ON AIR NOW
Click to Play
The reason for the ire? It is the noteholders who ended up having to pay legal fees associated with discoveries of rampant fraud: "The investors, who Franklin has said own more than $500 billion of the securities, are “pretty disturbed”...
No honest, rational lender would make large numbers of liar’s loans. The epidemic of mortgage fraud was so large that it hyper-inflated the housing bubble, which allowed refinancing to further extend the life of the bubble... William Black
On its face, viewing the government’s official numbers, the uninformed observer would assume that inflation really is under control, and that the immediate threat, as touted by mainstream economist is deflation.
The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like
WSJ: We hasten to add that technicalities are important; the rule of law is nothing but a profound commitment to honor technicalities. But let's understand that in the absence of the snafu, we'd have a faster, smoother-working foreclosure process...
It’s no doubt the same logic process used by the conductors of trains that took Jews to concentration camps. They must have noticed that they shuttled passengers only one way, and that the number they were bringing in over time was...
You should refer your dubious and very naive friends to the case of National Bank of Keystone, WV. One of the worst failures per $ of assets in FDIC history. The management hid a Ponzi scheme in the loan servicing area for five years.
Rubbish. The boldfaced language falsely claims that if the note was endorsed by A in the prototypical A-B-C-D chain we set forth earlier, then D could rely simply on the endorsement by A. In fact, the PSA required the full chain of endorsement...
Did you know that in the aftermath of the Savings and Loan (Thrifts) scandal there were more than a thousand felony convictions of financial elites? The current sub-prime/mortgage-backed security scandal is 40 times bigger according...
You weren't dancing, you were looting, and in a just society by now we'd be done with the trial and you'd be swinging.
All you can do, America, is bend over and a find a stick for your teeth. This one's going to hurt. A lot.
Lenders knew by 2006 they were in the majority making loans to people who couldn't pay and continued to issue those loans - which means they were making loans for the purpose of inducing people not to borrow and pay but to borrow and default...
"We continued to purchase and sell to investors even larger volumes of mortgages through 2007. And defective mortgages increased during 2007 to over 80% of production."
An excerpt from Tim Callahan's 1997 book "Bible Prophecy: Failure or Fulfillment?". In this excerpt from the final chapter of his book, Callahan links biblical prophecies of the end times with modern global conspiracy theories.
If true, this is the biggest fraud ever perpetrated in human history, and it permeates every single large financial institution in the Western World.
So the reason why the paperwork is all out of order is that there was no paperwork. There only entries on databases and spreadsheets. The loans were not in actuality assigned to any one particular trust or any one particular bond or any one...
Got that? "No interests are transferred," they're "just tracked." MERS "holds legal title," but "no interests are transferred." In other words, this virtual entity has all of the rights to act against homeowners, with none of the responsibility.
The most basic rule of life is SURVIVE. The Biological imperative of living things is to perpetuate their existence — survive, procreate, further the species. It is hardwired in the DNA of every living organism.
If a loan is assigned to different tranches and/or different trusts, with each tranche or trust having its own series of credit enhancements and insurances, this means the possibility of multiple levels of insurance for THE SAME LOAN...
Max Keiser interviews Ellen Brown on Foreclosure-Gate, and she describes how MERS is in fact a shell company with virtually no employees. The interview starts at minute 13:00 into "On The Edge with Max Keiser" for Russia Today.
Many of these mortgage originators were fly-by-night shops, shady enterprises that collapsed the moment they hit trouble. And many of them cut corners and one of the corners they may have cut would have been to send the note to the trust.
It appears as though many loans and other mortgage-related assets have been double and even triple-pledged to various constituencies
I’m told that MERS is doing briefings on Capitol Hill for Congressional staffers. This is usually kind of the first round of a pushback campaign.
HOUSTON, Oct. 18 /PRNewswire/ --Today, the holders of over 25% of the Voting Rights in more than $47 billion of Countrywide-issued RMBS sent a Notice of Non-Performance (Notice) to Countrywide Home Loan Servicing, as Master Servicer...
Bank of America is giving the "bum's rush" to the rule of law in order to get ahead of the curve in Foreclosure-Gate. The media appears to be aiding Bank of America in it's attempt to run out the clock...
American bureaucracies are not generally in any sense dishonest, nor have they covered up anything of import. Government works, and big government works better.
Brian dashed off an e-mail to his bank that night—a quick post, where he explicitly said, “I want to see the loan note where it says I owe you money, or else I’m contacting my lawyer and halting payment on my mortgage.”
So this is how you end up with multiple foreclosures by different servicers on the same home, or foreclosures on homes bought with cash. Basically, the servicer doing the foreclosing becomes whoever MERS wants it to be.
Starting tomorrow Wells is preparing for the loan repruchase tsunami to hit the fan as investors and insurers everywhere swamp the bank with tens if not hundreds of billions of repurchase and recissions demands. Suck it in, Wells investors.
MERS was essentially where the digitized mortgage notes were sliced and diced and rearranged so as to create the mortgage-backed securities. Think of MERS as Dr. Frankenstein’s operating table, where the beast got put together.
