How Lovely... 'White House: No Need For National Foreclosure Moratorium' - AP/HuffPo

[WillyT]

We take another issue to use against WallStreet and the Banks, right before the election, and give it away.

White House: No Need For National Foreclosure Moratorium
ALAN FRAM | 10/10/10 03:42 PM | AP/HuffPo

<snip>

WASHINGTON — A top White House adviser questioned the need Sunday for a blanket stoppage of all home foreclosures, even as pressure grows on the Obama administration to do something about mounting evidence that banks have used inaccurate documents to evict homeowners.

"It is a serious problem," said David Axelrod, who contended that the flawed paperwork is hurting the nation's housing market as well as lending institutions. But he added, "I'm not sure about a national moratorium because there are in fact valid foreclosures that probably should go forward" because their documents are accurate.

Axelrod said the administration is pressing lenders to accelerate their reviews of foreclosures to determine which ones have flawed documentation. "Our hope is this moves rapidly and that this gets unwound very, very quickly," he said.

With the reeling economy already the top issue on voters' minds, the doubts raised over foreclosures and evictions are becoming a political issue with the approach of Nov. 2 elections.

Underscoring those pressures, two leading lawmakers took opposing stances on the wisdom of a moratorium.

Rep. Debbie Wasserman Schultz, D-Fla., a top House Democrat, said she backed a foreclosure moratorium and government talks with the banking industry to concoct ways to let lenders reshape troubled mortgages. She said the foreclosure problem has been "extremely vexing" in her state.

The No. 2 House Republican, Rep. Eric Cantor of Virginia, said a national moratorium would remove the protections that lenders need.

"You're going to shut down the housing industry" with a national stoppage, Cantor said. "People have to take responsibility for themselves."

<snip>

More: http://www.huffingtonpost.com/2010/10/10/foreclosure-moratorium-obama-administration_n_757356.html

:wtf:

:banghead:

:beer:

:smoke:

[flyarm]

1. Unfucking believable..so what they are telling us..banks you can go ahead and commit fraud on the

American people ..and we will sanction it..after bailing your asses out with the American peoples money!

Unfuckingbelievable is all I can say..........other than cuss my brains out..what other can be said?????????

Blow me over with a feather?? ah shucks??

or no damn surprise whatsoever!

Perhaps if people would READ the fraud that took place they might understand what the fraud is!

here >>>>>>>>>>>>>>>>>



I have put much of it together so you can understand what has gone on ..this has been fraud of the highest accord perpetrated on the American people!

Read it all............ go to the links..know what the fuck we are up against and how our congress tried to fuck us the rest of the way..by covering up the crimes of the too big to fail banks and crooks who are destroying this nation and her middle class!

wake... up ... America ! You have been fucked!

What the banks have done is so illegal and so against all our laws..and our congress was attempting to make their crimes legal..to fuck you!

and they still are!!!!!!!!!!!

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No one knows or can know how many in congress and the senate voted for this bill

It was a roll call vote with no recording of who did or didn't vote for it!

*this was in the comment section of the article by : by Jennifer Brunner

It is a must to read although now almost a week old..to understand what has gone down here..it is a must read!

http://www.dailykos.com/story/2010/10/5/907016/-Preside...

President Obama Should Not Sign the Interstate Recognition of Notarizations Act

by :Jennifer Brunner
Tue Oct 05, 2010 at 03:31:19 PM PDT

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Passed by Unanimous Consent - record was not kept


H.R. 3808

Rep. Robert Aderholt sponsored the bill and the cosponsors were: Bruce Braley , Michael Castle , and Artur Davis

Apr 27, 2010: This bill passed in the House of Representatives by voice vote. A record of each representative’s position was not kept.

Sep 27, 2010: This bill passed in the Senate by Unanimous Consent. A record of each senator’s position was not kept.


THE BILL WAS SENT TO OBAMA IN SEPT TO SIGN INTO LAW. OBAMA DID NOT SIGN IT. At the time the Bill was sent to Obama a couple states had begun RICO lawsuits on the Banks and begun investigations.

We do not know who voted for this bill to cover this up and attempt to make this fraud legal, because this congress would not record who voted for this piece of shit bill!

But one thing is for sure..Patrick Leahy was involved in this bill going forward.


Bill may make it harder to contest foreclosures - Business - ...
Story: Foreclosures seen slowing as document flaws emerge ... Judiciary Committee Chairman Patrick Leahy pressed to have the bill rushed through the special ...

www.msnbc.msn.com/id/39556377/ns/business-real_estate - Similar
Senate Shockingly Passes Bill That Could Bail The Banks Out Of ...
Oct 7, 2010 ... phoenix foreclosure The hottest story right now in the banking industry ... Committee Chairman Patrick Leahy pressed to have the bill rushed ...

www.businessinsider.com/bank-foreclosure-bill-leahy-2..... - Similar
Think Progress » Obama To Veto 'Robo-Foreclosure' Bill
Oct 7, 2010 ... 43 Responses to “Obama To Veto 'Robo-Foreclosure' Bill” .... We must call, write , and otherwise pester Patrick Leahy and Bob Casey until ...

thinkprogress.org/2010/10/07/obama-vetos-banks/ - Similar
Obama Pulls a Pocket Veto on Foreclosure Bill - Truthdig
Oct 7, 2010 ... TAGS: bill foreclosure mortgage notary obama pelosi pocket veto subprime ... unanimous consent, Patrick Leahy D VT., the same one who is ...

www.truthdig.com/eartotheground/item/obama_pulls_a_po..... - Similar
How The Controversial Foreclosure Bill Made It Through ...
Oct 7, 2010 ... How The Controversial Foreclosure Bill Made It Through Congress ... This will search the titles of the threads in the Patrick Leahy forum ...


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Exclusive Bombshell of Foreclosure Fraud – Full Deposition of TAMMIE LOU KAPUSTA
Edited on Sat Oct-09-10 02:08 PM by flyarm
Exclusive Bombshell of Foreclosure Fraud – Full Deposition of TAMMIE LOU KAPUSTA Law Office of David J Stern


http://4closurefraud.org/2010/10/07/exclusive-bombshell... /

“I personally did not do it because I refused to do it.”
“I wasn’t going to falsify a military document.”
“I was told that that’s fine, somebody else on your team will do it.”

Posted by Foreclosure Fraud on October 7, 2010


***be sure to read this part of the deposition ..and understand what was going on illegally with our military personal's social security numbers to gain documennts on other military people!

......................................................................

PAY ATTENTION TO THIS SECTION!!

They
23 would be stamped and signed by a notary or not. Per
24 floor we had a designated spot to place them and Cheryl
25 would come once a day and sign them.
22
1 Q Sign them as what?
2 A As –
3 Q For the bank?
4 A Correct.
5 Q Or for MERS or whoever it was for?
6 A Correct.
7 Q Would these notaries be there watching her as
8 she signed?
9 A No.
10 Q She would just sit there and sign stacks of
11 them?
12 A Correct. As far as notaries go in the firm I
13 don’t think any notary actually used their own notary
14 stamp. The team used them.
15 Q There were just stamps around?
16 A Yes.
17 Q And you actually saw that?
18 A I was part of that.
19 Q You did it? Are you a notary?
20 A No, I’m not.
21 Q Did you sign as a witness?
22 A I did not. I signed as a witness on one
23 document and after that I decided that I didn’t want to
24 put my name as a witness anymore.
25 Q Tell me about the stamps. You stamped them?
23
1 A Yeah, I had stamps. Each team had a notary on
2 them or notaries that I was aware of. Whether they were
3 or weren’t wasn’t –
4 Q You had stamps?
5 A Correct. We would stamp them and they would
6 get signed.
7 Q Stamp them in blanks?
8 A Yes.
9 Q Who would sign them?
10 A Other people on the team that could sign the
11 signature of the person or just a check on there or
12 whatever.
13 Q Was that common practice?
14 A Yes.
15 Q Was that standard practice?
16 A Pretty much.
17 Q What about the witnesses?
18 A Those would be signed by juniors who were –
19 Q Standing there?
20 A Here, sign this. It has to go to Cheryl, sign
21 it. Then it would go and sit at the desk where Cheryl
22 would sign everything.
23 Q Out of view of the notary and out of view of
24 the witnesses?
25 A Correct.
....
9 A There were people that were responsible for
10 signing Cheryl’s name. Cheryl, Tammie Sweat, and Beth
11 Cerni. Those were the only three people that could sign
12 Cheryl’s name. If you ever look at assignments you’ll
13 see that they are not all the same.
....
1 Q What do you mean falsify a military document?
2 A Well, I’m using the main defendant’s social
3 security number on somebody else’s name, not his name.
4 John Doe and the main defendant was James, I was taking
5 James’ social security number and putting John Doe’s
6 name in there. I wasn’t but that’s what the practice
7 was. The judges started saying we’re not going to
8 consider service completed until –
9 Q There’s a miliary search?
10 A Correct.
11 Q So why wouldn’t they use the right social
12 security number for the right person?
13 A Because you don’t have a social for an NKA or
14 unknown tenant. They wouldn’t enter a final judgement
15 unless the military doc was there.
16 Q So you just used anybody’s?
17 A Correct.



..........................

wonder how many Vets this was used on??

Or perhaps some military with info on illegal activity ..in say >>>IRAQ? or AFGHANISTAN...WHO COULD HAVE BEEN OR COULD BE IN THE FUTURE.. threatened with this????????? Think of the implications of this and the possiblity of the abuse of this against our military??????????? lIKE SAY ENLISTED MILITARY ..WHO COULD NOW LOSE THEIR HOMES IF THEY TOLD WHAT THEY SAW THAT WAS ILLEGAL..OR SAW WAR CRIMES THEY WITNESSED..the ramifications and implications of this could be devistating !


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Boiler Rooms, Foreclosure Mills: The Story of America’s Mortgage Industry Boiler Rooms, Foreclosure Mills: The Story of America’s Mortgage Industry
By Michael Hudson | October 7, 2010, 12:33 pm

http://www.publicintegrity.org/blog/entry/2507 /

Updated: 10/7/2010, 3:33 pm | The news about the nation’s foreclosure scandal has been coming fast and furious, driven by tales of backdated documents, false affidavits and “rocket dockets” that push families into the street.

A former employee with one of the nation’s largest lenders testifies that he signed off on 400 foreclosure documents a day without reading them or verifying the information in them was correct.

Ex-employees of a law firm that serves as a “foreclosure mill” for major lenders describe a workplace where speed — not accuracy or justice — trumps all. “Somebody would get a 76-day foreclosure,” one recalled, “and then someone else would say, ‘Oh, I can beat that!’”

Shocking stuff. But surprising? Not for anyone who’s been tracking the recent history of the mortgage machine. Just about every corner of the America’s mortgage industry has been blemished by significant levels of fraud over the past decade.

(read more at the link)
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Shi$ Hitting Fan: Tavakoli - Biggest Fraud In The History Of Capital Markets
by Badabing
Fri Oct 08, 2010 at 05:30:39 PM PDT

...As the Foreclosure Mill thugs working for the Banks and Lenders began in earnest to provide false affidavits and have swept throughout American cities like a crazed mass of locusts, picking of the bones of innocent Americans who knew without a doubt, that they were being illegally foreclosed upon, the critical mass of corruption finally reached it's zenith, just as so many of these great leaders warned us about.

I find it absolutely incomprehensible that Timothy Geithner and Ben Bernanke and AG Holder have sat back in silence while these bunch of 'hoodlums' have been allowed to strip Americans of their legal rights to pursue what used to be called 'due process' in our nation's courts, to demand that the Banks and Lenders provide correct origination documentation of the original loans on their homes.

Janet Tavakoli is now saying that every bank is about to shut down all foreclosures, in what she calls the "biggest fraud in the history of capital markets. She is also stating that within a month, all foreclosures executed within the past 2-3 years will be retried, and millions of existing home sales will be put in jeopardy.

What this essentially will mean for what is left of the national housing market is a nightmare, beyond our wildest dreams. We are only beginning to see the final Iceberg coming into view, that could very well finally destroy all homes values, and credibility in our entire Banking system, the could finally go over the cliff, because of their own greed and malfeasance.

MUCH MORE AT: http://www.dailykos.com/story/2010/10/8/908857/-Shi$-Hi ...


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The following is part of the interview conducted by Ezra Klein:


Ezra Klein: What’s happening here? Why are we suddenly faced with a crisis that wasn’t apparent two weeks ago? 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.

EK: And how much danger are the banks themselves in? JT: When we had the financial crisis, the first thing the banks did was run to Congress and ask for accounting relief. They asked to be able to avoid pricing this stuff at the price where people would buy them. So no one can tell you the size of the hole in these balance sheets. We’ve thrown a lot of money at it. TARP was just the tip of the iceberg. We’ve given them guarantees on debts, low-cost funding from the Fed. But a lot of these mortgages just cannot be saved. Had we acknowledged this problem in 2005, we could’ve cleaned it up for a few hundred billion dollars. But we didn’t. Banks were lying and committing fraud, and our regulators were covering them and so a bad problem has become a hellacious one.

