Home Wreckers | How Wall Street Foreclosures Are Devastating Communities

Did you know that, in California alone, the total cost of the foreclosure crisis to homeowners, the property tax base, and local governments could add up to at least $650 billion and possibly reach as much as $1 trillion?

That’s just one of the major findings of a new report, Home Wreckers: How Wall Street Is Devastating Communities released today by a coalition of faith, community and labor groups in California that are demanding that Wall Street pay its fair share to helping California recover from this devastating crisis.

Today, homeowners & community leaders from PICO California, Alliance of Californians for Community Empowerment (ACCE), SEIU, and the California Reinvestment Coalition (CRC) are holding events throughout the state to highlight the report’s findings and build support for a new package of state legislation that could help hundreds of thousands save their homes and raise an expected $10 billion in revenue for local governments.

On Saturday, hundreds of people from across the state will converge in Oakland for a town hall meeting with local and state legislators to build support for this new state legislation, including:

  • The Homeowner Protection Act (SB 729): will require lenders to finish attempting a loan modification with each borrower before continuing with the foreclosure process.
  • The Title Transparency bill (AB 1321): will require that all deeds and transfers of mortgage loans be recorded with the County, so that borrowers can confirm in public record who actually holds their mortgage.
  • The Foreclosure Fee bill (AB 935): will seek to incentivize loan modifications by adding a disincentive to foreclosing – a $20,000 fee.  This fee begins to allow our communities, cities and state to recoup some of the fiscal costs that result from each foreclosure.  The revenue will be collected in a state fund and will go to Public Safety, Public Education and Local Governments.

Saturday’s event will also highlight new Responsible Banking state legislation that would allow the state to decide where it wishes to do business based on a bank’s performance on a number of community reinvestment criteria.

All are welcome to attend the town hall, which will be held from 10:30 am – 2:00 pm at Saint Louis Bertrand Catholic Church, 1410 100th Ave in Oakland, California.

And don’t forget to share the report with your friends!

Thank you,

PICO National Network
Alliance of Californians for Community Empowerment
National People’s Action
Alliance for a Just Society
IAF Southeast

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4closureFraud.org

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Home Wreckers Report – How Wall Street Foreclosures Are Devastating Communities

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13 Responses to “Home Wreckers | How Wall Street Foreclosures Are Devastating Communities”
  1. l vent says:

    I just got the results e-mailed to me from a newsmax.com poll that I participated in. It posed the question who did you vote for in 2008? McCain/Palin appears to have beat Obama/Biden by a landslide. The most patriotic thing we could do here in America in 2012 is DO NOT VOTE FOR ANY OF THE BASTARDS. We do not elect anyone. Elections are a fraud and a sham, another rigged game. Not to say that things would have been any better if McCain/Palin would have won but this just proves the point that we clearly do not elect anyone. They are all liars. Let’s not act like sheeple and please spread the word, tell everyone that you know, do not vote.

  2. l vent says:

    THEY ARE ALL FOREIGNERS AND TREASONISTS!!!!

  3. l vent says:

    Here is the proof as if we need more. This was a diabolical plan and it was meant to be strategic and destructive in order to cause PERMANENT HARM to America. The New World Order wants to bankrupt the entire world but they esp. hate America. They hate freedom and they hate national sovereignty. This is a diabolical plan to usher in the New World Order by creating a Weimar Republic, then the diabolical New World Order will come to be the fascist saviour for mankind, The one world currency and the one world government with the one world fascist dictator. We must force Obama to declare our National Sovereignty from the U.N. The U.N. who is really just the face of the New World Order and is actually the SMOM/VATICAN/JESUITS who own and control our entire financial structure via the Fed who is really the IMF and the World Bank and Wall Street.. They want to destroy us. No one is safe.They are truly diabolical. Check out this link: http://aftermathnews.wordpress.com/2007/10/01/blackwater-knights-of-malta-in-iraq/

  4. pamelag says:

    loan mods are BS, all in favor of the bank. don’t give them the info they need to screw you. if they sold your loan they have no note. so don’t create a new one. God Bless America

  5. l vent says:

    I heard on CNBC a couple of months ago that the Wall Street/Banksters criminal enterprise made 60 trillion dollars in mortgage derivatives for their greedy selves in 1999 alone. Our national GDP is around 6 trillion. Where is all the money? The crooks stole it. We were robbed on a massive scale.

