". They write:
The lenders, officers, and professional that directed, participated in, and profited from the fraudulent loans and securities should be prevented from causing further damage to the victims of their frauds, through fraudulent foreclosures.
They argue that, far from being a coincidence, massive foreclosure fraud "is the necessary outcome of the epidemic of mortgage fraud that began early this decade." The reason for that:
The banks that are foreclosing on fraudulently originated mortgages frequently cannot produce legitimate documents... Now, only fraud will let them take the homes. Many of the required documents do not exist, and those that do exist would provide proof of the fraud that was involved in loan origination, securitization, and marketing. This in turn
Thursday, October 21, 2010
Tuesday, October 19, 2010RULING BY THE LAW! SUPREME COURT Judge In New York, Dismisses WACHOVIA BANK Foreclosure Attempt with Prejudice! No Right to Foreclose - No Note or Debt - Lacks Standing to Foreclose!
http://sherriequestioningall.blogspot.com/2010/10/ruling-by-law-supreme-court-judge-in.html
Paging little Timmy or big Ben
EMERGENCY...line 1
EXCERPT:
Plaintiff has not provided a copy of an alleged servicing agreement between Plaintiff and Wells Fargo Bank, N.A. A vice president of Wells Fargo Bank, N.A. has provided what purports to be an affidavit of facts, however it is not clear that they are authorized to do so.
Additionally the subject mortgage was allegedly modified by Defendant Vargas and yet another entity known as Americas Servicing Company (“Wells Fargo Bank, N.A. doing business as America’s Servicing Company).
The Plaintiff herein lacks standing to bring this action. The purported assignment assigned the mortgage but makes no mention of the debt or note. (Kluge v. Fugazy, 145 2d 537, 536 N. 2d 92 (2d Dept., 1988); U.S. Bank, N.A. v. Collymore 68 A.D.3d 752, 890 N. 2d 578 [2d Dept., 2009]).
Under the circumstances Plaintiff has failed to establish that it is entitled to the relief sought and the complaint is dismissed with prejudice.
Paging little Timmy or big Ben
EMERGENCY...line 1
The SUPREME COURT OF New York ruled Wachovia Bank has NO Standing Nor Right to Foreclose, did not Provide Note nor Debt to the judge!
EXCERPT:
Plaintiff has not provided a copy of an alleged servicing agreement between Plaintiff and Wells Fargo Bank, N.A. A vice president of Wells Fargo Bank, N.A. has provided what purports to be an affidavit of facts, however it is not clear that they are authorized to do so.
Additionally the subject mortgage was allegedly modified by Defendant Vargas and yet another entity known as Americas Servicing Company (“Wells Fargo Bank, N.A. doing business as America’s Servicing Company).
The Plaintiff herein lacks standing to bring this action. The purported assignment assigned the mortgage but makes no mention of the debt or note. (Kluge v. Fugazy, 145 2d 537, 536 N. 2d 92 (2d Dept., 1988); U.S. Bank, N.A. v. Collymore 68 A.D.3d 752, 890 N. 2d 578 [2d Dept., 2009]).
Under the circumstances Plaintiff has failed to establish that it is entitled to the relief sought and the complaint is dismissed with prejudice.
New York Fed Faces `Inherent Conflict' in Mortgage Buybacks
http://www.bloomberg.com/news/2010-10-21/new-york-fed-faces-inherent-conflict-in-seeking-to-recover-mortgage-loss.html
Oh what's a little conflict of interest when Timmy is so busy saving the world?
He did a great job over seeing the AIG bailout in making sure Goldman Sachs and friends got 100 cents on the dollar for their insurance contracts with AIG.
And him and Ben have a great plan (even if you have to pay for it again) of buying up all that crap that those pesky MBS investors are bitchin about.
Heck their even going to keep it off the balance sheet, so it won't be added in.
That certainly will make the bottom line look a whole lot better, and it is the standard investment banking practice and if they all do it , it must be legal right?
