Vexed by Securitization Suit, Banks Pull Out of Mortgage Fraud Settlement Meeting
The five biggest mortgage servicers have cancelled a planned negotiating session with representatives of the 50 State Attorneys General in apparent protest over a federal regulator filing suit against them, a source familiar with the matter tells TIME.
The banks canceled the meeting on Tuesday afternoon in protest over the announcement last Friday that the Federal Housing Finance Agency would bring a broad case against 17 firms, including those in talks with the State AGs. The FHFA, which oversees mortgage giants Fannie Mae and Freddie Mac, alleges the firms violated securities law by misrepresenting the value of bundles of high-risk mortgages they sold. FHFA did not say how much the case might be worth, but outside analysts have said it could potentially produce billions of dollars in compensatory damages from the firms.
The big mortgage servicers, including Bank of America, Citigroup, JP Morgan and others, were scheduled to meet late this week with the State AG negotiators as part of a separate investigation. Those talks are aimed at a settlement that will address standards for handling past and future mortgages, massive penalties (reportedly as high as $20 billion), and a release from legal liability for the servicers in other mortgage matters.
Check out the rest here…
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Criminality is still against the common law. It has kept us for several years and it should guide us for more
Just knowing what it is makes our nation stable. Not like shariah fir some other parts of earth.
I let you watch it 4 me cuz im clueless!
“Bank of America is also considering laying off 40,000 people, though plans have not been finalized, according toThe Wall Street Journal. Shares lost 3.1% to $6.98” — 9/9/11
It is going down and it will not be coming back….that’s my prediction (and heartfelt wish) for DOA, uh BOA, Chase and the rest o’ the bankster frauds.
I really hope B of A doesn’t cave yet. If sorted out by the FDIC, I expect homeowner claims will be on the short end of a long stick. Look for investor claims to swoop in and pick through the remains of the day with homeowners left with nothing, as usual.
I was included in a settlement class action for a fee against one of the folded mortgage companies that took bankruptcy. I received letters constantly and then the thing settled. The attorneys wrote me that I was assigned a set amount for my small fee but because my fee was under their minimum my award was being absorbed to pay those with larger or multiple claims. I vowed then to never allow myself to be used by a system so corrupt again. Now if someone wants to included me in a class action, I exercise my right to opt out. If your share would be large it would be worth hiring your own representative to take care of your claim. However, if I am collecting little or nothing, I will not permit my claim to be confiscated for greed of others. We live in a strange world where integrity and ethics are not rewarded. We are pawns in a greedy capitalistic system to be used much as we are being ‘used’ now because our houses are collateral in a giant con game.
I predict they will be bought up by “investors”….and broken up into many new spawns of satan…..
The truth is, our homes are not being used as collateral, out signatures are, and our childrens, and their childrens, children. Once the family name is trashed, it snowballs down the line until they have destroyed the family as a whole. The homes they forclose on are actually gravy after the meal, and plenty of leftovers for the next servicer that doesn’t own any part of the mortgage, and Note. Just like Credit cards not one bank has put up any money for any mortgage, they create money from selling debt, and once they get you in their great credit report scheme, you have no chance to ever get paid off, because once you get close to being debt free, they find another way to force feed their credit on you when you are down and out, and they know when you are down by the information you give willingly to obtain credit. Credit reporting agencies are actually selling your private information and are the first to get money from your signature. Once you ask for credit you sign your life away. Nobody ever received cash for any credit, as it is all paper shuffling and not one dollar bill actually goes to the borrower. Homes and realestate are actually just floating around until the banks find a way to forclose on it, then turn around and print up more money to make the image of the beast disapear in thin air. I repeat…….. Banks only make money when they get you to sign a note that you pay cash for, but they pay the federal reserve interest with real money that was created out of thin air. The federal reserve is printing up counterfit money that is not even worth the paper it is printed on. It was never legelly passed out of the Declaration of Independance and still has full control for the people. It states 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. So why do we keep giving our power to government by voting? If we all stopped voting for just one term, the people would be able to take back the Government, and abolish the Federal Reserve, and would allow this country to get rid of the debt within two years. STOP SIGNING YOUR RIGHTS AWAY, THIS IS WHAT THEY WANT TO BE IN POWER. No Vote for any party, equals three Votes for freedom from slavery.
Found some Friday humor on the Colbert Report…..Though we could all use a good laugh…….Colbert talks about the Ponzi Scheme of SS and the banks and Rick Perry:
http://www.hulu.com/watch/276415/the-colbert-report-rick-perry-presents
LOL….I vent….must say that was funny….now that is real humor…..
How about it Marilyn!!! Colbert , John Stewart and Max Keiser are the only news shows worth watching…..!!! Best part is even if you don’t have cable, you can watch them online anytime!!!
I will make note of his show….my kind of humor….for sure….
