Fraudclosure Fail | More than 40 States Agree to Settlement Over Foreclosure Fraud Abuses

More than 40 states agree to settlement over foreclosure abuses

WASHINGTON – More than 40 U.S. states have agreed to a nationwide settlement over foreclosure abuses.

The deal would force the five largest mortgage lenders to reduce loans for about 1 million households. And the remaining holdouts could sign onto a deal in the coming days.

Officials say that negotiators worked well into Monday night to persuade more states to join the settlement. There is growing optimism that California, Delaware, Nevada, New York and others will eventually sign on.

The reduced loans would benefit homeowners who are behind on their payments and owe more than their homes are worth. The lenders — Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial — would also send checks for about $2,000 to hundreds of thousands of people who lost homes to foreclosure.

More later…

Sellouts…

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4closureFraud.org

Comments
10 Responses to “Fraudclosure Fail | More than 40 States Agree to Settlement Over Foreclosure Fraud Abuses”
  1. Joe Parisi says:

    $2000, does that take away the emotional turmoil that families who have lost their home, equal the playing field. These Wall Streeters make millions due to their connections and wealth.

    What the hell is $2000? Are you kidding me. These people inside have been turned inside out, their children and pets have been forced to move to some secondary rental. If you have to foreclose, give people the chance to strive for something again. Give them a chance to reclaim their home and their precious memories.

    What has become of the world if we cannot help out our fellow brothers and sisters?

  2. Beth A. says:

    Say….if we all get together…thousands of us, maybe a million of us….and we perpetrate one of the largest frauds ever — do you think we would be able to settle our way out of it?

    Hell no!

    If you stole a few hundred dollars because your family was hungry and you needed a few gallons of gas to fuel the van you’re living in because you lost your house/condo to bankster fraud — you would surely go to jail.

    I wonder if the judge would be lenient if you conducted your crime while wearing a suit, carrying a briefcase and you were slick and clever while you pulled off not one crime but did it over and over and over again.

  3. Beth A. says:

    To David – Interesting post…thank you!

    This massive settlement move is not a surprise….sadly. It is simply tragic.

    I can’t even believe the “…$2,0000 to those that have lost their home to foreclosure”. Oh yeah, that’ll make it better. On one property I lost nearly 20 times that due to fraud (in a county where the registrar is suing the foreclosure fraudsters).

    The government does not serve the people. It serves itself and its operatives.

  4. Hell NO! No MORE Bankster BAILOUTS! says:

    I read on one post that the Obama administration is cutting off access to any funds for the state AGs to pursue suits against Obama’s bankster pals.

    I also have seen comments that the agreement is sure to be challenged in court. Would that blackmail of the cut-off from Federal funds to pursue the fraud be a further cause of the agreement to be struck down?

    The funding issue is sure to be a concern for the states in trying to fight the banksters. The federal government has already been giving the cost of fighting the banksters as a supposed reason that no prosecutions have occurred. Now for the feds to further hog-tie the states that DO want to proceed in court is just HORSE SH**!

  5. lvent says:

    These dirty rotten, no good traitor motherbleepers…! They will ALL get theirs….The truth is slowly being revealed, and soon WE THE PEOPLE will ALL know who ALL of the lousy TRAITORS are….and there are a freaking lot of scumbag traitors….!!! NO ONE IS ABOVE THE LAW…..I WAS READING SOME BLOGS, AND SOME AMERICANS ARE REALLY PISSED OFF AND ARE SAYING THINGS LIKE….. WE MAY NEED SOME REAL LIFE BUFORD PUSSERS TO “FIX” THIS TREASON…YES, SOME TRUE AMERICAN PATRIOTS ARE TALKING ABOUT WALKING TALL..

    • lvent says:

      It looks like this might all come down to GUTS, GUNS AND BULLETS…..!!! ALLof the U.S. Patriots against all of the TRAITORS……WE ARE LEGION…ONE NATION OF AMERICAN PATRIOTS UNDER GOD…..EXPECT US….!!! LOOKS LIKE A REVOLUTION AND A TEA PARTY MAY INDEED BE NECCESSARY!! NATIONAL SOVEREIGNTY WILL PREVAIL….! LIVE FREE OR DIE…!

  6. February 6, 2012
    To the Honorables: U.S Attorney General Eric Holder, Massachusetts Attorney General Martha Coakley, New York Attorney General Eric Schneiderman and California Attorney General Kamala Harris and the other 47 Attorney Generals throughout the states.
    Do NOT settle with the banks about the foreclosure crisis in America as this is NOT a way forward for the economic problem facing many Americans. A way forward is stated emphatically in A Way Forward by the New America Foundation, October 2011, where on page 19 it specifically states the “only effective” means of economic recovery is a program of working with borrowers on restructuring and a massive forgiveness of debt for homeowners.