EK: My understanding is that this now pits the banks against the investors they sold these products too. The investors are going to court to argue that the products were flawed and the banks need to take them back. JT: Many investors now are waking up to the fact that they were defrauded. Even sophisticated investors. If you did your due diligence but material information was withheld, you can recover. It’ll be a case-by-by-case basis. EK: Given that our financial system is still fragile, isn’t that a disaster for the economy? Will credit freeze again? JT: I disagree. In order to make the financial system healthy, we need to recognize the extent of our losses and begin facing the fraud. Then the market will be trustworthy again and people will start to participate. EK: It sounds almost like you’re saying we still need to go through the end of our financial crisis. JT: Yes, but I wouldn’t say crisis. This can be done with a resolution trust corporation, the way we cleaned up the S&Ls. The system got back on its feet faster because we grappled with the problems. The shareholders would be wiped out and the debt holders would have to take a discount on their debt and they’d get a debt-for-equity swap. Instead we poured TARP money into a pit and meanwhile the banks are paying huge bonuses to some people who should be made accountable for fraud. The financial crisis was a product of our irrational reaction, which protected crony capitalism rather than capitalism. In capitalism, the shareholders who took the risk would be wiped out and the debt holders would take a discount but banking would go on....

http://voices.washingtonpost.com/ezra-klein/2010/10/thi ...


MUCH MORE AT: http://www.dailykos.com/story/2010/10/8/908857/-Shi$-Hi ...


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Attorneys General in 40 States Said to Join on Foreclosures Fri Oct-08-10 09:58 PM

40 states !!!!!!

The game of musical chairs has begun.
WHO will be left owing how much on gazillions of dollars of fraudulent Mortgage bonds?

Attorneys general in about 40 states may announce a joint investigation into foreclosures at the largest banks and mortgage firms, according to a person with direct knowledge of the matter.

State attorneys general led by Iowa’s Tom Miller are in talks that may lead to the announcement of a coordinated probe as soon as Oct. 12, said the person, who declined to be identified because a final agreement hasn’t been reached. The number of states may change because several are still deciding whether to join the investigation, the person said. New Mexico Attorney General Gary King said today in a statement that his state will join a multi-state effort.

Lawyers representing the banks are expecting a more widespread investigation, according to Patrick McManemin, a partner at Patton Boggs LLP, a Washington-based law firm that represents banks, loan servicers and financial institutions. Bank of America Corp., the biggest U.S. lender, today extended a freeze on foreclosures to all 50 states.

http://www.bloomberg.com/news/2010-10-08/attorneys-gene ...

And why this rush by everybody to investigate?

Perhaps this:

'This is the biggest fraud in the history of the capital markets'

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.

http://voices.washingtonpost.com/ezra-klein/2010/10/thi ...



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SOMEONE POSTED THIS ON DEMOCRATIC UNDERGROUND..
sorry I didn't keep the posters name..I wish I could credit that poster, but I can not..


62 million homes may be foreclosure-proof ... what you need to know
Fri Oct-08-10 06:42 PM
I'm putting this in GD rather than Editorials so that the maximum number of people will see it.

If you're in foreclosure or default, this article sums up the reasoning for a defense which has worked in numerous states, and it lists the main case citations you'll need to show your lawyer as a beginning point. I'm in the same boat (for 2 years, representing myself with the help of info on the net) so good luck to us all.

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

Ellen Brown, August 18th, 2010

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

<snip>

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.

<snip>

MERS was developed in the early 1990s by a number of financial entities, including Bank of America, Countrywide, Fannie Mae, and Freddie Mac, allegedly to allow consumers to pay less for mortgage loans. That did not actually happen, but what MERS did allow was the securitization and shuffling around of mortgages behind a veil of anonymity. The result was not only to cheat local governments out of their recording fees but to defeat the purpose of the recording laws, which was to guarantee purchasers clean title. Worse, MERS facilitated an explosion of predatory lending in which lenders could not be held to account because they could not be identified, either by the preyed-upon borrowers or by the investors seduced into buying bundles of worthless mortgages. As alleged in a Nevada class action called Lopez vs. Executive Trustee Services, et al.:

Before MERS, it would not have been possible for mortgages with no market value . . . to be sold at a profit or collateralized and sold as mortgage-backed securities. Before MERS, it would not have been possible for the Defendant banks and AIG to conceal from government regulators the extent of risk of financial losses those entities faced from the predatory origination of residential loans and the fraudulent re-sale and securitization of those otherwise non-marketable loans. Before MERS, the actual beneficiary of every Deed of Trust on every parcel in the United States and the State of Nevada could be readily ascertained by merely reviewing the public records at the local recorder’s office where documents reflecting any ownership interest in real property are kept....

After MERS, . . . the servicing rights were transferred after the origination of the loan to an entity so large that communication with the servicer became difficult if not impossible .... The servicer was interested in only one thing – making a profit from the foreclosure of the borrower’s residence – so that the entire predatory cycle of fraudulent origination, resale, and securitization of yet another predatory loan could occur again. This is the legacy of MERS, and the entire scheme was predicated upon the fraudulent designation of MERS as the ‘beneficiary’ under millions of deeds of trust in Nevada and other states.

_________________________

Btw, MERS is entirely owned by the big banks - all of them. Even if a mortgage isn't involved in MERS (mine isn't) the party suing is probably a similarly phoney entity which doesn't own the note, so the same principles apply. Also a CA federal court has recently ruled that homeowners are intended 3rd party beneficiaries to the HAMP contract with banks, giving us standing to sue for a mod. (Marques v. Wells Fargo) Details here:

http://mandelman.ml-implode.com/2010/08/federal-court-b ... /

[Tiras De Carne Seca]

2. Yep. The system is rotten to the core.

[WillyT]

4. Thank You Fly... You've Been On Top Of This All Along...

I really don't know what else to do or say.

Fuck...

:evilfrown:

[KoKo]

9. Flyarm...there are well connected Financial Bloggers all over this and yet Axelrod acts

as if there aren't people who know more than he does? Like many of us and even Dem Wall Streeters don't see that most of these foreclosures violate "contractual law" between buyer and their banks for the mortgage who will hold their title? Chopping up mortgages (dicing and slicing) and then parsing them out to multiple holders violates the contract between you and the company you signed with to pay your mortgage payments to. It's law that dates back centuries but the Banksters and Fraudsters are trying to bypass it.

What the hell is wrong with Axelrod and many of Obama's spokespersons that they REFUSE to make BANKING and Real Estate Agent FRAUD...an ISSUE?

Well...I have my own opinions about that...but each time anyone from our Dem Administration speaks it seems to be with less knowledge than folks on their side in the economic and on Wall St. who are horrified at what went on and are on the side of the homeowners.

[flyarm]

27. This admins and congress want to sign that bill before the RICO lawsuits kick in

they want to do that because they want to cover it all up..too many hands in Congress would be impicated i fear...in both parties.

No one is going to tell me this bill that was sitting on Obama's desk wa a coinsidence!
One would have to be an ignut to believe that.

They thought if it sat there for the 10 days it would just become law without Obama having to sign it.

Jennifer Brunner of Ohio ruined their little nasty plan..she put the info on Facebook..and twitter nd she contacted activists and her email lists..and she blew part of the whistle..someone else did as well..she must have gotten tipped of what game was being played in this White House and congress...But Kentucky has a RICO suit as well going forward.

The whole pile of dog doo that Obama didn't sign it ..is poppy cock..we all need to understand what is going on..we need t tell our friends and neighbors snd families and we must all ve vigilant.

If that bill gets signed..it is signing into law that the bankers were allowed to break our laws and get away with it scott free.

While Americans have their tax money going to these bastards..snd then the same people who saved their asses are getting raped by the same fuckers and losing their homes to these bastards throught illegal means.

I know I am being very graphic..but ..I don't know how to say this nicely..there is nothing nice about this.

We have people on the streets because of these crimes.

We have children on the streets and tent cities because of these criminals.

This is one grandma that will not stay quiet about this..NOR SHOULD ANY AMERICAN!

get on the phone call Pelosi's office..call Leahy's office , call reids office and call the White house and get your friends to call and families members ti call..LET THEM KNOW YOU KNOW WHAT IS GOING ON! AND THAT YOU ARE MAD AS HELL AND YOU WILL HOLD THEM ACCOUNTABLE IN THIS ELECTION!

That os the only power we have right now ..

You may not be effected today..but you may be tommorrow.

There was an article in the ST Pete Times yesterday in Fla ..but they didn't have it in the online edition..it told of people who paid cash for their homes and their homes were foreclosed on ..yes..they had no mortgage but the banks sold their homes out from under them! The cases are in litigation right now..but the people were thrown out of their totally paid for homes!

This one is on all of us folks..it is up to us to stop it.

We must be loud and mericless.

Today it may be your neighbor..but tommorrow it could be you!

And if you don't care about your neighbor ..or your family memeber..think about the children living in shelters and tent cities..because of these greedy sobs! and crooks!

[Catherina]

62. I wish I could recommend this n/t

[ThomCat]

3. So, again, the whitehouse is on the side of the banks.

:wft:

But Obama couldn't be seen saying it directly, so it had to be filtered through an Axelrod. That way, the banks know it's Whitehouse policy, but Obama has plausible deniability.

:grr:

[Name removed]

12. Deleted message

Message removed by moderator. Click here to review the message board rules.

[WillyT]

15. Wow... You Really Haven't Been Paying Attention Have You ???

But in answer to your original question:

1) Because it looks that way.

2) Because we no longer trust this administration to fight the banks and Wall Street for us.

3) Because there is a midterm election, and this would be the perfect situation to do something to reverse reasons 1 & 2.

Among others...

:shrug:

[OregonBlue]

23. Because it looks that way? Again, how does "I'm not sure about a national moratorium " said by an

aide become Obama sides with banks. Obama Derangement Syndrome at it's finest.

[Name removed]

26. Deleted sub-thread

Sub-thread removed by moderator. Click here to review the message board rules.

[flyarm]

28. Axelrod was on the tube this morning saying so! eom

[Greyhound]

136. Still waiting for some of that "change"?

First order of business on day one and still the top priority of this administration.

"Fuck The People, the rich are in danger of suffering the consequences of their idiocy!"

[DJ13]

5. Eric Cantor said a national moratorium would remove the protections that lenders need.

Since when do predators need protection?

The banks should already have all the protection they need........ provided they can prove they have the necessary documentation to show a valid interest in the property in foreclosure.

If they cant prove that they dont deserve protection, they deserve condemnation and investigation for fraud.

[sabrina 1]

6. Good question. 'Since when do predators need protection'?

What will it take to straighten this country out? They really have established a royal class who are way beyond the laws of this country now. Last time it took a revolution. That isn't feasible now, but something will have to be done before we become, what they want, a third world nation.

[Better Believe It]

16. Wall Street banksters obviously need to be protected from the people.

[phasma ex machina]

104. The powers-that-be created FICA to protect banksters from lynch mobs.

Many people mistakenly believe that FICA primarily protects depositors when in reality it primarily protects banksters from a repeat of the Fisk/Gould scandal of 1869 when banksters got hung from street lamps in NYC.

[phasma ex machina]

103. +1 Re: "Since when do predators need protection?"

Looks like putting crooked banksters behind bars just got trashed and thrown on top of "peace" in the garbage bin.

:(

[dgibby]

7. I'm beginning to understand that bipartisian thingy a little better now.

We are soooo screwn!

[flvegan]

8. Just mandate a maximum interest rate. 3 or 4%.

Reset the default. Instantly, half of this mess goes away.

[flyarm]

29. it doesn't go away..it was set up this way so they could take your house and make a profit with no

investment in it..it is so they can turn your house on paper..and make profits..please read my post at the top of this thread..read it all. Or never understand what is really going on.

This is fraud in epic proportions!!

it is not a matter of a little paper work like they want "people" to stay ignorant about and believe.

[flvegan]

31. Okay, I read your post.

Lots of dreck on foreclosures. Don't see how that makes my post "ignorant"

[flyarm]

53. I didn't say you were

ignorant..I "meant" they want " people" to be ignorant about what has and is going on.

Not you.
I just went back and edited it..sorry I left you with that impression. I was't clear enough, I see.

All Americans they want to keep in the dark about what is going on.

I was not being personal to you.

..it was not my intention to make it personal...sorry for that confusion.

I am watching a ball game ..and not multi tasking too well!:hi: :shrug:

[flvegan]

78. Ah, my apologies.

I did read it that way. I'm watching a ball game too, so maybe it was indeed my fault.

[NutmegYankee]

34. The principal is killing most distressed homeowners.

The ARM's were only affordable with low interest rates, so there is little to help them except to eat a loss in principal. Many other homeowners cannot afford the mortgage with even a 4% interest after the downturn. It's a royal mess and there really isn't much that can be done for them.

[flvegan]

77. It's the same principal they agreed to in the begging.

A high percentage of defaults we're seeing are because the rates went up when they reset. Or even worse, the rate went up and the homeowner couldn't afford insurance so the lender piled a 2x as much in-house policy and added it to the payment (escrow). Now they can't make THAT payment. Set the rate back down, folks can afford them again.

[JNelson6563]

10. It would be a bad idea.

Not every mortgage out there was done dishonestly/incorrectly. Believe it or not, there are actually people who fuck up on their own. Also, there would be people out there who might take advantage of the situation and stop paying their mortgage. Why not? The bank wouldn't be able to foreclose on them. What bank would issue mortgages in that situation?

Julie

[WillyT]

11. That May Be True, But...

There is something else going on here...

Check out the deposition this woman gave: http://4closurefraud.org/2010/10/07/exclusive-bombshell-of-foreclosure-fraud-full-deposition-of-tammie-lou-kapusta-law-office-of-david-j-stern/

Plus: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9290435

A moratorium just to prevent actual fraud would be exactly what the doctor ordered.

:shrug:

[sabrina 1]

14. True, but millions of people have been thrown out of their homes

over the past few years. When times are normal, those who screw up on their own are hardly noticeable. This is a tidal wave of foreclosures, and it has been reported that the FBI KNEW about the corruption but the Bush administration would not allow them to pursue the problem.

Did people know, eg, that their mortgages were being sold as part of a package that others could invest in? And worse, that there were people betting on them failing? And that they had false triple A ratings on those bundles, fooling investors into thinking they were buying something that was worth investing in?

