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Advance Look At Today's 2:30 PM Senate Hearing On Fraudclosure
Today at 2:30pm the US public will get its first and certainly not last spectacle orchestrated by the banker's lame duck pet, Chris Dodd, and his Senate Banking Committee (as in bought and purchased by the banks) over fraudclosure. The hearing is titled "Problems in Mortgage Servicing From Modification to Foreclosure" and will be broadcast it on Zero Hedge. Mark your calendars: as the star witness is Bank of America President of Home Loans, Barbara Dosoer, the level of bullshit will be one for the history books.
Tuesday, November 16, 2010
02:30 PM - 05:00 PM
538 Dirksen Senate Office Building
The witnesses will be: The Honorable Tom Miller, Attorney General,
State of Iowa; Ms. Barbara J. Desoer, President, Bank of America Home
Loans; Mr. David Lowman, CEO, Chase Home Lending; Mr. Adam J. Levitin,
Associate Professor of Law, Georgetown University Law Center; and Ms.
Diane Thompson, Counsel, National Consumer Law Center. Additional
witnesses may be announced at a later date.
Add To My Calendar (vCal)
Witnesses
Panel 1
-
Honorable Tom Miller
Attorney General
State of Iowa -
Ms. Barbara Desoer
President
Bank of America Home Loans -
Mr. David Lowman
CEO
Chase Home Lending -
Mr. Adam J. Levitin
Associate Professor of Law
Georgetown University Law Center -
Ms. Diane E. Thompson
Counsel
National Consumer Law Center
»
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Not a single foreclosure-mill in attendance? Worthless
But what are the odds a robo signer machine gets wheeled into the room? Fraudclosure needs a face, may as well be Skynet's 600 series.
will there be handcuffs there?
nope, only cuff-links
Yes, cufflinks before 6:00 PM - and as my wife likes to point out - coifed hair as if they all just left the beauty parlor - a marker of membership in the decrepit and aging gay blade club in the U.S. Senate - all in mourning over the many public bathroom stalls that went untrolled in their youth.
Real men do not wear cufflinks before dinner!!
+1 haha
i see no mention of the bearded lady or dancing polar bears on the panel. i am supposing the always popular weight guesser will be there regardless.
It would be more fun to watch them fight in the lion pit.
Artless kabuki.
Let me take a guess at the outcome... All very complicated, no one's fault really, impossible to assign blame but in the end, just remeber that it all comes down to deadbeat borrowers.
Did you see the latest on CNBC titled "Dying with Debt - a Dirty Little Retirement Secret"? Now, apparently the banksters are blaming the "deadbeat old people" for their woes. Yes, that's right, deadbeat grandparents are now ripping off the good-hearted victim banks by charging up credit cards they don't intend to pay back. Have these banking assholes no shame whatsoever?
The writer, Cindy Perman, has written a factless piece of propaganda and she should be shamed for doing so. Does she know anyone from "The Greatest Generation" who is still alive today? I don't! How then, could they be responsible for banking woes? Even if they were alive, isn't it the banks responsibility to ensure they make loans that can be paid back? That is to say it is the lenders damned fault for lending a $50,000 unsecured credit card to an 80 year old retired medicaid recipient who will never have another job again.
These shameless, horrible bankster cronies are forgetting a very important rule in society...which is that all civilized societies "honor their elders"
SHAME SHAME SHAME on Cindy Perman and CNBC!
Here's the link: http://www.cnbc.com/id/40214649
Didja just hear the industry guy on CNBC ?
Talk about deep denial.
Yes the BS will be D-E-E-P.
Denninger's
http://market-ticker.org/akcs-www?post=172390
I will make sure to wear my bullshit filtering glasses, not to get blinded by the bullshit.
My propanganda glasses, which have a red lense and a blue lense, are already completely covered in bullshit.
With so much shit flying, it's hard to tell if it's coming from the right or the left?
All I know it feels like a shit sandwich being in the middle!
And the party will be hijacked at the last minute by someone like Sarah Palin...So sad....
Sarah Palin in a swimsuit and it's all over!!
what an embarrassment for dodd to preside
Problems? Problems? We don got no stinkin' problems!...
Do the senators get a bonus from the banksters for berating them in public, or is the bonus only paid after they've issued the 'stay out of jail forever' passes?
"CHARLOTTE, North Carolina (Reuters) - Bank of America Corp Chief Executive Brian Moynihan said on Tuesday a quick settlement of the 50-state attorneys general probe of the foreclosure crisis is the best solution for all involved.
