This page has been archived and commenting is disabled.
Thanks To 60 Minutes' Report On Fraudclosure, US GDP Is About To "Soar" By $50 Billion
Several days ago, courtesy of an analysis by JPM's Michael Feroli, we quantified that the implied "rents" benefit to the US economy arising from squatters not paying mortgages is about $50 billion per year, or just about 0.4% of GDP. Today, thanks to 60 Minutes, this number is about to soar, because if anyone didn't know before that paying mortgages is for suckers, now virtually every single mortgage borrower, and there are about 48 million of them, will think long and hard before mailing out the next mortgage payment. And if not all, then certainly the 11.1 million underwater mortgages will be one step closer to throwing in the towel on feeding the mortgage monster. Considering that 4.6 million mortgages are currently delinquent for 30 days or more, look for this number to at least double as everyone who is underwater says no mas to a losing game. Which of course is precisely what the banks want: consider that the "rents" benefit is about to double to $100 billion per year, all of which will accrue to the banking system first, then one can see why a $20 billion settlement deal is not a bad investment for the bank to generate a 2.5x ROI in a few short months.
Full 60 Minutes clip on Fraudclosure:
»
- 22549 reads
- Printer-friendly version
- Send to friend
- advertisements -
Any body know a good lawyer that can get a bunch of my mortgage money back now that I've completely paid it off? I mean where is equal justice? I deserve to get it back and have the bank support me at the same time. Not a good argument but not far from the logic of not paying off the indenture you knowingly agreed to be responsible for.
It is one matter to abandon making good on a criminal agreement. It is another matter to abandon a legitimate transaction you knowingly agreed to just because it is difficult to make scheduled payments.
I saw the shit storm coming in 2004. I hunkered down and had it all paid off (mortgage, student loans) by 2007-8. I, like you, feel like a rube and idiot when I see folks not paying what they owe.
But then I gotta reach a little deeper. This war must be fought on every possible front. Those who understand must write about it and teach about it. Those who have debt can stop paying and I DON'T CARE WHY.
I'm sick of the lying.
I'm sick of the insults to my intelligence.
I'm sick of helplessness.
I'm sick of the 3% who seem to control 95% of the world's resources and they don't seem to have enough.
Lets get to fundamentals here, shall we? Killing is morally wrong. But we kill when we are at war. Compared to that, defaulting on a mortgage, or credit card is NOTHING.
FUCK em' up bitches. Go for it. Stop paying. Grind this clusterfuck to a halt (except Ben will keep printing and bailing them out, and insisting that the tax payers will owe for it).
I am debt free, you have my blessing. Each of us has something we can give or do. We are at war. If that gives us permission to take lives, then defaulting is a big DUH!
War, it's what's for dinner.
Okay, I'll spill it all in this rant.
World war three is already under way. It just ain't been labeled yet. They keep trying to draw our battle lines for us, holding to the concept of countries as another divisive device. But that is how they want us to see it, country against country. The kids in these other countries are waking up, some partially, others fully.
Wake up. They are using you. You crave honor and integrity, so do I. How do we have a chance of getting that? By overthrowing them. As long as we play by the rules and they don't they win. Fuck that up the ass with a "spent" rod.
Totally agree. I am sitting here just after reading A Brave New World and it just clicked that it was non-fiction.
Defaulting on a credit card is not a crime.
Buy silver with it, pee on the bill and forget about it.
$20 Billion and a slap on the wrist!
That is crap!
PERP WALKS FOR BANKERS!
REDUCTIONS IN ALL MORTGAGES (not just one class of people)
POSSIBILITY TO RENT SAME HOUSE FOR THOSE WHO STILL CAN'T DO MOD (at least till sale)
and finally...
PERP WALKS FOR LAME REGULATORS, RATINGS AGENCIES, AND A BUNCH OF PAID-OFF POLITICIANS!
Should be a 2 TRILLION PENALTY.
And Quartering.
A $20 billion dollar fine is more like encouragement. They love making money out of thin air!
We should pay these crooks why?
On 10 April 2006, a DC-9 jet landed in the port city of Ciudad del Carmen, on the Gulf of Mexico, as the sun was setting. Mexican soldiers, waiting to intercept it, found 128 cases packed with 5.7 tons of cocaine, valued at $100m. But something else – more important and far-reaching – was discovered in the paper trail behind the purchase of the plane by the Sinaloa narco-trafficking cartel.
During a 22-month investigation by agents from the US Drug Enforcement Administration, the Internal Revenue Service and others, it emerged that the cocaine smugglers had bought the plane with money they had laundered through one of the biggest banks in the United States: Wachovia, now part of the giant Wells Fargo.
The authorities uncovered billions of dollars in wire transfers, traveller's cheques and cash shipments through Mexican exchanges into Wachovia accounts. Wachovia was put under immediate investigation for failing to maintain an effective anti-money laundering programme. Of special significance was that the period concerned began in 2004, which coincided with the first escalation of violence along the US-Mexico border that ignited the current drugs war.
Criminal proceedings were brought against Wachovia, though not against any individual, but the case never came to court. In March 2010, Wachovia settled the biggest action brought under the US bank secrecy act, through the US district court in Miami. Now that the year's "deferred prosecution" has expired, the bank is in effect in the clear. It paid federal authorities $110m in forfeiture, for allowing transactions later proved to be connected to drug smuggling, and incurred a $50m fine for failing to monitor cash used to ship 22 tons of cocaine.
