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Meet The Foreclosure "Experts": Hair Stylists, Walmart Floor Workers And Assembly Line Workers, All Hired To "Defraud Homeowners"

Tyler Durden's picture


This is just surreal: the Associated Press has put together a must read profile of all the people who the mortgage servicing industry has been scrambling to get together since 2007. The outcome, and stereotypes, are stunning: "In an effort to rush through thousands of home foreclosures since 2007,
financial institutions and their mortgage servicing departments hired
hair stylists, Walmart floor workers and people who had worked on
assembly lines and installed them in "foreclosure expert" jobs with no
formal training
, a Florida lawyer says." And it gets even scarier - these "experts" pretty much all confirm they participated in fraud, either willingly or unwillingly: "In depositions released Tuesday, many of those workers testified that
they barely knew what a mortgage was. Some couldn't define the word
"affidavit." Others didn't know what a complaint was, or even what was
meant by personal property. Most troubling, several said they knew they
were lying when they signed the foreclosure affidavits and that they
agreed with the defense lawyers' accusations about document fraud
." And here is punchline: " In what is perhaps a
sign of things to come, a Simi Valley, Calif., couple and their nine
children broke into their foreclosed home over the weekend and moved
back in, according to television station KABC of Simi Valley.
The family was evicted
from their Spanish-style two-story in July. The home has been sold, and
the new owner was due to move in soon."
And this is a problem that will go away in a few months?

More From the AP:

"The mortgage servicers hired people who would never question authority," said Peter Ticktin, a Deerfield Beach, Fla., lawyer who is defending 3,000 homeowners in foreclosure cases. As part of his work, Ticktin gathered 150 depositions from bank employees who say they signed foreclosure affidavits without reviewing the documents or ever laying eyes on them -- earning them the name "robo-signers."

The deposed employees worked for the mortgage service divisions of banks such as Bank of America and JP Morgan Chase, as well as for mortgage servicers like Litton Loan Servicing, a division of Goldman Sachs.

Ticktin said he would make the testimony available to state and federal agencies that are investigating financial institutions for allegations of possible mortgage fraud. This comes on the eve of an expected announcement Wednesday from 40 state attorneys general that they will launch a collective probe into the mortgage industry.

"This was an industrywide scheme designed to defraud homeowners," Ticktin said.

The depositions paint a surreal picture of foreclosure experts who didn't understand even the most elementary aspects of the mortgage or foreclosure process -- even though they were entrusted as the records custodians of homeowners' loans. In one deposition taken in Houston, a foreclosure supervisor with Litton Loan couldn't define basic terms like promissory note, mortgagee, lien, receiver, jurisdiction, circuit court, plaintiff's assignor or defendant. She testified that she didn't know why a spouse might claim interest in a property, what the required conditions were for a bank to foreclose or who the holder of the mortgage note was. "I don't know the ins and outs of the loan, I just sign documents," she said at one point.

Until now, only a handful of depositions from robo-signers have come to light. But the sheer volume of the new depositions will make it more difficult for financial institutions to argue that robo-signing was an aberrant practice in a handful of rogue back offices.

Judges are unlikely to look favorably on a bank that claims paperwork flaws don't matter because the borrower was in default on the loan, said Kendall Coffey, a former Miami U.S. attorney and author of the book "Foreclosures."

"There has to be a cornerstone of integrity to the process," Coffey said.


Unfortunately, there isn't. And the distant thunder in WFC and BAC CDS is just the beginning. And here is the confirmation of the total clusterfuck about to envelop the nation:

Meanwhile, the public outrage continues to mount. In what is perhaps a
sign of things to come, a Simi Valley, Calif., couple and their nine
children broke into their foreclosed home over the weekend and moved
back in, according to television station KABC of Simi Valley.
couple, Jim and Danielle Earl, say they were working with the bank to
catch up on payments until they discovered a $25,000 difference between
what they owed and what the bank said they owed. The family was evicted
from their Spanish-style two-story in July. The home has been sold, and
the new owner was due to move in soon.

Read the full unbelieveable piece here.

h/t Ian


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Wed, 10/13/2010 - 15:56 | 647109 Citizen of an I...
Citizen of an IKEA World's picture

This reads like a bad Scott Turow novel (but I repeat myself).

Wed, 10/13/2010 - 16:26 | 647202 mikla
mikla's picture


Nobody would otherwise believe a plot like this a few years ago.  Unbelievable.

Comically, things are actually much darker than this article states.

Too surreal.

Wed, 10/13/2010 - 16:43 | 647296 FEDbuster
FEDbuster's picture

When CNBS did the show called "House of Cards" on the mortgage mess, there was a guy in CA who had started some chop shop HELOC/refi company which made him millions of dollars in 4 or 5 years.  If I remember correctly, he had been a Mercedes Benz salesman who noticed many of his buyers were in the mortgage business.  At the height of the cash out refi craze, that company would offer jobs to the pizza delivery guys bringing them pizzas to the office.