Then AIG was there to back up the failed investors until they could not anymore? Then we the people had to pay for THEIR massive screw-ups!! The relative few homeowners who screwed up and not deliberately btw, pales by comparison to what the real story behind all this is.

This is way, way more than some people screwing up on their mortgage payments which happens all the time. This was corruption beyond belief, done with full knowledge of what they were doing. Yet so far, no one has been held accountable.

[flyarm]

30. this had nothing to do with people fucking up on their own..this was planned and executed!

we were all set up as Americans..this can happen to anyone no matter how brilliant you are and no matter who did your mortgage!

Read my post at the top of this thread and read it all..every link.

educate yourself.

This has the potential to destroy most big pensions and investments of Americans as well!

[JNelson6563]

56. I understand all of this.

And I realize it is a very complex issue that many have been screwed. I would like to see something less extreme executed and I'd love to see justice for those who were wronged.

Julie

[flyarm]

72. here is some great info that may help you with your own research..

read these to understand more.


The Finality of Foreclosure Sales - Credit Slips

posted by Bob Lawless

http://www.creditslips.org/creditslips/2010/10/the-finality-of-foreclosure-sales.html

read the comments as well..very informative

Robert Lawless, professor of law, specializes in bankruptcy, consumer credit, and business law. He is intensely interested in empirical legal studies and interdisciplinary work. His book, Empirical Methods in Law, written with University of Illinois law professors Jennifer K. Robbennolt and Thomas S. Ulen, was recently released by Aspen Publishing. In addition to a course in empirical methods, he teaches in the areas of bankruptcy and commercial law.

Professor Lawless is one of seven regular contributors to the blog Credit Slips, a discussion on credit and bankruptcy. He also is a member of the Consumer Bankruptcy Project, a long-term empirical project studying persons who file bankruptcy. The latest report from the Consumer Bankruptcy Project received the 2009 Editor’s Prize from the American Bankruptcy Law Journal. Professor Lawless has testified before Congress, and his work has been featured in media outlets such as CNN, CNBC, The New York Times, USA Today, the National Law Journal, the L.A. Times, the Financial Times, and Money magazine.

Prior to joining the faculty at the University of Illinois, Professor Lawless was the Gordon & Silver, Ltd. Professor of Law at the University of Nevada-Las Vegas William S. Boyd School of Law. From 1993 to 2002, he was on the faculty at the University of Missouri-Columbia School of Law, and he has been a visiting faculty member at the University of Illinois, Ohio State University, and Washington University in St. Louis. Professor Lawless began his career as a law clerk for the Honorable Harlington Wood, Jr., of the United States Court of Appeals for the 7th Circuit and then practiced law in Washington, D.C., with the firm of Zuckert, Scoutt & Rasenberger.

He received both his bachelor's degree in accounting with highest honors and J.D. summa cum laude from the University of Illinois and served as editor-in-chief of the University of Illinois Law Review.


xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

This from FDL is excellent ..it is pretty simplified ..and makes all of this easier to understand,

One must do their own research..it is too complicated for anyone person to explain it all ..you must ivest the time to understand what is going on and how it will effect you and each of us.

But this is a great way for you to begin understanding what is involved and how the banks are implicated in this fraud.

Do read the comments as well...they clarifiy even more, in many cases.

The Foreclosure Crisis Explained – as Sausage Making
By: Becca Friday October 8, 2010 9:10 pm



http://seminal.firedoglake.com/diary/75666


xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

************************Here are some links:*******************************



*Judge Thomas Porteous and the Judicial ‘Devil’s Den” from Whence He Came

http://newsblaze.com/story/20100922041842lawg.nb/topstory.html

*Lack of Legal Help: One More Way the Deck Is Stacked Against Homeowners

http://www.huffingtonpost.com/arianna-huffington/lack-of-legal-help-one-mo_b_310353.html

*Case In Point: Foreclosure Mills, Judicial Fraud, Consumer Exploitation. . .

http://open.salon.com/blog/wwwlawgraceorg/2010/08/18/case_in_point_foreclosure_mills_judicial_fraud_consumer

* EXCLUSIVE: Fannie and Freddie’s Foreclosure Barons

http://motherjones.com/politics/2010/07/david-stern-djsp-foreclosure-fannie-freddie?

*Lehman Brothers, Wells Fargo Foreclosure and Insurance Claims

http://www.lawgrace.org/2008/09/14/lehman-brothers%E2%80%99-mortgage-troubles-nationally-evidence-of-foreclosure-fraud-deception-and-conspiracy-with-wells-fargo-deceptive-judicial-filings/

*Response to: ‘Louisiana Courts’ Low Ranking Based on Flawed Data’

http://newsblaze.com/story/20100327052856lawg.nb/topstory.html/

*OPEN LETTER TO PRESIDENT OBAMA on Foreclosure Crisis

http://www.pr-inside.com/open-letter-to-president-obama-on-foreclosure-crisis-r1505916.html

*Super Future Equities Inc. v. Wells Fargo, et al.,

http://www.bankruptcylawnetwork.com/2007/05/11/what-are-those-mortgage-servicers-doing/

*DEBTOR’S HELL, a 4-part investigation by the Boston Globe

http://www.boston.com/news/specials/debt/

*Dubious Fees Hit Borrowers in Foreclosures

http://www.nytimes.com/2007/11/06/business/06mortgage.html?_r=3&hp&oref=slogin&oref=slogin&oref=slogin


I am not a lawyer..I have read all of this and I have done my own reasearch..
Eveyone is on their own in this..but ..if you don't know..you can not protect yourself or your own family.

[ClarkUSA]

13. What is wrong with what David Axelrod said? Not all foreclosures are fraudulent.

[WillyT]

17. It's Becoming Increasingly Apparent That Enough Of Them Are That...

a moratorium seems necessary to make sure that the process is fair.

Or don't we believe in that anymore?

:shrug:

[ClarkUSA]

18. That's unfair. If a bank's mortgage practices aren't fraudulent, why should it be penalized?

[WillyT]

19. Um... Go Here:

So there’s a war going on right now between risky and safe investors, many of which have different risk positions in different securities.

But servicers don’t have the necessary documents, and they can’t get them. The Florida bank lobby says that destroying mortgage documents was standard operating procedure during the bubble years. If you can’t provide the documents, then in many cases, you simply do not have the right to foreclose at all. That means catastrophic losses for both safe investors and servicers, since they never get to recoup any losses.

So no matter what happens, the most obvious, immediate losses and the most serious long-term legal liability are at the big mortgage servicers. These are all megabanks. And investors of all stripes are going to do everything in their power to stick the investment banks who created these securities with the bill. These are also megabanks.

As Mike emphasizes, there are $2.6 trillion worth of mortgage-backed securities out there. That’s more than enough in potential losses to sink every major bank and hedge fund in the United States.

Link: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9290435

:shrug:

[ClarkUSA]

20. Not all banks are "megabanks". Mine is not. And you haven't answered my question.

I repeat:

"If a bank's mortgage practices aren't fraudulent, why should it be penalized?"
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=9291379&mesg_id=9291756

[flyarm]

35. that does not mean you will not be effected..YOUR state will be effected ..

and you will be paying it off as well as your children and your childrens children!

And you nor your state will have any recourse.

Go read the links an everything in my post #1.

much of it is there!..but you have to read it.

[ClarkUSA]

58. That is not true, flyarm. See reply #51.

BzaDem (1000+ posts) Sun Oct-10-10 07:43 PM
Response to Reply #32
Edited on Sun Oct-10-10 07:46 PM by BzaDem

51. That is completely false. The bill would not "let them go beyond state lines." It would only allow affidavits notarized in other states to be considered valid in that state. They would still have to go to court in the state of the homeowner, still prove that the affidavits are valid and not fraudulent, etc. The ONLY thing that they wouldn't have to do is fly the documents over to the current state to get a notary from the current state to notarize their signature. That's it.

I'm glad Obama vetoed the bill, since bills like this should go through full and transparent debate (so any problems could be fixed, issues could be brought to light, etc.). But the bill is not what you say it is.

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=9291379#9292214

[WillyT]

21. If They Can Prove That It's Not, Then Fine...

I'm pretty certain that the moritorium is for the large banks, but you raise an interesting point.

How to make the moratorium fair. I certainly don't want to penalize small banks and credit unions that have been doing the right thing all along.

:shrug:

[BzaDem]

48. Banks using bullshit paperwork are institing their OWN moratorium for self-preservation reasons

Now that lawyers have caught onto their game, they could be bankrupted or even criminally prosecuted if they continue attempting to foreclose using false paperwork after it is proven that they knew about it.

So in essence, we have a moratorium for bad banks, while good banks (who have perfect paperwork) can continue as they were.

[flyarm]

32. these bastards want to go beyond state lines ..to states that will let them off the hook

that is what this bill was about..then you as a homeowner would have little to no recourse within your state!
And your state would be able to do nothing to protect you.

This was so illegal ..many of these banks through the RICO could strip the Banks of their law breaking of their tax exemptions..many states have lost shit loads of money and taxes becsuse of these law breakers.

Many state pensions will be destroyed because of this and state medicare....if this bill goes through and takes these illegal proceedures out of our states and across state lines.

Do you want your mortgage decided in say..Florida or Texas..or in your own state????????

The tax ramifications to our states will be catastrophic!

As will any investments your state has in say..teacher pensions.or state workers pensions ..or anyones pensions.

It will kill states with medicare.

Please do some research ..go read my post #1 and read it all..read all the links.

[BzaDem]

51. That is completely false. The bill would not "let them go beyond state lines." It would only allow

affidavits notarized in other states to be considered valid in that state. They would still have to go to court in the state of the homeowner, still prove that the affidavits are valid and not fraudulent, etc. The ONLY thing that they wouldn't have to do is fly the documents over to the current state to get a notary from the current state to notarize their signature. That's it.

I'm glad Obama vetoed the bill, since bills like this should go through full and transparent debate (so any problems could be fixed, issues could be brought to light, etc.). But the bill is not what you say it is.

[flyarm]

73. Look it up yourself..I have done my research..I am not a lawyer or your protector,

I am doing and have been doing the research to protect my family..

don't ask me questions....do your own research..

here,.here is a shit load..start reading........

read these to understand more.


The Finality of Foreclosure Sales - Credit Slips

posted by Bob Lawless

http://www.creditslips.org/creditslips/2010/10/the-finality-of-foreclosure-sales.html

read the comments as well..very informative

Robert Lawless, professor of law, specializes in bankruptcy, consumer credit, and business law. He is intensely interested in empirical legal studies and interdisciplinary work. His book, Empirical Methods in Law, written with University of Illinois law professors Jennifer K. Robbennolt and Thomas S. Ulen, was recently released by Aspen Publishing. In addition to a course in empirical methods, he teaches in the areas of bankruptcy and commercial law.

Professor Lawless is one of seven regular contributors to the blog Credit Slips, a discussion on credit and bankruptcy. He also is a member of the Consumer Bankruptcy Project, a long-term empirical project studying persons who file bankruptcy. The latest report from the Consumer Bankruptcy Project received the 2009 Editor’s Prize from the American Bankruptcy Law Journal. Professor Lawless has testified before Congress, and his work has been featured in media outlets such as CNN, CNBC, The New York Times, USA Today, the National Law Journal, the L.A. Times, the Financial Times, and Money magazine.

Prior to joining the faculty at the University of Illinois, Professor Lawless was the Gordon & Silver, Ltd. Professor of Law at the University of Nevada-Las Vegas William S. Boyd School of Law. From 1993 to 2002, he was on the faculty at the University of Missouri-Columbia School of Law, and he has been a visiting faculty member at the University of Illinois, Ohio State University, and Washington University in St. Louis. Professor Lawless began his career as a law clerk for the Honorable Harlington Wood, Jr., of the United States Court of Appeals for the 7th Circuit and then practiced law in Washington, D.C., with the firm of Zuckert, Scoutt & Rasenberger.

He received both his bachelor's degree in accounting with highest honors and J.D. summa cum laude from the University of Illinois and served as editor-in-chief of the University of Illinois Law Review.


xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

This from FDL is excellent ..it is pretty simplified ..and makes all of this easier to understand,

One must do their own research..it is too complicated for anyone person to explain it all ..you must ivest the time to understand what is going on and how it will effect you and each of us.

But this is a great way for you to begin understanding what is involved and how the banks are implicated in this fraud.

Do read the comments as well...they clarifiy even more, in many cases.

The Foreclosure Crisis Explained – as Sausage Making
By: Becca Friday October 8, 2010 9:10 pm



http://seminal.firedoglake.com/diary/75666


xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

************************Here are some links:*******************************



*Judge Thomas Porteous and the Judicial ‘Devil’s Den” from Whence He Came

http://newsblaze.com/story/20100922041842lawg.nb/topstory.html

*Lack of Legal Help: One More Way the Deck Is Stacked Against Homeowners

http://www.huffingtonpost.com/arianna-huffington/lack-of-legal-help-one-mo_b_310353.html

*Case In Point: Foreclosure Mills, Judicial Fraud, Consumer Exploitation. . .

http://open.salon.com/blog/wwwlawgraceorg/2010/08/18/case_in_point_foreclosure_mills_judicial_fraud_consumer

* EXCLUSIVE: Fannie and Freddie’s Foreclosure Barons

http://motherjones.com/politics/2010/07/david-stern-djsp-foreclosure-fannie-freddie?