    To me, the ONLY EFFECTIVE way that we will have MASSIVE forgiveness of homeowner’s mortgage debt is when the multi-state legal settlement over improper foreclosure activity by major banks puts all the evidence on the table. One such piece of evidence that I would like to put forth is one that exposes and comes to the bottom of the rabbit hole is the realization that the banks and lawyers conspired together at the conception of the mortgage loan to lead the borrowers into believing, by using legalese and deception, that the banks loaned them real money! Let me make this clear. BANKS DO NOT LEND MONEY! However, Scott Baker, senior editor of Opednews chimed in and said: “The statement BANKS DO NOT LEND MONEY! is not quite true. Banks DO lend money – it’s just that they don’t lend depositors money, they simply create new money whenever they make a loan. It’s this private outsourcing of the money-creation power + human greed and ignorance*/stupidity that creates our bubble/crashes, over and over.”
    Below is the simple key to unlock the complex quagmire of why we have fraudulent loans, clouded titles, false assignments, false affidavits, forged endorsements by robo-signers, unverifiable securitizations, unfunded trusts, non-compliance with pooling and service agreements and illegal secondary market transfers of mortgages, all leading to unfair foreclosures on the ill-fated homeowner who can hardly understand the law or who can afford a lawyer to protect him or her.
    The key secret is: banks do not lend any cash money per se, (like you and I might loan each other $100), what they have done is schemenly facilitated the borrower’s credit into newly created money without informing the borrower of that fact. In other words, it’s the borrowers who create “NEW” money to increase the prosperity of all. AND its the banks who have unjustly been enriching themselves by this fraud for hundreds of years!
    A contract between two parties must exchange something of value, have full disclosure and requires:

    An Offer (A Bank offers to loan $100,000 for 30 years if you agree to pay back $250,000 i.e. $100,000 plus interest)
    An Acceptance (A unknowing homeowner agrees with the help of his or the banks lawyers.)
    Consideration (The value received and given – the $250,000 payback by the borrower and the $100,000 initial loan by the bank)
    Any legally recognized offer and an acceptance create a “meeting of the minds”, or mutual assent, between the parties. The law requires the parties to a contract to demonstrate mutual assent to the contracts’ terms.
    For a “meeting of the minds”, I have chosen Timothy Madden’s words: “The nominal mortgage, by its terms, is deliberately constructed/drafted as a constructive and actual wager. The nominal debtor/borrower’s acceptance of that wager severs their legal and equitable claim to ownership of the mortgage as chattel, and the legal right of property in it defaults to the banker by bare possession.

    The purpose of the solicitor in the transaction is to induce the nominal debtor to commit a strict liability felony offence so as to forfeit their rights to recover against the banker’s fraud in a court of equity jurisdiction. The parties are no long perpetrator and victim, but particeps criminis or “partners in crime” under the law. The constructive deal going in is that the banker says to the prospective nominal borrower: “I will advance you $X of credit provided that you agree to first objectively falsify and deliver nominal securities that are constructive forgeries in law, so that you cannot later sue me to recover for the fraud that I am committing against you and which you have been carefully mal-educated not to understand.”

    Timothy Madden is an economist and expert in banking and credit. He is described by Paul Grignon, the producer of Money as Debt I and II, as “Canada’s foremost authority on deceptive accounting practices of financial institutions.”

    As for the consideration in the contract I refer you to the WEB OF DEBT by Ellen Brown where in the 1968 court Case of Montgomery vs. Daly the Judge’s ruling stated: “Plaintiff admitted that it, in combination with the federal Reserve Bank of Minneapolis, which are for all practical purposes, because of their interlocking activity and practices, and both being Banking Institutions Incorporated under the Laws of the United States, are in the Law to be treated as one and the same Bank, did create the entire $14,000.00 in money or credit upon its own books by bookkeeping entry. That this was the Consideration used to support the Note dated May 8, 1964 and the Mortgage of the same date. The money and credit first came into existence when they created it. Mr. Morgan admitted that no United States Law Statute existed which gave him the right to do this. A lawful consideration must exist and be tendered to support the Note. See Ansheuser-Busch Brewing Company v. Emma Mason, 44 Minn. 318, 46 N.W. 558. The Jury found that there was no consideration and I agree. Only God can create something of value out of nothing.” December 9, 1968 Justice Martin V. Mahoney, Credit River Township, Scott County, Minnesota.

    Ellen Brown is an attorney and president of the Public Banking Institute, http://PublicBankingInstitute.org. In Web of Debt, her latest of eleven books, she shows how a private cartel has usurped the power to create money from the people themselves, and how we the people can get it back. Her websites are http://WebofDebt.com and http://EllenBrown.com.
    Together the banks and lawyers literally and figuratively “steal” the borrower’s promise to pay by creating a fraudulent loan document in a few ways and then later by an illegal bifurcation (splitting the note and the deed) and securitizing that falsified negotiable security. The negotiable security is not really theirs to sell. But…. upon its sale, the (MBS) Mortgaged Backed Securities seem real but are truly falsified documents and have been used to deceive investors and used to foreclose on unsuspecting homeowners!.
    The bank is really only an accounting shop keeping track of the debits and credits of their customers and should not gain by charging interest on money they didn’t have! And then they have the gall to keep ALL the money created by the buying and selling of the tangible security that is NOT theirs. A part of the financial gain should go to the 99% borrower/homeowner for providing the intangible income stream instead of the ill-legal Ponzi scheme they have created for the 1%!