Wed, 10/13/2010 - 17:43 | 647455 Rusty Shorts
Rusty Shorts's picture

Suppose you were an idiot. And suppose you were a member of Congress. But I repeat myself.
- Mark Twain

Wed, 10/13/2010 - 17:57 | 647500 the rookie cynic
the rookie cynic's picture

Fannie Mae and Freddy Mac intiated the crap-ass mortgages (a.k.a Casino chips) which the To-Big-Too-Fail banks promptly scooped up to play high-stakes poker in the leverage-up-'til-the-cow-come-home market (a.k.a the Wall Street casino). The SEC looked the other way (as usual) and the middle-class tax payer is left holding the bag. Now not only to we not know what anything's worth (due to no mark to market), but we don't even know WHO owns it.

If that's truth, justice, and the American way, I'm ready to emigrate.

Wed, 10/13/2010 - 18:51 | 647683 macholatte
macholatte's picture


Fannie Mae and Freddy Mac intiated the crap-ass mortgages...


Close but not quite on target.

The mortgage companies (banks, Country Wide, Wells Fargo, etc.) "initiated" the loans. They had the retail outlets where the consumers went. It was Freddie and Fannie who bought the paper from the mortgage companies.

That's how the daisy chain worked. So the guys who "initiated" the loans might have paid money to escrow to get the loans closed, but got their money back, plus fees, after the loan was sold to Freddie and Fannie or whatever other "major investor" there was like an insurance company or Ice Land. Some would keep their name on the loans called "warehousing".

Like all ponzi's, the last guy holding the paper, had too much in his warehouse, got hammered. There was nobody to peddle the paper to and no real cash to support the inventory.

As I understand it, the loans became securitized like shares of stock and sold off by and to the great wall street fog.


Wed, 10/13/2010 - 20:20 | 647858 Oligarchs Gone Wild
Oligarchs Gone Wild's picture

Those of you who are new here and don't understand how mortgages, wallstreet, CDO's, CDS's all were wrapped together.  This 10 min video will save you some time.

Now it needs to be updated with all the fraud that took place in securitizing all of these products.  And who actually "really" owns the note when someone isn't paying their mortgage.  It used to be easy when the mortgage checks were still arriving but then suddenly becomes obscure once the losses need to be assigned or the house foreclosed.  

Crazy how no matter what the problem is, it's never the Banks holding the blame, it was always someone else's fault.




Wed, 10/13/2010 - 20:35 | 647929 samsara
samsara's picture


Fanny and Freddie were used by the Private Banks as a repository to off load the toxic waste off the banks books to the Taxpayer.

How ?  Who Helped?  Try this one.

JAMES B. LOCKHART. Jim was the head of Fannie Mae,  He oversaw the transfer of debt off the banks books onto Fannies (ie Your Debt and My Debt).       What reward did Jim get for Transfering The Wealth? ( ie Debt from Banks to YOU) ? James B. Lockhart III to become Vice Chairman of WL Ross & Co.   You see,  for these guys, doing a stint in the Gov or Regulatory agencies is like doing time in the service to their "Country" (ie Corporations).    After doing his stint in Fanny,  Jimmy Lockhart was rewarded with a 'retirement' at Wibur Ross's company.   'You did a good job for us Jimmy,  You get a corner office and a bimbo secretary with kneepads for the rest of your days.'
Wed, 10/13/2010 - 17:30 | 647421 B9K9
B9K9's picture

What's so surreal about the US mortgaging its entire national economy just a few short years after we reached peak domestic oil production? As real incomes stagnated, we went on a 30+ year borrowing binge, living large while we still had our good name & the 'credit card' was still widely accepted.

What's really interesting is that the 80s (S&L), 90s (.com) and now 00s (housing) all relied on wide-spread, systemic fraud in which to boost and maximize available credit leverage. If there was ever any proof that the US has simply been resting on its laurels since the 70s, and hasn't come up with a competitive, productive economy that can actually provide anything close to level employment, this is it.

The entire exercise of the last two years have been nothing but a mad attempt at re-blowing a bubble, anywhere, in which to cover up the sins of the past. KD is spot on when he notes that the underlying mortgages where never expected to be paid (off). The entire game was based on recycling total indebtedness in a never ending series of re-securitization schemes.

Ben, Timmy, the whole crew, has known all this from the git-go. They are now literally in a race against time - if they can't get something kick-started in pretty short order, the mortgage mess is finally going to catch up and put this mofu over the tipping point.

It's not a 10, or even 20 year, hang-over that is staring us in the face. More like 30+ years of flying in the face of physical reality.

Wed, 10/13/2010 - 17:35 | 647434 RichardENixon
RichardENixon's picture

They are now literally in a race against time - if they can't get something kick-started in pretty short order, the mortgage mess is finally going to catch up and put this mofu over the tipping point.-- They will simply take all this garbage from the banks' balance sheets onto the taxpayers'. No other way out. Just a question of how they try to sell it. I anticipate words to the effect that we have to keep working Americans from losing their homes.

Wed, 10/13/2010 - 17:54 | 647482 the rookie cynic
the rookie cynic's picture

Love the big picture analysis.

