Quelle Surprise! Fed Economists Side Firmly With Bank Criminality Over the Rule of Law

Quelle Surprise! Fed Economists Side Firmly With Bank Criminality Over the Rule of Law

Although Dave Dayen and Abigail Field have already given a well-deserved shellacking to a remarkable piece of bank PR masquerading as “insight” at Reuters, “Evidence suggests anti-foreclosure laws may backfire,” it merits longer-form treatment as a crude macedoine of anti-homeowner messaging.

The way Big Lies get sold is by dint of relentless repetition. In the wake of the heinous mortgage settlement, foreclosure fatigue has set in. A lot of policy people want to move on because the topic has no upside for them. Nothing got fixed, the negotiation process took a lot of political capital (meaning, as we pointed out, it forestalls any large national initiatives in the near-to-medium term), and Good Dems don’t want to dwell on a crass Obama sellout (not that that should be a surprise by now). But the fact that this issue, which ought to be front burner given its importance both to individuals and the economy, is being relegated to background status creates the perfect setting for hammering away at bank-friendly memes. When people are less engaged, they read stories in a cursory fashion, or just glance at the headline, and don’t bother to think whether the storyline makes sense or the claims are substantiated.

Just look at the headline: “Evidence suggests anti-foreclosure laws may backfire.” First, it says there are such things as “anti-foreclosure laws.” In fact, the laws under discussion are more accurately called “Foreclose legally, damnit” laws. Servicers and their foreclosure mill arms and legs have so flagrantly violated long-standing real estate laws in how they execute foreclosures that some states have decided to up the ante in terms of penalties to get the miscreants to cut it out.

Rest here…



4 Responses to “Quelle Surprise! Fed Economists Side Firmly With Bank Criminality Over the Rule of Law”
  1. Fedup says:

    Why hasn’t anyone taken this to the media? I mean this is happening all over Amercia, I would think that Americans would be VERY interested in these types of stories. The media loves sensational journalism and getting a rise out of people. You would think a smart journalist would start doing story after story (just like that guy who does the online predator stories). They are many and would keep him/her busy until finally judges take notice and start ruling by the law not their own interests. We have a similiar but have not lost our home yet. After doing a forensic report we found out that 17 or 18 different intities “own” the note to our home. Including a QSIP # (stock#?) We hired a lawyer who has had no problem taking a monthly payment from us and even filed a 30 page complaint. ONLY for the lawyer to come back with the bank wants you to fill out a loan mod. UM am I missing something here?? How do they have the right to be asking for that, shouldn’t they be answering the complaint? Once more, who is our lawyer working for anyway? I guess we could have saved some money and not hired the lawyer to fight the fact the bank has done illegal things if the answer to all this was going to be our lawer saying we have to fill out a loan mod. GREAT plan lawyers give our info to the enemy so they can use it against us? (after the lawyer said do a bankruptcy? I mean regular people get a complaint filed against them and they do not get to continue being in the offensive seat. One must respond to the complaint, not demand for things from the plantiff.

    • Collene says:

      I have been trying so hard to get my story exposed! We found out prior to the banks deposition that the security instrument was never recorded. The loan was invalid according to UCC 3-305. We never were in possession of the note or any required documents from the closing. We finally received when we filed suit and now we had proof of an invalid loan, proof of perjury on payoffs & proof of forgery. The only papers we were given at the illegal closing that took place in a food court at a local mall and lasted 10 minutes was 2 copies each of a Right to Cancel which we never signed. When we finally received our closing docs there were 6 copies of Right to Cancel all with different signature.. It was obvious someone forged these. We also were not in arrears and the hundreds of thousands we paid none was applied to our principal. The bank ignored the MA foreclosure laws and never sent a Notice of intent to foreclose, never published it in the newspaper. The banks atty was the only one with knowledge and he bought for the bank paying over $13,000 more than the stated principal. There was no auctioneer, no proof of sale, no proof of memorandum to satisfy the statute of fraud, no proof of deposit or final payment. This is such a case of FRAUD! No money ever switched hands. I have so much evidence that would blow your mind. We also had an expert witness, proof of all letters sent to the bank and their atty, all complaints ignored and proof of when we were finally in possession of our note and required closing documents. Our lawyer really pulled a fast one on us. On top of paying all mortgage payments for 24 yrs and then having to pay over $35,000 to a lawyer when the Judge could have made a summary judgment. The banks attorney did not even represent the bank. It is such a crime of huge proportions. Our lives have been destroyed, our son is having a real difficult time dealing with PTSD as well as losing the only home he ever knew while he was deployed. need to get a reporter

  2. 1ofthemany says:

    The elite plan is to own ALL restate and it is happening but we will still fight as it is all we have is to fight. Blessings All.

  3. Collene says:

    Not only do banks ignore the foreclosure laws, Judges ignore the facts of law. Imagining having a home for 24 yrs and had a perfect payment history only to have your home illegally foreclosed then spending over $35,000 on legal and court fees. The Judge in our case ignored the facts of law and preponderance of evidence. Our son returned home from his 2nd deployment in Iraq to find out the only home he ever knew was gone and we were homeless. Our families lives have been destroyed and we have been victims of FRAUD and financially ruined. I am praying for the day an ethical person with a voice that will be heard will want to expose our story. Until then it is very difficult to wake up everyday! MA Judges suck as well as our Division of Banks, A/G and FBI.

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