  6. John Hart says:

         “Unknown to almost everyone, there is something VERY different that happens with your “Mortgage Note” immediately after closing.
     
    Your “Mortgage Note” is endorsed and deposited in the bank as a check and becomes “MONEY”! See attached (Exhibit “B” para 13)   The document that you just gave the bank with your signature on it, that you believe is a promise to pay them for money loaned to you, has just been converted to money in THEIR ACCOUNT.  You just gave the “lender” the exact dollar value of what they said they just loaned you!  Who is the REAL creditor in this “Closing Transaction”?  Who really loaned who anything of value or any money?  You actually just paid for your own home with your promissory “Mortgage Note” that you gave the bank and the bank gave you what in return?   NOTHING!!!  For any contract to be valid there must be consideration given by both parties. But don’t they tell you that you must now pay back the “Loan” that they have made to you?
     
     
         How can it be that you could just write a “Note” and pay for your home?   This leads us back to the bankruptcy of the United States in 1933.  When FDR and Congress took all the property and gold from the people in 1933 they had to give something in return for that cofiscation of property.  See attached (Exhibit “B” para 6)  What the people got in return was the promise that all of their needs would be met by the government because the assets and te labor of the people were collateral for the debt of the United States in the 
    bankruptcy.  All of their debts would be “discharged”.  This was done without the consent of the people of America and was an act of Treason by President Franklin Delano Roosevelt.  The problem comes in where they never told us how we could accomplish that discharge and have what we were entitled to after he bankruptcy.  Why has this never been taught in the schools in this country?  Could it be that it would expose the biggest fraud in the history of this entire country and in the world?  If the public is purposely not educated about certain things then certain individuals and entities can take full financial adantage of virtually the entire population.  Isn’t this “selective education” more like “indoctrination”?    Could this be what has happened?  In Fina Supply, Inc. v. Abilene Nat. Bank, 726 S.W.2d 537, 1987 it says “Party having superior knowledge who takes advantage of another’s ignorance of the law to deceive him by studied concealment or isrepresentation can be held responsible for that conduct.” Does this mean that if there are people with superior knowledge as a party in this “Loan Transaction” that take advantage of the “ignorance of the law”, (through indoctrination) of the public to unjustly enrich themselves, that they can be held responsible?  Can they be held responsible in only a civil manner or is there a more serious accountability that falls into the category ofcriminal conduct?
     
     
         It is well established law that Fraud vitiates (makes void) any contract that arises from it.  Does this mean that this intentional “lack of disclosure” of the true nature of the contract we have 
    entered into is Fraud and would make the mortgage contract void on its face?  Could it be that the Fraud could actually be “studied concealment or misrepresentation” that makes those involved in the act responsible and accountable? What happens to the “Note” once it is deposited in the bank and is converted to “money”?  Are there different kinds of money?  There is money of exchange and money of account.  They are two very different things.  See attached (Exhibit “B” para 11), Affidavit of Expert Witness Walker Todd.  Walker Todd explains in his expert witness affidavit that the banks actually do convert signatures into money.   The definition of “money” according to the Uniform Commercial Code: “Money” means a medium of exchange authorized or adopted by a domestic or foreign government and includes a monetary unit of account etablished by an intergovernmental organization or by agreement between two or more nations.  Money can actually be in different forms other than what we are accustomed to thinking.  When you sign your name on a promissory note it becomes money whether you are talking a mortgage note or a credit card appliction!  Did the bankers ever “disclose” this to us?  Were we ever taught anything about this in the school system in this country?  Could it be that this whole idea of being able to convert our signature to money is a “studied concealment” or “misrepresentation” where those involved become responsible if we are harmed by their actions?  What happens if you have signed a “Mortgage Note” and already paid for your home and they come at a later date and foreclose and take it from you?  Would you consider yourself to be harmed in any way?”  