If they do manage to inflate another shadow economy/bubble, do you have a best guess as to the asset class? Alternative energy, T-bills...?

One things for sure, it sure ain't Main Street.

I nominate 1969 for "Peak U.S.A".

Wed, 10/13/2010 - 20:17 | 647897 Oligarchs Gone Wild
Oligarchs Gone Wild's picture

Alt Energy/Cap & Trade.  Carbon Offsets.

When I think of trading in Carbon offsets, this is all that comes to mind for First Bank of Carbon offset trading.  Just add MERS 2.0, Walmart greeters, a couple sun servers and Mary Schapiro.   Stir in some animal spirits and the new normal and viola!


Wed, 10/13/2010 - 17:59 | 647509 CustomersMan
CustomersMan's picture


Don't agree.


We developed the Internet here in the U.S.A. and it has in fact changed the world for the better.


That alone is more than anyone else has done in the same time frame.


Don't be sooo quick to write us off as a bunch of douche-bags.

Wed, 10/13/2010 - 18:26 | 647599 Rusty Shorts
Rusty Shorts's picture

Dude, the military developed the internet and cellular infrastructure, and these will be our undoing in the end...just for kicks, what is the #1 business on the internet? you guessed it, porn.

Wed, 10/13/2010 - 19:20 | 647771 breezer1
breezer1's picture

religion i believe, if you call it a business.

Wed, 10/13/2010 - 18:56 | 647701 traderjoe
traderjoe's picture

It's my argument that most of our innovations over the past couple of decades have actually reduced employment. Efficiency is by definition the reduction of costs, and what is the best way to reduce costs then fire people?

Overnight/air-freight shipping => offshore factories

Online retailing => gutting main street retailers

And on and on. Sure, it means that the precious few at the top can leverage their gains further. But the middle class gets squeezed.

And then the focus on consumer electronics fractures families and communities and keeps people from really being involved with each other. I'm not some "good ole days" person, but I agree with Peak America.

And our sense of arrogance about our status as King of the Hill will also lead to our downfall. That is an age old meme...

Wed, 10/13/2010 - 19:23 | 647783 RecoveringDebtJunkie
RecoveringDebtJunkie's picture

Bingo. Not just America though, but all developed countries with capitalist economies (which is not necessarily the same as a "free market" economy).


Wed, 10/13/2010 - 16:28 | 647224 Saxxon
Saxxon's picture

JPM got it's fat ass sold today.

I know it has been said over and over, but I will add to the chorus - someday very soon I expect to wake up and see the Index futes down 3% across the board. 

They tried to yesterday but got the hose again.

All in SPXU in my gambling account.

Wed, 10/13/2010 - 16:35 | 647268 Clark_Griswold ...
Clark_Griswold Hedge Mnger's picture

can you say silver squeeze.....


Wed, 10/13/2010 - 17:01 | 647350 let x equal x
let x equal x's picture

If you're a compulsive gambler, like me, there's BGZ.

Wed, 10/13/2010 - 17:20 | 647393 Saxxon
Saxxon's picture

I'll remember that x=x; but SPXU has 3x leverage and that is enough juice for me.

Wed, 10/13/2010 - 18:00 | 647510 PuppetRepubl1c
PuppetRepubl1c's picture

Shorting the POMO steamroller is insanity, the truth is it will be very hard to predict when this thing collapses. 


Personally i think gold is a better investment because you don't have to time it as much, if you are holding gold and the spx collapses you are fine, if you are in SPXU timing is huge as the FED can at any time flatten you with another $50 billion POMO.

Wed, 10/13/2010 - 17:51 | 647480 CustomersMan
CustomersMan's picture

We don't need no Stinkin Banks !!

Wed, 10/13/2010 - 16:38 | 647264 AbandonShip
AbandonShip's picture

Litton Loan Servicing claims its "People" are its Top value!!!!!    YOU CAN'T MAKE THIS SHIT UP!

Wed, 10/13/2010 - 16:54 | 647321 igarciao
igarciao's picture


Wed, 10/13/2010 - 17:09 | 647372 AbandonShip
AbandonShip's picture

Oh and I have saved a picture because I'm sure Litton will update or take down that link tonight.

Wed, 10/13/2010 - 19:20 | 647773 thermroc
thermroc's picture

All the boardroom chairs are empty!

Quick men, to the lifeboats.

Wed, 10/13/2010 - 19:26 | 647792 thermroc
thermroc's picture
"Teamwork - Have the self-confidence to involve everyone and behave in a boundary-less fashion" Ha ha
"Initiative - Be BOLD in our actions, our goals, and our vision of the future" Ha ha ha

"Ethics - Commitment to honesty and integrity" HA HA HA HA

"Community - Give something back to your community" HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA  It hurts, it hurts!


Wed, 10/13/2010 - 17:40 | 647444 CustomersMan
CustomersMan's picture


The persistence of a repetitive response after the cause of the response has been removed, or the response continues to different stimuli.
Wed, 10/13/2010 - 15:56 | 647110 outamyeffinway
outamyeffinway's picture

Yeah, I need a lid snap and could you sign here, here annnnnnd here.

