Free Republic

Banks do the Same and Get Billions Now I’m am not condoning squatting but, but, isn’t this what you just call a document irregularity???

Financial crooks brought down the world's economy — but the feds are doing more to protect them than to prosecute them. Here's how regulation of Wall Street is supposed to work. To begin with, there's a semigigantic list of public and quasi-public agencies ostensibly keeping their eyes on the economy, a dense alphabet soup of banking, insurance, S&L, securities and commodities regulators like the Federal Reserve, the Federal Deposit Insurance Corp. (FDIC), the Office of the Comptroller of the Currency (OCC) and the Commodity Futures Trading Commission (CFTC), as well as supposedly "self-regulating organizations" like the New York Stock Exchange....

I was wondering how long this would take.... it appears that all the crooners that have appeared in front of Congress and elsewhere have finally had their heads cut off by.... as I expected..... a bankruptcy Judge. Bankruptcy Judges are federal judges. The Federal bench tends to have a very low tolerance for bullcrap, although they do get bamboozled and fall prey to political arguments from time to time, like any body composed of humans. Nonetheless if you want to find justice, you usually will have a better shot at it in a Federal courtroom than in a State one....

Above is the video of the service of writ on a Deadbeat Bank for failure to pay attorney fees to a foreclosure defense attorney. The bank involved in this mornings event was Virtual Bank in Palm Beach Gardens FL. I posted earlier that it did not include the cash in the writ but it DOES, plus all ATM’s. Basically the background on this case is the bank was not able to prove it had the right to foreclose on the home, the case was dismissed and the court awarded the homeowner’s attorney his legal fees. After months and months of...

Over the past several years, the real estate industry in the United States has undergone a near collapse. House prices have been reduced so far by 25% nationwide due to the bursting of real estate bubble. The only vibrant part of the real estate market in the present economic recovery is the millions of foreclosed homes being sold to bargain hunters. Some smaller States, the Dakotas, Nebraska, Alaska, have managed to avoid a big downturn in prices and hope to continue to do so. The big States most affected by the real estate disaster though, California, Michigan, Nevada, Florida, have...

VANCOUVER, Wash. – Stacy Baker fought for two years to sell her father’s house and to keep it from being auctioned off, but lost the fight even after her real estate agent said an offer was made to the bank that met its own conditions. Baker’s father was 61 when he succumbed to complications from a heart transplant, and she said her father probably realized “it was the wrong decision after he bought it.” Baker’s real estate agent, Aaron Signor, first tried to sell the house for about what was owed, but at $179,000 it didn’t sell. Over the following...

The Financial Crisis Inquiry Commission's report concludes that ineffective regulators and big banks were the primary causes of the financial meltdown. (The "dissenting" minority report frames things differently but in fact identifies many of the same causes. A third report, authored by a commissioner who is an American Enterprise Institute fellow, is as ideologically driven as that think tank is, and is sharply at odds with the other two in assigning most of the blame to the federal government's housing policy.) But as detailed as the 400-plus page majority report is, many more nitty-gritty details of the ugly reality underlying...

ADDITIONAL ALLEGED SIGNERS ALPHABETICAL BY FIRST NAME

Dexia Holdings v Countrywide: The Scope of the Fraud on the People, on the US Congress, and on the International Community May Begin to Unfold _____ The complaint signals a break of ranks in the tight formation of banks, attorneys, judges, and regulators, and rebellion by northeastern states against fraud epidemic that was spawned in the southwest. "Corruption of the courts and the legal profession" is at the crux of the fraud. _____ Los Angeles, January 27 - upon review of the complaint in Dexia Holdings Inc et al v Countrywide Financial Corp et al,[[i]] it appears that the scope...

PORT ST. LUCIE — A Miami-Dade mortgage broker has pleaded guilty to using fraud in obtaining hundreds of thousands of dollars in mortgages for homes that others converted into marijuana grow houses in the city before 2006, according to federal reports. Hugo Oliva, 47, is to be sentenced March 14 by U.S. District Court Judge Jose Martinez in South Florida. The U.S. Drug Enforcement Administration contends that Oliva and another defendant, Manuel Caro, used false documents to obtain mortgage loans for purchasing the houses. The falsified documents included bank statements, W2 forms, pay stubs and employment records.

5. The Unabridged Guide to Financial Meltdowns The epic known as the financial meltdown and its cast of Wall Street and government actors received its epilogue this week, and it was a long one. In just over 633 pages, the Financial Crisis Inquiry Commission laid out its indictment of Wall Street titans including Goldman Sachs and Bank of America, extinct Wall Street species like Merrill Lynch, and lenders that were synonymous with the mortgage crisis, like Countrywide Financial. Government entities including the Securities and Exchange Commission, and even more so, the Federal Reserve, are chided in a way that would...

