Foreclosure Fraud Featured this Sunday on 60 Minutes
Spread the word everyone…
This is the one that we hope wakes up the American people. A group of us foreclosure fraud fighters, with Lynn Szymoniak leading the way, have been working with 60 minutes over the past few months to help them get this story together.
This explosive piece focuses on what we all have to come to know in foreclosure world. It will cover the robo-signing scandal from LPS / DOCX and much much more.
The were even able to track down a DOCX robo-signer for the story.
So stay tuned and watch the show this Sunday at 7pm on CBS
From the 60 minute website:
This Sunday on “60 Minutes”
The Next Housing Shock
As more and more Americans face mortgage foreclosure, banks’ crucial ownership documents for the properties are often unclear and are sometimes even bogus – a condition that’s causing lawsuits and hampering an already weak housing market. Scott Pelley reports. | Watch Teaser Video Here
Also from the report…
FDIC Chairman: Foreclosure clean-up fund needed
Sheila Bair says fund is needed to stem tide of lawsuits caused by bad mortgage paperwork in foreclosure cases
CBS News) Banks so poorly handled documentation on millions of mortgages that many today cannot prove that they own the homes they want to foreclose on. The resulting rash of lawsuits from people seeking to save their homes has one of the government’s top banking regulators worried that the torrent of litigation will delay the real estate market’s recovery.
Federal Deposit Insurance Corporation Chair Sheila Bair tells Scott Pelley banks should be forced to contribute billions to a clean-up fund that will help stressed homeowners stay in their homes and stave off lawsuits – there are 30,000 already – that threaten the economic rebound. Pelley’s report on this latest chapter in the incredible mortgage meltdown story will be broadcast on “60 Minutes” Sunday, April 3 at 7 p.m. ET/PT.
More here…
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4closureFraud.org
@I Vent. I am curious about your situation. You do a lot of ranting and raving about how you were defrauded etc but provide no real facts. I would like to know what you paid for your house as a sticker price, How much you borrowed (where ever the money originated), how long you lived in your house without paying payments before your were evicted, what you took from your house during the eviction process, how much damage you did to the house in that process.
Having worked in the RE industry for about 15 years, I acknowledge there are crooks out there in both the lending and RE industries. On the other hand, most practitioners at the purchaser/seller level are hardworking, often for not much over minimum if that with no guarantees, who make a reasonably fair wage for a pretty difficult job. I have observed many foreclosed homes in the past couple years. The condition in which they were left was astonishing. Having originally been linvolved on the list side of a recent one (sale in 06), I could not believe the hundred thousand plus worthy of theft and damage done to the house when it came back on the market–kitchen cabinents gone, pavers gone, hardwood floors gone, hot tub gone, two back up energy systems gone. Walls smashed, carpets pooped and peed on (according to home inspector, NOT ANIMAL by products. ) The house was sold for an honest price, the loan was an honest loan and no misrepresentation was made. I do not know what difficulty the buyers had 5 years on but it certainly was not the bank’s fault.
Yes, there are some really messed up things out there, the loan modification and shortsale processes are completely broken to the point where I will not work with either because they are far too uncertain, the banks are not upfront and are capricious, they change personell on a daily basis, are not responsive, do not meet their own deadlines–the list is endless. But, that is no excuse for buyer failure. You were thrilled when you got the loan, now you are unhappy? Let’s hear how invested you were in the home you lost. Then we will decide of the bank screwed you or not.
i thought the segment was really good.
congratulations to michael, lynne and all who were involved to get it on air.
Lynne did a fantastic job. i loved the giant exhibit boards that show the fraud.
the online extra, “60 Minutes Overtime” was good as well.
i think that very homeowner in America will be tossing and turning tonight thinking about
Scott Pelley saying that you could pay your mortgage for 30 years and at the end find out you can’t get the title.
what is tremendously sad is that so many of us have been living this nightmare for so long without
others really getting it. millions have lost their homes due to fraud.
Thank you everyone! It came together better than we expected…
M
Congrats !
Congrats to Lynn on doing such a great job–I also agree with otheres on this post to thank CBS and ask for more segments on foreclosure–I already did .
LOU DOBB’S TOLD THE TRUTH ABOUT THE PONZI SCEME HEIST OF OUR WEALTH WHEN HE HAD A SHOW ON CNN. HE TOLD THE AMERICAN PEOPLE HEY, YOU WERE ALL ROBBED, I DONT KNOW WHY THE AMERICAN PEOPLE ARE NOT TAKING TO THE STREETS BY NOW, HE WAS FIRED THAT NIGHT. I don’t know why he would now take a show on FOX who have never even spoken about the PONZI SCHEME GREAT STICK-UP OF AMERICA, I guess he has bills to pay. I hope he continues his honesty but that will not be easy because FOX IS CLEARLY PLAYING FOR THE ENEMY.
Kudo’s to 60 minutes for their honest reporting on the robo-signers and kudo’s to the whistle blowers who had the guts to come forward and admit to the wrong doing. For ten lousy bucks an hour they were signing away the home’s of millions. What a disgrace.
Sheila Baird is a gigantic disapointment talking about trying to clean up this mess by paying HOMEOWNERS HUSH MONEY TO LET BANKS PUSH ASIDE THE FRAUD. NEVER!!!! I WILL FIGHT AND SUE THESE BASTARDS UNTIL THE DAY I DIE.