Gotta laugh….flipped on FOX just in time to catch their latest trick ….they had some idiot guy on there trying his damndest to convince people to vote for Rick Perry..almost half did not drink the kool aid and said they were undecided….CNN had a pretty good skit today about voting… They were interviewing a few townspeople and they were discussing the politicians….in the end, the reporter asked one guy who he liked for Pres. and the guy said, I like pizza…….!!!!! Loved that!! At this point, Pizza for President makes as about as much sense as any of it……..!!!
At least we know what pizza is…pizza has credibility….!!
What about the home owners who lost their home over a year ago to foreclosure as we did not know then what we know today.. to make matters worse, the property is still vacant. Any chance we can get our home back?
Ever since we closed with IndyMac, that very same day the note went to MERS…..and there has been Frauid on all paper ever since…….Is there any recourse for us?
Thank you, Nancy
Nancy, maybe you should file a lawsuit…the same thing happened to my brother in law and my sister is still in her home but fighting a Chase eviction….Have you looked into Adverse Possession in your state?…..If you paid the taxes for a cetain number of years…..and the home has been vacant for over a year you may be able to move back in a bold and hostile takeover…
Maybe that will give some people the idea to check into…. since so many homes are vacant and theirs may be one of them. But I question…if you paid the taxes for X amount of years…and the bank was foreclosing and the bank paid the taxes while in foreclosure…wonder how that would work ?
marilyn, An attorney told me that I could sue my pretender lender for 3-4 times the value of my home….I am not an attorney God knows, and I do not know her circumstances but, if they stole her home illegally I am sure she could sue her pretender lender for at least that much in monetary damages…….
A lot of people are refusing to move or moving back in their homes if they have not actually foreclosed. Even if foreclosure has occurred, depending on circumstance you might consult an attorney to look into your paperwork. If faulty or based on fraud or forgery, you may have a cause for action. Some attorneys have had success in reversing foreclosure within a period of time or statute of limitations. Never hurts to ask. Call a bankruptcy attorney and ask for the names of attorneys who handle these more complex challenges to property foreclosure or alternately contact legal services in your community. What do you have to lose? The answer is ‘no’ if you fail to inquire.
I vent…I heard the same…3-4 times ….I heard it was the amount on the Note at closing…Plus attorney fees and other costs….Now I was told that not by a lawyer but a Paralegal with years experience….I cannot say if that is right or wrong….maybe someone on here has the answer.
IT IS TRUE MARILYN, AN ATTORNEY TOLD ME THIS, ALL I CAN SAY TO THAT IS, GOD BLESS AMERICA!!! GOD BLESS THE U.S. CONSTITUTION AND THE U.S. BILL OF RIGHTS AS WELL AS ALL OF THE LAWS THAT WERE PUT IN PLACE IN THIS COUNTRY TO PROTECT OUR PROPERTY RIGHTS FROM AN OPPRESSIVE TYRANNY SUCH AS THIS WHO HAS HIJACKED AMERICA WITH TONS OF LIES AND DECEPTION!!!!!
Yes it is three times and thats under the UCC regulations that anyone can google to find it.
Hey Guys? Find a Judge…..who is going to find for that much for a homeowner……then appeals…..
Right Rob….I was watching Angels and Demons Decoded last night on History International and they were discussing Rome and the Illuminati….and the Roman Inquisition…During the Roman Inquisition, which was the purging of Goyim (human cattle) from society, the judges minds were already made up by the RULERS IN ROME.The people did not have a chance…Sound familiar????…..the only one who ever fought them and won was Galileo…..
The difference between then and now is those people knew they were under Roman Rule…..We The People on the other hand were deceived by them….that is the epitome of evil..The banksters are evil and they are in the big club but, they are the perps and not the head of the beast…we know the truth is none of them own our homes and they are no more than theives who use disinformation agents as criminals to get their evil work accomplished……in order to steal everything from the people….Trustees of the world my ass…..Who said? Nobody did….
BTW, anyone see GW and the gang at the 9/11 memorial today hiding behind bullet proof glass???…Things that make your go hmmm………??
I vent…I saw that on yahoo news…but did you notice Laura was not behind the glass….just 3 of them. The men should have been on the ends and the women in the middle…..my eyes see things in different ways than alot of people. HMMMM
I saw the water falls…I saw no fountain…and what is that in the center…that square hole…that whole set up looks terrible….is that the best this country could do in memory of 3,000 killed and many thousands injured and still are? I thought it looked very depressing…………………
But one thing I did notice…Obama put his hand over his heart for the anthem….wonder what brought that on…I have seen many pictures where he just stood with his hands behind his back…maybe someone clued him in to do it…..another HMMMM
I vent…Saw this on yahoo news….http://news.yahoo.com/u-banks-look-kinder-gentler-death-plans-164159813.html did you catch this yesterday? I found this rather interesting….Just in case any one missed it…. Is this another ‘ trick or treat ‘ ??? Or what?? Is the slide getting more grease??
I think before the major arrest, they will shout hail chancellor bernanke and bite that cyanide pill in their mouth.
