Rachel Maddow Banks burned by their own fraud
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Another Bombshell Interview – Matt Taibbi and Chris Hayes Discuss Foreclosure Crisis
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One thing Matt didn’t mention in the video is that the electronic registration system (MERS) – that is used to track the mortgages and enable quick transfers and bundling – completely cuts the counties out of fees normally received when a note is transferred. The small fees – when multiplied by millions – amounts to a huge loss to ailing counties in states of California and Florida.
Bloomberg posted this story after 8PM ET. And Friday’s a short trading day, so who will even notice it then.
Bank of America, GMAC Suspend Foreclosures in Maine Amid State’s Inquiry
http://www.bloomberg.com/news/2010-09-25/u-s-state-officials-investigate-after-gmac-halts-evictions.html
“Bank of America Corp. agreed it won’t complete foreclosures in Maine and Ally Financial’s GMAC Mortgage unit said it will halt sales of foreclosed homes in the state, Maine Attorney General Janet T. Mills said.
Bank of America will not “proceed to judgment on any pending matters” in Maine until it has finished an internal review of its foreclosure procedures and reported the findings to Mills, the state attorney general said today in a statement on her website.”
http://www.maine.gov/tools/whatsnew/index.php?topic=AGOffice_Press&id=156111&v=article
“Attorney General Mills has also expressed frustration with the (GMAC’s) Home Affordable Modification Program (“HAMP”). Bank of America acknowledged that there were delays due to backlogs.”
As we speak the banksters are trying to take the teeth out of the Dodd- Frank financial reform bill .
NWC Objects to Proposed Rules After SEC Admits the Rules Will Result in “Forgone Opportunities for Effective Enforcement”
Washington, D.C. November 22, 2010. Today, the National Whistleblowers Center (NWC) voiced its strong opposition to Proposed Rules submitted by the Securities and Exchange Commission implementing the whistleblower provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
In a letter to the SEC Chairman released today, the NWC disclosed that buried in its 181-page rule making document, the Commission staff was forced to admit that its rules, if approved, would actually undermine protections for whistleblowers and cause employees to withhold important information about securities violations from the SEC.
* “cause those persons not to come forward with information in their possession about securities law violations.” Proposed Rule, p. 118;
* “result in . . . forgone opportunities for effective enforcement action.” Proposed Rule, p. 118.
In addition to these substantive impediments, the Commission also acknowledged that its proposed procedures for filing a claim will be “burdensome and confusing” for many whistleblowers. Proposed Rule, p. 116.
“The Commission is cooking the goose that can lay the golden egg. Under their proposal, fraud will go undetected for years and investors will lose untold billions of dollars,” said Stephen M. Kohn, Executive Director of the National Whistleblowers Center. “The same Commission that repeatedly failed to investigate whistleblower concerns over Bernie Madoff’s Ponzi scheme is now poised to implement rules that will ensure that future Madoff’s will go undetected,” added Kohn.
The NWC also filed today a detailed Freedom of Information Act request seeking full public disclosure of all corporate lobbying related to the whistleblower provision: “We need to get to the bottom of why the SEC has gutted critical oversight and accountability provisions of Dodd-Frank. The public deserves to know how lobbyists corrupted the process designed to prevent the next financial meltdown,” added Lindsey M. Williams, the Director of Advocacy and Development of the NWC.
Links:
NWC Letter to the Chairman of the SEC (November 22, 2010)
Here are some that will entertain everyone, Please read, and find out what we are dealing with…
1- http://www.chicagotribune.com/business/problemsolver/ct-biz-1123-problem-shepard-20101123,0,1384207.column
2- http://www.denverpost.com/business/ci_16601567
3- http://www.ajc.com/business/foreclosures-came-out-of-699191.html
4- http://www.propublica.org/article/homeowner-questionnaire-shows-banks-violating-govt-program-rules
5 – http://www.courthousenews.com/2010/04/05/26130.htm
6- http://www.courthousenews.com/2010/11/01/31512.htm
7- http://www.federalreserve.gov/newsevents/speech/raskin20101112a.htm
8- http://www.americanbanker.com/issues/175_216/ties-to-insurers-servicers-in-trouble-1028474-1.html
9- http://www.americanbanker.com/issues/175_216/ties-to-insurers-servicers-in-trouble-1028474-1.html
10- http://www.propublica.org/article/disorganization-at-banks-causing-mistaken-foreclosures-050410
11- http://www.propublica.org/article/disorganization-at-banks-causing-mistaken-foreclosures-050410
12- http://www.creditslips.org/creditslips/2010/11/erroneous-foreclosures.html
13- http://www.bizjournals.com/jacksonville/stories/2009/11/23/story2.html
and goes on and on and on……