Posted on 08/13/2013 6:39:52 AM PDT by edcoil
Long title:
"Bombshell, the secret lawsuit has finally been revealed your mortgage documents are fake and your foreclosure is a fraud."
The enormity of the crimes that have been committed against defendants in foreclosure cases is easy for much of society to ignore. Those who are defendants in foreclosure cases are, after all, those who deserve to suffer the consequences of failed generations of economic policy. Those who are defendants in foreclosure cases are, after all, the people that deserve scorn and disgust and contempt because they chose to live in a country that gave away their jobs, their industry, their future.
But far worse than the crimes and the consequences for the millions of Americans that are victims of the largest organized crime spree in the history of mankind is the fact that in order to accomplish this crime spree the criminals and their counterparts destroyed our nation’s civil legal system.
(Excerpt) Read more at mattweidnerlaw.com ...
The rule of law is broken. Its only a crime if those who make the law say so.
Yes, it’s all the barrow’s fault. Should have never let them have wheels.
This issue has nothing to do with the credit-worthiness of borrowers.
Shows the deranged mind of a progressive is at work---as a "Community Organizer" Obaba sued banks for not lending to illegals, the underclass, etc---people on food stamps, UI, welfare, and disability were considered to have "income." Now as president, he's suing BECAUSE banks "took advantage" of the underclass, burdening them w/ mortgages they cant pay.
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O's an investor---not a president.....this Fannie Mae thingy is one of his "returns on investment."
OFFSHORE WIRE TRANSFER ALERT: Obama says it’s time to ‘turn the page’ on Fannie and Freddie MarketWatch | 7/24/13 | MarketWatch / FR Posted by illiac
Obama's speech on the US economy spelled out the beginning of the end for federally-controlled mortgage buyers Fannie Mae and Freddie Mac. “We’ll work with both parties to turn the page on Fannie and Freddie, and build a housing finance system that’s rock-solid for future generations,” Obama said, according to a copy of his prepared remarks
The House Financial Services Committee approved a bill on Tuesday that would get rid of the firms in five years, to be replaced by a National Mortgage Market Utility to help securitize mortgages.(Excerpt) Read more at blogs.marketwatch.com
ADDENDUM---what Obama left out of his remarks Wall Street Journal report on page A15---article entitled “Treasury’s Fannie Mae Heist“.
WSJ: The Federal government is seizing the substantial profits of the government-chartered mortgage firms, Fannie Mae and Freddie Mac, taking for itself the property and potential gains of private investors the government induced to help prop up these companies. This conduct is intolerable.” A scathing article follows--a must read.
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ANOTHER POSSIBILITY......L/E must be getting very close to the mtge fraudsters in the Congressional Hispanic Caucus (O's gotta show "he cares" ---b/c he's paranoid about getting latino votes). Read on.
SUB-PRIME MORTGAGE SCAMS--MASSIVE MORTGAGE FRAUD ON CAPITOL HILL:
The Congressional Hispanic Institute, Inc, is an entity organized by Cong Joe Baca (D-Cali) in his capacity as head of the Congressional Hispanic Caucus.
Cong Baca created "HOGAR" (Spanish for home) in 2003 to work with the mortgage industry, F/M, lenders, banks and latino community groups to increase mortgage lending to what savvy observers consider to be unqualified Latinos.
"HOGAR" colluded w/ Cong Baca in what was to become a massive bilking of taxpayers. Cong Baca calculatedly hyped the fact that the national Latino homeownership rate was 47%, compared with 68% for the overall population.
HOGAR was coached to call the figure "alarming," and to say "a concerted effort was required to ensure that by the end of the decade Latinos will share equally in the American Dream of home ownership."
HOGAR and Cong Baca conned the public, failing to note that most of the "dreamers" were illegals, citizens of Third World countries who had violated US borders.
Predictably, HOGAR colluded w/ co-conspirators which included:
(a) shaky mortgage companies that ran into big trouble;
(b) Fannie Mae and Freddie Mac, both now under federal control after billions in taxpayer bailouts;
(c) Countrywide Financial Corp., sold to Bank of America Corp;
(d) Washington Mutual Inc., taken over by the US government and sold to J.P. Morgan Chase & Co.; and,
(e) New Century Financial Corp. and Ameriquest Mortgage Corp, both now defunct, killed by defaulted subprime Latino mortgages.
