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Move Over Vampire Squid, Enter Rocket Docket - Matt Taibbi Takes Fraudclosure Mainstream
The man who made Goldman Sachs a household name (using some very helpful and lurid imagery), has found a new target: Bank of America, JP Morgan, Wells Fargo and Citi.... And the "Rocket Docket." Quote Taibbi: "The Rocket Docket exists to launder the crime and bury the evidence by speeding thousands of fraudulent and predatory loans to the ends of their life cycles, so that the houses attached to them can be sold again with clean paperwork. The judges, in fact, openly admit that their primary mission is not justice but speed." And here comes the trademark Taibbi visual: "the foreclosure crisis is Too Big for Fraud. Think of the Bernie Madoff scam, only replicated tens of thousands of times over, infecting every corner of the financial universe. The underlying crime is so pervasive, we simply can't admit to it — and so we are working feverishly to rubber-stamp the problem away, in sordid little backrooms in cities like Jacksonville, behind doors that shouldn't be, but often are, closed." Pure genius.
From Courts Helping Banks Screw Over Homeowners: Retired judges are rushing through complex cases to speed foreclosures in Florida, from Rolling Stone Magazine
Th
e foreclosure lawyers down in
Jacksonville had warned me, but I was skeptical. They told me the state
of Florida had created a special super-high-speed housing court with a
specific mandate to rubber-stamp the legally dicey foreclosures by
corporate mortgage pushers like Deutsche Bank and JP Morgan Chase. This
"rocket docket," as it is called in town, is presided over by retired
judges who seem to have no clue about the insanely complex financial
instruments they are ruling on — securitized mortgages and labyrinthine
derivative deals of a type that didn't even exist when most of them
were active members of the bench. Their stated mission isn't to decide
right and wrong, but to clear cases and blast human beings out of their
homes with ultimate velocity. They certainly have no incentive to
penetrate the profound criminal mysteries of the great American mortgage
bubble of the 2000s, perhaps the most complex Ponzi scheme in human
history — an epic mountain range of corporate fraud in which Wall Street
megabanks conspired first to collect huge numbers of subprime
mortgages, then to unload them on unsuspecting third parties like
pensions, trade unions and insurance companies (and, ultimately, you and
me, as taxpayers) in the guise of AAA-rated investments. Selling lead
as gold, shit as Chanel No. 5, was the essence of the booming
international fraud scheme that created most all of these now-failing
home mortgages.
The rocket docket wasn't created to investigate any of that. It exists
to launder the crime and bury the evidence by speeding thousands of
fraudulent and predatory loans to the ends of their life cycles, so that
the houses attached to them can be sold again with clean paperwork. The
judges, in fact, openly admit that their primary mission is not justice
but speed. One Jacksonville judge, the Honorable A.C. Soud, even told a
local newspaper that his goal is to resolve 25 cases per hour. Given the way the system is rigged, that means His Honor could well be throwing one ass on the street every 2.4 minutes.
Foreclosure lawyers told me one other thing about the rocket docket. The
hearings, they said, aren't exactly public. "The judges might give you a
hard time about watching," one lawyer warned. "They're not exactly
anxious for people to know about this stuff." Inwardly, I laughed at
this — it sounded like typical activist paranoia. The notion that a
judge would try to prevent any citizen, much less a member of the media,
from watching an open civil hearing sounded ridiculous. Fucked-up as
everyone knows the state of Florida is, it couldn't be that bad. It
isn't Indonesia. Right?
Well, not quite. When I went to sit in on Judge Soud's courtroom in
downtown Jacksonville, I was treated to an intimate, and at times
breathtaking, education in the horror of the foreclosure crisis, which
is rapidly emerging as the even scarier sequel to the financial meltdown
of 2008: Invasion of the Home Snatchers II. In Las Vegas, one
in 25 homes is now in foreclosure. In Fort Myers, Florida, one in 35. In
September, lenders nationwide took over a record 102,134 properties;
that same month, more than a third of all home sales were distressed
properties. All told, some 820,000 Americans have already lost their
homes this year, and another 1 million currently face foreclosure.
Throughout the mounting catastrophe, however, many Americans have
been slow to comprehend the true nature of the mortgage disaster. They
seemed to have grasped just two things about the crisis: One, a lot of
people are getting their houses foreclosed on. Two, some of the banks
doing the foreclosing seem to have misplaced their paperwork.
For most people, the former bit about homeowners not paying their
damn bills is the important part, while the latter, about the sudden and
strange inability of the world's biggest and wealthiest banks to keep
proper records, is incidental. Just a little office sloppiness, and who
cares? Those deadbeat homeowners still owe the money, right? "They had
it coming to them," is how a bartender at the Jacksonville airport put
it to me.
But in reality, it's the unpaid bills that are incidental and the
lost paperwork that matters. It turns out that underneath that little
iceberg tip of exposed evidence lies a fraud so gigantic that it
literally cannot be contemplated by our leaders, for fear of admitting
that our entire financial system is corrupted to its core — with our
great banks and even our government coffers backed not by real wealth
but by vast landfills of deceptively generated and essentially worthless
mortgage-backed assets.
You've heard of Too Big to Fail — the foreclosure crisis is Too Big
for Fraud. Think of the Bernie Madoff scam, only replicated tens of
thousands of times over, infecting every corner of the financial
universe. The underlying crime is so pervasive, we simply can't admit to
it — and so we are working feverishly to rubber-stamp the problem away,
in sordid little backrooms in cities like Jacksonville, behind doors
that shouldn't be, but often are, closed.
And that's just the economic side of the story. The moral angle to
the foreclosure crisis — and, of course, in capitalism we're not
supposed to be concerned with the moral stuff, but let's mention it
anyway — shows a culture that is slowly giving in to a futuristic
nightmare ideology of computerized greed and unchecked financial
violence. The monster in the foreclosure crisis has no face and no
brain. The mortgages that are being foreclosed upon have no real owners.