*Lehman Brothers, Wells Fargo Foreclosure and Insurance Claims

http://www.lawgrace.org/2008/09/14/lehman-brothers%E2%80%99-mortgage-troubles-nationally-evidence-of-foreclosure-fraud-deception-and-conspiracy-with-wells-fargo-deceptive-judicial-filings/

*Response to: ‘Louisiana Courts’ Low Ranking Based on Flawed Data’

http://newsblaze.com/story/20100327052856lawg.nb/topstory.html/

*OPEN LETTER TO PRESIDENT OBAMA on Foreclosure Crisis

http://www.pr-inside.com/open-letter-to-president-obama-on-foreclosure-crisis-r1505916.html

*Super Future Equities Inc. v. Wells Fargo, et al.,

http://www.bankruptcylawnetwork.com/2007/05/11/what-are-those-mortgage-servicers-doing/

*DEBTOR’S HELL, a 4-part investigation by the Boston Globe

http://www.boston.com/news/specials/debt/

*Dubious Fees Hit Borrowers in Foreclosures

http://www.nytimes.com/2007/11/06/business/06mortgage.html?_r=3&hp&oref=slogin&oref=slogin&oref=slogin

[BzaDem]

96. I did not ask you any questions. I simply pointed out that what you said was bullshit. n/t

[dionysus]

90. what a tangled web they weave, when first they practise to deceive

;)

[Hannah Bell]

107. how do we know they're not? any mortgage that isn't in the hands of the originator likely is.

and that's a minority of them.

[democracy1st]

22. K & R for all the familys that have been severly screwed by this system

[sabrina 1]

24. I see the unrec'ing crew has been here, trying to hide the facts

as if that will do any good. Most Americans have felt these facts in their daily lives. This is going to get worse and if Dems don't start investigating instead of covering for, these criminals, 2012 will be a very bad year for them.

I rec'd this post and want to know everything about this subject as it has directly affected someone I care very much about. A good, decent human being who was the victim of these thieves on Wall St.

:kick: for facts, no matter how hard it is to accept them.

[Bluebear]

102. thank you

[NutmegYankee]

25. Axlerod has a valid point.

There are foreclosures that have proper documentation. It is best left up to the states to allow their court systems to weed out the fraud cases and allow the properly documented ones to move forward.

[disidoro01]

33. I disagree

It should be up to the banks to prove that they are behaving properly. They (as an industry) have caused great harm to this country, the burden should be on them. If these cases go to courts individually, the costs on the homeowners would destroy them. The banks have deep pockets to fight in court, most homeowners do not. Cantor and Axelrod on the same page, isn't that concerning?

[NutmegYankee]

36. In many states, foreclosures already go through courts.

I wasn't thinking of lawsuits, I was thinking of having the court system that normally handles foreclosures make the banks prove they have the original documentation (blue ink note). If inspection of the documents, for instance by the homeowner's lawyer, indicates fraud the case should be halted and investigated as fraud. This halts the foreclosure and would lead to a criminal case for perjury or worse.

[flyarm]

39. but the bill that was sitting on Obama's desk would allow these banks to take it out of your state

and out of YOUR STATES COURTS!

Your state would not be able to protect you or give you your day in court!

Your state would be neutered .

as would you!

[NutmegYankee]

40. And it got vetoed. Next!

[WillyT]

42. It Got Vetoed Because Somebody Shined A Light On It And Made It Impossible To Sign !!!

Once that happened, they were too embarrassed to let it go through.

:shrug:

[NutmegYankee]

43. The bill would not have moved the proceedings from CT

It would allow documents signed in other states to be valid legally in CT, which would obviously be bad in a Delaware Credit Card way... That said, fraudulent documents would still be discovered and dealt with (fake notes, etc). The bill didn't pull that from a state court.

[WillyT]

46. And What If The Fraud Is Huge, Wide Spread, And Systemic ???

Wouldn't a moratorium until it get's sorted out be... oh I don't know... pragmatic?

Shouldn't we at least find out if The Fraud IS Huge, Wide Spread, And Systemic???

:shrug:

[NutmegYankee]

55. And the legal system can do so. nt

[WillyT]

59. And Therefore... The Moratorium...

:shrug:

[NutmegYankee]

64. Once again, why halt the proceedings of a small local bank?

Not to mention the impact on the court system from a full stop. Potential buyers would be in limbo, lenders would panic, the market would likely halt and we would just stack up even more cases making it even more likely fraud could get through.

Not every bank is "too big to fail" nor engaged in this stupidity.

[OregonBlue]

68. And you know this because you work in the administration?

[WillyT]

69. Yes... Yes I Do...

But don't tell anybody, it's DEEP undercover.

:D

:hi:

[OregonBlue]

80. Interesting, does your boss know you're anti-Obama?

[WillyT]

83. LOL !!! - You Funny !!!

And I think you forgot the sarcasm thingy...

You wouldn't want to get in trouble with the Mods would you?

:hi:

[flyarm]

49. and watch the moratorium get lifted and the bill signed..are you possibly that naive?

laws have been broken..this is a catastrophic fraud!!!!!!!! It is huge!

and they want to take your states rights away, making it almost impossible for Americans to do a damn thing about anything they do with your property!

You will virtually have no rights if it is taken across state lines!

[NutmegYankee]

52. See post number 50 and answer my question. nt

[WillyT]

41. Exactly !!!

They needed that bill to complete the crime.

[NutmegYankee]

44. I don't see how it would remove the case from a state court.

It would make CT have to recognize electronic notary signatures, which is just damned odd and defeats the purpose of Notaries. That said, if the underlying docs are still fake, the Courts in CT will still handle it.

[BzaDem]

54. You are correct. It does NOT, regardless of what one DUer says. n/t

[NutmegYankee]

66. Notice how quickly one DUer stopped posting in this thread? nt

[sabrina 1]

113. It doesn't work that way. That's what my friend who lost her home

last January did. She asked the Bank, Wells Fargo, to produce the documentation showing they had the right to foreclose. They never responded. She hired an attorney, he asked them AND the court to produce documentation. The court ignored the lawyer's letter and he was a very good and well-known experienced attorney in Real Estate law.

However, it is on the record that she requested the documentation for a future lawsuit I hope. Her mortgage was transferred four times in nine years, two of the banks used MERS for documentation. So we are almost certain the documentation she requested from Wells Fargo didn't exist. But the court ignored that, for now.

She wanted a remodification after her husband's death. The program set up by Obama listed the criteria for this. She met all the requirements and could have afforded to make a smaller payment until she got on her feet after her husband's death. He was a veteran, she received the eviction notice on Veteran's Day last year.

No one is fighting for the people. We are on our own. Politicians will do what the banks want them to do. Now, people are finally fighting back. I just posted an OP on this topic and how bad it really is.

You should be thinking of lawsuits. They are being filed now every day, all across the country, individual and class action suits. None of this needed to happen if Washington had placed a moratorium on foreclosures when they bailed out the Banks. Those bailed out banks went on to throw millions of Americans out of their homes, despite the program set up and funded by the WH.

People no longer care what happens to the banks. They have created millions of potential lawsuits because of their greed. Someone needs to pay for this, the corruption is so deep, in every part of the process, that it will take YEARS, maybe decades to sort it all out.

[flyarm]

37. this isn't even about what he said..he is in major cover up mode.

This is about your state losing its rights to protect it's state citizens.

This is about MAJOR MAJOR FRAUD! Perpetrated on the American homeowners. and our states!

Take the time to go read my post #1 and read all the links and all of the documents.

This will effect all of us in one way or the other..and if that bill gets signed..and the moratorium lifted..we are all fucked..no one will be safe and your state will be neutered, and unable to help you, or protect you!

[NutmegYankee]

38. I've already read them.

But I also know there are small town banks and CUs (Hey, this is New England for Pete's sake) that didn't perpetrate these crimes who need to foreclose to keep in business. They can't write off every loan like a big bank.

[flyarm]

45. hey if you want to lose your state rights and trust your mortgages being sold out of your state

and lose all your rights..and if you want to see your state lose all its pensions and investments and you are not worried about paying more hefty taxes to make up for the tax income your state is entitled to...and going to lose...so be it.

But don't cry when you and your state get royaly fecked! And you lose all your states rights!

But I am not willing to take those risks, because some people want to be foolish or don't care about their states rights.

[NutmegYankee]

50. I'm sorry - could you restate that.

I couldn't follow your logic there. This bill cannot move the court proceedings. The land doesn't change states. This bill would have forced states to recognize the Electronic Notary systems ( Very Bad) and other states notary signatures (not really that bad). Nowhere is a case allowed to be pursued in another state. In order to get an eviction order, a state court (in the 23 with that protection) has to make a ruling to do so. That was not about the change.


What this bill was going to do was make this 10,000 docs a day fraud issue go away. But the underlying promissory note fuckups are still to be resolved.

[flyarm]

71. here I put alot together for you..but I am watching the Phillies ..so you will have to do your own

reading..sorry ..but I am watching the playoffs!



read these to understand more.


The Finality of Foreclosure Sales - Credit Slips

posted by Bob Lawless

http://www.creditslips.org/creditslips/2010/10/the-finality-of-foreclosure-sales.html

read the comments as well..very informative

Robert Lawless, professor of law, specializes in bankruptcy, consumer credit, and business law. He is intensely interested in empirical legal studies and interdisciplinary work. His book, Empirical Methods in Law, written with University of Illinois law professors Jennifer K. Robbennolt and Thomas S. Ulen, was recently released by Aspen Publishing. In addition to a course in empirical methods, he teaches in the areas of bankruptcy and commercial law.

Professor Lawless is one of seven regular contributors to the blog Credit Slips, a discussion on credit and bankruptcy. He also is a member of the Consumer Bankruptcy Project, a long-term empirical project studying persons who file bankruptcy. The latest report from the Consumer Bankruptcy Project received the 2009 Editor’s Prize from the American Bankruptcy Law Journal. Professor Lawless has testified before Congress, and his work has been featured in media outlets such as CNN, CNBC, The New York Times, USA Today, the National Law Journal, the L.A. Times, the Financial Times, and Money magazine.

Prior to joining the faculty at the University of Illinois, Professor Lawless was the Gordon & Silver, Ltd. Professor of Law at the University of Nevada-Las Vegas William S. Boyd School of Law. From 1993 to 2002, he was on the faculty at the University of Missouri-Columbia School of Law, and he has been a visiting faculty member at the University of Illinois, Ohio State University, and Washington University in St. Louis. Professor Lawless began his career as a law clerk for the Honorable Harlington Wood, Jr., of the United States Court of Appeals for the 7th Circuit and then practiced law in Washington, D.C., with the firm of Zuckert, Scoutt & Rasenberger.

He received both his bachelor's degree in accounting with highest honors and J.D. summa cum laude from the University of Illinois and served as editor-in-chief of the University of Illinois Law Review.


xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

This from FDL is excellent ..it is pretty simplified ..and makes all of this easier to understand,

One must do their own research..it is too complicated for anyone person to explain it all ..you must ivest the time to understand what is going on and how it will effect you and each of us.

But this is a great way for you to begin understanding what is involved and how the banks are implicated in this fraud.

Do read the comments as well...they clarifiy even more, in many cases.

The Foreclosure Crisis Explained – as Sausage Making
By: Becca Friday October 8, 2010 9:10 pm



http://seminal.firedoglake.com/diary/75666


xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

************************Here are some links:*******************************



*Judge Thomas Porteous and the Judicial ‘Devil’s Den” from Whence He Came

http://newsblaze.com/story/20100922041842lawg.nb/topstory.html

*Lack of Legal Help: One More Way the Deck Is Stacked Against Homeowners

http://www.huffingtonpost.com/arianna-huffington/lack-of-legal-help-one-mo_b_310353.html

*Case In Point: Foreclosure Mills, Judicial Fraud, Consumer Exploitation. . .

http://open.salon.com/blog/wwwlawgraceorg/2010/08/18/case_in_point_foreclosure_mills_judicial_fraud_consumer

* EXCLUSIVE: Fannie and Freddie’s Foreclosure Barons

http://motherjones.com/politics/2010/07/david-stern-djsp-foreclosure-fannie-freddie?

*Lehman Brothers, Wells Fargo Foreclosure and Insurance Claims

http://www.lawgrace.org/2008/09/14/lehman-brothers%E2%80%99-mortgage-troubles-nationally-evidence-of-foreclosure-fraud-deception-and-conspiracy-with-wells-fargo-deceptive-judicial-filings/

*Response to: ‘Louisiana Courts’ Low Ranking Based on Flawed Data’

http://newsblaze.com/story/20100327052856lawg.nb/topstory.html/

*OPEN LETTER TO PRESIDENT OBAMA on Foreclosure Crisis

http://www.pr-inside.com/open-letter-to-president-obama-on-foreclosure-crisis-r1505916.html

*Super Future Equities Inc. v. Wells Fargo, et al.,

http://www.bankruptcylawnetwork.com/2007/05/11/what-are-those-mortgage-servicers-doing/

*DEBTOR’S HELL, a 4-part investigation by the Boston Globe

http://www.boston.com/news/specials/debt/

*Dubious Fees Hit Borrowers in Foreclosures

http://www.nytimes.com/2007/11/06/business/06mortgage.html?_r=3&hp&oref=slogin&oref=slogin&oref=slogin

[NutmegYankee]

74. None of that answers the question.

I understand the whole issue, but you never showed how the foreclosure court case could be removed from one state and processed in another based on the notary bill.

Please answer that question - preferably in one paragraph.

[flyarm]

75. go look it up yourself..I am not your researcher..google is your friend.eom

[NutmegYankee]

79. I already looked it up - I SAY YOU ARE WRONG!

Prove otherwise if you can.

[maryf]

81. Could you please post what you found?

Thank you.

