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Ohio SecState Sends Criminal Referral To US AG Over Mortgage Scandal

Tyler Durden's picture




 

Since the mainstream media has declared a black out on any coverage of the ongoing Mortgage Scandal, here is the latest: Ohio Secretary of State Brunner has sent a criminal referral to the US attorney general over ubiquitous mortgage fraud.

 

 

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Thu, 09/30/2010 - 15:25 | 616358 jdrose1985
jdrose1985's picture

Number one on Bernanke's playlist

http://www.youtube.com/watch?v=5qf_Bw4kAZo&NR=1

Terrible Lie

Thu, 09/30/2010 - 16:14 | 616515 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I thought it was "Goodbye Horses" (he sings, "Goodbye Houses")....or possibly "Die My Darling" (he sings "Die My Dollar").  Good to know he has such varied taste.

Thu, 09/30/2010 - 18:02 | 616802 jdrose1985
jdrose1985's picture

;)

Thu, 09/30/2010 - 19:41 | 617040 Miss Expectations
Miss Expectations's picture

Way to go Jennifer....Get the party started

http://www.youtube.com/watch?v=mW1dbiD_zDk

Thu, 09/30/2010 - 15:29 | 616376 Ripped Chunk
Ripped Chunk's picture

Raining shit on TBTF's now. I feel sad.

Thu, 09/30/2010 - 17:12 | 616695 andybev01
andybev01's picture

Too bad we are their umbrella.

Thu, 09/30/2010 - 17:31 | 616728 Ripped Chunk
Ripped Chunk's picture

Indeed sir. This should be interesting to watch. The tsunami is starting to roll.

You can hear the carnival barker already: "step right up folks, see the US taxpayer get ass reamed once again. How do they keep taking it so?"

Thu, 09/30/2010 - 18:10 | 616824 perchprism
perchprism's picture
Neither the banks nor the government wanted to go through the time and trouble of unwinding the mortgage backed instruments back in ‘08. The banks just wanted $$$ and through AIG, the gov’t. shoveled it at them ...100 cents on the dollar. Now the gov’t. has set up rocket-dockets and the banks have all their robo-signers because they STILL don't want to do the jobs they are supposed to be doing. Just as a total absence of due diligence brought about the credit freeze, the absence of due diligence is bringing about the foreclosure freeze.
Thu, 09/30/2010 - 15:29 | 616377 SWRichmond
SWRichmond's picture
Ohio SecState Sends Criminal Referral To US AG Over Mortgage Scandal...

...where it will languish until it is either forgotten or some containment strategy is put into place.  The federal courts won't touch this.  There is too much at stake.

 

Thu, 09/30/2010 - 16:20 | 616542 Misstrial
Misstrial's picture

Agree.

~Misstrial

Thu, 09/30/2010 - 15:35 | 616382 Ragnarok
Ragnarok's picture

referral to the US attorney general

 

Eric Holder won't do shit unless we can put a black victims face on it, people of European descent need not apply.

Thu, 09/30/2010 - 15:46 | 616433 hedgeless_horseman
hedgeless_horseman's picture

Black victim of the free home scandal?  Tough request; 41.7 percent of African Americans will file a tax return with no liability.

What about a black perp?

http://images.publicradio.org/content/2007/07/16/20070716_franklinraines_3013971_18.jpg

Thu, 09/30/2010 - 16:13 | 616519 carbonmutant
carbonmutant's picture

Will the face of a Mexican voter do?

Thu, 09/30/2010 - 16:40 | 616599 Ragnarok
Ragnarok's picture

Only if it is associated with the drug cartels or la raza.

Thu, 09/30/2010 - 16:59 | 616667 Problem Is
Problem Is's picture

"Empty Suit" Holder's Favorite Band??

Asleep at the Wheel

...bitchez

Thu, 09/30/2010 - 15:33 | 616389 Catullus
Catullus's picture

What happens to sales taxes on fraudulent sales of property?

Thu, 09/30/2010 - 15:34 | 616395 What_Me_Worry
What_Me_Worry's picture

It is definitely being downplayed in every mainstream article I have read.  Most of it just state they are simple clerical overlooks and won't be material to the banks.  Just wait until the big law firms get their mitts into this one.

Thu, 09/30/2010 - 15:50 | 616444 davidsmith
davidsmith's picture

Of course.  It's an obvious RICO play.  Big money.  Class action.  And subpoenas for Tiny Tim, because this conspiracy started right at the top.  Mark my words.

Thu, 09/30/2010 - 16:36 | 616477 Conrad Murray
Conrad Murray's picture

Yea, I've been watching the news extra close the last couple days to see what kind of reaction all this would get, and it's exactly as I suspected...zero.  Fuckin whackos.