THESE ARE PEOPLES HOMES, THIS IS NOT A GAME TO HOMEOWNERS WHO HAVE BEEN INTENTIONALLY SET UP TO FAIL, DEFRAUDED AND ROBBED ON A MASSIVE SCALE and then INTENTIONALLY THROWN INTO DEFAULT BY THIER PRETENDER LENDER WITH FALSE PROMISES OF A LOAN MODIFICATION or WORSE HAVE ALREADY HAD THEIR HOMES STOLEN FROM THEM.
60 minutes spoke about the PONZI SCHEME on WALLSTREET and how they bundled up thousands of loans though they did not say the loans were bundled up good and bad so when the defaults came we would all go down with the ship of fraud. Nothing about the DESTROYED NOTES OR THE FORGERY OF OUR NAMES ON COPIES OF THE NOTES AND THE MORTGAGES or the ORIGINATION FRAUD either which is why their is FRAUDCLOSURES and that is why this nationwide scandal is being called FORECLOSUREGATE. THIS IS A GIANT CONSPIRACY AND I HOPE ALL INVOLVED GO DOWN INCLUDING THOSE WHO ARE CONTITNUING TO LIE and TRY TO COVER-UP HOW RAMPANT the MORTGAGE FRAUD REALLY WAS.
I liked the ending of the story where they asked the people watching do you know who owns your mortgage? They gave the name of a website where they could go find out. Well they are going to find out of course it is FANNIE MAE and probably believe that lie. Most people won’t do the digging though and look deep enough to find out the truth. THE LOANS NEVER EXISTED BECA– USE OF THE ORIGINATION FRAUD TO COVER UP THE PONZI SCHEME FRAUD and the loans were FRAUDULENTLY INDUCED AT ORIGINATION. I WILL NEVER, EVER SETTLE WITH A BANKSTER, they nearly destroyed my life and the live’s of my entire family because of their greed and that was INTENTIONAL.
SHEILA BAIRD BETTER COME UP WITH A BETTER PLAN FOR HOMEOWNERS BECA– USE I AM UTTERLY FURIOUS THAT SHE WOULD EVEN CONSIDER SUCH A FUND TO FORGIVE THE BANKSTERS FOR NEARLY RUINING MY LIFE AND THE LIVES OF MILLIONS IN THE UNITED STATES OF AMERICA who have already been FRAUDCLOSED ON., SHELA BAIRD PROPOSAL IS A JOKE AND IS COMPLETELY UNFORGIVEABLE AND UNACCEPTABLE…
RESCIND OUR LOANS. GIVE THE PEOPLE BACK THEIR STOLEN HOMES AND GIVE THE REST OF THE COUNTRY BACK THEIR STOLEN WEALTH. WE WERE ROBBED EVERY WHICH WAY POSSIBLE.
What Sheila Bar is proposing is basically bribery. “Here have some money to look the other way”. She is trying to induce people into committing misprision of felony.
@alec ross: WE COULD ONLY HOPE AND PRAY THE FOREIGN MULTINATIONAL BANKSTERS GO UNDER AND NEVER RETURN TO ROB AMERICA AGAIN RIGHT ALONG WITH THE FEDERAL RESERVE BANK and GOLDMAN SAKS/AIG. THEY HAVE ALMOST DESTROYED AND BANKRUPTED AMERICA AND THAT WAS DIABOLICAL AND INTENTIONAL. THESE ARE NOT AMERICAN BANKS, THEY ARE FOREIGNORS DISGUISED AS AMERICAN INSTITUTIONS AND THEY ARE NOT AMERICAN INSTITUTIONS AND WANT TO DESTROY OUR NATIONAL SOVEREIGNTY AND WANT THE AMERICAN PEOPLE TO OWN NOTHING BUT DEBT AND THAT INCLUDES YOU ALEC ROSS, UNLESS YOU ARE IN THE TOP 2% OTHERWISE IF YOU ARE NOT, YOU ARE NOT SAFE FROM THEM EITHER.
Og online and read “Where the Fraud begins” , it is a 27 page document
It is imperative that as many homeowners loose their houses, otherwise the bogus counterfeit shadow loans cannot be readily covered up, as those bogus loans are hovering in virtual cyberspace waiting to strike the titles of a huge number of properties.
14 to 45 trillion in bogus mortgages waiting to strike.
No liens on record. YET!
Who owns YOUR loan, VS’s: who has a mortgage(s) on your home? THE BANKS DO NOT KNOW HOW MANY LOANS ARE ON YOUR HOME! LET ALONE WHO OWNS THOSE MORTGAGES!
What do you think should be done in the situation where the homeowner hasn’t paid his mortgage,
and the bank can’t find the original promissory note? Should the homeowner get a free house and
the bank takes a 100% loss on its investment? If this happens enough, the bank may go under or
have to raise its fees for checking accounts and interest rates on new mortgages to cover its losses.
This means new customers will pay more to subsidize the loss the banks incurs by the homeowner
getting a free house. Suppose the bank modifies the mortgage loan so that homeowner can pay
the lowered payment amount; but then defaults again? Should the bank be able to foreclose without
the original promissory note if the homeownwer defaults again sometime in the future?
Should homeowners who are current on their mortgage default, so that they can see if their bank
has the original promissory note —- and if not, the homeowner tries to get a free house too?
