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Banks To Get Away Scott-Free Again? Mass Fraudclosure Settlement To Be Announced Today Without Financial Penalties

Tyler Durden's picture


As we noted earlier, JPM recorded $650 million in costs to "foreclosure-related matters" read legal costs associated with Robosigning (and if JPM is over half a billion, BofA legal invoices are certainly in 9 digit territory by now). Obviously, this is a situation that has to be resolved as USSA kleptocracy can not be forced to pay for prior (and ongoing) transgressions. Which is why we were not surprised to learn that "Bank regulators plan to announce settlements later on Wednesday with the largest lenders over allegations of shoddy foreclosure practices, but the pacts will not include financial penalties." All those who had been hoping for an equitable judicial treatment for criminal bank actions are urged to bottle their righteous indignation and stow it away (at this rate of inflation indignation will be worth 50% more in a mere 3 months). "The Office of the Comptroller of the Currency, the Federal Reserve and the Office of Thrift Supervision have spent the past few days completing the settlements with some of the largest U.S. banks, including Bank of America Corp, Wells Fargo & Co, JPMorgan Chase and Citigroup Inc. The pacts would resolve only part of a large probe involving a group of 50 state attorneys general and about a dozen federal agencies." But don't worry banks, won't actually have to part with even one dollar: "JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said on an earnings  conference call that the regulators would release consent orders that would make the banks address weaknesses in foreclosure affidavits. Fines will probably come later, he said." Probably. Although don't hold your breath.

From Reuters:

Federal regulators and state attorneys general have been investigating bank mortgage practices, including the use of "robo-signers" to sign hundreds of unread foreclosure documents a day, that came to light last year.

Some lenders, including Bank of America, temporarily suspended foreclosures late last year while they scrubbed their servicing practices, but government agencies have been pushing for broader reforms.

At first, all the government agencies involved in the probes said they wanted to announce deals with servicers at the same time so there would be a clean conclusion to the process.

That unity began to fracture as the attorneys general, along with some parts of the Obama administration, pushed for servicing changes and fines of about $20 billion, beyond what the bank regulators wanted.

The partial settlement with the bank regulators will probably leave open the question of the banks' legal costs stemming from the weaknesses in their foreclosure practices.

The uncertainty could also mean that some foreclosures will remain stalled, keeping the recovery of the broader housing market in limbo.

On Wednesday, Dimon said a comprehensive foreclosure settlement would be good for everybody, including the housing market.

He also said some of the foreclosure settlements with the government could increase the costs of mortgages to consumers.

Actually no: if fraudclosures clear out the market, if banks released millions in shadow housing inventory, and if there was even a trace of legal precedent in the US, costs of mortgages to consumers would plunge, and a clearing price level without constant Fed supervision would be established, returning such long-missing concepts as unadulterated supply and demand in the housing market. Until then we can expect to hear much more such M.A.D. posturing from the like of King James.


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Wed, 04/13/2011 - 10:24 | 1164995 pods
pods's picture

Yep, bout time we BTFD.

Burn The F#cker Down!


Wed, 04/13/2011 - 10:39 | 1165065 Heavy
Heavy's picture

Agreed BTFD, they have given us no other choice though, so we should be careful about what we allow to come after we BTFD.

Wed, 04/13/2011 - 10:51 | 1165116 Bill the Cat
Bill the Cat's picture

Ack!  Revolution!  Tfppth!

Wed, 04/13/2011 - 19:35 | 1167169 Triggernometry
Triggernometry's picture


Sharpen pitchfork


(Fuck guns, this shit is getting personal)

Wed, 04/13/2011 - 11:42 | 1165310 caconhma
caconhma's picture


You are utterly naive or just outright stupid. These major banks own this country, the Obama administration, the Congress, the judicial system, the mainstream media, to name few. So, they do whatever they want without giving a shit about your and your opinion.


America has a terminal disease. It is called "a runaway mouth diarrhea". Please closed your stinking mouth and stop spreading germs.


Any more questions?

Wed, 04/13/2011 - 12:37 | 1165585 chunga
chunga's picture

I'm thread jumping here...sorry.

I sent TD the docs. Criminal arrests are right around the corner. I'll get some damn pictures when it happens. It won't stem from the ball washer AGs either.

Rough waters ahead.

Diana v. Wamu

Was appealed to Supreme Court a month ago. Appeal dismissed. Filed Motion to Reconsider, Motion for Relief Denied based on Law of the Case. Take your medicine banksters....(simple 8 page read)

Moll Brief

42 pages...plenty of "color" but best for a lawyer. Still a fun read.

Wed, 04/13/2011 - 12:51 | 1165661 tonyw
tonyw's picture

Agreed, ZH has posted the Of the 1%, by the 1%, for the 1% articles recently and it should now be obvious to everybody who's not completel stupid that it's not democans vs republicrats or left/right or black/white but the top 0.1% of kleptocrats taking by any means possible.

I think i posted here a while ago that after the cheating, stealing and lying of the last three years then banksters would win again, if they break the law then obviously the law needs changing and will be changed retrospectively if needed.

Wed, 04/13/2011 - 16:03 | 1166550 TheFourthStooge-ing
TheFourthStooge-ing's picture

As an addendum to BTFD, I'd like to suggest TTHELBITA.

(Torch the Hamptons, every last bit, in the ass!)


Wed, 04/13/2011 - 10:43 | 1165080 Thomas
Thomas's picture

Where are the serial killers when you need 'em?

Wed, 04/13/2011 - 10:51 | 1165111 bigdumbnugly
bigdumbnugly's picture

... Fines will probably come later, he said." Probably. Although don't hold your breath.


and the people will probably make their mortgage payments later.  Probably.  But don't hold your breath.

Wed, 04/13/2011 - 11:20 | 1165225 NOTW777
NOTW777's picture

fines?  i think he meant to say campaign contributions

Wed, 04/13/2011 - 11:55 | 1165371 jplotinus
jplotinus's picture

This slowly unfolding process appears to be designed to force people to resume mortgage payments.  That, after all, is what the people, aka sheeple, have latched onto as their one effective response to crony capitalism and rampant corporatism.

The settlement that is to be announced will apparently not result in a lifting of the ongoing foreclosure moratoriums in areas where such moratoriums are in effect.

Foreclosure moratoriums might be the line the sheeple have drawn that cannot be crossed.


We'll see

Wed, 04/13/2011 - 10:57 | 1165151 andybev01
andybev01's picture

GS, JPM...duh.

Wed, 04/13/2011 - 11:18 | 1165227 suldog
suldog's picture

At the prop desks.