The lawyers bringing the cases to evict the humans have no real
clients. It is complete and absolute legal and economic chaos. No single
limb of this vast man-eating thing knows what the other is doing,
which makes it nearly impossible to combat — and scary as hell to watch.
What follows is an account of a single hour of Judge A.C. Soud's
rocket docket in Jacksonville. Like everything else related to the
modern economy, these foreclosure hearings are conducted in what is
essentially a foreign language, heavy on jargon and impenetrable to the
casual observer. It took days of interviews with experts before and
after this hearing to make sense of this single hour of courtroom drama.
And though the permutations of small-time scammery and grift in the
foreclosure world are virtually endless — your average foreclosure case
involves homeowners or investors being screwed at least five or six
creative ways — a single hour of court and a few cases is enough to tell
the main story. Because if you see one of these scams, you see them
all.
»
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Just finished reading the entire piece. Matt actually tries very hard to explain that this is so much more than "just" people not paying their mortgage. That this is in fact the end game of a long line of systemic housing sale, mortgage and securitization fraud at every level.
Please take the time to read it completely and then spread it widely to those who think it's all just some paperwork problems when they try to foreclose on deadbeat buyers.
It proves that Bernanke and Geithner are leaders in the largest financial cover-up of all time. They need to be investigated, found rightfully complicit, and thrown in jail.
It's sickening listening to TPTB white wash how bad this shit is.
Money doesn't have to be the root of all evil.... but if constant acquisition your only focus, then it will corrupt you everytime.
Yeah, I'm sure all of those complicit judges are just waiting for their chance to make things right.
Obviously the judges won't. They're bought and paid for.
But hopefully the people of this country will wake up and demand accountability at some point, or they'll end up being pawns in this sick game of 'hide-my-crime'.
Fraudclosure is like the national endgame, while the 'Currency Wars' are the international endame. Both result in the US dollar losing reserve currency status. But don't expect to read that in the Mainstream Media! Their coverage of the upcoming G20 meetings is for 3rd graders...
In light of which, PsychoNews presents the PsychoNews Update 11/11 Edition: "This weekend the G20 will meet. The entire world is in the midst of financial upheaval. Central banks around the world have a fever, and the prescription is printing money...."
http://psychonews.site90.net
Both Fraudclosure and the Currency Wars are symptomatic of MUCH bigger issues.
The average person thinks they won because they voted out a group of people in Congress. They do not understand that Geithner, Bernanke, H.Paulson, Kashkari, Bush, Obama, and themselves are all puppets. Who did you vote for ??? Did your side win ??? It did. Oh, then you won. NOT !!! Most people do not even know who won. The Power Elite Won.
Most People do not understand. It's all about the money. Who controls it. Who values it's worth. And who gets the money. $$$
like the line about how the unpaid bills are secondary and the lost paperwork is the important part. illuminating.
Herd Redirect...
Quote: Both result in the US dollar losing reserve currency status. Unquote
Is everything that's going on about the US losing reserve currency status, or is there something worse that's is desired by whatever's behind the curtain?
I assume that NOT being the reserve currency wouldn't be good, but would we then have a functioning economy and would corruption end or at least mitigate? (I don't believe the answer to the last question is yes. And I can't even think of a question beyond that to ask whose answer isn't going to scare me to death.)
Nope-1004:
I don't mean to seem dense but how do we "demand accountability" when the whole world system including our government (both nearest us and in D.C.) is corrupt. Who is it that's going to give us justice...Superman? Really! I don't mean to be stupid -- if there's an answer I'd love to know what it is, because elections aren't cutting it. They just US-style "Roman bread and circuses" to entertain the masses...
????
I'm dying to know.
Money doesn't have to be and is not the root of all evil....
"For the love of money is A root of all kinds of evil.."
If we tear out this root are we tearing out the heart of America?
Arrested by Robo-cop, tried by Robo-judge.
The magnitude of punishment you suggest--jail -- really doesn't match the magnitude of the crimes given how many lives they've ruined. Gotta be something far more substantive; jail is a walk in the park and then they're out. And they'd be left with their ill-gotten gains.
Something very bad and very permanent is required. Perhaps at least as bad as Napoleon? Roman rulers were banned and sent to live in uninhabited barren islands where no other humans ever visited. Napoleon was banned to islands two or three times. Incarceration forever on a deserted island where nothing grows and no one visits seems just.
By "spreading it widely" do you mean passing it on to the roughly 259 people who are not drugged up, ostrichlike, or too stupid to understand the basic premise of the story? I think they are pretty much already clued in. Good thought though.
There is much, much more awareness to be spread. Defeatism is a part of the meme that the PTB likes to create...
Easy to spread, acceptance is a different matter. Try spreading this and see what happens:
www.intotheashes.imva.info/breaking-news/mass-extinction-events-%E2%80%93-are-we-next
Save the booga-booga for nutter sites like 'Steve Quayle'. That article is loaded with, shall we say, bovine excrement. Volcanoes have been erupting for tens-of-thousands of years....we're still here. Yell 'fire' somewhere else.
So, historically, Katla did not then lead to the French Revolution, Tamburo did not cause the maxi-winter in 1815, and Krakatoa was just a movie. I guess we won't even discuss Pompei. And earthquakes are just an invention of Irwin Allen. Crawl back under your rock, troll.
So Betty, you work for JPM eh. Fuck off
Whoa there! Things can get pretty bad pretty quick. About 73,500 years ago Mt. Toba in Sumatra almost took out the human lineage, which at that time included Homo sapiens and Homo neanderthalensis. The Homo sapiens lineage was reduced to a population genetic bottleneck containing an estimated 4,000 to 20,000 females, a dangerously low population level that imposes the threat of extinction, particularly during a cyclic glacial maxima (?), exascerbated by a persistent volcanic dust "winter." Homo sapiens was isolated to a small area in eastern and southern Africa. It was during this period that Homo sapiens is thought to have attained full, modern powers of cognition. The threat is thought to have existed over a period of about 20,000 years.
http://www.amazon.com/Cro-Magnon-Birth-First-Modern-Humans/dp/159691582X
Mt. Toba was bad, but we have one of the worst time bombs of all in our own backyard, the Yellowstone caldera, a supercaldera, and it is running a little late for its next urp.