Under what set of facts would the owner be getting a free house? The only feasible scenario would be if the paid absolutely nothing toward the so-called “loan”, paid no property tax and paid absolutely nothing to maintain the property. The free house argument is a RED HERRING and simply a mnemonic tool to get people emotionally charged.
The bank never loaned money. The seller in essence financed his own payment. New money i.e. non-redeemable Federal Reserve notes where printed . The collateral for printing was the mortgage itself. Not pre-existing collateral the FED holds.
Here is the law that authorizes it.
Public Law 106–122
106th Congress
An Act
To amend the Federal Reserve Act to broaden the range of discount window loans which may be used as collateral for Federal reserve notes. <<<<<———
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled, That the
third sentence of the second undesignated paragraph of section
16 of the Federal Reserve Act (12 U.S.C. 412) is amended by
striking ‘‘acceptances acquired under the provisions of section 13
of this Act’’ and inserting ‘‘acceptances acquired under section 10A,10B, 13, or 13A of this Act’’.
Federal Reserve Act
Section 10B. Advances to Individual Member Banks
a) Any Federal Reserve bank, under rules and regulations prescribed by the Board of Governors of the Federal Reserve System, may make advances to any member bank on its time or demand notes having maturities of not more than four months and which are secured to the satisfaction of such Federal Reserve bank. Notwithstanding the foregoing, any Federal Reserve bank, under rules and regulations prescribed by the Board of Governors of the Federal Reserve System, may make advances to any member bank on its time notes having such maturities as the Board may prescribe and which are secured by mortgage loans covering a one-to-four family residence.
As you can see as soon as a Banks is in possession of a residential mortgage they can tender it to the FED and the Fed can print NEW MONEY. It's backing is the house.
This is a nasty old trick.The only one getting a free house is the bank which put up NOTHING and never risked any of it's it's own collateral whatsover.
The upside-down Tontine Ponzi is finished , get over it.
@alec ross: INDIOO IS RIGHT,, THEY FRAUDULENTLY INDUCED THE MORTGAGE AND DEFRAUDED MYSELF AND MILLIONS OF AMERICANS SO THEY COULD — USE US AS COLLATERAL/PAWNS IN THEIR PONZI SCHEME UP ON WALL STREET. THE BANKSTERS NOW OWE ME MONEY ., AND ALOT OF IT.THEY MADE TRILLIONS IN WEALTH AND STOLE IT AND PUT THAT STOLEN WEALTH INTO OVERSEAS BANKSTER ACCOUNTS WHEN THE ENGINEERED FINANCIAL COLLAPSE OCCURED AND ROBBED AMERICA BLIND.RESCIND MY LOAN.
@alec ross: EXACTLY. RESCIND OUR LOANS. THERE IS NO EXC– USE FOR DECEPTIVE PRACTICES, FRAUD AND NEGLIGENCE AND IT WAS INTENTIONAL.THESE ARE OUR HOMES AND THEY INTENTIONALLY FLOUTED OUR PROPERTY RIGHTS AND DESTROYED THE TITLE TO MILLIONS UPON MILLIONS OF HOME. THE BANKS AND WALL STREET BROKE THE LAW AND MADE HUNDREDS OF TRILLIONS IN WEALTH OFF OF OUR NAMES WITH OUR OWN GOVERNMENT FANNIE’FREDDIE UNCONSTITUTIONALLY INVESTING IN THE PONZI SCHEME. I NEVER ASKED TO JOIN THE PONZI SCHEME UP ON WALL STREET AND I NEVER ASKED TO ASSUME THE RISK OF OTHERS WHO BOUGHT HOMES THAT WERE 100,000 DOLLARS MORE THAN THEY COULD AFFORD. AS FOR THE LOAN MOD, IF THEY WOULD WOULD HAVE GIVEN ME THE LOAN MOD THAT THEY TOLD ME I WAS APPROVED FOR AND NEVER INTENIONALLY THREW ME INTO DEFAULT I WOULD HAVE BEEN NONE THE WISER, BUT NOW I KNOW THE TRUTH SO GUESS WHAT_ I AM OWED A FREE HO– USE, _THEY GOT PAID 3 TO 4 TIMES FOR MY HO– USE ALREADY. F—ING SCREW THEM AND THERE ARE NO ORIGINAL PROMISSORY NOTES, THEY DESTROYED THEM TO COVER UP THE ORIGINATION FRAUD and their PARTICIPATION IN THE PONZI SCHEME. GET REAL.YOU DON’T KNOW THIS? IF YOU DONT YOU HAVE A LOT OF WORK TO DO AND IF YOU DO YOU MUST WORK FOR THE CRIMINALS AND IF THAT IS THE CASE I HAVE NOTHING MORE TO SAY TO YOU. YOU BELONG IN JAIL TOO, MOST LIKELY.
