How Main Street has Destroyed Wall Street

How Main Street has Destroyed Wall Street

Posted by Capt. Jack

I guess now would be a good time to shoot the greedy homeowners.

It’s crystal clear. From the very beginning the homeowners have gamed the system. They started by tricking the property appraiser (lender’s agent) into submitting an outcome-based appraisal.

Then, millions of homeowners shrewdly conned the “lenders” into dismissing all agency and fiduciary responsibility in the underwriting process….going so far as to force the “lenders” into forging documents.

Then, the greedy homeowners forced the “lenders” to securitize the loan in such a fashion as to bifurcate the mortgage from the note.

On top of that, the homeowners secretly cooked up the concept of “Credit Default Swaps” and forced the “lenders” to insure the collateral at the full (outcome based) value 30X over.

Having successfully pulled the wool over everyone’s eyes – these irresponsible homeowners showered themselves with well deserved bonuses.

Realizing they were too big to fail, these irresponsible, reckless homeowners lined the pockets of legislators and received enormous sums of taxpayer bailouts.

The result of these cunning maneuvers by the fraudulent homeowner scheme has them sitting fat and happy in the cat birds seat. Yup, that’s how they did it. And they’re getting away with it.

Savings drained – check, 401ks all gone – check. Kicked out of their homes – check. “Lenders” made whole many times over via Credit Default Swaps – check. Homeowners foreclosed and “lender” buys back property for pennies on the dollar – check.

Follow the money and you’ll find the culprit. It’s about time we hold these homeowners accountable.

Good call. The websites below are sponsored by a well-healed, politically connected, PR machine of greedy volunteers… and contain detailed information on how the collusion on Main Street has ripped off Wall Street.

Don’t look though… it’s just spam.

http://www.4closurefraud.org

http://www.foreclosurehamlet.org

~

4closureFraud.org

Comments
38 Responses to “How Main Street has Destroyed Wall Street”
  1. When I think of Brian Moynihan or Barabra Desoer, I think of the song by John Lennon called Piggies:
    .
    So if it walks like a piggy, talks like a piggy, by golly it’s a PIGGY!
    .

    WHERE IS MY LOAN MODIFICATION BANK OF DESTROYING AMERICA!
    .
    BofA and it’s CEO Brian Moynihan reminds me of that song by John Lennon and George Harrison titled “Piggies” I invite you to listen to this song on youtube and see if it appropriately fits.
    .
    http://www.youtube.com/watch?v=ovD9rTzs2q4&feature=player_embedded
    .
    Have you seen the little piggies
    Crawling in the dirt
    And for all the little piggies
    Life is getting worse
    Always having dirt to play around in.
    .
    Have you seen the bigger piggies
    In their starched white shirts
    You will find the bigger piggies
    Stirring up the dirt
    Always have clean shirts to play around in.
    .
    In their ties with all their backing
    They don’t care what goes on around
    In their eyes there’s something lacking
    What they need’s a damn good whacking.
    .
    Everywhere there’s lots of piggies
    Living piggy lives
    You can see them out for dinner
    With their piggy wives
    Clutching forks and knives to eat their bacon.
    .

    When I filed my lawsuit against Bank of America, I thought of the many others out there in the same situation. It was then that we decided to educate the public on what these piggy banks are doing, as well as unite us all together as one voice. Please help me turn this David vs. Goliath modification process, into a Goliath vs. Goliath.
    .
    Please stand with me and Brookstone Law Firm, and send an email to Bank of Abusing America that states that we will no longer tolerate their potentially illegal, fraudulent, irregular and abusive business methods.
    .
    So please send your email directly to Bank of America and include the following:
    .
    1. Your name
    2. Your complaint concerning your experience with Bank of America.
    3. Please end your email “I support John Wright vs. BofA Lawsuit!”
    4. Please send a copy of your email to piggybankblog@earthlink.net
    5. Please send your email to BofA CEO Brian Moynihan:
    brian.t.moynihan@bankofamerica.com
    .
    I HAVE HAD ENOUGH AND I AM FIGHTING BACK!
    .
    I have created piggybankblog.com for all of those who have been abused by Bank of Destroying Americas potentially irregular, fraudulent and simply abusive home loan modification process.
    .
    Divided we might have fell America. UNITED WE MUST STAND!
    .
    http://www.youtube.com/watch?v=PoOJMr7OJ0s
    .
    My name is John Wright AND I AM FIGHTING BACK!
    .
    John Wright
    piggybankblog.com

  2. Mad as Hell in Maryland says:

    Wow. So many whiners. Dont those of you who tried to play detective have anything better to do? The story is the same, its everywhere.

    One solution may be to make all owner occupied mortgages non-qualifying assumables. (Similar to what the Fha loans were in the 80’s.) So, when someone is unable to handle it, someone else will take their place without the worry of a due on sale clause. Some move up in homes, some move down. Either way people become empowered, and naturally start to take care of their own business. Investors start getting involved to help those who feel they cannot. And, inevitably, the market starts moving again.

    Lets stop focusing on whining, and other bs, and start trying to solve the problem. (Yes, I know our hands are tied somewhat by the Federal Government, but we have to try.)

