Congressman Grayson: "Breaking and Entering Does Not Become Legal Just Because a Big Bank Does It. The Rule of Law Must Apply Equally to Everyone"Submitted by George Washington on 10/06/2010 17:32 -0500
Congress members Grayson, Conyers and Kilpatrick stand up ...
Is the US Government About to Forgive Mortgage Debt? Let’s Crowdsource Our Way Through a Scenario or Two!Submitted by Reggie Middleton on 10/01/2010 14:53 -0500
Yeah, I know what you're saying as you read this, but many of the signs are there. Here are the legal, economic and financial widgets to contribute to an interesting crowdsourced debate, discussion and analysis for the weekend.
[VIDEO] Fraud Factories: Rep. Alan Grayson Explains the Foreclosure Fraud Crisis, Shows Examples of Forgeries and FraudSubmitted by 4closureFraud on 09/30/2010 18:39 -0500
This is Rep. Alan Grayson explaining the crisis of foreclosure fraud and how it links to the entire securitization chain of Wall Street.
"Their is one set of rules for the banks and another set of laws for everyone else" More @ 4closureFraud.org
Summers Skews the Playing Field for the Big Boys, then Blames Skyrocketing Inequality on a "Ruthless Economy"Submitted by George Washington on 09/29/2010 17:03 -0500
Poor Larry the Looter ...
Here They Come: Thousands Of JPMorgan Home Foreclosures In Doubt After (Perjurious) Firm Exec Confirms Loan Docs Were Not VerifiedSubmitted by Tyler Durden on 09/26/2010 23:42 -0500
First one, now all. Just as we predicted - fan: meet feces.
Grayson Sends Letter To Fannie CEO Demanding Explanation To Company's Actions Vis-A-Vis Pervasive Mortgage FraudSubmitted by Tyler Durden on 09/24/2010 12:17 -0500
Alan "Taz" Grayson is back again, and asks some very relevant questions of Fannie's CEO Michael Williams:"Why is Fannie Mae using lawyers that are accused of regularly engaging in fraud to kick people out of their homes? Given that Fannie Mae is at this point a government entity, and it is the policy of the government that foreclosures are a costly situation best avoided if there are any lower cost alternatives, what steps is Fannie Mae taking to avoid the use of foreclosure mills? What additional steps is Fannie Mae going to take to ensure that foreclosures are done only when necessary and only in accordance with recognized law? How do your servicer guidelines take into account the incentives for fraud in the fee structure of foreclosure attorneys and others engage in the foreclosure process? What mechanisms do you employ to monitor legal outsourcing?" He almost asks the correct one: "Is Fannie (and Freddie) a shell operation to willfully and illegally transfer non-existent deeds to servicer banks so they can collect subsequent cash flows associated with misappropriated properties, while receiving tens of billions in taxpayer funding each and every quarter."
GMAC Mortgage Now Blames Eviction Halt On "Technical Defect", Says It Meant No "Disrespect" To US Judicial SystemSubmitted by Tyler Durden on 09/21/2010 12:42 -0500
GMAC Mortgage has now definitively proven that they are completely unaware that once you are at the bottom of a really deep hole you should, generally, stop digging. In the latest twist in the increasingly more surreal saga of mishandled affidavits and possible outright title fraud, Bloomberg's Dakin Campbell reports that according to Ally spokesman Gina Proia, "the “defect” in affidavits used to support evictions was
“technical” and was discovered by the company. Employees submitted affidavits containing information they didn’t personally know was true and sometimes signed without a notary present, according to the statement. Most cases will be resolved in the next few weeks and those that can’t be fixed will require court intervention." Of course, this assumes a perfect world, in which tens if not hundreds of thousands of foreclosure notice recipients will not get the brilliant idea of hiring a lawyer on retainer and submit a fraudulent foreclosure claim against the servicer and/or mortgage holder (since nobody knows what the difference is anymore, probably both) leading to tens of billions in legal expenses, and the overturn of a like amount of previous eviction orders and rulings. The fact that money may well be owed and due is irrelevant: the fact that someone may have misappropriated billions worth of property that does not belong to them and based on willful fraudulent claims, as Alan Grayson wrote in his letter yesterday, however, very much is.
Grayson Sends Letter Demanding Halt Of Illegal Foreclosures, Calls Out "Largest Seizure Of Private Property Ever Attempted By Banks And Government"Submitted by Tyler Durden on 09/20/2010 15:33 -0500
The key story from this morning was the Bloomberg report that GMAC Bank had halted foreclosures in 23 states, following disturbing news from last week that rekindled the latent debate over whether servicer banks do in fact own deeds to mortgages on which they foreclose on, and whether the entire foreclosure process is in fact fraudulent (one judge found it to be so, creating a massive headache precedent for the banker community). Yet the company which initially agreed with Bloomberg's version of events, is now retracing and claiming that foreclosures are in fact continuing... with a footnote. Reuters reports: "GMAC Mortgage, a unit of Ally
Financial Inc, is continuing with all new residential
foreclosures despite a report it had stopped them, a
spokeswoman said on Monday. But some evictions have been suspended while the company
reviews its internal procedures, the company said." Maybe the company can clarify just what event catalyzed the decision to suspend evictions, and specifically which "internal procedures" are being reviewed. Also, it is about time for the ABA to step in and share some insight on a topic that has millions of Americans suddenly in arms. And since that won't happen, it is up to the one or two politicians who are not in the bankers' (and the Fed's) pockets to raise some noise. Enter Alan Grayson who in a letter just released to a Florida Supreme Court Justice says:"If the reports I am hearing are true, the illegal foreclosures taking
place represent the largest seizure of private property ever attempted
by banks and government entities."