Wed, 04/13/2011 - 11:43 | 1165317 Tater Salad
Tater Salad's picture

Umm, you mean Dodd, Frank, Pelosi and Obama? 

Busy murdering America I suppose.

Wed, 04/13/2011 - 10:49 | 1165104 redpill
redpill's picture

Bernard von Nothaus will be rotting in jail for making honest money while these assholes flaunt their fraud to the world.  Shit just ain't right.

Wed, 04/13/2011 - 10:57 | 1165138 Old Poor Richard
Old Poor Richard's picture


Not only will TBTJ banksters not pay settlements, they (and their fucking wives!) will get Fed $$$ to bailout their losses on non-profitable fraudclosures. 

The USD has no credibility because of debt???  How about the entire USG has no credibility because it's a fucking banana republic pwned by the 21st century mob.


Wed, 04/13/2011 - 11:26 | 1165255 traderjoe
traderjoe's picture

Government of the corporations, by the corporations, for the corporations.

Wed, 04/13/2011 - 12:11 | 1165439 l1xx3r
l1xx3r's picture

No kidding... If we ignore them long enough, will they go away? Really, they are only 0.01% of the populaion.

Wed, 04/13/2011 - 11:05 | 1165170 ItsEvolutionBaby
ItsEvolutionBaby's picture

Listen to this. 

Equip torches and bludgeoning instruments.



Wed, 04/13/2011 - 14:40 | 1166229 BrobamaReds
BrobamaReds's picture

I love my bank's razor rate CD, ayit.

Wed, 04/13/2011 - 10:27 | 1164996 Careless Whisper
Careless Whisper's picture

Who could've guessed that Marilyn Manson had it right all along?

White trash get down on your knees

Time for cake and sodomy

Wed, 04/13/2011 - 10:28 | 1165001 vote_libertaria...
vote_libertarian_party's picture

That still doesn't clear up the question of 'who owns the house'? x 1,000,000...or is up to 5,000,000 by now.


How many activists blogs will more aggressively call for people to squat in their homes and stop paying their mortgages?

Wed, 04/13/2011 - 10:36 | 1165042 downwiththebanks
downwiththebanks's picture

Precisely.  As much as the banker-gangsters would like it to be so, this issue does not find its resolution in the courts.

This is about people, organized, defending themselves against the financial parasites and their accomplices in government.

Wed, 04/13/2011 - 10:45 | 1165083 Careless Whisper
Careless Whisper's picture

@ vote_

The person whose name is on the deed owns the house. The question is who owns the Note? and does the Note have a valid Mortgage attached to it?

Wed, 04/13/2011 - 10:51 | 1165119 flattrader
flattrader's picture

Be there or be square

New York City, Fri Apr 15th 2011

Our demands:

Stop Foreclosures: The last two years saw record foreclosures with one out of seven houses in the U.S. behind in their mortgage payments. A total of 3.8 million foreclosure filings and actual bank repossessions topped 2.8 million in 2010, a 2% increase over 2009 and a 23% increase over 2008. This record is likely to be broken in 2011. The housing market is so bad that now there are reports of banks walking away from houses in foreclosure, leaving problems in communities.

Pay Fair Share of Taxes: Big banks are not paying taxes, while reaping tax payer bailouts. Bank of America did not pay any federal income taxes in 2010. The largest bank in America didn't pay federal income taxes in 2009 either. If Bank of America paid their fair share of taxes, planned cuts of $1.7 billion in early childhood education (Head Start & Title 1) would not be needed. Bank of America avoids paying taxes by using subsidiaries in offshore tax havens. To eliminate their taxes, they reinvest proceeds overseas, instead of bringing the dollars home, thereby undermining the U.S. economy and avoiding federal taxes. Big Finance, like Bank of America, contributes to record deficits that are resulting in massive cuts to basic services in federal and state governments.

Break Up the Big Corporate Banks: If banks are “too big to fail” then they are too big. They dominate the economy and the political system. Ten huge banks now control 60% of the economy. They ensure concentration of capital and concentration of political power. Because of the federal government’s protection of the big banks, small and moderate sized banks cannot compete. Failure to break up big corporate banks ensures their dominance of the economy and the government. As Senator Dick Durbin said about the banks controlling the senate, in a moment of honest frustration, “they own the place.” It is time for the people to take back ownership of government and politics.

It is urgent that Americans organize, and stand up to the concentrated political/economic power and greed of the financial elite. Join us on April 15 to be part of a people-powered movement that reigns in the power of concentrated corporatism and builds the power of all Americans. Get involved now as we take the steps needed to build a movement that cannot be stopped.

Join us in New York City on April 15, 2011 at 11:00 in Union Square Park.

Wed, 04/13/2011 - 11:12 | 1165195 flattrader
flattrader's picture

I cetainly prefer the venue of the 06/14 protest.

Take it right to the black heart of Wall Street.

Wed, 04/13/2011 - 12:57 | 1165681 chumbawamba
chumbawamba's picture

I'm more partial to a .30-06 protest.

I am Chumbawamba.

Wed, 04/13/2011 - 10:58 | 1165139 writingsonthewall
writingsonthewall's picture

I concur, this is people vs the banks now.


Gladiators - READY!

Banks - READY!


Let the battle commence - there's nothing like a bit of feudalistic behaviour to get the masses organised.


Remember, you are not alone US mortgage (non) payers - occupy, putrify and rectify.

Wed, 04/13/2011 - 11:46 | 1165332 Imminent Crucible
Imminent Crucible's picture

"It's the people vs. the banks now"

Um, no.  It's the people vs. the banks/government/military-industrial complex. It's perfectly clear that the banks and the other multinationals OWN Congress and the White House.  President Nobel Peace Prize is carrying on the Bush Wars and has added wars in Pakistan, Libya and apparently Ivory Coast.

So what we really have is a disorganized band of ragtag rabble attempting to lead an anesthetized and apathetic middle class into battle--against a well-organized plutocracy of central bankers, corporate looters and their Congressional lackeys.  They control the laws, the money, the military, the financial system and tax systems--oh yeah, and the judicial system.

Meanwhile, we control....what?  I'm thinking, I'm thinking. Right now, about all we control is whether we choose to work and where we choose to live.  Not sure how long those choices will remain open.

Wed, 04/13/2011 - 12:30 | 1165541 flattrader
flattrader's picture

>>>So what we really have is a disorganized band of ragtag rabble attempting to lead an anesthetized and apathetic middle class into battle--against a well-organized plutocracy of central bankers, corporate looters and their Congressional lackeys.<<<

Somebody's gotta start somewhere.

