Too Little Too Late

Hello? Hello?

Is anybody out there?

Where did you go?

The silence is deafening.

Well, except for the sirens.

Have you noticed that they are getting closer and closer?

And the screams in the night.

And, the gunshots during the day.

With the economic collapse has come the inevitable misery. And, rather than helping, we are buying drones and trying in vain to prop up a global financial elite who thought that printing unlimited amounts of money with nothing backing it would be a good idea.

But, I don’t hear anything back from you, our leaders. I write, I call, I send email.

I get bupkes. I get less than bupkes.

I ask about relief for victims of on-going bank fraud. No comment.

I ask about due process. No comment.

I ask when there will be a comment. No comment.

At a meeting with the Arizona Attorney General, Tom Horne, lawyer Neil Garfield asked why the AG is “not prosecuting the banks and servicers for corruption and racketeering by submitting false credit bids from non-creditors at foreclosure auctions?”

Horne responded that he would get back to Garfield on that question. That was 45 days ago.

While Horne tries to figure out what to say that won’t make him look like an accessory, more of the people he gets paid to protect get screwed.

This is very disturbing. For years, I have been a conduit of valuable information for those who face losing their homes without due process.

And, all along, I have watched the various agencies responsible for protecting the American consumer pass the buck and ignore evidence of a massive and pernicious fraud because, as it turns out, they were working out their own schemes to profit from middle class misery.

This is intended for every regulator or government official who has responsibility for over site of the financial services industry. You are beyond pathetic. Collectively, I could not possibly hold you in any greater contempt. You are worthless and weak. You are all show and no go. Talk the talk but won’t walk the walk. Too busy walking guns, I guess.

It has been fifteen months since 14 large banks and services signed consent decrees promising to stop fraudulent foreclosures.

It has been over three months since the Multi State Settlement which promised to stop fraudulent foreclosures and assist victims.

We have had an “independent” foreclosure review reviewing, except for Litton which said it would but still hasn’t. Why?

Litton was the servicer for all of the Goldman Sachs pools, and the single worst offender, and is stalling and no one is pushing.

So after all that, what has changed?



Zippo! Zilch!

Minimum wage workers still robo-sign forged documents about which they have no knowledge because there isn’t any knowledge to be had.

Despite the obvious evidence on the face of the document that it is forged, most county recorder’s still accept and record them. Why? Because they are in on it.

The modification dual track scam is still operating as are the forced place insurance scam, the property tax scam, and the lost payment scam.

People are being shot and killed over houses that are then subsequently bulldozed.

Where is the help for the victims who are being abused at this very moment?

Who do they see about it?

The courts? The courts won’t let these cases advance beyond a perjured demurrer from lying attorneys being accepted as witnesses without swearing an oath or cross examination. Send in the Kangaroos. Due process is a distant memory.

Every lawyer who relies on obviously fabricated evidence to deprive another of due process will face a day of reckoning when the Bar can no longer look the other way.

What about all of the money from the settlements? Well, that’s a funny thing. There won’t be any.

After months of AG tough talk about putting people in jail and helping consumers, they all sold out for practically nothing. Judas Priest!

The banks won’t be paying very much real money because they get credits against the settlement amount for ceasing all kinds of illegal activities that they agreed to stop as part of the settlement.

Which, if history is any indication, I’d buy a credit default swap that they will simply ignore and march forward seizing homes to which they have no legal right and cannot prove that they do without forged documents.

Any real moneys intended for victims are being snatched by state governments to offset budget deficits. The argument is that everyone benefits if the state has more money, even the poor homeless bastards living in the street.

It isn’t even new-fangled fraud; it’s just old fashioned lying, cheating, stealing, forging, and faking. You don’t need any new laws; this stuff has been illegal for hundreds of years.

You don’t need to coordinate with any bankers, just jail a few for filing phony documents at the county recorder and modifications will soar while foreclosures will cease.

This is what happened in Nevada simply by requiring banks to show proof of their right to foreclose. Why is it working so well for consumers there? Because the foreclosing entities are not the creditors and cannot prove that they are.

It is grand theft on a scale so massive that history will record this as the biggest unprosecuted crime wave in the history of the planet.

The courts, law enforcement, the politicians, they are all in on it and don’t want to talk about it. So, we get silence.

Most of the current foreclosures are not in compliance with California law and they all know it. How could they not?

An audit of the San Francisco county recorder’s office states the following:

“Overall, we identified one or more irregularities in 99% of the subject loans. In 84% of the loans, we identified what appear to be one or more clear violations of law.”

If that is what they found in San Francisco, is there any reason to believe that any other county would find something different? Actually, this is absolutely consistent with other audits done all over the country.

Most states have a law similar to the one below.

California Penal Code 115.5. Filing false or forged documents relating to single-family residences; punishment; false statement to notary public

(a) Every person who files any false or forged document or instrument with the county recorder which affects title to, places an encumbrance on, or places an interest secured by a mortgage or deed of trust on, real property consisting of a single-family residence containing not more than four dwelling units, with knowledge that the document is false or forged, is punishable, in addition to any other punishment, by a fine not exceeding seventy-five thousand dollars ($75,000).

Per occurrence. Do the math. Thousands of false recordings in every county times $75,000. There is the solution to the governmental budget problem right there. No new taxes needed, no austerity, and we restore the rule of law.

That is a win for everyone except the criminals but, as it turns out, they are the ones with all of the money. Who agrees with me that we should pursue those easy revenues for our communities?

And, these very documents could bring a windfall to the IRS, as well, because when assignments are done to a REMIC trust after the cut-off date, it triggers a major tax event. All of our country’s money woes would be solved if law enforcement would just enforce the law.

But, the fraud doesn’t end with throwing out the homeowner. The foreclosing parties aren’t the creditors and can’t make credit bids.

Here’s a little joke on you bureaucrats that you hadn’t considered—you are aiding these criminals in the destruction of your pension.

Every time a judge or a county recorder accepts an ante-dated assignment back into a trust that closed years ago, two things occur:

  • A defaulted asset is being forced back onto investors, pension funds in many cases and especially public pensions,
  • It indicates that performing assets were never properly transferred in the first place.

So get this, this is too funny, the only assets ever actually winding up owned by these pools are the non-performing ones.

And, don’t you love the sound of the last laugh going down?

I’ve had to endure a lot of BS about why we shouldn’t help people stay in their homes because of the so called ‘moral hazard.”

What is the moral hazard of allowing fraud do go on unabated?

What is the moral hazard of people coming to realize that their legal system has been completely corrupted?

What is the moral hazard of having homeless children in a country where there are homes that no one lives in?

If you aren’t part of the solution, which is real relief for victims of fraud, fraud, fraud, fraud, then you are part of the problem.

There will be consequences. Maybe no bankstas will go to jail and no lap-dawg government abettor will ever be held accountable, but this is like a nuclear radiation cloud, everything is becoming tainted. There’s your real moral hazard. Taint!

Oh, yeah, and don’t forget, your pensions are toast.

Edmond Burke said, “Evil can only exist when good men do nothing.”

It’s on your watch, are you going to enforce the laws evenly as you have sworn to do or only against the small fish?

Hello? Hello?

George W. Mantor
The Real Estate Professor
Founder, American Foreclosure Resistance Movement