Will the American serfs have to pony up yet again?
Dan Rather chats with Alan "Taz" Grayson in the enclosed clip, over the opportunities that America may glean as part of the historic one-time only audit of the Federal Reserve, which passed in a watered down vote as part of the FinReg. The exact conditions and the applicable disclosure are still rather murky, although we will take the congressman's word that the information obtained will be material. As Rather says: "soon auditors and accountants will comb through he Fed's book, looking at all the lending the Fed engaged in, starting in 2007 and ending in July 2010, a one-time only peek behind the curtain of the secretive institution." Grayson elaborates: "I expect to learn exactly who got what. We have nothing but single line descriptions of hundreds of billions of dollars that have been disseminated by the Fed. We don't even know who got that money. We don't know the terms of that money. We don't know what the Fed got in return. And in particular we don't know why the Fed keeps insisting that none of these deals were deals that exposed it to the risk of loss." Alas, we are convinced that since the Fed did in fact allow politicians to vote unanimously on the one-time deal, that, just like Goldman, it had found a loophole to proper, correct disclosure far in advance: the truth of what happens behind the Marriner Eccles walls will not be disclosed until well after the reset button has been pushed. Importantly, as Alan points out, occasionally the people in this country can make a difference by calling their congressmen and making it clear just what is important to the broader population, and oddly enough transparency at the money printer, especially when the only thing that can keep the economy solvent is printing ever more money (and issuing more debt, but the two are synonymous, just ask the primary dealers).
Bernanke Says Fed Does Not Engage In Stock Market Or "Individual Stock" Manipulation; Some Loose Ends On FX SwapsSubmitted by Tyler Durden on 06/12/2010 19:27 -0500
In a response letter sent to Alan Grayson, the Fed chairman has the following brief retort to the question of whether "the Federal Reserve- alone or in concert with the Treasury Department or any part of the government- ever taken any action with the purpose or effect of supporting the stock market or an individual stock": "The Federal Reserve has not intervened to support the stock market or an individual stock." Shocking. And we are confident that the fine people at Liberty 33 just sit all day, twiddling their thumbs now that the Fed is no longer in the MBS and UST monetization business. Furthermore, anyone who reads anything into the fact that the FRBNY is continuously ramping up its hiring of traders, both credit and equity, as posted in assorted public venues, is simply paranoid and does not understand that this is only due to Brian Sack's fascination in being surrounded by 400 traders daily. On the other hand, at this point pretty much everyone is aware of the sad state of FRBNY intervention, whether it is in the FX market or the gold market, and indirectly via the discount window and the repo system, in which banks purchase bonds at auction, using discount window or other zero cost capital, only to repo it back, and to use the proceeds to bid up stocks. Maybe Mr. Grayson can ask the Chairman whether the Fed is actively endorsing primary dealers to bid up risky assets to create the impression that since the market is ramping higher (on no volume, mind you, but who cares) that the economy is doing so as well (we will shortly have something to say that refutes this thesis, compliments of none other than Goldman Sachs). All cynicism aside, Grayson at least still continues to ask the right questions: among these are 1) How does the fed plan on dealing with the $1.7 trillion in MBS on the Fed's balance sheet, 2) Why Greenspan and Bernanke were so wrong in keeping the FF rate for so long, and how does the Chairman plan to reconcile the same bubble creation that blew up the economy last time ZIRP was around, with the deflationary threat to the economy, 3) Why does the Fed think a Tobin tax is bad (and, incidentally, why does the Fed even have an opinion on tax policy), 4) Why is the Fed failing at pushing unemployment lower even with ZIRP and QE, 5) How the Fed is lobbying on behalf of its, and Wall Street's interest, 6) How much gold should the US government own, and many others.
Fresh off his "You own the Red Roof Inn" tour, Alan Grayson gives another svelte performance as he introduces the latest soon-to-be buried-in-committee bill with the help of his trusty easel.
"The Fed has not been chastened. It is bolder and more of a rogue actor than ever. It's clear that without full audit authority going forward, the Fed will continue to give out "foreign aid" without Congressional or even Executive permission.
And it will do so in secret.
So we will be fighting on to get a full audit from the conference committee.
But let's not lose sight of what we have accomplished so far - real independent inquiry into the Fed, and its incestuous relationships with Wall Street banks. For the first time ever." - Alan Grayson
Pickpockets are getting needy again ...
Get ready. Something big is coming our way.