Going Out with a Bang | FDIC’s Bair: Millions of Foreclosures Could Be ‘Infected’

 

From the WSJ…

FDIC’s Bair: Millions of Foreclosures Could Be ‘Infected’

The head of the Federal Deposit Insurance Corp. is warning that flaws may have “infected millions of foreclosures” and questioned whether other regulators’ inquiries into problems at the nation’s mortgage-servicing companies have been thorough enough.

“We do not yet really know the full extent of the problem,” FDIC Chairman Sheila Bair said Thursday in written remarks submitted to a hearing of the Senate Banking Committee. “Flawed mortgage-banking processes have potentially infected millions of foreclosures, and the damages to be assessed against these operations could be significant and take years to materialize.”

Bair then goes on to say…

But Ms. Bair, who is departing her position in July, argued that other regulators likely missed homeowners who should have been provided loan assistance but who were improperly denied such help. The FDIC, she said, has found a “not insignificant” number of such cases. “There needs to be much more aggressive action,” she told lawmakers.

Check out the rest of the report here…

Bair’s full testimony below…

It starts to get good on page 20…

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4closureFraud.org

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Testimony of Honorable Sheila Bair

Comments
33 Responses to “Going Out with a Bang | FDIC’s Bair: Millions of Foreclosures Could Be ‘Infected’”
  1. l vent says:

    Think it is a systemwide rampant foreign herpes infection mixed with a addiction to crack cocaine. Theh system has an infection and all they want to do is self medicate themselves to avoid reality. The jig is up, the American people know the truth, time for some strong medicine for the system mixed with some hard time, prison rehab for the crooks and their many criminal counterparts…

  2. maggie may says:

    thats nice:)

  3. l vent says:

    Sheila Baird is right about one thing, the whole system is infected, The main thing it is infected with is a hidden, foreign owned and operated multinational fascist tyranny. That foreign parasite, AKA, THE UN/NEW WORLD ORDER, must be eradicated by We The People. GOD BLESS AMERICA. DEATH TO THE FOREIGN TYRANNY. THEY DO NOT OWN AMERICA.

  4. maggie may says:

    dont use tarot cards messages are from the darkness and the lightness is winning!

    • Binkey says:

      One day back in December 2010, I read my horoscope and it went something like this “If your hopened it, you put the the mail in the trash” ? I thourht hmm, wonder what that was about and put it in my subconcious mind. Well on May 11, 2011 at approximately 10:30 p.m. I found the letter dated May 10, 2010, in which I never received. It was by itself, just as nice and neat had never been folded for an envelope and there were no other attachements with this letter. May 11, 2011 was the actual date I received a document dated May 10, 2010 the letter had been mailed to my Congresswoman who I have consistently in touch with since I was hit with Predatory Lending/Fraud. In the mean time earlier in the day I sent her an e-mail speacking about my response to the Broker- Jauan Harris’ letter sent to the courts had been forged by the courts, and what was written and registered by the courts was not my response. The Congressperson ended up contacting one of the banks investors who lives across the street from me, and when I left that afternoon he had to enter my home to try and retrieve the document “which by the way was removed”, but I do have a copy. In the meantime, as I am going through the file that same evening that was sent to me by the attorney I notice this letter that had no folds in it. It had never been placed in a letter size envelope and there was nothing attached that said this letter was addressed to me. Remember now that any and everything the person the letter was addressed to; anything they sent to me I opened and kept for my records. So the letter that I submitted to the courts was gone and it was replaced by the letter to Congressperson. I say this to say , first we need to step back and look at the BIG picture in all of this. All our leaders are blaming the banks and saying they have no control over the banks, when in fact, they are all being paid. From the top to the bottom, the would both Repulicans, and Democrats alike. State Legislature, Both Houses, Congress, and the Senate. Therefore we to become Proactive and instead of blaming the banks, lets take our power back. For the People and By the People next year is an Election Year…..Let’s get them out of office, it does not matter if they are Republican or Democrats the only way to try and get a handle on this is remove anybody that has been in since and before this crisis started. We need to look and review who started and helped Fannie Mae write these laws into practice, and then last but not least take the time out to go the Polls and get them out of their elected seats because we put them there. We are going to go across the line and un seat them because they are as much involved as the Banks. Each and every last one of them, get them out no matter how much time they have put in be it four years or 8 yrs, or 12 years however long they have been in office let’s get them out. We have to warn all our families and friends, that the next round of foreclosures will go from now until the year 2016 and the numbers will be astronomical. Something like 10 to 15 million foreclosures because of the greed (plague) that is happening in America. We need to un-seat Governors, Senators, Congressmen/women alike, and don’t forget our legislature, to include both houses. And it is sad to say, but the death of Osa Bin Lauden is just a diverson……I believe a man is incent until proven guilty without a reasonable doubt, however, with all that has happened we have yet to prove that he is and was guilty of the crime(s) they said he committed. When 9/1/11 happened I remember a firend being in Africa, and she said when Colin Powell got up and walked out some big meeting with the Prime Minister of Isreal…..the air was so thick that her and her sister knew it was time to return home. Two day later the World Trade Center was hit……Just imagine if they spent 150 million of Taxpayers dollars to stop Fannie Mae and Freddie Mac from being charged with Mortgage Fraud. I am sure another 2 million to find out if Osa Bin Lauden really committed the crimes would have been a drop in the bucket. See the diversion….Lets take a stand together and stand for something or we will all fall for anything. Vote and vote both Democrats and Republican alike out of office in 2012. We need to tell our friends and families if you plan on buying Property let’s stand off, from the banks, take a wait and see approach….If we wait to purchase not only will it drive down the interest rates, but it also cause the price of the properties to come down too. So let’s stand together….As The People for the People…and it starts with our Government….Lets take our power back.

