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50 State Attorney General 27 Page “Settlement” on Fraudclosures
The way I see it, without CRIMINAL INDICTMENTS, there is no settlement.
Take a look at this 60 Minutes report on what they have done to the children of this nation here...
And they don’t even address MERS.
4closureFraud.org
50 State Attorney General 27 Page Settlement on Fraudclosures
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Not to split hairs Matte, but 40 is the most you can do alone with a hand plow (and oxen/mules/horses to pull it). Of that 40 some of it was farmstead and pasture, too. Out here in flyover country there are still some "sections" that are 40 acre parcels ringed by hedge trees (natures fences). A big family with plenty of sons would expand some, maybe get wealthy enough to hire a man or two to help when the boys split off on their own.
enough Little House though... you point is dead on. Many of these subdivisions were farmland, and damn fine soil at that.
Money is created out of thin air but real estate isn't.
what baffles me is US banks are already stuffed with expensive $1m plus homes, under 3% of them are being put on the market. Why? Only reason is not to flood the market driving down prices, presumably as it would destroy their balance sheet value right through the price range.
Why are the bwankers so keen to foreclose, with 2m plus homes already surplus to requirements on the US market?
The pricing mechanism requires a buyer and a seller. When Bernanke said he'd support property and bought MBS's he forgot you cannot 'support' just from the sellers end. You need a buyer to buy at the price you had in mind. In this market nobody wants to catch a falling knife (falling house prices).
Bernanke cannot 'support' anything, he needs buyers out there to agree to his price and he won't get it right now. I'd suggest this is why he's wanting to cook his books so the Fed can fake the values of these MBS's because real buyers just won't support his valuations
So what if the US banks own 65% of US property. Where are they going to find buyers for a pay-off? Personally I think they'll be saddled with lots of decaying property dropping in values that they won't find any buyers for!
That land is largely worthless (the market says so). The issue is that the entities purchasing the real estate are set to self destruct BY PLAN. They don't care if it is a good investment... the issue is siphoning off bonuses/buying more time atm. Eventually, the entities go bust and the bonuses/spoils of the wealth gap will be used to purchase the assets of the distressed institutions, including those owned and operated predominantly by the united states government... some properties are just completely worthless and won't be bought for a dollar (see detroit).
The issue isn't master plan so much as other peoples' money atm... eventually, it may turn into a land grab... but, the valuable property, arable land, is largely generations owned and paid for long ago... the only way to get this is increase death/transfer taxes... which would also hurt the 1%...
The other problem with the land grab theory is that they will have to pay property taxes dictated by local residents... I have a sneaking suspicion that fed.gov/TBTF will end up getting stuffed with a pretty large bill... a large bill which cannot be passed to serf consumers. Eventually, they cede the issue and the land reverts back to the yocals... aside from intimidation, destruction, looting, etc., by the yokels...
At one point I subscribed to the land grab theory, but I'm more inclined to think it's just dicking with other peoples' money...
I wouldn't doubt that our worthless AG here in Massachusetts, Martha "See no Evil" Coakley would sign on to this but there's just one problem.
How does any settlement override state law?
A total whitewash, WS crooks let off the hook, State Attorney Generals in contempt of upholding the Law. Treasury party to this crooked dealing, the usual State anarchy.
Question. What is the point of the Law if the institutions that supposedly instal and uphold it, piss all over it?
Answers on a Postcard to: Systemic WS Robbery Campaign, Dept. for Snake Oil, Attorney Generals Ignore the Law, The State is the Biggest Criminal in Society, Postcode. GOVT15 SCUM
Back in the day, the court house had to "mysteriously" burn down before the robber barons could claim title to others properties. Good thing this pillaging will be all proper-like, with legal accordance between the States and Servicers.
Even if unrecorded, jacked up, screwed up, humped into nothing... a mortgage executed by a debtor is still good and enforceable as to the debtor... everyone wants to act like there isn't a defaulted debtor on the other end of these things... to compare it to burning down the county recorder's office is... pretty laughable.
The only issue with most of these things is priority... prospectively, standing should not be an issue now that everyone is aware of the problem.
I think the appropriate words are indeed burn down the courthouse......as we clearly no longer have one.
Just a building that used to be used for something like that 'in the old days'.
Law is for the little people.
Copy the document and the next time you get charged with a crime- pull it out and ask the judge why the law only applies to certain classes.
Is anyone actually supportive of our government? Really?
Even to someone like me, who sees government as doing the wet-work of White Capital, I'm surprised to see all 50 AGs collectively agree to put the torch to more than 200 years of jurisprudence.
OK - I am now very intrigued by all this.
How can it be that 50 experienced prosecutors, each having at least 10 years experience in the law, with many staff lawyers each at their disposal come to the conclusion that FRAUD was not committed by large banking institutions concerning mortgage processing?
Are we here at ZH delusional? Do we live in an alternate universe?
Can you please identify where in the settlement document it states that there was a finding that no fraud occurred?
Also, in a perfect world, what should the AGs have done? Stopped credit flowing to their respective states? Removed the charters of foreign companies?
Please remember that the AGs' settlements do not preclude action from individuals who may be affected... I have a feeling that state juries deciding issues between local residents and out of state big banks are going to find a warm place in their hearts to exact justice. Be patient, the lawsuits are already on the way and coming in daily... and progressively become more and more in favor of debtors... [and we haven't even really got into securities violations yet]. In short, the AGs' settlement is largely irrelevant...