More shocking, and more important, the bank was sanctioned for failing to apply the proper anti-laundering strictures to the transfer of $378.4bn – a sum equivalent to one-third of Mexico's gross national product – into dollar accounts from so-called casas de cambio (CDCs) in Mexico, currency exchange houses with which the bank did business.
"Wachovia's blatant disregard for our banking laws gave international cocaine cartels a virtual carte blanche to finance their operations," said Jeffrey Sloman, the federal prosecutor. Yet the total fine was less than 2% of the bank's $12.3bn profit for 2009. On 24 March 2010, Wells Fargo stock traded at $30.86 – up 1% on the week of the court settlement.
The conclusion to the case was only the tip of an iceberg, demonstrating the role of the "legal" banking sector in swilling hundreds of billions of dollars – the blood money from the murderous drug trade in Mexico and other places in the world – around their global operations, now bailed out by the taxpayer.
http://www.guardian.co.uk/world/2011/apr/03/us-bank-mexico-drug-gangs
Anyone paying a mortgage has the obligation to find out who holds the title to the house!
No tile no pay.
Think you mean the note.
Demand letter for our note sent in Nov - no reply of any sort from the bank. Nothing. Will file for Quiet Title as the mortgage has bounced between like 5+ banks... no Quiet Title, they will have to carry me out on a stretcher - and no more paying any bank for any thing ever again in my life. At least not in a fractional reserve fiat system like now.
Fuckers don't have the note - try to impose man's law selectively on me, and I will impose nature's law as I see fit.
again, they call it title insurance, (though certainly they can call it anything they want), if you are making payments (say into an escow account) then find yourself a good attorney and make the title company honor the policy.
Title Insurance companies are more clueless than the banks, politicians or anyone else - they literally have been sitting on 'reservation of rights' letters for years when these issues arise, when a homeowner with spine either invokes their policy or files a cross-claim bringing the title insurance company into already ongoing litigation.
Given that the entire 'prognosis' of MERS is not yet decided, it won't be long before they resort to force majeure to deny claims.
And a BIG LMFAO to that.
Demand letter for our note sent in Nov - no reply of any sort from the bank. Nothing. Will file for Quiet Title as the mortgage has bounced between like 5+ banks... no Quiet Title, they will have to carry me out on a stretcher - and no more paying any bank for any thing ever again in my life. At least not in a fractional reserve fiat system like now.
Fuckers don't have the note - try to impose man's law selectively on me, and I will impose nature's law as I see fit.
There is some legal precedent that states you only have a right to demand and receive original instruments after foreclosure proceedings have begun, or at the very earliest, after you're in default.
This was just one case, and it may not even be persuasive (let alone binding) authority on any other courts (as it was a lower state court in one state), but it's a point of reference for now.
the title assumes that due diligence was done, title companies are way out there, as they insure these things, (god help them) they are where the buck stops.
You're right, there is no title on a house unless it's manufactured.
Actually the problem many cases is finding who holds the deed.
honestly i can invisage a situation in which you claim title, as the payer, and the banks must fight among themselves to prove which one of them deserves your mortgage payment. meanhwile you put the cash in an escrow account, and they can't touch you, but that's my perfect world.
Incredible. Thanks.
pump n dump
http://www.youtube.com/watch?v=lzrIONKmQO8
Bankster fraud is NOT a natural disaster Shiela you scum.
a few observations:
Hopefully, those choosing not to pay understand the implications of living in (what I think is called) a non-recourse state versus a recourse state. There is the sticky issue of the promissory note in addition to the mortgage.
Some of that $50B is not there. People who choose not to pay may spend it eslewhere. Those that simply do not have the money won't be spending it into the economy.
This should close the budget gap a bit. No mortgage payments, no mortgage interest deduction. Less in your pocket more in the government's pocket.
The Bair statements indicate that in the end the governments are too fearful of the destabilizing repercussions of aggressively prosecuting these transgressions. Same as the 2008 freeze.
Liberty and Justice for all takes too much time, effort, and money.
When Sheila (I love my bank) Bair says the whole thing is "sloppy" she's talking about how all the bureaucrats fucked up the cover up/bailout. Now she wants a rescue fund?
NO BAILOUTS! and we need to see some perp JAIL time.
You are right, generally I like Sheila (has more balls the 98% of the rest ) We don't need another bailout or toxic rescue fund- bankers and traders in handcuffs thats what we need!
let me get this right, if all the people living as squatters had to go out and rent a place to live, the demandy would overwhelm the supply, the rents component of CPI would go through the roof, and Bernankes head would explode.
good thing, right?
So when you make a payment how do you know the proper recipient got the money? And when paid off who has the title? And the county recorders office was stiffed as deed transfered was not recorded!
How much do the banks owe the counties for by passing recording to preserve title transfer?
Crooked bastards belong in jail along with Berenake etc
"How much do the banks owe the counties for by passing recording to preserve title transfer?"
There is a legal doctrine known as "Qui Tam" whereby you are rewarded with a commisison if you can successfully prove to a Judge that somebody cheated the government.
