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Grayson Sends Letter To Geithner, Bernanke Demanding Foreclosure Freeze, Warns Of Systemic Bank Failure Risk
Alan Grayson is back on the scene, having sent a letter to Financial Stability Oversight Council which includes pretty much all of Wall Street's pawns, including Bernanke, Geithner, Bair, Gensler, Walsh, and DeMarco, in which he asks the FSOC to "suspend foreclosures until this problem is understood and its ramifications dealt with." And the ramifications, per Grayson, Zero Hedge and everyone else, will be dire for the banking sector: "So far, banks are claiming that the many forged documents uncovered by courts and attorneys represent a simple 'technical problem' with foreclosure processes. This is not true. What is happening is fraud to cover up fraud... The banks didn't keep good records, and there is good reason to believe in many if not virtually all cases during this period, failed to transfer the notes, which is the borrower IOUs in accordance with the requirements of their own pooling and servicing agreements. As a result, the notes may be put out of eligibility for the trust under New York law, which governs these securitizations. Potential cures for the note may, according to certain legal experts, be contrary to IRS rules governing REMICs. As a result, loan servicers and trusts simply lack standing to foreclose. The remedy has been foreclosure fraud, including the widespread fabrication of documents. There are now trillions of dollars of securitizations of these loans in the hands of investors. The trusts holding these loans are in a legal gray area, as the mortgage titles were never officially transferred to the trusts... The liability here for the major banks is potentially enormous, and can lead to a systemic risk."
So now that Obama has declined to halt the foreclosure halt process, TARP 2 anyone?
Full letter attached (pdf)
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"he is going down."
and best of american values of honesty, decency and integrity with him.
if principled straight-shooters like Grayson and Wellstone get taken down by the bankster based kleptocracy and the mob they've paid off or conned to do their dirtywork-- there will be even fewer voices in congress speaking truth to power. Who else in the senate will knowledgeably argue for financial integrity and accountability when the retiring Kaufman is gone?
Maybe that's what it will take to produce a broader understanding in the body politic of just how corrupt the system has become-- and the consequences that must inevitably follow.
My thesis is that the main reason the truth and our economy are dying is that while the public at large knows things aren't right, they have no idea how badly they have been fucked over and their trust betrayed. Almost zero comprehension of the government aided and abetted acts of corporate fraud and deceit systematically perpetrated against them-- and then, duly covered up by tptb. Maybe things will have to get worse before they can get better.
http://calltoaccount.wordpress.com/
Grayson is behind in the polls and since he's from foreclosure heavy FL, he may also see this as a chance to bump up in the polls. Maybe he's thinking, how can they not vote for me when I'm leaning on the banks?
He probably would have been the point person regardless, since he likes the camera and briefly introduced the "War is Making You Poor Act". He's a left side tea partier, but he at least is bringing some attention to the issue.
Or he's right. Which Tea Party candidate are you voting for?
Why is Grayson disliked so much?
As a spectator in the UK, the various things I've seen Grayson involved with have all been good - he was the only one to grill Bernanke about what had happened to $500 billion bailout money that seems to have found its way to European banks.
DavidC
Zactly.
That guy is Reveen reincarnate. For fuck sakes get rid of that shag on your face Al.
FubarNation,
He doesn't have a beard now - I think Tyler chose the picture specifically!
DavidC
I don't think the PTB though the American people were watching and Obama would listen. The market was very eerie today, like they didn't know what to do. If they sell the market off they lose. If the buy more gold they lose, if the sell the dollar they lose. OMG the PTB lose even though they worked really hard since July to scare congress and they succeeded, but the American people still have some balls and a foot. Which I hope we use to kick them in the teeth. then they can foreclose.
Fortunately, the Dodd-Frank financial reform legislation contains a resloution process for these banks.
poetic justice
The "wet ink".
In similar fashion to a modern indenture, that actually does get ripped down the tear region, providing a set of match-able edges, each side of the document also need a circle within which the ink of the flowing pen (do yourselves a favor and buy a pen if the risk of future controversy is great) is left as a sample (subject to future spectrographic whatever analysis).
But don't expect to get help from the handlers with this. The modern color copier is good enough for most things, but it won't reproduce the chemical signature of the ink.
My new band, "Wet Ink," will be releasing its album shortly exclusively on Zero Hedge.
Beard kind of makes one think "El Diablo"
Apparently Moody's, et al. when they were selling triple A ratings, didn't bother to check if the CDO's actually had title to what was represented to be in them? Apparently, neither did the Bankers. Oh, my.
Smells like someone took a major dump here.
Hah, asking Geithner to investigate this problem is sorta like asking the guy at the crime scene wearing a hockey mask and holding a bloody machete to help find the murderer.
This is skating on very thin ice - if we push the banks too far they could just get fed up with pretending they are not the absolute rulers of the world. If they want to, they could destroy everything. Time to bow down acknowledge them as our rulers, and beg forgiveness for our insolence. Or they will destroy us all.
There are an awful lot of "Honorable" titles on that routing page that should be changed to "Lying Scumbag."