It is because these 50 experienced prosecutors with their minimum of 10 years experience with their many staff lawyers haven't the experience to deal what went on with MERS. The banks committed fraud to the extent that these mortgage cases will tear those banking institutions that dealt with MERS apart. The attorney generals do not have the best interest of the general populace at heart. All that matters to the government is that the banks continue intact at any cost included disregaard to the rule of law. The wheels are off the wagon for the US economy. The rosy pictures painted by government released stats don't jive with reality. I would say most people that are ZH stallwarts carry a negative view of what's happening with the political and financial system with good reason. Look at the education and experience of our chair of the Federal Reserve and our Secretary of Treasury are we also delusional in thinking that they are not looking out for our best interest?
No, we here @ ZH are not delusional.
We @ ZH are the ones paying attention!
These fucks really need to eat a bag of dicks.
Most of them must have found out their state pensions were tied up in these security pools.
Washington State is passing a law where the banks will be able to foreclose without documents as long as a $250 fee is paid into the state coffers.
So that's how much they think of their residents.
My family visited the State of Washington last summer....no offense, but what a bunch of fucktards. The people were great...most of them, but the laws and fees (camping)were outrageous. A native told me that it was much better 20-40 years ago before all the Californians moved in. We listened to a "retired professor" with a Berkley sweatshirt loudly talk about how guns should be banned...Constitution be damned. Montana is prettier and not yet overrun with bullshit.
Well... it would be another thing if people were not getting credits for the payments they've made on their notes... it would also be another thing if they were not getting credit for the proceeds of the foreclosure sale... it would also be another thing if they weren't actually in default at the time of foreclosure... but those would be the exceptions and not the rule...
Not just BS. ALL 50 state AG's agreed to it.
There's dirty work afoot.
"Piles of poo in every direction."
"You're so pessimistic."
"Okay, we're not standing in poo. Does that make you feel better?"
Well, they filed the complaint en masse to make it that much easier to settle as a cohort. That was commented on back in January, here.
I believe this document ratifies in natural justice the entirity of the US population currently paying mortgages to stop en masse, NOW
or perhaps 4closureFraud/ZH/ Jon Stewart et al can hold a national awareness campaign for a D-day when people should all stop
You don't get to stop paying on your mortgage because a bank screwed someone else over... what is wrong with YOUR mortgage/note? [try using that in court...].
The issues with YOUR note were prevalent long before the AGs got involved. As a result, any reason for you to strategically or willfully default was present before the AG's decision. In other words, if you're planning on doing it, do it and quit waiting for excuses... all you need to make your case is already there. Do the work and win.
there's nothing wrong with your logic, however,
this goes beyond whether you have a valid court case. EVERYone with a mortgage, fraudulent or not, defaulting or not, has lost massive equity after beig told prices would only ever go up for ever, and has paid $1000's every year in interest and bank fees to these crooks
and now the 50AG's show their hand that they will support the banks in their fraud? The homeowners of the US should stop paying en mass, not on the principle of dodgy notes, but on the principle of CRASHING the system, killing the banks, leaving no business entity by which the AG's can even 'cut a deal'
I haven't lost equity, yet. I think what you mean is that people expected to get rich without having to lift a finger... through sheer entitlement and availability of credit and when that blew up in their faces, they want to blame everyone but themselves for their unsustainable lifestyles. What no one wants to admit is that purchasing a home is a speculative endeavor... just like going to college... that, in this case, failed to reach a pay out... win some, lose some.
Wonder just how much each state AG was paid off on this? They're as crooked as the crooks.
That's it. Their is no law for anything.
Operate your business as such.
Washington - Fuck you bastards!
Same with you state AG's
Failure to prosecute systemic institutionalized loan fraud and state AGs agreeing to this? BS
Courtesy of Yves Smith: Contact info for all 50 "Attorneys General". Press 1 for "Fraudulent Cover-up Complaint line".
http://www.consumerfraudreporting.org/stateattorneygenerallist.php
Two words: "Broken Republic".
TPOG
Fraudclosure and now they want to bribe you with a few dollars to get a new et ink contract because they do not have your original. In other words, you can get 100% of your home for free, or take a small bribe and get maybe 5% discount yet sign a new contract and are on the hook by the fraudster banksters.
DO NOT SIGN A NEW CONTRACT
DEMAND TO SEE ORIGINAL WET INK (because if they do not have it, you get your home for free)
You do not need an original note to foreclose... there are processes for replacing lost or stolen notes... there are processes for swearing to the authenticity of a copy... further, a universal statement is impossible given varying state laws... this is bad advice.
What's that crap about only needing a copy of a note for the foreclosure process?
It's pretty common actually... state by state issue... why do you need the original? That doesn't make any sense. All the parties who executed/drafted the document can presumably testify... [different analysis for example, for a will contest]... and the borrower was given a copy at the time of closing... so, if borrower's copy doesn't match bank's copy, then bank has problems... likewise, it is borrower's burden to keep a copy of the documents... and a failure to do so will lead to an inability to present contradictory evidence (other than testimony or using the bank's own documents against them).
The only thing requiring a wet ink copy does is create a ridiculous administrative burden rather than hearing a case on its merits... generally speaking, the american common law has developed with the goal of hearing cases on their merits and not dispensing with them through procedural snafus. [not that procedural burdens don't exist].
Further, the initial mortgage is virtually always recorded and, at the very least, references the underlying note (generally a $ amt of the note is listed)... the mortgage is executed by the debtor... if there was an issue with the amount owed for example, then the debtor should have contested that when signing the mortgage. In other words, a wet ink copy of the note is unnecessary when the debtor has executed ancillary documents which reference the note... if the two don't match, then you need to go digging.
I guess what my point is, I fail to see how not requiring an original note is somehow a concerted detriment to debtors... [NOTE: ALL OF THE ROBOSTAMPING, ET AL, ISSUES WERE UNCOVERED FROM COPIES OF DOCUMENTS].
Government by the banks, of the banks, and for the banks.
The solution for lying is to have people certify their lies as true.