Here They Come: Thousands Of JPMorgan Home Foreclosures In Doubt After (Perjurious) Firm Exec Confirms Loan Docs Were Not Verified

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Mon, 09/27/2010 - 01:34 | 606608 chet
chet's picture

Please stop whoring your blog.

Mon, 09/27/2010 - 02:02 | 606636 williambanzai7
williambanzai7's picture

If I had the ability to post visual comments directly, I would consider it. However, I also think it would be intrusive. Robbin Byrd is waiting for you Chet...

Mon, 09/27/2010 - 02:44 | 606665 TheSettler
TheSettler's picture

+7

Mon, 09/27/2010 - 13:41 | 607535 dogbreath
dogbreath's picture

sorry chet

williams stuff is really good.  I want t-shirts

Mon, 09/27/2010 - 08:27 | 606914 breezer1
breezer1's picture

bill, keep it up. really cracks me up.

Mon, 09/27/2010 - 09:32 | 607023 snowball777
snowball777's picture

Agreed. Much needed levity in dark times.

Mon, 09/27/2010 - 10:21 | 607113 DaveyJones
DaveyJones's picture

humor is nothing more than a coping mechanism: for cancer, criminals and collapse

Mon, 09/27/2010 - 00:48 | 606553 DoChenRollingBearing
DoChenRollingBearing's picture

While the Bearing in general has a creditor (saver) mentality, I have NO SYMPATHY for banksters who do not have their papers in order to throw a family out of their homes.

Not defending bogus buyers, NINJA homeowners, etc., but the d*#n banks should have done their homework right.

Mon, 09/27/2010 - 00:58 | 606562 Tyler Durden
Tyler Durden's picture

The biggest stunner as a result of all this, is just how broken the US judicial system is, if such core precepts as title deeds are gratuitously taken (or rather given) for granted on behalf of the supposedly sophisticated party. It appears there is no fact checking, diligence process, and, gasp, QC checkpoints anywhere in the legal pathway, when bankers are plaintiffs, making one wonder just how many false claims the banking industry has gotten away with, when the courts have (apparently rightfully) assumed they were too dumb to challenge any of the underlying case assumptions. 

Mon, 09/27/2010 - 01:02 | 606570 williambanzai7
williambanzai7's picture

What is not surprising is that no one knows what perjury means anymore.

Mon, 09/27/2010 - 01:20 | 606591 truont
truont's picture

Jamie Dimon: "But..."perjury" surely does not apply to me, your honor!  All that "rule of law" shit only applies to the useless eaters that take up too much space anyway... How can I "perjure" myself if I am doing God's work, here!?"

Mon, 09/27/2010 - 01:32 | 606603 Miles Kendig
Miles Kendig's picture

Nice summation of Judicial Exclusion...

Mon, 09/27/2010 - 10:53 | 607116 DaveyJones
DaveyJones's picture

Witness Nullification. Tyler's point is well taken, the last branch of government is collapsing as well. It's not that these people lie, it's that nothing happens to them when they do

Mon, 09/27/2010 - 01:36 | 606605 Spalding_Smailes
Spalding_Smailes's picture

I take responsibility for what happened at Enron, both good and bad. But I cannot take responsibility for criminal conduct that I was unaware of.
Kenneth Lay

Update*

I don't fear jail because I know I'm not guilty. I know I did nothing wrong. I did nothing criminal and I also believe my God will get me through this.

Kenneth Lay

Mon, 09/27/2010 - 06:46 | 606781 MarketTruth
MarketTruth's picture

And I never had any sexual relations with that woman (countless others I had intercourse with, sure, but not that one).

I never inhaled.

Born in Hawaii, see my newly printed birth certificate... and no you can not see details of my college transcript or other matters.

The USA House/Senate totally believes in America (while many members also hold an Israel passport due to being a dual citizens).

The list can go on... and on... and on. Grab a shovel, it gets very deep.

But suck it up and tough shit you unemployed person as they had to bail out the banksters. Right Warren Buffet and gangster right hand guy?

Mon, 09/27/2010 - 07:13 | 606798 Careless Whisper
Careless Whisper's picture

Document signers sometimes endorse affidavits on behalf of other firms

excuse me? say what?

 

Mon, 09/27/2010 - 09:10 | 606975 IBelieveInMagic
IBelieveInMagic's picture

What bothers me is why is a person signing this document -- why has it not been automated? Or outsourced?

Clearly there is opportunity to improve this process...

Mon, 09/27/2010 - 10:25 | 607118 DaveyJones
DaveyJones's picture

Notice Ken said "my God" which makes sense since his God would never stoop to mingle with any of the other gods.

Mon, 09/27/2010 - 11:08 | 607227 truont
truont's picture

Yeah, that is pretty odd how he said that...

