Daily Finance | Big Banks Tell N.J. Courts to Stop Bugging Them About Foreclosure Documents

Big Banks Tell N.J. Courts to Stop Bugging Them About Foreclosure Documents

By ABIGAIL FIELD

When New Jersey tightened its rules for foreclosures in response to the false loan document crisis, it took the unprecedented step of ordering the six largest servicers — Ally Bank/GMAC, Bank of America (BAC), Citibank (C), JPMorgan Chase (JPM), Wells Fargo (WFC) and OneWest — to explain why they should be allowed to continue with their foreclosures. If any of them couldn’t adequately justify itself, New Jersey would suspend all the foreclosure actions by that bank in the state and appoint a special master to investigate its past and proposed processes.

On Jan. 5, the banks responded, and in essence each said: Look judge, we’re good guys committed to keeping people in their homes whenever possible, and while we admit we had problems — teeny tiny problems — in the past, we’ve fixed them already. 

Most of the banks’ briefs then argued, with varying degrees of aggressiveness, that the court doesn’t have the power to impose a foreclosure moratorium or appoint a special master because that would break court rules, violate New Jersey’s Constitution and the U.S. Constitution — including the banks’ due process rights — and overstep the judiciary’s role. They also claimed it was generally wrong because the banks were regulated federally. Only Chase declined to challenge the court’s authority to impose the moratorium or appoint a special master.

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2 Responses to “Daily Finance | Big Banks Tell N.J. Courts to Stop Bugging Them About Foreclosure Documents”
  1. l vent says:

    This is precisely the type if bad behavior by the banksters and wall street that is fueling the growing public outrage in our Country. The banksters and wall street think they may create their own rules and laws to suit their own needs and that they may DICTATE TO the court how to deliver justice in this country. This begs the question: Why are our elected Government officials allowing the banks to bypass the rule of law and trample over our Constitutional rights that have been put in place to protect us all from such oppressive behavior? The Federal Tranch continues to act as if no crimes have been committed here by the banksters and wall street and seem to be trying to sweep under the rug the biggest Ponzi scheme in history followed by the Intentional collapse of our economy and the robbing of our wealth that caused the Foreclosuregate scandal to occur. Chris Whalen did a very good job of explaining the devastating effects to our nation’s economy because of the white collar crimes committed by the banksters and wall street and how it will likely unfold in his video entitled: Foreclosure Crisis is a Cancer in his interview on Bloomberg. This Foreclosuregate crisis is eventually going to spread to every part of our society and eventually everyone is going to feel it. The upper middle class are the latest victims of fraudclosures.FRAUDCLOSURES ARE RAMPANT. The policeman, fireman’s pension funds, the Social Security money 401K and other retirement investments have all been stolen and put into offshore bank accounts by the top 3% which is what caused the collapse of the markets in 2008. They now have our State and Local Governments scrambling to come up with ways to cover-up for all of the MISSING MONEY. They want to TAX US ALL TO DEATH. The BANKS AND WALL STREET are trying to blame the homeowner’s of America and call us deadbeats but they are the true criminal enterprise in this country and they caused many of us to lose our jobs and our income by intentionally collapsing the markets and stealing our wealth and causing ECONOMIC CHAOS in our Country. This is well documented in Robert Shear’s book: The Great Stick-up of America as well as in Michael Moore’s movie” Capitalism A Love Story. Jesse Ventura’s episode of Conspiracy Theories entitled ” Wall Street” also describes how the criminal enterprise heisted trillions of dollars from our Country right from under all of us, like a thief in the night. It is time for our Government of stop lying and covering-up the truth. The people know the truth and we want our money and our jobs returned to us BY OUR ELECTED GOVERNMENT OFFICIALS (Who took an oath to PROTECT AND SERVE US, YOU KNOW PROVIDE FOR THE COMMON GOOD AND PROMOTE THE GENERAL WELFARE? Do you guys remember that OATH? You swore on a BIBLE TO UPHOLD?) as well as a formal apology for trying to blame and shame all of us for the WHITE COLLAR CRIMES committed by the FINANCIAL ELITE who think they are ABOVE THE LAW.

  2. James M says:

    “They also claimed it was generally wrong because the banks were regulated federally.” While a bank may be federally regulated, in most cases it is acting as trustee for some secularization trust. Such trusts are generally formed under the laws of NY state and are NOT federally regulated. In the capacity of trustee any immunity the trustee has from state banking regulation does not pass through to the true party of intrest, the trust.

    It was once explained to me this way. You may have diplomatic immunity, but that does not mean your clients do too.

    Even when a national bank is acting in it’s own name and not as a trustee, it is only immunize from states imposing extra BANKING regulations which hinder their ability to act as banks. This does not extend to any old business the bank wants to get into.

    Real property transactions are inherently the preview of the State, which can regulate the property, liens and mortgages recorded against them, and has full authority to do so.

    Moreover the UCC states any document that securities a note by way of real property is regulated under the laws where the property is located.

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