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Well he said so in context of a nation wide manded moratorium. What legal right do they have to stop foreclosuers with the appropriate paperwork?
I read his quotes from this weekend. But I believe you are miscatagorizing them. I don't see how any foreclosures with valid paperwork will be stopped in the long or short run and I believe that is what he was saying.
If Obama wanted to side with the banks he would have signed the legislation.
Well he said so in context of a nation wide manded moratorium. What legal right do they have to stop foreclosuers with the appropriate paperwork?
It's difficult without some form of oversight/regulation in place, isn't it?
Ultimately, lenders have much more resources at their disposal than the little guy.
I don't think so. Denotation and connotation. It is an election year. Axelrod stressed valid foreclosures when that's really not the problem. The problem is robo-signing.
I don't either, but banks arre declaring moratoriums all on their own, too.
Banks doing it on their own is far more favorable than the US government doing it for any number of reasons. My point is that his comments don't signal Obama siding with the banks - especially in light of the recent veto.
I don't know the legal basis. It may have to do with state chartering of banks.
If ling process is as screwed up as suggested, protecting the public would seem to outweigh possible harm to banks.
"protecting the public would seem to outweigh possible harm to banks."
quit thinking rationally. Banks profits ALWAYS outweigh harm to their clients.
Well,, in states where a judge reviews the foreclouser this should already be happening. Don't know about the other half of the country, though.
Sending Axelrod out there to spin expediency over compliance with the law and protecting the public is the functional equivalent of Obama speaking from both sides of his mouth.
Of course WH. He's a politician. His actions were a veto. Speaks louder than any administration official on any Sunday talkshow.
I don't expect Obama to just bend the banks over and screw them with a taxpayer - no matter how satisfying that might be - but I don't see him siding with them either considering sweeping this under the rug was easiest by signing the bill.
The veto is unquestionably the right thing to do. But given the totality of US poicy vis-a-vis the financial sector, I tend it doubt it reflects where Obama's heart really is.
Like Axelrod's spinning, Obama's veto is more a matter of political expediency than principle IMO.
It is impossible to overstate the severity of the real estate crisis in the United States which has been caused entirely
by the reckless fraud of the nation’s largest banks – the Wall Street Oligarchs. We now have mortgage-fraud being
openly acknowledged by the banksters, and on a scale never before seen in human history.
We have a single individual with JP Morgan (JPM) openly admitting that she and her team committed more than
18,000 acts of fraud per MONTH, while one Bank of America official admitted that she personally committed 7,000 to
8,000 acts of fraud monthly. Regular readers will recall that in a recent commentary I reported on two, separate
anecdotes where the Bank of America attempted to foreclose on properties which did not even have mortgages.
In that same commentary, there was also an anecdotal report from a Florida lawyer who specializes in foreclosure
proceedings, who stated that he regularly encountered (so-called) judges who were rubber-stamping these
foreclosures without even looking at the do ents. The lawyer also reported that one particular judge had already
written her judgments (confirming foreclosure) before the foreclosure trial started.
We thus have the following chain of events, a Wall Street bank pushes a stack of 18,000 foreclosures in front of a
small group of clerks (who make convenient patsies), and tells them they have to clear this many do ents every
month – knowing that it is impossible to process that volume and still follow mandatory legal procedures.
Stacks of these foreclosures are then pushed before judges. In the case of Florida, they are being processed by
judges called out of retirement. Many of these people are likely no longer allowed to operate motor vehicles. These
past-their-prime judges then rubber-stamp these fraudulent foreclosure do ents, without even looking at them –
effectively stealing the home from the homeowner through the coordinated fraud being committed by Wall Street
banks and the U.S. government.
This is the sort of systemic horror-story which we would expect to hear coming out of some tiny, Third World country,
with a ‘two-bit’ legal system – not from the Leader of the Free World. The crime-waves being confessed to by JP
Morgan and Bank of America follow similar (if not worse) admissions by Ally Financial (GMAC’s mortgage
subsidiary).
Naturally, the U.S. propaganda-machine isn’t reporting this mass-fraud as a crime-wave, but merely as “mistakes”.
Let me make things clear. Doing something once is a “mistake”. Doing something 10 times is a pattern. Doing
something 100 times is serial fraud. Doing something at least 7,000 times a month is a crime-wave. Obviously the
banks themselves must have understood they were engaging in fraud.
In the case of JP Morgan, we have the largest, and one of the oldest banks in the United States. It has been
processing foreclosures in the U.S. for more than a century. It clearly has an intimate, administrative understanding
of how long it takes to process a foreclosure. When its largest mortgage-processing unit started reporting (month
after month) a rate of productivity which was utterly impossible (while following mandatory legal procedures), it
obviously should have put a stop to these mistakes at a much, much earlier time.