"It is in everyone's best interest to get this settled and behind us," said Moynihan, speaking at the Bank of America Merrill Lynch Financial Services conference in New York.
Moynihan said the industry and lawmakers need to look at streamlining foreclosures. He said the current system is a "difficult process" for homeowners to navigate..."
http://abcnews.go.com/Business/wireStory?id=12159766
Gee...I wonder how it will end...
That's it. Blame it on the fucking incompetent homeowners! Someone lock this guy up now. He is a fucking criminal.
This is reminiscent of when O-Town was telling us all to 'look forward, not backwards' with regards to prosecuting the Bush administration for actual crimes. It's funny how willing people are to put things behind them when the chance of their head ending up in a basket becomes a reality. The next time I get a speeding ticket, I'm just going to tell the police officer that it would be best for everyone if we put this ugly incident it behind us.
http://www.salon.com/news/opinion/glenn_greenwald/2010/01/19/guantanamo
It will be in the public's best interest when the banksters have Bubba "behind them" in the showers.
Show me the note, motherfucker.
I think that the true fraud is that many banks are claiming the same mortgage at the same time. With mortgages flipped so many times it is quite possible. If there is a cover up, this is what they will be covering up.
The strategy often times is to accept fault/quilt on the small issues while at the same time covering up the larger fraud.
It is how Goldman handled it last year. The $550 million slap on the wrist for defrauding their investors.
But lets not look at the idea that Goldman's and Goldmans' clients(Paulson), BIG SHORT position on subprime could have been the bomb that exploded that bubble.
And if that is the case, one only needs to extablish that Goldman had malicious intent in bringing down all the markets, when unloading their sub prime positions.
Of course Paulson, is already waiting in the White House with bailout plan in back pocket.
No Percora Investigation like in the 30's. Just a couple movies for the sheeple to remember the way it went down.
Movies like "Heist", and "Wall St Never Sleeps" and books like "The Big Short" and "Too Big To Fail" are all epic propaganda pieces.
Gasparino is already trying to highlight the "farce" of this issue and saying the banks have done nothing wrong:
http://www.nypost.com/p/news/opinion/opedcolumnists/show_us_the_victims_IKAoxjhIzWCtrvXRBVsVIN
"bend over for the banks" Charlie says it is a victimless crime. Explain that to the state AGs that their county courthouses weren't defrauded of millions in transfer taxes, fees. For the average house in Florida, it's around $300. Now multiply that by how many times a property changed hands (as many as 6-10 in some instances) times the potential million foreclosures in this state.
In this instance, fraud is an outcome determined characterization... and I strongly suspect no fraud will be found in regard to back taxes (it's probably impossible).
Further, the penalties are already in place for failure to record a transfer of the property. If you fail to pay the tax, you lose priority to any other lien that arises in the meantime and properly attaches/pays tax. Generally, this is enough incentive to ensure taxes are paid. What the second, thirds, and beyond lienholders need to be sure to assert during the foreclosure hearings is that the firsts/their assigns do not get to maintain their priority without paying the tax man. This genie cannot be put back into the bottle either...
Just another dog and pony show. Warren Buffett's increased stake in WFC in Q3 tells us all that we need to know regarding how serious of a threat that this 'paperwork' issue will be. There is no such thing as 'fraud' here in the good ole USofA.
My dog takes offense at being lumped in with those bastards; my pony could not be reached for comment.
fox guarding the foreclosed henhouse
in the meantime, cute headlines at CNBC
Weaker Dollar Seen as Unlikely to Cure Joblessnessperhaps some "props" are in order. how about one of those "mortage payment books" the banks give you (for free no less!)? make sure the government pays for that before turning it over though...i hear "the mortgage servicers need the money."
Being 30% underwater solely because my neighbors have walked away from properties and created a short sale/foreclosure bonanza, I would be open to a compromise for the bank's fraudulent handling of my documents in the way of: 1) a no-cost 30 yr fixed refinance at 200bps over 90-day LIBOR and b) some incentive on the UW debt repayment based on 2011 assessed value - like it being interest free or something like that. That would incent owners to stay responsible and it actually addresses the problem of 40% of homeowners being UW. Thoughts?
It's not your neighbor's fault. The fraud was much bigger than them.
I'm in the same position as you. Take a step back. They're going to have to forgive portions of our debts, otherwise walking is the sensible thing to do...