The last name of the author sums it up well. Send in the midgets and elephante's and we are set
Hey now, the amount of truly aware people could be as high as 1%.! Is that above expectations?
I'm aware that my gubbmint is fucking me. But I don't think that makes me truly aware.
How many railed against Goldman, the death blow was delivered by Taibbi and they have never recovered. They will always be pictured as the "Vampire Squid". Never doubt the power of the pen. This article is already creating quite a buzz, it's all over the place, including headline on Huffpo.
+1000 on the power of the pen
______________
just learned about your avatar of 64 right?
24.
http://deoxy.org/iching/24
24. Fu / return (the turning point) says it all.
Therefore seven 7 is the number ofthe young light, and it arises when six, the number of the great darkness, is
increased by one. In this way the state of rest gives place to movement.
Taibbi manages to get through an entire article without blaming the Tea Party for something. Woot!
Tabbi suggests that the docs were fraudulent from day one to cover up the fact that the MBSs were fraudulent from day one. No chance this will blow up...it's too large.
Which is precisely why we should make sure it does blow up.
Well, the banks that bought them (and were defrauded) are also too large. Suits have been filed, claims are being made, discovery is under way. It's already blowing. Who knows. Like I said before, a few of the most notable frauds may be sacrificed or the FEDx2 will work something out among them. It depends on the size of the aggressor banks versus the victims banks and the leverage in the swaps.
I knew the swaps would produce outcomes someday.
you are late to the party. goldman paid a full 3 hours of income for this fraud. clean slate. nothing to see here.
http://www.reuters.com/article/idUSTRE54A39I20090511
I'm talking about the active civil cases, not government. They don't get much media attention but TD gives them their due...
You think all these buyers are sitting there stupid? If they all win, banks will be wiped out.
That $60 million pittance was for deceptive practices...bilking mortgagees, but this story is a whole different thing.
Chinaguy:
Hasn't it already blown up? Isn't the economy in the dumper? Or can it go lower? How?
I'm thinking that the US government will sooner or later take over all that real estate, and will be giving it away, no questions asked because the recipients won't be asked to pay -- but US citizens will.
How many dozens of decades until the US gets back to where we thought we were before 2008? Will we ever get back there?
Might not the point of all this be that we DO NOT recover?
Time for everyone to stop working, stop paying taxes, stop owning property.
You still beleive strongly in the rule of law in the US. But, Congress can pass a law tomorrow, decriminalising the wrongs of the process. Fight paper with paper. The day after tomorrow, there never was a problem. Walk on...
No, I've been sufficiently disabused of that silly childish notion, that "the law" applies to everyone equally.
However, there is one truth I am certain of. We hold the power. We always have and always will. This is truth. On a daily basis we hand our power over to others with our full, though most often not concious, consent. But......the average person doesn't know this or doesn't believe this. Thus to them it is not true. It can't be true because otherwise they would have the power. Perception is reality in this world.
So what I believe is that if and/or when people realize they hold the power, this will all end quickly. What I have no way of knowing is if the people will ever embrace this reality. Whether they do or not doesn't change the fact that the people hold all the power. It just determines if that power is acknowledged by and then used by those who actually hold it.
...And the only reason I'm singing you this song now is cause you may know somebody in a similar situation, or you may be in a similar situation, and if your in a situation like that there's only one thing you can do and that's walk into the shrink wherever you are ,just walk in say "Shrink, You can get
anything you want, at Alice's restaurant.". And walk out. You know, if
one person, just one person does it they may think he's really sick and
they won't take him. And if two people, two people do it, in harmony,
they may think they're both faggots and they won't take either of them.
And three people do it, three, can you imagine, three people walking in
singin a bar of Alice's Restaurant and walking out. They may think it's an
organization. And can you, can you imagine fifty people a day,I said
fifty people a day walking in singin a bar of Alice's Restaurant and
walking out. And friends they may thinks it's a movement.
Just in time for Thanksgiving
"So what I believe is that if and/or when people realize they hold the power, this will all end quickly."
Indeed it will end quickly. The speed with which is does so will be astonishing even to those who expect it.
Tick tock...Big Ben
How, when? I just want perp walks and clawbacks. It drives me crazy that we bailed out the TBTF with the work product of a future generation, but there has not been anyone put in jail.
Thats my Cognitive Dissonance with this whole thing. We put people in jail for fudging on their taxes. We put martha stewart in jail for insider trading. I don't do illegal drugs, but we put people in jail for that too. Why are the architects of this thing still roaming as free men? Not to mentioned keeping their ill gotten gains? What does that teach the next generation? That we a society can really only exist by creating and popping bubbles?
If this paradigm is the substitute for hot world wars every 50 years or so, I guess I can adapt. Greed is better than violence. Depression better than death. But institutionalized/officially sanctioned slavery to such a compromise as the modern human condition is worse than both in my mind.
This mess has taught me to enjoy unenjoyment! Beings that it makes me sick to know that my tax money has gone to these crooked assholes at the expense of my retirement. No more feeding this BEAST from me at the cost of my labor! I look forward to my $8 an hour cashier job and food stamps in the future!
It has also taught me to keep my expenses extremely low to keep me from becoming a "debt slave" like the Joneses! -future robbed generation
I could go along with this plan as well, especially the part about not giving my labor to TPTB, But you can not get food stamps and have equity in your home. I got a modest house with some equity, a crappy car, and few duckets in an IRA so I do not qualify for food stamps. Yet people upside down with fancy houses and cars do qualify for food stamps. The system is built to prevent anyone from making any type of dignified life for themselves.
Drink the cool-aid, labor to a master to make the cool-aid or be starved out. Terrible choices.