    Good luck to all. Fight the good fight.

    • lvent says:

      UP YOURS MAD AS HELL IN MARYLAND!!! OUR HOMES ARE PAID FOR FREE AND CLEAR BECA– USE THE PONZI SCHEMERS, AGENTS OF THE NEW WORLD ORDER COMMITTED MASSIVE AND PERNICIOUS MORTGAGE FRAUD IN OUR NAMES……..GOD BLESS AMERICA!!!! DEATH TO THE NWO HITLER PLAN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  3. TheHutMaster says:

    Short and sweet, This is plain WRONG! Plain phucking WRONG.

    We must continue to unite our group.

    I look at the above picture and just want to kick a scumbag that is abusing this family and prob has a mountian of cocaine and a poll dancer going on right now.

    We MUST…..

    “Fight The Good Fight”

  4. Hello All, these movements seem to be pushing us in the right direction. Please share this petition with everyone and help get the signatures needed to One Million Loan Revolt- Share, follow & Fight back!

    If the link is broken, go to http://www.change.org and look for (One-Million-Loan-Revolt), please help this grow!

    ( http://www.change.org/petitions/one-million-loan-revolt—loan-modification-foreclosure-deception#signatures )

  5. mymisstake says:

    I would indeed like to Stop the Lies and indymac, whoever it/he/she/they are is telling a big one. Not sure if this site is controlled by them but it seems to be a massive scam imo.

  6. JS says:

    Capt. Jack:

    I don’t know how I missed your post till now. Anyway you made me smile for the first time in days. PLEASE, PLEASE, PLEASE, put your post on every available web site. The NY Time, The Wall Street Journal, etc, and send it to every media outlet! It tells the story well.

    And likewise, OneMacIndyWest, please post your sobering story EVERYWHERE.

    Americans, even our legislators really don’t get whats going on. Well anyway, the vast majority of Americans don’t get it. Our legislators either don’t get it, or get it perfectly well, and are owned by Wall Street. (Even Tom Miller, Iowa’s AG who is heading up the AG’s foreclosure investigation only wants to help homeowners if it is more profitable for the mortgage investors than a foreclosure. [see his recent testimony] And he’s supposedly leading the fight to HELP homeowners! Damn, America’s in trouble!)

  7. OneMacIndyWest says:

    I want to tell you all a little story. The story begins, as all American dreams do, with unfettered hope and belief, but has, over time, become a nightmare from the darkest recesses of our national psyche. This is not a fairy tale, and I beg you to see yourself in our heroine; for you could find yourself in her shoes very soon. And I promise you that that is not a place you want to be. But read on, and judge the veracity of my words for yourself.

    I have been in the mortgage industry for almost a decade, and have seen my share of the ugly side of lending: the foreclosures, the forgotten families, and the greedy, heartless, faceless “holder of the note” gone wild. I have experienced all of this more times than I care to admit, and have been ashamed of my industry more times than I care to count, but the borrower I wish to tell you of was the reason I broke into this business in the first place. People like her, hard-working, honest Americans, are the ones a broker like myself looks for day and night, and strives to take care of in whatever capacity we are capable of.

    Why you ask? What makes her so special? There are many answers to these questions, and the easy answer would be that she perfectly fit the mold we in the business look for. She had been employed for 22 years with the same corporation, and had managed to pay every liability on time for her entire adult life. No late payments, no missed payments, and nothing at all to indicate that she would ever change. Her credit score was 780, and she had owned a home for 10 years in Miami Beach (an expensive place to buy). This showed unequivocally that she understood liability, and knew how to get things done in the lending market. In short, she was a lender’s dream come true. A loan you approve and forget about because the payments are always in on time, and so, as a lender, you just count money for 30 years. What could be better from our point of view than that? Every lender in the world will tell you the answer to that question is nothing; absolutely nothing.

    This lady decided to move to Chicago to be closer to her corporate office, so she sold her home in Miami and took her dreams and possessions north to Chicago. This took place in 2006 while the housing bubble was still growing larger, and no one outside of the industry had any expectation that it may burst at any time. She did her due diligence while looking for a home in the Chicago area, and eventually settled on a brand new property in an area ripe for gentrification. Basically, she bought in an older neighborhood that was undergoing massive urban renewal projects that were projected to raise property values in her area significantly; as long as there was no unforeseen disaster looming. That is the danger of things unforeseen. They eventually come to pass, and no one is prepared to combat them.

    She started with an Interest-Only Loan as at that time it made more sense to use her principal money on personal investments rather than giving it to a lender to make decisions with. Even though interest rates were high at the time, IO rates slightly higher than fixed, she was able to get the property for almost $75K less than it initially appraised for, so she was already ahead of the game. She maintained her perfect history, 0x30 on her mortgage, and everything else for that matter, but that was before the wise and powerful bankers in America decided to play 3-Card Monty with America’s future.