Sank you so much!

Wed, 10/13/2010 - 15:57 | 647111 Ragnarok
Ragnarok's picture

This is a message from the emergency broadcast system...

Wed, 10/13/2010 - 16:19 | 647199 MsCreant
MsCreant's picture

This is NOT a test.

Wed, 10/13/2010 - 16:00 | 647124 bob_dabolina
bob_dabolina's picture

Well thats it...

I've heard it all. This would be funny if it wasn't true, but it is true, and that scares me.

We need to re-check the people at our nuclear facilities.

Wed, 10/13/2010 - 16:04 | 647141 reading
reading's picture

They're fine...we put the cosmetologists on that.


Wed, 10/13/2010 - 16:06 | 647158 bob_dabolina
bob_dabolina's picture

Yea...the blind cosmetologists at the rate this type of news comes out

Wed, 10/13/2010 - 16:08 | 647163 NotApplicable
NotApplicable's picture

Those people have to be licensed, after all.

Wed, 10/13/2010 - 16:32 | 647230 Clark_Griswold ...
Clark_Griswold Hedge Mnger's picture

licensed for what???? to wear a thong?


Hell, if they can sign their name in crayons, the automated machine rubber stamps that license.. no different then the house deeds

Wed, 10/13/2010 - 16:27 | 647236 reading
reading's picture

Exactly, they went to schooool too...we paid for that too!

Wed, 10/13/2010 - 17:16 | 647381 Commander Cody
Commander Cody's picture

You have no idea what it takes to operate a nuclear plant, so shut up.  And what is it that you do?

Wed, 10/13/2010 - 16:00 | 647126 midtowng
midtowng's picture

Just wait until the fraud of the mortgage creation is exposed. We have massive amounts of fraud with two presidential administrations completely asleep at the wheel.

Wed, 10/13/2010 - 16:03 | 647142 Boilermaker
Boilermaker's picture

If you watched "House of Cards" on CNBC, there was a 'quickie loan' guy that said he was hiring pizza delivery guys to do the loans and they were shagging $20k per month.

Yea, we've jumped the shark, leather jacket on and all.

Wed, 10/13/2010 - 16:04 | 647146 JLee2027
JLee2027's picture

These are state issues, not federal ones.

Wed, 10/13/2010 - 16:13 | 647177 Crab Cake
Crab Cake's picture

If you haven't gotten the memo, then you should know that there are no more "states", just federal jurisdictions, and the 10th amendment got buried in a pit filled with lyme.

Everything is a Federal issue in the USSA.

Wed, 10/13/2010 - 16:29 | 647244 JLee2027
JLee2027's picture

I understand your anger, but some things still hold true. We are heading into the storm...and America will survive and be re-born. This I promise you.

Wed, 10/13/2010 - 18:11 | 647548 Arkadaba
Arkadaba's picture


Just had to

Wed, 10/13/2010 - 18:12 | 647549 Arkadaba
Arkadaba's picture

Becuz ....

Wed, 10/13/2010 - 23:45 | 648323 i-dog
i-dog's picture

"America will survive and be re-born. This I promise you"

Too late. Your promise is not worth the electrons it's written with. I admire your faith, but not your logic.

Thu, 10/14/2010 - 04:13 | 648586 Hephasteus
Hephasteus's picture

Not if we sew it's cunt shut.

Wed, 10/13/2010 - 16:50 | 647313 papaswamp
papaswamp's picture

If the mortgages are federally backed I disagree.

Wed, 10/13/2010 - 17:49 | 647477 Crime of the Century
Crime of the Century's picture

Quite so - that is the reason Timmy is backing F&F to the hilt. It makes the Gummint an 800lb gorilla in the mortgage mess.

Wed, 10/13/2010 - 17:15 | 647380 CustomersMan
CustomersMan's picture



SEE This is WHY they did away with STOCK CERTIFICATES.


Mark My Words This Day 10/14/2010.

Notoriety (here)

Wed, 10/13/2010 - 16:02 | 647135 Boilermaker
Boilermaker's picture

Aren't those the same people that BP hired to throw on some orange smocks and 'clean up' the beaches?

Wed, 10/13/2010 - 16:22 | 647213 MsCreant
MsCreant's picture

I think you have "sons of beaches" and "sons of bitches" mixed up. Not sure, just sayin'...

Wed, 10/13/2010 - 16:56 | 647331 Panafrican Funk...
Panafrican Funktron Robot's picture

Well done, well done.

Wed, 10/13/2010 - 18:15 | 647558 Arkadaba
Arkadaba's picture

+ you are good!

Wed, 10/13/2010 - 16:03 | 647136 reading
reading's picture

The hits just keep on coming...I can't wait til the next Senate hearing spectacle on this.  Maybe all the Bank CEO's should start hitchhiking to DC now...

Wed, 10/13/2010 - 20:30 | 647926 Oligarchs Gone Wild
Oligarchs Gone Wild's picture

Alan Grayson needs to dress as a giant vampire squid for a senate hearing instead of just sporting the monopoly money tie.   Make the Stephen Colbert hearing look like preschool. You don't have to admire Grayson politics, but you surely can support his ability to help communicate the state of the banana republic for what it is.