There are several Qui Tam lawsuits up and running claiming that MERS and its clients have cheated the county Register of Deeds offices out of hundreds of millions of dollars.
It costs about $10 to record an Assignment of Mortgage, plus the cost of clericals doing the paper preparation and shuffling for you. The obvious social importance of doing so somehow evaded the genius banksters trying to save themselves a few bucks.
Or, quite possibly, they decided that clear, up-to-date, and public records of mortgage ownership might be a drag on their sale of mortgages to investors.
Nobody was stupid enough to "buy the Brooklyn Bridge" from the banksters, but apparently the deal seemed much better if you offered somebody the mortgage on the Brooklyn Bridge.
When mortage is paid who transfers the title? Were county recording fees fraudenly avoided? Why are not all these crooked bankers in jail?
The French solution is the answer..worked before!
are judges cracking down on the banks?........
http://www.palmbeachpost.com/money/foreclosures/foreclosure-crisis-fed-up-judges-crack-down-disorder-1369862.html
http://nakedempire2.blogspot.com/
wow. linda green. wow.
this country has become the largest crime scene
in the history of the world as the bankers like to share
the shame and spread the debt and fraud as far and wide
as humanly possible.
wow. linda green. wow
wow. linda green. wow.
this country has become the largest crime scene
in the history of the world as the bankers like to share
the shame and spread the debt and fraud as far and wide
as humanly possible.
wow. linda green. wow
now i feel ill
now i feel ill
.....
Stay tuned. Fukushima may be the world's biggest crime scene. But I hear you, blindman.
iam blind[wo]man†
Banks will pay into a "fund", that seems to be the answer to any and all rampant criminal activity in the financial sector. Whatever they pay in will be more then made up by Bennie's free money.
Story also made it seem as if all the fault was with the servicing companies. After all, the big banks just outsourced that work! They had NO IDEA that rampant fraud was happening - and they had NO VESTED INTEREST in encouraging or even demanding that fraud from their contractors!
The heist continues. We are owned by the banks, face it. Nothing will get Americans off their fat high-fructose-filled asses and in the streets. Nothing. We are like cows lowing in the field waiting for the electric shock.
...I wish you were a state attorney general.
I watched 60 minutes to hear if "crimminal" would be used. Shelia characterized the problem like a Boo-Boo. Finally, at the end 60 minutes used the "crimminal" word. Maybe, just maybe, somebody with authority in US or state AG office might get some gonads...I can hope.
agreed trustwho. these alleged elected officials need to recall they took an oath to uphold the constitution, not circumvent it. time to make sure they do just that. i am doing my part to keep the heat on. the whole fraudclosure mess is so large no elected official wants to go against the banks. well guess what? we all can since we outnumber them greatly.
the issue of mers has brought up a new legal challenge as john korman has recently brought to light - "Borrower is actually entering into an undisclosed investment contract, not a loan, per say." this is a violation of tila. period.
i sent 2 written notices to my alleged lender. just a canned "thank you for contacting us" response to the first, then the second, which was notarized, got a response telling me the note was held by investors. gee, i thought i had refinanced, not made a deal with investors. so i firmly believe john is correct.
fighting in court reveals the banks own the majority of the courts. we need to seize the courts back from them. very few judges "get it", but it does appear more are "getting it". we must keep the heat on high and stay on our alleged elected officials.
the ag's are supposed to be at the top of the legal food chain. they best get to doing their jobs.
So, let me get this right. ?
The bank created the money from fractional lending. But, when the mortgage defaults the banks own these houses ?
Most of these loans were packaged and sold as securitized loans, because of the said houses' value.
Now, the banks that sold these loans, to other banks want to "put back" the loans to the originating banks balance sheet. ?
But, now that the banks weren't keeping records as these packaged loans were maybe resold 10 times, no one has the documentation that they (the banks) own the foreclosed house anyway. ?
So, in laymans terms we are playing 3 card monte. ?
Just askin .................do I have that right ?
I'm fucking dizzie......................
Now they want to unwind all this ???????
Holy 5hit man.........I need a drink !
This = Royal Clusterfuck !
"my country tis of thee ....
........
of thee i sing."
It may take time and money but I guarantee you that the banks can provide the proper ownership documents..Its a mess for sure but it will get sorted out in the end..Its hard to get something for nothing..Most of these people will take the settlements that will be offered...
Ah but the banks do not want to spend the money to sort it out..they just want to sieze the property for which they put up nothing. A proper paying mortagee has no idea who should get payment nor who will be able to provide title when mortage is paid. Would you pay into that kind of a deal? Not me..show me who I owe or fuck off.
Hey silvertrain,
You're just plain wrong.
Any transfers through MERS broke the chain of title, as MERS is a fiction and worse yet, a fraud.
MERS never had the ability to legally bypass recording offices (typically registrar of deeds' offices) at local levels, and effectuate a bona fide recording of assignment, mortgage or any other lien or encumbrance, period.
But wait...they still have the original documents (mortgages, assignments, etc.) right? And they can just go and record them now, right?
Ahhhhh, no. That shit went into the bass-o-matic when the mortgages/assignments were 'synthesized' (i.e. sliced 1000 ways each) with a shred of each one going by electronic means only into bundles of CDOs, where hundreds of thousands or millions or even hundreds of millions of other miniscule shreds of mortgages were placed.