The Number of Religious Facilities Unable to Pay Their Mortgage Is Surging ROSEVILLE, Calif.—Residential and commercial real-estate owners aren't the only ones losing their properties to foreclosure. The past few years have seen a rapid acceleration in the number of churches losing their sanctuaries because they can't pay the mortgage. Just as homeowners borrowed too much or built too big during boom times, many churches did the same and now are struggling as their congregations shrink and collections fall owing to rising unemployment and a weak economy. Since 2008, nearly 200 religious facilities have been foreclosed on by banks, up...

After more than a week of largely upbeat financial results from banks and brokerages, the markets got solid reminders that the fallout from the home-lending crisis isn’t over. Not by a long shot. Today, CNBC is reporting that Bank of America has stopped issuing initial foreclosure notices to home owners in states that don’t require a judge to sign off on foreclosures. Bloomberg News also is reporting about a coalition of private investors, including TIAA-CREF and New York Life Insurance, who are accusing BofA’s Countrywide lending unit of “massive fraud” in selling mortgage-related securities. Analyst estimates of banks’ potential losses...

The chief executive of the privately-held Mortgage Electronic Registration Systems, or MERS, is planning to leave the company and an announcement of his departure could come within days, according to people familiar with the matter. The company has been under fire by Congress and state officials for its role in the mortgage-document crisis. The firm's board has met in recent days to address the fate of the company and its chief executive, R.K. Arnold, people said.

As the foreclosure crisis has escalated over the past several months, one overarching debate has been about who bears the most blame: homeowners or banks? After everything I've learned and written about the foreclosure mess, my verdict is: The banks are responsible for 90% of the problem, troubled homeowners 10%. Yes, every foreclosure involves a homeowner not paying his mortgage. But every foreclosure also involves a bank that made the loan. And usually another bank, or several more, that profited from securitizing the loan. And still another bank, or several, that profited from servicing the loan. Together, those banks have...

NBC News exclusive JPMorgan Chase also improperly foreclosed on homes : One of the nation's biggest banks — JP Morgan Chase — admits it has overcharged several thousand military families for their mortgages, including families of troops fighting in Afghanistan. The bank also tells NBC News that it improperly foreclosed on more than a dozen military families. The admissions are an outgrowth of a lawsuit filed by Marine Capt. Jonathan Rowles. Rowles is the backseat pilot of an F/A 18 Delta fighter jet and has served the nation as a Marine for five years. He and his wife, Julia, say...

PHILADELPHIA -- An elderly New Jersey widow billed $5,800 after missing the final payment on her 30-year mortgage can pursue her lawsuit against the debt collectors, a U.S. appeals court ruled. Lawyers for Dorothy Rhue Allen call the fees charged by two banks and a law firm "unfair or unconscionable" and say they violate state and federal consumer-protection laws. Allen, now 85, had borrowed $40,000 to buy the Deptford, N.J., home in 1976. She failed to make the final $432 payment in 2006 because she was in the hospital, her lawyer said. "She's just a wonderful little old lady that...

Video: Those crazy Taiwanese animators are back!... Trust me, this is a brilliant clip. This is how the rest of the world sees the Wall Street bailout. Don't forget what Bill Black has been making very clear the past few weeks - The payouts are based on fictional FASB accounting, leading to fictional profits, and billions in bonuses for bank executives running the scam. Covering up the losses had three real (carefully unstated) purposes: (1) permitting evasions of the PCA [Prompt Corrective Action law], (2) allowing the banks to remove themselves from the strictures of the TARP program even if...

The recent decision by the Massachusetts Supreme Judicial court helped focus a few important questions on the foreclosure crisis in America, but it is also being used as a Red Herring, amongst other things, by the American Securitization Forum and their Bank owners. The Massachusetts land court decision, which was affirmed by the Supreme Judicial Court were correct, but only addressed a narrow specter of the foreclosure crisis in our country and the underlying violations of long standing property law. The case does point however to much more fundamental issues. The ruling, should not distract from the important underlying errors...

With judges looking ever more critically at home foreclosures, they are reaching beyond the bankers to heap some of their most scorching criticism on the lawyers. In numerous opinions, judges have accused lawyers of processing shoddy or even fabricated paperwork in foreclosure actions when representing the banks. But New York judges are also trying to take the lead in fixing the mortgage mess by leaning on the lawyers. In November, a judge ordered Mr. Baum’s firm to pay nearly $20,000 in fines and costs related to papers that he said contained numerous “falsities.” The judge, Scott Fairgrieve of Nassau County...