Elijah Cummings Asks Darrell Issa Why It Is Taking So Long To Subpoena The Big Banks On Fraudclosure

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Trifecta Man's picture

Dylan Ratigan reported that 40% of campaign contributions have come from bankers.

I am Jobe's picture

Yeap, all bought and paid for. Go vote and be heard they say while the bankers own the USA and the Politicians.

alien-IQ's picture

Voting is hamster wheel.

I am Jobe's picture

Imagine a campaign 365 days a year for 4 years and how would that be. As is they are already started 2 years ahead. Knowing well the Bankers have already bought the Politicians what difference does it make anymore?

eureka's picture

... and knowing Issa Is A Millionaire X 80 -what difference does it make...?

Well, to begin with, we can vote with our money - like Max Keiser's advices: 

Crash JPM - Buy Silver, don't use big banks, don't buy goods from large corporations, don't support US empire in any way whatsoever - and educate fundamentalists, neocons and nationalist and consumers all around us non-stop to do likewise.

Like rings in water our efforts will pay off; the empire will wither.

scaleindependent's picture

They are waiting for the statute of limitations to run out on fraud.

They only have 1-2 years to wait. THEN, they will let the whole thing crash.

msamour's picture

There is no statute of limitation on Guillotines, boiled ropes, tar and feathers.

msamour's picture

Double post (for some odd reason website crashed).

Spirit Of Truth's picture

 Amsel (Amschel) Bauer Mayer Rothschild, 1838: "Let me issue and control a Nation's money and I care not who makes its laws"


TruthInSunshine's picture

And boy, was he spot on, or what?

Say what you/I/we will about him and his litter, but that idea of controlling a nation's money supply and the other one about loaning money to governments (essentially securitizing her people as guarantee for repayment)...

...strokes of genius.

They both led to incredibly wicked events, where a handful of people profited mightily off of incredible human suffering...

...so I should have said strokes of evil genius.

Yes_Questions's picture

And boy, was he spot on, or what?

Indeed: they figured out how to grow a money tree and feed it terminally with the blood of Labor.

Freddie's picture

Odd that none of you remember Obama's CRA lawsuits with ACORN back in Chicago to force banks to lend to people who could never repay the mtg.  Or the Dems, particularly the congressional black caucas with Barney Frank, blocking ANY oversight of Fanny and Freddie circa 2006-2007.  Fanny & Freddie giving out mtgs to anyone.  Both organizations are run like the post office with govt employees who are useless.

TruthInSunshine's picture

Oh, you are correct.

Each of our political parties in this republic, operating in what's allegedly supposed to be something of a democracy under what's supposed to be a constitutional framework, are equally worthless - strike that - equally harmful.

Maybe that's because both of our parties/choices/poisons that are called political parties work for the exact same people, with those people definitely not being voters or constituents, and maybe it's because deep capture has turned them into rhetoric spewing dime store whores, available for a toss in the sack and good screwing of the citizens they allegedly represent, for the right bid.

And of course, much of this has to do with the fact that our incredibly honest Supreme Court, in the depths of its infinite and just wisdom, has declared that corporate-oligarch campaign cash enjoys equal footing as does "free speech" under the 1st Amendment to our Constitution -  brilliant!  /sarc/

ibjamming's picture

The SCOTUS is hand picked by the bought and paid for politicians...how else are they going to vote? 

It's like the wolves hand choosing the shepard/sheep dog team.

The basketball players hiring the referee.

TheMerryPrankster's picture

Without the post office I couldn't get silver delivered from Ebay.

The post office actually does accomplish what it was entrusted to do when it was established. You'd be better off comparing Fanny Mae and Freddy Mac to mustant zombie step children of a bastard marriage between the banks and the government.

 

Dugald's picture

As an outside regular user of USPS, I think they do an outstanding job, considering they are operating in a country that is morally and financially bankrupt.

HungrySeagull's picture

The mail will get through one way or another. Have done since Pony Express.

 

That silver arrives registered mail. That is why they do such a good job. No "Mice" allowed digging in the pallets behind the dock.

Dental Floss Tycoon's picture

 

"Without the post office I couldn't get silver delivered from Ebay."

Actually even that is becomming problematic.  My daughters last silver purchase from Ebay was neatly slit open and the silver gone.  The package was contained in plastic bag with some gibberish about it being caught in the processing equipment.


eureka's picture

Dear Freddie, RE"force banks to lend to people who could never repay the mtg.  Or the Dems, particularly the congressional black caucas with Barney Frank, blocking ANY oversight of Fanny and Freddie circa 2006-2007.  Fanny & Freddie giving out mtgs to anyone."

Correct you are, however, keep in mind that the "force" you you refer to, is ordered by the elite, not for the sake of the loan recipients, but for the sake of blowing financial bubbles through the banking system, in order to sustain US empire, which the elite built and treassures as it supreme instrument of globalization; without US military might there would be no USD reserve currency and thus no US empire - which, like all empires, need bubbles, because they don't produce but only extract wealth and blow bubbles.

