“This is not, at this point, about whether the homeowner is paying or not.  I am not going to sit here and try to justify the impossible-to-justify – giving people free houses.  That is something we clearly cannot do.

No, I’m going to make the case here instead that this is not about “free houses” at all.  Rather, it is about due process of law, about the statutes of the 50 States and respect therefor, and the rights of the people to expect that those statutes will be honored and obeyed.

It is about the right of the people to expect that when the court system is abused and bamboozled by a band of hyenas who have designed systems and procedures that on their face are an affront to the legal rights, statutes and privileges of the citizens in the 50 States the people who do so, and who benefit from having done so, will not get to keep their ill-gotten gains but instead will be indicted, tried and if convicted sentenced to time in prison for their crimes.”

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From The Ticker…

Foreclosure Fraud Update: Weekend Condensed Edition

by Karl Denninger

Ok, so it’s not a “nothing.”

And it’s not just GMAC/Ally either.

No, it’s now GMAC/Ally, JP Morgan/Chase and now, Bank of America:

WASHINGTON — A Bank of America official acknowledges in a legal proceeding that she signed up to 8,000 foreclosure documents a month and typically didn’t read them.

What’s particularly maddening about this is that these facts became known in February:

The Bank of America executive said in a February deposition in a Massachusetts bankruptcy case that she signed 7,000 to 8,000 foreclosure documents a month.

“I typically don’t read them because of the volume that we sign,” the executive said.

Yet we just find out about this now?

Well, actually, no.  I and a few others have been chasing this for quite a while.  In fact, one of the original reasons The Market Ticker was launched was because I deduced (even though at the time I could not prove it) that huge percentages of the loans that were emitted from 2003-2007, especially in the last two years of that period, were outright fraudulent.

Just go back and read the April 2007 Tickers – the first month of the Ticker’s publication.

Any more questions?

We will continue to hear that “this is all no big deal” for a while. Does anyone remember subprime?

“It’s contained”
“We will not have a recession”
“The banks are fine”

And on and on and on.

Of course what we know is that in 2007 that was a lie.

It’s a lie this time too.

Even the politicians are lying, of course.  Alan Grayson made a nice video I Tickered the other day.  Ok Alan, I understand you’re losing (badly) in your district, so now you have to grandstand.

WHERE WERE YOU IN FEBRUARY?  More to the point, WHERE HAVE YOU BEEN FOR THE LAST TWO YEARS?  You know, and I know you know, that I have been in near-constant correspondence with your office and staff, and you’ve had the PROOF that this crap-pile was a load of fraudulent garbage for the last two years.

Now, and only now, when it’s looking like you’re going to LOSE, do you come out with a nice near-10-minute attack Youtube video on this massive and outrageous fraud.

I like your staff, and I realize that calling you on the carpet like this means that if you win I probably won’t get a Christmas card from you.  That’s ok.  I don’t want one.  You had two years of opportunity and people, including but not limited to myself, giving you everything you needed to get the ball rolling on putting a stop to this crap. You did nothing, and in my opinion, you would have continued to do nothing if you weren’t down by 7% in the polls.

That is, you deserve to lose because you squandered both the good will and the wealth of the people in your district.  People who sent you to Washington to represent them.  You were fed plenty of information on this crap-pile of fraud in the housing and banking “industry”, and yet it is only now, when you’re going to be headed home and perhaps receive a few rotten tomatoes when you poke your head out of what I’m sure is a very nice house, that you wish to actually do your job.

How many tens of thousands of Floridians lost their homes due to bogus documents?  We’re not talking about recreating honestly-lost paperwork here.  We’re talking about the intentional destruction of documentary trails which “conveniently” make it impossible for a borrower to show he or she was bamboozled or someone committed fraud against them.  These documents are then “conveniently” re-created – or is that fabricated outright?

Well, we know the answer at this point.  4closurefraud.com has a nice repository of obviously-forged signatures.  On court documents.

Each and every fabrication – that is, a falsely-sworn document – is a crime.

If you claim a note or document was “lost” when you really shredded it on purpose, you committed perjury.  That’s a crime.

If you claim you read a document and have personal knowledge of it when you do not, that’s perjury too, and again, is a crime.

When you steal someone’s house through these sorts of machinations not only are the false swearings a crime standing alone but we can probably talk about 18 USC 1983 too, Deprivation of Rights under Color of Law or Authority, right?  That’s a FEDERAL issue.

Then there’s the matter of who someone actually works for.  People claiming to be “Vice Presidents” but who under deposition admit they never attended meetings and have no direct officer responsibilities.  In other words, a fabricated title – yet that title has to be real to bind an entity in a legal proceeding.

We have an entire organization – MERS – that states on its own web page that it’s mission is “to register every mortgage loan in the United States on the MERS system.”  Never mind that in many states mortgages must be written instruments with original wet signatures.