You speak of the real problem in America. The average person who lived by the rules and needs a little help gets fucked.
rocker
"You speak of the real problem in America. The average person who lived by the rules and needs a little help gets fucked."
No. The person who tried to live beyond their means, the ones who ran their lives on credit instead of living within their means got fucked.
Everyone understood the con. Everyone knew the rules. They CHOSE not to be secure.
They gambled and lost.
everyone did not understand the con. as taibbi said, rightly, the average u.s. senator did not understand the con. and the ones who ran their lives on credit (measured in the billions and trillions not thousands) most assuredly did not get "fucked" at all. they got given/stole more billions and trillions from the fed and the u.s. government to keep on doing what they are doing: misallocating capital and mismanaging the u.s. financial system into collapse.
Banks gambled and lost, but didn't lose. Heads they win, tails we lose.
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…SSS...........CC...............UU.......UU…MM...MMM...MM
……SSS.......CC................UU.......UU…MM.....MM….MM
..…….SSS…..CC...............UU.......UU…MM..….M...…MM
………..…SS...CC...............UU.......UU…MM……..…...MM
SS...……SS...CC........CC…UU......UU…MM……...…...MM
....SSSSS........CCCCC….….UUUUU…..MM……....…..MM
You win the Banzai7 Gold Star!
________________________________.
Johnny one key.
" . "
They chose not to be secure. They spent a decade in opulent homes. And opulent dining and trips when they not at home. Relationships were easy to acquire and throw away, 'cause there was always the catharsis of a brand new vehicle. They wielded power and luxury that Royalty as recent as the 18th century would drool at.
When the SHTF, we bailed out the system. (on the backs of a future generation and inflation for the existing savers) We gave golden parachutes to the architects of the system. And our over spenders can do it all again. There is not a single them to stop them. A FICO score? is that kinda like a rating from Moody's? Regulators? Not a single perp walk, and our government employees make 2x the salary of the private sector. Not to mention cadilac benefits and pensions.
Heck of a choice. Seems like it was a no brainer and looking back I am the retard.
Sounds like bullshit.
The qualification for food-stamps is income vs. household size. If you have income, you don't qualify. If you have shit for income, you qualify. Doesn't matter if you own a house, have an IRA, have equity, whatever.
"Under food stamp rules, resources such as bank accounts, cash, real estate, personal property, and so forth are considered in determining whether a household is eligible to get food stamps. Some resources are counted toward the allowable limit and some are not. The food stamp case manager will explain which are counted. All households may have up to $2,000 worth of countable resources and still be eligible. Households may have up to $3,000 countable resources and still be eligible if at least one member is age 60 or older or disabled.
The resources of people who get TCA, Public Assistance to Adults, SSI, and, Temporary Disability Assistance Program (TDAP) are not counted toward the limit.
Some resources that will not be counted are:
Examples of resources that will be counted are:
Hmmmmm. Gold and silver count as personal belongings, right?
If you're the kind of person holding a hoard of gold/silver and applying for food stamps, I don't believe you'd TELL THEM about it.
CD, power is only such when succesfully exercised.
Our only recourse is good intel, proper targeting and termination via bullets.
There is NO nice way out. Somebody has to die and if we fuck around too long it will be all or many of us.
Now husbands under financial stress may kill themselves. ( I know of one laid himself on the tracks) or kill their wifes or employers. Going "postal" may become a regular feature. Many will die from cold and hunger or lack of meds. All this and more we can lay at the feet of Bernanke, greenspan etc.
Murder in large measure like sending our boys on repeat missions or allowing folks to be harmed in the gulf from toxins. Its no longer our government and does not care for us except to harvest us.
Like any good farm animal we are sprayed from above, our water has additives and the media helps to keep us in line. No tinfoil hat required, the facts speak for themselves.
morethanhuman merehuman, well done. Pass the pitchfork
So true MereH. Not sure how many people on the HEdge are aware of the peculiar problem of farmer suicides in India.
Just google Farmer Suicides India, read an article or three and shake your head in amazement.
Un-repayable loans to poor farmers, selling them a tractor each, money for Monsanto/Cargill seeds and fertilizers.... one bad harvest....boom.
The squeeze comes on. Only way to exit is for the loan-taker to die.
So they die. By the thousands, believe it or not.
And this is an agrarian nation.
Debt money is cruel.
ORI
http://aadivaahan.wordpress.com
They need to organize and instead turn on themselves. Work for years and in 30 minutes make the biggest mistake of your life. The bank loses nothing and no one at the bank loses.
here in the states we have fishermen in the gulf states committing suicide, some simply by remaining there and breathing the fumes, eating the tainted fish.
They too need to organize, yet neither group is doing that. Something is wrong with our people is all i can figure. Lithium in the water? many of us on this site write our little notes on the way to tommorrow. Are we too complacent? Has our survival instinct died and left us alone?
The power IS being successfully exercised. Just not by those who hand it over. Think of it like a cup of water. It doesn't matter who I hand it to, it remains a cup of water. Only the possession changed, not the substance. We hand our cup of power over on a dialy basis. It is then exercised by others, not it's original owners. We simply need to stop handing it over. By doing so we will have exercised it.
You are seeing this as small skirmishes and running battles. Meaning that an extremely small minority are resisting handing over their power. Sure they can make a mess and be an irritant. But nothing more. However, if 5% of the population were to suddenly wake, the effect would sweep the rest of the world within a few days. And soon after that, it would be all over.
I'm not disagreeing with what your saying. I understand why you are saying it. I would also join you because what I would like to see happen most likely won't. But that doesn't invalidate my concept. It just makes is as unworkable, for now, as yours.
CD, it makes sense in words, but fails in action. We know now that calls, protests, marches and pleadig with senators are all useless. What power we may hold stops at the gate of our own selfishness and insecurities.
fear of harm or loss stops many of us. fear of change as well .
Elections having failed us what are we to do now but wait, meanwhile more will die, more will suffer.