Does anyone know of a good article that covers all the bases of this mess?  MERS, JPM, Ally, the counterfit summons, the mills, all of it?  I want to start passing this around, but don't want to build a pile of links only to leave some important stuff out.

Thu, 09/30/2010 - 17:56 | 616789 puckles
puckles's picture

Funny, I thought I saw it on the front page of that otherwise useless rag, The Washington Post, today...I think the thing to do is not "watch" the news, but read it...

Thu, 09/30/2010 - 15:40 | 616417 Dr. No
Dr. No's picture

This isolated subrime thing turned out to be a model in the Butterfly effect.  Next we will see congressional hearings about how cigarettes...er... mortgages were engineered for the brower to fail (arms).  The gov will prosecute the big banks for Billions of $$$.  The resulting windfall will be put into state general funds and about .1% set aside for catchy radio comercials about how to say no to ARMS.  Watch out for government progressives using eminent domain to take those foreclosures and set up low income public housing.

Thu, 09/30/2010 - 15:51 | 616449 LeBalance
LeBalance's picture

"The gov will prosecute the big banks for Billions of $$$."

The right hand shall show how to spank the left hand.

The magician never needs to show their own self.

Cute theatre.

Thu, 09/30/2010 - 16:00 | 616476 Dr. No
Dr. No's picture

Precisely.  I didnt not say break up or shut down.  The FED has the banks backs.  Big Tobacco is alive and well and no longer in the news.

Thu, 09/30/2010 - 23:09 | 617403 apberusdisvet
apberusdisvet's picture

There is already a plan to give illegals the houses that are vacant, but only if they can mow the lawn.

Thu, 09/30/2010 - 15:50 | 616424 Careless Whisper
Careless Whisper's picture

puhleeze, that letter is only a referral pertainning to the low level notary public. oh, and what ever happened to all the money collected by the mortgage servicers on notes that they didn't own?  anyone?

Thu, 09/30/2010 - 15:46 | 616435 Cognitive Dissonance
Cognitive Dissonance's picture

Just a referral. Can be ignored.

We all understand there will be a political solution long before there is a judicial solution.

We all understand this, right?

Thu, 09/30/2010 - 16:07 | 616503 Dr. No
Dr. No's picture

I think we all uderstand this is silly season with the Dems at risk of loosing and therefore push these press releases.  Mortgage foreclosure is something most voters can understand.  Therefore politicos leverage the opportunity.  It will be dropped the first Wednesday in Nov.

Thu, 09/30/2010 - 16:08 | 616504 bingaling
bingaling's picture

How else are they going to keep corporatism alive ? I understand you perfectly

Thu, 09/30/2010 - 17:01 | 616673 Problem Is
Problem Is's picture

Just a few bad apples...

Nothing to see here... move along...

Thu, 09/30/2010 - 15:47 | 616439 davidsmith
davidsmith's picture

The important thing to realize is that robo-affidavits and foreclosure mills were just part of the effort to hide bad debt on bank books.

 

The real question is, what were the contacts between Treasury officials and these banks and mills concerning the foreclosure process.  Ask whoever authorized this to disclose all contacts with officials of Treasury, HAMP, TARP and ANY other government agency.

 

This whole thing is the schizophrenic reaction of the United States: they CAN'T admit that they have already written down mortgage debt to 0, because everyone will stop paying mortgages.  On the other hand, they CAN'T avoid the HAMP process and the due process and third party contract beneficiary issues it is raising. 

 

We're between eras.  I just saw another call for what I think will happen: Obama will impose a national home mortgage foreclosure ban and turn the whole thing over to a Home Mortgage Authority.

 

They should just cut to the chase and declare forgiveness for all home mortgage debt.  That's what's going to happen.  Why keep playing these silly games when you already know and are already implementing the outcome?

Thu, 09/30/2010 - 15:54 | 616459 Ragnarok
Ragnarok's picture

Wouldn't this ultimately lead to the nationalization of banks? Some perhaps more politically palatable now that the men at the top have presumably cashed out?

Thu, 09/30/2010 - 16:54 | 616649 aerojet
aerojet's picture

Please elaborate on the "have written down mortgage debt to 0"?

What proof of that is there?  Is it because FNM and FRE own the notes?  What is the rationale?

 

Thu, 09/30/2010 - 15:48 | 616440 RossInvestor
RossInvestor's picture

Jerry Brown is California's AG and is running for Governor.  If he wants to win, he should make a similar criminal referral to the Feds.

Thu, 09/30/2010 - 15:56 | 616464 Mad Max
Mad Max's picture

I agree 100% that he should do that.

If he does, however, I would tell him to avoid:

-riding in any convertible (especially in parades and/or in Dallas)

-flying any private jet or any airliner with less than 100 people onboard

-eating anything that hasn't been tested first

etc. etc.