The Tea Partyis bought and paid for though they are wholly unaware who the "men behind the curtain are."

And they had tens, I tell you tens of participants at their last D.C. budget protest event at the end of March supporting these fucktards--

The Tea Party swept into the 112th Congress with promises of cutting government spending. But according to a report out today, at least five lawmakers with Tea Party connections have been longtime recipients of federal agricultural subsidies.


While the majority of American farmers receive no government money at all, at least 23 current members of congress or their families have received government money for their farms -- combining for more than $12 million since 1995 according to a new report from the Environmental Working Group.


The biggest recipient was Rep. Stephen Fincher, a Republican from Frog Jump, Tenn.


While the self-described Tea Party patriot lists his occupation as "farmer" and "gospel singer" in the Congressional Directory, he doesn't mention that his family has received more than $3 million in farm subsidies from 1995 to 2009, according to the Environmental Working Group.


When asked whether he would be willing to see all his subsidies go away, Fincher would not directly say he would no longer take any more subsidies.


"We need a good, better, we need a better farm program and we need to streamline it," he said. "We need to look at many many options. And that's a long way off."


Rep. Vicky Hartzler, R-Mo., who also was swept into office with the Tea Party movement, received $774,489 in farm subsidies over the same period, according to the EWG's numbers.


According to the EWG report, Rep. Marlin Stutzman, R-Ind., received almost $180,000 between 1997 and 2009.

Wed, 04/13/2011 - 13:35 | 1165889 Live_Free
Live_Free's picture

This is true and as such this may be our last chance.


Even if it is disorganized and futile, I'd rather fight back then allow some sneaky snake in the grass monied fork tongued banksters to slowly constrain and sufficate the last remaining freedoms I think I have.  

Wed, 04/13/2011 - 13:32 | 1165877 chunga
chunga's picture

I'm telling you what...if this bullshit continues this is where we're headed

Wed, 04/13/2011 - 10:28 | 1165002 gordengeko
gordengeko's picture

Keep paying your mortgages people nothing to see here.  You are getting sleeeeppppeee...

Wed, 04/13/2011 - 10:26 | 1165003 TruthInSunshine
TruthInSunshine's picture

All of this statutory 'papering over' means squat in what will be the legal challenges, mainly in jurisidctions of state courts, as all real property issues, including those of validity of title and assignment of title, are 'in rem' issues preserved to state laws, and I've yet to see any cogent federal law issue raised which trumps state law providence, including any weak claims of interstate commerce (unless, of course, one was speaking of mobile homes, with fixed axles, which are subject to UCC-1 filings of security interest and can move across state lines; i.e. interstate).

Wed, 04/13/2011 - 10:35 | 1165049 iinthesky
iinthesky's picture

+1 this is exactly what theyre trying to cover up.. Distraction from the real issues but those out there fighting won't be phased at all. I'm waiting for some forensic audits to be placed into the record showing how they monetize and securitize and the entire so-called loan balance is paid before you even come to the closing table in some or much more likely, 95% of the cases.

Wed, 04/13/2011 - 11:43 | 1165323 MachoMan
MachoMan's picture

There isn't and won't be a federal trump card...  This is but one issue...  and, frankly, I'm unsure as to why the AGs would come out and arrange a puny settlement?  The people want blood (figuratively), not some piddly ass promise to refrain from assfucking the populace going forward.  Individual cases will proceed and will have an incredibly high success rate...

Also, doesn't the settlement expressly reserve any issues of fraud?  ["should it be found"]  Although finding it requires looking...  (not at tranny porn).

Wed, 04/13/2011 - 10:28 | 1165004 JailBank
JailBank's picture

I just puked a little. I can't be more disapointed in how my government works right now.

Wed, 04/13/2011 - 10:26 | 1165006 SheepDog-One
SheepDog-One's picture

Get away with it for now, fines come later. Oh sure.

Wed, 04/13/2011 - 10:53 | 1165126 Rainman
Rainman's picture

.....the Wimpy solution...happily paying on Tuesday for a hamburger today.

Wed, 04/13/2011 - 14:13 | 1166073 12ToothAssassin
12ToothAssassin's picture

"...pushed for servicing changes and fines of about $20 billion, beyond what the bank regulators wanted"


You can cash in breaking the law and as long as you dont go to jail and the fines are lower than your take, its all gravy!

Wed, 04/13/2011 - 10:30 | 1165012 no2foreclosures
no2foreclosures's picture

My "predictions" on the endrun for Fraudclosure published on October 10, 2010:

Wed, 04/13/2011 - 10:28 | 1165014 Pants McPants
Pants McPants's picture

Why would anyone pay his or her mortgage in a 'market' like this?

Boggles my mind.

Wed, 04/13/2011 - 10:33 | 1165030 Seasmoke
Seasmoke's picture

Brainwashed or scared of their own shadow

Wed, 04/13/2011 - 10:34 | 1165041 gordengeko
gordengeko's picture

Land of the free home of the brave, sing it proud next time you are at that sporting event with your children.

Wed, 04/13/2011 - 11:38 | 1165292 downwiththebanks
downwiththebanks's picture

Even though they don't think they do, people still trust/fear some institutions enough to obey.  Further, when credit scores are used to whip people into shape for bucking conventional wisdom they have further incentive for falling in line.

Wed, 04/13/2011 - 11:41 | 1165318 Agent P
Agent P's picture

There should be no free rides.  That goes for banks and borrowers.

I borrowed (from a local bank) to buy my house.  I owe that money to the bank.  I am paying it back.  No different than borrowing a 10 spot from a borrow money, you pay it back. 

Wed, 04/13/2011 - 12:47 | 1165640 Silva Plata
Silva Plata's picture

That's a nice idea. But what if the person who you borrowed that ten dollars from sold the debt to someone else, and what if the new holder of your $10 debt sold it to a different person? Then what would you do if the first person you borrowed the money from said you didn't pay him and forged some documents so he could foreclose on your $10 house? And what if you got sick of the headache and so you tried to sell your $10 house but it was now only worth $5? Then what if the first person got away with stealing your $10 house even though they sold the debt to someone else?

Wed, 04/13/2011 - 14:12 | 1166082 Agent P
Agent P's picture

Read my first line.  I'm not standing up for the banks.  I believe the banks that committed fraud (stealing the house for example) should be punished severely, but that doesn't let the borrower off the hook, even if the house has declined 50%.  