alec, the banks have aleady made a profit on the mortages over & over.. they sold all the mortages to investment companies..The investments companies are the ones that got hurt as the banks sold bad mortages. That’s why so many have lost so much of their savings in pensions.. Pensions were a part of the investment core…..Once the mortages were scrutinized & sold by the banks they became a stock & no longer a real mortage….I don’t think our real estate will ever recover because of the lost destgroyed papers & now left with clouded titles….It’s a mess for sure…
Your worring about possibly raising interest rates and all the things that can happen going forward? This country is sinking to the bottom of the ocean with past, present and future foreclosures causing housing values to freefall and some neighborhoods sit half empty and decaying. Families will be living in “tent” communities, so where will these buyers come from that will have to pay “higher” interest rates? You worry about having to pay more in bank fees and charges. Most credit card interest rates are about equal to that of loan sharking….are you serious? People are losing jobs, gas and housing fuel prices cost what an average mortgage cost 10 years ago and the top bank execs have their own compounds all over the world…are you serious? Companies are laying off or lowering pay and benefits while everything else goes up, up and up…are you serious? Banks are hiding behind viels to avoid paying taxes to towns and cities where the revenue is desparately needed for schools and other vital services…are you serious? Please either get your head out of the sand and really look around or get yourself deprogrammed….as you are one of the “good” brainwashed doobies. No matter what measures are used to stop our country’s freefall…there will always be those that feel the measures used were not fair. Please…I think your arguments and pity for the banks will not be well received on this site. You must be one of the very lucky ones who have not been affected by this economy or bank fraud, or just maybe you’re one of the priviliged few with their own little compound somewhere out there. Just my opinion.
Pls. ignore the spelling errors in my post above. One more point….with this many financially distressed citizens….who will keep the economy wheel going. The elite class can’t possibly sustain the enitre US economy meaning loss of more businesses and thus more jobs. What kind of world do you see for the future generations if left to continue this way?
LET’S PICK A DATE AND_ SPREAD THE WORD,_ WE ARE ALL BOYCOTTING FOX NEWS. _ THEY ARE THROWING HOMEOWNER VICTIMS UNDER THE BUS. please read my comment below:
While we have CBS and 60 minutes trying to give struggling homeowners in FRAUDCLOSURE some support, we then have JOHN STOSSEL TAKING GLENN BECKS STANCE ON FOX NEWS TODAY IN HIS SHOW ENTITLED: “FREELOADERS”. CALLING US DEADBEAT FREELOADERS AND SAYING THAT IT IS A HOMEOWNERS MORAL OBLIGATION TO PAY THE FRAUDULENTLY INDUCED MORTGAGE AND THIS HOUSING CRISIS IS NOT THE BANKSTERS FAULT. HE IS SAYING WE DEADBEATS HOMEOWNERS ARE RUINING THE HOUSING MARKET RECOVERY FOR OUR NEIGHBORS TRYING TO GET A LOAN MOD, OH PUHLEASE!!!! AND PEOPLE TRYING TO GET A MOTGAGE LOAN. NOT A WORD FROM STOSSEL ABOUT THE PONZI SCHEME, THE ENGINEERED FINANCIAL COLLAPSE OR THE FACT THAT THE BANKSTERS GOT PAID 3 OR 4 TIMES FOR OUR HOMES BECA– USE OF THE PONZI SCHEME AND — USED OUR PROPERTY AND NAMES AS COLLATERAL. HE DID NOT SPEAK OF THE FACT THAT THE BANKSTERS TOOK UPWARDS OF 75 BILLION DOLLARS IN THE TARP BAILOUT AND GAVE A MERE 200,OOO LOAN MODS. NOT A WORD ABOUT HOW THE BANKS INTENTIONALLY FORCED UNSUSPECTING HOMEOWNERS INTO DEFAULT BY PROMISING THEM A LOWER HO– USE PAYMENT SO THEY COULD DENY THEM THE LOAN MOD AND THEY HOMEOWNER WOULD FALL SO FAR BEHIND THE HOMEOWNERS WOULD NEVER BE ABLE TO CATCH UP AND CURE THE DEFICIENCY AND THEN THE BANKSTERS COULD STEAL OUR HOMES WITH ILLEGAL DOCUMENTS AND COLLECT DREDIT DEFAULT SWAP INSURANCE. _WE SHOULD ALL RALLY A NATIONWIDE BOYCOTT FOX NEWS, _THEY ARE _NOT_ FOR THE AMERICAN PEOPLE, THEY ARE FOR THE MULTINATIONAL BANKSTERS. WE NEED TO FLOOD FOX NEWS WITH NASTY E-MAILS, THEY ARE LYING ABOUT EVERYTHING.
People aren’t as stupid as “they” think. If CBS papers this over the national anger knob will just crank up even higher.
I doubt that 60 Minutes will have much to say, if anything at all, regarding REMIC Trusts. This is a very, very bad subject for bankers and all would rather not speak about it. Most I have spoken with aren’t sure how to spell it; much less how these trusts work and yet all avoid corp. tax using this vehicle. Once these trusts are opened and we look inside, we will see empty vaults with nothing inside. Hmmm, it would seem that these banks, at this point, would owe 100% corp. tax. Someone is going to jail!!!!
REMIC Trusts. It seems everyone is missing a very important issue. These “paper vehicles” were never placed in the REMIC Trusts in order to avoid corp. tax. They were bundled and sold instead. Tax fraud is what the judge would call it if it were you or me. Hmmm!!! Everyone should look into this and scream as loud as possible. Tax fraud!!!!!!
After the 60 minutes episode everyone who comments here needs to e-mail 60 minutes and request more investigation. We need to send them stories and examples of the fraud that has been uncovered by the people at this site and others like it. Everything from fraudulent notaries on bogus assignments to sewer service of foreclosure documents. Bring it hard and bring it loud until everyone hears of the problems caused by this fraud. From local media right up to the AP.