Thu, 09/30/2010 - 16:44 | 616610 Eternal Student
Eternal Student's picture

Dude, this is California we're talking about. Hit him where it's most valuable. Tell him to stay out of hot tubs, especially at his age.

Thu, 09/30/2010 - 19:25 | 617013 DoctoRx
Thu, 09/30/2010 - 15:58 | 616469 done with them all
done with them all's picture

when it became popular the strategic defualt option entered my mind but I didnt like the feel of it. now it looks as if the fools may just hand me one for free -sweet!

time to re-stack the PM's into a bench seat and watch the show

Thu, 09/30/2010 - 15:59 | 616473 curbyourrisk
curbyourrisk's picture

THEY WILL NOT COVER ANYTHING NEGATIVE AHEAD OF THE ELECTION.  THEY NEED THE DEMORATS TO WIN.

Fri, 10/01/2010 - 01:58 | 617566 unununium
unununium's picture

Let's say they DO cover a lot that is negative.  Do you agree that means they want the democrats to lose?

Thu, 09/30/2010 - 16:05 | 616496 Fearless Rick
Fearless Rick's picture

Here's one everybody missed:

Ambac sues BofA

http://www.businessweek.com/news/2010-09-29/ambac-sues-bank-of-america-o...

Putbacks, bitchez!

Thu, 09/30/2010 - 16:13 | 616520 Diogenes
Diogenes's picture

The bankers will order their lackeys in the government to change the law to make their actions legal retroactively. Problem solved.

Thu, 09/30/2010 - 16:58 | 616647 LauraB
LauraB's picture

Charlie Gasparino is on Fox News (Neil Cavuto's show) right now saying that Jamie Dimon is holding up mortgage foreclosures as a favor to Obama administration and the paperwork is just an excuse -- i.e. there is no way all of that paperwork could be wrong.

To his credit, he also said that we need to let prices fall to where people can afford them without using these crazy loan products.

Thu, 09/30/2010 - 17:51 | 616780 Fearless Rick
Fearless Rick's picture

Sorry, but Gasparino lost his street cred when he joined up with Fox. Figures they would spin this exactly that way. Faulty affidavits are a huge problem as are bad loan docs and fraudulent paper of any kind when in court. I suggest you investigate the depths of this issue before making judgment calls.

As for letting prices fall to affordable levels, after being slimed, scummed, beaten and eaten by the banks for the last 30 years, most Americans believe the right price for a home is right around ZERO and that's what the banks are going to get when this all gets sorted out.

Dimon, Pandit, Fuld and the rest of these crooks should be behind bars rather than "doing favors" for politicians. This is unofficially the beginning of the end.

Sun, 10/03/2010 - 01:23 | 617151 LauraB
LauraB's picture

I never said anything about whether or not Gasparino had credability.  I also never said the issue with the titles wasn't a problem. I know very well what is going on in the real estate market. I suggest that you stop being such a condescending know-it-all.

The only thing I did was convey what Gasparino said.  And, whether he has credibility or not, he was right in saying that home prices need to come down to where people can afford them without crazy loan products.

Thu, 09/30/2010 - 19:52 | 617068 JohnKing
JohnKing's picture

Gasbag looked a little sheepish telling that tale. Awhile back I may have felt sorry for him, being made to toe the line, junk his cred, etc. for the "larger good" but now I see him as just another lying douche.

Thu, 09/30/2010 - 17:29 | 616736 Thunder Dome
Thunder Dome's picture

When do we get to take to the streets with pitchforks and torches?

Thu, 09/30/2010 - 17:32 | 616740 Technichel
Technichel's picture

My guess is that this mortgage fraud is probably a norm for every big bank or mortgage servicer around the country that works through Fannie or any gov lender. It probably is nothing new. Not sure how they can actually "fix" this problem when the title of ownership is recorded.

Thu, 09/30/2010 - 18:37 | 616887 gwar5
gwar5's picture

I'm just going to get the rest of my money out of the banks and money markets.  The mortgage mess is going to get a lot worse and that means the dollar will be worth less than previously thought. 

Thu, 09/30/2010 - 18:55 | 616934 Illya Kuryakin
Illya Kuryakin's picture

That worthless POS Holder is too busy suing Arizona to bother with this.

Thu, 09/30/2010 - 22:45 | 617361 StychoKiller
StychoKiller's picture

Big 10-4 on that, good buddy!  Have the U.N.C.L.E. look into it. :>D

Thu, 09/30/2010 - 23:38 | 617442 George Costanza
George Costanza's picture

Further Obama disappointment... another example of his missing the chance for "change", he is done is 2 more years

Fri, 10/01/2010 - 06:33 | 617692 Ned Zeppelin
Ned Zeppelin's picture

Clusterfuck in progress, what a mess, will have to cured by national legislation to override local recording laws, etc.  

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