Vaporization.
Congress and the Bankstas can't solve this, because the genie is out of the bottle; they'd have to overrule the 10th Amendment (literally) and they'd have to wish for the three pointer of get ex post facto laws enacted, to legitimize and legalize prior acts of MERS.
MERS is and always was a fiction, fraud and Ponzi (see the issue of 'put backs' on MBS).
The litigation floodgate hasn't opened fully yet because the banks are nervous shits right now, and for good reason.
Congress and their bankster overlords haven't figured out a way to get good odds on state law property issues in front of the higher courts, and they FEAR adverse stare decisis, bitchez.
Actually they banks are trying to do this, but it may not make the note whole.
My n=1 sample was a letter that WF sent me that said they have now recorded my mortgage. Of course, this was almost 5 years after they bought it.
They are trying to make these whole. Probably not going to happen though. Denninger (I know, I know, most hate him here) has been all over this. Many mortgages were sold off and transferred into a trust in blank. That is the bigger issue. As IIRC, that severs the note and then nobody has recourse for foreclosure. Even if there are massive putbacks the chain was broken. They were put into the trusts in blank so that they could be put into several trusts. Fractional reserves securitizing.
Why do you think that there is such a big push for mods? Because that wipes the slate clean and then they can do it right. Retires the old note and a nice, fresh, legal one is originated.
This is one giant mess and the banks are on the hook, hence why nothing has been done about it.
I am buying boiled hemp futures and scouting out some lamp posts myself.
pods
That 'trust in blank' you speak of is the fiduciary who bought defective assigments in pooled bundles (MBS) and now have to make it right, which is where the put backs come into play; this is basically a demand (or lawsuit) asking for a refund of money paid for the synthesized bundle.
The problem is that the mortgages/assignments/liens/encumbrances are needed in paper and original form for not only proper recording, but for litigation. Almost every jurisdiction requires original documents to be made available in order to pursue a legal cause of action based on any 'written instrument', especially where there are allegations of fraud, forgery, etc.
But MUCH of these documents, where they did exist, are vapor.
As for the pushing of 'great deal' refis, yes, this is a massive factor - it gives the servicer a chance to create a new chain of title, bypassing the old, broken one (although this, too, has some potential issues ripe for litigation - see "consideration". I can't enforce a claim against you to pay for something I never legally owned myself).
You may be right, not because the banks will be able to provide destroyed paperwork or explain broken chains of title but because judges can dismiss the case even if you are asking a genuine question such as "who owns my mortgage and can you legally prove it".
This is also a very important issue for this country's legal system.
If bankers are winners at the end, the game is all over, they will have proven they now control the justice system also.
Judges around the country should wake up to this reality.
Investors have been trying to get banks to modify as they are the true losers in this story, but bankers are bankers and don't give a fuck.
I asked to see the note on my mortgage and Bank of America told me to go scratch and then "downgraded" my credit score out of nowhere, I was still paying my mortgage.
So I stopped and they downgraded it again and then I had a few bucks on credit cards and all my interests rates jumped to 29%, so fuck you too...I stopped paying those.
I have options, my parents own houses and I can still move into my grandparents empty farm, but playing with banks and lawyers at this game can be dangerous if you don't have a plan. Still expect the worst and hope for the best.
As for the moral issue, I understand how money works and it is so absurd, morals don't even come into the equation.
Time to bankrupt some banks before they bankrupt the nation.
I read a month ago a judge in Utah had a foreclosure case in front of him with bogus paperwork and an bank rep talking bullshit before that judge.
Judge threw up his arms in exasperation and awarded clear title to homeowner w/NO RECOURSE.
Any chance you could track this story down. I like to delude myself into thinking that the little guy can win.
judges used to trust the evidence presented by banks and consider anything looking further into them uneccesary adn burdensome, not anymore...now that servicers/banks doocument routinely shown as fraudulent, any lawyer can legitimately chinese water drop torture requests for evidence, depositions etc.
This makes rocket dockets no longer work unless homeowners have already walked. So if you are some local judges overwhelmed by a bunch of nasty messy mortgages, where fraudulent documents are involved, doesn't just giving the house to resident start seeming like the best legal solution in the best interest of your jurisdiction...if you don't think you can give the house to homeowner straight up without some hassled from bank, than you certainly can threaten it and strongly urge the bank to settle quickly on the matter with the homeowner.
I would think banks would prefer things be muddy longer, due to their reserves/leverage issues, so worst thing courts could do to them is to quickly discover true value of mortgage. For lower and middle priced houses, are the mortgages worth anything after the legal costs to take and their continuing plummeting value?
This is the greatest service that 60 Minutes has accomplished: they have taken mainstream the endemic perjuries and forgeries by the agents of Lender Processing Services and the Wall Street Banks against homeowners.
It will no longer be acceptable for judges to grant summary judgments in favor of these criminal enterprises, if only the defendants will bring these facts to the attention of the judges. The 60 Minutes video is a damn good exhibit!
Use search terms 'judge,' 'court,' 'foreclosure,' 'deny' or 'denied' and hit news on Google.
There are many hundreds and it may be approaching thousands of such cases.
I am aware of the Utah case. Draper.
