NY Times | In RE Wilson: A Grasp of Foreclosures That Eludes Regulators

Homework Regulators Aren’t Doing

By GRETCHEN MORGENSON

“ONE too many times, this court has been witness to the shoddy practices and sloppy accountings of the mortgage service industry. With each revelation, one hopes that the bottom of the barrel has been reached and that the industry will self correct. Sadly, this does not appear to be reality.”

This trenchant take comes courtesy of Elizabeth W. Magner, a bankruptcy court judge in the Eastern District of Louisiana. In an April 7 opinion involving a couple whose bank tried to foreclose on them even though they were current on their mortgage, you can sense Ms. Magner’s frustration with financial institutions that administer home loan payments and records.

Ms. Magner is just one of many judges overseeing cases involving troubled borrowers, of course. But because her judicial duties seem to have made her an expert on mortgage servicing, Ms. Magner’s views could not be more timely and important. This is especially true, given that state attorneys general seem intent on striking a settlement with servicers before they have conducted a comprehensive and thorough examination of industry practices.

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4closureFraud.org

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In RE Wilson Motion for Sanctions Granted

Comments
5 Responses to “NY Times | In RE Wilson: A Grasp of Foreclosures That Eludes Regulators”
  1. l vent says:

    The whole Ponzi Scheme was no more than a lot of digitized fakery. The mortgage loans never existed and the scammers just digitized all of the fraud on Wall Street. There was never anything to securitize. It was all just an illusion. Then they took that illusion/ deception and tricked alot of innocent people into thinking they owed a mortgage and were buying a home or investors were investing in MORTGAGE BACKED SECURTIES. Then the scammers used MORTGAGE DERIVATIVES LIKE CDO’S AND speculated wildly on their WALL STREET CASINO and made trillions off of thin air like the ENRON BUSINESS MODEL. 60 trillion on MORTGAGE DERIVATIVES IN 1999 ALONE reported CNBC.. They used digitized fraud to make it all look real and then created many ways to dice up the fakerey to hide who they were like THE ORIGINATION FRAUD AND MERS and FORECLOSUREFRAUD. The criminals made trillions off of the mortgage derivatives scam with their use of algarhythms to hide the fraud and the fakery. The mortgage loans and the MBS’s were all no more than a GRAND ILLUSION for WALL STREET to SPECULATE ON. THAT IS WHY THEY NEVER HAD ANY SKIN IN THE GAME. THE LOANS NEVER EXISTED.. .IT WAS ALL A GIANT PONZI SCHEME R– USE.

  2. l vent says:

    Foreclosuregate is about nothing more and nothing less than a NEW WORLD ORDER HOME GRAB, THEY ALREADY HOLD THE LAND IN AMERICA IN FEE SIMPLE BECA– USE OF TREASON BY OUR OWN POLITICIANS, NAMELY TRICKY DICKY NIXON. They want THE UNITED STATES OF AMERICA TO BE A NATION OF RENTERS WHERE THE PEOPLE OWN NOTHING BUT DEBT. THEY NEVER WANTED US TO BE ABLE TO PAY OUR HOMES OFF. In ALL REALITY THEY NEVER ARE REALLY PAID OFF, BECA– USE OF THE PROPERTY TAX INPOSITION ON THE LAND THE NEW WORLD ORDER IMPOSES ON ALL OF US ‘HOMEOWNERS’. I HEARD ON THE KEISER REPORT THIS WEEK THERE IS A NEW IMF _WORLD TAX_ COMING BY THE UN/ NEW WORLD ORDER AND THAT IS HOW THEY ARE GOING TO “FIX” THE FRAUDCLOSUREGATE PROBLEM. THIS IS HOW WE WILL ALL BE PAYING THE “MORTGAGE” WHICH WILL REALLY BE THE “RENT” TO OUR NEW WORLD ORDER LANDLORD TYRANTS HERE IN AMERICA. THEY WANT TO MAKE US “THINK” THEY OWN OUR HOMES. LIARS!!!!! COMMIE TYRANNTS, ALL OF THEM. SPREAD THE WORD TO THE PEOPLE THAT A _WORLD TAX_ WILL BE THE END OF OUR NATIONAL SOVERIEGNTY. OUR U.S. CONSTITUTION OVERULES ALL OF THIS FOREIGN TYRANNY. SPREAD THE WORD ABOUT THE COMMIE PLAN!!

  3. debi J says:

    This is all a charade—no ones really regulating or governing or over seeing. No one is doing any thing except covering it all up. We the people must have an IQ of about 6 not to be able to see what’s going on. Its not that hard. The books are written; the trials have been quietly had, the only question is WHY isn’t any one in jail? Let’s start with the regulators first. Eliminate them and get new ones. Regulators must be willing to regulate. They all need to go to jail. Then the governors. Those who are not governing should reside in jail too for as long as it takes to expose all the fraud and wrong doing. Congress is a joke. A fiasco really. Who elected these people and why?? No one represents the people. None of them have a clue what foreclosure really feels like. Put people in congress who are in a fraudulent foreclosure and a special unit and I bet they (we) can identify the fraud. Its easy – but it involves big big players. Those players need to go to jail. They have ruined the housing market for decades to come. The wall street lilly white sissy greedy fuks all need to rot in jail – like maybe in mexico where they helped fund all the weapons. Its embarrassing to be an american. We the people need to be heard and we have to stand up to fraud greed and corruption. Doesn’t anyone have any integrity or back bone any more? Just wondering or are you all too busy trying to find gas money to get to work?? God bless. Debi

    • enough already says:

      @ debbi i asked a lawyer in florida if we can sue wells fargo for losing my paper work and denying me a hamp loan and putttung me imto foreclosure i have the tracking number and signee for wells fargo bank she told me fraud is hard to proves. so it is the lawyers whom are not helping us go after the banks. they only want to defend the foreclosure not defend our rights prior to foreclsoure, after the fraud is commtted paper work lost why do lawyers still want us to submit more paper work? and sen it to the same entitiy that keeps frauding us. soon the janitors will get our personel info out of the garbabge and open up credit cards in our names using our social securtiy # because the package that was supose to be shredded wasnt

  4. view from above says:

    mmmmmmm

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