[NutmegYankee]

84. Here is the text of the bill

http://www.businessinsider.com/interestate-recognition-of-notarizations-act-of-2010

It doesn't move a proceeding out of state. That assertion is wrong, yet keeps getting made without support. It would force states to recognize others notaries, but it doesn't move the legal proceedings.

[WillyT]

85. So... If Alabama Or Alaska Pre-Stamps And Notarizes Hundreds Of Blank Forms...

to be filled out as needed...

Connecticut would be forced to recognize those in court. Is that what you're saying?

Color me comforted... NOT!

:shrug:

[NutmegYankee]

88. Thanks for butting in out of context.

My debate was with this BS line that the cases could be moved to any state. That is not true. Why don't you reserve your snark and read my prior posts first to gather the context first. I don't like the bill, but I also hate Lies.

[Name removed]

91. Deleted sub-thread

Sub-thread removed by moderator. Click here to review the message board rules.

[maryf]

86. Thank you, but wouldn't the following

"(1) such notarization occurs in or affects interstate commerce;" imply that the proceeding could be in connection to occurences in other states?

[NutmegYankee]

87. That does not remove it from the state court.

That just justifies Congress passing the law. Congress cannot regulate Intrastate commerce. If the bank is based in Florida, and seeks to foreclose on a house in say, CT, The bank would start legal proceedings in CT court. With the law, the bank would not need a CT Notary to witness the documents being signed prior to filing in court in CT as is the requirement now. That said, the house is in CT, and only a CT court can order the eviction.

[maryf]

120. Thanks.

Now I'm completely confused.

[jeanpalmer]

117. You knew this was going to end badly

Looks like we're approaching the end game. It won't be pretty. The banks have totally screwed themselves with their greed.

[Bluebear]

156. indeed

[BzaDem]

47. Here's why we might not need a national moratorium.

There's a reason why banks that have paperwork problems have instituted their own moratorium. They aren't doing it out of the kindness of their heart. They are doing it because they don't want to be sued for each and every case of a foreclosure with bad paperwork.

There is no reason why foreclosures with perfect paperwork should be stopped. If creditors that have perfect paperwork cannot foreclose, that will kill the housing market and hurt the economy (and no creditor in their right mind would issue a mortgage in such an environment).

Foreclosures with imperfect paperwork should absolutely be stopped. But they are being stopped by banks, because now that lawyers have caught on to their fraudulent activity, banks don't want to be bankrupted by civil lawsuits and criminal investigations by state AGs.

In cases where a servicer continued with bad-paperwork foreclosures even after it has been shown that they are using bad paperwork, state attorney generals should open a criminal investigation on that bank (and in many states they are). You will get a self-imposed moratorium very quickly.

The only reason we might need a national moratorium is if it turns out most foreclosures have bad paperwork, AND most servicers when confronted with this refuse to stop (even after threatened criminal investigations and civil suits). But this has not happened yet -- banks do not want to be prosecuted or bankrupted.

[Better Believe It]

57. Because Wall Street doesn't want it?

[BzaDem]

61. Did you even read my post before spewing your bullshit? n/t

[sabrina 1]

63. Most foreclosures DO have bad paperwork.

Most mortgages, going back probably as far as the repeal of Glass Steagal, have been 'bundled' and sold from one bank to another. Along the way, the paperwork did not keep up with the transfers. My girlfriend, eg, when she looked at her mortgage realized it had been transferred four times in nine years. Her husband died and she asked for a loan modification until she was back on her feet. Wells Fargo never responded, even to her lawyer. The 'lawyer mill' went ahead and foreclosed. She asked for the note showing that they owned the property, they ignored the request.

Over a year ago we were aware of what they were doing with mortgages, and many other people knew long before that. The mortgages were bundled with other toxic assets and sold to investors. Then bets were made on them failing, which the investors were unaware of.

The price of houses fell, shoddy insurance cos. were put in place to make investors feel safe, plus these derivitives were given triple A ratings which further conned the investors.

Now, those investors have a stake in many of these homes that being foreclosed on. But up to now, most were not aware of it. Looks like it is all coming to a climax, as predicted. It is a mess, and could cause another melt down but this is not the fault of homeowners, it is the fault of the same geniuses who already collapsed the economy and could take decades to sort out.

Someone needs to be held accountable.

[BzaDem]

65. I am aware of all that, and of course they need to be held accountable.

The way to hold them accountable is lawsuits and criminal prosecutions by state AGs. This is why banks with BAD paperwork (who didn't get the title from the originator, etc) are voluntarily stopping. It isn't out of the kindness of their heart -- it is for self preservation. Every future foreclosure with bad paperwork is a lawsuit or prosecution waiting to happen, especially if high levels provably KNEW in advance the paperwork was bullshit (as they do now) but still foreclose anyway.

A moratorium would hold GOOD banks (credit unions, etc) who did NOTHING wrong accountable for the actions of big banks who ignored laws and committed perjury.

[sabrina 1]

67. Well, I agree that good banks with proper paperwork

should not be penalized for all the bad ones. I suppose there could be an exception for banks who can produce the correct paperwork. But to buy a foreclosed property is very risky right now, as you might find yourself being sued later on by the original owner if the paperwork is not in order. Something has to be done.

[Catherina]

60. Recommended. Wake up America. n/t

[Name removed]

70. Deleted message

Message removed by moderator. Click here to review the message board rules.

[TBF]

76. Business as usual ... nt

[maryf]

82. "national moratorium would remove the protections that LENDERS need."

that's it in a nutshell, forget the protections that people need, like a roof, some walls....K&R

[dionysus]

89. FDL Willy strikes again.

:rofl:

[WillyT]

92. It's From HuffPo !!!

:rofl:

[dionysus]

93. yes, the other sensationalist blog you post from. don't be coy will

:hi:

[WillyT]

95. I Just Don't Get The Same Pizazz From 'DLC Today', Or 'Centrist's Conundrum'

You ???

:D

[Blue_In_AK]

97. WillyT, have I ever told you I love you?

"Centrist's Conundrum"... :spray:

[WillyT]

98. Yes, But You Can Never Hear That Enough !

HEY YOU !!!

:bounce::hi::bounce:

How ya be?

:loveya:

[Blue_In_AK]

100. Doing great, thanks.

We were just down in CA a couple weeks ago. It was HOT! Kind of spooky when it's 90 degrees in San Francisco and no fog rolls in at night. We had a wonderful time, though...partied like it was 1969. :hippie: (And please don't punch me, you centrists.)

[chill_wind]

127. :-)

LOL. :hug:

[chill_wind]

126. How stupid. These facts and suits are all over the internet.

On every decent financial watchdog and foreclosure fraud blog out there.

[MadHound]

94. And they wonder why the Dems aren't mustering any enthusiasm among the base

Shit like this, not standing up for what the people want, not standing up for what is right for the people.

[Vidar]

99. Too typical of this administration. Obiviously those in danger of

foreclosure can't afford to contribute big bucks to election campaigns.

[Bluebear]

101. What a populist we elected. nt

[flyarm]

105. RICO Case in Kentucky ( Class Action)

RICO Case in Kentucky

http://market-ticker.org/akcs-www?singlepost=2196166

http://mattweidnerlaw.com/blog/wp-content/uploads/2010/10/RICOClassActionComplaint.pdf


MERS/MBS/Foreclosure Goes RICO - MarketTicker Forums

MERS/MBS/Foreclosure Goes RICO
The Market Ticker ® - Commentary on The Capital Markets
Posted 2010-10-03 23:10
by Karl Denninger
in Corruption
MERS/MBS/Foreclosure Goes RICO

snip:

See, without standing they can't foreclose, but then we get back to "who can?" And what we find is that the originator was paid, and thus they can't either. Worse, for those originators that are bankrupt, their "assets", such as they are, can't go anywhere without a bankruptcy trustee's signature, and further, even if someone was to acquire that, which nobody has, THE REMICs CAN'T TAKE THE PAPER ANYWAY AS THEIR CLOSING DATE HAS EXPIRED.

So we have a bankrupt originator who was paid in full and can't foreclose, and we have a note that can't be transferred into the REMIC without destroying its tax preference (retroactively, incidentally), which instantaneously trashes the value of the MBS - probably by more than they could hope to recover if they were going to take the note anyway.

In all cases, the lack of acquisition of the Class Members' mortgage loans violates the prospectus presented to the investors and the IRS REMIC requirements.

If an MBS Trust was audited by the IRS and was found to have violated any of the REMIC requirements, it would lose its REMIC status and all back taxes would be due and owing to the IRS as well as the state of Kentucky. As previously stated, one hundred percent (100%) of the income will be taxed.

As the Class Members are identified and the identity of the MBS REMICs revealed through this action, the individual "Trusts"/ MBS REMICs will be turned over to the IRS for auditing



snip:
REMICS were newly invented in 1987 as a tax avoidance measure by Investment Banks. To file as a REMIC, and in order to avoid one hundred percent (100%) taxation by the IRS and the Kentucky Revenue Cabinet, an MBS REMIC could not engage in any prohibited action. The "Trustee" can not own the assets of the REMIC. A REMIC Trustee could never claim it owned a mortgage loan. Hence, it can never be the owner of a mortgage loan.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Portion of Class Action in Kentucky:

57. Additionally, and important to the issues presented with this particular action, is the fact that in order to keep its tax status and to fund the "Trust" and legally collect money from investors, who bought into the REMIC, the "Trustee" or the more properly named, Custodian of the REMIC, had to have possession of ALL the original blue ink Promissory Notes and original allonges and assignments of the Notes, showing a complete paper chain of title.

58. Most importantly for this action, the "Trustee"/Custodian MUST have the mortgages recorded in the investors name as the beneficiaries of a MBS in the year the MBS "closed." Every mortgage in the MBS should have been publicly recorded in the Kentucky County where the property was located with a mortgage in the name similar to "2006 ABC REMIC Trust on behalf of the beneficiaries of the 2006 ABC REMIC Trust." The mortgages in the referenced example would all have had to been publicly recorded in the year 2006.

59. As previously pointed out, the ¡°Trusts¡± were never set up or registered as Trusts. The Promissory Notes were never obtained and the mortgages never obtained or recorded.

60. The "Trust" engaged in a plethora of "prohibited activities" and sold the investors certificates and Bonds with phantom mortgage backed assets. There are now nationwide, numerous Class actions filed by the beneficiaries (the owners/investors) of the "Trusts" against the entities who sold the investments as REMICS based on a bogus prospectus.

61. In the above scenario, even if the attorney for the servicer who is foreclosing on behalf of the Trustee (who is in turn acting for the securitized trust) produces a copy of a note, or even an alleged original, the mortgage loan was not conveyed into the trust under the requirements of the prospectus for the trust or the REMIC requirements of the IRS.

62. As applied to the Class Members in this action, the end result would be that the required MBS asset, or any part thereof (mortgage note or security interest), would not have been legally transferred to the trust to allow the trust to ever even be considered a "holder" of a mortgage loan. Neither the "Trust" or the Servicer would ever be entitled to bring a foreclosure or declaratory action. The Trust will never have standing or be a real party in interest. They will never be the proper party to appear before the Court.

63. The transfer of mortgage loans into the trust after the "cut off date" (in the example 2006), destroys the trust's REMIC tax exempt status, and these "Trusts" (and potentially the financial entities who created them) would owe millions of dollars to the IRS and the Kentucky Revenue Cabinet as the income would be taxed at of one hundred percent (100%).


xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Class Action in Kentucky ( partial)


http://mattweidnerlaw.com/blog/wp-content/uploads/2010/10/RICOClassActionComplaint.pdf

UNITED STATES DISTRICT COURT
WESTERN DISTRICT OF KENTUCKY
LOUISVILLE DIVISION
CASE NO. ____________________
CLASS ACTION COMPLAINT
ELIZABETH FOSTER;
JOHN R. FOSTER; REPRESENTATIVE
CLASS PLAINTIFFS;
CONNIE WELLS;
ROYCE WELLS; on behalf of themselves
and others so situated
AUGUSTA MASON; as putative class members
BRIAN MASON;
SHERILL A. MOODY;
MARK MOODY, and;
CHARLOTTE A. WOODWARD
v.
MORTGAGE ELECTRONIC REGISTRATION
SYSTEMS, INC. AND,
MERSCORP,
collectively as MERS;
GMAC MORTGAGE LLC,
RESIDENTIAL ACCREDIT LOANS, INC., AND
RESIDENTIAL FUNDING COMPANY, LLC
collectively as GMAC ;
DEUTSCHE BANK NATIONAL TRUST COMPANY;
NATIONSTAR MORTGAGE;
AURORA LOAN SERVICES;
BAC LOAN SERVICES;
CITIMORTGAGE;
US BANK;


II.B. THE DEFENDANTS
Mortgage Electronic Registration Systems, Inc., MERSCORP, hereinafter
collectively (“MERS”) and the MERS Shareholders:

7. Defendant Merscorp, Inc., is a foreign corporation created in or about
1998 by conspirators from the largest banks in the United States in order to undermine
and eventually eviscerate long-standing principles of real property law, such as the
requirement that any person or entity who seeks to foreclose upon a parcel of real
property: 1) be in possession of the original note, 2) Have a publicly recorded mortage in
the name of the party for whom the underlying debt is actually owed and who is the
holder of the original Promissory Note with legally binding assignments, and 3) possess a
written assignment giving he, she or it actual rights to the payments due from the
borrower pursuant to both the mortgage and note.

8. Defendant Merscorp, Inc., claims to be the sole shareholder in an entity
by the name of Mortgage Electronic Registrations Systems, Inc., (“MERS”). MERS is the

RICO enterprise and is the primary innovation through which the conspirators, including
the Defendants, have accomplished their illegal objectives as detailed throughout this
Complaint.