How much earlier? That is the unknown question. We already know that Ally Financial had already been sanctioned
for such mortgage-fraud by a Florida judge as far back as 2006. But that was only the first time it was caught. With
courts in many U.S. states severely clogged with enormous backlogs of foreclosures (more than 500,000 in Florida
alone), we have no way of knowing how many foreclosure-judges are also rubber-stamping everything that is put
before them.
Tragically, as de able and inexcusable as this bankster crime-wave has been, these past horrors pale into
insignificance when stacked-up against the future problems which have been created by Wall Street greed. A
Bloomberg article begins to explore this legal nightmare.
“Defective do entation has created millions of blighted les that will plague the nation for the next
decade,” said Richard Kessler, a Sarasota, Florida attorney. Kessler conducted a study which found defects in
approximately 75% of all court filings.
Let me expand upon this horror. For any and every U.S. residential property which has a mortgage that has come
within reach of the large U.S. banks over (at least) the last four years, it now has a le which cannot be relied upon
by any potential buyer. And as the Florida lawyer states, this is not just going to be a problem for one year, or five
years, but roughly a decade (if not longer).
Readers must understand how our legal systems operate. A party which has defective le to a property (i.e. the Wall
Street banks) can never pass "good le” to any buyer. From the time that defect is created, no subsequent buyer
can ever own that home, legally. Should that defect be discovered – several years later – by the original owner, that
owner then has several more years in which to file a claim (based upon our limitations statutes).
If the original owner can demonstrate that he was stripped of his le through one of these millions of acts of Wall
Street fraud, the original owner must and will be awarded clear le to that property, without one penny of
compensation to the new owner.
To be more specific, any U.S. home which has been bought / sold more than once in the last five years, and any /
every home with a mortgage tied to one of these fraud-factories cannot be trusted when it comes to being able to
purchase clear le.
This means that any prospective buyer of a U.S. home must do extensive research on that property before ever
making an offer, especially if they are considering making a purchase in the fraud-capitals of the U.S. housing
market: Florida, California, Arizona, and Nevada. In the case of any home which has been tainted by Wall Street
fraud, any sane buyer will simply walk away.
For those who decide they must buy a particular home, at the very least you will have to hire a lawyer to do a
detailed analysis of the le. Given how complicated these Wall Street webs of fraud are, hiring a lawyer won’t
guarantee good le, but it will give you someone to sue, if your home is later taken from you (by the rightful owner).
The most-obvious warning siren applies to foreclosure sales. Previously seen as a way to get a cheap home, it now
appears more like a way to buy a home with a ticking-bomb inside it. No one in the U.S. should consider purchasing
a foreclosed property without conducting extensive research on its le.
Keep in mind that this foreclosure-fraud is also only one way in which le to U.S. residential property is now
seriously in question. Court cases to date have only dealt with defective les in foreclosure proceedings – in other
words the defect is discovered at that point in time.
The yet-unanswered question is what about the tens of millions of other securitized mortgages which have been
“sliced-and-diced” by the Wall Street banks to the point where it is unclear whether any homeowner with one of these
tainted- les is capable of passing good le to a prospective buyer? I first brought up this bigger legal-nightmare
roughly a year ago, in a two-part series led “Who Owns Foreclosed U.S. Properties?”.
In other words, even if a homeowner remains current on their payments, as long as there is an outstanding mortgage
on that property, le rests with the mortgage-holder – and thus le must be conveyed from the genuine holder of
that mortgage to any prospective buyer. If the bank which is servicing the mortgage does not hold full-and-clear le,
and cannot locate / identify a single holder of clear le, then it becomes impossible to legally convey le of the
property from one homeowner to another.
Much of this additional uncertainty can be attributed to the Wall Street creation known as “MERS”. This private
company was created by Wall Street to attempt to bypass established legal procedures for financial companies to
hold and transfer mortgages. The Wall Street fantasy was that any one of the Oligarchs could submit a file to MERS,
claiming rightful le to a particular property, and have MERS rubber-stamp that le.
When the housing-bubble created by Wall Street imploded (and the real fun began for the Oligarchs), they expected
to be able to waltz into foreclosure courts, show the judge their rubber-stamp from MERS, and then have the judge,
in turn, rubber-stamp the foreclosure. This problem will last for much longer than ten years – since MERS has not yet
been entirely wiped-out by court judgments finding against it.