Thanks - I think this is it.
http://www.sltrib.com/sltrib/news/51006287-78/mers-property-mortgage-loa...
Here's a couple of do it yourself "walk away" sites. Today's edge of morality depends on how many people are doing something. So yeah it's ok
http://www.walkawayok.com/
http://www.youwalkaway.com/
at this present time, why would you tell anyone to walkaway ?????
i say STAY AND FIGHT BACK and at the very least hang on until they dangle that $21,000 Bribe
thats crazy !
I might need some Heroin to counter the crazy rush of viewing "Inside Information" (first time earlier today) and now the 60 Min episode....whew. I still think the BONKsters are quite comfortable talking about mods, "oh, darn...did one of our hired firms really do that?", and similar drivel. With Mods, its adhesion, all one sided and F**K YOU if you don't like our term, which we will change at our whim, and with the "ooopsies...", well they figure they can paper that over.
The real aim of mods is to get folks to sign away rights. Period.
The beefy shit is the loans themselves, rife with fraud (concealment, omission, etc.), bogus assignments outside of PSA's that in effect bifurcate the note from the deed of trust or mortgage instrument. THATS the things they don't want to talk about. *YAY* 60 Minutes for being one of the few MSM outlets with reach to go at the issue, but they just scratched the surface.
Check out investor actions, por exemple: Allstate v. Countrywide. They aren't talking about "oopsies..", they are talking FRAUD.
The only thing these cretins understand is LAWSUITS. Only thing that will bring them to the table.
Sue them.
Sue them.
Sue them.
Apologies Silvertrain...it ain't about "oopsies."
Mr. Durden..If possible please add JSMineset.com to your link list. Mr. Sinclair is probably the smartest man on the planet and many could profit from him.
Thanks
+1437
so if you are underwater and you look at your mortgage docs that are signed by Linda Greeen, do you even think twice aobut ever paying again?
there is an easy solution, illegalize securitization, say anything done by MERS is now unsecured debt, let lawyers negotiate a settlement between homeowners and banks, establishing the going rate of possibly 20 percent on the mortgage dollar, and watch the to big to fail, bail out depositors, let bond and stock owners lose on their investment into fraud machines, and start over....
Not only do homeowners (foreclosed on or not) have claims against servicers (lots of banks) who received their 'claim to payment' as a result of a MERS assignment, the banks have the double pleasure of getting sued by those they sold the MERS tainted illusions of property instruments to, and that would be many, many institutional buyers of MBS, such as pension funds and even sovereign nations.
The homeowners will go for 'take back,' while those buying defective 'claims/instruments/assignments' will go for 'put back.'
Krystal Hall (google this dumb bitch) is my Linda Green
Huh oh. Sheeple are finally waking up to the fact that paying an underwater mortgage is for suckers.
think you may be right, but i am not sure if thats a good thing or a bad thing, for those who knew that 2 years ago
Isn't Bizarre the new starting short-stop on the Yankees?
Well it's not like this is the first time something like this has happened
http://www.youtube.com/watch?v=aRBi08Z00Ec
http://www.youtube.com/watch?v=_58YdwEKkZY&feature=related
What if 11 million burn down the house on the way out the door?
You know, make a phone call from a pay phone or prepaid cell phone that no one is in the house so let it burn.
Won't that be a huge benefit for the firefighters, firefighting equipment contractors, and construction contractors and suppliers?
fire scares me, bulldoze much safer
i can only speak for my situation, although i am sure there are 10s of 1000s similar.....
WHY when all i wanted/needed was a little help/bridge for a mod on my $1000 mortgage , i was just hoping to get down to around $750-800 and i would have signed in blood , did the banks not help me and have this pandoras box never open on them......i cant get my head around it.......wasnt this their PERFECT opportunity to get me to sign a new note and hide all their fraud, WHICH I HAD NO IDEA ABOUT 2 years ago when i just wanted a modification......why did they allow me to get off the mat when they had me pinned and let me read and learn and google mind boggling information....they allowed me to become so much smarter now 2 years later and understand almost all that took place.....and now i doubt i would sign that modification for $100 a month
HOWEVER , please explain to me , as this is the one part of the puzzle that still to this day doesnt make sense to me.....WHY DIDNT THEY DO THE MODIFICATIONS AND MAKE THEIR FRAUD DISAPPEAR ??????
Because you not paying makes them a victim.
As a victim, they will get more taxpayer money for free (more than they have already received).
They can make as much or more money "failing" as they can make doing business legally and with morals and ethics.
They can deduct the losses from any taxes, and use the proceeds for bonuses and bribes to politicians (sanctioned by the Supreme Court).
The city or municipality, whom they are in bed with, can take away any right you or anyone else may have to said property, to simply increase tax revenues (again, Supreme Court, KELO decision).
They do not want your money, they want your name, your credit, your taxes, your blood.
why do you feel like you have the right to a loan modification?
Arrogance and bribery.
SO millions of screwed homeowners... and the banks might have to cough up 20 from thier hundreds of billions in bailout monies? 20 billion was the same chump change (without fear of prosecution) that BP coughed up for the Gulf.
I guess that's the going immunity/impunity rate these days.
Tyler: I retract that snide remark I initially made above about '60 Minutes' without having read the complete message!
