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Too bad thats not what WH was referring to. But sure, try to dance around it now. Its irrelevant anyway, I just love making you squirm.
Each state has it's own DoJ. Unlikely they will do anything.
Too bad thats not what WH was referring to. But sure, try to dance around it now. Its irrelevant anyway, I just love making you squirm.
"Unlikely they will do anything."
???
see le of this thread.
whether the TX or any state AG subpoenas or charges anybody, that is the Big If.
No, I shouldn't participate in this thread. I'm not paying attention to all that's said before.
The Subprime Swindle and the Foreclosure Fraud Cover-Up
Fraud in the foreclosure process conceals a second, more massive fraud: the astonishing levels of mortgage fraud perpetrated by subprime lenders during the housing bubble. These frauds don't just expose big banks to epic losses, they expose bigwig bankers to prison time.
Clearly, we're dealing with a lot of different frauds here. Tomorrow, I'll detail one of the smaller-bore problems with foreclosure fraud: providing cover for illegal fees that lenders charge to troubled borrowers. But today I'll discuss a much different and much bigger scandal. During the housing bubble, banks falsified do ents on a massive scale in order to issue as many toxic subprime loans as possible. This was straightforward mortgage fraud, and the current wave of fraud in the foreclosure process is covering it up.
according to the FBI, 80 percent of mortgage fraud is committed by lenders.
http://www.huffingtonpost.com/zach-c...tml?view=print
If that's true, that's where we can put some stimulus money...
Build more prisons!
That must be why 40 state AGs are having a meeting about it. To coordinate how they all will disregard the problem.
these guys says the participants in the fight are states vs feds, vs banks vs owners vs American Land le Assoc vs the law
http://www.thinkbigworksmall.com/myp...chive/1/53951/
"Officials in All 50 States Launch Foreclosure Probe
13 October 10
"A joint investigation by every state and the District of Columbia could force mortgage companies to settle allegations that they used flawed do ents to foreclose on hundreds of thousands of homeowners.
It could take months, at least, for any settlement to be reached. But legal experts say lenders could be forced to accept an independent monitor to ensure they follow state foreclosure laws. The banks could also be subject to financial penalties and be forced to pay some people whose foreclosures were improperly handled."
http://www.readersupportednews.org/n...&print=1&page=
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And you tea baggers want to hand your Social Security to Wall St and get raped with unchallengeable, secret, arbitrary, random fees for decades?
About 1 million foreclosures this year, and many 100K/year in previous years.
Review the paperwork, trace/clear the le, etc
= 1 hour (that might be a low-ball estimate
= 1,000,000 hours
= 125K 8-hour days
= 350 years, and figure at least one lawyer's billable hours all the way.
Now, you ignorant, duped tea baggers, tri-corned-hat jokers, xenophobes, racists, nativists, NRA gun fetishists, "Christians" tell us again how illegal immigration, Ground Zero terrorist center, same-sex marriage, fudge packers, Magic Negro, imaginary Dem spending, and Restore America/Take Our Country Back are country's number one priorities.
America is so ed, and un able, and America ed itself, not gays, not terrorists, not illegals.
(How cute. You put a tail on it.)
Why Is the White House Against Freezing Foreclosures in the Face of Rampant Fraud
But the real reason for Geithner’s reluctance about a foreclosure moratorium is that he’s scared stiff about those securities – because even if he won’t admit it, he knows that the bailout wasn’t just about TARP and Bernanke isn’t just an economic savior.
The government owns or is backing trillions of dollars worth of assets predicated on the same or similar su ious loans that defaulted during the 2008 crisis period, which they did nothing to stop (or force banks to restructure).
Instead, the Fed now owns nearly $1.5 trillion of toxic assets that have no bid (meaning no one but the Fed wants them). They would have less of a bid if there was even more uncertainty about the loans that fill them. The Treasury is directly backing $400 billion of government-sponsored en y (GSE) securities, and is indirectly backing another $6.8 trillion. If foreclosed homes couldn’t be sold because of fraudulent paperwork or had to wait for more detailed inspections, you can imagine how difficult selling assets stuffed with faulty loans might be. If it’s tough to find a le for a foreclosed home, think how tough it is to back the related loan out of a pyramid of securities sitting on top of it.
See, the loan that might be analyzed in a foreclosure situation could be part of a chain connecting the underlying home to 20 or 50 different securitized assets, all depending on it for either the interest payments the loan was supposed to provide, or the value of the foreclosure property if those payments stopped (in Wall Street speak, the "recovery value"). If a foreclosed property isn’t selling, it’s not recovering any money back to any asset waiting for it. Think what that can do to the value of toxic assets living at the Fed and the Treasury Department. Kill it.
http://www.alternet.org/module/printversion/148495
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So now the govt has gotten into the mud puddle with the Wall St pigs, and the govt got dirty, too.
You say that like it's news or something. Activist government picked up steam a hundred years ago in the USA, about the same time as liberal corporatism.
By mid century we had full on bureaucratic/theraputic management of everyday life, in the USA. It's not like it happened 15 minutes ago O Great Boutons.
The getting dirty was taking the toxic debt off the books of Wall St pigs.
In return, we got ...
A fouled public balance sheet. You're welcome, Wall Street.
Can you imagine if they bailed out renters too?
A declining market already does that if it has not already eliminated your job.
For foreclosure processors hired by mortgage lenders, speed equaled money
Millions of homes have been seized by banks during the economic crisis through a mass production system of foreclosures that was set up to prioritize one thing over everything else: speed.
With 2 million homes in foreclosure and another 2.3 million seriously delinquent on their mortgages - the biggest logjam of distressed properties the market has ever seen - companies involved in the foreclosure process were paid to move cases quickly through the pipeline.
