Presenting The Full Ibanez Supreme Court Ruling

Tyler Durden's picture

This is not quite the end of Bank of America (and Wells.. suck it up Munger), but it very could be the start, unless Brian Moynihan's bank now spends hundreds of millions if not much more more bribing judges across the country... The only winners out of this? The plaintiff's bar as usual. Luckily, at this stage burying fraudclosure will be far more difficult for the kleptocratic banker mafia syndicate...


h/t 4ClosureFraud

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Cdad's picture

They have, for I am loose and shorting favorite f'n pastime in the whole wide world!

Aaaaahhhh riiiiiiiiight!  Kick ass, Tyler!

I am Cdad, and I come in the name of Average Joe!

Spalding_Smailes's picture

I will steamrolllllllllllll your shorts and love it !!!




traderjoe's picture

Isn't X one of your names? Down 4%...

Hephasteus's picture

You are just too funny. Gold bugs are just fucking leeches attached to banks balls. The only way to kill us is to kill yourself. So grab a knife drop your pants and start stabbing till you're a eunich. We can take it.

Spalding_Smailes's picture

Yep. Manufacturing in Chicago is rolling ... And they are building tons of cars, gm, ford, toy, hon, ect. And on top of that Deere,Cat, Joy Global, Bucyrus are booming at record pace.

You will see 150 within 2 years. Jim Rogers 20 year Commodity/AG bullrun will keep Cat & Deere ... slammed for years. IMO

Cdad's picture

Look Spalding!  They are folding up the tents at L. Blankfein Wildest Dreams Park [oil futures].  I suspect that might play into your portfolio as expressed here...

Look at the totally depraved macho stud USD having his way with every moving thing on the planet...soon to affect all commodity related issues, too!

jmc8888's picture


You can thank Valerie 'Queen of England pussy licker and complete ideological supporter' Jarrett.  You know, the fascist that really runs this country for the imbocile Nero.  Cheney is to Bush what Jarrett is to Obama.  Actually I should say Cheney/Rove is to Bush what Jarrett is to Obama. 

While I'm sure the numbers are properly fudged, there still is no doubt that Mrs. Queen of England, our President, will use her labor contacts, and let me use that again for full double entandra, USE the Unions, for her own gain and concentrate things in one sector to give an outlier the fucking idiots can point to on the bullshit data front to espouse their lunatic sophistry about how things are turning around. 

Yes this one outlier skews everything.  No, only the minds of fucktards. 

I'm not against unions, I actually prefer them against not. But, that doesn't mean their shit don't stink, but in this case it's about the unions gets used by Valerie the Visitor.   She is of peace, always.  (c'mon we saw the original, we know she's lying)

Chicago is definitely NOT rolling.  We're on the precipice of a new dark age, caused by British imperialist monetarism and all the fucktards who can't see a big hot iron poker impaled through them.   We'll see how well Chicago will be doing when fascists complete their great master plan.

'It's only a flesh wound'

Yep, I've seen this British bullshit before, except that time it was funny.  This time it's just sad.

British dominance in finance is over, forever.  Including it's role in usurping America.  America will no longer be the face for BRITISH IMPERIALISM.

But first, we need to realize that there aren't any American's per se anymore.  Just British Imperialists, that were born in Amerika.  Gee I wonder why America is failing.  Maybe because McDonalds serves oil changes and Checker Auto sells baseball cards.  Oh wait, what does Amerika do?  Follow the fascist british imperialists to their grave, with the above guy, one of the most clueless of all. 

Hyperinflation will crush everyone but .0000000000000001 percent of the population, or about a handful on this planet.  It won't be you, I can assure you.  




anonnn's picture

...All the railroad unions entered into this combination with the oligarchs, and it is of interest to note that the first definite application of the policy of profit-grabbing was made by a railroad union in the nineteenth century A.D.,namely, the Brotherhood of Locomotive Engineers. P. M. Arthur was for twenty years Grand Chief of the Brotherhood.

After the strike on the Pennsylvania Railroad in 1877, he

broached a scheme to have the Locomotive Engineers make

terms with the railroads and to "go it alone" so far as the

rest of the labor unions were concerned. This scheme was

eminently successful. It was as successful as it was

selfish, and out of it was coined the word "arthurization,"

to denote grab-sharing on the part of labor unions.

[from Jack London's Iron Heel]

Joe Sixpack's picture

"I am Cdad, and I come in the name of Average Joe!"


Thanks, Cdad, but I come in my own name.



hedgeless_horseman's picture

When it comes to Judges, the banks can never out "contribute" the law firms.

UncleFester's picture

When you can print money, you can out "contribute" anyone.

I Fester

Archimedes's picture

Not the end...but a small victory for justice, law and order in the U.S.

Now if only Nevada, Florida, Arizona,Illinois and California Supreme court had the same ruling. Then it WOULD be the end for the banks!

Sudden Debt's picture

Isn't the government debt hole deep enough to hide it in?

