The Radical Left Moves Against America (Days of Rage)

markamerica.com ^ | 2 October, 2011 | Mark America

[JewishRighter]

BTW, Neidermeyer, you have done some sloppy work, too. You grossly misrepresented the Florida Bar item. You said: "The Florida Bar reports that only 16% of mortgage related/title docs are correct and valid."

The relevant section of the article says:

O’Brien had a forensic audit performed on 2,000 documents filed in 565 mortgage assignments on 473 “unique” mortgage cases by J.P. Morgan Chase, Wells Fargo, and Bank of America. Among the findings were that owners could be determined only on 60 percent of the properties, and particularly problematic were those that had MERS paperwork or were owned by federal government-sponsored entities, such as Fannie Mae or Freddie Mac.

Of all the assignments examined, only 16 percent were valid, and another 8.7 percent were questionable. Seventy-five percent were invalid. The audit found 27 percent of the invalid assignments were fraudulent, 35 percent had been processed by robosigners, and 10 percent violated the Massachusetts Mortgage Fraud Statute.

The story is about a limited survey in Massachusetts and the findings are broken down and reported in such a way that you cannot tell what qualifies as "valid" or "invalid", but of the invalid 75%, 27% of those were found fraudulent (again, an undefined term in the report) but amounting to less than 19% of the total sample.

[Neidermeyer]

So you are drawing a distinction between 16% are valid and 16% are correct and valid? HUH?
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This report may be more to your liking ..

http://www.scribd.com/doc/67359553/Following-the-Money-The-Beneficiaries-of-Fraudulent-Mortgage-Assignments

[JewishRighter]

You don’t get it. I am pointing out that the Florida Bar report doesn’t say what you said it says. You represented that it found invalid documents without noting that it was talking about around 500 loans in MA and the percentage of the ones identified as invalid was actually a tiny fraction, rather than 84% as you suggested.

The article you link to again does not show that the issues are endemic to the whole system as you imply. Most of what took place was sloppy, careless attempts to keep track of and service thousands of loan documents as they made their way through a whirlwind of assignment, securitization, etc. not a widespread criminal enterprise. And the couple of billion dollars worth of mortgages they are talking about are a drop in the bucket of a multi-trillion dollar industry over the same period.

I’m not an apologist for the crap that was going on and it was crap, but you are trying to inflame the situation with wild claims and generalizations that misrepresent the facts and the extent of the problem. This is something more expected from the bug-eyed and deranged left, not objective thinking conservatives.

[Neidermeyer]

http://finance.yahoo.com/news/Govt-report-Fannie-knew-of-apf-903176030.html?x=0

Gov’t report: Fannie knew of ‘robo-signing’ in ‘03

Investigator says Fannie knew of alleged improper foreclosure practices in ‘03 but didn’t act

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Topics:
Legal / Law Matters

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Derek Kravitz, AP Real Estate Writer, On Monday October 3, 2011, 9:51 pm EDT

WASHINGTON (AP) — Mortgage giant Fannie Mae knew about allegations of improper foreclosure practices by law firms in 2003 but did not act to stop them, a government watchdog says.

Similar allegations are the subject of a probe by state attorneys general into how lenders and law firms ignored proper procedures to handle a crush of foreclosure paperwork.

An unnamed shareholder warned Fannie Mae of alleged foreclosure abuses in 2003, the inspector general for the agency that regulates Fannie says in a report being released Tuesday.

Fannie Mae responded by hiring a law firm to investigate the claims in 2005. The law firm reported in 2006 that it had found foreclosure attorneys in Florida “routinely filing false pleadings and affidavits.”

[Neidermeyer]

Illegal practices and false pleadings and docs were and are everywhere .. this is no ISOLATED INCIDENT , It is coordinated THEFT ,, stop excusing it

[JewishRighter]

Give me a figure for the percentage of times this happened and the people didn’t owe the money. That’s the only case of theft. Otherwise, I can’t help you understand that, as much as media reports (and you) try to make it sound like a massive rip-off and people being deprived of their homes for no reason, it just isn’t the case in the vast majority of foreclosures. I’m not excusing it. I’m defining it accurately.

[Justa]

Dude, it wasn't “paperwork screwups”. It was maleficence of the highest order. They stiffed the MBS investors, fraudulently claimed mortgage liabilities, were bailed out with taxpayer money AND they kept the notes!

[Neidermeyer]

Give me a figure for the percentage of times this happened and the people didn’t owe the money.
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The banks never give a full accounting... If I help you out and make your car payment this month should you expect to have your car repossessed because my name was on the check? That’s the situation we have ... It can’t be said with certainty in any case I know of what the actual amount owed is ,,, but I have seen dozens if not hundreds of cases where the banks voluntarily dismiss their own case when it appears as if they might have to provide REAL VERIFIABLE NUMBERS.

Take anyone with a loan in any “trust” that was paid off by AIG ,, The loan was paid off in full by the syndicate creating the certificates that were being sold to investors... The loan if in default was covered by insurance sometimes at up to 30X the loan amount , when the trust as a whole defaulted (about 20% of the loans bad) then AIG stepped in and paid for ALL of it in full again ...

HOW MANY TIMES MUST THE LOANS BE PAID IN FULL FOR YOU TO ACKNOWLEDGE THAT THEY ARE PAID?