HOGAR's ties to the subprime mortgage industry were substantial. Bribery and self-dealing were rampant:
<><> Companies that donated $150,000 to Cong Baca got the right to have their own research fellow who would conduct fraudulent studies, which were cunningly used by industry lobbyists to pump lending.
<><> Bribery and extortion in the form of $100,000 annual donations to Cong Baca, for which HOGAR provided phony news releases from Cong Baca's Hispanic Caucus promoting a lender's commercial products to the Latino market,
<><> The most shocking example of bribery well-substantitated by Hogar's literature..... HOGAR announced it worked with Freddie Mac on a self-serving two-year examination of Latino homeownership in 63 congressional districts.
The "study" found Hispanic ownership on the rise thanks to "new flexible mortgage loan products" that the industry was adopting at the urging of Cong Baca's collusive coterie.
<><> HOGAR conned lenders into even more lenient down-payment and underwriting standards.
<><> As the subprime debacle unfolded, HOGAR declined repeated requests for comment despite the economic havoc their activities precipitated.
The mortgage schemes demonstrated the criminal activities of border violators with multiple identities---perhaps violent, terrorist-connected foreigners---colluding and conspiring to defraud private companies and public entities. And mortgage racketeering enterprises which employed sub rosa finance and business practices to carry out deceptions and frauds.
The alleged ring of swindlers---a Congresman, individuals with multiple identities, banks, insurance companies, mortgage brokers--might be charged with cheating the US govt, taxpayers and bank share holders out of hundreds of millions of dollars via an elaborate web of mortgage and bank frauds.
The mortgage Dreamers used multiple phony identities, fraudulent Social Security numbers, purchased from identity forgers in order to obtain govt-subsidized benefits.
L/E will find that individuals with multiple identities obtained fraudulent mortgages then flipped the houses at ever-higher prices to family member who then absconded to foreign countries, sticking banks (and taxpayers) with hundreds of millions in fraudulent mortgages.
BACKGROUND A Wall Street Journal investigative report related that, according to the Federal Financial Institutions Examination Council examination of the borrowing spree, uncovered financial schemes by low-income housing groups, Hispanic lawmakers, a congressional Hispanic housing initiative, mortgage lenders and brokers, all colluding in fraduent schemes to increase homeownership among Latinos with forged documents which enabled massive fraud.
This was not simply the mortgage market at work. It was fueled by avarice, greed, and Congressional enabling fraudulent practices. In 2005 alone, mortgages to Hispanics jumped by 29%; Latinos with multiple fraudulent identities in low-paying jobs obtained subprime mortgages for prime properties---soaring to 169%.
(Research provided by Wall Street Journal. Some material excerpted from the NY Times).
Excerpt ...Ten years ago the typical conforming mortgage required a down payment of 10-20%, and low-down payment mortgages were considered too risky. But then we helped to standardize the 3-5% down payment loan, brought it to global capital markets, and made it available to lenders and communities nationwide. Now low-down payment loans are commonplace. And we just adopted a new variance in our underwriting standards that will make the $500 down payment loan widely available as well...
In 1994, we pledged to provide $1 trillion in capital to ten million underserved families by the end of 2000. Thanks to our housing and industry partners, we met that goal early.
Then in 2000, we launched our American Dream Commitment, a pledge to provide $2 trillion in capital to 18 million underserved families by the year 2010, including $400 billion targeted specifically for minority families (later raised to $700 billion in response to President Bush’s Minority Homeownership Initiative). After four of the strongest years in housing and mortgage finance history, we’ve already surpassed the top-line goals of this commitment. But our work is far from complete.
So in January 2004, we announced our Expanded American Dream Commitment and pledged significant new resources to tackle America’s toughest housing challenges. Our new commitment has three main goals.
First, we will expand access to homeownership for six million first-time home buyers in the next ten years, including 1.8 million minority first-time home buyers.We also will help raise the national minority homeownership rate from 49 percent to 55 percent, with the ultimate goal of closing it entirely.
Second, we will help new and long-term homeowners stay in their homes through a series of initiatives, and commit $15 billion to preserve affordable rental housing and $1.5 billion to support the revitalization of public housing communities.
Third, we will increase the supply of affordable housing and support community development activities in at least 1,000 neighborhoods across the country through our American Communities Fund, and through targeted investments like Low-Income Housing Tax Credits that help finance affordable rental housing.