    As the signs of the encroaching financial apocalypse began to show themselves, she attempted, through her lender, to pursue refinancing, but was told her case called for the loan modification process. The press was making a fuss about how these modifications were the way for borrowers to get the help they needed to stay afloat in the carnage that followed the bubble bursting, and as an intelligent and savvy borrower with a perfect history she expected the process to go smoothly for her. In that assumption, she would have been right if not for the new credit card laws passed that allowed the companies to raise their interest rates and reduce the line of credit available on any given card. These changes have had an enormous, unintended consequence in the lending world since loans are in large part based on debt-to-income (DTI) ratios.

    Imagine this borrower has a credit line of $10K on a card with only a $2K balance, but is then targeted by the credit card company for a reduced credit line of say $2500, so her 20% balance has now become 80% without her actually doing anything irresponsible. Yet, when lenders looked at her DTI they would see that she is nearly maxed out on her card, and in this industry that is a major red flag. She understood DTI, and how it could affect her ability to qualify for extra money (even though she did nothing untoward or rash in terms of spending), but why should that hamper her from getting a reduced rate? It is asinine to ask a person to re-qualify for something they already have, or to tell them they must qualify to save money, but this is what is happening in America today. She signed no agreement stating she could not refinance in the future with the help of her lender, so all she is left with are questions. Questions that for her and the millions like her, unfortunately, have no good answers. The American Dream, for this model American, is quickly becoming the American Nightmare.

    There are so many questions our borrower wants to ask, but there are no phone lines to call or government offices to visit with any answer other than, “talk to the lender”. This is just endless runaround from the lender, and more and more frustration for her and her family. How is it possible to be locked into a loan, with bankruptcy laws so much tougher, and have absolutely no way to refinance? More transparency in the industry is great, but how can our borrowers appease the credit companies interest hikes while losing equity in their property due to the housing catastrophe and still meet the necessary financial obligations they agreed to prior to this meltdown? This is a recipe for mass bankruptcy and foreclosure; two things that hurt us all in the long run.

    It was March of 2009 when our borrower started the conversation about refinancing with her current mortgage company, Indy Mac, from the 7.625% IO-Loan to a 4.5% fixed rate. They explained to her that she would need to print out a new financial packet, and send it, along with all other pertinent information, in to be reviewed before they could proceed; she did just that. After an entire month had passed, she called in to check the status of her application, and was told that the servicing company, Indy Mac, was changing hands, but she would still be taken care of by the new investor, One West.
    Just like that, she and thousands of other customers were being sold to the highest bidder, and after some research she discovered that One West actually only paid up to far less than full value for these notes. It gets better. One West actually had the federal government guarantee them anything lost over a certain percentage. What does this mean you ask? All the numbers are there in black and white on the internet for anyone to see; but no one looks. You do not have to be a rocket scientist to see that it would be more profitable to foreclose quickly and collect the guaranteed funds than to refinance the borrower’s note at a current market rate.

    The changing of the servicer of her note, as unsettling as it was, would have been fine if not for the dramatic change in guidelines and customer service she experienced. This often happens after a change of this magnitude in any business field, but these differences were downright ridiculous. She was informed that the financial packet she had sent was no longer valid, so she would have to assemble another one before any process could begin. So, once again she followed procedure in hopes of capturing that elusive lower interest rate.

    She waited and waited for a call to inform her of the status of her newest application, and finally tried calling herself to enquire; but to no avail. Her calls were treated as a joke. They repetitiously asked for the same documents, and even claimed after three business days that they had never received her fax, and that it took all that time to verify whether or not they had received her documentation. They have done this over 50 times from March of 2009 to the present day! That is preposterous, shameful, and ought to be criminal! But it gets better; or worse for our heroine.

    After calling repeatedly for three months she finally got them to look at her application. They told our borrower that the check stubs submitted were out of date according to Fannie Mae guidelines (must be less than 90 days old), but when she remedied that they told our borrower that her check stubs were fraudulent. Check stubs from one of the three largest airlines in the world which she has worked with for more than 20 years by the way. They focused on some minutiae that they knew to be nothing, but she was forced to get a complete employment record from her employer to along with a Letter of Explanation (LOX) from her Human Resources department. This process has stretched into years with no results. She was even told that the best way to get help is to be late on her mortgage payments! Imagine that. It has become so bad that when she follows up on any fax or correspondence they claim she has never talked to anyone about her issue, and when she asked about recording the conversation she was told it was against their policy. I am not making this up. Every word is true and to the point, and the point is that One West and Indy Mac, Fannie Mae and the federal government are fleecing, and failing we the people.

    This is dangerous and uncontrolled corporate behavior, and it cannot be allowed to continue. One West has become the poster child for what is wrong with this industry; what is wrong with America in fact. In my humble opinion (and that of thousands of other Americans…not to mention all the honest lenders in the industry), they have pulled out all the stops when it comes to delaying and deceiving their customers in order to get a government handout and make a dishonest buck. This must not be allowed to stand.