Things that make you go, hmmm...

Mon, 09/27/2010 - 02:09 | 606644 Things that go bump
Things that go bump's picture

I think they call that the Leona Helmsley defence.

Mon, 09/27/2010 - 01:47 | 606595 williambanzai7
Mon, 09/27/2010 - 02:30 | 606661 carbonmutant
carbonmutant's picture

All perjury is relative.

Mon, 09/27/2010 - 04:54 | 606730 Cognitive Dissonance
Cognitive Dissonance's picture

All perjury is relative.

Relative to "National Security".

I'm taking bets that the DOJ, carrying the water for the fascist state, steps in here at some point and sweeps all, or at least most, of this away under the "National Security" banner. Now that the Military has identified the economic "crisis" as the most pressing "National Security" worry, it's only a hop, skip and jump to saying.......

"It's just paperwork. Besides, if you were patriotic, you'd pay your bills regardless of the rule of law, burden of proof, due process or due diligence. Your a terrorist."

Might makes right in the eyes of the corporate/governmental fascist mind.

Mon, 09/27/2010 - 05:21 | 606744 williambanzai7
williambanzai7's picture

I have some experience dealing with bureaucrats in emerging markets, who think they can do whatever the highest bidder wants them to do. If that is what America has become, there in no reason to stick around to see what else lies in store.

Mon, 09/27/2010 - 05:58 | 606762 scatterbrains
scatterbrains's picture

the time line of all these news events suggests a staged lead up to some nation wide mortgage rate reset to me. Can I get a 2% 30 year fixed please ?

Mon, 09/27/2010 - 07:08 | 606793 reading
reading's picture

I am holding out for 0%...

Mon, 09/27/2010 - 10:51 | 607177 DaveyJones
DaveyJones's picture

We all share your sorrow Johnny, that Pepsi truck driver should have been paying attention before he crossed into your mother's lane, but as we all know sugar water is just too intertwined with national security to allow this case to go forward

Mon, 09/27/2010 - 01:31 | 606601 Hedge Jobs
Hedge Jobs's picture

dont worry TD, new apponitees such as the brilliant legal intelectual giant Elena Kagan will restore your faith in this broken system!

Mon, 09/27/2010 - 07:51 | 606852 weinerdog43
weinerdog43's picture

Yeah, Scalito and his henchmen are pure as driven snow.

Mon, 09/27/2010 - 08:01 | 606872 Ricky Bobby
Ricky Bobby's picture

Well now if you are comfortable with Ceaser's Kagan and the Wise Latina women then you can fuck off.

Mon, 09/27/2010 - 03:46 | 606692 Handle with care
Handle with care's picture

I think we all assumed that although the banks may have made the paper trail complicated, they wouldn't have actually lost the paper along the way.

 

Of course, the courts are supposed to be a little bit more diligent than bloggers watching from afar.

Mon, 09/27/2010 - 04:56 | 606724 Hephasteus
Hephasteus's picture

"making one wonder just how many false claims the banking industry has gotten away with, when the courts have (apparently rightfully) assumed they were too dumb to challenge any of the underlying case assumptions. "

All of them. But that get's us into... How congress works.

Mon, 09/27/2010 - 09:12 | 606978 G-R-U-N-T
G-R-U-N-T's picture

+1000

Mon, 09/27/2010 - 08:17 | 606786 johngaltfla
johngaltfla's picture

Tyler, it's not that shocking. If you've ever had dealings with the civil court system or the bankruptcy trustees you begin to understand just how corrupted the entire process is. Until the American people understand that we have a three tiered legal system as outlined here:

1. Us schmucks who might get lucky and win

2. The indigent who we pay for their legal actions and problems

3. The JPM's and other super wealthy who buy justice and change decisions llke we change our underwear.

then there is no hope of reform. In the mean time people blindly accept the reality that there is nothing wrong with our political or judicial system and go blindly into their chemically induced phramaceutical bliss while enjoying their microwave dinners while watching American Idol or the idiocy of the day on cable or DishTV. No one understands it until they have to deal with it, like those retirees who attempted to seek justice against their brokers who illegally churned and burned their accounts and all they got was a lousy 20% of their prinicple back and a pat on the head from the arbitor.

The United States is broken, every branch of government, almost every institution inside of it and that is why this financial crisis will not heal until it is repaired.

Mon, 09/27/2010 - 08:58 | 606955 blindfaith
blindfaith's picture

Why on earth would anyone be surprised. 

Every administration for the last 50 years has had it eyes on the judicial arm of the government.  That is where the immediate and legacy power is.  That is where you transform history, where you change the direction of the nation.  Like the Titanic, is slow to respond at first and even harder to correct a bad course with out a new captain and hand picked crew.

