This whole mortgage fraud /investment bank/S&L bailout with taxpayer money thing is killing us

[geckosfeet]

This whole "bank foreclosure/taxpayer-funded-bailout/mortgage-backed-securities/investment-banking-scam/glass-steagal-repeal" train of events has really captured my attention over the last few years.

I would say for my purposes it really started around the time of the savings and loan crisis during the reign of Bush the first. This was a microcosm of depression era bank failures and in itself an unprecedented event for people of my generation. It also foreshadowed todays financial crisis.

Fundamental to all the manipulative economic practices that facilitated the S&L crisis was that the best way to rob a bank was to own one. By extension, the best way to rob a country is to own the government. So the new learning was that with a 'pro-business' government you could tap directly into the taxpayer honey pot for bailouts and free money after you finished looting your bank/financial institution. Game on.

Once the dust settled on the S&L crisis banksters went to work laying the ground work for their next heist. In order for their plan to work, boardrooms on had to to repeal the Glass-Steagall act.

They did, and the rest is history. But the scam continues. After stealing billions in investment money and tax money the banks are now after the last major investement most of have - our homes - and they are blaming us - security itself is valid, financial insitutions are unable to demonstrate that they in fact have the right to foreclose on many homes. The foreclosure system in chaos because the mortgage/financial industry based on fraud - nice.[br />
Legal requirements vary by state, but many states require unambiguous paperwork trails in order to demonstrate title and deed ownership in order to foreclose. As it should be. But somehow, this is not slowing down the foreclosure rate. I think that this is because many homeowners lack the resources to fight the fraud.

Amid mortgage mess, owners blindsided

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During the last month, several major lenders have temporarily halted thousands of foreclosure cases amid reports that fraudulent court documents and improper procedures have been used to evict people from their homes. But disarray within the mortgage industry goes much further. And the foreclosure pause has done little to address the common industry practice of taking homes from people who'd been led to believe they could save them.

"It's still happening everywhere," said Arizona Attorney General Terry Goddard, who has tried to bar the dual-track process in his state, one of the hardest hit by the foreclosure crisis. "It's one of the largest complaints I get. . . . The lenders need to make a choice. What do they want: a foreclosure or a loan modification?"
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Amid mortgage mess, owners blindsided

THE WHOLE COUNTRY IS BOGUS – FABRICATED MORTGAGE ASSIGNMENTS ALL OVER THE COUNTRY

But through it all banks, lenders and financial institutions have been remarkably consistent. Keep taking advantage of your customers. Keep taking taxpayer bailouts. Keep stealing. How do they get away with it?

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edit for layout stuff

[90-percent]

1. bookmarked

your post looks well crafted and worthwhile.

Do you watch Max Keiser's vids on DU? He has some really good guests, including the awesome and heroic Wm. K. Black, whom I'm guessing you will find in many of your links.

The most recent Max link, posted in the last 24-48 hours, is downright chilling. For those few of us out here that haven't yet suffered from OLIGARCHY OVERLOAD.

-90% Jimmy

[geckosfeet]

3. Yes - I have have seen his videos. After watching them I suffer from oligarchy overload as well.

[Fumesucker]

2. They get away with it by owning our politicians..

By far the best investment a large business can make is buying some politicians.

[sixmile]

4. Cheap, too!

You can own a congressman for about $5-10,000 from what I've seen in local politics.

[truedelphi]

5. Many of your thoughts could have been written by me.

Others would have been slightly modified.

Anyway I look at it, we have been scammed. Neither party has done well on this issue, as both sides are owned by the Big Financial Players.

So I for one have lost faith in the entire Political System. Except for what goes on at the very local level.

[90-percent]

6. thanks

Thank you for the original post.

I made an impulse donation to 4closureFraud.org, because they have a wonderful website that looks like it's an encyclopedia of how an average person could get educated to deal with this con game.

Thank you again.

-90% Jimmy