    Scott Fullwiler elaborates on this confusing point: “The bank does not “use” cash to make a loan. The loan creates a deposit. If cash is withdrawn by the borrower this reduces its deposits. So, the cash is “used” in the process of settling a borrower’s withdrawal. This is the key point that confuses so many–banks don’t “use” cash or reserves to make loans since those are merely bookkeeping entries. They need cash or reserves to settle withdrawals that arise from creating the loan/deposit.”

    Scott Fullwiler, Ph.D. is Associate Professor of Economics and James A. Leach Chair in Banking and Monetary Economics at Wartburg College, Research Associate at the Center for Full Employment and Price Stability, and Director of the Social Entrepreneurship Program at Wartburg College. His research expertise is in: central bank operations, Treasury operations, and monetary economics.
    Another aspect of the banks and lawyers conspiring in the initial contract is that the mortgage contract is unpayable…therefore void by law and equity. The Bank loans out say $100,000 and changes interest. AND then demands that the borrower pay back say $200,000 plus in the course of 20-30 years. How can Every borrower pay this back? It is impossible.
    In review, it is not wise for the Attorney Generals to settle with the banks over the foreclosure issue because the initial contract between the borrower and the lender is a void contract:
    1. There is no consideration on the banks part,…the banks did not put up any money or value on their side of the contract!
    2. The banks and lawyers have tricked the borrower into believing they were lent money.
    3. The banks give borrowers loans that are impossible to be paid by all.
    Note: Banks can make plenty of money on the eventual transactions that the borrower makes with his or her “new” money to keep them in business.
    Please encourage Attorney Generals Eric Holder, Martha Coakley, Eric Schneiderman and Kamala Harris and others not to join the settlement until the whole truth about money, banking and usury comes out! A good place to start is the 1991 version of Money, Banking and Usury, by Vic Lockman.

    David Snieckus
    99 Crescent Street
    Newton, MA 02466

    • lvent says:

      David…you are correct…The banks, THE FED, THE U.S. TREASURY, THE GSE’S…..NONE OF THEM EVER LENT US ANY MONEY….they had no skin in the game…WHAT A TANGLED WEB WE WEAVE WHEN WE SET OUT TO DECEIVE…! ENOUGH IS ENOUGH..! THE AMERICAN PEOPLE HAVE HAD ENOUGH OF THE LIES AND DECEPTIONS..! IF YOU GOT A CHECK…FROM A BANK…IT WAS IN A REFI…..AND THAT WAS YOUR OWN SWEAT EQUITY….THAT YOU PAID IN…THEN, THE CROOKS IN MY CASE…CHARGED ME? ?$250,000.00 FOR THAT EQUITY CHECK…PLUS A SIDE NOTE FOR THAT CHECK… PLUS INTEREST…FOR 30 YEARS….ON 2 FRAUDULENTLY INDUCED LOANS…!!!! AND THEY GOT MORE POKER CHIPS TO GAMBLE WITH AND CREATE MORE UNSUSTAINABLE DEBT FOR THEMSELVES…SOMEONE IS OWED ALOT OF MONEY…AND THERE ARE MILLIONS OF SOMEONES….THAT WOULD BE ALL OF US…THIS WAS THE BIGGEST SWINDLE OF OUR WEALTH IN HISTORY..THESE CROOKS BELONG IN PRISON..THEY ARENT OWED ANOTHER DIME…THEY OWE ALL OF US HUNDREDS OF TRILLIONS IN ILL GOTTEN GAINS THEY HAVE HIDDEN IN OVERSEAS BANK ACCOUNTS….

      • lvent says:

        The term moral hazard to these crooks means…the chance that we will figure out how they used all of us just to screw all of us out of everything…and we revolt on all of their fraud..! That day has come.. America is waking up to this monolithic moneyed elite evil plan to steal our wealth, property, and National Sovereignty…therefore all of our freedoms..under the guise of many lies and deceptions…It is all about what the moneyed elite can make you believe…Stop believing their lies….and throw out the FED…THE TRAITORS WILL FLEE..AND WE WILL ALL BE FREE…WITH THE ISSUANCE OF OUR OWN CURRENCY BACKED BY NATURAL RESOURCE REVENUES LIKE NATURAL GAS AND ELECTRIC…OPEN STATE BANKS….THAT WILL END THEIR REIGN OF TERROR..THAT STARTED THE DAY THEE TRAITORS IN CONgress…created the FEDERAL RESERVE..!

      • Now we just have to figure out how to get that money….probably best way MAYBE to just go and ask for it….ha ha

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