GREAT IDEA
-Ritholtz says:
Even 60 Minutes seems to be sugarcoating the motivation for fraudclosure:
“Banks so poorly handled documentation on millions of mortgages that many today cannot prove that they own the homes they want to foreclose on. The resulting rash of lawsuits from people seeking to save their homes has one of the government’s top banking regulators worried that the torrent of litigation will delay the real estate market’s recovery.”
*Understand this precisely: This was NOT a case of slipshod handling, of “sloppy paperwork”, or bad management. This was a willful decision to break the law in order to save expenses and be more profitable.
Follow the money: MERS to subprime lending to automated underwriting to securitization to robosigning to fraudclosure — its ALWAYS been about saving a few bucks regardless of the consequences.
The good thing about this Sunday’s 60 Minutes piece (which I have not seen yet) is that it will apply more popular pressure to the State AGs for some legal action on Fraudclosure.
But they are missing the bigger picture here:
RECKLESS DISREGARD FOR PROPERTY RIGHTS AND THE RULE OF LAW.
http://www.ritholtz.com/blog/2011/04/follow-the-money-from-mers-to-fraudclosure/
As long as there are homeowners complaining that they are making their mortgage payments so why do the deadbeats get special privilege,s nothing will be done. Lots of homeowners do not believe that there is fraud going on here. If you can’t pay then get out is the attitude. The higher ups, judges, AG, reporters, etc. they all know what is happening. We need to get through to all homeowners, especially the ones making their payments, that fraud does exist and it does or will affect them sometime in the future. All homeowners, whether they are making payments or not, should be protesting and demanding that the foreclosure be done right and within the law.
The easiest way to address this is to explain that but-for the bailouts the free-market would have forced mods to everybody’s mortgages. That would have caused an initial large hit to home values but then they would have hit a sustainable level. Additionally, the inflated price they paid was itself fraudulent; the free flow of money that pumped up values was never real. If money hadn’t been so cheap they would have paid a lot less for housing. In other words, it’s not their neighbors who ripped them off .. it’s the banks and their Congressional leader, Bush and Obama.
The reason their own mortgage would have been modified is it would have been sold for a few cents on the dollar, but for government lard to the banks, in liquidation. The new buyer, who would have purchased their mortgage for 3-10 cents on the dollar, could have ripped off 80-percent of the note value and still made money.
It really was foreclosures in Greenwich, CT or everywhere else. Our “leaders” chose everywhere else, lest their friends suffer the consequences of their own fraudulent, reckless lending decisions.
We must do better at getting the attention of the media…..continueously…….so the people start waking up to the fact that they have been scammed and cheated by the banksters as well as their own government. This is the only way outside of violence…..which is horrible for all.
The fraudulent and disgraceful way modifications are handled should be addressed. Obviously if the mods had been handled properly many homeowners would not have gotten to the foreclosure stage. Lets not forget the mods. I was in trial mod for 13 months then dropped and put into a in house BofA mod which is totally unaffordable and will leave me in foreclosure shortly as I can no longer borrow from family to make the payment. I suffered significant loss of income due to the recession and am am single parent of a Special Needs Child who spent 17 years without even a late charge and now I will be in the street because BofA refuses to acknowledge my Fedex Letter of Approval for MHA. Now I am told they will evaluate me for escalation and I talk to different folks at BofA every week and still no straight answers. Fix the mod program and get rid of the lies and the liars.
They are horrible and evil and we need to exterminate them. We are a democracy and we are the people…let us roar.
Citizens Under Attack
Everything Obama, Geithner, & Bernanke do, they do for The Banksters.
Many people have lost their homes. Many more are paying inflated rates on inflated properties which the banks refuse to refinance. Savers are getting lousy rates on CDs, but are charged 10%-24% on a credit card. From the top of the credit menuboard to the bottom, The Banksters have FREE REIN to suck as much blood out of the middle class as they possibly can. It’s a criminal plan that TARP was paid for by The Taxpayers to save the banks from extinction, only for them to revive and viciously attack the hands that feed them. Henry Paulson should be charged with Treason for using The Taxpayers’ Money to re-arm The Banks of Mass Destruction. Everybody is a victim, even the homeowner without a mortgage, his equity is dropping in its entirety; he’s losing more than the guy with a mortgage. Condos sit empty because banks don’t want to pay associations’ maintenance fees, while those fees rise for the rest of unit-owners to make up the shortfall. The Banking Cartel is waging a war against every American Citizen, and it won’t be happy until every savings account is drained, every homeowner is broke & evicted, every credit card holder is “paying” 24.9% + $88/ mo. in overlimit and late fees, and every house is in their possession. Even the foreclosure process is financially draining for the owner, with insurance and electric payments continuing until property is taken out of owners’ name, an average of 2-3 years. (Upon repossession, the bank doesn’t book the loss until resale, artificially covering-up insolvency issues). Wake up people, its not us against each other, its Us vs. The Banksters who run their operation with impunity.
Further details of the covert TARP program, “Where the Bailout Went Wrong”, by Neil Barofsky:
http://www.nytimes.com/2011/03/30/opinion/30barofsky.html?_r=1&scp=1&sq=barofsky&st=cse
@Larry
You need to send your letter to the print and tv media. They need to have this stuff shoved in their faces to get the guts to really invesitgate. Please circulate your letter around, it is so easy now that you can send it by email. You summarized it very nicely and you need to get it in print.