If we take up arms openly we will be targets and made an example of. So it seems to me things have to get very bad indeed before anyone will be willing to give up their life for the greater good. And that willingness must occur. Long before that happens we will be in a war as no doubt the government is taking our collective pulse often and will intercede in a timely manner. The hope for united action to me reeks of green shoots and failed expectations. We are shit out of luck
Not so in the least. Barely 1/2% of the US population responded in any way (letters, calls, e-mails, protests etc) to the 2008 bailout. Let's see what happens when 5% responds. Then we shall see if it fails.
merehuman
Who watches the Watchmen?
When you put that bullet in the first guys head, that makes you God.
You start thinking like God then you start smiting those God considers unworthy.
"We have met the enemy... and he is us"POGO
Gully, i could give a damn what God says . Come in my house uninvited seeking to harm and i will shoot you dead . To me thats common sense and God can decide later. i got to decide now. If God cant free me or help me than i got to do it myself. So how would you deal with the cabal? Lock them up? They will buy their way out if ever put in the jail.
You think Bildeburgh worries how many of us die from starvation or suicide caused by them?
Cognitive Dissonance
"We hold the power. We always have and always will."
Two legs bad four legs good ALWAYS transforms into four legs bad two legs good.
The collective "we" will first purge those who are a threat to the collective "we". Say those who believe in equal rights for all, or no one is above the law.
The only REAL power ANYONE has is the ability to walk away.
6 legs to go and we have a deal
Got gold?
* http://www.come-and-hear.com/dilling/dcontents.html#I
___________________
It needs to be a phase shift. A school of fish turning 90 degrees altogther at once. No political movement, no party to get diverted, taken over.
Out of 300 million, 1 percent going nuts is 3 million people.
Just 20 percent and you have the percentage of the population supporters of the patriots in 1776 that affected change.
There comes a point, and sentiment changes over night. Like a phase shift. I believe we are going thru one of those periods right now. Articles like one hitting the public right now, and to a whole different audience is affected and telling it to them in street terminology.
Now it is officially ok to talk about foreclosuregate. Like using the Squid cliche. Many many references will be made to this one by Rolling Stone and Matt.
It is a reflection of the Hunter Thompson / Kunstler Rolling Stone days of featured articles.
This Will kick the Nascent meme up a notch.
I think the growing awareness of "Oh Sh!t, They Really Don't know what they doing and are just flatout stealing us blind" is just getting some kind of criticlal mass.
Or,
... The Who ...
We're not gonna take it
Never did and never will
Don't want no religion
And as far as we can tell
We ain't gonna take you
Never did and never will
We're not gonna take you
We forsake you
Gonna rape you
Let's forget you better still.
However, there is one truth I am certain of. We hold the power. We always have and always will. This is truth. On a daily basis we hand our power over to others with our full, though most often not concious, consent. But......the average person doesn't know this or doesn't believe this. Thus to them it is not true. It can't be true because otherwise they would have the power. Perception is reality in this world.
So what I believe is that if and/or when people realize they hold the power, this will all end quickly. What I have no way of knowing is if the people will ever embrace this reality. Whether they do or not doesn't change the fact that the people hold all the power. It just determines if that power is acknowledged by and then used by those who actually hold it.
The 'power' we have is to not accumulate debt at the hands of usurious megalomaniacal hoarding bots...some of us exercised that power when it was time; many have not.
.
See ^
"Come out of her, my people ..."
________________________________
Cog. Dis.:
I adore your articles.
But don't you think that "Americans" believe that voting is their power? (Their only power?) What other expression of power do you know about that I'm missing? I can hardly get friends to read articles that I send them.
And of course elections solve nothing, but they make most folks feel good, and when nothing is fixed, they can hardly wait for the next election.
So when is critical mass going to be reached of people who have some power to do more than vote?
Since the revolution, nothing has changed the progression toward this moment. Are you suggesting all-out war? We've been down that road and obviously it didn't work, probably partly because turning on our fellow citizens doesn't swell the numbers of those who want to help.
Soooooo, other than voting, what's to be done?
It's horrible to realize how right you are about congress having it whatever way they and their handlers want it. Obviously the proof is what's going on now and no one in congress or injustice dept. lifting a finger. Signed, sealed, bought, paid for.
Why don't we all stop paying them?
Sorry but that article is total bullshit.
The homeowner makes an agreement with the bank, then breaks the agreement.
If I were the homeowner who broke the agreement I would hang my head in shame, lick my wounds, grow smarter from the experience and hand the keys over without a fight.
Once again you are fucking wrong. The bottom line is that people are not paying their mortgages. Strategic default, scams, bailout lust, call it what you want.
If you make a mortgage then live up to your responsibilities with honor.
Once again you are on the side of pussification of America Dr. Phil.
Once again you miss the whole effing point.
The effing point is flawed if you honor agreements and it all boils down to that.
If the example house bought in 2006 for $100k was now worth $200k you know the owner would be current.
Do the banks have to live up to their agreements? If so, should they have been allowed to take bailout funds? Shouldn't the bankers have handed the keys back to the American people and hung their heads in shame? Isn't that what BK is for? How's the FDIC doing right now? Should the taxpayers bail out the industry-funded insurance?
Should the rule of law mean anything? Does a sworn affidavit mean anything? How about county recording processes (MERS)? Should we insert morality into all contracts, or simply live by the law? Where a process exists to properly process, store, and then foreclose on a note. So, if the process isn't followed, the banks still get off scot-free. Yes, two wrongs do make a right...
You are either incredibly stupid, incredibly naive, or a shill for the bankers.
+1 !!
Fantastic post.
This dickhead could not answer this question if it was handed to him on a silver platter by Jamie Diamon.
His logic is that of a pile of dogshit, and his face resembles the same.
Banks dishonored the mortgages first by breaking contractual terms and black letter law.
What kind of twisted morality do you have that puts corporations on one standard, yet holds their individual victims to a higher one?
