Congressman Miller Joins Economists and Financial Experts In Demanding a Stop to Mortgage Servicer Fraud -- a Significant Cause of Foreclosures

George Washington's picture

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moneymutt's picture

if someone sold me a lemon car, I'd have some fairly easy to implement remedies, most states have decent lemon laws and rules about disclosure, but freak, the mortgage guys/banks were allowed to fraud beyond belief on the most significant purchase most working folks make.....the more we read whistle blower accounts the more we know these rat bastards were not just lax, but criminally fraudulent, and yet almost no one held to account.

Rather than waiting around from criminal punishments for crimes, we can PREVENT crimes by simple rules that guarantee free, fair, transparent, low-fraud markets.

As bad as stuff was, if we could just fix things going forward, at the least, we would be so much better off.

The amount of parasitical drain of money and resources these bastards take is unbelievable, and that is that much less money to spend on thing for the common wealth - consumers with more disposal income to buy whatever, govt with more money for govt services and social safety net, instead, enormous money flows to a small sector of rich elite financial types for doing nothing of value to society. Shoot, at least drug dealers provide people with a high, these guys just take.

Thoreau's picture

There's plenty of fraud to go around on both sides of the equation. The way I see it, slowing down the foreclosure process is just further delaying the inevitable unwinding of debts across the board. And the quicker this crap unwinds, the sooner the Feds & Co. will be brought to the gallows.

NotApplicable's picture

Sorry, never gonna support the beast in DC.

There is no such thing as a necessary evil. To empower the criminal class is to enslave the world. In light of "national interests," hundreds of millions were murdered in the last century. In this century, the number could run into the billions, that is, if you help to legitimize this force as a social solution.

The only form of goverment that has the ability, let alone the capacity to solve social problems is self-government. All others are based upon violent coercion, and therefore doomed to fail as the individual seeks to avoid the gun to their head that dictates the limits of their actions.

theprofromdover's picture

Isn't it mail fraud to request payment on a mortgage when you are not the true owner of the note?

theprofromdover's picture

Honorable?

I thought you had to be a member of Her Brittanic Majesty's Privy Council to get an hono(u)rable.

Maybe it is one of these degrees you can buy from College of Reprobates, Fudpucker, Missouri.

RockyRacoon's picture

I'm reminded of the parent that warns the child of dire retribution if the child keeps on misbehaving... and then does nothing to back up the threat.   You get a spoiled child.  The Fed is a spoiled child.

hardcleareye's picture

RR, reconginzing your interest in the fate of the euro, and your admiration of german finance and marketing, I belive this "titurial" will be of interest to you. Cheers..

http://www.m2film.dk/fleggaard/trailer2.swf

RockyRacoon's picture

Yes! Thank you.  I had to watch it several times to absorb the vital data.

hardcleareye's picture

I think the Fed is the "adult" that spoiled child grew up to become.. 

Signs of Sociopathic behavior,

-exhibits a lack of conscience

-a pattern of irresponsible or poor behavior

-very manipulative

-patterns of pathological lying

-inflated sense of self-importance or narcissism

-engaging in risky or dangerous behaviors

koaj's picture

the Fed is a criminal banking cartel; Congress is its enabler

snowball777's picture

"Tranche warfare"....cute, Brad.

shinola's picture

If Geithner, Bernanke et al really were "honorable" there would be no need for this website.

snowball777's picture

Cuz 95% OPM is so much better? Pfffft.

Careless Whisper's picture

seems like that letter is addressed to the ususal suspects. too funny.

http://www.youtube.com/watch?v=_VPuXWtDx9g

 

Unlawful Justice's picture

How will they control-motivate the working class monkey?   That's what it's really about.  I picture a monkey under water were the Fed uses air control with "air tubes" to keep us motivated.

dan10400's picture

How about make the originators hold on to the equity tranche?

Monday1929's picture

It is now big news when a politician objects to systemic fraud.

anonnn's picture

Legislation is ink on paper. If law is applied to produce fairness where there was unfairness, it is justice. 

 Otherwise, you get the crisis we are in.

What's to complicate?

snowball777's picture

The definition of subjective terms like 'fairness', for a start. 

gwar5's picture

Well done Miller. Let's do it. Laws aren't just for the little people. 

Miller is a Tarheel representing district #13, around Raleigh.

Hell, I never knew he was in my state. I hope he's passive agressive.

A_MacLaren's picture

Bankster servicing scum...

To help support the efforts of Congressman Miller, Chris Whalen, Josh Rosner and the others taking a laboring oar on trying to clamp down on fraud by mortgage servicers, please sign http://stopservicerscams.com/

After I read the piece on Yves' website today, I signed.  Very glad to help.

P.S.; I feel even better about having signed now reading all the good company I'm in, who are power letter writers (or at least some of them). 

 

illyia's picture

Who the hell would junk a comment like that? I mean... why would you bother.

Oh... well...

Yeah. I guess...

Okay Jamie...

infotechsailor's picture

while i share GWs sentiment, I'd hardly call the service fraud the 'cause' of the foreclosures. more like an illegitimate bridge to bypass the bureaucratic red tape nightmare.

 

the cause seemed to be zerointerest FED policy and GSE's but thats just me .