    • l vent says:

      @John Hart: I thought many months ago that the banks should have to be made to RESCIND these fraudulent loans. They clearly broke contractual law and then with all of the rampant fraud from origination to the here and now. How is it possible that judges could be enforcing any of these fraudclosures when these loans are just rampant with fraud? If we would have known that they were putting us all aboard a ship that was GUARANTEED to sink would we have agreed to sign on the dotted line? I wouldn’t have. I was a legitamate borrower, I qualified for the mortgage loan, but hidden from me was the FACT that they were packaging GOOD RISK along with VERY RISKY and when they went down WE ALL WENT DOWN, GOOD AND BAD RISK. Everyone bought a house they couldn’t afford if they lost their job or business and they knew this. This is exactly what happened because of the engineered financial collapse. They set all borrowers up to fail. Some sooner, others later. Rescind my loan you crooks!!!!

  7. John Hart says:

    “Everything appears to be relatively simple and straightforward but is that really the case?  Could it be that there are other players involved in this whole transaction that we know nothing about that have a very substntial financial interest in what has just occurred?  Could it be that those players that we are totally unaware of have somehow used us without our knowledge or 
    consent to secure a spectacular financial gain for themselves with absolutely no investment or risk to themselves whatsoever?  Could it be that there is a hidden aspect of this whole transaction that is “standard operating procedure” in an industry where this hidden “aspect of a transaction” occurs every single banking day across this country and beyond?  Could it be that this hidden “aspect of a transaction” is a deliberate process to unjustly enrich certain individuals and entities at the expense of the public as a whole?  Could it be that there was not full disclosure of the “true nature” of the transaction as it actually occurred which is required for a contract to be valid and enforceable?
     
     
    THE DOCUMENTS INVOLVED 
     
         The two most important and valuable documents that are signed at a closing are the “Note” and the “Deed” in various forms.  When looking at the definition of a “Mortgage Note” it is obvious that it is a “Security Instrument”.  It is a promise to pay made by the maker of that “Note”.  When looking at a copy of a “Deed of Trust” such as the attached Exhibit “A”, which is a template of a Tennessee “Deed of Trust” form that is directly from the freddiemac.com website, it is very obvious that this document is also a “Security Instrument”.  This is a template that is used for MOST government purchased loans.  You will note that the words “Security Instrument” are mentioned no less than 90 times in that document.  Is there ANY doubt it is a “Security”?  When at the closing, the “borrower” is led 
    to believe that the “Mortgage Note” that he signs is a document that binds him to make repayment of “money” that the “lender” is loaning him to purchase the property he is acquiring.  Is there disclosure to the “borrower” to the effect that the “lender” is not really loaning any of their money to the “borrower” and therefore is taking no risk whatsoever in the transaction?  Is it disclosed to the “borrower” that according to FEDERAL LAW, banks are not allowed to loan credit and are also not allowed to loan their own or their depositor’s money?  If that is the case, then how could this transaction possibly take place?  Where does the money come from?  Is there really any money to be loaned?  The answer to this last question is a resounding NO!  Most people are not aware that there has been no lawful money since the bankruptcy of the United States in 1933.
     