Wed, 10/13/2010 - 16:03 | 647140 JLee2027
Wed, 10/13/2010 - 16:04 | 647145 Cvillian
Cvillian's picture

I'd be glad to tell you who owns your mortgage note sir....right after I put these highlights in my other customer's hair.

Wed, 10/13/2010 - 17:06 | 647366 CustomersMan
CustomersMan's picture

Liked that one !

Wed, 10/13/2010 - 16:05 | 647147 Gimp
Gimp's picture

I don't know if it is fair to say they were all hired to "defraud homeowners" but maybe to insulate the real criminals from attention - "the bankster executives and their bribed politicians".

Just another deflection...these people know how to play the game.


Wed, 10/13/2010 - 16:21 | 647205 Dr. Engali
Dr. Engali's picture

It's fair to say pretty much anything you want....may not be accurate,but it's fair to say.

Wed, 10/13/2010 - 16:05 | 647151 williambanzai7
williambanzai7's picture

I just prepared this foreclosure expert composite image based upon the above descriptions. Can you figure out who he is?

Wed, 10/13/2010 - 16:10 | 647173 Sarah Conner
Sarah Conner's picture

Ben Bernanke as the Night Rider...

Wed, 10/13/2010 - 16:15 | 647186 Internet Tough Guy
Internet Tough Guy's picture


Wed, 10/13/2010 - 16:25 | 647223 williambanzai7
williambanzai7's picture


Wed, 10/13/2010 - 23:39 | 648311 williambanzai7
williambanzai7's picture

Sarah nailed in in 5 minutes!

All of the other answers below are worthy ideas for new photo mash ups.

And I an going to do this some more given the positive response.

Wed, 10/13/2010 - 16:29 | 647242 tpberg7
tpberg7's picture

Ben Bernanke as Gollum looking for his precious!

Wed, 10/13/2010 - 16:11 | 647175 Ragnarok
Ragnarok's picture

George Michael and Bernanke?

Wed, 10/13/2010 - 16:23 | 647182 Sancho Ponzi
Sancho Ponzi's picture

Miller, the dude from Repo Man?

Wed, 10/13/2010 - 16:25 | 647218 plocequ1
plocequ1's picture

Who the fuck is that? Evil from fright night? Or is it Mason Reese?

Wed, 10/13/2010 - 16:26 | 647228 Sancho Ponzi
Sancho Ponzi's picture

Repo Man's a classic. Go here:

Look about 2/3 the way down, the guy next to the 55 gallon drum

Wed, 10/13/2010 - 17:39 | 647443 SheepDog-One
SheepDog-One's picture

The Night Rider/Bernanke hybrid.

Wed, 10/13/2010 - 16:28 | 647234 John McCloy
John McCloy's picture

Lars Hannibal Ulrich Bernanke Micheal III ?

Wed, 10/13/2010 - 16:33 | 647262 Clark_Griswold ...
Clark_Griswold Hedge Mnger's picture

Christ, WB7,

the picture is gona make me wet the bed tonight.... yikes!

Wed, 10/13/2010 - 16:33 | 647265 plocequ1
plocequ1's picture

I know, Hybrid Bud Bundy and Erick the angry midget 

Wed, 10/13/2010 - 17:04 | 647360 CustomersMan
CustomersMan's picture

Festus, from Gunsmoke?

Wed, 10/13/2010 - 17:08 | 647370 Horatio Beanblower
Horatio Beanblower's picture

Billy Joel?

Wed, 10/13/2010 - 17:17 | 647386 Hulk
Hulk's picture

Thats just wrong William, almost tossed my cookies scrolling down the page...

Wed, 10/13/2010 - 17:31 | 647425 SteveNYC
SteveNYC's picture


Wed, 10/13/2010 - 17:40 | 647447 RichardENixon
RichardENixon's picture

Isn't that Lars from Metallica?

Wed, 10/13/2010 - 18:31 | 647616 Blano
Blano's picture

The werewolf kid from "Fright Night" all grown up??

Wed, 10/13/2010 - 20:29 | 647924 chindit13
chindit13's picture

All I know for sure is that those are Bernanke's eyes...cold, souless and with lines indicating that the face has produced very few smiles in its time on this Earth, inside or out.

As George Orwell said, before age forty your face is up to God;  after age forty your face is up to you.

Wed, 10/13/2010 - 20:48 | 647948 plocequ1
plocequ1's picture

The Evil scientist from Bugs Bunny... Cummmmmm back heeeeerrrre youuuuu Raaaaaaaaaaaabit.

Wed, 10/13/2010 - 16:07 | 647160 Pining for the ...
Pining for the Fjords's picture

Dow up significantly for no apparent reason?  Check.  Muddying the water with stories about how MortgageGate is contained and nothing to worry about?  Check.  Talking heads raving about "strong earnings"?  Check.  Cue Robo with a pretty chart in 3....2....1....

aaaaaand...... scene.

