The late Bloomberg News reporter Mark Pittman asked the U.S. Treasury in January 2009 to identify $301 billion of securities owned by Citigroup Inc. that the government had agreed to guarantee. He made the request on the grounds that taxpayers...
Bank of America and GMAC are firing up their formidable foreclosure machines again today, after a brief pause.
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.
The level is staggering and beyond repair
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."
My focus is on the rule of law, property rights and due process. The banks expediency needs does not mean that they get to throw away centuries of laws because they are inconvenient.
A woman goes to a party or is promiscuous and sleeps with 6 men in a night or week. The following week she is pregnant. There is one man who is the best looking, strongest, in best shape and richest of them all, so she wants him to be the daddy.
The banks that are foreclosing on fraudulently originated mortgages frequently cannot produce legitimate documents... Now, only fraud will let them take the homes. Many of the required documents do not exist, and those that do exist would...
The banks that are foreclosing on fraudulently originated mortgages frequently cannot produce legitimate documents and have committed "fraud in the inducement." Now, only fraud will let them take the homes.
In an effort to force compliance to the Premises ID program, designed to convey title of property through the use of deception and coercion, to the federal government, agents arrived this morning on the private property of Paul Greipentrog, without
Borrowers are being lured into loan mod scams where they are told that they have to be 2-3 months behind in payments before a loan mod will be considered, then when they make application, the foreclosure process has already started...
Just when you think you have reached the bottom — your ability to get any more disgusted or outraged is finally at the point where it is unimaginable to think worse of Wall Street and its institutions — along comes a story that outrages you even more
Today, lead counsel Bruce Wagman, of the Schiff Hardin law firm, reported that the TRO hearing for the Habitat for Horses, ASPCA, Cloud Foundation, Toni and Dr. Don Moore suit against the BLM for rounding up wild horses in the Colorado North Piceance
If true, this is the biggest fraud ever perpetrated in human history, and it permeates every single large financial institution in the Western World.
All of you. Especially Sarah Palin, Newt Gingrich, Bob Barr, and douchebag groups such as the "Tea Party Patriots."
For twenty years it is alleged this judge for the Commodity Futures Trading Commission has intentionally ****ED defrauded investors by denying them their day in court. This was done at the behest of Wendy Gramm (wife of Sen. Phil Gramm)
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.
Many bloggers got wrapped up on the wrong issue about what "ForeclosureGate" and "Show Me The Note" means in practical terms. The answer is not much more than delays in the inevitable.
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
According to sworn statements released by the Florida Attorney General's office, one of the state's "foreclosure mills" bribed employees with jewelry, cars and houses to forge and alter documents required by courts conducting foreclosure proceedings.
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.
Discussing whether the banks are headed for disaster with a new round of government intervention, with Barry Ritholtz, Fusion IQ; Chris Whalen, Institutional Risk Analytics and CNBC's Jane Wells.
They devised a method that would free them from those fees, ran an accounting study showing the savings, and just created MERS. There was no public debate or legislative statute to overturn what had been the customary practice for generations.
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...