Only after MERS and that entire registry system is abolished will the ten-year countdown (described by the Florida
attorney) begin. Similarly, with respect to the millions of acts of foreclosure fraud now being admitted by Wall Street,
this will be a problem for ten years only if U.S. regulators and law enforcement authorities put a total stop to such
fraud immediately. If this national disgrace is allowed to persist, then that must extend the previous ten-year estimate
for this catastrophe.
When I first began to refer to Wall Street banks as “fraud-factories” more than two years ago, some people found the
term offensive. It has now been openly confessed by at least two of these companies that this is exactly what they
are.
First they destroyed much of their own sector, through their multi-trillion dollar Ponzi-schemes based upon the
housing-bubble these fraud-factories created. Now they have destroyed much of (if not most of) the U.S. residential
real-estate market. Nothing but a complete national audit of the les of all U.S. residential real estate can restore full
trust to this market.
Unless / until that should occur, Wall Street has rendered much of the U.S. real estate market radioactive. And like
radiation, these “toxic les” are invisible – and can only be discovered through specialized detection. For anyone in
the U.S. considering purchasing any U.S. home with an outstanding mortgage, the words “caveat emptor” have
never been more applicable.
Disclosure: I hold no position in JP Morgan, Bank of America, or GMAC.
Mortgage- le Fraud: A National Catastrophe --
Seeking Alpha Page 3 of 3
http://seekingalpha.com/article/2290...astrophe?sourc... 10/10/2010
Bailout Watchdog Investigating Alleged Foreclosure Fraud
The special inspector general for the $700 billion financial bailout is looking into the improper foreclosures, which led GMAC Mortgage to halt foreclosures in 23 states,
GMAC Mortgage halted some foreclosures last month after an employee admitted to approving 10,000 foreclosures per month. The employee signed court papers swearing that the foreclosure do ents were accurate. But he did not read the do ents.
http://topicfire.com/Bailout-Watchdo...-15744313.html
=============
The First Domino: Foreclosure Fraud and the 'Invisible Bailout'
The foreclosure fraud scandal is a big deal (or a big "effin'" deal, as Joe Biden might say). But its real significance is an even bigger deal. Foreclosure fraud is one domino, and if it falls others will follow. The result could be an end to the "invisible bailout" -- the one you never hear about, the one that forces millions of people to subsidize bad lending practices in order to prop up Wall Street.
The invisible bailout is the reason why the government isn't pushing to freeze foreclosures. If the foreclosure process is halted and lending practices are thoroughly investigated, it might eventually force bankers to own up to their own lawlessness -- and write down billions of dollars in artificially inflated assets. How are they going to pay themselves record bonuses if that happens?
How much could that cost? One in four US homes is underwater, which means that proper accounting would require a writedown of enormous proportions. And, as the AP reported, "forecasters at John Burns Real Estate Consulting predicted that 41 percent of residential sales this year would be on distressed properties." The banks have been counting on that revenue.
Write down one mortgage in four? Halt nearly half of all home sales?
Now that's a big effin' deal.
http://www.huffingtonpost.com/rj-esk...tml?view=print
Finance industry hired hair stylists, Walmart workers to approve foreclosures
In an effort to rush through thousands of home foreclosures since 2007, financial ins utions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in "foreclosure expert" jobs with no formal training, a Florida lawyer says.
In depositions released Tuesday, many of those workers testified that they barely knew what a mortgage was. Some couldn't define the word "affidavit." Others didn't know what a complaint was, or even what was meant by personal property. Most troubling, several said they knew they were lying when they signed the foreclosure affidavits and that they agreed with the defense lawyers' accusations about do ent fraud.
http://www.rawstory.com/rs/2010/10/l...-foreclosures/
=========
Magic Negro is chicken appealing the stop-DADT ruling, will he also let the foreclosure fraud artists escape?
Here's the do ent that destroys MERS
http://papers.ssrn.com/sol3/papers.c...9&download=yes
We know a Repug Exec/DoJ would undoubtedly let the foreclosure frauds escape, so it's a big test for the Dem Exec/DoJ to see if they can be different from the Repugs. Or, all they all just totally corrupt.
The banks are creatures of the states. Seems likelier to me the DOJ will stay out of the way.
Since mortgages were sliced up and sent anywhere, they certainly weren't tied to any state.
These aren't state banks, their national banks with plenty of inter-state commerce.
Which only add to the proof of how corrupt our government is.
National banks are still chartered in the states, correct?
WC with a swing and a miss. Now you want the federal government to step over states rights?
Which only add to the proof of how corrupt our governments are.
WC with a swing and a miss. Now you want the federal government to step over states rights?
Better?
How does the DoJ staying in their jurasdiction prove how corrupt our governments are?
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