Wed, 10/13/2010 - 16:07 | 647162 Tortfeasor
Tortfeasor's picture

This is not the end, it is only the beginning of phase 2.  It took a while to get started, but now I'm even a little surprised at how quickly the onion layers are peeling away.

Title insurance companies WILL go bankrupt on this.  DJSP likely will too, thank God.  

For those interested in more stories on the fraud here, google two things.  1. Wells Fargo Bank sues Wells Fargo Bank (a 2008 story).  2. Assignments and affidavits signed by Cheryl Samons.

Wed, 10/13/2010 - 16:08 | 647165 Dixie Normous
Dixie Normous's picture

"Pack up the kids in the mini van honey, we're finally moving out of this shithole of a city and going to the burbs."

"But dear, where will we live?"

"No problem, we'll just drive around at dusk and move into the first house where no lights come on after dark, now get a move on, we don't want to be late."

Wed, 10/13/2010 - 16:19 | 647198 SheepDog-One
SheepDog-One's picture

I was saying many months ago, why would anyone bother buying a house today when pretty soon youll just be able to pick whatever one you like and just move your crap in and squat?

Wed, 10/13/2010 - 16:28 | 647238 minus dog
minus dog's picture

This started picking up last year.   Look up your local crime stats, should be under something like illegal occupation of structure or some such.  Went from virtually nil to a couple dozen cases in a single year, in the smallish suburb I was living in.

Wed, 10/13/2010 - 16:31 | 647253 Saxxon
Saxxon's picture


You forgot,

"And tell the sheriff we OWN it."

Thu, 10/14/2010 - 00:03 | 648337 i-dog
i-dog's picture

"moving out of this shithole of a city and going to the burbs"

I would strongly recommend that you get out of Dodge altogether -- before shit gets very hectic -- and take that mini van over the border. If heading south, would recommend an armed wagon train of fellow pilgrims for the trip through indian territory ... err, Mexico.

Best to do it before they get all those full-vehicle-scan x-ray machines set up at every border crossing, too. Just sayin'.

Wed, 10/13/2010 - 16:10 | 647168 tahoebumsmith
tahoebumsmith's picture

You really can't make this shit up. Actually you can if it was always intended to go down this way.

Wed, 10/13/2010 - 16:28 | 647237 MsCreant
MsCreant's picture

Actually it sounds like they made up everything and are proving you really can make this shit up, any time you like.

Wed, 10/13/2010 - 16:10 | 647169 Dr. Engali
Dr. Engali's picture

I wonder if they were processing their own foreclosures.

Wed, 10/13/2010 - 16:12 | 647178 Dagny Taggart
Dagny Taggart's picture

Reminds me of the good old days when we heard who got jobs at Moodys.

Wed, 10/13/2010 - 16:13 | 647183 PeterSchump
PeterSchump's picture

All prodducks of hour wunderfull edoocashun sistim.

Wed, 10/13/2010 - 18:33 | 647625 Cognitive Dissonance
Cognitive Dissonance's picture

Ebonics bitches

Wed, 10/13/2010 - 16:14 | 647184 bullandbearwise
bullandbearwise's picture


Wed, 10/13/2010 - 16:30 | 647248 MsCreant
MsCreant's picture

Bullfeathers! You made the effort to post that yawn. Don't try it. You, do in fact, give a hoot.

Wed, 10/13/2010 - 17:00 | 647343 bullandbearwise
bullandbearwise's picture

No, the more I think about Foreclosure-gate the more I think it's just another form of kicking the can down the road. Net-net, it's creating more spendable dollars now and relying on debtholders to just die off. Really, nothing new here...

Wed, 10/13/2010 - 16:15 | 647189 SumoPower
SumoPower's picture

it looks like the fan is not big enough for what's coming...

Wed, 10/13/2010 - 16:31 | 647254 MsCreant
MsCreant's picture

I KNOW I will regret laughing hard at that.

Wed, 10/13/2010 - 18:20 | 647571 Strider52
Strider52's picture

I would like to nominate that for Quote of the Day.

Wed, 10/13/2010 - 16:16 | 647191 Internet Tough Guy
Internet Tough Guy's picture

Thank you for calling the foreclosure hotline. How may I grift you?

Wed, 10/13/2010 - 16:20 | 647203 SheepDog-One
SheepDog-One's picture

Um, guess I'll just take the usual FED korn holing with a side of fries, supersized I guess WTF heres my credit card.

Wed, 10/13/2010 - 16:49 | 647309 Internet Tough Guy
Internet Tough Guy's picture

That will be $5.99. Plus $45 for overdrafting your account. Thank you, come again!

Wed, 10/13/2010 - 17:01 | 647349 Sancho Ponzi
Sancho Ponzi's picture

Here's one of the clerks:

Wed, 10/13/2010 - 16:16 | 647192 Ripped Chunk
Ripped Chunk's picture

Some clerks are going to do time for this fraud. Mark my words.