Wed, 04/13/2011 - 16:22 | 1166622 Silva Plata
Silva Plata's picture

I know, I'm just teasing.  I get your point.  But until we see some punishment -- any punishment -- against the banks, I gotta side with the homeowners.  Peace.

Wed, 04/13/2011 - 12:58 | 1165699 Calculated_Risk
Calculated_Risk's picture


Wed, 04/13/2011 - 14:16 | 1166101 12ToothAssassin
12ToothAssassin's picture

Funny you mention this, I just made my last payment a couple weeks ago. Come get it BITCHEZ!

Wed, 04/13/2011 - 15:11 | 1166347 tsx500
tsx500's picture

so then .... what would your advice be to Joe Sixpack , mid-40's , single and self-employed ,   good credit rating , been paying off  his 30-yr to BofA  for 8 years , not (yet) underwater  (mortgage bal = 300k , house value = 500k) . 

Wed, 04/13/2011 - 10:30 | 1165015 Cole Younger
Cole Younger's picture

Another crime, no fine, and no time. The U.S. is no longer a nation of laws and this government needs to be replaced.

Wed, 04/13/2011 - 10:31 | 1165017 JLee2027
JLee2027's picture

The real issue is the states property laws. And MERS being illegal under Federal law. The best is yet to come I think.

Wed, 04/13/2011 - 10:36 | 1165046 TruthInSunshine
TruthInSunshine's picture


Washing title through a legal fiction and dirty laundy shop of MERS does not 'undo' the state law aspect - exclusive at that - of the nature of the claim.

Federal law has no superceding jurisidiction over state laws, which trump, with certain possible caveats (bankruptcy law, claims involving Native American [aka Indian Lands], superfund sites - anyone want to defend ownership in a toxic waste dump?) properties.

Wed, 04/13/2011 - 10:38 | 1165060 iinthesky
iinthesky's picture

It does in the instances where the STATE OF accepts federal funding.. which they all do.

Wed, 04/13/2011 - 10:53 | 1165098 TruthInSunshine
TruthInSunshine's picture

States' AG can't make interpret law nor trump valid statutory or common law at their discretion.

There are reasons many a state class action settlement fell apart over the years.

Any such attempts are void ab initio, otherwise known as meaningless from the time the settlement is signed, let alone by the time the ink dries.


A late response to JLee above - MERS is a legal nullity and without legal authority under state law. It was a legal fiction that allowed both a high transfer rate of title during the boom years of mortgage synthethizing and selling off to Wall Street Investment Funds in pooled bundles such as CDOs, and also allowed those doing the buying, pooling and bundling to sidestep the payment of recordation and other transfer fees legally required to be paid at local unit of state government on the order of hundreds of millions of transfers (one home in the Las Vegas area was sold over 251 times in a 6 year period of time - see notes on an infamous real estate agent and mortgage broker married couple arrested by the FBI).

Wed, 04/13/2011 - 10:54 | 1165134 iinthesky
iinthesky's picture

It sometimes seems almost as if they want to see how far people can be pushed before they lose it. I like the way Celente put it.. when people lose everything they lose it. I think i'm curious now as well--- at what point does a mummified mind break through to the light?

Wed, 04/13/2011 - 10:38 | 1165051 Perseid.Rocks
Perseid.Rocks's picture

Zactly.. there aren't any financial penalties because these banks are about to get wiped out anyway by any one of several different sources of liability.


Wed, 04/13/2011 - 10:41 | 1165067 Joe Davola
Joe Davola's picture

The best for whom?

Wed, 04/13/2011 - 10:48 | 1165097 JLee2027
JLee2027's picture

For the consumer. As soon as the banks are sent to bank hell, the mortgage industry will effectively cease to exist in my opinion. Too many unanswerable title questions. Either that or 20 years of legal wrangling with banks that should be declared insolvent and their title holds voided.

Wed, 04/13/2011 - 12:34 | 1165551 spinone
spinone's picture

A crime being committed and a crime being prosecuted are very different things. 

If a bank does it, it is not a crime.

Wed, 04/13/2011 - 10:29 | 1165022 Bob
Bob's picture

The corporate coup becomes ever more undeniable. 

Wed, 04/13/2011 - 10:30 | 1165028 slewie the pi-rat
slewie the pi-rat's picture

hey!  if ms Ericunt fuking Holder, the FBI, and the federal prosecutors don't like their jobs, let's just send the douchebags home.  as for these other federal asswipes, no way their "civil penalties" are gonna ever begin to approach the pay & bennies these worthless fukheads have aready pulled down, so let's just send them home, too.  permanently.

any questions?

Wed, 04/13/2011 - 10:52 | 1165112 topcallingtroll
topcallingtroll's picture


Wed, 04/13/2011 - 11:00 | 1165162 slewie the pi-rat
slewie the pi-rat's picture

s'all right?

s'all right!

Wed, 04/13/2011 - 10:31 | 1165031 SignsAndWonders
SignsAndWonders's picture

Perfect timing.  Mishkin worthy academic paper sponsered by the financial services industry just released.  Yves gives it a good teardown, as usual.  

Now the banks can point to the paper as proof that the settlement is harmful while high-fiving their regulatory friends behind the scenes.

Wed, 04/13/2011 - 10:33 | 1165032 Tic tock
Tic tock's picture

Fuck government on a stick, absolutely no f&*^rrging way. Twenty years, industrial production will be 95% located outside of anglo-saxon banking jurisdiction.

Wed, 04/13/2011 - 10:31 | 1165033 Bagbalm
Bagbalm's picture

Take your money out of the banks. The only thing you can do that they will notice.

Wed, 04/13/2011 - 10:49 | 1165108 topcallingtroll
topcallingtroll's picture

I feel stupid with cash in the safe but i hate the banking system. I urge everyone to do it.

U r not getting a return on your cash anyway. Plus i enjoy making the nanks fill out useless surveillance forms. I only cheat modestly on taxes and then in ways unlikely to be.discovered in an audit.

Wed, 04/13/2011 - 14:50 | 1166261 tsx500
tsx500's picture  off topic a bit, but... speaking of cheating on taxes ,  CNBC has conveniently picked this Thursday evening (just a couple days before the deadline, which is exactly when the majority of Amerikan sheeple do their taxes) to premier their new 'special'  called "The American Tax Cheat" .   Becky Quick will , among other things, be highlighting the CSI-level technology that the IRS uses to find evidence of tax cheating.   I can't wait to tune in , how bout you guys ? ! ? !  < heave - heave - heave -   VOMIT >   ahhhhhh....much better.

