Matt Stoller | Mortgage Servicers: Getting Away with the Perfect Crime?

Mortgage Servicers: Getting Away with the Perfect Crime?

Without prosecutions, there’s nothing keeping fraud from becoming a standard business practice.

In 2004, the FBI warned Congress of an “epidemic of mortgage fraud,” of unscrupulous operators taking advantage of a booming real estate market. Less than two years later, an accounting scandal at Fannie Mae tipped us off that something was very wrong at the highest levels of corporate America.

Of course, we all know what happened next. Crime invaded the center of our banking system. Wall Street CEOs were signing on to SEC documents knowing they contained material misstatements. The New York Fed, riddled with conflicts of interest, shoveled money to large banks and tried to hide it under the veil of central bank independence. Even Tim Geithner noted that Lehman had “air in the marks” in its valuations of asset-backed securities, as the bankruptcy examiner’s report showed that accounting manipulation to disguise the condition of the balance sheet was a routine management tool at the bank. There’s a reason Charles Ferguson got an Academy Award for his work on the documentary Inside Job.

And yet, no handcuffs.

Rest here…


14 Responses to “Matt Stoller | Mortgage Servicers: Getting Away with the Perfect Crime?”
  1. Beth A. says:

    Its like the fraud is SO pervasive that whoever deems themselves to be in charge is sitting on their hands – the whole system would have to come down.

    Yep, I have been the one screaming “reset” from the highest hills. They absolutely, positively cannot enforce a contract, any contract, that is built on fraud. These banksters all need to walk away from every fraudulent mortgage that exists…including those that are paid current.

  2. These report should be in every television news media, every news paper, and every radio station, in America! is a disgrace ! Wake up !

  3. Bill McAuliffe says:

    What a koinkakink! A friend just gave me that Documentary to watch. I watched it in 2 sittings. Amazing! This is why I just don’t understand why nothing is being done to resolve this. I mean, this is OBVIOUS. I recommend that everyone take the time to watch this piece!

  4. lvent says:

    I was in fraudclosure court yesterday and after I told him I want to see some proof they own the loan….the bank attorney admitted to my husband and I that there are no assignments, no PSA agreement, the loan was never put in a trust…there is no trust and there is no trustee! Say What? Outrageous!

    • lvent says:

      him being the bank attorney…

      • lvent says:

        Homeowners must ask for discovery…these dirty bastards don’t have proof of shit! They are no more than third party debt collectors…they have to standing to take you home!

      • lvent says:

        They have NO STANDING to take you home is what I meant…they have to prove that and they can’t..! They have no legal right to take your home for an unsecured debt…The only thing that debt is secured to is that collateral deed that you own free and clear…that is the title to the home…They lost their legal right to take your home away the day they sold interests to investors in these loans onto Wall Street with no collateral backing that up…..These servicers are just operating a recovery operation for the FED…because the FED paid some of the bad debt off with money they created out of thin collateral backing that up…These are UNSECURED DEBTS and therefore should be fully extinguisable in a bankruptcy……!! WALL STREET ROBBED TRILLIONS FROM THE AMERICAN PEOPLE…AND THEY ARE STILL BROKE…..STOP CONFORMING AND COMPLYING PEOPLE!!! THEY ARE LIARS……FORECLOSURE is no more than house stealing by the Federal Govt. and the U.S. Government is allowing it…America is not broke…Wall Street and the Big Banks are who can’t pay their bills..and the GSE’s do not own our homes and businesses either..Foreclosure is all a sham and a fraud…a huge deception. Like Marcy Kaptur said…they don’t have that piece of paper up on Wall Street… if your attorney can’t put his finger on it…it does not exist…! Property Law is power…! Don’t leave your homes…!

      • lvent says:

        Bloomberg news reported a few months ago that the Federal Reserve collects trillions of dollars per month in mortgage payments….Bernanke said they use that money to buy treasuries with…The Federal Reserve and the U.S. Treasury are still doing a Ponzi Scheme with mortgages and treasuries….! Stop feeding the beast America! None of them own your home or have a legal right to take your home…This is an ongoing criminal enterprise, a racket…. and it is treason at the highest level…This massive collateral fraud debt committed by the GSE’s and WALL STREET threatens our national security!

      • lvent says:

        Thank You Mrs. Doubtfire! I should Chicago Title & Trust as well. The escrowee from Chicago Title & Trust who received $35,000.00 in indemnification fees in 1992 when my “loan” originated…she has been committing fraud in our names since 1992…!

    • Mrs Doughtfire says:

      IVent, I sure hope you sue the crap out of that bankster!!!! any or all of them!!! good luck to you and way to go!!!!

  5. here is the pdf to copy the entire case. No court has ever judged against the Mass U.S. Supreme Court ruling. This court has ruled all foreclosures by all banks in Mass for the past five years are null void and unlawful and to give the homes back to the owners, and that a new purchaser of an unlawful foreclosed home has like purchased a stolen car and has no right to restitution. I feel for the unknowing, however I know that thousands of these homes have been purchased by greedy investors that are part of the crime, so I dont feel bad for them. One of the biggest purchasers could be Fannie and Freddie.

  6. If you have not read this yet, this should be used in all your case law:Best Post of the Week: Houston, We’ve Got A Problem – Bevilacqua ……/best-post-of-the-week-houston-weve-got…

    • Mary says:

      Also an incredible read…U S Foreclosure In A Nutshell by Bill Butler

      • Mary says:

        Bank Of America,ReconTrust,Mers,and Bank Of New York Mellon, If you have these on your loan docs please reply here. Los Angeles, Orange County, Riverside Areas.

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