    Help her. She has asked again and again, and researched every option. She can’t refinance due to not having value. She can’t modify because it’s not profitable to the lender to do so, and she can’t walk away as her state won’t allow this. Why I ask myself? Is it considered walking away if you have no more options? Why is it easier to profit from bad deals than good ones? There is no hope for this borrower that she can see. The only hope I can think of is a Federal Reserve for primary borrowers in America. By that, I mean the feds open the vaults to primary homeowners at a specific rate, and work directly with the borrowers from a federal standpoint. Cut the banks out. Let them focus on commercial deals and second homes where the rates are higher and people know what they are getting into from day one. I do not think these customers’ closing paperwork said anything about having to stay in one rate for thirty years. Do you know anyone on record in today’s environment that can say they stayed in their home for thirty years at the same rate? I don’t think that is even possible. Please share…

    Here are some sites that clearly have people in the same situation, read, educate, follow and post, let’s start the revolt against One West/ Indy Mac and Fannie Mae.

    Go to Google, You-tube or any engine for that matter and type class action Indy Mac, Type Complaints Indy Mac/ One West; you will see firsthand what we are all up against.

    • Anne says:

      This story is all well and good IndyMac but its not honest because you are related to this lady, you are not her broker, this whole thing is bizarre. You said this lady is your better half on another website. But yet you plead for her as an uninvolved business person but obviously your welfare is tied together.

      I haven’t figured out the totality of your game yet but I would advise anyone to avoid this until you get some answers. This person is either involved with the “heroine” of the story whom in the story who makes it appear he does not know other than business but now he says she is his better half.

      I’m not sure how many people are running this scam but its a big one.

    • mymisstake says:

      Yesterday, 7:58 p.m.
      So you are telling us a story and you are in real estate and you were helping this lady to get a loan and she is a heroine?
      “People like her, hard-working, honest Americans, are the ones a broker like myself looks for day and night, and strives to take care of in whatever capacity we are capable of.”
      This is starting to be really crazy. You are her broker or her husband?
      She is your better half and not your heroine whom you helped get a loan.
      You wrote a story about your wife being a heroine and asked for help for her, it doesn’t say anything at all about you being married to the heroine?
      It is a sad story indeed. There are lots of sad stories to be had, your heroine’s is just one. You wrote this story so that it would appear to be a kind person who met her in business when in fact it appears you share a life together as she is your better half (your words) on another website.
      Unless I misread, this was deliberately concealing the fact that the brave lady you were pleading for probably owns the house you are living in hence it serves you too.
      I can’t believe what I’m reading.
      You made an impassioned plea for this lady pretending you were her broker and it turns out you are her husband (or boyfriend)?
      You asked “What makes her so special”? Why didn’t you say that what makes her special is she provides the roof over your head?
      “I want to tell you all a little story. The story begins, as all American dreams do, with unfettered hope and belief, but has, over time, become a nightmare from the darkest recesses of our national psyche. This is not a fairy tale, and I beg you to see yourself in our heroine; for you could find yourself in her shoes very soon. And I promise you that that is not a place you want to be. But read on, and judge the veracity of my words for yourself.
      I have been in the mortgage industry for almost a decade, and have seen my share of the ugly side of lending: the foreclosures, the forgotten families, and the greedy, heartless, faceless ?holder of the note? gone wild. I have experienced all of this more times than I care to admit, and have been ashamed of my industry more times than I care to count, but the borrower I wish to tell you of was the reason I broke into this business in the first place. People like her, hard-working, honest Americans, are the ones a broker like
      myself looks for day and night, and strives to take care of in whatever capacity we are capable of.
      Why you ask? What makes her so special? There are many answers to these questions, and the easy answer would be that she perfectly fit the mold we in the business look for. She had been employed for 22 years with the same corporation, and had managed to pay every liability on time for her entire adult life. No late payments, no missed payments, and nothing at all to indicate that she would ever change. Her credit score was 780, and she had owned a home for 10 years in Miami Beach (an expensive place to buy). This showed unequivocally that she understood liability, and knew how to get things done in the lending market. In short, she was a lender?s dream come true. A loan you approve and forget about because the payments are always
      in on time, and so, as a lender, you just count money for 30 years. What could be better from our point of view than that? Every lender in the world will tell you the answer to that question is nothing; absolutely nothing.
      This lady decided to move to Chicago to be closer to her corporate office, so she sold her home in Miami and took her dreams and possessions north to Chicago. This took place in 2006 while the housing bubble was still growing larger, and no one outside of the industry had any expectation that it may burst at any time. She did her due diligence while looking for a home in the Chicago area, and eventually settled on a brand new property in an area ripe for gentrification. Basically, she bought in an older neighborhood that was undergoing massive urban renewal projects that were projected to raise property values in her area significantly; as
      long as there was no unforeseen disaster looming. That is the danger of things unforeseen. They eventually come to pass, and no one is prepared to combat them.”

