Bill Black, Part II: Close The Big Banks. Now.

http://market-ticker.org/akcs-www?post=170208

It's time to prosecute kids.
Your governments failure to even place recognition on the fact that a criminal cabal was running rabid and inflicting the kiss of death on everything they touched just for the sake of more monetary procurement, is a sign that they to made money off the dealings.
So if the elite go down, they go down as well.
Except their position in the crimes holds the distinct classification of treason.


Yep. The usual - "find someone to blame, and do it" game in Washington DC. Meanwhile, make damn sure you steal all the money.

Bill Black argues the same position I do in this regard:

That homeowners would default on the nonprime mortgages was a foregone conclusion throughout the industry -- indeed, it was the desired outcome. This was something the lending side knew, but which few on the borrowing side could have realized.

Exactly. Indeed, what I have said since I started writing the Ticker was that the intent of these fraudulent organizations was to force you to come back in two years or so and refinance again. Not for your benefit, for theirs.

The structure of the deals made this inevitable - and also made it inevitable that this scam could only continue until house prices stopped going up. We know the banks knew this was going to happen, as they were buying CDS against their own deals! That was the essence of the Goldman Abacus case - they knew the underlying loans were bad and didn't disclose it.

Well, we now know for a fact that by 2006 Citibank knew 60% of the loans were bad, and by 2007 80%, and their entire executive suite was aware of it.

That's intent folks, especially when coupled with statements about "dancing while the music is playing."

Uh huh. You weren't dancing, you were looting, and in a just society by now we'd be done with the trial and you'd be swinging.

What to do? We suggest an immediate moratorium on foreclosures and a requirement that all notes be produced by purported holders of mortgages within a reasonable length of time. If they cannot be found, the mortgages -- as well as the securities that pool them -- are no longer valid. That means that the homeowners are not indebted, and that the homes are owned free and clear. And that, dear bankers, is a big, big problem. It is also the law -- without evidence of debt, there is no debtor and no creditor.

Yep. Either show up and prove up your alleged claim, or it doesn't exist. Force the fraud out into the open and force those who committed it to be held to account for it.

The "collateral damage" inflicted by the SDIs is now endangering tens of millions of American families -- most of whom played no role in the speculative euphoria. Almost half of American homeowners are already underwater or on the verge of going under. In short, it was Wall Street that turned our homes over to a financial casino -- and so far virtually all the losses have been suffered on Main Street.

The Robo-Signing Mess Is Just the Tip of the Iceberg, Mortgage Putbacks Will Be the Harbinger of the Collapse of Big Banks that Will Dwarf 2008!

http://www.zerohedge.com/article/robo-signing-mess-just-tip-iceberg-mortgage-putbacks-will-be-harbinger-collapse-big-banks-wi

Outstanding read

Now that the Robo-Signing scandals have achieved full notoriety through the media, it is time to address the real issues facing investors in bank stocks. I also believe that the media is staring at the wrong target. Each major media outlet is copying what is popular or what the next outlet broke as a story versus where the true economic risks actually lie – which is essentially the real story and where the meat actually is. Here's what's truly at stake – the United States is now at risk of losing its hegemony as the financial capital of the world! Why? Because when we had the chance to put the injured banks to sleep and redirect resources to into new productivity, we instead allowed politics to shovel 100's of billions in tax payer capital into zombie institutions as they turned around and paid much of it right back out as bonuses. As a result, significant capital has been destroyed, the original problem has metastized, and the banks are still in zombie status, but with share prices that are multiples of the actual values of the entities that they allegedly represent – a perfect storm for a market crash that will make 2008 look like a bull rally! For those who feel I am being sensationalist, I refer you to my track record in making such claims.

The Japanese tried to hide massive NPAs in its banking system after a credit fueled bubble burst by sweeping them under a rug for political reasons. Here’s a newsflash – it didn’t work, it hasn’t worked for 20 years, and despite that Japan is embarking on QE v3.3 because it simply doesn’t believe that it is not working. Here are the steps the US is consciously taking it its bid to enter a 20 year deflationary spiral like Japan, and may I add that these steps were clearly delineated on BoomBustBlog ONE YEAR ago (Bad CRE, Rotten Home Loans, and the End of US Banking Prominence? Thursday, November 12th, 2009), so no one can say this is a surprise.