9. For the purposes of this action, MERS shall also refer to each and every
shareholder of MERSCORP, who will be named as their identities are revealed.

10. The Complaint names the entity, Mortgage Electronic Registration
Systems, Inc., hereinafter, (“MERS”). MERS is the mortgage holder of record for the
Class Plaintiff’s second mortgage. The lender to the second mortgage is M & I Bank
FSB. It is this second mortgage, which is the subject of this action.

11. MERS is not the original lender for any of the class members loans.
MERS is not the creditor, beneficiary of the underlying debt or an assignee under the
terms of the Promissory Notes of the class members. MERS does not hold the original
of the Promissory Note, nor has it ever held the Promissory Notes of the class members.

12. The Mortgagee, MERS, is a owned by the company, MERSCORP,
which is in turn owned by a group of Wall Street investment Banks.

13. MERS is unregistered and unlicensed to conduct mortgage lending or
any other type of business in the Commonwealth of Kentucky and has been and continues
to knowingly and intentionally illegally and fraudulently record mortgages and conduct
business in Kentucky on a large scale and systematic fashion..

14. No promissory Note or other evidence exists which could ever make
the Plaintiffs and the class members indebted to MERS in any way.


15. MERS never had nor will it ever have standing to enforce the illegal
and fraudulent mortgage it filed against the properties in question. MERS never had nor
will it ever have the authority to assign the Mortgage to any entity.

16. MERS has never possessed a pecuniary or financial interest in the
Notes of the Plaintiffs and the class members.

17. MERS has never had any right to collect on the Note or enforce the
Mortgage, nor has it had a right to hold, enforce or collect upon any of the thousands of
Mortgages it has fraudulently recorded throughout the Commonwealth of Kentucky, in
the 50 states, the District of Columbia and all other US Territories.
The Law Firms:

18. In or about the last decade, the Defendant Firms joined with Defendant
Merscorp, Inc., and other conspirators in the fraudulent scheme and RICO enterprise
herein complained. . The employees of the Defendant Firms, including many licensed
attorneys, have become skilled in using the artifice of MERS to sabotage the judicial
process to the detriment of borrowers, and, over the past several years, have routinely
relied upon MERS to accomplish illegal acts.

19. Manley Deas Kochalski PLLC, is a law firm with its principal place of
business in the state of Ohio. Herein after (“MDK”,) the firm is one of the regional
foreclosure mills.

20. Dinsmore & Shohl LLP, is a law firm with its principal place of
business in the state of Ohio. Herein after (“D&S”,) the firm is one of the regional
foreclosure mills, and the regional corporate counsel for GMAC.


21. Lerner Sampson & Rothfuss, is a law firm with its principal place of
business in the state of Ohio. Herein after (“LSR”,) the firm is one of the regional
foreclosure mills, and the Kentucky counterpart to Florida’s Stern Law Group in that the
partners of LSR own their own document processing company, LSR Processing LLC, to
generate loan and mortgage documents. LSR has a pattern and practice on drafting
missing mortgage and loan documents and in turn, having them executed by their own
employees.

22. Jerry R. Howard Reisenfeld & Associates, LPA, is a law firm with its
principal place of business in the state of Ohio. Herein after (“R&A” ,) the firm is one of
the regional foreclosure mills.

23. Middleton & Reutlinger, is a Kentucky based law firm and serves as
MERS regional counsel.
The Document Processing Defendants:

24. LSR Processing LLC, is a document processing company, based in the
state of Ohio to generate loan and mortgage documents. Upon information and belief it
is owned by one or more of the partners of LSR law firm. LSR Processing was created
in order to facilitate the conspiratorial acts of the Defendants in relation to the creation of
fraudulent Promissory Notes, Note Assignments, Affidavits and Mortgage Assignments
LSR Processing has a pattern and practice of drafting missing mortgage and loan
documents and in turn, having them executed by their own employees.


]25. DOCX LLC, hereinafter (“DOCX”.) Defendant, DOCX, is a Georgia
Corporation with its principal place of business in Irvine, California. Although DOCX is
doing business in the state of Kentucky, it is not registered to engage in business in the
state of Kentucky.

26. Defendant Lender Processing Services, Inc. (“LPS”) is a Delaware
Corporation, with its principal place of business in Jacksonville, Florida. Although LPS
is doing business in the state of Kentucky, it is not registered to engage in business in the
state of Kentucky. At all times relevant hereto, LPS was the parent company of DOCX.
Together they are referred to as (“LPS/DOCX.”)
The Servicers and MBS “Trusts”2:

27. GMAC Mortgage and GMAC Residential Funding Corporation,
collectively hereinafter (“GMAC”,) is a foreign business entity, which according to the
MERS internet web site, www.mersinc.org, is a shareholder in MERS. GMAC serves
as a servicer on tens of thousands of Mortgage loans.

28. The Deutsche Bank as “Trustee” is a generic term for an entity not
incorporated or registered to do business in any of the United States in order to facilitate
illegal property foreclosures.

29. CitiMortgage is a foreign business entity, which according to the
MERS internet web site, www.mersinc.org, is a shareholder in MERS.

30. Aurora Loan Services is thought to be a foreign corporation, but is not
registered to conduct business in the state of Kentucky.

31. Nationstar Mortgage is thought to be a foreign corporation, but is not
registered to conduct business in the state of Kentucky.

Other loan Servicers and MBS “Trustee” Defendants shall be named as their identities are revealed. The
underwriters and originators of the MBS “Trusts” shall be named as their identities are revealed. It is
anticipated that they will include, but in no way be limited to Bear Stearns, Lehman Brothers, RFC
Financial and Goldman Sachs.
Class Action vs Mortgage Electronic Registration Systems, Gmac, Deutsche Bank, Nation Star, Aurora, Bac, Ci...

http://www.scribd.com/doc/38654717/Class-Action-vs-Mortgage-Electronic-Registration-Systems-Gmac-Deutsche-Bank-Nation-Star-Aurora-Bac-Citi-Us-Bank-Lps-Et-A

[TexasObserver]

121. Major litigation will do a great of deal of good.

This is when plaintiffs lawyers get done what congress won't or can't get done.

[flyarm]

130. and Judges! ..they already are! and the Good Judges..are not happy. eom

[upi402]

153. Wow. The Mafia are Boyscouts compared to Banksters

Thanks for the post. Should have its own thread, or on a pinned compilation.

On one loan I signed for, I got a gut feeling that the woman impatiently waiting for me to sign papers was like a serial killer... or something. Maybe I was close!

[flyarm]

106. Class Action Lawsuit Against Countrywide: California

Class Action in California against Countrywide

Class Action Lawsuit Against Countrywide: California in

http://market-ticker.org/akcs-www?post=168698

Class Action Lawsuit Against Countrywide: California
The Market Ticker ® - Commentary on The Capital Markets
Posted 2010-10-09 20:31
by Karl Denninger
in Foreclosuregate
Class Action Lawsuit Against Countrywide: California

This is an extremely-important case folks. The pleadings here, like the case in Kentucky, lay the table in terms of the games that were played during the "Rah-Rah" years.

Let's start with the "meat" of the alleged violations:



And the first "meaty" part of the complaint....

5. The fraud perpetrated by the Countrywide Defendants from 2003 through 2007, including by BofA starting no later than 2007, was willful and pervasive. It begin with simple greed and then accelerated when Countrywide founder and CEO Angelo Mozilo (“Mozilo”) discovered that Countrywide could not sustain its business, unless it used its size and large market share in California to systematically create false and inflated property appraisals throughout California. Countrywide then used these false property valuations to induce Plaintiffs and other borrowers into ever-larger loans on increasingly risky terms. As Mozilo knew from no later than 2004, these loans were unsustainable for Countrywide and the borrowers and to a certainty would result in a crash that would destroy the equity invested by Plaintiffs and other Countrywide borrowers.


In other words, Countrywide is alleged to not only have made bad loans, but also to have intentionally inflated appraisals.

6. Hand-in-hand with its fraudulently-obtained mortgages, Mozilo and others at Countrywide hatched a plan to “pool” the foregoing mortgages and sell the pools for inflated value. Rapidly, these two intertwined schemes grew into a brazen plan to disregard underwriting standards and fraudulently inflate property values – county-by-county, city-by-city, person-by-person – in order to take business from legitimate mortgage-providers, and moved on to massive securities fraud hand-in-hand with concealment from, and deception of, Plaintiffs and other mortgagees on an unprecedented scale.


Oh, that's rich. So not only (it is alleged) did Countrywide bamboozle borrowers, they also bamboozled investors.


9. It is now all too clear that this was the ultimate high-stakes fraudulent investment scheme of the last decade. Couched in banking and securities jargon, the deceptive gamble with consumers’ primary assets – their homes – was nothing more than a financial fraud perpetrated by Defendants and others on a scale never before seen. This scheme led directly to a mortgage meltdown in California that was substantially worse than any economic problems facing the rest of the United States. From 2008 to the present, Californians’ home values decreased by considerably more than most other areas in the United States as a direct and proximate result of the Defendants’ scheme set forth herein. The Countrywide Defendants’ business premise was to leave the borrowers, including Plaintiffs, holding the bag once Countrywide and its executives had cashed in reaping huge salaries and bonuses and selling Countrywide’s shares based on their inside information, while investors were still buying the increasingly overpriced mortgage pools and before the inevitable dénouement. This massive fraudulent scheme was a disaster both foreseen by Countrywide and waiting to happen. Defendants knew it, and yet Defendants still induced the Plaintiffs into their scheme without telling them.

There's the base of it all....

24. Defendants have gone to great lengths to avoid producing documents in this litigation because they know that such documents will establish all details of the massive fraud they perpetrated on Plaintiffs and other Californians. PennyMac, the Granada Network and Defendants’ overseas operations are used by Defendants to systematically hide documents. By delaying production of documents, the Defendants are buying time as they (a) accept the benefits of the scheme described herein, (b) cover up their fraud, and (c) make it materially more expensive and difficult for Plaintiffs and their counsel to obtain a just result.

[flyarm]

108. "Interstate Recognition of Notarizations (IRON) Act of 2010.

Obama to veto bill over fear it will cause more foreclosures
- McClatchy D.C. Bureau - Kentucky.com

http://www.kentucky.com/2010/10/07/1469592_obama-to-veto-bill-feared-to-cause.html

{b]Obama to veto bill over fear it will cause more foreclosures

Margaret Talev - McClatchy Newspapers

WASHINGTON — President Barack Obama will veto a bill that he fears could be misused to force more homeowners into foreclosure.

Originally the measure, which makes it easier for notarized documents to be accepted across state lines, was thought to be non-controversial and passed with bipartisan support in Congress. However, White House Press Secretary Robert Gibbs said Thursday that there are now concerns that its language could cause "unintended consequences" damaging to consumers, especially homeowners.

Three large national banks have recently halted foreclosures in 23 states in light of evidence of flawed documents or improper procedures. In that context, Obama is asking Congress to go back to the drawing board on H.R. 3808, the "Interstate Recognition of Notarizations (IRON) Act of 2010."

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Look at the name of the bill..and what are the problems with the forclosures now?????? OH yeah..what a coinsidence..
The Notary's.......can it be any clearer??????? With the RICO SUITS Just now hitting states and The SEc Of State of Ohio ..asking for a DOJ investigation of the Notaries??????????
And the RICO In Kentucky has documented Foreclosure Mills in Fla and Ohio using documents and notaries in those states across their state Lines in the State of Kentucky Foreclosures as docmented in their RICO SUIT.

Now what was the name of the Bill that was sitting on Obama's desk???????

We all owe a debt of Gratitude to the Sec. Of State of Ohio Jennifer Brunner
Ohio Secretary Of State
..for bringing this Bill to people's attention!

Jennifer Brunner: Notarize This: The Brewing Foreclosure Storm

http://www.huffingtonpost.com/jennifer-brunner/notarize-this-the-brewing_b_747461.html

..........................................................

Read more: http://www.kentucky.com/2010/10/07/1469592_obama-to-veto-bill-feared-to-cause.html#ixzz121agENhs

[flyarm]

109. Jennifer Brunner: Notarize This: The Brewing Foreclosure Storm

Jennifer Brunner: Notarize This: The Brewing Foreclosure Storm

Ohio Secretary Of State

Posted: October 1, 2010 04:36 PM
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Notarize This: The Brewing Foreclosure Storm

http://www.huffingtonpost.com/jennifer-brunner/notarize-this-the-brewing_b_747461.html


Please read it all!

This does it no justice..

snip:

What happens when the homeowner can't pay the mortgage anymore -- because of job loss, medical expenses or excessive credit card and other debt? Foreclosure. But in Ohio a court has to grant it. In a lawsuit for foreclosure, documents are presented to a court to decide if the homeowner is in default and by how much. The lawsuit is supposed to be brought by the person or institution who holds the note for the mortgage being foreclosed. If ownership of the note has passed through many hands, a "chain of title" must be established to prove that the person who claims rights to foreclose on the home is the person actually owed money on the mortgage. Once the court grants foreclosure, the court can then order sale of the home and eviction of its owners.

Under today's financial schemes, foreclosure documents are routinely created to demonstrate the transfer of the interest in the note so the right person brings the foreclosure lawsuit. In the case of Chase Home Finance, LLC, its Columbus, Ohio employee, Beth Cottrell, testified in her deposition that she helps create foreclosure documents by signing on behalf of the banks and financial institutions (including MERS) that have been involved. Then, a small group of notaries at Chase notarize her and others' signatures on various foreclosure documents (about 18,000 documents a month at Chase Home Finance, LLC).