Thank you for your support: I have since posted this numerous times at Zero-Hedge.com, CNBC.com, Marketwatch.com, PBPost.com, SunSentinel.com and sent to Ron Paul, Rand Paul, Ted Deutch, Jim Waldman, Chris Whalen, Jesse Ventura, Dylan Ratigan, David Stockman, so thanks for the “push”!
Good going! The more and more we are in the face of the press, hopefully, the more people will sit up and take notice including our lame politicians and legal system. We all need to continue to pass information and letters, postings and stories to anyone and everyone. We need constant press attention because the louder and more noticed we get the more nervous the politicians, bankers and legal system will get. As more of the main stream journalists start poking around and the fraudsters and their cohorts try to cover this scandal up..it will be inevitable that they will trip themselves up and eventually be standing out in the open public completely naked and exposed! Hopefully, they will begin to feel the heat. We can’t let them prevail…we just can’t.
Bust’em: This is a very good you tube video, every American citizen should watch it . Like Bernie Madoff said, America is one giant Ponzi Scheme. Let us just clarify who this man is speaking about when he talks about THEY in the video. He is takling about all of the PERPS and hiding behind the scenes of this GIANT PONZI SCHEME SET UP TO FAIL IS the UN/NEW WORLD ORDER/THE REVIVED ROMAN EMPIRE. They want to force AMERICA into insolvency and cause AMERICA to go bankrupt so they may TAKE US OVER without every firing a shot. They have hijacked The United States of America because of treasonist Americans working inside of our own country. The FOREIGN MULTINATIONAL BANKSTERS AND THE FOREIGN MULTINATIONAL CORPORATIONS ARE JUST POSING AS AMERICAN INSTITUTIONS, THEY ARE NOT AMERICAN INSTITUTIONS, THEY ARE FOREIGN OWNED AND OPERATED and this includes, THE FEDERAL RESERVE BANK/WALL STREET/EURONEXT/ALL OF THE CENTRAL BANKS THE BIG NAMED BANKS SUCH AS CHASE/BANK OF AMERICA AND WELLS FARGO. THEY ARE THE IMF AND THE WORLD BANK/AND ALL U.S. FEDERAL TRANCHES. They are hiding behind the scenes of everything and are embedded and infiltated through the entire AMERICAN POLITICAL/FINANCIAL/CORPORATE/MILITARY SYSTEM. They are trying to UPSURP our GOVERNEMENT. The guy in the video says vote them out. I say the elections are RIGGED. I say NO ONE AND I MEAN NO ONE VOTE FOR ANY OF THEM. THAT IS WHAT THEY FEAR. THAT THE AMERICAN PEOPLE STOP VOTING AND THEN THE EMPEROR WILL BE NAKED. THIS IS NOT A DEMOCRACY, AMERICA, THIS IS A TOTALITARIAN PLUTOCRACY and an OLIGARCHY. A FASCIST DICTATORSHIP. EVERYTHING IS RIGGED AND CORRUPTED BY THESE FOREIGNERS HIDING BEHIND THE SCENES. SPREAD THE WORD.
We are always complain about the media now doing there job, their part, or under reporting this fraudclosures (besides Dylan Ratigan and Spitzer) well now they starting to come out lets not criticizes them, praise them and pushed them to do more and better reports on the PONZI SCHEME Thank you CBS
acmodspecialists: Yes, let’s not complain, every little bit helps. The American people are smart and are begining to really get it. I see the proof in the fact that Glenn Becks ratings are in the toilet. Now there is a good sign that the American People are not drinking the KOOL-AID and not believing the lies.
We are always complain about the media now doing besides Dylan Ratigan and Spitzer their part well now they starting to come out lets not criticizes them, praise them and pushed them to do more and better reports on this Thank you CBS
You bring this issue to the forefront seemingly for the question of ‘ housing’ or even ‘ economic recovery’. How about bringing these issues to the heart and soul . How about for the ‘ rule of law’, that which our present and past presidents have bragged ,are the ‘hallmark of the American legal system”. PALEEEZE, give me a break. The sole criteria of the fiat currency system, owned and operated from the ‘ privately owned’ Federal Reserve’, is to operate out of perpetual debt and usery. They charge us interest for using ‘ their money’, because it sure as heck ‘isn’t ours’. Also, would first hand knowlege be considered viable if I told you that my experience with Wells Fargo (the bigger shark in the pond) in regards to ‘ our laws’, was that they never once responded to our demand for just about any/all documnets sent via EVEN notary, demanding from them, thru both judicial and administration notices, the true nature of ‘ the note’ or the ‘ deed of trust’ regarding my mortgage( more commonly known as THE CONTRACT)? Such blatant refusal to ‘ respond’, if it happened the other way around in any court of the ‘US Corporation’ under admiralty/maritime jurisdiction(since the Constitution died along time ago), to an individucal, would have resulted directly to loosing by ‘acquiesing’. Therefore, so much for your most highly esteemed ‘ RULE OF LAW ‘ IN THIS COUNTRY,( or should I say CORPORATION). My beautiful home, after living there for 30 years, was stolen out from under me via a secret auction. I literally came home from work one day and they had changed out the locks on the doors of my home. I will spare you the deceit and treachery at the hand of the local judge in civil court who, thru practicing law from the bench, favored wELLS fARGO. The banks are obviously sleeping with the government. When will America begin to dummy up.? Have we been so desentitized to feel this, so shock and awed to death to realize that we have been intentionally manipulated.? Will Americans wake up in time or ” will they wake up as slaves in the land of their forefathers “. jjv
MERS = MONEY LAUNDERING/PONZI SCAMN
This was a herculean effort from everybody involved .. and there were a lot of people who poured in info for this story. I’d be very surprised if it missed the target: more likely, it’s the beginning of the final round.