Don't you fret for minute.
Timmy and Ben have got it covered.
The Federal Reserve Bank of New York’s effort to recover taxpayer money used in bailouts during the crisis may be at odds with its mission to ensure the stability of the financial system.
The New York Fed, which acquired mortgage debt in the 2008 rescues of Bear Stearns Cos. and American International Group Inc., joined a bondholder group including Pacific Investment Management Co. that aims to force Bank of America Corp. to buy back some bad home loans packaged into $47 billion of securities, people familiar with the matter said this week.
Oh what's a little conflict of interest when Timmy is so busy saving the world?
He did a great job over seeing the AIG bailout in making sure Goldman Sachs and friends got 100 cents on the dollar for their insurance contracts with AIG.
And him and Ben have a great plan (even if you have to pay for it again) of buying up all that crap that those pesky MBS investors are bitchin about.
Heck their even going to keep it off the balance sheet, so it won't be added in.
That certainly will make the bottom line look a whole lot better, and it is the standard investment banking practice and if they all do it , it must be legal right?
Don't you fret for minute.
Timmy and Ben have got it covered.
The Federal Reserve Bank of New York’s effort to recover taxpayer money used in bailouts during the crisis may be at odds with its mission to ensure the stability of the financial system.
The New York Fed, which acquired mortgage debt in the 2008 rescues of Bear Stearns Cos. and American International Group Inc., joined a bondholder group including Pacific Investment Management Co. that aims to force Bank of America Corp. to buy back some bad home loans packaged into $47 billion of securities, people familiar with the matter said this week.
Fannie And Freddie HAVE NO NOTES EITHER?
http://market-ticker.org/akcs-www?post=169840
Oh the fine details are so pesky,and time consuming.
What's the problem?
It's all recorded on an excel spread sheet.
Isn't that good enough for you?
It saved our investor piles of money from not legally recording those details at the time.
To bad they're going to lose so much now legal fees and put backs, but you know it's all your fault not ours.
Your the one demanding to see those pesky little details, not us.
We can work without them, why can't you?
Which fraud are we referring to this time? Are we referring to tendering garbage loans in violation of representations and warranties (on purpose) or the larger issue - not tendering the notes at all, leaving MBS investors holding an empty box, a REMIC structure that cannot take in the paper later, and nobody with actual legal standing to foreclose?
Still no comment on the latter issue, even though, once again, if you listen to the second link here at 8:25 in, you will hear two foreclosure defense lawyers tell you that they have never seen an actual properly-conveyed note.
Again - where is the damn paperwork that under State Law in about half the states, you must possess complete with all intervening endorsements, in order have an actual security interest in the property - that is, the right to foreclose?
Oh the fine details are so pesky,and time consuming.
What's the problem?
It's all recorded on an excel spread sheet.
Isn't that good enough for you?
It saved our investor piles of money from not legally recording those details at the time.
To bad they're going to lose so much now legal fees and put backs, but you know it's all your fault not ours.
Your the one demanding to see those pesky little details, not us.
We can work without them, why can't you?
Which fraud are we referring to this time? Are we referring to tendering garbage loans in violation of representations and warranties (on purpose) or the larger issue - not tendering the notes at all, leaving MBS investors holding an empty box, a REMIC structure that cannot take in the paper later, and nobody with actual legal standing to foreclose?
The mortgage giants are sorting through their growing pile of delinquent loans to find sloppy or fraudulent loan underwriting that constitutes a violation of representations and warranties.Oh, the former.
Still no comment on the latter issue, even though, once again, if you listen to the second link here at 8:25 in, you will hear two foreclosure defense lawyers tell you that they have never seen an actual properly-conveyed note.
Again - where is the damn paperwork that under State Law in about half the states, you must possess complete with all intervening endorsements, in order have an actual security interest in the property - that is, the right to foreclose?
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