Shame the Banks – Smart homeowners are researching this fraud

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Smart homeowners are researching this fraud

by Barbara Caldwell

The news that the SEC has finally figured out that Goldman Sachs participated in shady and potentially illegal dealings re: “Collaterilizated Debt Obligations” (aka derivatives) may be a welcome sight to many, but it’s also not a surprise. And what may surprise YOU is that it is not only the financial industry that suspected/knew this. It was also many Main Street homeowners. These homeowners may have been naive when they bought their homes, but having suffered the brutality of the banksters when it comes to modifying their home loans, these homeowners have gotten smarter about what Wall Street has been doing. And they have been fighting back.

One such homeowner is Dottie Kile. Dottie is a disabled senior citizen who lives with her husband in a home they have owned for 11 years. Dottie and Bill are in loan modification hell. But Dottie, unfortunately for the banksters, is a researcher. And she LOVES it. She has been looking into the securitizations of our home loans with a fervor, and she knew about the wheeling and dealing long ago.

According to Dottie,

“I’m sure that the complaint the SEC filed has been brewing for a long time.  I think that all it took for me to start seeing some of it was to compare one trust to another. Then I saw blatant fraud within the documents in the same trust. If there were seven documents, sometimes there were seven different versions of the same person’s signature. When this happens in the same trust it’s obvious and makes me furious that they were so arrogant to think no one would EVER start to get suspicious.”

This all boils down to many thousands of people just like us and probably many much more important than us that saw and knew that the plan was to hurt us all. But there’s the issue of how do you bring a case against the biggest of the biggest????  How do you amass the evidence so that once the lid is off there is a significant amount of evidence that is air tight? And even though it will be years in court, being able to release enough details that investors and even Main Street can easily see what they did and their reputation is questionable. Who knows how many fraudulent deals are out there, but now people are going to be looking at credibility and questioning every lender’s deals just like Goldman Sachs? I think there is a lot more to come and that’s what gives me a little more incentive to hang on.

I personally think with some lenders there was a master deal, maybe just like this deal, and it was perpetrated over and over again. Problem is that some of the lenders are not as experienced and devious as Goldman Sachs. GS had to pull the wool over the eyes of very discriminating investors, some of whom had a lot of experience. I’m sure when it got down to our level they just threw the deals together because they thought we were all dumbasses and all we wanted was the American Dream of owning our own home.

In the case of our home, I have found evidence that our loan is in more than one securitized trust. This is easier for the banksters when the loan is made up of a parcel of land and then the house is added later as in a construction loan.

The very sad thing is that millions on Main Street have lost their homes with no hope of reversing the dirty deeds and recovering their homes. Then there is the issue of broken marriages, stress that has affected people’s health and for some that had to bear too much stress for too long, they ended their life because they could no longer face another day.

Continue reading Barbara’s story here…

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Comments
2 Responses to “Shame the Banks – Smart homeowners are researching this fraud”
  1. PJ says:

    Michael, have to agree with you %100.This will amount to the same people in the same room, the FED, SEC, and elected officials that put in place the environment that made this all possible.. One just needs to understand that John Paulson is in business with George Sorros, at One-West if I am not mistaken.

    The darling of the progressives here in the United States, Mr.Sorros is the master of “short selling”… just take a look at how he shorted the British Pound (sterling) and nearly collapsed the entire country of England. He too became a billionaire just like Mr.Paulson did when he shorted the “housing bubble”.

    Not that in any way I agree with this, but if the environment exists then there will be someone somewhere(in this case a select few in a select club) that will find the loop hole, have enough cash to prursade the majority of megalomaniac’s in DC to look the other way… who clearly have only one objective to get re-elected.

    Which brings to mind that this is all intertwined… look at the dissing of the Tea Party… by our POTUS. An independent since the time could register to vote, have advocated the philosophy that people are now taking to the streets… it is a breath of fresh air, however it is to bad that it has taken a crisis of this magnitude to get the American people to wake up.

    Better late then never I say. We can win, the fight will be hard, but what is at stake is to great, our neighborhood’s, our small business owners, entrepreneurs and our future generations.

    In the words of Tipp O’Neil former speaker of the house.. “All politics are local”! Get involved, fight the good fight… the Rally in Tally is a beautiful example of this. For those out of state please what ever your persuasion… that a moment of silence out of your day on April 21st and send your thoughts, prayers, white light, good vibrations what ever… to those that are taking it to the front lines, focus on them… do not let this current dog and pony show between the SEC & GS divert you from the real battle.

  2. Michael says:

    It’s interesting that they decided to focus first on fraud affecting the investors, not the homeowners. Half of me is cynical enough to think that’s because regulators don’t care about homeowners.

    But the other half says it’s just an easier place to start. It will be nearly impossible to make their case focused solely on the investor side: they’ll have to dig through the entire trust creation cycle and voila, evidence of massive fraud as the money was lent will become more than apparent. Appraisers, hired by servicing companies but paid for (and relied upon) by borrowers, and the appraisal processes, promises to be especially barbaric.

    The only group who had any idea of what was really happening are those in the middle, servicing companies and investment bankers. That happens to also be the only group who was bailed out.

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