Lynn relayed the problems clearly and concisely, and they were apparently followed up and verified.
Early evidence suggests they got the message: LPS fired their COO on Thursday. Way too little, way too late. The servicers, their enablers at the investment banks, their lawyers, and the corrupt government and quasi-government regulators who laughed their way to the bank can all look forward to spending the rest of their lives in prison while civil forfeiture is used to disgorge and seize their stolen assets.
They corrupted the courts and legislatures, destroyed the fabric of our property laws, stole trillions of public money, harmed the underlying fabric of the US worse than any enemy has in centuries, and — most important — hurt tens of millions of ordinary people who were doing nothing more than trying to house their families.
You know that “class war” the press repeatedly referred to anytime anybody suggested the very wealthy pay the same percent of taxes as their gardeners? It really did exist, but only one side was fighting, but not anymore.
A long time ago a group of people were tired of far-away, faceless, corrupt government officials that saw them and their communities as nothing more than cattle at a feed lot. They wrote these words: “…when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security. — Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former Systems of Government.”
Great work bank lobbyists, and great work Obama, and great work Congress. Trillions of dollars weren’t enough; you had to also throw millions of American’s to the street to milk us for more .. more .. and still more. As the Jewish holiday Passover approaches we remember the words repeated every year for countless centuries; words that launched three major religions: “we’ve had enough.”
Amen !
Sheila Baird has no doubt known the truth about the PONZI SCHEME for a very long time.. Sheila Baird and the entire Obama Administration know full well they can only cover-up Foreclosuregate for so long and there is no “fixing” this that it is heading off of a cliff. The rats are scattering. The Emperor, hiding behind the scenes of the PONZI SCHEME STICK-UP OF AMERICA and FRAUDCLOSUREGATE, THE U.N./NEW WORLD ORDER has no clothes..
I also meant to point out that there is already a great big error with these “teasers”, concerning “owner” and “ownership” being aired to promote “60 Minutes” that misleads everyone and confuses everything with this statement:
“crucial ownership documents for the properties”
and the teaser for CBS news as, the incompetent reporter, Sheila Bair, misinforms everyone with this statement, “Banks … cannot prove that they own the homes they want to foreclose.”
Banks never own the homes unless they at some point like at auction, purchase the homes to obtain title for valuable consideration and at best have a valid claim by reason of security and lien before they get in a judicial state a judicial lien or judgment lien from Order of the Court. Only the mortgagor is the owner as stated in the instrument that warrant that the mortgagor is the owner – not the BANK and certainly not the BANKSTER!
60 MINUTES | FORECLOSURE FRAUD FEATURED THIS SUNDAY ON 60 MINUTES
Posted by Foreclosure Fraud on April 2, 2011 · 4 Comments
FORECLOSURE FRAUD FEATURED THIS SUNDAY ON 60 MINUTES
Lynn Szymoniak leading the way,
This Sunday on “60 Minutes”
The Next Housing Shock
As more and more Americans face mortgage foreclosure, banks’ crucial ownership documents for the properties are often unclear and are sometimes even bogus – a condition that’s causing lawsuits and hampering an already weak housing market. Scott Pelley reports. | Watch Teaser Video Here
Also from the report…
FDIC CHAIRMAN: FORECLOSURE CLEAN-UP FUND NEEDED
Sheila Bair says fund is needed to stem tide of lawsuits caused by bad mortgage paperwork in foreclosure cases(CBS News) Banks so poorly handled documentation on millions of mortgages that many today cannot prove that they own the homes they want to foreclose on. The resulting rash of lawsuits from people seeking to save their homes has one of the government’s top banking regulators worried that the torrent of litigation will delay the real estate market’s recovery.
The issue concerning the Banks “interest” is whether they have valid documents to prove standing and not a slew of fraudulent documents because their plan has back fired by not preserving the chain of evidence of who owns these “instruments” – notes and mortgages (assignemnts and allonges), that must not be separated, so that a valid claim exists in regard to a valid obligation from the mortgagor to know who to pay, if anyone, since it appears that they have already been paid and paid more than once!
Some fifteen years ago I was personally involved in several hours of taping by the tv program crew from 20/20. Then months later when the story is even more cold, than the dead body in the grave in a wrongful death suit, the program aired about 15 secs of the interview as everyone from 20/20 made comments about what no one got to see or hear was actually said during the hours of interviewing of several individuals. What a pretense!
Even when there is great coverage, people watching, if they are even watching, won’t remember anything accurately for more than a couple of hours and a couple of days later it will all be a dim if not completely forgotten memory… so don’t get your hopes up, that this will make all that much impact, except now with the Internet these things are preserved and can be replayed as some keep focus and remind others to spread the word to go and watch …. at youtube or google or bing or yahoo video archives, the true story about ….
Michael-Lynn @ The “MIXED WAR” Room and The Trials of Life
Must be why Bair and the IG of the FDIC refused to respond to my sworn affidavit that I delivered to them. Oops too many of us are figuring it all out. The fund is just there so they can siphon that money off too.