Wed, 04/13/2011 - 10:36 | 1165036 hedgeless_horseman
hedgeless_horseman's picture

The Office of the Comptroller of the Currency, the Federal Reserve and the Office of Thrift Supervision have spent the past few days completing the settlements with some of the largest U.S. banks, including Bank of America Corp, Wells Fargo & Co, JPMorgan Chase and Citigroup Inc.

Where in the world is the US Attorney General?  What is his name??

Wed, 04/13/2011 - 10:37 | 1165056 gordengeko
gordengeko's picture


Wed, 04/13/2011 - 10:43 | 1165074 hedgeless_horseman
hedgeless_horseman's picture

That's it...Erik  Holber.  I am trying to remember what he looks like from right after the campaign...isn't he the President's brother?

Wed, 04/13/2011 - 10:46 | 1165087 gordengeko
gordengeko's picture

From Mind control propaganda slut Kesha owned by these same inbred wannabe royal fuckstains.


Back door cracked
We don't need a key
We get in for free
No VIP sleaze

Drink that Kool-Aid
Follow my lead
Now you're one of us
You're coming with me

It's time to kill the lights
And shut the DJ down
(This place about to)
Tonight were taking over
No one's getting out

This place about to blow
This place about to blow
This place about to blow
This place about to blow
This place about to

Now what (What)
We're taking control
We get what we want
We do what you don't

Wed, 04/13/2011 - 10:50 | 1165114 Buckaroo Banzai
Buckaroo Banzai's picture

His name is Eric "Place" Holder

Wed, 04/13/2011 - 10:32 | 1165037 iinthesky
iinthesky's picture

Robosigning is just the tip of the iceberg. I would love to see the language they come out with. I imagine in there buried will be a new regulation allowing for the word of any attorney be taken as gospel as that standing cannot be questioned, kind of like the so-called public debt. They'll sell it as usual to the shmucks in TV land as something is isnt... I say let the lawyers keep on doing their thing... it's almost over now, keep pushing!

Wed, 04/13/2011 - 10:32 | 1165038 RobotTrader
RobotTrader's picture

Yep, same old, same old.

All problems swept under the rug and papered over with more printing.

OK, now lets hurry up and buy stocks!  Can't miss today's v-bottom!

Wed, 04/13/2011 - 10:56 | 1165133 lieutenantjohnchard
lieutenantjohnchard's picture

so today, in this nano-second, the world's worst trader says more money printing is on the way so by all means, he would advise, don't buy gold and silver. rather, he would advise his client base of one, buy tzoo and lulu.

btw, the old scroomer gentleman jim sinclair, as you call him, sends his regards. he's still patiently awaiting your call to advise him on the nuances of investing in a diversified portfolio of widows and orphans stocks.

Wed, 04/13/2011 - 10:56 | 1165140 Robot Traders Mom
Robot Traders Mom's picture

Whats up nerd? How did it feel to get stuffed in a locker this morning before 1st period?

Wed, 04/13/2011 - 12:19 | 1165458 slewie the pi-rat
slewie the pi-rat's picture

slewie enjoys RT's character play, and posts.  yours, too, RT'sMo! 

all the weird fight club and hormonal stuff is, great, too! +++'s all around!

Wed, 04/13/2011 - 10:36 | 1165044 RobotTrader
RobotTrader's picture

After today's lackluster stock performance, JPM is due any minute to announce that it is going to double its expansion in California and build even more new branches...

Wed, 04/13/2011 - 10:49 | 1165110 Careless Whisper
Careless Whisper's picture

JPM has been straight down since the open.  p.o.s.

of course they want to be in Cali, isn't the reason obvious?


Wed, 04/13/2011 - 11:31 | 1165264 TruthInSunshine
TruthInSunshine's picture

I can see someone trying to be funny once or twice a day - even failing miserably at it, as RoboTwat does so consistently.

But I've read maybe one out of 300 constructive comments by the Twat. Even his rarely seen opinion-puff pieces are light on analysis.

Twat - start constructively contributing or just post your usual titty shots. IOW, stick to your area of shallow expertise.

Wed, 04/13/2011 - 12:28 | 1165511 slewie the pi-rat
slewie the pi-rat's picture

no shit, RT, jpm/chase is freakin everywhere!  it's the wachovies on their pizza, i think.  waaaay too many, and now they're just bent over their own "srategy", which is hilarious.  still,  they are marketeering like there's no tomorrow and the other zombies are, like, passed out cold from the kool-aid in the punchbowl, at least up here!

i took em for $100 last year on their 2nd damned mailer, and the year is up next month, so i'm lookin forward to another visit to these shitheads, soon!  un-freakin-believable, for sure, RT!

Wed, 04/13/2011 - 10:37 | 1165045 JW n FL
JW n FL's picture

The Biggest Problem I have with this.. is.. that NO! ONE! gives a fuck! no. one. fucking. cares. even. a fucking. little. bit.

of course General Electric will only (MSNBC, NBC and so fucking on) pump this as a positive buying opportunity. BUY! BUY!! BUY!!! you fucking sheep!

Green Shoots! Banks get away with fleecing the sheepeople again!

and there are like 10 of us that understand it and give a fuck? no one? Bueller? Bueller?

I am looking into what it takes for a investment visa for Australia to fucking day!


Wed, 04/13/2011 - 10:38 | 1165052 JW n FL
JW n FL's picture
  1. Australian Visa Online - 3 Easy Steps for US Residents

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    www.globalvisas.comAustralia Visas - Cached - Similar

Wed, 04/13/2011 - 10:48 | 1165105 magis00
magis00's picture

Just want to point out that it took you one (1) minute to post the information you sought.  Testament to a person who can actually think.  Mad props, sir.

Wed, 04/13/2011 - 10:55 | 1165129 gordengeko
gordengeko's picture

I respect you JW but fuck that.  I ain't running from these fuckers and neither should anyone else.

Thu, 04/14/2011 - 12:22 | 1169096 JW n FL
JW n FL's picture

Sorry Gordon, I was having a moment.. I fucking HATE! that these Fucking Scum Bags get to RAPE Everyone, ALL the Fucking Time!


I am on deck and short of getting my Loved ones out of harms way... at the ready!


I see Obama speak of Taxing..

I see idiot Republicans talking about lowering? from FUCKING 0%? how much fucking lower? G.E. got $3.5 Billion in carry forward is what I have heard beyond NOT! paying a fucking penny! WTF?


Obama is still Loved by Wall Street after his speech on taxing.. that tells me that someone is lying.. I am dumb but I aint that fucking dumb!

and then!