While serving as a Chase Home Finance, LLC employee, Beth Cottrell's name has appeared in foreclosure affidavits from 2008 through 2010 in the Florida court system on documents showing mortgage amounts owed on behalf of Wells Fargo, U.S. Bank, Federal National Mortgage Association, HSBC, Deutsche Bank, People's Choice Home Loan, Wachovia and Citi, even though she was an employee of Chase Home Finance, LLC in Columbus.

In Ohio, I read two depositions of Beth Cottrell taken in Columbus, Ohio in May of this year, about a Florida foreclosure. I was frankly chagrined to read her description of the notary activity to process the 18,000 documents a month by the company she works for alone--using just eight notaries. In her deposition, Ms. Cottrell's stated that: no oath is administered for the signing of each document; notaries (not signers) are filling in numbers in the affidavits used in court ordered foreclosures; notarized documents are not verified by the person signing them, but rather, signers are relying on verification by others, and notaries know this at the time they notarize documents; and large numbers of documents are signed in bulk and notarized in bulk separately.

[Name removed]

110. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Bluebear]

114. Wow.

[flyarm]

111. Boiler Rooms, Foreclosure Mills: The Story of America's Mortgage Industry

Boiler Rooms, Foreclosure Mills: The Story of America's Mortgage Industry

Written by Michael Hudson
Michael Hudson is a staff writer with the Center for Public Integrity, a nonprofit journalism organization.
October 10, 2010


snip;

Ex-employees of a law firm that serves as a “foreclosure mill” for major lenders describe a workplace where speed — not accuracy or justice — trumps all. “Somebody would get a 76-day foreclosure,” one recalled, “and then someone else would say, ‘Oh, I can beat that!’”

Shocking stuff. But surprising? Not for anyone who’s been tracking the recent history of the mortgage machine. Just about every corner of the America’s mortgage industry has been blemished by significant levels of fraud over the past decade.

On the front end of the process, for example, many mortgage pros used “boiler room” salesmanship to peddle loans to borrowers who didn’t understand what they were getting and couldn’t afford their loans in the long run. To make these deals go through, some workers forged borrowers’ signatures on key documents, pressured real estate appraisers to inflate home values, and created fake W-2 tax forms that exaggerated loan applicants’ earnings.


At Ameriquest Mortgage, one of the companies I focus on in my new book about the subprime mortgage debacle, The Monster, this sort of cut-and-paste document production was so common employees joked that the work was being done in “The Lab” or the “Art Department.”

Please read the full article at:

http://www.eurasiareview.com/201010108958/boiler-rooms-...

[flyarm]

112. Exclusive Bombshell of Foreclosure Fraud – Full Deposition of TAMMIE LOU KAPUSTA

Exclusive Bombshell of Foreclosure Fraud – Full Deposition of TAMMIE LOU KAPUSTA Law Office of David J Stern


http://4closurefraud.org/2010/10/07/exclusive-bombshell... /


“I personally did not do it because I refused to do it.”
“I wasn’t going to falsify a military document.”
“I was told that that’s fine, somebody else on your team will do it.”


Posted by Foreclosure Fraud on October 7, 2010

***be sure to read this part of the deposition ..and understand what was going on illegally with our military personel's social security numbers to gain documennts on other military people!

......................................................................

PAY ATTENTION TO THIS SECTION!!

They
23 would be stamped and signed by a notary or not. Per
24 floor we had a designated spot to place them and Cheryl
25 would come once a day and sign them.
22
1 Q Sign them as what?
2 A As –
3 Q For the bank?
4 A Correct.
5 Q Or for MERS or whoever it was for?
6 A Correct.
7 Q Would these notaries be there watching her as
8 she signed?
9 A No.
10 Q She would just sit there and sign stacks of
11 them?
12 A Correct. As far as notaries go in the firm I
13 don’t think any notary actually used their own notary
14 stamp. The team used them.
15 Q There were just stamps around?
16 A Yes.
17 Q And you actually saw that?
18 A I was part of that.
19 Q You did it? Are you a notary?
20 A No, I’m not.
21 Q Did you sign as a witness?
22 A I did not. I signed as a witness on one
23 document and after that I decided that I didn’t want to
24 put my name as a witness anymore.
25 Q Tell me about the stamps. You stamped them?
23
1 A Yeah, I had stamps. Each team had a notary on
2 them or notaries that I was aware of. Whether they were
3 or weren’t wasn’t –
4 Q You had stamps?
5 A Correct. We would stamp them and they would
6 get signed.
7 Q Stamp them in blanks?
8 A Yes.
9 Q Who would sign them?
10 A Other people on the team that could sign the
11 signature of the person or just a check on there or
12 whatever.
13 Q Was that common practice?
14 A Yes.
15 Q Was that standard practice?
16 A Pretty much.
17 Q What about the witnesses?
18 A Those would be signed by juniors who were –
19 Q Standing there?
20 A Here, sign this. It has to go to Cheryl, sign
21 it. Then it would go and sit at the desk where Cheryl
22 would sign everything.
23 Q Out of view of the notary and out of view of
24 the witnesses?
25 A Correct.
....
9 A There were people that were responsible for
10 signing Cheryl’s name. Cheryl, Tammie Sweat, and Beth
11 Cerni. Those were the only three people that could sign
12 Cheryl’s name. If you ever look at assignments you’ll
13 see that they are not all the same.
....
1 Q What do you mean falsify a military document?
2 A Well, I’m using the main defendant’s social
3 security number on somebody else’s name, not his name.
4 John Doe and the main defendant was James, I was taking
5 James’ social security number and putting John Doe’s
6 name in there. I wasn’t but that’s what the practice
7 was. The judges started saying we’re not going to
8 consider service completed until –
9 Q There’s a miliary search?
10 A Correct.
11 Q So why wouldn’t they use the right social
12 security number for the right person?
13 A Because you don’t have a social for an NKA or
14 unknown tenant. They wouldn’t enter a final judgement
15 unless the military doc was there.
16 Q So you just used anybody’s?
17 A Correct.




..........................

wonder how many Vets this was used on??

Or perhaps some military with info on illegal activity ..in say >>>IRAQ? or AFGHANISTAN...WHO COULD HAVE BEEN OR COULD BE IN THE FUTURE.. threatened with this????????? Think of the implications of this and the possiblity of the abuse of this against our military??????????? LIKE SAY ENLISTED MILITARY ..WHO COULD NOW LOSE THEIR HOMES IF THEY TOLD WHAT THEY SAW THAT WAS ILLEGAL..OR SAW WAR CRIMES THEY WITNESSED..the ramifications and implications of this could be devistating !

[flyarm]

115. Shi$ Hitting Fan: Tavakoli - Biggest Fraud In The History Of Capital Markets

read this entire story!

http://www.dailykos.com/storyonly/2010/10/8/908857/-Shi


Shi$ Hitting Fan: Tavakoli - Biggest Fraud In The History Of Capital Markets

ShareNew 0by Badabing

Fri Oct 08, 2010 at 05:30:39 PM PDT

One of the people that I have admired most during this nation's financial meltdown and clusterfuck has been the great Janet Tavakoli. From the beginning, she has consistently along with Yves Smith, Elizabeth Warren, Brooksley Born, and of course Congressman Alan Grayson hammered relentlessly and sounded the alarm of what would happen to our nation, should be continue to disavow the national 'cover up' of what Grayson rightfully is calling: FRAUD TO COVER UP FRAUD.

These great Americans would not allow companies like Goldman Sachs, JP Morgan, GMAC, Bank of America, Wall Street, the Bankers the Lenders, the illicit and illegal Foreclosure Mills and even our own government to rewrite history with their pitiful public relations propaganda machines.

They all understood that a day or reckoning would come without a doubt in our nation, when the corruption would finally reach a critical mass, and now that day has come.

[flyarm]

116. 'This is the biggest fraud in the history of the capital markets' : Janet Tavakoli

http://voices.washingtonpost.com/ezra-klein/2010/10/this_is_the_biggest_fraud_in_t.html

'This is the biggest fraud in the history of the capital markets'

Janet Tavakoli is the founder and president of Tavakoli Structured Finance Inc.


EK: And how much danger are the banks themselves in?

JT: When we had the financial crisis, the first thing the banks did was run to Congress and ask for accounting relief. They asked to be able to avoid pricing this stuff at the price where people would buy them. So no one can tell you the size of the hole in these balance sheets. We’ve thrown a lot of money at it. TARP was just the tip of the iceberg. We’ve given them guarantees on debts, low-cost funding from the Fed. But a lot of these mortgages just cannot be saved. Had we acknowledged this problem in 2005, we could’ve cleaned it up for a few hundred billion dollars. But we didn’t. Banks were lying and committing fraud, and our regulators were covering them and so a bad problem has become a hellacious one.

EK: My understanding is that this now pits the banks against the investors they sold these products too. The investors are going to court to argue that the products were flawed and the banks need to take them back.

JT: Many investors now are waking up to the fact that they were defrauded. Even sophisticated investors. If you did your due diligence but material information was withheld, you can recover. It’ll be a case-by-by-case basis.

EK: Given that our financial system is still fragile, isn’t that a disaster for the economy? Will credit freeze again?

JT: I disagree. In order to make the financial system healthy, we need to recognize the extent of our losses and begin facing the fraud. Then the market will be trustworthy again and people will start to participate.

EK: It sounds almost like you’re saying we still need to go through the end of our financial crisis.

JT: Yes, but I wouldn’t say crisis. This can be done with a resolution trust corporation, the way we cleaned up the S&Ls. The system got back on its feet faster because we grappled with the problems. The shareholders would be wiped out and the debt holders would have to take a discount on their debt and they’d get a debt-for-equity swap. Instead we poured TARP money into a pit and meanwhile the banks are paying huge bonuses to some people who should be made accountable for fraud. The financial crisis was a product of our irrational reaction, which protected crony capitalism rather than capitalism. In capitalism, the shareholders who took the risk would be wiped out and the debt holders would take a discount but banking would go on.


By Ezra Klein | October 8, 2010; 1:27 PM ET

[flyarm]

118. Obama Calls the Question on Geithner

Robert KuttnerCo-founder and co-editor of The American Prospect

Posted: October 10, 2010 08:07 PM

http://www.huffingtonpost.com/robert-kuttner/obama-calls-the-question-_b_757475.html



Obama Calls the Question on Geithner


snip:

Most of the underwater homeowners, now almost one in three, are not speculators or people who took out sub-prime loans. They are simply ordinary Americans whose houses are suddenly worth less than the mortgages on them, because of the general collapse in housing prices.

The lame HAMP program, the joint creation of Treasury and HUD, is another part of Geithner's grand design to disguise just how bad things are at the big banks and prevent an honest accounting or a serious reckoning.

Meanwhile, housing prices are declining again, despite record low mortgage interest rates (available only to blue chip borrowers), which creates another serious drag on the economy. And the housing market won't return to normal until the mortgage mess is resolved.
But the belated recognition that millions of mortgages are inadequately documented could be a blessing in disguise. It could force the administration to come up with stronger medicine both to clean up the banks and to help distressed homeowners.

The Dodd-Frank Act gives the Treasury the tools to do an honest accounting of the big banks, and shut down or break up zombie banks that are insolvent -- so that successor banks can get on with the business of lending. With a serious strategy for both the banks and the mortgage mess, we could remove two of the main drags on the economy.

White House political chief David Axelrod, speaking on CBS's Face the Nation Sunday, tried to back-pedal from the significance of Obama's action. (Heaven forbid that three weeks before a crucial election Obama should sound like he is siding with consumers against bankers.) Meanwhile, the indispensable Rep. Alan Grayson of Florida called for a national moratorium on foreclosures.

Read more: http://www.huffingtonpost.com/robert-kuttner/obama-calls-the-question-_b_757475.html

[TheWebHead]

119. if they're looking at 2012 it is logical

from the white house perspective. basically halting foreclosures will just clog up the system and when the issue of the wrong random bookkeeper becomes the right bookkeeper to homeowners a year behind on their payments, then properties will flood the market at an even more rapid pace than they are now and home prices will be under more pressure, causing a negative wealth effect for those who are up to date on their home payments at the expense of those living in homes free of charge.

[flyarm]

125. yeah the people who haven't been late and don't even have a mortgage and this is being done to them

will love to know , you think they are clogging up the system!

This is fraud..this is fraud being commited on the American people

this is major fraud.

This has the likelyhood of taking down our nation.
This will crash every bank in this country, if it is not taken care of correctly..and cleaned up properly.

We will see all major pensions in this nation ..be lost completely.
Everyone with 401k's, kiss the good bye. Anyone with any kind of investment.big and small..bend over and kiss your ass they will be gone.


The RICO suits will not go away, in fact many other states are now preparing cases. These banks can not break the laws in each and every state in this nation..and that is what they have done.

The Banks too big to fail..must be broken up ..pronto.

If this WH does not come clean to the American People in very short order..this country could likely go into a severe crisis...and it will be ugly..very very ugly.

Think USSR!

[Waiting For Everyman]

132. Well aren't you smug. n/t

[flyarm]

147. it is ..extremely serious...it is going on in my state .see for yourself..

Repossession hell: 6 extremely 'wrongful' foreclosures

http://news.yahoo.com/s/theweek/20100924/cm_theweek/200795



New York – Jason Grodensky says the Bank of America repossessed his Fort Lauderdale house —
even though he'd never even taken out a mortgage. His story isn't the first of its kind

An understandably flummoxed Florida man says he had his home taken from him by the Bank of America, even though he owned it outright and never had a mortgage on it. Jason Grodensky and his father bought the Fort Lauderdale bungalow on short sale last December, paying for it with cash. In July, Grodensky was shocked to learn that the house was in foreclosure and that the title had been transferred to a government-backed lender. The BoA has reportedly acknowledged the error and will correct it at their expense. But Grodensky nightmare is not that uncommon: Mark Wiedner, a Florida foreclosure defense attorney, says foreclosure mistakes "happen all the time." Here are five more wrongful repossession horror stories...