In many cases, the mortgage contract was not valid to begin with. Fraudulent inducement. Fraudulent sale. Fraudulent mortgage. Fraudulent securitization.
Everything else is secondary to this beginning concept.
Splitting legal cunt hairs.
Why was it not valid, because the signatory date was mistakenly left blank or other such nonsense.
To demystify you must examine the intent of the document and the parties at the time of execution.
Why was it not valid, because the signatory date was mistakenly left blank or other such nonsense.
How are the tips at the airport bar?
"They had it coming to them," is how a bartender at the Jacksonville airport put it to me.
to quote taibbi: in the u.s. it is more shameful to owe money than to steal it.
"The artful knave, whose dexterity and address exempt him, though not from strong suspicions, yet from punishment or distinct detection, is too often received in the world with an indulgence which he by no means deserves. The awkward and foolish one, who, for want of this dexterity and address, is convicted and brought to punishment, is the object of universal hatred, contempt, and derision. In countries where great crimes frequently pass unpunished, the most atrocious actions become almost familiar, and cease to impress the people with that horror which is universally felt in countries where an exact administration of justice takes place."
Adam Smith
The Theory of Moral Sentiments
Lord Greystoke you ain't.
you really need to do some reading before you make an ass of yourself with comments like this. Start by googling control fraud, when you understand that concept move on to the role Magnetar played in extending sub-prime after AIG woke up and stopped playing ball (too late). The demand for toxic waste CDOs created $700,000 loans to strawberry pickers...yet, you are happy to pay the bill for bailing out the banks that made those loans...and the volume of this fraud was so great that nobody bothered with the paperwork.
Try telling the IRS you were too busy to cross the t s and dot the i s...see how you go.
as long as the little guy gets screwed and the bankers go free...fuck you.
The only cunt hair, and the only cunt here, is you.
Tarzan, you not smart. Too focused on your banana.
Fraudulent Homebuyer Motives - 1. Get the loan 2. Make a shitload of cash 3. Fuck the system and the consequences.
Fraudulent Banker Motives - 1. Make the loan 2. Make a shitload of cash 3. Fuck the system and the consequences.
Not sure why one gets a pass and the other doesn't.
You're assuming every homeowner had the same motive. Out of tens of millions, that is a dubious assumption.
You're assuming everyone in the financial industry had the same motive. You would be correct.
What percentage of hombuyers do you suggest are truly fraudulent? You do realize lenders were telling people to fudge numbers, and in some cases adjusting numbers without the borrowers knowledge. You really think that many people independently came up with the idea they could submit false docs to a bank for a loan, and get away with it, unless the lenders were actively encouraging it?
Faulty assumption here, as in most homebuyers were more investors looking to flip instead of looking for a place to call home. You are quite correct on the bankers motives.
I think my message is being misinterpreted. I was not implying that all homebuyers were fraudulent.
I was responding to Tarzan's comments that banks are justified in doing what they are doing because many homeowners being foreclosed on tried to game the system and got burned. My point is that on the flipside of the coin the banks acted with as much criminal intent as the worst fraudulent homeowner...yet the banks get a pass morally and legally. Maybe it has to do with the fact that people can relate to a human committing a crime easily whereas it's more difficult envisioning an organization/industry committing a crime.
Let me guess, 30 year fixed?
Too many of these mortgages were designed to defraud the debtor. You need to learn more about that first.
The only Dr. Philization going on is pity for those banks getting to solvency while bonusing themselves 200B a year....while insolvent.
We're treating banks like infants to be protected, outside the law, and showered with gifts.
campaign contributing corporations generally.
MeTarzanUjane
There is a Japanese comic turned tv show called Liars Game. The premise is people are given a million yen. They then must obtain another persons million yen. Everyone is obligated to pay back their original million yen.
The only way that works is if you have the pride to assume that a debt is something you actually owe to someone else.
We don't have that anymore.
It isn't the banks nor the government that is killing the US, it's our own fucked up lack of morals and ethics. Once you compromise in the least then you become open to compromise on anything.
Kesey had it right when he gave the Stampers 'Never give an inch" as a motto.
Thank you Gully. It is a moral issue. I'm one of the oddballs these days who believes in doing business with a handshake and living up to decisions that I make.
Even if it leaves me living under a bridge in a cardboard box.
It's funny how many people see a line between personal morality and business morality. In my little utopia there is no such line. But unfortunately there are very few like minded people to do business with...
Thank you all for your comments.
The problem is with your perverse moral standard.
You defend the banksters TPTB, with a false morality.
You pretend there is a moral equivalency between poor judgment and conscious fraud.
The homebuyers may have mistakenly believed that rising home prices coupled with retention of their job, would make their purchase viable. And for some, that proved true.
However, the lenders deliberately misled buyers, then packaged the loans and swapped and sold them to unsuspecting buyers world-wide with the help of connivance from credit rating agencies. In the process, they raked in billion$ to the detriment of billions world-wide.
Your “moral equivalence” is akin to the same immorality that denigrates the crimes of criminal leaders who plan and order war crimes, with a false claim those leaders are no more to blame than the teenage enlistee who carried out orders to bomb peasant villages.
So only one side of the deal has to have morals, while the other just has to convince a judge that this time the paperwork is really legit. Rule of law should apply equally to both parties, just doesn't seem that way.
I'm good with business on a handshake - that has absolutely no bearing on this.
The banks broke their contractual requirements and obligations, with the purpose of committing a fraud. That not only invalidates any reasonable notion of the reciprocal nature of contract, but is actionable as a crime.
You are complete and utter dickhead loser.
but then, far be it from me to point that out to you.
Others have, far better than I.
Loser.
.
That's part of it. But when the system itself is fucked, i.e., bankers and a connected class are committing blatant fraud, I'd agree with the article that any consumer fraud is secondary to that.
Any homeowners acting in greed or with no basic standard of care or personal accountability deserve what they get.
But we also once had a presumption in this country that 10 guilty walk free so that 1 innocent isn't sacrificed. Now we financially sacrifice millions of innocent so that the guilty can engorge themselves.