Dick Darlington's picture

Now how many ES-points (up, naturally) is this worth?

docj's picture

Oh my, but is that a Black Swan swimming past us?

schoolsout's picture

Black Bird event*



* El Vee

chet's picture

Everyone gets a free house!!1!

traderjoe's picture


I argue a wholesale Jubilee would be one of the ideas that would really get J6P to buy into a collapse of the system. New currency, jubilee on all debts, and next day the pieces can be picked up. The banks are collapsed, nationalized, and sold as public utilities. All derivatives go poof. Yea, an over-simplification...


chet's picture

Makes sense to me, since we'll probably end up in the same place, but in the excruciatingly slow and painful way.

Jerry Maguire's picture

I have actually drafted a constitutional amendment to effectuate a "jubilee", among other things.  If you'd like to see it, I can post it over on my blog:


pyite's picture

Fantastic idea - but who would be able to make it happen?  The only way a Jubilee can happen in the current environment is the way Zimbabwe did it - with years of pain & suffering first.


pyite's picture

A little less cynical response this time :)

The modern day equivalent of a Jubilee is known as "bankruptcy."  I would argue that the 2005 bankruptcy reform is a major part of today's problems.  We should go the other way and make it unbelievably simple to write off debts (as long as you give up the collateral e.g. the house you're squatting).  Perhaps combine with some sort of corporate welfare to reimburse lenders for excessive losses.


Eternal Student's picture

Nonsense. These former homeowners are still on the hook for what's left on the original mortgage. And people who are worse than the Banks will go after that money, if someone doesn't produce some kind of settlement arrangement for all parties involved.


chet's picture

I was being sarcastic.  However, I do think that this would at least be good for a few more years of free living for the Ibanez's in their newly un-foreclosed house.  Then they just walk.  If they're in a recourse state, they then declare bankruptcy.

The problem here is that no one has the note.  It's gone.  So sure the servicer, or debt collectors, can keep hitting them up for payments, but that's about it, until they get the note sorted out they can't take the house back.

Eternal Student's picture

Thanks for clarifying that. It's a little hard to see the sarcasm at times, especially with some of the people here spouting questionable statements as a matter of fact. :)

I'm sure there are a lot of people around thinking that they might get a free house. I agree with you about the note. But the Bankruptcy laws were changed back in 2005 to make it harder to get out from this type of mess. To me, it is one of many data points that the Bankers knew very, very well what was going to happen well in advance.

Also note that the no-recourse laws probably have little impact here, in terms of the number of people protected. Most people refinanced; and at least in California, re-fi's are recourse. Only the original purchase is non-recourse.

TruthInSunshine's picture

All it will take is for the SCOTUS, steeped in deep dedication to not trampling/interfering on/with states' rights and laws questions, to avoid the 10th Amendment altogether, in a much hypocritical moment, to overturn this case and lay down 'the law of the land: all your foreclosures are belong to banks.'

Sudden Debt's picture

The VIX is showing some interesting action today. 0,00000% different from yesterday.

sheep92's picture

Indeed, even as the spy is -.60.

Everyone's fine with the decline.

Buying away happily secure in the knowledge that Ben will always bail them out......


goldmiddelfinger's picture

All mortgage roads lead to FNMA

MiguelitoRaton's picture

Wells Fargo just got a "dirty Ibanez" (dirty sanchez)

What_Me_Worry's picture

They better get busy making "political contributions" to the other states' judges.


melvynny's picture

Scalia will come to the banks rescue.

Byte Me's picture

Maybe now we will see if Wikileaks can produce the goods to implicate board level involvement at various stages of all this.

That would stir the pot nicely.

Widowmaker's picture

Remember, nobody saw it coming...

Nobody was the homeless transient that lived behind the Federal Self-preserve and has been calling all the shots.

And many thought it was the other "nobody."

Blue Water's picture

All this does is delay the foreclosure action.  A decision that, in effect, the wrong party brought the foreclosure action, and so it must be dismissed, cannot affect the interests of the right party, who has the right to bring the action and no doubt will.

What_Me_Worry's picture

Who is the right party, though?  They would still have to show a clear chain of custody to come forward, right?


breezer1's picture

and the right party would have the right documents. and the right documents were most likely shredded so that no one would ever find out that many more dollars worth of mortgage backed bonds were sold than mortgages really existed. ponzionomics 101.

euryale's picture

ah, but determining the "right party" is the crux of fraudclosure - there is often No party that rightfully owns the property, as a paper trail would indicate fraud in the lending and securitizing practices, it often does not exist.

No Mas's picture

A douse of reality for the big O running amuck here in ZH land.

Big picture:

The banks (all of them) will make money (Fed assured), the lawyers will make more money, the defaulted homeowners will hit the curb and go section 8.

There will be no one of note punished in any of this and life will just roll along.

Sorry doomers, but this is just going to be a bug on the windshield of the banker's Bentley as he is driven to the airport for his GV ride to paradise.

Now, back to the crisis of the day.

NotApplicable's picture

Nice pic, but MERS has no employees!

Withdrawn Sanction's picture

Those aren't employees, they're securitizers who are on the hook for fraudulent conveyance.

Nice "optics"  WB

Hephasteus's picture

Start singing chitti chitti bang bang NOW!!!