...............................................

There was just a story a couple days ago about a family who went through the same thing.in Florida..but the papaer didn't put the article in their online edition..funny..I wonder why???????? St PETE TIMES ..has the article in their hard copy pape..but ommitted it in their online edition.
They tend to do that when they don't want a stroy making national news..or when they want to keep a story on the "quiet side"..they did it all the time when Jebbie was pres..

[KoKo]

122. Kick.......Good reading here....!

[Name removed]

128. Deleted message

Message removed by moderator. Click here to review the message board rules.

[bvar22]

123. Can't do that...it would hurt The BASE....

Wall Street, Big Banks, and the Ownership Class.

[ClarkUSA]

134. That was part of DLC Pres. Clinton's "BASE" alright, which explains his repealing Glass-Steagall.

President Obama re-regulated the banking industry, which has earned him enemies on "Wall Street, Big Banks, and the Ownership Class." Just ask the Koch Brothers.

[ecstatic]

124. To make it more fair, just give everyone a check! nt

[flyarm]

129. that will not remove the massive fraud! and the eventual collapse of our banks and our nation.

what country do you think we could turn to to do business with us then?

This is much worse than what happened in Japan..much worse.

And Japan was a strong export country..

we have trade deficits.

[flyarm]

131. "But those errors go far deeper than mere sloppiness. They are concealing a massive fraud."

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

But those errors go far deeper than mere sloppiness. They are concealing a massive fraud.

They cannot be corrected with legitimate paperwork, and that was the reason the servicers had to hire “foreclosure mills” to fabricate the documents.

These errors involve perjury and forgery -- fabricating documents that never existed and swearing to the accuracy of facts not known.

[lonestarnot]

137. Yes they do! And yes they are!

[felix_numinous]

133. Banks are too big to fail, so they need to be broken up.

These are international entities with more civil rights, more money and influence than American citizens, without actually being Americans.

It is as if they are the ones editing the WH press releases. Their rhetoric is very different from President Obama's message. This is how I see it.

[Waiting For Everyman]

135. The IRS should go in and audit every bank re: taxes they owe b/c of broken REMICs

The IRS can do it, it's loaded with accountants. I'll be very surprised if it doesn't. In fact, if I don't see a story to that effect pretty soon, I'm DROPPING A DIME ON THESE BANKS MYSELF! LOL! And I'll send a copy to my senator on the banking committee, and to the GAO.

:rofl:

Same for suggesting to my governor that we get our recording fees back. Somebody already did this on behalf of CA - a qui tam suit.


Thanks for all this research, flyarm. I didn't see it until today. Good job!

[seafan]

138. This president is committing a very grave error.

This has gone beyond 'a serious problem', Mr. Axelrod.


This is institutionalized fraud.



Axelrod: 'Administration is opposed to a national moratorium on foreclosures'

By Ariana Eunjung Cha
WaPo

October 10, 2010

White House senior adviser David Axelrod signaled Sunday that the Obama administration is opposed to a national moratorium on foreclosures, even as pressure from Congress, labor unions and consumer groups mounts for the federal government to take action.

Calling the growing evidence that lenders have used inaccurately prepared and even fraudulent documents to foreclose on homes a "serious problem," Axelrod said it had already "thrown a lot of uncertainty into the housing market that is already fragile." ..... Axelrod said the administration is "working closely" with mortgage companies so that they "expedite the process of going back and reconstructing these and throwing out those that don't work."

The foreclosure mess has become a hot-button political issue with mid-term elections coming up. A large number of influential Democrats -- including House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid -- have called on the federal government to take more aggressive action.

On Sunday, Republican Rep. Eric Cantor of Virginia became one of the first Republicans to speak out. Appearing on "Fox News Sunday," he warned that freezing the foreclosure process would hurt an already struggling housing market.
"If you impose a moratorium on foreclosures, what you're telling people and institutions that lend money is they do not have the protection to take the risk they need to, to extend credit so people can get a mortgage," Cantor said. He added that "you're going to shut down the housing industry, if that's the case."

On the same show, Rep. Debbie Wasserman Schultz (D-Fla.) said she backs a foreclosure freeze.

.....

Mr. Cantor doesn't concern himself with protection for homeowners. Only for the lenders.


And, yes, Ms. Wasserman Schultz, we've already formed that conclusion. You can pipe down now and go back to your agenda to become a rising star. Funny, though, how you've seldom come through in a crunch when you had the opportunity.





From a thread I started yesterday:

.....

Home ownership. No matter the risk.


George W. Bush pushed this. Hard.


As he said in his speech above:

"Corporate America has a responsibility to work to make America a compassionate place. Corporate America has responded."



Fast-forward eight years of "corporate compassion" in the mortgage market:



In today's news:

Foreclosure Halt as Lenders Face Allegations of Fraud, October 10, 2010

Major U.S. Banks Investigated For Foreclosure Fraud, October 8, 2010


And, at ground zero, in Florida:

Ex-employee says foreclosure firm forged signatures



Yet we are told repeatedly that all of this is the fault of "greedy homeowners who bought more house than they could afford".





We must never forget:

George W. Bush pushed this. Hard.






Daniel Gross in Slate, February 6, 2006:

Stocks, the trendy investment of the 1990s, have been replaced by housing. Unlike stocks, homes can be purchased by strapped individuals with borrowed money. Nobody will lend you $500,000 to buy stocks with no money down. But assuming you have a pulse and are willing to pay some interest, there are probably 40 lenders waiting to write you a check for a mortgage on the same terms. But even here, the pace of growth in ownership has slowed from the pace of the 1990s. According to the Census (see Table 4), while the home-ownership rate rose from 64.4 percent in 1992 to 67.5 percent in 2000, it has bumped up only 1.5 percentage points in the last five years, to 69 percent in 2005.

Is it possible that we've reached the upper limits of the ownership society? That the percentage of the population that is financially and temperamentally suited to holding mutual funds and stocks is capped at about 50 percent of households? That's hard to believe, especially when low-cost, democratic outfits like Vanguard and TIAA-CREF allow people to start investing with tiny sums. No. It's not that we can't afford to own anymore. It's that we have been presented with two competing economic models by the president. The ownership society requires thrift and patience. The consumer society, by contrast, requires that we spend like drunken sailors to keep the GDP boosted. Bush says he wants us to be frugal owners, but he really needs us to be profligate consumers.

Remember Bush telling us to "Go shopping!" after September 11, 2001?




Yet we are told repeatedly that this mortgage catastrophe is the fault of "greedy homeowners who bought more house than they could afford".


But now, in the fall of 2010, the bright, unforgiving light of The Truth is turning onto the Banksters.

These lending institutions weren't concerned about being paid back. All they wanted was the fees for signing on as many people as possible to the purchase of a home. Then, the lenders washed their hands of the responsibility for these predatory practices by slicing and dicing these risky mortgages as they passed them higher up the financial chain to be sold as top-rated instruments to investors.

The heist was now complete.



Alan Grayson has been right all along. This is a coverup of a coverup.


The first wave of crime was by the predatory mortgage lenders, of signing up as many living, breathing people for a home mortgage as they possibly could, with no regard for the extremely high risk of default.
(Again, the lenders didn't care about being paid back; they only wanted the fees for the transactions.)


The second wave of crime is now in the foreclosure arena, as the clear title of property can no longer be established or claimed by the financial institutions who are foreclosing on people's homes. The foreclosure mills have engaged in improper documentation, outright forgery of documents, signatures, and nonexistent title transfers in order to fabricate "ownership" of the properties now being foreclosed at breakneck speed. State laws were blatantly violated with regard to maintaining proper chain of title.


In essence, the financial institutions have no standing to foreclose, because they cannot show clear chain of title on the properties.


This is far, FAR worse than "sloppy paperwork".


This is institutionalized fraud.



And about that HR 3808, called the "Interstate Recognition of Notarizations Act", that Obama has 'pocket-vetoed' for now.



We are hearing that this is the third time this bill, HR 3808, has been addressed in the House. According to this CSPAN video of House proceedings from April 27, 2010, the first time was in 2007. This video confirms that April 27, 2010 is the third occasion.


This tells me that SOMEONE KNEW years ago about the looming mortgage meltdown on the horizon. And they wanted to cover their a$$e$ with legislation.



In this video from April 27, Tammy Baldwin (D-Wisconsin) introduces HR 3808 again and encourages her colleagues to vote for it. She states that an identical bill to this one passed the House in 2007.

Then, the sponsor of the bill, Robert Aderholt (R-Alabama) speaks:

(Paraphrased)

Aderholt notes that today (April 27, 2010) is the third time HR 3808 has been addressed in the House. He states that the issue of legislation to authorize the recognition of notary public documentation across state lines was first brought to his attention by his friend Mike Turner (from Birmingham, Ala.) in 1997, and that they worked together on it. Aderholt claims that this legislation is necessary "to expedite interstate commerce". He goes on to describe how in March, 2006, the House Judiciary Committee worked on the notary "problem", and that the Subcommittee on courts/intellectual property held hearings about it. He concluded by calling for "the suspension of rules" to pass HR 3808.


No public debate. No recorded vote. It passed.


The Senate passed it at the end of September, 2010, in the same manner, and fast-tracked it over to Obama.


No public debate. No recorded vote. It passed.


Not a good sign.



In view of what is going down in Florida right now, this law must be vetoed/retracted. It would legalize retroactively the crimes involving fraudulent notary activity that has occurred here in Florida. If this law is signed by Obama, it will deal a crushing blow to people's property rights, as the law will make it easier to foreclose. The deck is stacked.

It will show us once again, that crime pays. And our government is controlled by Big Banks.



Soon they will put on the riot gear.

It will be here sooner than we think.

[uponit7771]

139. Isn't the point they're making is not all banks were corrupt bastards and those foreclosures should

...go forward?

TIA

[seafan]

140. Same principle as the oil drilling moratorium in the Gulf of Mexico.

It's been extended.


We must issue an immediate foreclosure freeze.

So far, the bankers continue to steal at the great detriment of the people of this country.


We can no longer look away from the reality that this is war.


We are finally fighting them over here.

[Jamastiene]

141. Heavens, NO!

That wouldn't help the bankers and the Wall Street elite at all, now would it?

Of COURSE, he sees no need to protect the soon-to-be homeless. They aren't important people like the bankers and Wall Street elites.

:wtf: is right.

So is :banghead:

K&R

[earth mom]

142. Huge K & R! Even though the unrec crew is working overtime to hide the evidence

that their dear Obama is NOT pure as the driven snow! :eyes:

[Better Believe It]

143. They must p.m each other a lot to coordinate their fly-by attacks and unrecommends. :)

That's what is seems like.

But, they can't silence the majority and hide the truth.

[earth mom]

144. They probably have a forum somewhere where they plot their unrecs and b.s propaganda.

But as you said...Truth can't be silenced.

Too bad the unrec crew didn't get that memo.

[flyarm]

151. when people work so hard to hide truth,.it means we are all on the right track!

and we know there is something damn big, and damn rotten..when someone/someone's are invested heavily in some kind of nefarious behavior .. enough to desperately want to keep it hidden.

Enough to write a bill ...in the secret shadows of congress..and attempt to quietly get it signed into law??????


or send their pit bulls to a message board.. to hide the truth...by what ever means necessary?????

It is really getting beyond pathetic..these people act like teen age children..real amateurs.

What is that smell?? I know you recognise it..it is this smell that brings vomit up to ones mouth...

I know..

Could that be ..

yes it is...

it's gotta be..

I smell the pungent stink of,

of ...
of...

Bushbots .....

yes that is it!!

or the smell of

that behavior.

[earth mom]

155. Glad to know I'm not the only one to feel like this place is invested with Bushbots/Freepers!

:puke:

[Lance_Boyle]

145. a national moratorium = fed govt invalidating every mortgage contract in the country

That is not a wise move. Contracts must stand unless there is reason to void them. INDIVIDUALLY.

Sorry to all the sullen gamblers who saw a moratorium as renewed hope of actually getting that free house - rational minds are (thankfully) prevailing.

[flyarm]

149. Not when there is proof of massive fraud and crimes against the people..

this must be wholesale stopped immediately and investigated..and hold the criminals accountable..after all the people are getting thrown out of their homes..and they did nothing illegal or broke any laws!

This is out right criminal collussion against the people..with forgeries, with using military Social Security numbers..to gain other people's records..illegally!

Every way they could game this wit every kind of corruption they could think of to steal profits off the people.. illegally!

This is corruption of the highest degree!

And it will destroy the solvency of our nation,..and it will happen fast!

This will effect all major pensions in this country..our treasury..all investments large and small..401k's..you name it!

[G_j]

146. Cantor eh?

what is wrong with this picture?????????????????????

[Love Bug]

148. Are they trying to sound out of touch or are they ....

...oh, hell, nevermind. I'm tired of beating my head against the wall over stupid stuff coming out of DC.

[flyarm]

150. it is overwhelmingly frustrating ..just think of the power this wields to the crooks over our

politicians and leaders?????

and the power to destroy the very people they are employed by..

WE THE PEOPLE.

[KoKo]

152. WE are "THE PEOPLE!" Should be TRUE...but is it, anymore?

An "INFORMED PEOPLE" are the "ENEMY" of the "STATUS QUO." That might be what's at work here ....until there is a "Tipping Point?"

[upi402]

154. Bush sneaked back in? n/t