    • This is word word or action of what has happened to me, with exception I own more than one home, I lost job, I had a medical issue that retired me earlier than planned. They refused to help unless late; finally after two years of begging while still employed; couldn’t sell anything or refinance to get head above water, defaulted on dream home/adjusted loan of 7.25 growing at back/10.5-12. second/value dropped 50%. fixed promised to refinance or short sell if perfect payments for 2yrs./after 3 yrs. denied any assistance to fix/now back up to same payment/will default on loan and end of foreclosing on all investments/peronal residence? Was told could go back to original residence of 12yrs. foreclosed refused any assitance/locked out of home after moving back in, room mate who hadn’t paid anything for 7 months was given cash for keys by agent representing Fannie Mae, then critized for owning more than one home?not being a minority?seems my neighborhood requires you be a minority for assistence, last that I looked I was the minority;can’t we quit with the race card?now here I sit, permanently retired due to injury, loss in income, has taken all of my energies to try and save investments that I have worked hard to acquire, now have foreclosure on record, waiting for short sale once again with 8 buyers have passed through, going on 2 yrs.??, Down to 3 homes due to 1031 through inheritance; will foreclose/shortsell 2 more homes, possibly leave one rental and put myself in apartment?? All homes are upside down 50%-75% can not sell without loss, contact AIG, Gov. Pres. Housing/Fannie Mae/Hud; Fannie Mae were the rudest; trying to move myself with bids from 2400 to 3400; cost of home foreclosed on to maintain was $400 a month, current residence $300 a month/ along with additional expense of maintaining premises that I take care of, mow the lawn etc. Now home looks like blight, guess the city/whoever will get monies for that/even painted the inside/guess agent will get paid for that/room mate was given 3000 cash for keys, I was given nothing, was questioned where was the stove/ref. well it went with me since I needed one at other residence?? what is wrong with these people????????No long answer phones, sick to death of being lied to by ALL agent calls who is handling short sale for current residence/ after 2+yrs. needs another bank statement??needs one monthly??? am supose to get 45 day notice/3000 to move this time/supose to be on Hafta this time/told that I always qualified/for two yrs was told that I didn’t?guess what??do not believe anything that I am told; once again most likely a foreclosure/lockout; credit is ruined/will never work again/will never qualify for background check/will have lost EVERYTHING that I have worked for, couldn’t even fix loan on property that bal.due was 380,000 federal selling for 128,000 listed at 162,000 owned 12 years??The only ones winning?no one, if still employed you might get to keep your home, but don’t count on it. Worse mistake I made/refinancing last home purchase, should have let go and ruined my credit then; signing up two years later for a modification, must live in property, would have been better off to live in car and rent property.

  8. Boy jPost – where were you from 2003 – 2008? Yes, the banksters came to us… they were on every TV, cable, radio, newsprint, magazine, billboard, direct mail, Internet piece of advertising they could find… I mean there wasn’t anywhere you could turn that the media wasn’t pumping out buy a new home, refinance, equity lines, Money Tree, Money Store, Ditech, Chase, Cap One, WaMu… I could go on but you get the idea… and I will bet that when this all comes to light – just like tobacco – it will be found that there were tests and research on inducing / seducing the buyer. And let me tell you something else – Yes, the banks solicited by phone in order to extend equity lines of credit or to refinance. They targeted minorities, women and elderly – and they are still doing it.

    There was a very special mantra that was echoed all over America by the banksters, “Don’t worry about the rate, when the ARM comes due you can refinance again and take your equity out…” Just like the investors – the borrowers depended upon the appraisals to make their financial decisions – the “appraisal” over which neither had any control – was inflated by…who??? Right, the banks.

    Oh… and BTW did you know that the Investors started suing long before the borrowers’ ARMs were set to detonate? Yeah, RTC vs. Key (2002) opened the flood gates and the investors sued for billions of dollars after that which the TARP money paid for… but the lawsuits which were quietly settled caused the economy to collapse and the borrowers lost their jobs, wages, hours and there was no money to “refinance” anymore – because it was a frickin’ fraudulent scam… Get it jPost?! Get on the right side of the “Right”. Educate yourself – pick up a copy of THE BIG SHORT – that’s good for starters… because all of this scam affects you too whether you can pay your mortgage or you are just a renter – it has affected the entire economy.

  9. jPost says:

    You people live in your own little fictional fantasy world. You should all write fiction novels to earn your way out of debt. Did you go to the lender or the lender come to you? Did you not sign an agreement that you would pay $x a month for x number of years to finance the purchase of a home you, not the lender, went out and agreed to purchase? Take responsibility for your own actions retards. Its very, very simple – If you had made the payments you agreed to make on the house you knew you could not afford, there would be no housing crisis. Period. The guilty party is the one look back at you in the mirror. Grow up.

    • Capt. Jack says:

      Oh..gosh my dear but bitter friend. I struggle to find value in sparring with you. Were you the Captain of your charm school debate team?

      I’m no match for your wit and acquiesce to your well reasoned intellect .

      I’ve had my fill of your ilk’s nonsense already and bid you a fond farewell. Best wishes to you and yours!

    • Michael says:

      Actually, most of the lenders were more than happy to show up at a persons home. They’d tote notaries, stamps, the whole kit n’ kaboodle.

      People could afford many of the loans until the terms exploded. Of course, they were often promised that they could refi when interest rates went up. I’d say it was stupid to trust an implicit guarantee on the part of a lender except the lender’s did exactly that for the implicit guarantee from Fannie and Freddie and that worked out splendidly for them.