The peoples will is not with the Judiciary, but perhaps now and for the last 10 years the power over the Judiciary has been the will of the administration in power and the one just exiting.

The Judiciary is just reflecting the same shoulder shrugging indifference that nearly every bureaucrat shows.  The same loading up on people who thing like you or are easy to dictate philosophy to.

But perhaps the biggest problem is to many cases for to few judges to properly review, especially when it comes to what should have been a cut and dry matter of honest fiduciary trust of the banks by the judges.

Perhaps when the Rebublicians win the elections in November, they can cut more judges out of the system to save money for all of taxpayers.

Mon, 09/27/2010 - 09:18 | 606991 QQQBall
QQQBall's picture

Tyler, yes zactly.

 

How is it possible for WFC to attach an Addendum to a sale which basically says: "We are selling this property to you, but if it turns out we never owned it in the first place, its your tough shit". Is that what its come to?

Mon, 09/27/2010 - 10:57 | 607197 caconhma
caconhma's picture

You people are pathetic:

  • The entire real estate legal system is one big fraud to provide lawyers with good jobs and fleece consumers out of their money.
  • So, you think it is OK for people live in houses "rent" free? If some can live rent-free then soon all will live rent-free.
  • In any business, managers sign tons of documents without checking each and everyone. It is a common practice. It is the absolute business necessity. You trust your people, otherwise, no business can function at all.
  • The entire foreclosure business is very fishy, especially 6 weeks before the coming national elections.
Mon, 09/27/2010 - 07:55 | 606858 FischerBlack
FischerBlack's picture

Thing is, they get away with it because borrowers rarely show up for forclosure proceedings, never mind hire counsel (with what extra money?) to protect their rights.

Mon, 09/27/2010 - 09:24 | 607001 knukles
knukles's picture

Decline of Civilisation

Now there's a novel concept.  One must hire counsel to protect ones rights. 
"Transactions in Justice, the New Rule of Law."

Mon, 09/27/2010 - 08:27 | 606912 ZackAttack
ZackAttack's picture

They tried to save a penny on both the front end (MERS) and the back end (rubber-stamping foreclosure documents) by bulk-executing processes that simply cannot be treated that way.

I still think there's far too much money involved here for an exception in the laws not to be bought. Silly rabbit, moral hazard is reserved for banksters.

Mon, 09/27/2010 - 00:55 | 606558 sushi
sushi's picture

And a good Gretchen NYT article on the TBTFs knowingly repackaging garbage in MBS.

http://www.nytimes.com/2010/09/27/business/27ratings.html?hp

Smells like a RICO case to me.

Mon, 09/27/2010 - 01:17 | 606589 anonnn
anonnn's picture

This sit could enable FannieM et al to return fraudulent loans to JPM etc in a clawback maneuver. Quite justified as response to fraud, albeit long overdue.

Could be a BlackSwan morphing to silver.

Mon, 09/27/2010 - 01:47 | 606622 tom a taxpayer
tom a taxpayer's picture

sushi - BINGO! You said the magic word "RICO". You win $100 and a front row seat for the RICO trial of the century, featuring the bosses from the rating agencies, JPMorgan, GMAC, Countrywide, Goldman Sachs and every other part of the overlapping criminal enterprises, including the mortgage industry, the appraisers, Freddie and Fannie, Citi and the big banksters, the Wall Street investment banks, AIG, the federal co-conspirators at U.S. Treasury, SEC, OTS, and the Federal Reserve, especially FRBNY, and the members of Congress who aided and abetted the greatest financial crimes in U.S. history.

Mon, 09/27/2010 - 02:05 | 606640 Bringin It
Bringin It's picture

I wanna see a perp walk.  Lots and lots.

Mon, 09/27/2010 - 08:57 | 606952 Widowmaker
Widowmaker's picture

Money has no legs.  The rest of the fraud epidemic are corporations which have no legs either.

Too bad for you citizen, hopefully you got yours until they are made illegal to protect the fraud and systemic corruption.

Mon, 09/27/2010 - 09:54 | 607070 Miss Expectations
Miss Expectations's picture

How about a ticker tape parade?  How about JP Morgan, Ally, Bank of America, Wells Fargo and Citigroup all marching down 5th Avenue.  They will be identifiable by the balloons they are holding.

 

Mon, 09/27/2010 - 02:08 | 606643 williambanzai7
williambanzai7's picture

The pragmatic answer is they, the government, are not going to bring down the edifice that finances the circus.

Mon, 09/27/2010 - 02:29 | 606658 sushi
sushi's picture

The pragmatic response is that you are 110% correct.

But then there are all those dumb Euro/Deutsch folk who bought these products. My hunch is that some out of the money PIG organization will file a complaint and it will be hard for the US courts to completely ignore the application of US law.

This is an epic fail.

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