Law firms competed with one another to file the largest number of foreclosures on behalf of lenders - and were rewarded for their work with bonuses. These and other companies that handled the preparation of do ents were paid for volume, so they processed as many as they could en masse, leaving little time to read the paperwork and catch errors.
And the big mortgage companies overseeing it all - including government-owned Fannie Mae - were so eager to get bad loans off their books that they imposed a penalty on contractors if they moved too slowly.
The system was so automated and so inflexible that once a foreclosure process began, homeowners and consumer advocates say, there was often no way to stop it.
"The problem is when you try to fight back against this machine, well, it's a machine," said Michael Alex Wasylik, an attorney for homeowners in Dade City, Fla. "You have to be able to get your case off the mass production line and to someone who will take the time to read what they file, but in many mortgage firms that person doesn't exist."
http://www.washingtonpost.com/wp-dyn...506541_pf.html
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Why have the tea baggers and Repugs refused to campaign and scream their fake outrage about this huge problem, the financial sector, having caused the economic catastrophe, grabbing real estate and collateral? Because they are financed by the financial sector to scream false outrage about other completely smokescreen issues while the financial sector rapes Americans.
Even after the fraud has been widely and accurately exposed, not a peep from pitbull , Bachmann, the witch, etc, etc. Why is that?
Personally Invested In Mortgage Banks, Cantor Opposes Fix For ‘Foreclosure-Gate’
– Many of Cantor’s top contributors are financial companies and lobbyists for the mortgage banking industry. Mortgage banks like Bank of America, Capital One, and Hartford Financial have contributed over $100,000 to Cantor’s two political action committees, and the Mortgage Bankers Association, a trade group of mortgage banker lobbyists, pitched in $23,500.
– Cantor’s wife, Diane Cantor, serves as the managing director of a bank recently reported to have one of the highest foreclosure rates in the country. Diane Cantor leads New York Private Bank & Trust, which is among the top three banks in the mortgage business “with the the greatest percentage of family loans in the foreclosure process, according to SNL Financial.” New York Private Bank & Trust, a TARP recipient that has not paid back the taxpayer, is also a member of the U.S. Chamber of Commerce.
– Cantor is personally invested heavily into the mortgage industry. According to reporter Neil Simon, Cantor’s “personal ties to the mortgage industry helped play a leading role” in his decision to vote for the bank bailouts of 2008. For instance, before going to Congress, Cantor handled real estate law at his family’s law firm, and continues to own between a $250,000 to $500,000 stake in TrustMor Mortgage, a mortgage brokerage he opened in 1996. According to Cantor’s latest personal finance disclosure, Cantor still earns $5,000 to $15,000 in income from his TrustMor business stake.
While Cantor defends the banks’ power to foreclose on homes without due process or legal paperwork as part of his philosophy of “free enterprise” and “private property rights,” his stance may reflect more on his own relationship with the mortgage industry.
http://thinkprogress.org/2010/10/16/...k-foreclosure/
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There will no surprise if the foreclosure crimes and fraud go completely unpunished due to the Repugs blocking all prosecutions, punishments, and limiting/blocking hearings.
We are expecting the financial sector fraud criminals to stop committing and in-fraudulently "correct" all their frauds to be perfect?
btw, orange fraudster Mozilo just "settled" to pay $70M for insider dealing, allowing him to keep the $70M from insider dealing.
Foreclosure Fraud: Megabanks At Risk As Analyst Identifies New Problems With Mortgages
Pension funds and other investors who have suffered losses on mortgage-backed securities could have a "strong legal basis" to call into question the very securitized mortgages they purchased stakes in, increasing the pressure facing large Wall Street firms that packaged these securities during the housing boom,
"We have a larger and more significant concern, which, if proved out, could call into question the validity of nearly all securitizations."
Investors would thus have the upper hand in their negotiations with big Wall Street securities issuers and mortgage servicers, and could force the firms to buy back more of the shoddy loans underlying their securities.
There are more than $1.3 trillion in outstanding mortgage-backed securities in which the mortgages are not backed by the federal government"
trustees, who oversee the flow of do ents from the originator of the mortgage to the vehicle that holds those do ents for investors, may not have properly performed their role, either.
"If not properly transferred, the 'true sale' of mortgages to the trusts that issued mortgage-backed securities would be in question. If this proves to have occurred we believe the Trustee may have liability."
Just four firms dominate the trustee market for mortgage-backed securities in which the mortgages aren't guaranteed by Uncle Sam: Deutsche Bank, U.S. Bancorp, Bank of New York Mellon, and HSBC serve as trustees for 70.5 percent of all such issuance since 2005, according to Asset-Backed Alert, an industry newsletter and data provider. An additional four firms -- Wells Fargo, Bank of America, JPMorgan Chase, and Citigroup -- control 29.1 percent, Asset-Backed Alert data show.
All told, these eight firms have served as trustees for 99.6 percent of all private-label mortgage-backed securities issued since 2005.
http://www.huffingtonpost.com/2010/1...tml?view=print
CNBC predicts Congress will retroactively legalize foreclosure fraud
Congress will pass a bill to "forgive" banks the potentially criminal errors made in foreclosure proceedings, a senior CNBC editor predicts.
http://www.rawstory.com/rs/2010/10/c...closure-fraud/
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aka, Too Big To Jail
No effing way.
I would love to see the Republican who has the nuts to propose that.
Seriously. Why worry about the home owners so much? They can rent. Why not worry about the renters being kicked out on the streets instead?
Why are you liberals always concerned about saving whatever the news tells you to care about?
I haven't read anything about a crisis for renters.
Why are you concerned about renters?
Mortgage fraud and criminal financial predation are the crisis, not renting. WTF?
Didn't I already ask:
Why are you liberals always concerned about saving whatever the news tells you to care about?
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