I have been posting for 3 months to that pollyanna site CR (which I'm glad you don't even link to) that 7 Mil "stay-in", and still-employed in-default 'homeowners', not paying on an average loan balance of $170K, about $1032/mo., X 12 mos., = $12400 / yr., X 7 Mil households, = $87 BIL / yr. of otherwise due PMI expense (not including some missed RE property tax payments) - instead being spent and thus overstating GDP of $14 Tril by an estimated $87 Bil, or about .6%.
After 3 months of no responce by CR financial braniacs to my posts of this possible GDP overstatement, I want to say: if there's anyone there at that blog that I have failed to insult, I apologize...
As much as I dislike CBS and 60 Minutes, they have "outed" Lender Processing Services, the Wall Street banks, and their agents as what appears to be, to a prudent man, as an ongoing criminal enterprise engaged in perjury and foreclosure.
Is it not time for the U.S. Attorney General, as well as the 50 State Attorneys General, to prosecute?
Oh yes, the 50 State Attorneys Generals are supposedly doing SOMETHING that looks like it will amount to NOTHING. And Eric Holder appears to have no interest in this issue.
The MERS situation makes no sense at all as it is perfectly legal for them to foreclose, at least in CA and other States. I argued with many people about this and they told me I'm wrong but I read the California Civil Code 2924 which is about the non-judicial foreclosure process and it specifically states that acting agent is a viable party to intiate the foreclosure process. Those delays have no merits but obviously are welcomed by the Government and the many homeowners that don't pay a mortgage and rent and can continue to live beyond their means. What used to be spending financed with a home equity line is now spending made possible by not having to pay a mortgage.
http://www.wtffinance.com/2011/02/the-mers-bailout-more-foreclosure-delays-and-increased-consumer-spending/
The US is in a major GDP Bubble
http://www.wtffinance.com/2011/03/the-gdp-bubble-and-why-debt-to-gdp-is-...
Doing the right and responsible thing sure doesn't pay in the UCSA as we not only do not have a free market but on top of that a system that rewards fiscal irresponsibility while punishing the responsible. I consier leaving as I do not want my future children to have to grow up and live in such an economic non-sense environment, let alone having them pay for the mistakes of so many others.
WTF, WTF? Have you not read In Re: Walker (don't know case #) where the Judge adroitly stated that to separate the Deed of Trust from the Note is a Nullity? By any reading of Cal law or the UCC that must be the case.
Point further is that these jokers attempted to (and are still) make their "own" law, outside of decided codified law. There's the BONK's rules, and then there are rules for everyone else.
Here's the deal: The BONKers fucked up. They know it, we know it and they now want the Judiciary (name your jurisdiction..) to excuse and understand their "oopsies" when in fact they are covering up a MASSIVE fraud upon borrowers. One might say that its an anomaly, a one off, a mistake...NO. They (the BONKers), set out to defraud (concealment, omissions, etc.) the public and now have to pay the frickin piper and they are whining, understandably.
Leave if you must. I know some folks in Ireland that will look after you and yours.
Go get your Glen Beck fix, you'll feel better.
Long story short, even if true, the assignment prior to the formal naming of an acting agent may be invalid and, if so, the agent has no authority to act (cannot grant rights greater than your assignor).
60 Minutes APPEARS to take a shot at the banks. But CBS is MSM, which is all part of the same ball team. So likely this has a pro-bank ulterior motive.
What might that be? An attempt to justify favorable laws, perhaps legitimizing MERS and/or further weakening consumer and states rights. Or, how about blaming "immoral" consumers for causing bank insolvency (all the while denying it but angling for another bailout nonetheless).
Hate to say it, and too tired to get the links now, but recent reports suggested that this Wednesday congress will entertain settlement of bank payment for fraudulent past lender processing at a price around $20 Bil, which if true, would represent a mere fraction of the actual damages (which the bankers will greet with a silent sigh of relief for the several Trillions of $ saved as well as the financial disaster otherwise averted.)
Let's see if the CBS/60 Minutes "outing" of lender processing fraud isn't in fact classic 'disinformation', and quickly followed this Wednesday, or soon, by an under-reported, obscured, 'sweetheart settlement' of the cataclysmic lender processing liabilities that might have otherwise destroyed what's left of bank capitalization.
I'm late to the party. People, stop paying. Stop caring.
As long as you have access to healthy food and good sex, you're gold.
End the ever lovin frickin heinous FED right now. But wait, there's more...
Send a SEAL team to take over the printing presses at the FED and then summarily relieve the Bernank of his duties....the Congress then has the authority (Constitution...novel idea, I know) to PRINT money, make terms and be ANSWERABLE UPON THEREOF, for doing so. Yeah, so the Chinese freak out for a few days, the French drink more than two glasses of wine and the Germans applaud and the Russians go hunting for one-eyed shrews, some spotted, perhaps.
Point is, its EASY to end or take over the FED and return to the PEOPLE the ability to COIN there own exchange. Just gotta pick up that phone....Barry.
History of Jubilee And Debt Forgiveness
In the old days, periodically, DEBTS were forgiven, no matter the terms, collateral, etc.