Depends on their ability for recourse. This is the problem with the whole foreclosure mess, it's just one gigantic progressive tax. If you are underwater on your house, your bank is not going to be knocking on your door to recognize the dead ass loss earlier. If you default and there is equity in your house, you'll be foreclosed on immediately. Likewise, if the bank can get no recourse from you, it has no incentive to foreclose. However, if you do have ancillary assets, then it will sell the house for whatever at foreclosure and then go after your remaining assets. In short, the bank does not have to grant reductions in debts carte blanche. Rather, the banks actions largely depend on their ability to collect your individual debts. In other words, turnips get to go but tomatoes don't.
Point well made. I believe in Virginia the law states that a servicer may not go after deficiency in a short sale or foreclosure if they participate in HAFA and one declares bankruptcy. Chase does, so I believe that means I can just say screw you and walk without any recourse on their part. I am foolish to think there is an ethical alternative to an unethical issue and we can pay debts interest free to the point of level water and have a 30 year loan at 90 DAY LIBOR + x bps as well but we'll see.
What no one talks about and what I think will be an issue in the future is that records of your credit transactions will survive a collapse in our government. Meaning, when the time finally arrives to re-lever and take advantage of growth possibilities post debt jubilee, you will be left out in the cold if you "strategically" default. Oh, you just packed up shop on your last mortgage, huh? I guess you don't need any more money. Maybe it's just an imaginary bogeyman or inherently unnecessary given the desire to force cheap credit on all, but then again, maybe it isn't.
Also, as an aside, bankruptcy should cure any deficiency... all the debts should be dischargeable (other than student loans). What happens often at the present time (my understanding) is that people basically get rid of all high interest debt, e.g. credit cards, and receive a total discharge, while also keeping their house and cars and continuing to make payments thereon... This set-up gets particularly interesting when all the credit cards are only in one spouse's name and the other is free to re-lever/borrow or not have a tarnished credit report or whatever (or all of the real assets are in the non bk spouse's name). We challenged the bk filing of someone trying this... I think he got discharged anyway... and made out like a bandit.
In other words, I'm not sure what you mean by the requirements (use of the word "and") for deficiency in Virginia.... given a bk filing will surely discharge any deficiency anyway...
Epic level feces from a bovinian species, but first; The Aristocrats, (Martin Mull version).
Why has Matt Taibbi, a writer for Rolling Stone, become one of the leading journalists on this story? What happened to Forbes, WSJ, etc.? Already, the mainstream press is calling the robo-signer scandal a threat to our financial stability - translation; fix it so it quietly goes away.
LFD...This another trick question ?
The Project Censored team researched the board members of 10 major media organizations from newspaper to television to radio. Of these ten organizations, we found there are 118 people who sit on 288 different American and international corporate boards proving a close on-going interlock between big media and corporate America. We found media directors who also were former Senators or Representatives in the House such as Sam Nunn (Disney) and William Cohen (Viacom). Board members served at the FCC such as William Kennard (New York Times) and Dennis FitzSimmons (Tribune Company) showing revolving door relationships with big media and U.S. government officials.
http://www.projectcensored.org/censorship/corporate-media-ownership/
wasn't ther a Skynet in the Terminator movies? uh-oh!!!
"the level of bullshit will be one for the history books."
U.S. History - Early 21st Century
November 16, 2010
This date in history saw the construction of the largest piles of bullshit ever recorded. The first pile was left by Wall Street 'bulls' as they fled the market during the most violent tsanami-like crash ever. The second pile swamped the Washington, D.C. area after a Senate Hearing that heard testimony from only 5 people. The perfume industry, capitalizing on the moment of opportunity, bottled the scents. One was called 'Wall Flower' - a robust, painful, exploding hemorrhoid-like scent; a must-have for brown nosers everywhere. The other was given the name: 'Potomac Pumper' - a nasty, puss-like smell with a lingering finish but no apparent value; a market success for the just launched, olfactory equipped iPhoney5.
More Kabuki theater from our Bukkake government?
"Chris Dodd and the Mothers of Invention"
What are the odds that Desoer and Lowman are the fall gal and guy for the real banksters at the top? You know, sometimes just listening carefully to people's names tells you what role they play in life.
Example: De-soar
Low-man
Criss(-cross) Dudd
Burn-me Made-Off
...and the list goes on.....
My name is Extrastudly Manliness, BTW, in case anyone is curious.....
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