Wed, 10/13/2010 - 16:21 | 647206 SheepDog-One
SheepDog-One's picture

Clerks? Well as yesterday evenings zerohedge article points out, Citibank said that big banks are going down over this, its just the tip of the iceberg, and is was larger than that little sub prime thing.

Wed, 10/13/2010 - 17:08 | 647369 still kicking
still kicking's picture

I think what he's getting at is that if at all possible they will target one big guy blame him for authorizing it without board of director, shareholder or bondholder knowledge then toss about 1,000 clerks straight under the bus for committing know the typical logjam in the ass.

Wed, 10/13/2010 - 17:41 | 647448 DaveyJones
DaveyJones's picture

sounds right hope we're wrong

Wed, 10/13/2010 - 18:33 | 647624 Ripped Chunk
Ripped Chunk's picture

Like I said, some clerks will take the fall. Upper management will skate and get bonused.

Come on guys! It's all ball bearings now!

Wed, 10/13/2010 - 17:37 | 647437 Kayman
Kayman's picture

Hank Paulson - Scene II

Wed, 10/13/2010 - 18:02 | 647518 Bob
Bob's picture

That's the sad thing.  The clerks and low level managers will do the time . . . while their uber-criminal Overlords will retain not only their freedom, but all their ill-gotten gains. 

It's the New American way.

Unless we start demanding more. 

Wed, 10/13/2010 - 20:45 | 647953 chindit13
chindit13's picture

No Sir, you cynic.  This is big!  I'm predicting it moves from clerks all the way up the food chain to...the Human Resource people who hired them.  And that, my friend, will send a powerful message.  Make no mistake.  Let the word go out henceforth to all the mahogany panelled corner offices and all the member clubs from Manhattan to Montauk.  If you direct your staff to hire the unqualified to circumvent the law so that you can earn a larger bonus, those unqualified will pay dearly for your crime.  Think about that as you sip your Petrus and puff on that Robusto!

Sorry to bother you, Jamie.

Wed, 10/13/2010 - 22:40 | 648183 Al Gorerhythm
Al Gorerhythm's picture

That's the way it works. Let's hope that there are a series of ever higher positions that finger-pointers take aim at. I'm sure they won't take the fall for this on their shoulders alone. Where did the orders issue from?

Wed, 10/13/2010 - 16:17 | 647194 Rodent Freikorps
Rodent Freikorps's picture

I predict many fires of residential property.

The insurance companies will, of course, be bailed out.

Wed, 10/13/2010 - 16:19 | 647201 Yorick7
Yorick7's picture

Fires!  Yes that's suggested at the end of this article.

Wed, 10/13/2010 - 16:21 | 647204 monopoly
monopoly's picture


It is ever so slowly coming together.

Wed, 10/13/2010 - 17:16 | 647384 RockyRacoon
RockyRacoon's picture

It is ever so slowly falling apart.

There, it's fixed now.

Wed, 10/13/2010 - 17:47 | 647466 DaveyJones
DaveyJones's picture

is it me, or is momentum gaining? Things, all sorts of things, are going to hell. The average citizen, just about everywhere, is getting crushed and robbed and the bad guys seem immune to the law and seem to know it. They don't care and they're rubbing our faces in it. Only one thing happens when things come to this.  

Wed, 10/13/2010 - 21:52 | 648096 StychoKiller
StychoKiller's picture

Cue the squadrons of small aircraft flying into US Govt buildings...

Wed, 10/13/2010 - 16:22 | 647208 Traveler-2
Traveler-2's picture

A democratic process, providing upward mobility, and certainly politically correct.  Come one, you all!  Why do I sense the complicity of Waddell and Read in this?


from Topeka

Wed, 10/13/2010 - 16:22 | 647210 bugs_
bugs_'s picture

Just a few days ago I couldn't even spell affadaveit.

Wed, 10/13/2010 - 16:29 | 647243 reading
reading's picture

Affa-what? I didn't sign no affa-anything...

Wed, 10/13/2010 - 16:37 | 647277 MsCreant
MsCreant's picture

Oh yeah? Well Affa-you too! (Smack) Woo Woo Nyuk Nyuk!

An no, you don't affa-sign it if you don't want. Got Robotz foe dat.

Wed, 10/13/2010 - 19:45 | 647835 RichardENixon
RichardENixon's picture

Thank you for that link! Oh the fun I will have with that web site!

Wed, 10/13/2010 - 16:41 | 647291 Lower Class Elite
Lower Class Elite's picture

Oh shit!  I thought I was supposed to sign this after David.

Wed, 10/13/2010 - 18:21 | 647575 theopco
theopco's picture


Wed, 10/13/2010 - 17:40 | 647445 Kayman
Kayman's picture

Yesterday I couldn't spell Lone Office Sir, Now I are one.

Wed, 10/13/2010 - 20:47 | 647957 chindit13
chindit13's picture

I think affidavit it was King Solomon.  Or was it the other way around?

Wed, 10/13/2010 - 16:22 | 647211 system failure
system failure's picture

Gosh, do we have Agencies that oversee this debacle of Mortgage Horror gone wrong? When and where were these Agencies? FBI? Just like Karl D. says, when do we see handcuffs for the fraud. And the one media source first said "mis-steps" on the forclosure issues. Give me a break and all of the americans in this country a break that are here legally.

