What would you do if you discovered the entire "foreclosure crisis" was nothing more than a Huge SCAM. And upon learning this can be proven - in simple, easy to understand terms - and the President and 99% of our "Representatives" continue to look the other way.
The government is openly bought and owned by the bankers.
The news readers will that tell us robo-signers were hired by the banks to sign hundreds if foreclosures per day, without reading the documents, without any training whatsoever.A deliberate fraud to steal millions of homes from American families, and the corporate news readers on tv smile and tell us it's alright, this kind of thing happens all the time. They should be mad as hell. Politicians should be on tv telling us they're going to fight have have Americans returned to their homes. But they don't, the banks are great campaign contributors. The politicians and news readers don't want to know the truth, as it would mean the end of the career and luxurious lifestyle.
It's important to realize that the bank bailout and mortgage crisis was all a fraud.This was a ponzi scheme set up by the banks for the banks, and the government went right along with it because they ARE the bankers and/or completely supported and co-opted by bankers.
Literally, there is no doubt, that the 'foreclosure crisis' was an engineered scam enabling the fraudsters to scam money on both sides of the equation.
Related: New Banking Chairman says Washington is there "to serve the banks".
Rep. wants foreclosure investigation to ignore robo-signer controversy.
They used predatory lending practices to encourage people to get loans they couldn't afford. They even cold-called people to get them to refinance a house that was already paid in full. Now a few years later they are trying to snatch that house out from under the family that has lived there for generations. And they did it on purpose! This happened over and over again. Why? The "securitization of loans" deal that allow the banks to bundle the bad loans, intentionally mislabel them AAA, then sell them to pension funds and other duped investors. Millions have lost big money in their pension funds because these fraudsters blatantly stole their money and the government did nothing about it. More on that below, but first an example of how one guy was screwed by the bank, with a little help from the gov't.
Bank uses Obama's Loan Modification program to steal home. Think this happened only once?
"Graham said his trial dragged on for 18 months. He said he made every payment until Bank of America told him in May that he didn't qualify for HAMP, and that he'd lose his home unless he paid about $7,000 to make up the difference between his normal monthly payments and the reduced payments he made during the trial period.
"Each month when I did talk to them I was informed it's still under review -- as long as you keep making this trial payment everything will be fine," said Graham, 53. "At some point I started receiving notices from my credit cards that they were reducing my credit amount due to recent problems making my mortgage payment on time."
Graham, who faces reduced income after retiring from his job as a shift foreman at a grocery distribution center, said he never would have bothered with HAMP had the bank not sent him a packet saying he should apply. "I would have found some way to
if I had to," he said. "It may even been that we'd have fallen behind a month or two. I certainly wouldn't have been in this sort of shape."
It's the classic HAMP bait-and-switch: Homeowners are told they're eligible for the program but eventually discover the foreclosure process, triggered by the reduced payments, moved faster than the modification process."
check this out from Matt Taibbi's Invasion of the Home Snatchers:
http://www.squattable.com/news/010811/why-banks-dont-have-your-foreclosure-paperwork
...when the banks put these pools together, they were telling their investors that they were putting their money into tidy collections of real, performing home loans. But frequently, the loans in the trust were complete shit. Or sometimes, the banks didn't even have all the loans they said they had. But the banks sold the securities based on these pools of mortgages as AAA-rated gold anyway.
In short, all of this was a scam — and that's why so many of these mortgages lack a true paper trail. Had these transfers been done legally, the actual mortgage note and detailed information about all of these transactions would have been passed from entity to entity each time the mortgage was sold. But in actual practice, the banks were often committing securities fraud (because many of the mortgages did not match the information in the prospectuses given to investors) and tax fraud (because the way the mortgages were collected and serviced often violated the strict procedures governing such investments). Having unloaded this diseased cargo onto their unsuspecting customers, the banks had no incentive to waste money keeping "proper" documentation of all these dubious transactions.
The Good News: The Banks have NO DOCUMENTATION on MILLIONS of loans!
more from Taibbi:
... in fact, almost no bank currently foreclosing on homeowners has a reliable record of who owns the loan; in some cases, they have even intentionally shredded the actual mortgage notes. That's where the robo-signers come in. To create the appearance of paperwork where none exists, the banks drag in these pimply entry-level types — an infamous example is GMAC's notorious robo-signer Jeffrey Stephan, who appears online looking like an age-advanced photo of Beavis or Butt-Head — and get them to sign thousands of documents a month attesting to the banks' proper ownership of the mortgages.