FBI, America Should be a Police State! A Big 3rd World Country, USA!

sprinkled with a lil...

Do you Blog? Twitter? and / or post in a Chatroom on Line?! Left or Right views make no difference! You are a Home Grown Terrorist PER Home Land Security see link and Official Report(s).


So, we who give a fuck? are terrorists? becuase we tell the truth?


Here is the whistle blower protection! NOT!!!

Secret Hold On Whistleblower Protection Narrowed Down To Two Senators

UBS Whistle Blower in Jail for helping the IRS with over 2,000 Tax Dodgers!


'Austrian tax evasion whistleblower' dies in Swiss jail

Swiss tax whistleblower to give WikiLeaks new data & in Jail for it

No Bankers in Jail, No Tax Dodgers in Jail and Wall Street is Leveraged MORE than before! Tell the Truth? Go To Jail!


"Unfortunately, the PATRIOT Act did Not! Include Checks to PROTECT! Americans” Senator R. Durbin (IL)


FOIA Litigation for Accountable Government

Wed, 04/13/2011 - 10:56 | 1165130 Village Idiot
Village Idiot's picture

I feel you, JW.  You make sure to let VI know where you're landing - Most likely I'll be right behind you.  Almost time to cut the cord.  Unless, of course, I can see that people really do give a shit and are doing something.  I would stick around for that.  It's amazing what people are willing to give up, just to let someone else tell them that "the dream is still alive." 

Who's dream do you want to live, people?

Thu, 04/14/2011 - 12:32 | 1169140 JW n FL
JW n FL's picture

Thanks VI! I think we all should chip in and buy a compound.. let the FBI come in and burn us alive all in one place.. do want to make it to hard on them..


It could be the Compound of Truth! and the warrant would be for Gordon's personal weed stash of less than an oz. which would cause a full millitary response in which our family's would be killed so no one would be left to sue the Government for our murders.


or maybe General Electric would just pay a Taxi driver to run us all down, like the gold guy in London who accidently was almost murdered. Fuck JP Morgan!


I think these scumbag fucking financial terrorists should be tracked down for treason and hung! Oops! I am now on another terrorist watch list becuase I hate these people who have almost destroyed my Country.. I / We here are the terrorists.. we are on the watch list.. Jamie Dimon gets to hang out with Obama becuase he is safe and on the side of America. BULLSHIT!!

Wed, 04/13/2011 - 10:56 | 1165131 SheepDog-One
SheepDog-One's picture

Nice work! Well there you go people, get out. 

Wed, 04/13/2011 - 11:06 | 1165173 Village Idiot
Village Idiot's picture

"Nice work! Well there you go people, get out." 

If you are referring to me, and JW for that matter, let me clarify the message: At the end of the day, if I am the only guy willing to live for MY DREAM, I am out.  This soldier is ready to fight, but not alone.  I've been ringing the bell around here for 2 years - no answer.

btw - I know you have been ringing the bell, too.

Wed, 04/13/2011 - 11:11 | 1165198 gordengeko
gordengeko's picture

So where are you going to go?  I's rather die for a noble cause than submit to some scum sucking vampire who thinks it's their god given right to rule over me.

Wed, 04/13/2011 - 11:26 | 1165253 Village Idiot
Village Idiot's picture

"I's rather die for a noble cause than submit to some scum sucking vampire who thinks it's their god given right to rule over me."

I would gladly give my life for a handful of causes and I have posed a question/call around here many times: Who is going to lead this soldier in to battle?  Step forward and lead!  Step forward, who ever you are.

No answer? 

Wed, 04/13/2011 - 12:07 | 1165370 gordengeko
gordengeko's picture

I have said on numerous occasions we need help.  Most here have no clue on what they are up against.  I've been calling these fuckers out left and right.  The zombies and sheep will never wake up, too far gone.  They can no longer think and are so reliant upon the only way of life they know.  We have been subverted from within so hopeless rhetoric on protests and little pepole voices will do no good but elate them in their private circles because one of the goals is to arise anger and chaos.  We must be smarter than them, this is a life and death game for everyone so the powerbrokers that are left are the ones we need to wake up.  They need to battle for the right to lead not some peasant prole with no financial backing.

So now I'm calling everyone out, I've just told you what we have to do (along with quit banking with these institutions).  Who's with me???

Thu, 04/14/2011 - 12:35 | 1169148 JW n FL
JW n FL's picture

Gordon! as long as you let me use that Brick Cell Phone and you give me the number to the salon that cuts your mullet! I am with You!

Wed, 04/13/2011 - 11:32 | 1165269 SheepDog-One
SheepDog-One's picture

Im not even saying to 'get out', just that it was nice work he wondered about visa info, then found it and posted it. A man of action!

Wed, 04/13/2011 - 13:00 | 1165700 Village Idiot
Village Idiot's picture

roger that.

Wed, 04/13/2011 - 10:56 | 1165143 Harlequin001
Harlequin001's picture

You still have to pay your taxes to the US...

that's the law...

Wed, 04/13/2011 - 10:54 | 1165121 Buckaroo Banzai
Buckaroo Banzai's picture

Um...yeah. If you are looking to get away from the one-world global-corporatists, you won't do that in Australia. They sewed that place up years ago. It's a socialist hell-hole.

Wed, 04/13/2011 - 11:33 | 1165280 SheepDog-One
SheepDog-One's picture

Where is a confirmed safe haven to go to? Nowhere I can think of.

Wed, 04/13/2011 - 10:56 | 1165136 plocequ1
plocequ1's picture

Yes, But "Lets Piss off the sheeple" news and information, Which is the latest fad makes for nice clicking action Aka hits. Who cares, I know we are screwed, Dont rub it in.

Wed, 04/13/2011 - 10:56 | 1165141 iinthesky
iinthesky's picture

Lots of people care.. more and more all the time.. You just don't see it on the hypnotube or in the papers. You are right though.. its not enough. Not YET!

Wed, 04/13/2011 - 11:05 | 1165179 Dburn
Dburn's picture


Why in the fuck would somebody junk that. Come-on ZH, I'm a programmer and I know you are using Drupal. There are plenty of free extensions that will allow us to uprate a comment. You could have it today.

Wed, 04/13/2011 - 10:38 | 1165053 justbuygold
justbuygold's picture

Why anyone leaves their money with these corrupt institutions absolutely defies me. 

Put your money into one of your local regional banks ! Its the only way to send the message for these f#$ckers to clean up their act.