When the system itself is fraudulent and not respecting the essential process and values that form it, then it's easier to see how the game becomes eat or be eaten.
There is such a thing as predatory lending.
In such an environment, the homeowner walks away from a bad deal, or fights it any way they can. You can be sure the lender would do the same, actually, has done the same, on the macro level.
It's just business. There is no morality involved in a financial transaction. I think Main Street has learned at least that much from Wall Street. You make a bad investment, you walk away from it. Fuck a bank. And fuck you, shilling for BofA, WFC, and GS. Fuck a bank in the ass any time you can. It is your patriotic duty at this point.
Lets have the same discussion, only instead of mortgage defaults lets look at indigent drug addiction. It's all their fault right?
The key point in the article about 'the people' is that at the end of the day there is no King Solomon dividing the owners legitimately trying to fix their mortgage problems from the scumbag POS that tried to scam the system. Everyone is lumped into the same meat grinder and turned into hamburger meat. Everyone is a POS and will be treated as such.
Maybe the biggest fuck-up in this whole situation is that the banks have to break the law to enforce legal contracts. So now we have a situation where homeowners are accountable to the law but banks are above law and are allowed to create fraudulent documents? Whatever it takes to make the banks whole for the greater good, right?
Hey Tarzan, i only sold (mortgaged) the house once. The banks sold the same house several times. What do you think derivatives are? Hundreds of trillions in derivatives based on housing. If i sold the house 5 times you think i should go to jail? Banker bonuses. Aint america sweet?
It is you who do not understand exactly what the agreement was, or the nature of the agreement.
Let's be clear: The AGREEMENT at it's simplest level is is, you pay, or they take your house.
This alone refutes your silly summary of the agreement. This is not a matter of "honor", it's a business deal. "Pay or lose the house." Either one of those directions is YOUR OPTION as the borrower.
But let's peel off another layer of the onion:
The AGREEMENT as per the contract, and as per the LAW is also between the PARTIES STATED IN THE CONTRACT.
Transferring rights, obligations and equity of this contract is governed by LAWS. These LAWS were violated by the LENDER in the interest of speed and profit. But it's worse than that: The MANNER in which these laws were violated was done in a manner that not only constitutes FRAUD (against the MBS buyers) but also almost unbelievably, DISSOLVES THE RIGHTS OF OWNERSHIP held by the lender AND the MBS investor.
Can you say "oops"?
You're oversimplification of this matter shows a complete lack of understanding of the underlying issue, of the law, and of the nature of business contracts, and frankly: of morality itself.
Yup as simple as that. Glad you are here to set the record straight. Nothing to see here and suck it up.
Fool.
YouTarzan!
Wake up!
Picture yourself buying a great Harley motorcycle, the one you've always wanted and dreamed of.
You pay top dollar, get everything you ever wanted on a hog. You sign the contract on the dotted line, take your new dream machine home, love it, adore it, think you're the luckiest person on the planet.
Then you get a notice in the mail that your hog's paperwork had been sold to other "owners" again and again and again and again... thousands, perhaps hundreds of thousands of times, and now those owners want their property, have gone to court and found a judge who will accommodate them.
You did nothing wrong. You have a contract, but you're not going to end up with the motorcycle.
Got it?
Don't assume the same can't happen to you. Chaos is now controlling our destinies.
@Cog Dis
Add this Tiabbi gem to the list:
Amen, brother.
They don't call it disorganized crime for nothing.
Actually, CD, the "end game" is QE that essentially functions to replace all the money looted from the banks by their employees.
I suggest there are several roads to the end game.
Cog Dis:
I think there are so many strings to everything, and then strings to those strings, and so on that there's not a snowball's chance in Hell that this will ever be figured out. And they're going to get away with it because there's not enough money in the world, and no interest even if there were enough money, in taking them through the legal process which, if it were begun and brought to a conclusion, would only end with all the money going into lawyers' pockets... so why bother? What would be gained? Zero. No justice, no lessons learned, and nothing restored.
Really, it is time to stop working, stop paying taxes, and stop owning property. Do not play their game.
Cog Dis,
You are trying WAY to hard to explain your way out.
Relax and chill.
You are not being successful, and you are o.nly hurting yourself.
Peace.
.
Quick, name an American institution uncorrupted
the catholic church
That would be Italian.
Close, but no cigar.
Officially speaking it is based in Rome, but is in it's own State.
And it was instituted by Christ.
I don't normally spew religiosity outside of my avatar.But saying things like the Catholic Church of America is simply wrong.It would be properly stated as the Catholic Church in America.Big distinction....and also comically irrelevant to the matter at hand.
And with that, back to pressing matters of social justice....like the theft of everything at the hands of super-villains.
Christ wasn't Catholic. He was a Jew.
Yes He was.And His mother was too!
Do you think even today the church comes before the Bible/New Testament ..?
This is my last religious post:
Who do you think decided what books are included in the new testament?
The Catholic Church.
The Church is a huge and obvious target today, for multiple reasons.I support ultra severe punishment for the crap so often exalted in the media, not that it matters what I think.
This forum is PARTICULARLY INAPPROPRIATE for religious debate.
Heretic.
Who dictated it and what was the message .... the church put it together,thanks. The same church tied in with the banks over the last few hundred years, the root of all evil no? The same church sitting on years of filth. That church really came forward for the little kids across the usa being abused,the jews in Germany, what love ..... oh the great church.
The forum is inapropriate for religious debate, ya keep this dirt behind closed doors in a controlled setting.
Vatican II was giving in .... lets conform with the moral decay.
Its all about Jesus. Get out the bible and start reading ...
Arrrgghhhh!
Did you actually read what I posted?
This is not the place for religious debate.
And yes, you are still a heretic.Vactican 2 conformed to the world?You are worse than wrong there.Get a clue, preferably from a non anti-Catholic source.
