The Epic Farce Continues - US Attorneys General "Robosigned" A Foreclosure Settlement Which Does Not Exist

Tyler Durden's picture

It is only appropriate, and so ironic, that a politically motivated settlement whose purpose is to squash any claims of pervasive defective document fraud (and contract law but just ask GM bondholders about that - it's hardly news) is itself found to be... defective. American Banker reports that the reason why the terms of the so-called historic (just ask the Teleprompter in Chief) foreclosure settlement deal are not public yet, is "because a fully authorized, legally binding deal has not been inked yet." Wait, so America's cohort of AGs just all, pardon the pun, robosigned a piece of paper that does not exist? What next: there is a different Linda Green signature on every page of this yet to be produced document making a complete mockery of the rule of law?

Oh and anyone who had doubts that the settlement, which incidentally is paid for by you, dear taxpayers, in the form of bank bailout cash, of which the banks still owe over $10 billion in some capacity, was merely a political ploy to get taxpayers to fund Obama's reelection campaign by subsidizing squatters with $2,000 per vote in the presidential race come November, using banks as intermediaries to make the administration seem oh so powerful and daring to take on the banks, who in fact are the only ones benefiting from this farce, by holding a gun to the head of the hold out AGs forcing them to sign a piece of paper that does not even exist, this should put all those doubts to rest.

American Banker has the story:

The implication of this is hard to say. Spokespersons for both the Iowa attorney general's office and the Department of Justice both told American Banker that the actual settlement will not be made public until it is submitted to a court. A representative for the North Carolina attorney general downplayed the significance of the document's non-final status, saying that the terms were already fixed.

 

Other sources who spoke with American Banker raised doubts that everything is yet in place. A person familiar with the mortgage servicing pact says that a settlement term sheet does not yet exist. Instead, there are a series of nearly-complete documents that will be attached to a consent judgment eventually filed with the court. That truly final version will include things such as servicing standards, consumer relief options, legal releases, and enforcement terms. There will likely be separate state and a federal versions of the release.

 

Some who talked to American Banker said that the political pressure to announce the settlement drove the timing, in effect putting the press release cart in front of the settlement horse.

 

Whatever the reason for the document's continued non-appearance, the lack of a public final settlement is already the cause for disgruntlement among those who closely follow the banking industry. Quite simply, the actual terms of a settlement matter.

 

"The devil's in the details," says Ron Glancz, chairman of law firm Venable LLP's Financial Services Group. "Until you see the document you're never quite sure what your rights are."

 

"It's frustrating," agrees Stern Agee analyst John Nadel. "But it's not unlike anything else that's been going on in financial reform generally, is it?"

That's about right - ever since America became a centrally planned, communist, banana republic with occasional fascist overtones, financial reform in the US is all about frustration: primarily frustrating one out of the will to continue living in a country that would make Stalin green with envy.

American Banker asked The Department of Justice, the Department of Housing and Urban Development, and the offices of Attorneys General in Iowa, North Carolina and Colorado for a copy of the settlement last night. Only Iowa, North Carolina and the Department of Justice have responded, saying that the document would not be available until it is filed with the court on a yet-undetermined date.

Kidding aside, can the bankers who are getting "punished" as part of this deal, please advise the public and the AGs who punished them, just when they plan on releasing the final draft?

All we can say is: Linda Green.

 

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NotApplicable's picture

Problem is, they aren't elected so much as they are selected. Any holdouts are merely bargaining for more support so their selection remains credible within the MSM.

I expect all of them to sign, except maybe one or two of the insignificant ones, which will be controlled opposition to fill a void where otherwise real criticism would be.

TruthInSunshine's picture

They're going to need to bring the signatories to the Bill of Rights back from the dead, to amend that document (at least in pertinent parts, with a focus on the Fifth Amendment [and the 7th]), before they can finalize the settlement.

This may take some years. Science isn't there yet.

Has anyone seen the Time Masheen?

http://www.underconsideration.com/speakup/archives/idiocracy_timemasheen...

withnmeans's picture

Anybody on here a Lawyer? Lets takem to court! We have rights!!!

fishface's picture

exactly + 1000

question is how many documents contracts and perhaps laws as well are invalid because of forged signatures.

This is not robo signing where a computer signs with a scaned signature these are people forging signatures. I think you go to jail for that.

pods's picture

You or I, yes.  Them,  not so much.  Forgery is only a minor felony.

Don't make me beat you till you're happy!

pods

pods's picture

Well, when you enter their court you most certainly will waive your rights.  Unless of course you can open up a court of record to maintain them.

pods

ShankyS's picture

LOL "We have rights" Really. Read the NDAA lately?

GCT's picture

The state AG's just screwed your court of law suit.  Fed law trumps state law once they sign on.  I wonder how much extra money is going to be shoveled into CA, NY , and Fl now they have backed off and sold their people down the river.  Good luck sueing now!

karzai_luver's picture

Take any day of the last 11 years and construct a screen play based on the fin headlines and you would be laughed out of the room.

