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...
Anyone who believes the foreclosure crisis can be contained is deluded, because the real issue in play is the citizens' trust in their government's ability to govern the nation's Financial Elites according to the rule of law.
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.
The trouble is, that the damage is so severe through every institution concerned with the operations of money that none of these fatal monkeyshines can be mitigated. Or, to put it as Bush did, so neatly, "...this sucker could go down."
So long as government at every level is the waterboy of the banks while people on the ground remain unorganized, atomized, and vulnerable, this will only get worse. We hear rhetoric, “joking” of course, about how they need to start burning houses...
But what if the lenders motivation for doing a Mod was not to get a borrower to a loan balance and monthly nut that they could pay, but rather the motivation was to circumvent the foreclosure trap the lenders are in?
For decades there has been a concerted effort to destroy the "Rule of Law" in this country, and take us back to a time before the Magna Carta. The Rule of Law is to be replaced by the Rule of Men. Foreclosure-Gate is the result...
A strong article in the Washington Post makes it so clear that even a CNN anchor can understand it: A huge portion of the Fraudclosure mess was by design.
This has and will in the future occur because the government has refused to enforce long-standing laws against "favored people", allowing the general public to be asset-stripped mercilessly through various connivances and frauds...
John Carney argues that lawmakers in DC won't allow the country's largest issuers of mortgages to suffer financial losses following revelations of numerous mishandled foreclosure proceedings, especially when bailing them out this time...
(Publisher: Foreclosure-gate has gone mainstream... well, at least the largest investors now understand the real risks of a total collapse. An excellent summary.)
How do you foreclose on a home when you can’t figure out who owns it because the original mortgage is part of a derivatives package that has been sliced and diced so many ways that its legal ownership is often unrecognizable?
HOUSTON (SFTHH) – The Bureau of Land Management’s (BLM) attempt to strong arm a Federal judge into moving a wild horse related law suit out of the New York Court system, prior to a hearing, has failed. In a detailed letter submitted to the Honorable
Perception among Americans is there's no shortage of corruption in Washington or on Wall Street, and new report finds possibly unseemly activities between Capitol Hill staffers and businesses their offices tasked with keeping honest
The mortgage mess is making nonsense of claims that we have effective contract enforcement — in fact, the question is whether our economy is governed by any kind of rule of law.
3. MERS: It appears that electronic mortgage filing was little more than a legal fiction, designed to save banks and securitizers a billion plus dollars in filing/transfer fees. The risk in doing these things down and dirty (aka on the cheap) is...
The role of the Mortgage Electronic Registration System (MERS) throughout the foreclosure furor is interesting-mostly because there is no legal basis for its role. It was created out of whole cloth by the investment bankers who brought us...
New York, NY (October 15, 2010)—A New York Federal District Court Judge will consider a request on October 20 to stop the federal government’s roundup and removal of Colorado’s North Piceance wild horse herd. Second-string contractors, hired by the B
Again, this is not about keeping deadbeat borrowers in homes, it is about the Rule of Law.
Neoliberal Capitalism developed a solution for this paucity of natural windfalls: the partnership of the Financial Elites and the Central State. The Central State gathered powers of taxation and control which enable it to "enforce" the collection...
In Georgia, an employee of a document processing company, Linda Green, for years claimed to be executives of Bank of America , Wells Fargo, U.S. Bank and dozens of other lenders while signing off on tens of thousands of foreclosure affidavits.
This is the biggest scandal in human history. Indeed, all previous scandals from around the globe combined cannot even touch this one in terms of scale and scope and stench. This is the mother of all frauds and it will be etched into the history book
Is nonconformity and freethinking a mental illness? According to the newest addition of the DSM-IV (Diagnostic and Statistical Manual of Mental Disorders), it certainly is. The manual identifies a new mental illness called “oppositional defiant dis
The absurdity of illegal activity, criminal conduct, rampant fraud has reached a point where the nation much declare “No More.”We must begin the process of identifying criminal actors — and prosecuting them.
Yves here. Huh? “Replace flawed and fraudulent documents” and press forward? This is nuts. Why do you think servicers and foreclosure mills provided bogus documents in the first place? You don’t make up documents if you have the real ones...
The Prince George's County Circuit Court is reviewing foreclosure cases that have a "corrective affidavit," said Judge Thomas P. Smith, who heads the court's new foreclosure committee. In those affidavits, foreclosure lawyers said that they did not s
A vast network of Armenian gangsters and their associates used phantom health care clinics and other means to try to cheat Medicare out of $163 million, the largest fraud by one criminal enterprise in the program's history, U.S. authorities said Wedn