The horrible position our politicians are in is money versus votes and that scares them. Usually go with the money has been the practice but today with disclosure like this 60 minutes program they are not so sure.
Also with a new presidential candidate like Trump saying what he is on national TV and getting applause its very confusing.
Heads are turning and the decision to go after the homeowners vote so will cause the votes of the politician to go in the homeowners favor.
The TRUMP factor is to distract people from the real problems, Unemployment, Fraudclosures, Deficit, Union Busting, Wars, gas Prices, Food prices, Billions CEO Bonuses, etc
Yes they are constantly creating diversions and distractions. That is I believe a part of the VAST FORECLOSUREGATE CONSPIRACY. The largest PONZI SCHEME ROBBERY OF AMERICAS WEALTH AND PROPERTY IN THE HISTORY OF OUR GREAT NATION. President Obama must stop cowering to the U.N./NEW WORLD ORDER. RESCIND OUR LOANS, GIVE THE STOLEN HOMES AND STOLEN WEALTH BACK TO THE AMERICAN PEOPLE. WE WERE ROBBED. CALL YOUR CONGRESSMAN AND SENATORS AND TELL THEM WE THE PEOPLE WANT OUT OF THE U.N./NEW WORLD ORDER. RON PAUL STATED WE NEED TO GET OUT OF THE U.N. TO MAINTAIN OUR NATIONAL SOVEREIGNTY. Though I no longer trust any politican, Ron Paul was correct about that as well as we need to get away from the FEDERAL RESERVE BANKING SYSTEM. FORECLOSUREGATE IS ABOUT BANKRUPTING AMERICAN AND DESTROYING ALL OF THE RIGHTS OF THE AMERICAN PEOPLE AND THE DESTRUCTION OF OUR NATIONAL SOVEREIGNTY. WE MUST GET VOCAL WITH OUR CONGRESS.
I read and re-read Blair’s statements and then where she was paraphrased by the article’s author. I swear! She is blatantly saying that the banks committed fraud–all the way back to the beginning when they “sold” mbs “multiple” times. If you listen or read with a trained ear, isn’t she laying it all out just as plain as day? It’s like the banks have been hiding their crimes in plain site for so long–why even bother to skirt around what they did?
Upon deeper evaluation: WAS IT THE BANKS WHO RIPPED US OFF?, OR WERE THE BANKS A TOOL, LIKE MERS?
It seems that the counterfeit shadow mortgages loans were obtained via MERS, money laundered via MERS, through the banks using Madoff types within the banks (loan officers, and other agencies (loan guarantee officers.). It appears clear that the banks did not receive these funds, as it would appear they were transfered to ‘offshore’ type secret accounts .
Thus, the banks were caught with NO MONEY, BROKE. and we, the US taxpayer was forced to bail out the banks and essentially REPLACE the funds the real THUGS transfered in the fake loans. We were forced to keep AIG and otheres who INSURED many of the comapnies who were DECEIVED by the ILLUSION created by these MASTER THUGS.
Only when we see more then one loan on a property do we have a view of the tip of the iceberg of the counterfeit loans.
WE ARE BEING DISTRACTED BY THE ‘FORECLOSURE FRAUD’ narrative.
THE THUGS WHO CREATED THE BOGUS INVISIBLE LOANS, AND THEN TRANSFERED THOSE ILL GOTTEN GAINS TO ‘OFFSHORE’ HIDDEN ACCOUNTS (‘TRUSTS’?) ARE LIKELY THE ONES DOING THE INVESTIGATING!
Investigate those who TOOK OUR MONEY AND GET THE MONEY BACK! IT DID NOT EVAPORATE!
THINK ABOUT THIS!
WHERE IS THE MONEY? WHY AREN’T WE GOING AFTER THE MONEY AND THE THIEVES?
FIND THE MONEY!
IMHO.
STUDY the old, NBank of Commerce Georgia. Shut down (in 2008) after it was — USED as money laundering vehicle for COUNTERFEIT SHADOW MORTGAGES. The insider was prosecuted, but WHY WASN’T THE MONEY recouped AND THE BANK MADE WHOLE?
WHAT HAPPENED TO THOSE WHO WERE THE ACTUAL MONEY LAUNDERING MORTGAGE FRAUDSTERS?
Is NBank a PROTOTYPE? It was a PRIVATELY held bank, by a EUROPEAN ‘HOLDING’ COMPANY, I think.It may be easier to see how the huge banks were used, by scrutinizing this the old NBAnk of Commerce GA. IMHO.
Any insights?
IMHO.
Bust ’em. Treasonists in our own CONgress developed the PONZI SCHEME in the backrooms as 4closurefraud already uncovered this and then CONGRESS sent the GSE’S FANNIE/FREDDIE out to hide behind the scenes and set it all up and then the GSE’S FANNI/FREDDIE sent out the PERPS, THE BANKSTERS AND MORTGAGE LENDERS, WALL STREET to do their dirty work. The GSE’s FANNIE/FREDDIE can NO LONGER HIDE WHAT THEY DID. THEY WERE REALLY WHO SET US ALL UP TO FAIL, DEFRAUDED US AND ROBBED US. RESCIND OUR UNCONSTITUTIONAL, ILLEGAL FRAUDULENTLY INDUCED LOANS.