This shit is going to be the vacuum cleaner sucking the price of everything down with it. Weak indirect demand at "T" auctions from China not wanting to participate anymore with Turbo Timmy declaring their currency manipulation schemes. Grown men and women acting like children when the shit hits the fan. There is going to be some major splattering going on now....HEHEHE   

Wed, 10/13/2010 - 16:30 | 647250 reading
reading's picture

Yeah as usual the regulators have got a tight handle on the issue.

Wed, 10/13/2010 - 16:39 | 647284 Clark_Griswold ...
Clark_Griswold Hedge Mnger's picture

I blame Waddle & Reed for it

Wed, 10/13/2010 - 17:44 | 647459 SheepDog-One
SheepDog-One's picture

Yep, Waddell and Reid obviously are at the bottom of all this.

Wed, 10/13/2010 - 16:22 | 647214 Wannabee
Wannabee's picture

What's the avg Joe to do? Machine shop job got shipped to Mexico. Become a foreclosure expert. Rumor has it, online degree's are coming soon!

Wed, 10/13/2010 - 16:23 | 647217 gunsmoke011
gunsmoke011's picture

The REAL Beauty of the family that broke in and re –took the foreclosed house is – the new owners had paid to have it renovated and remodeled. Where else other than this GREAT Country can you buy a house you can’t afford – not make payments – get the boot – only to have the new owner pay to renovate what was most likely a living shit hole – and then move back in and CRY – WE WERE SCREWED!!

Wed, 10/13/2010 - 16:26 | 647229 John McCloy
John McCloy's picture

  Ben is going to need that helicopter to look out upon the destruction he has created across the nation by promoting irresponsibility and it begins and ends at the Fed.

Wed, 10/13/2010 - 18:12 | 647550 Crime of the Century
Crime of the Century's picture

Mos def - we got some smart cookies on this board, but the only ones I would hang with are the ones who can already hear the blades rotating. K Winter is coming, time to put up the storm windows.

Wed, 10/13/2010 - 19:21 | 647775 Clycntct
Clycntct's picture

Just say yes to Insulation, in all forms. Financial and thermal.

Wed, 10/13/2010 - 16:24 | 647220 Ruth
Ruth's picture


Wed, 10/13/2010 - 16:25 | 647226 Rainman
Rainman's picture

Paper pushin' is a lot more boring than walking the floor at WalMart. In the store you are at least entertained by the clientele......the Creeple of WalMart.  

Wed, 10/13/2010 - 16:27 | 647233 tlil5774
tlil5774's picture

And maybe next year it finally dawns on Joe Sixpack that the bailed out banks never deserved a single penny, and that arranging for a $2 trillion bailout (or whatever the huge number is) will end up being less efficient that actually just handing the same amount the US taxpayer. At least the taxpayer would've spent it rather than to park it on a balance sheet......

Wed, 10/13/2010 - 16:27 | 647235 Bear
Bear's picture

Didn't I see an ad for "foreclosure expert" on ZH recently?

Wed, 10/13/2010 - 18:12 | 647553 Crime of the Century
Crime of the Century's picture

I see dead people...

Wed, 10/13/2010 - 16:29 | 647241 Careless Whisper
Careless Whisper's picture

now the banks are squeeling like pigs. they want "the free market" to let foreclosures proceed. of course they really mean the free market, absent the rule of law for banks.

Wed, 10/13/2010 - 18:59 | 647712 traderjoe
traderjoe's picture

True 'dat. Heard the bankers squealing on Bloomberg that they just wanted the market to clear so we could move on with the economy.

It would be funnier if it weren't so sad...

Wed, 10/13/2010 - 16:30 | 647247 DosZap
DosZap's picture

"Meanwhile, the public outrage continues to mount. In what is perhaps a sign of things to come, a Simi Valley, Calif., couple and their nine children broke into their foreclosed home over the weekend and moved back in, according to television station KABC of Simi Valley. The couple, Jim and Danielle Earl, say they were working with the bank to catch up on payments until they discovered a $25,000 difference between what they owed and what the bank said they owed. The family was evicted from their Spanish-style two-story in July. The home has been sold, and the new owner was due to move in soon."


I loved this one, the NEW owner will have to SUE the OLD owners, as the OLD owners sure the Bank, and title company,that the NEW owner will also have to sue.

Hell, the OLD owners, and the NEW one, may become butt buddies.

Likely two seperate Title Co's,differnt Banks, and we know separate Lawyers........

AND no WAY anyone can make the old owners leave............possession 90% of the Law...

You say it's yours, PROVE IT................

Wed, 10/13/2010 - 16:32 | 647260 reading
reading's picture

The thing that should be most compelling here is that this message got main stream enough for the old owners to "move" in already.  It takes a lot to "wake" the senses of the general US populace.

Wed, 10/13/2010 - 16:59 | 647340 CD
CD's picture

Possi/probability of being on the street with 9 kids can be a powerful motivator...

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