      You see .. it doesn’t matter. Why? Because the banks should have been liquidated and these notes sold at auction for a few pennies on the dollar and repurchased by smarter bankers who’d happily refi them at fair market value; for those in trouble and those not in trouble (to keep them out of trouble). That’s called capitalism; it prevents stupid decision making on both parts of a bargain.

      Bankers made reckless, irresponsible, stupid lending decisions. Then, rather than face the downside of their risk, they were bailed out; about $13 trillion in direct and indirect subsidies. I’m not sure what that’s called in economic terms but it sounds like something King Louis would’ve approved of.

      Get real. There are few “guilty” borrowers. Not none; condo flippers who inflated prices for everybody, people who lied on their mortgage applications (a vastly overstated figure but there are some), and people who really did buy homes they knew they couldn’t afford. But most just followed their mortgage brokers advice. If you’re bent on apportionment of “guilt” the bankers knew the financial world a whole lot better than the borrowers. Read Michael Lewis’ The Big Short then come back and see if you can repeat the same silly dribble you wrote here.

      [Oh yeah .. borrowers had nothing — absolutely zero — to do with “forcing” banks to hire lawyers that filed fraudulent documents. They did one entirely on their own.]

    • “The MERS® System is a tracking system that follows the changes in servicing rights (a non-recordable contract right) and changes in the promissory note ownership (a negotiable instrument which can only be transferred by endorsement and delivery of the note). Nothing is transferred on MERS. There simply are no events taking place when using the MERS® System that triggers the need for an assignment.

      http://www.mersinc.com/forum/viewreplies.aspx?id=13&tid=222

      *OKAY Einstein… so if MERS has NO PECUNIARY INTEREST IN ANY MORTGAGE OR NOTE – WTF are they doing executing DISCHARGE OF MORTGAGES (en masse?) Notice in this example that MERS discharges the Mortgage yet DOES NOT APPEAR on the complaint. Additionally, Indymac states THEY and the Defendant are the ONLY parties known to have an interest in the re-establishment of the “Mortgage Note.” Wait till you see the ending on this case!

      [scribd id=39056847 key=key-iybdkd7lg63bipjmqm8 mode=list]

  10. I have it on good authority that the White House is seriously considering a moratorium on foreclosures and evictions.
    BTW – did you know that the Investors began suing the banks long before the borrowers’ began to default? As a matter of fact there was a precedent setting Investor appeals case in 2002 (RTC v. Key) – that probably opened the flood gates. It appears the banks ran out of money trying to quietly settle with all of the investors who either figured it out or were tipped off. How much TARP was paid to the investors first… a lot… The borrowers didn’t cause the collapse – the majority of those loans were not set to detonate until 2007. As a result of the early lawsuits, the economy declined, the borrowers began to lose their jobs and default on their loans. Borrowers, like the investors, based a lot of their financial decisions on the appraisals – over which neither had any control.

  11. Linda Venturella says:

    CNBC reported yesterday that Wall Street is about to compensate the Banking industry with $155 billion in bonuses. Is there any end to the blatant in your face greed towards the American people? I can’t believe they won’t quit egging us on. It is time for a call to action to the Obama Administration by the American People. Does anything scare these crooks? This is just more outrageous behavior by the big banks and Wallstreet. They need to be stopped and brought down to size.

  12. $23 Trillion… not $700 Billion So what did we buy?

    [youtube=http://www.youtube.com/watch?v=lDJc0PZV-Bk&hl=en_US&fs=1?color1=0x5d1719&color2=0xcd311b]

  13. Virginia @ Ferrer says:

    I don’t know if you’ve seen the FTC / MARS (not to be confused with MERS) legislation yet – and I realize that there have been some predatory forensic scams, but it does smack hard at 1st Amendment rights. Anyway, last year they asked for comments and here is one from the FTC in SC. Are they ignorant enough to think that this was really the homeowners fault – or is this guy just blowing smoke? I’ll bet he didn’t vote for Obama…

    Comment Number: 542309-00011
    Received: 6/5/2009 3:54:34 PM
    Organization:
    Commenter: Robert Dobbs
    State: SC
    Agency: Federal Trade Commission
    Rule: 16 CFR Parts 317 and 318: Mortgage Assistance Relief Services Rulemaking
    Attachments:
    Comments:

    It is my view that ALL entities that offer ANY form of counseling to Mortage holders should be trained and approved/certified by HUD. The fact that the entity is a law firm or other professional body should be irrelevant. The owning of a house should be an earned entitlement not an automatic entitlement. The fraudulant manipulation of incomes and expenditures to obtain a mortgage should be illegal.
    **************************************************************************************************************

    First of all, if he can’t spell the simple words he probably shouldn’t be in that position… check out the comments: http://www.ftc.gov/os/comments/mars/index.shtm

    Check out the legislation: http://www.ftc.gov/os/2010/02/100204marsfrn.pdf

  14. Anderw says:

    That’s right, Wall Street…

    We the Homeowners concocted this scheme to defraud ourselves out of our own homes…

    Genius Genius Genius….

    What will we come up with next?