In the U.S. we had a projected surplus of $ 5.76 TRILLION, remember that in 2000, the only question was where it would be used. Now I know that many would argue that the DOT.com crash changed everything. My contention is that the BUSH ll Team were most interested in slowing the DOT.com revolution, passing the Patriot Act, and in order to accomplish this as well as other goals, had the Supreme Court (filled with Bush and Reagan Appointee's) place Bush ll in Office.
Now, in view of the debt run-up since BUSH ll was "placed" in Office, I would contend, that we have a "Constitutional Right" to disavow the DEBT Run-Up Unconstitutionally since then, as free-CITIZENS and Owners of The USA.
I'm not even talking about the fact that the Diebold Voting Machines and the Other Electronic Machines as well, bring into DOUBT the Election Results around the Country, have the distinct ability to be hacked (and have been), and in fact have altered the outcome of many elections, including but not limited to the President Of The USA.
(Look up the plane crash of Mike McConnell from Ohio)
So, putting this all aside for the time being, in the old days (Biblical, debt forgiveness happened every 50 YEARS). Since we have not had A JUBILEE in a Thousand + years, lets PROCLAIM A JUBILEE IN 2011 FOR THE ENTIRE WORLD.
Some History of The Jubilee Follows, tell me what you think.
CustomersMan:
\******************************\
JUBILEE YEAR
(shenath ha-yobhel; etos tes apheseos; annus jubilaeus, "year of jubilee" (Lev 25:13), or simply ha-yobhel, "the jubilee" (Lev 25:28; compare Nu 36:4), the King James Version and the English Revised Version Jubile): The Hebrew word yobhel stands for qeren ha-yobhel, meaning the horn of a ram. Now, such a horn can be made into a trumpet, and thus the word yobhel came to be used as a synonym of trumpet. According to Lev 25:9 a loud trumpet should proclaim liberty throughout the country on the 10th day of the 7th month (the Day of Atonement), after the lapse of 7 sabbaths of years = 49 years.
In this manner, every 50th year was to be announced as a jubilee year. All real property should automatically revert to its original owner (Lev 25:10; compare 25:13), and those who, compelled by poverty, had sold themselves as slaves to their brothers, should regain their liberty (Lev 25:10; compare 25:39).
In addition to this, the Jubilee Year was to be observed after the manner of the sabbatic year, i.e. there should be neither sowing nor reaping nor pruning of vines, and everybody was expected to live on what the fields and the vineyards produced "of themselves," and no attempt should be made at storing up the products of the land (Lev 25:11 f). Thus there are three distinct factors constituting the essential features of the Jubilee Year: personal liberty, restitution of property, and what we might call the simple life.
1. Personal Liberty:
The 50th year was to be a time in which liberty should be proclaimed to all the inhabitants of the country. We should, indeed, diminish the import of this institution if we should apply it only to those who were to be freed from the bonds of physical servitude. Undoubtedly, they must have been the foremost in realizing its beneficial effects. But the law was intended to benefit all, the masters as well as the servants. They should never lose sight of their being brothers and citizens of theocratic kingdom. They owed their life to God and were subject to His sovereign will. Only through loyalty to Him were they free and could ever hope to be free and independent of all other masters.
2. Restitution of Property:
The institution of the Jubilee Year should become the means of fixing the price of real property (Lev 25:15 f; compare 25:25-28); moreover, it should exclude the possibility of selling any piece of land permanently (Lev 25:23), the next verse furnishing the motive: "The land is mine: for ye are strangers and sojourners with me." The same rule was to be applied to dwelling-houses outside of the walled cities (Lev 25:31), and also to the houses owned by Levites, although they were built within walled cities (Lev 25:32).
In the same manner the price of Hebrew slaves was to vary according to the proximity of the Jubilee Year (Lev 25:47-54). This passage deals with the enslaving of a Hebrew by a foreigner living among the Jews; it goes without saying that the same rule would hold good in the case of a Hebrew selling himself to one of his own people.
In Lev 27:17-25 we find a similar arrangement respecting such lands that were "sanctified unto Yahweh." In all these cases the original owner was at liberty to redeem his property at any time, or have it redeemed by some of his nearest relatives (25:25-27,29,48 ff; 27:19).
The crowning feature, though, was the full restitution of all real property in the Jubilee Year. The primary object of this regulation was, of course, the reversion of all hereditary property to the family which originally possessed it, and the reestablishment of the original arrangement regarding the division of the land. But that was not all; for this legal disposition and regulation of external matters was closely connected with the high calling of the Jewish people. It was a part of the Divine plan looking forward to the salvation of mankind. "The deepest meaning of it (the Jubilee Year) is to be found in the apokatastasis tes basileias tou theou, i.e. in the restoring of all that which in the course of time was perverted by man's sin, in the removing of all slavery of sin, in the establishing of the true liberty of the children of God, and in the delivering of the creation from the bondage of corruption to which it was subjected on account of man's depravity" (Rom 8:19 ff) (compare Keil, Manual of Biblical Archaeology). In the Year of Jubilee a great future era of Yahweh's favor is foreshadowed, that period which, according to Isa 61:1-3, shall be ushered in to all those that labor and are heavy laden, by Him who was anointed by the spirit of the Lord Yahweh.