Read about Maximilian Kobe and some of the thousands of other Catholics that died at the hands of the third Reich too.Heretic bigot.
And no, I will respond no more...and not to cover for the Church.
I have my reasons, but they have nothing to do with the iniquities worked by trusted members of the cloth, or the desire to cover them up.The workers of iniquity will be exposed, and the doom due them will come.
It is simply this...it is pointless to argue with those infected with invincible ignorance about matters which have little to do with this blogs mission.
And you come to this fight unarmed....you have no idea how so.
I don't have to make an appeal to authority on this, I am one.
I will remain silent from here on.....have your fun at the Church's expense.
I have faith and the holy spirt thats all I need.
Oh yes, and so do I.
So thats what you call 60 years of rape, thanks.
Holy Spirit is capitalized.While some would view this as a cheap grammatical critique, it isn't.It is about proper reverence.
60 years of rape? More than 60 I think, and it is about leaders too afraid of scandal in the canonical sense to do the right thing, which in my opinion would have included summary execution.But that's just me.
You may have been raised Catholic, but I doubt you practice it now.That being said, I have heard horrible things about Chicago...I hope you were not a victim, and if you were, sue the fuckers.If not, then you are being histrionic pointlessly....
and are a bigot.And heretic.
And this debate really wastes Tyler's resources.
Me a victim in Chicago, nope.
Everything I said was true.
The church has fallen and you are blinded by her lies. I will say a prayer for you tonight.
I read the bible for my faith, the church has still hidden her lies about the rape. I just checked google nope she still has her head in the sand. A ponzi of sin within the church and the pope continues to paper things over with his waves and kisses. Whats that bums name again, a leader of gods church ? Hes a bum. Whats he have do say about the rape ??? Justice ?? No he just wants the flock to say some prayers for the sinners .... nice.
A ponzi of sin?You have no concept of the operation of sin or it's effects.
You are an obvious anti-Catholic bigot, which is certainly easy in today's world.
Guess what non important occupation has a higher rate of abuse?
Public school teachers.Pedophiles always gravitate towards positions of trust, and those with easy access to children.But the media focuses on the Church, because the betrayal is viewed as worse....by people who don't believe in God and also spend hour after hour on Paris Hilton and Brittany Spears.
With all sincerity, I always welcome prayers.But you need to wake up.
You are a bigot...but on the upside, most today will cheer you on.And that's what really matters right?
The concept of the Church as a temporal power is a joke today.People who think the Church is the ruler or controls world events have no clue.At all.
But it makes for great reading.
For the ignorant.
Good bye!
The church knew about the sin, if somone at a school hears about abuse guess what they call police. I can see how some scum bag would become teacher or priest to get close to children, thats easyto see hes a wacko.
The point being the church and her leaders knew of this abuse and told no one.(Now who's the wacko the leaders and the rapest) The monster was allowed to run wild .... what love, Jesus understands.
The leaders within the church are all as guilty as the rapest they covered up for, end of story.
Now please stop with the double speak. Stick to the questions from the start and don't change the subject ,please go back to the start and watch as you run from the questions with your personal attacks. The catholic church has become a wasteland, shell of her former self ...
You are a bigot.And judging from your reading comprehension, also a moron.
Yes, that is a personal attack.
But is that as harsh as saying you are damned and excommunicate?
No.But the road you are on leads not to the truth.Not hardly.
You should know, if you were raised in the faith, I am warning you.
Ignore it at your peril.
God Bless you and keep you.At times like this, we all need Him.Especially those who don't believe in Him.
hey i thought you said, a while back, that you had had your last word. apparently not. i do agree with you that this is a poor forum for discussion of pure religion (as opposed to religion's effect on the world, etc.).
I grew up in the usa as a catholic. I do not need a source, I can see with my own eyes.
Did you read what I posted ?
Send me the links with the church standing up to the Germans ie: send me links on the church speaking out against the Germans.
What about the kids ? What about moving the child molesters around within the church and never warning the people in the new township a new molester has moved in. What a fucking joke how can this be explained ??? This went on for 50-60 years, not 4 years, not 9 !!! Not once or twice it was hundreds... What about the banks.?
Vatican II was not conforming to society, put down the wine thats for Sunday.
You answered none of my questions, thankyou for proving my point not that I needed help but thankyou.
And what forum would Jesus like me to speak my mind, link ?
Adolfo Nicolás - The Black Pope, most powerful man on earth.
http://www.youtube.com/watch?v=A6UWVPrIwTg
I heard he tossed out the money lenders on their ass. Must have been a good jew. I knew they werent all zionist.
I used all the key words for my junk magnet, lets see if i get lucky. Gee Zerohedge is fun.
It isn't "social justice," which is mere socialist goobledygook, but is crime and cries out for justice. Many vulnerable innocents have been made miserable and impoverished by corruption in government and government's corporations (the government sanction of a commercial structure). No, it isn't "free market" capitalism, it's mercantilism and we've had it for about 150 years.
You forgot your /sarc tag and it's not an American institution.
It's going to take a long,long,looooooooooong time for the catholic church to regain respect from me, the butt bang went on way to long. They just shuffled the scum around within no warning given road block after road block, not all people within the church are bad but the ones who did nothing will burn .............
And the rickett's family (ameritrade) wants to float 200 million in bonds for new wrigley field 2.0 ....
The Roman Catholic Church is an anal picnic.
It's brutal.
The cover up and the fact it was kids who trusted ....
any wonder why the just as sick Rabbi's don't get the same media spread?? http://100777.com/node/463
Smailes, you had better quit jacking with the Catholics are they might send some Jesuits over there and slap you around a bit...:)
I was in Jerusalem before, I left in a cab at about midnight to head towards the airport and on the way the arab cab driver pulls off the highway and stops in small town all tin shacks. Hes in front of the car in the headlights yelling at some other guy for 5 minutes, i thought i was dead.
They were just switching drivers I could not understand a thing he was trying to tell me.
....the jesuits in chicago will not scare me that much ...Lol'