It is because of initiatives like our Trillion Dollar Commitment and our American Dream Commitment that we have exceeded our HUD affordable housing goals for ten consecutive years. (End Raines excerpt.) (NOTE Raines is a Clinton appointee)
For those of you simply believe the lie it was all the barrow’s fault to get loans they could not afford, you allowed the largest crime in the history of the world against your country.
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I confess I’m guilty of the crime you charge me with and am, in fact, the root of all evil.
Can I ask, since you’ve pronounced us guilty, what precise actions did you take to not allow the largest crime in the history of the world against our country? Please be specific.
The primary reason was the lenders wanted to be able to sell, buy, slice, dice and julienne mortgages without bothering to report the transfers to the city or county registering it and pay the transfer taxes. Sorry guys, those registries are there to protect both the mortgagee and mortgagors. If you want to skip it for your profit and convenience you shouldn’t get to then use the court to enforce a secured loan. At most, you should fall back with all the other unsecured creditor so you get to stand in line with the store which extended $500 credit for a stereo. And no forced sales or foreclosures either if you don’t maintain the legal paper trail of ownership on the mortgage.
The seeds for the "Great Recession" were sown by BillyBob and Attorney Corporal Reno in the 90's.Everything that's happened since is just part of the tale.And it has everything to do with credit worthiness.That's why they were called "sub prime"."Prime" was as I described it...employment/income check,credit check,20% down."Sub prime" was "Shantikwa Washington" (and millions of others) claiming they made $75K/yr when they made a whole lot less.
That's the *big* picture.Everything else is just details.
Exactly. These lenders broke the law often including fraud. People need to have their assets confiscated and be sent to prison.
Indeed you are correct. The county registers protect all of us. I got out of practicing real estate law in large measure due to the fear of what was beginning to take place. The issues here go way beyond unqualified borrowers buying houses. When looked at in a macro sense I believe this was all a scheme hatched in hell to undermine private property rights.
Since late 2009 I have been involved in several groups fighting this. I have sued Wells Fargo, Wachovia was worst then Countrywide and BOA in the securitazion arena. Court date in Feb WFB was to respond to discovery yesterday and guess what, did not. Discovery required them to prove they owned the property, title or anything and, did not received payments on the note or payment from insurance.
I was at a seminar where this guy detailed how on the average 350,000 loan, a bank made 9 million in profits bundling and repackaging to investors. Now they are trying to foreclose on property in an unjust enrichment scheme to do it again.
The worst part is our government continues to give them 85 billion a month empowering them even more. And the 85 Billion comes from where?
I think the answer is they are trying to wake you and millions of others up who are in the dark.
So far the mortgage scammers have been able to run a smoke screen and divert you and others to the mortgage holder who did not deserve the home and who you think is a deadbeat.
But the scammers took off with the money and they are using people like you to blame the fall guy. In other words you are being played as a useful idiot. I wish you no disrespect but the story you and others have swallowed is false and is allowing the perps to get away.
Here is it is in a nutshell:
1. Scammer invents list of fictitious names and addresses on a spreadsheet and sells mortgage bundles as unregulated securities through financial fronts. Governments buy these securities as well as some wealthy investor groups.
2. Scammer takes the money and proceeds to service the money for a few months from the money itself (Ponzi-like) and then dispatches mortgage agents to find real live bodies and properties to fill the fictitious list. Mortgage agents advertise 125% LTV and no credit check required etc. Let’s call these live bodies fools even though you and so many others view them as deadbeats even though a lot of good but naive people got sucked in by the story that they could sell or refi their home in a few years under the ever rising prices of real estate.
3. Scammer is looking for an exit point at which the staged fools will service the mortgage but many will start to default. Scammer then takes off with the money out of the country leaving the fools to take the fall.
It’s a brilliant criminal scheme that only needed the underwriting standards to be relaxed. It worked.
What happened afterword is that the title chain was broken and the investors who were often government pension funds were bailed out. Some ‘fools’ are going to get a free home by statutes of limitations.
Some fools get rewarded with a free home, all the scammer criminals get away with the money, taxpayers get pacified by QE until the SHTF consequences come due.
Understand now?
No, it was due to the “geniuses” with PhDs and MBAs in the financial “industry” trying to extract more profit from loans than was available from the interest-rate spread between the MBS bonds they sold and the mortgages they originated.
“Credit-worthiness” was just a factor they used to differentiate the different “tranches” with different rates of return.
Heh, heh.
Please elaborate.
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