  15. Virginia @ Ferrer says:

    The Lewis Ranieri (Ranieri Partners) letter to the White House (July 21, 2010) alleging ‘securitization is good’ and these borrowers used their homes like an “ATM” is just an example of the spin these thieves are going to use on the politicians. It will be Congress, if anybody, who will put a Receivership on MERS – and it looks like Freddie and Fannie need a Receiver as well. This is the perfect time to seek out your local Congressional Representative and/or US Senator (elections are coming up and even if they are not running – they don’t want any discontent for their party line). We’re lucky in Hawaii, all of our Reps are accessible. However, even in other states, I find that if you call the local office and concisely explain there are issues the Congressman may want to discuss with your neighborhood and offer to email some facts and set up a community meeting – that will open the door for rational discussion. Don’t assume they know as much about this mortgage fraud as you do.

    We are not just affected individually. Even if you don’t have a mortgage, the value of your home has plummeted and the entire financial system has been put at risk. For years you thought that your home was the best and safest investment you could make, but God forbid you have an emergency right now and need to borrow a loan against your home.

    What we need to do is find local attorneys in every state that will represent the class of people in an anti-trust, deceptive trade practices, intent to defraud, etc. lawsuit. If we could file one (or more) from every state ON THE SAME DAY- we could make media impact. I have our attorneys together in Hawaii, we’ll conference and collaborate. How do we get this organized?

  16. Virginia @ Ferrer says:

    All of our politicians should be brought up to speed on this – because the banking mortgage inflation and economic crisis stems directly from MERS – and we cannot rebound until we eliminate the inflation. Foreclosures do not eliminate inflation – it increases it. Don’t assume your Congressional representatives understand – mine didn’t until last week. Below was my suggestion to my Congressional representatives:

    H.R. 4173: Restoring American Financial Stability Act of 2010 aka “Wall Street Reform Bill.” Section 9306 – Directs the HUD Secretary to study and report to Congress on: (1) the root causes of home loan defaults and foreclosures, including the role of escrow accounts in helping prime and nonprime borrowers to avoid defaults and foreclosures; and (2) the role of computer registries of mortgages, including those used for trading mortgage loans.

    Congress needs to immediately place a moratorium on foreclosures – by this Sec. 9306 alone… somebody understands MERS … no one else other than MERS is doing more than 60 million computer registries of mortgages.

    Congress needs to immediately:
    1. PLACE A MORATORIUM ON FORECLOSURES;
    2. APPOINT A RECEIVERSHIP ON MERS & MERScorp (there are enough lawsuits to justify this now);

    GOALS – due to the bank fraud and predatory lending – the following penalties in lieu of being sued for anti-trust, fraud and collusion:

    1. All primary loans made between 1996 – 2010 are mandated to be reduced to 2% for 30 years;
    2. Loans must be of market value – or reduced to meet market value:
    a) Government financed and approved appraiser value based on current market sales, and
    b) judicial review and approval of appraised value;
    3. All 2nd mortgages stripped (removed – we do this in bankruptcy for Ch. 13);
    4. All back payments and penalties, attorneys’ fees and costs forgiven / removed;
    5. No “non-judicial foreclosures” for MERS or MERS members.

  17. I have a suggestion for these homeowners: Now that we understand how much power these irresponsible sub-prime borrowers truly possess, they should form a coalition, I’d be happy to be the spokesperson, and tell the White House that they have days to turn over $10 trillion in cash, and the deeds to at least a couple of the states, to a specified locale, and if the government refuses, they’ll all stop making their car payments too, thus ending the world as we know it. Irresponsible Sub-Prime Borrowers Unite!

    The shirts could say: I’m a Sub-Prime Borrower. Be Nice to Me, Or I’ll Stop Making My Car Payments Too!

    I only have one follow-up question: Who is Capt. Jack and why don’t we know each other? I’m serious about this. Capt. Jack, if you’re reading this, please reach out to me, or tell me how to contact you. Please… And Carol… you too. I love this blog and am going to promote it to no end. Great work.

    • Capt. Jack says:

      Where can I buy a t-shirt? On the back of mine I want the words:

      “THE WALL STREET MANHATTAN PROJECT” which is the title of an upcoming commentary I’m trying to finish.

      I can be reached at The Hamlet any time – day or night.

  18. WOODY RYAN says:

    please getr this published in as many kocal and national publications as you can find. also detail how the greedy unknowledgable home owners seperated the mortgages from the notes. the humor (sorry pain) makes this a natural. ( if it bleeds it leads )

    thank you for all you are doing to expose the fraud, callousness and greed of these banksters, our representatives, and all of the individuals who are fully aware of what is being pertutrated on the american public.

    • Capt. Jack says:

      Hi Woody,

      I’ve done quite a bit of pasting already! Actually I have “How Main Street has Destroyed Wall Street = Part II” ready to go.

      I fear it might be a little “too funny” for readers who have not been hit by lightning…so for now I’ll keep it to myself!

      😉

      Dave

  19. Oh Oh Oh!

    Lest we forget, now that we’ve made out like the bandits that we are, got all those ill gotten profits and dirty money safely off shore, and are sitting pretty in our houses awaiting the good times to roll in.