     
         Since House Joint Resolution 192 (HJR 192) (Public law 7310)
     was passed in 1933 we have only had debt, because all property and gold was seized by the government as collateral in the bankruptcy of the United States.  Most people today would think they have money in their hand when they pull something out of their pocket and look at the pape that is circulated by the banks that they have been told is “money”.  In reality they are looking at a “Federal Reserve Note” which is stated right on the face of the piece of paper we have come to know as “money”.  It is NOT really “money”, it is debt, a promise to pay made by the United States!  If you take a “Federal Reserve Note” showing a value of ten dollars 
    and buy something, you are then making a purchase with a “Note” (a promise to pay).  There is absolutely no gold or silver backing the Federal Reserve Notes that we refer to as “money” today.
     
     
         When you sit down at the closing table to complete the transaction to purchase your home aren’t you tendering a “Note” with your signature which would be considered money?  That is exactly what you are doing.  A “Note” is money in our monetary system today!  You can deposit the “Federal Reserve Note” (a promise to pay) with a denomination of $10 at the bank and they will credit your account in that same amount.  Why is it that when you tender your “Note” at the closing that they don’t tell you that your home is paid for right on the spot?  The fact is that it IS PAID FOR ON THE SPOT.  Your signature on a “Note” makes that “Note” money in the amount that is stated on the “Note”!  Was this disclosed to you at the “closing” in either verbal or written form?  Could this be the place where the other players come into the transaction at or near the time of closing?  What happens to the “Note” (promise to pay) that you sign at the closing table?  Do they put it in their vault for safe keeping as evidence of a debt that you owe them as you are led to believe?  Do they return that note to you if you pay off your mortgage in 5, 10 or 20 years?  Do they disclose to you that they do anything other than put it away for safe keeping once it is in their possession?
     
     
    WHAT ACTUALLY HAPPENS TO THE “NOTE”? 
     
         Unknown to almost everyone, there is something VERY different that happens with your “Mortgage Note” immediately after closing.
     
    Your “Mortgage Note” is endorsed and deposited in the bank as a check and becomes “MONEY”! See attached (Exhibit “B” para 13)   The document that you just gave the bank with your signature on it, that you believe is a promise to pay them for money loaned to you, has just been converted to money in THEIR ACCOUNT.  You just gave the “lender” the exact dollar value of what they said they just loaned you!  Who is the REAL creditor in this “Closing Transaction”?  Who really loaned who anything of value or any money?  You actually just paid for your own home with your promissory “Mortgage Note” that you gave the bank and the bank gave you what in return?   NOTHING!!!  For any contract to be valid there must be consideration given by both parties. But don’t they tell you that you must now pay back the “Loan” that they have made to you?
     
     
         How can it be that you could just write a “Note” and pay for your home?   This leads us back to the bankruptcy of the United States in 1933.  When FDR and Congress took all the property and gold from the people in 1933 they had to give something in return for that cofiscation of property.  See attached (Exhibit “B” para 6)  What the people got in return was the promise that all of their needs would be met by the government because the assets and te labor of the people were collateral for the debt of the United States in the 
    bankruptcy.  All of their debts would be “discharged”.  This was done without the consent of the people of America and was an act of Treason by President Franklin Delano Roosevelt.  The problem comes in where they never told us how we could accomplish that discharge and have what we were entitled to after he bankruptcy.  Why has this never been taught in the schools in this country?  Could it be that it would expose the biggest fraud in the history of this entire country and in the world?  If the public is purposely not educated about certain things then certain individuals and entities can take full financial adantage of virtually the entire population.  Isn’t this “selective education” more like “indoctrination”?    Could this be what has happened?  In Fina Supply, Inc. v. Abilene Nat. Bank, 726 S.W.2d 537, 1987 it says “Party having superior knowledge who takes advantage of another’s ignorance of the law to deceive him by studied concealment or isrepresentation can be held responsible for that conduct.” Does this mean that if there are people with superior knowledge as a party in this “Loan Transaction” that take advantage of the “ignorance of the law”, (through indoctrination) of the public to unjustly enrich themselves, that they can be held responsible?  Can they be held responsible in only a civil manner or is there a more serious accountability that falls into the category ofcriminal conduct?
     