Never mind that some of the so-called paperwork is such an obvious forgery that one must wonder why there haven’t been felony criminal indictments on this matter – years ago.

Like, for instance, the loan that was registered and in fact filed with the county with a grantee of “Bogus Assignee.”  No, I’m not kidding, and one of the notorious “Vice Presidents” in this entire mess allegedly executed the original of this document too.

There’s one guy who gets it right.  That would be Bill Black. That’s probably because when the S&Ls pulled the same crap in the 1980s he was sent in to clean it up.  Over 1,000 people went to pound-me-in-the-ass Federal Prison for their crimes.  The number who have this time around thus far?  Zero.

What does all this mean?

The banks don’t care what the law is when it’s inconvenient for them.

And the so-called “guardians of the people’s rights” – the judiciary and legislature – don’t give a **** either.

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn that mankind are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.

So how long should we suffer, may I ask?

And more to the point, are these “light and transient” causes?

I think not.

Counterfeiting official court process is not a “light and transient” thing.  Nor is filing false swearings with a court, especially when those documents cause someone to be ejected from their home.

This is not, at this point, about whether the homeowner is paying or not.  I am not going to sit here and try to justify the impossible-to-justify – giving people free houses.  That is something we clearly cannot do.

No, I’m going to make the case here instead that this is not about “free houses” at all.  Rather, it is about due process of law, about the statutes of the 50 States and respect therefor, and the rights of the people to expect that those statutes will be honored and obeyed.

It is about the right of the people to expect that when the court system is abused and bamboozled by a band of hyenas who have designed systems and procedures that on their face are an affront to the legal rights, statutes and privileges of the citizens in the 50 States the people who do so, and who benefit from having done so, will not get to keep their ill-gotten gains but instead will be indicted, tried and if convicted sentenced to time in prison for their crimes.

Is this sort of chain of intentional acts well within the boundary of the phrase “But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism“?

I think it is.

What more is there than dispossessing someone of their material wealth?  Certainly, those who cannot pay should lose their homes.  But that’s not the fundamental question here.  The fundamental question is how did we arrive at a place where the common man and woman in this nation was sold money that the marketer of same knew they could not pay on the original terms, was led to believe they could by people proffering “superior knowledge”, and then when the truth was revealed they were stripped to the bone like a BBQ Turkey Leg?

The outrages of today are the culmination of the outrages of the last five years.  Faced with the fact that this entire pile of crap might unwind on their heads and coming to the conclusion that they willfully and intentionally destroyed the documentary evidence needed to lawfully foreclose, these institutions are now fabricating and counterfeiting in a furious attempt to prevent their deceptions from landing where they belong: on them.

I argue that the people have every right to expect that all involved in this, back to the origination of this paper, will be viewed as criminals and held to account for what amounts to an intentional act of subversion and sedition against the laws that are supposed to protect not only the chain of title but the people as well.

Once we’ve done that, we can sort out the rest.  I argue the best way to do it is to unwind the bogus MBS “Trusts” where paper was conveyed without conformance with the offering documents, or where it wasn’t conveyed at all (and thus violated both state law AND the offering circulars.)  Unwind the transactions and send the former MBS holders home with their money.

Force the banks to eat the pile of crap on the bread they tried to foist off as PB&Js on the investing public from sea to shining sea, not to mention foreigners.  They have a trillion dollars of excess reserves at The Fed right now – which incidentally is just about how much we have in non-agency paper outstanding.  Sounds like a good use of it to me – hand that cash to the non-agency MBS holders and give the paper back to the banks.  There – now we don’t have an “excess reserve” problem any more.

Let the banks decide, once they have paid back the money at PAR in exchange for these dubious loans, what they wish to do about that bad paper.  If they want to foreclose, let ’em – they have both the security instrument and the note, and they paid good money for ’em – they clearly have standing.  If they want to forebear, that’s their choice.  It’s their paper, their loss, and their decision.  Let the free market figure it out – in conformance with the law.

If this means some of the big “too big to fail” banks detonate then so be it.  We have a system in place to protect depositors.  Use it.  The bondholders and stockholders?  They deserve what they get – they had eighteen months to get out and instead deliberately and intentionally placed their bets on continued fraud as the first and only premise for holding their “investments” when Mark-To-Myth was codified as acceptable.

I, and the rest of this nation, are tired of the lies and obfuscations.  November 2nd is coming soon – and it can’t get here soon enough.  All of the hyenas in Washington DC who claim to “serve the people” and yet who have enabled and promulgated the environment in which the worst asset-stripping scheme in the history of mankind has been conducted need to be deposed and run out of town on a rail.  I don’t care if you’re a Democrat or Republican – you’ve had your two years and the clock has expired.

And that, my friends, is that.

SOURCE: The Market Ticker

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4closureFraud.org