    To hurry things along, we are refusing to cooperate with the pleas of the bankers that we provide documents in their generous offers to consider modifying our loans. They are trying to offer principal reductions to us, but we are too shrewd to take them up on that knowing it’s a plan to make us look bad.

    We tried to pass legislation in Florida to get foreclosures out of the courts and into the hands of the now ruined bankers. Unfortunately, you just can’t get those nice bankers to budge. Despite the poor treatment they’ve received at out hands, they insisted we keep the option to exercise our rights of due process.

    And, now that we are finally playing out the final days of the biggest scam of all time, we are forcing the banks to hire unethical foreclosure mill firms who we know will just make up documents that their clients surely have nice and safe and sound in their vaults. But no! For us criminally minded folk; we are in collusion with insiders who will create false documents so the lenders really get screwed with dirty titles to all the property we planned all along to hand over to them so our families can live out the rest of our days as the mom and children in the photo above this post.

  20. Here you go. Scumbag deadbeat homeowner scamming the innocent bankers and their poor, beleaguered attorneys again.

    Bailouts, tax breaks, takeovers, cushy government jobs where we control the money and regulatory agencies! MAN OH MAN we homeowners have got this thing locked up tight!

    http://tinyurl.com/ElpinikiBechakas

  21. rick says:

    and that about covers it all. : )

  22. Michael says:

    You forgot that those greedy, awful homeowners were bailed out with money from the poor bankers; it’s not like the money just came out of nowhere — the homeowners forced the bankers to borrow it and for generations of bankers to repay it.

    The homeowners were hiding their wealth in offshore accounts not subject to taxation unless there was periodic tax holidays where they could bring the money to the US at tax rates far below what the poor bankers paid. The homeowners also managed to rig the tax tables so it looked like they were paying high tax rates (for the money they stole) but in reality since tax came from taxes that capped out at a certain level the homeowners paid a small fraction of what those poor bankers paid in.

    After all, it’s the bankers that are the engine of the economy! The bankers contribute so much that matters. If it weren’t for them who would finance sending manufacturing and engineering jobs offshore, creating credit-card loans that start at 2-percent interest then rise to 30-percent when the homeowner need more money, or gaming the system by charging $38 fees when the bankers use a debit card to buy a $2 cup of coffee on account that’s empty (because of prior fees the poor bankers agreed to buried on page 27 in 3-point type).

    I’m glad that “Change” meant putting people like Timmy Geither in charge of Treasury to make sure those homeowners got exactly what was coming to them. The homeowners destroyed the economy and deserve to pay.

  23. With much regret, I admit that I missed out on being a member of the core underground committee of homeowners who brainstormed, created, and built to a massive business models, the tax evasion MERS strawman, the LPS & Fiserve foreclosure conductors, the DocX document solutions subsidiary, and Firm Solutions Panama which is the foreclosure solution group for Florida Default Law Group.

    I always miss out on all the fun.

    Lisa
    ForeclosureHamlet.org

  24. Melanie says:

    Why did HSBC take 79 thousand dollars from me, and I provided proof to get it back, and still they took everything. But stick it up your arse that main street ruined your fraudulent run streeet. Get your stories correct

  25. FraudinOhio says:

    This is sad-I am posting this on March 28,2011 and not much has changed. There needs to be a Federally mandated foreclosure moratorium. The banksters will not stop, even though they said they have halted foreclosure actions indefinitely, like HSBC. But they didn’t. Not we have “Inside Job” to help us unravel the maze of fraud that have left many of us without our jobs, home, home equity, and much dignity. It has left a feeling of perpetual disgust with the Feds like Beranke, Geitner and Greenspan-thankfully gone-and no one we trust at any level, no matter who we voted for. The Republicans refuse to reign them in at this point and fight all legislation now-whoever originally left the barn door open to the wolves.

    The comments above which related to the specific issue at hand, are more intent on trying to get us to look at something else-irrelevant. Anyone who believes homeowners are disinterested in paying their mortgages and keeping their equity and family safe are, again, either banksters or support for banksters and are not credible in evaluating the reality of the situation. the bottom line here is that if the banksters wanted to be able to foreclose on homeowners, they may have wanted to “legally” make sure their t’s were crossed and i’s dotted. That is what they want homeowners to do is it not, but they would like to operate under the radar and above the law that governs real estate transactions and transfers. They created MERS to circumvent the fees at local county recorder’s offices-hurting yet more parties. Our governments are all running in the red thanks to the banksters and lack of paid property taxes, low appraisals and now defrauding the government of fees, because they think they are allowed to designate themselves as the “recording” authority and on top of it, designate themselves as the “owner” of the mortgage and note. How pretty. The banksters and our government at all levels need to be held accountable, Feds, Fed AGs, State AGs, judges at every level, recorder’s offices need to file suit-some actually have-good for them. Homeowners who are not even in foreclosure should file suit as parties who lack interest in their property have violated their rights and have broken the chain of title. Probably 70-90% of the mortgage paper is BAD.

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