     
         It is well established law that Fraud vitiates (makes void) any contract that arises from it.  Does this mean that this intentional “lack of disclosure” of the true nature of the contract we have”

  8. Danelle Hills says:

    Let the Attorneys General of ALL states take note of the above! And let’s make it a fee on the banks to begin to foreclose, equal to the LOAN outstanding, that must be put up for EACH AND EVERY PROPERTY. Let the money be held by the courts until the end of the foreclosure process as a sort of surety bond, to let the bank have some skin in the game too. The total LESS the $ 20,000 disincentive fee can be returned to the bank by the court at the end of the proceedings. And keep the banks honest, by forcing them to be on an equal footing with the homeowner. Make them have clear, authentic original chain of title ready when the proceedings are first commenced. If the homeowner must dot all “i’s” and cross all “t’s” then so must the lender or bank or noteholder. Transparency and equal standing are what have been lacking between the homeowner/consumer and the big financial bullies that have nearly bankrupted our country – there have been NO real “arm’s length transactions” in mortgage lending, the playing field has not been level to start with. The loan process has not been equal either, due to the conspiracy between the credit reporting agencies and the lenders, The homeowner has NOT been able to “shop elsewhere and buy elsewhere” for his mortgage loan. The deck has deliberately been stacked against the homeowner. Don’t let the banksters get away with this – if we do, we invalidate the antitrust laws and the RICO laws – why bother to have them on the books?

    • l vent says:

      No actual physical money transaction ever occurred. That is THEE Origination Fraud. That should kill any contract we had with them They broke the law right under our noses without our knowledge or consent and had us sign a LEGAL BINDING contract under FALSE PRETENSES, WE WERE BLINDSIDED AND THAT IS FRAUD..MASSIVE, PERNICIOUS MORTGAGE FRAUD WITH THE INTENT TO HARM US, WE ARE THE VICTIMS. They should be forced to RESCIND the loans. They massively DECEIVED AND THEN defrauded us. There is a coinage act that protects us from such fraud being perped against us. Did you know you when you were signing your mortgage note you were signing a check for the banks to cash that was really worthless, worth no more than monopoly money. Did you ever actually get a physical check to pay for your home with? NO, Not one of us did. The note is not the security instrument, the mortgage is the security instrument IF IT IS PROPERLY SECURED TO THE COLLATERAL WHICH IT WAS NOT. THEY NEVER PERFECTED THE COLLATERAL LIEN IN ALMOST ALL CASES. Sorry, we the victims will not negotiate with those blankety blanking criminals.

    • Katheryn says:

      Not having the opportunity to shop for a loan is absolutely true. The only thing that stopped a refinance through our bank was the house would not appraise.. A year later out of desperation we could not get approved for a mod but no problem giving us a refi charging us $6,000 in points on an interest rate that would have -0- points with outside lenders. Not only did the inflate the value of our property, they added an additional $10,000 to the loan balance for the points and other junk fees they added on. Points, loan origination fee, application fee, misc. bank fees, bank processing fee. It is unbelievable! Then because it was a Home Affordable refi, they received tarp money for doing the loan in addition. What is WRONG with this picture. Was their no oversight whatsoever or even random audits to oversee loans made by banks that were receiving TAX PAYER money for funding? I don’t think I believe that.

      As I sit here working on my files, the funniest (in an orxymoronic kind of way) and most ironic document that I have come across is the “Borrower’s Certification & Authorization” of which paragraph 3 states, “I/We fully understand that it is a Federal crime punishable by fine or imprisonment, or BOTH, to knowingly make any false statements when applying for this mortgage, as applicable under the provisions of Title 18, United States Code, Section 1014”. Prime example of the meaning of “one sided” agreement. I think that I will spend the little time I have and write a letter with this document as an attachment and send it to 1600 Pennsylvania Ave., NW, Washington DC.

      • l vent says:

        @Katheryn: The fox was guarding the hen house and the fox still is. To say they are all shady is an understatement.

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