Step one: Hide the Truth!

The MERS Edifice Quavers....

The MERS Edifice Quavers....

http://market-ticker.org/akcs-www?post=168845

Busted by the kids in class!
The "finer minds of government swilled garbage" as well as the "talking heads" of MSM need to take note here!
How pathetic is it that the "law school kids" can see the full illegality
of the MERS operation when our own elected officials are either to cowardly to openly admit it or either to stupid to see it.
Either way it's the blind leading the blind rather than representing their own constituents against the fraud of the mortgage banking industry.
Heads should be rolling at this point.
When the average American can understand an issue that their representatives are refusing to discuss, out of fear of reprisal that their campaign funds will be cut off by the banking industry, it's time to change the rules of donation as well as lobbying.
Money cannot be ever considered more important than "the People", and yet it obvious that the decision that our elected officials have made.

And threatens to crumble into dust....


Yes, this is a draft. But it is coming from a law school's scholarly paper mill - not exactly the sort of place you want to ignore. A few good cites will set the table for those willing to dig into what's really not that hard to understand...

In the mid-1990s mortgage bankers decided they did not want to pay recording fees for assigning mortgages anymore.11 This decision was driven by securitization—a process of pooling many mortgages into a trust and selling income from the trust to investors on Wall Street. Securitization, also sometimes called structured finance, usually required several successive mortgage assignments to different companies. To avoid paying county recording fees, mortgage bankers formed a plan to create one shell company that would pretend to own all the mortgages in the country—that way, the mortgage bankers would never have to record assignments since the same company would always “own” all the mortgages.

12

What do you call an artifice designed to evade the payment of taxes - which these fees are?

They incorporated the shell company in Delaware and called it Mortgage Electronic Registration Systems, Inc.13

Even though not a single state legislature or appellate court had authorized this change in the real property recording, investors interested in subprime and exotic mortgage backed securities were still willing to buy mortgages recorded through this new proxy system

.14

What do you call selling something to someone that claims an ownership right as an inherent part of the bargain - indeed, it's the only consideration that is offered in exchange for money, yet the state legislatures have not ratified this as proper, and in fact the county and state legislatures say it is not?

Because the new system cut out payment of county recording fees it was significantly cheaper for intermediary mortgage companies and the investment banks that packaged mortgage securities. Acting on the impulse to maximize profits by avoiding payment of fees to county governments much of the national residential mortgage market shifted to the new proxy recording system in only a few years. Now about 60% of the nation’s residential mortgages are recorded in the name of MERS, Inc. rather than the bank, trust, or company that actually has a meaningful economic interest in the repayment of the debt.15 For the first time in the nation’s history, there is no longer an authoritative, public record of who owns land in each county.

Oh yes there is. It's at the county, where it always was.

Both the MERS-as-an-agent and the MERS-as-an-actual mortgagee theories have significant legal problems. If MERS is merely an agent of the actual lender, it is extremely unclear that it has the authority to list itself as a mortgagee or deed of trust beneficiary under state land title recording acts. These statutes do not have provisions authorizing financial institutions to use the name of a shell company, nominee, or some other form of an agent instead of the actual owner of the interest in the land. After all the point of these statutes is to provide a transparent, reliable, record of actual—as opposed to nominal—land ownership.

Woman Finds Someone From Bank 'Breaking In' To Home

http://www.wftv.com/video/25278100/index.html?taf=orlc

Enough is enough.
Someone is going to get killed.
Had that been me I would have shot them.
Apparently Karl agrees.


http://market-ticker.org/akcs-www?post=168368

Tickerguy's Recommendation: Buy Guns

Yes, I mean it.

We now have confirmed instances, including 911 calls, of banks hiring people to break into homes where the foreclosure has not yet taken place, and in some instances, they're breaking into the wrong house. That's illegal - until the bank has a court order giving them possession, they don't have possession and they have no right to be there.

Folks, I'm gonna quote Florida Statutes - specifically Section 776.013