Cheap "liar loans" is a soundbyte designed to encriminate borrowers, but ask yourself "who has more power, borrower or lender?" The answer is not blowing in the wind, it is self evident.

And so, borrowers and their character, are not in any way EVER the relevant issue - rather the diligence or lack thereof - and the motivations - of the lender are PARAMOUNT to determining the moral standing of the contract.

The Tech Bubble and the Housing Bubble both burst - NEXT our current bond and stock bubbles will burst. The prefixes are incidental, the common denominators are crucial.

Remember: empires blow bubbles through banks/leveraged fantasy assets.

Blame empire - the common denominator of rot - not, borrowers, prefixes, incidentals.

See cause and effect clearly. See where power flows from - THAT is the source of all rot.

For the Buck Stops At The Top - Not The Bottom.

sunnydays's picture

You said it correctly.  the banks actually run the U.S.  just like the AG investigation, it went no where.  the only thing that was coming out of it was the fact the banks were creating the settlement they wanted with the states.  Even though laws were blatantly ignored, not one single prosecution has happened against a banker.  Look how the big ones have constantly done illegal trades and so on.  Those are always glazed over, but if you or I even did one 1/100th of what the banks have done against the people, we would be thrown in jail.

 

 

Dental Floss Tycoon's picture

 

Governments and the power elite have a monopoly on crime and violence.  They prosecute anyone encroaching on their territory.


TheMerryPrankster's picture

The federal agency overseeing Fannie Mae and Freddie Mac, the taxpayer-owned mortgage finance giants, failed to refer to criminal investigators and other authorities almost 100 complaints about possible foreclosure abuse and mortgage fraud at the companies over a recent two-year period, according to a report issued late Tuesday by the inspector general of the Federal Housing Finance Agency.

http://www.nytimes.com/2011/06/22/business/22housing.html

Oversight Group Did Not Refer Housing Complaints By Published: June 21, 2011

While the report did not determine whether these and other complaints had merit, it said that the agency’s unresponsiveness to them was problematic.

“Failure to recognize and quickly provide law enforcement authorities with information about allegations of fraud and other potential criminal conduct presents a significant risk for the agency,” the report said.

The inspector general’s report is the third to assess the agency that acts as conservator for Fannie and Freddie, which have cost the taxpayer roughly $154 billion since they nearly collapsed in September 2008.

The assessment covers the agency’s responses to complaints raised by consumers as well as current and former employees of Fannie and Freddie. It covers a period from July 30, 2008, when the finance agency was created, to Oct. 31, 2010, when the inspector general began its operations.

“Millions of Americans have been touched by the housing crisis,” Steve A. Linick, the inspector general, said in a statement. “Increasingly, they have filed complaints about fraud, waste or abuse, including allegations of improper foreclosures and possible criminal activity. Those complaints deserve timely and responsible action by F.H.F.A.”

Meg Burns, senior associate director in the office of Congressional Affairs and Communications, said that the agency had a limited mandate to deal with consumer issues but that it agreed with the recommendations and would follow them.

Landotfree's picture

Nothing is going to happen to the bankers, why?  Because if we stopped the fraud of the system, there would be no system.  The system will collapse, then everyone will build the new system just like the old system.

tarsubil's picture

That leaves a mob funded dem from Baltimore as our only hope? I like our chances!

gwar5's picture

Banks are the only ones left with any money. Financial services now make up almost 30 % of the entire economy.  Obama's biggest contributors 2008 were GS, JPM, and Citi; 2nd only to the UC system employees looking for a CA bailout.  

I am Jobe's picture

Why ask such questions? Darrlyl Isa stands to benefit from the Big Banks. All bought and paid for.

Perseid.Rocks's picture

Not only that but he stands to be quickly assassinated if he goes up against his financial masters. Such are the wages of allowing a small group of financial superiors to infiltrate and completely control our government. These politicians know who the masters are, and they know the wages for disrespecting them.

Logically we know that a sovereign government doesn't need to borrow money from anybody to issue currency, but try to change the system now and you will quickly find your accounts drained and your home in accelerated foreclosure with the locks already changed.

Josh Randall's picture

Issa the wealthiest man in the US House I believe, he is on the take like 90% of the rest of them - piss on him and his Tough Guy rhetoric 

alien-IQ's picture

Welcome to another episode of "Who's Your Daddy?"...where banks get to show America, in no uncertain terms, who really runs this country and who the laws really do and do not apply to.

Get the laugh track ready...this one promises to be a screamer.

theopco's picture

Who knew that E.E. Cummings could write?