3. The Simple Life:
The Jubilee Year, being the crowning point of all sabbatical institutions, gave the finishing touch as it were to the whole cycle of sabbatic days, months and years. It is, therefore, quite appropriate that it should be a year of rest for the land like the preceding sabbatic year (Lev 25:11 f). It follows, of course, that in this instance there were two years, one after the other, in which there should be no sowing or systematic ingathering. This seems to be clear from Lev 25:18-22: "And ye shall sow the eighth year, and eat of the fruits, the old store; until the ninth year, until its fruits come in, ye shall eat the old store." Thus in the 7th and 8th years the people were to live on what the fields had produced in the 6th year and whatever grew spontaneously. This shows the reason why we may say that one of the factors constituting the Jubilee Year was the "simple life." They could not help but live simply for two consecutive years. Nobody can deny that this afforded ample opportunity to develop the habit of living within very limited means. And again we see that this external part of the matter did not fully come up to the intention of the Lawgiver. It was not the simple life as such that He had in view, but rather the laying down of its moral and religious foundations. In this connection we must again refer to Lev 25:18-22, "What shall we eat the seventh year?" The answer is very simple and yet of surpassing grandeur: "Then I will command my blessing upon you," etc. Nothing was expected of the people but faith in Yahweh and confidence in His power, which was not to be shaken by any doubtful reflection. And right here we have found the root of the simple life: no life without the true God, and no simplicity of life without true faith in Him. "Man shall not live by bread alone, but by every word that proceedeth out of the mouth of God" (Mt 4:4; compare Dt 8:3).
We may well ask: Did the Jewish people ever observe the Jubilee Year? There is no reason why they should not have observed it in pre-exilic times (compare Lotz in The New Schaff-Herzog Encyclopedia of Religious Knowledge, X, under the word "Sabbatical Year" and "Year of Jubilee"). Perhaps they signally failed in it, and if so, we should not be surprised at all. Not that the institution in itself was cumbered with any obstacles that could not have been overcome; but what is more common than unbelief and unwillingness to trust absolutely in Yahweh? Or, was it observed in post-exilic times? Here, too, we are in the dark. There is, indeed, a tradition according to which the Jubilee Year has never been observed--neither in the time of Ezra and Nehemiah nor at any later period. The truth of this seems to be corroborated by the silence of Josephus, who, while referring quite frequently to the sabbatic year, never once mentions the Year of Jubilee.
William Baur Bibliography Information
Orr, James, M.A., D.D. General Editor. "Definition for 'JUBILEE YEAR'". "International Standard Bible Encyclopedia". bible-history.com - ISBE; 1915.
Copyright Information
© International Standard Bible Encyclopedia (ISBE) International Standard Bible Encyclopedia Home
Bible History Online Home
I stopped paying 15 months, ago.
If the house is worth more than $1mil, guess what?
This is not my problem, this is banksters problem. They do not want to foreclose because they will take min 50% hit to their balance sheet.
If they foreclose, it will take 2 years for court. Then that will be extended by 1+1 years of bankruptcy court, for both of us.
But.....
2% interest, 40 years term, and principal reduction... and I can take a shot.
Now, they beg me to start modification. 5 Fedex letters a month. But do I pay to the right owner of mortgage?
Otherwise, I buy my house from the auction on 10c on the dollar with silver I kept buying for 5 years, then..
So fuck them, buy silver crush banksters!!!!
They wanted war, they have a war.
And you, the rest of America, stop paying, as well. By paying your mortgage you subsidise those vermin. You need bailout, as well.
How to act under this corrupt system which knows no law, only profit?
Smoke and mirrors prevail, and Sheila will just help to add more of the same.
My only answer was to move and vote with my feet.
LET ME ASK AGAIN -
WHEN DO WE START LYNCHING ALL THESE BANKSTER SCUMBAGS???????
Pretty dang soon. Aint soon enuf.
this is what happens to business (the enterprise/consumer relationship) when Big Biz gets involved. What small business supplying local mortgages would turn a mortgage loan into a sliced and diced financial derivative to be sold across the globe and whose paperwork avoided local State registration and was zapped through some sloppy meat factory called MERS?
Only Big Biz would think of over-valuing the property to increase their margins and onward sales value and then screwing the consumer when the bubble burst (of their own valuations) made any sense!
The DC/WS US mortgage market is truly delusional to think this makes for good business or builds a healthy relationship with consumers (which should be the target of a properly run business). These WS giants have shot themselves in the foot and trashed their own future prospects to think anyone will buy anything from them again (their business, their image and their future has all hit 'junk' status)
This is Big Biz madness and an absolute clown show. It underlines the point big biz and national is bad/crap and small/local biz is good. Don't buy national mass produced products from big delusional businesses (mortgages, insurance, pensions etc etc)
Presumably Obummas new Consumer Protection Agency is on the case.... are they as good as Obummas Committee of Fiscal Responsibility???
I wonder if Bruce Marks of the NACA is friends with or runs in the same circle as Steven Lerner. Here is the audio of Lerner talking about how they could crash the stock market by getting 500,000 mortgage holders to not pay http://www.youtube.com/watch?v=RvlvejSxBVQ&feature=player_embedded
Fear of PM confiscation?
May I recommend:
http://www.fofoa.blogspot.com/2010/08/confiscation-anatomy-part-2.html
Deleted. Posted in wrong place. Apologies