Good one abs….some might not realize what we have here is history repeating itself with the fourth reich: Here is a quick lesson from history about how the Nazi’s operate for those who might not see what is going on here in America:
The Wannsee Conference 1
The video has been blocked. You can you tube search the words…..The Wannsee Conference Part 1..
no such thing as stupendous man!!!!
LOLLOLLOLLOLLOL………….leave it to Maggie May to think of that…..
HOW DO I KNOW THAT YOUR THE ONLY COP I GOTTA PAY OFF?
“Tony Montana in the movie Scarface”
LOL John, you are right on!!!
HUH?
I think John means there is alot of corruption…but we are getting there…..!!
I hope they ran right to their criminal defense attorneys and keep going “DO NOT STOP ,, GO DIRECTLY TO JAIL.” Their criminal defense attorneys need to be put on notice of the felonie 18 USC 4 law and 18USC 2, &3 laws. They’re duty is first to the courts to turn in fraud and felony, then second to their bankster ganster clients. I wish them bushels of law suits to come. Our government officials have a duty of fudiciary duty to us the citizens/tax payer. These criminals have evaded taxes and profitted from fraud, and greed and committing felonies. Our government officials have a duty of Honest Services Doctrine to us the tax payers also.
The problem is that where there is an organized criminal protection racket in place WITHIN the court/legal system where attorneys are ‘induced’ into involvement, and apparently fear advocating a clients interest where this ‘UNSEEN HAND’ is operating behind the scenes, it is impossible to bring this before a court or to sue with or without a lawyer, and not fall prey to this ‘UNSEEN HAND’, where known to you or not, there is a criminal with exposure who need be insulated/protected. The racket of paralegals, lawyers, judges, clerks, DA’s, DFCS, etc, is well woven into the fabric of the judicial system. It is well known, yet invisible and causes fear in honest attorneys. At least in the greater Atlanta Georgia area. Its no coincidence that Atlanta Georgia is the NEXUS of mortgage fraud. Whether one is involved in financial fraud, pedophilia, or child support fraud, divorce (where one needs to conceal his criminal activities from any discovery, and at the same time be shielded from perjury and know before the fact are untouchable). It seems, lawyers must comply with the will of this ‘UNSEEN HAND’ to make a living. This ‘UNSEEN HAND’ scares ethical lawyers. This network apparently has tentacles reaching well into the Southeastern US. It appears to be involved in the concealment/protection of individuals involved in ID theft and financial crimes/mortgage fraud at a HIGH LEVEL.
ID THEFT/MORTGAGE FRAUD IS A FORM OF TERRORISM, AND MUST BE INVESTIGATED AND PROSECUTED AS SUCH! IT BROUGHT DOWN THE USA! IT IS A 9/11 TERRORISM CRIME! WE NEED AN AGENCY TO REPORT THESE CRIMES TO THAT IS A 9/11 AGENCY NOT JUST A FINANCIAL CRIMES UNIT!
We The People must expose it..and let them know we know the truth……file complaints en masse at your police dept. State AGs, States Attorneys, the DOJ, the FBI mortgage fraud division……ETC…. about all of the mortgage fraud…flood the White House with e-mails and phone calls……whitehouse.gov…….
…..they probably got a memo from Tom Miller…..saying that you banksters are too far gone….and I can’t help you anymore!
That is a nice lens to view Miller through but I haven’t seen anything that indicates he is anything but a shill and pushover for the banks.
Political season vs. campaign cash is upon the banksters too…..?
If it angers the Attorneys General to prevent their being manipulated by banks, it may result in a tougher stand or litigation. AGs were set to cave due to Washington and the banking industry pressure to “finish” the mess that sits like a gorilla in the center of Washington’s wish to concentrate on an election. Issue for banks is real property collateral inventory sitting on their ‘books.’ Massive shadow inventory waiting to be dumped on a paralyzed housing market as deteriorating REOs is something few recognize because there is no published count available. Banks want to rid themselves of inventory but to drop it on the market, before they receive release from investor liability, leaves them open to massive legal liability as a revealed risk. Banks could profit from a deal but with every day the housing market continues to falter, amid reports of fraud, it is unlikely buyers will clear inventory. Banks-investment banks hoped to appease investors, write off losses stay out of court, self protection is motivation. They care little about the housing market or helping homeowners. They are looking to AGs to aid them in escaping future litigation from investors. The 17 bank lawsuits were to prevent loss of statute of limitations. Technically they might be temporarily non-suited to gain AGs more time but If a deal can’t be made, AGs hold reduced leverage unless they choose to sue, which I doubt they could agree to do. If the AGs are miffed at the snub, maybe it will stiffen their backbones.
One small step for man, one giant leap for mankind!!! SECURITIZATION IS A GRAND DECEPTION…..A R– USE TO MAKE YOU THINK THEY OWN YOUR STUFF, THEY DON’T……..THE AMERICAN PEOPLE DO BECA– USE WE PAY TAXES….!!!!!
AWSOME!!!!!!!!!!!!!
YES