TheMerryPrankster's picture

nobody loses all the time

i had an uncle named Sol

who was a born failure and nearly everybody said he should have gone into vaudeville perhaps because my Uncle Sol

could sing McCann He Was A Diver on Xmas Eve like Hell Itself which may or may not account for the fact that

my Uncle Sol indulged in that possibly most inexcusable of all to use a highfalootin phrase luxuries that is or to wit farming

and be it needlessly added my Uncle Sol's farm failed because the chickens ate the vegetables

so my Uncle Sol had a chicken farm till the skunks ate the chickens

when my Uncle Sol had a skunk farm but the skunks caught cold and died

so my Uncle Sol imitated the skunks in a subtle manner or by drowning himself in the watertank

but somebody who'd given my Unde Sol a Victor Victrola and records while he lived presented to him upon the auspicious occasion of his decease a scrumptious not to mention splendiferous funeral with tall boys in black gloves and flowers and everything and

i remember we all cried like the Missouri when my Uncle Sol's coffin lurched because somebody pressed a button

(and down went my Uncle Sol and started a worm farm)

 

e.e. cummings - nobody loses all the time

http://www.americanpoems.com/poets/eecummings/314

scatterbrains's picture

At first I thought this Cummings letter was just to turn the screws on the masters to get them to scold Issa and crew for going after Eric place holder for the gun running operation down in Mexico but if this is Cumming's 4th letter then it sounds as though he is trying to shine some light on these crooks.

Temporalist's picture

Like Nouriel Roubini said, the reason why they aren't investigated and prosecuted is because then you'll find the culprits.

 

Bay of Pigs's picture

Exactly why Issa stalls and stonewalls any real investigation. It would lead right to his wealthy banker donors feet.

What a useless prick he is. 

scaleindependent's picture

They are waiting for the statute of limitations to run out on fraud.

They only have 1-2 years to wait. THEN, they will let the whole thing crash.

scaleindependent's picture

They are waiting for the statute of limitations to run out on fraud.

They only have 1-2 years to wait. THEN, they will let the whole thing crash.

G-R-U-N-T's picture

"Elijah Cummings Asks Darrell Issa Why It Is Taking So Long To Subpoena The Big Banks On Fraudclosure"

 

http://www.youtube.com/watch?v=QnDn_iMdVGo&NR=1

 

The usual half measures residue from our elected political pussies. Always seem to start out strong but in the end fail to achieve what is right and just.

 

Fred Hayek's picture

Isn't it amazing how congressmen who are utterly useless rump swabs for power when they're in the majority suddenly discover some value in truth when they're voted into the minority? And how the opposite also holds true?

Lord Acton was soooooo right about power.

user2011's picture

I can see there is a red laser dot on Elijah's forehead.   How dare anyone dare to bring our bankers to justice. 

tarsubil's picture

Right. This is what the bankers probably like to call a "controlled burn."

TruthInSunshine's picture

I just want to say these are my waters that I swim in, and that, yes, I really am tied in with what's happening, and without getting into elaborate detail, the shit is going to hit the fan on the whole MERS fraud (it is and always was a legal fraud and artifice, built to circumvent strict liability recording statutes and title laws of the individual states).

There have been a lot of legal rulings as of late very adverse to MERS and any legal action to pursue or even maintain standing in foreclosure proceedings where a MERS assignment (at any point) has infected the chain of title.

This will be a crisis that takes a decade or more to resolve, and will cost many entities purporting to hold title to real properties (think the big banks still claiming they hold title), as well as GSEs (think Freddie & Fannie) and the Federal Reserve & FDIC, hundreds of billions, if not trillions, of dollars.

On top of that, the put backs from investors are going to be staggering.

There's going to be some sort of grand scale governmental intervention soon, which will only complicate matters, as we have a very conservative SCOTUS on issues of states' rights (which title and property law revolve around), and the federal government will struggle to cobble a solution together that will alleviate or 'fix' what's already been broken, without running afoul of the SCOTUS.

It's going to be epic.

On an unrelated note:

PIMCO Head Predicts Greece, Others Will Default

 

 

Boxed Merlot's picture

..the whole MERS fraud (it is and always was a legal fraud and artifice,...)

 

The term used in the NY ruling recently is "Bifurcation".  Any institution guilty of bifurcation has essentially killed the deal at that point in time.  All agreements are to be considered invalid from then and to be unwound in favor of the victim(s) of the institution's criminal conduct.

 

Any servicing of a bifurcated mortgage has essentially been a voluntary act on the part of the payee and by all rights should be refunded or applied as principle only at the choice of the payee, due to the note being no longer available for possession even if / when the promissory note is serviced in full.

 

If a physical deed of trust is seperated, it cannot stand on it's own and must then revert back to the issuing agent, i.e. local jurisdiction that collects tax revenue for it.  Assignment can then be made as a legal proceedure taking into account the victim / aggreived party that suffered loss as a result of the institution having bifurcated the mortgage in the first place. 

 

Legal wrangling will undoubtedly occur, but unwinding the deal to the point of bifurcation is the key, and not when payments stopped being paid.  imho.

SilverIsKing's picture

"This will be a crisis that takes a decade or more to resolve..." Should I pencil in 2060-2070 as this decade you refer to?

Yes_Questions's picture

I really am tied in with what's happening, and without getting into elaborate detail, the shit is going to hit the fan on the whole MERS fraud

Like a monkey ready to throw poo, I was poised to shout GOOD!!!

But, your post makes me want to hide instead.

Or hand over $700bil.

scaleindependent's picture

 

 

You are right, but THAT decade you speak of will occur well after any statute of limitations on fraud and theft have run out. Then, and only after they have pillaged the WORLD will they allow it to crash.