This isn't some rare goof-up by a low-level cubicle slave: Virtually every case of foreclosure in this country involves some form of screwed-up paperwork. "I would say it's pretty close to 100 percent," says Kowalski. An attorney for Jacksonville Area Legal Aid tells me that out of the hundreds of cases she has handled, fewer than five involved no phony paperwork. "The fraud is the norm," she says.
"The fraud is the norm." Hey Obama, how about halting all foreclosures until this paperwork debacle is straightened out? His response: No, that would be bad for the economy (banks). That's really funny, because during the 2008 campaign, Obama called for a Foreclosure Moratorium. But now that he's in office, he does the opposite. Shouldn't there be a law against that?
More Good News: It may well be that the banks lost 100% of the paperwork!
MERS intended to provide an electronic registry of all mortgages. By appointing a "vice president" in every financial firm, it believed that all transfers of lien rights among these firms were "in house". Hence it operated on the belief that no subsequent public recording was necessary, and no further endorsement of the mortgage note was necessary for in-house transfers of the payment intangible as it kept a record of transfers of the mortgage. It claimed to be a nominee of these firms (purported to hold the mortgage) but also to be the holder of the mortgages including the "Unidentified Indorsees In Blank" -- mortgages that were never properly endorsed over to purchasers. We know, however, that MERS recommended that mortgage servicers retain notes, so MERS's claim to be the holder rests on its claim that appointed VPs are employees. But these employees are not an agent/employee of the "Unidentified Indorsee In Blank", nor are they paid by MERS or in any way supervised by MERS.
This practice is in violation of numerous laws. Property law requires filing sales in the public record. Notes must be affixed (permanently) to the security instrument -- a mortgage without the note has been ruled a "nullity" by the Supreme Court. MERS's recommended business practice (with the servicer retaining the note) would make the mortgages a "nullity". A complete chain of title is required to foreclose on property -- every sale of a mortgage must be endorsed over to the purchaser, and properly recorded. Without this, it is illegal to foreclose on property -- no matter how many payments the homeowner has missed.
In other words, the banks set up this MERS agency to help them bundle the mortgages and sell them as AAA securities as fast as possible. But in their need for speed, they just skipped out on all the important paperwork. Ooops!
And now it's coming back to haunt them.
The Best News Yet: Mass. Supreme Court ruling invalidates thousands of foreclosures, reverting ownership back to the homeowners who lost the homes
http://www.squattable.com/news/010911/mass-supreme-court-ruling-invalidates-thousands-foreclosures-reverting-ownership-back-ho
The Massachusetts Supreme Judicial Court today upheld a contentious land court ruling that puts in question the ownership of hundreds, possibly thousands, of foreclosed properties in the state.
The ruling challenges the way lenders have traditionally foreclosed on properties -- without having all the paperwork in place at the time a home is seized. It affirms a 2009 lower court decision that invalidated foreclosures on two Springfield homes because the lenders did not hold clear titles to the properties.
Cambridge attorney Paul Collier, who represented one of the homeowners in the case, said the supreme court ruling invalidates thousands of foreclosures, reverting ownership back to the homeowners who lost the homes, at least temporarily. In most cases, those property takings will have to be redone, further clogging an already bogged down foreclosure process that many real estate specialists say has contributed to the stagnant housing market.
... The decision will also have national implications at a time when lenders' foreclosure practices are being scrutinized by federal regulators and state attorneys general.
How much says the US Supreme Court overrules in favor of the banks? They're so shameless, I wouldn't doubt it.
Here's a headline you may have missed:
GMAC Charged with filing at least hundreds and potentially thousands of false affidavits.... in Ohio.
http://www.consumeraffairs.com/news04/2011/01/settlement-may-be-near-in-states-foreclosure-probe.html
Ok- they committed fraud, so we prosecute, right? Not in today's USA, now we settle:
Banks Trying to Rig a Settlement Between All 50 State Attorney Generals
http://www.consumeraffairs.com/news04/2011/01/settlement-may-be-near-in-states-foreclosure-probe.html
Great- so this is a two way street right. Rob a bank for $100 million, then settle for $20 mil and call it good, no need for jail time. Isn't that what the banks are doing, and our attorney generals are about to approve.
Now is the time to make this story viral, to tell everyone:
Contact your state's Attorney General to say:
No to the Bankster Settlement. We want criminal prosecutions.
Equally important is for the word to get out that the Banks Do Not have the Paperwork. If you are being foreclosed on, you may do as Rep. Marcy Kaptur says: Squat in your home. Do not leave until they show you the paperwork.
http://www.squattable.com/news/122510/congresswoman-marcy-kaptur-urges-squatting-foreclosed-homes
posted with permission
http://www.squattable.com/
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