  5. l vent says:

    Headline on my local news, White House to unveil new cyberplan to protect the economy. Well if that does not call out the INTENDED CYBERSPACE FRAUD and INSIDER TRADING SCAM BY the ENTIRE Wall Street/Bankster crime syndicate and point the finger of blame for the intentional financial collapse right at them than what the hell does?

  6. maggie may says:

    Well in my dream they call them blackflag operation lol!!! Im soooooooooooo glad i said NO i felt it in my bones!!!

  7. maggie may says:

    ok tomorro wcuz im not feeling too spunky tonight i will type on hear a prayer i do daily and u gonna go wtf,,,,,,,,but it says how they spy on us thru cable box power supply etc and i will type it here for u its not long!

    • l vent says:

      No shit, Maggie? It is like we are all living the Book of Revelations. I am not a fanatic but I do believe in God and i think he has a plan and alot of the stuff that has been happening in the world is no coincidence.The whole truth movement is proof enough for me of a higher power. There is a great book called the Thunder of Justice by Ted Flynn. This book was published in the early 90s and it has some really interesting events that it predicts that seem to hit the nail on head with what we are living today. The financial crisis, the modern day blood on the doorpost from the books of Ezekiel and Exodus and says Chernobyl was a sign or a warning for the world. The book has a religious theme but it gives alot of insight about the New World Order and all of their evil plans for mankind. Marilyn Abdilla’s comment about the number 11 was really interesting food for thought. If you add the age you will be this year with the year you were born, we are all the number 111. .

      • maggie may says:

        Well i just think that no one is getting this so it makes me glad u get it.! my daughter was born january 11!!! Hmm i think u know this! I mean dead fish dead birds wirst storms earthquakes ever finacial crap what does it take for people to see whats really importan in life?

      • I vent….that number 11 has been with me for so many years….About 20 years ago I lived in Michigan and I got to wondering what lottery numbers came in the most….So I called the State lottery and asked for a printout of all the numbers for a set period of years…( that was before I had a computer). I spent hours using a grid sheet and wrote every number down…and the number 11 was by far the most number in count. The year I was born adds up to 11.. Eleven was always appearing….and than I was told to get the book..11.11…..which just confused me more….till now. Well, I am still somewhat ‘ confused ‘ ….Just like after the words…world war 1…world war 11…world war 111…..now the age bit…that is only for this year..next year it will not be 111….it will be 112…..gets the mind spinning…..Guess it’s time to get the tarot cards out….and dust them off….. LOL

      • l vent says:

        Some call everything just a coincidence, i don’t believe there are that many coincidences. Ever watch the you tube videos entitled 9/11 coincidences? They are really good esp. #17. When I think back to the begining of this mess when I was denied the loan mod at the 11th hour so to speak, I can hardly believe the mass cover-up of this Ponzi Scheme Heist and how many were in on the cover up. I have spoken to at least 7 or 8 lawyers, the free ones and the ones that cost money, they all lied to me until I showed them the proof of the fraud, then they were pretty much speechless but told me go it alone, because you can’t afford me. .Then there is the delightful, heartwarming story about my State AG. Her office told me to get a private attorney, Legal aid or something free, because they don’t take individual cases and fraud is hard to prove and it is really hard to prove intent to do harm. HUH?? The fraud proved not hard to find and the intent to do harm is obvious, we were never late on a bill or a mortgage payment in over 25 years and we lost our family business of 25 years. Our credit rating is in the shiitter too because of them. Right before the crisis hit, a new car dealer ran my credit so many times he destroyed my credit rating.. The reason for the Hamp denial was they said because of our poor credit rating. They were not supposed to base that on credit score. Oh well now I am glad they didn’t give me a stinking loan mod, I found out my house is paid for thanks to this website but all of these dirty bastards that caused this, put my whole family through a living hell and I want them to all be held accoutable and I dont care how far back this goes, I want eveyone of them to pay.. Hey Marilyn!! We sure could all use the winning lotery # combinations.There has to be a way to figure those out!

      • maggie may says:

        no shit!!!!

      • l vent says:

        Absolutely, positively, no shit.

  8. l vent says:

    Sheila Baird knows the TRUTH as does the whole AMERICAN SIDE OF THIS FOREIGN MULTINATIONAL PONZI SCHEME HEIST. THESE HOMES ARE PAID FOR FREE AND CLEAR BECA– USE OF THE PONZI SCHEME.

    • maggie may says:

      What sick evil people!! Imagine robbing banks sucking old sugar daddies and on top of that wanting to murder old women………………….for goodness sakes!!!!

  9. Fury says:

    this is like the news article today that warns that bedbugs now carry MRSA.

    “infected millions of foreclosures?”

    delouse everything by paying back the swindled homeowners what they lost by buying their homes that were stolen by fraudulent means..

    • l vent says:

      Right Fury, and they are saying the meat is infected with diseases.. They are all parasites. We need a giant industrial size tank of Raid. Line ’em up. It is them or us.

  10. Fury says:

    for God’s sake. give the money back that defrauded homeowners lost.

  11. maggie may says:

    I have to say peep findings r getting to be more fun than pogo…not for poor Yves tho!

    • l vent says:

      The FDIC’s job is that they work both sides of the coin like all Federal tranches. Do you know what the market ticker symbol is for Commiecast? Comcast CIA. Rumor has it, they spy on all of us right through that little cable box they gave all of us to put on every tv in every room you have a tv. Just can’t make this stuff up. Spy phones and commiecast all tools the foreign multinationals use to spy on you and me. Nice, huh? These sickos are watching every move we make, here, too. .They have the full intention of controlling every aspect of our lives and micromanaging every dime we make. Time for America to wake up and stop drinking the damned kool-aid. They are the ones Bush was speaking about when he said they hate our freedom.

  12. leapfrog says:

    I always love Yves’ take on a situation:

    “Even though the FDIC has not always been as tough as we’d like, it remains the only Federal banking regulator that is unafraid of doing its job. Will this continue after Bair finishes her term this June, or will the Administration install someone more bank friendly? Given the Obama track record on this front, I’m not optimistic.”

    http://www.nakedcapitalism.com/2011/05/fdics-bair-says-millions-of-mortgages-may-be-infected-criticizes-consent-orders.html

  13. have they actually checked it out, or given someone their home back? I think not. the same people created this mess are just moving right along like nothing happened, still employed and making the deals

  14. If the loans in question are sold to federal housing, and then at auction they are given to fannie mae, just why do you think it makes adifference whether it was legal or not? the homeowner/investor doesn’t stand a chance, what a waste of time;

  15. maggie may says:

    Well we all gotta go some way:)

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