Wed, 04/13/2011 - 10:40 | 1165071 nobusiness
nobusiness's picture

I have tried that 3 times over the last 10 years and these too big to fail assholes keep buying the banks I go to.

Wed, 04/13/2011 - 10:46 | 1165085 topcallingtroll
topcallingtroll's picture

The fuckers bought my credit card, raised my rate and cut my limit. I promptly cancelled it. FU bank of america

Wed, 04/13/2011 - 10:45 | 1165091 justbuygold
justbuygold's picture

Put your money into a regional bank owned by one of the big Canadian Banks.  Your money will be safe and it can't get bought up by one of the corrupt monsters.

Wed, 04/13/2011 - 13:32 | 1165881 slewie the pi-rat
slewie the pi-rat's picture

why not put yer "money" in US Mint-produced gold and silver coins and yer pocket?  act like a poor illegal.  it's fun and no bank, anywhere, gets you for "rents".  i use my local bank.  i found one whose charter prohibits its take-over, too! 

if i had any money, i certainly wouldn't keep it there at this point, tho. 

Wed, 04/13/2011 - 11:41 | 1165319 downwiththebanks
downwiththebanks's picture

Credit unions are a good alternative.  In NYC, credit union ATMs are in every McDonalds, so there's a free one every 50 feet or so.

Wed, 04/13/2011 - 13:40 | 1165900 slewie the pi-rat
slewie the pi-rat's picture

+++ every 50'!  got PMs?  got cash?  FRNs are not the best "money" ya know!

Wed, 04/13/2011 - 10:39 | 1165061 nobusiness
nobusiness's picture

We should just write a check to JPM and BAC for everything left in your bank accounts and call it a day.  Like ripping off a bandaid at least it would be over quickly.

Wed, 04/13/2011 - 10:41 | 1165062 Arch Duke Ferdinand
Arch Duke Ferdinand's picture

Why "War is merely the continuation of politics by other means."

Wed, 04/13/2011 - 10:41 | 1165068 Tic tock
Tic tock's picture

Screw that, put it all with Bank of China.

Wed, 04/13/2011 - 10:41 | 1165073 topcallingtroll
topcallingtroll's picture

Did anyone really expect obummer's trial balloon of a 20 billion settlement to become reality?

I still hate the big banks thought.

Wed, 04/13/2011 - 10:42 | 1165077 Kina
Kina's picture

Eric Fucking Holder?


I think they are too busy trying to torture manning into making up something to implicate Assange.

Wed, 04/13/2011 - 10:49 | 1165100 ak_khanna
ak_khanna's picture

Th­e too big to fail bunch of banksters can get away with murder, fraud, coercian, harrasseme­­­­­­­nt of the general public and any other illegal activity under the sun because they have a lot of influence on the political class, the rule makers and the rule enforcers due to their enormous purchasing power. So irrespecti­­­­­­­­­­­­­­­­­­­­v­­e of the position in the government­­­­­­­­­­­­­­­­­­­­, everyone works for their benefit. 

The politician­­­­­­­­­­­­s around the world are nothing more than auction items which can be sold to the highest bidder. They will do whatever they can for the lobbyist paying them the maximum amount of money or votes, be it the unions, the banksters, the richest corporatio­­­­­­­­­­­­n­s or individual­­­­­­­­­­­­s­. They are in the power seat to extract maximum advantage for themselves in the small time frame they occupy the seat of power.

The rest of the population is least of their concerns. The only activity they do is pacify the majority of the population using false statistics and promises of a better future so that they do not lynch them and their masters while they are robbing the taxpayers.


Wed, 04/13/2011 - 10:47 | 1165101 SwingForce
SwingForce's picture


You need to realize that everything Obama, Geithner, & Bernanke do, they do for  The Banksters.  Many people have lost 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 menu board 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 association’s 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.

Wed, 04/13/2011 - 12:02 | 1165389 UnRealized Reality
UnRealized Reality's picture

Your posting this on the wrong site all of ZH knows this. You need to go over to yahoo and marketwatch and post it there.

Wed, 04/13/2011 - 10:52 | 1165115 Kina
Kina's picture

The banksters are the whores of Babylon who bring decay and destruction upon the US.

The longer the banks avoid punishment through the justice system the more likely they will face punnishment of a vengeful people, when the SHTF and the whole thing melts down.

I look forward to the day when from the comfort of my lounge room I will be able to watch the public executions of the day as corrupt banksters and politicians and regulators are trotted out one by one.


Ahhh such times, and we laughed and we laughed.

Wed, 04/13/2011 - 10:53 | 1165124 irazmo
irazmo's picture

My 2nd Zerohedge post :  I Still Agree

Wed, 04/13/2011 - 10:55 | 1165127 RobotTrader
RobotTrader's picture

Rasputin says the perma-gloomers have lost the battle.

I agree.

Another group who missed the "Great Disintegration Memo"
Rasputin - Wed, Apr 13, 2011 - 04:34 AM

National Association of Broadcasters

...currently holding their annual get-together in Las Vegas, as can be found here:

Sixty-five thousand participants, fifteen-hundred exhibitors,
hundreds of shiny-new gimcracks and billions of fiatscos of business,
all point to a fact that Rasputin discovered:

In the ensuing three, full, years since Bear Stearns melted
down--kicking off what the Mad Monk was SURE would be "The Great
Disintegration", the world has gone one its merry way, with innovation
continuing unabated, and innovators like James Cameron (of "Avatar" and
"Titanic" fame) continue to rack up jillions of fiatscos of profits.

Meanwhile, the perma-scroomers continue to hunker down in their
bunkers, clutching their whips, spoons, guns, ammo, and MREs, and are
missing out on the MASSIVE amount of wealth that continues to be

A fact confirmed by the N.A.B., even as Ras pecks out this missive.

Face it fellow bears, stock-shorters, and GHSers/SHSers (of which Ras used to be one):

We've lost the battle.

The Alpha Thugs and Pigmen have won.

And the rest of the planet continues to create, thrive, make money and enjoy life.

Which of these two groups "don't get it"?:

The hundreds of millions of people who aren't crouching behind sandbags?

Or the perma-scroomers, who are still dug in their bunkers?



Wed, 04/13/2011 - 10:58 | 1165154 SheepDog-One
SheepDog-One's picture

Wrong, theres no 'wealth' at all being generated. All pixie glitter dust and unicorn dew on sparkle rainbows. Its all nothing.

To prove it, take your BEST CASE equities gain since 2008, and try to show how its not an actualy LOSS in purchasing power! Go ahead, try it, I'll be here waiting for a long, long, time.

Wed, 04/13/2011 - 11:01 | 1165157 lieutenantjohnchard
lieutenantjohnchard's picture

i find it admirable that you can poke fun at yourself crouched behind the sandbags of an ira full of gold stocks and a pocket full of 1/10 ounce gold coins. you're moving up in the world when you can laugh at yourself.

btw: most successful traders don't make 50 posts a day. successful traders are well ... working their book.

guess that leaves you out, and why you lay claim to being the world's worst trader.

happy losing trades.

Wed, 04/13/2011 - 14:05 | 1166028 slewie the pi-rat
slewie the pi-rat's picture

lol!  at least we're getting to the point, here, that those who have gone mogambo are doing ok with their "investments" too.

simple and sane works for me!  i don't "trade" any more, Lt.  but i enjoy blogging here and trying to tell morons like you to get the hell outa dodge and avoid the rush! 


Wed, 04/13/2011 - 14:50 | 1166270 lieutenantjohnchard
lieutenantjohnchard's picture

well 2 out of 3 isn't bad. we both believe in simple and sane. i don't trade any more either. but i don't think i'm a moron for pointing out the hypocrisy of robotard, using his own words. and btw, thanks for the advice to get out of dodge but you're ten years late. i'm already out of dodge.


Wed, 04/13/2011 - 10:54 | 1165137 Dr. No
Dr. No's picture

"Office of Thrift Supervision"  I laughed when I read that.  The Federal government actually has an office which is staffed and budgeted to perform a function?  Have they been asleep for 25 years?

Wed, 04/13/2011 - 11:31 | 1165267 Urban Redneck
Urban Redneck's picture

25 years ago they were just waking up to the S&L crisis...

Wed, 04/13/2011 - 12:14 | 1165449 takinthehighway
takinthehighway's picture

That's a typo - it should read "Office of Theft Supervision".

Wed, 04/13/2011 - 10:56 | 1165144 Tic tock
Tic tock's picture

Politicians..! pointless turds, the traditional media...those are agents of slavery

Wed, 04/13/2011 - 10:57 | 1165145 williambanzai7
williambanzai7's picture

Fear not, this is a financial Fukushima. Just when they think they have it licked...

Wed, 04/13/2011 - 14:07 | 1166055 slewie the pi-rat
slewie the pi-rat's picture keeps on tickin!  you got that right, 7!  did you see rick ackerman's rant this morning?  Hyperinflationists Jailed In Kiddie-Porn Sting


Wed, 04/13/2011 - 10:59 | 1165152 writingsonthewall
writingsonthewall's picture

I must say - I do love revolutionary America - it's so much fun.


Lets show these Governments how you really impose austerity, not on the people - but on WALL STREET.

Wed, 04/13/2011 - 12:26 | 1165498 Bob
Bob's picture

Now that's a catchy phrase.  I like it. Stop doing all business with TBTF.

Austerity For Banksters: Just Say No

Wed, 04/13/2011 - 11:02 | 1165168 Dburn
Dburn's picture

I knew this was coming but still...


Ahh, what's the use. If I shout in 0s and 1s no one can hear or understand me anyway

Wed, 04/13/2011 - 11:06 | 1165181 magis00
magis00's picture

Alan, by chance? If so, I hear your 0s and 1s.  If not, well I guess I still do...

Wed, 04/13/2011 - 11:04 | 1165174 Tic tock
Tic tock's picture

Robo, you fucker, this isn't about wealth. Our gvoernment, our examples, our society, our choices, our work, our laws, our vulnerable, our houses, our towns, our cars, - you really think I'm going to sit around and let my freedom, to be who I am, be trampled on by some grubby thug?

Wed, 04/13/2011 - 11:33 | 1165177 TruthInSunshine
TruthInSunshine's picture

Not only does this alleged 'settlement' not inhibit private party actions challenging defective assignment/ownership issues in state courts, it does nothing to address the other end of the spectrum, which consists of legal claims for 'put backs' by investors, who face years of legal battle over defective/broken chain of title claims and/or the consequence of non-payment by mortgagors disputing debt obligations.

Dimon's claim that the 'affidavits' are the "weakness" is totally misleading and a mistatement of legal fact of the highest magnitude.

The legal problem for the assignors and assignees of MERS washed transfers occurred at the time of the MERS transfer (which was defective then), not at the time some subsequent affidavit attesting to such a MERS transfer was executed by a human or 'robosigner.'

The chain of title was broken at the time the MERS transfer occurred. Nothing after the fact did or could undo that legal fact.

Fines paid by those using MERS don't cure private party actions, period.

The problem for MERS transferors/transferees is that a good chunk of the original assignments were destroyed in physical form once run through the MERS process. This was part and parcel of the 'synthethization process,' as one mortgage assignment may have been finely sliced into 100 or more parts, with each part stuck into a different bundled pool to be sold off to MBS investors.

Wed, 04/13/2011 - 11:13 | 1165197 Dogfather
Dogfather's picture

"Jamie Dimon said on an earnings  conference call that the regulators would release consent orders that would make the banks address weaknesses in foreclosure affidavits. Fines will probably come later, he said."

What this cockroach meant is that campaign contributions will come later.

Wed, 04/13/2011 - 11:16 | 1165211 Tic tock
Tic tock's picture

Oh! I see, alright. Nevermind then.

Wed, 04/13/2011 - 11:14 | 1165212 Oh regional Indian
Oh regional Indian's picture

Banks get away scot-free. Again and again. And again. Of course they do. 

It's called regulatory capture and Regulator capture and Court capture and homeowner capture.

Funny thing though is that no one in the US (probably anywhere int eh world the British have had a hand so to speak, admirality law being THE law of th eland) owns any of their property anyways.

It's all smoke and MERS people.

Enjoy the smoke, screw the MERS.


Wed, 04/13/2011 - 12:12 | 1165432 ZeroAffect
ZeroAffect's picture

The interest of any real property is that of a Fee Simple absolute interest, a Hypothetical Condition. An absolute Fee Simple interest is without limitations to any particular class of heirs or restrictions, it is an inheritable estate, but subject to the limitations of police power, eminent domain, taxation and escheat. The actual interest of any real property is more liken to a Fee Simple Defeasible estate in that certain "absolute" rights of use are restricted such as, but not limited to, the zoning and deed covenants.





Wed, 04/13/2011 - 13:34 | 1165874 Oh regional Indian
Oh regional Indian's picture

There you go ZA. Simple eh? Exceptions are the rule!

And the rulers rule by exception.


Do NOT follow this link or you will be banned from the site!