 

The "real" is not to be believed even as fiction.

 

The country is lost.

 

williambanzai7's picture

This space is reserved...

schoolsout's picture

I'm a jackass that types LOL*

waterhorse's picture

Eek.  THAT is hideous.  Almost lost my lunch...but good work!

kaiserhoff's picture

Thanx William.  I could stand to lose a few pounds.  That image will keep me off my feed for a week;

PulpCutter's picture

Again, time for a little check with reality.

Long before you should lampoon Holder, try "Weepy John" Boehner and his group of toadies.  The GOP led the charge on this mortgage fraud settlement.

Obama vetoed HR3808, and made it stick.  Republicans in the House voted 169 for and 5 against, in trying unsucessfully to override his veto.  http://clerk.house.gov/evs/2010/roll573.xml

Obama is corrupt, but he's nothing compared to Boehner.  The GOP made this happen, for their banker buddies.

http://www.creditwritedowns.com/2010/10/hitler-finds-out-obama-wont-sign-hr3808.html

williambanzai7's picture

Don't tell me who to lampoon and when, I don't play any favorites.

This week's morons are on this week's menu.

RSloane's picture

Yesterday PulpCutter was going from thread to thread -telling- people to vote straight Democrat next elections including Obama. He probably has a poster of Holder in his bedroom that he kisses goodnight so you made him cry. It was pointed out to him on numerous occasions by various people that ZH readers are not paralyzed nor rendered stupid by the false right/left paradigm and he should go back to DailyKoS.

In either event, thanks again for your work that is so important to many of us. You do what you do best.

/e-hug

williambanzai7's picture

I'm being polite to someone who obviously has little or no grasp of the big picture. ;-)

NotApplicable's picture

Oh, he's grasping a big pitcher...

of Kool-Aid.

RSloane's picture

You are an artist who helps us see the big picture, and whether or not we laugh, cry, choke, or slide off our computer chairs is up to us. You have no sacred icons nor sacred people that shouldn't be examined or mocked and that helps the rest of us keep things in perspective. There should be nothing sacred in politics and you remind us of that, sometimes with a poke in the eye.

Yes, you were being polite to someone who should have also extended that courtesy to you and not dictate what you should do and not do. He can't see the big picture because he only sees one thing and he's splattered it with glitter and rainbows.

waterhorse's picture

and no sense of humor.  I love your stuff.  Keep up the good work!

GCT's picture

Williambanzai that scared me and made me laugh at the same time.  People that buy the party line will always call you names, but over the last year watching your great posts you definitely do not hold to either party line.  Refreshing to know someone see both parties are screwing us.

SALUTE to you keep em coming.

PulpCutter's picture

"Don't tell me who to lampoon and when, I don't play any favorites.

This week's morons are on this week's menu."

 Right.  Obama vetoed the mortgage fraud settlement bill.  The GOP voted 167 for, 5 against, in an unsucessful bid to overturn his veto, and give the robosigners a get out of jail free card.  The upheld veto forced red state attorneys general to push it through.  But you blame Holder.

I sincerely hope you're politically biased...because otherwise it's YOU who is the moron.

http://clerk.house.gov/evs/2010/roll573.xml

williambanzai7's picture

Let me assure you that that confused piece of Capital Hill trash was not a get out of jail free card.

Q: Mr POTUS, what did you do to clean up the biggest Wall Street fraudfest in history.

A: I vetoed HR 3808

The get out of jail free card is sitting in the Whitehouse keeping the tub warm for his wannabe replacement Mitt Obamney and you are painting yourself into a moron's corner.

Jim in MN's picture

Obamney and Rombama both have Goldman Sachs dribbling down the front of their pants.  It really is disgusting.

 

END THE BIPARTY PSYCHOPATHOCRACY NOW

NO MAS

PulpCutter's picture

"END THE BIPARTY PSYCHOPATHOCRACY NOW"

Sounds great - how do you propose to do it? 

If principles and integrity were all it took to get elected, Ron Paul would have been in office in 2009.  Ross Perot would have won in '92 (or was that '88).  Carter would have had two terms.

But, reality is that what it takes is a majority of the votes (electoral college).  That takes money, partly because we're a big country with many viewpoints, but mainly because the most effective technique in politics is the negative TV ad.  Money means corporate sponsors, and big money means WallSt corporate sponsors.  If Obama wants to stay in office, he needs to tread very carefully when it comes to rules that apply to WallSt. Sucks massively, but it's reality.  The only way to change things is to work with the hand you're dealt.

The simple facts are: If you don't vote for the less-corrupt party, you're sending the message that corruption doesn't matter.  If you don't vote at all, you're sending the message that you don't care - in fact, that's precisely the power vacuum that lets corporate money and the special interest groups hold so much power.  Americans have the lowest % voter turnout in the world.; 50% in presidential years, as low as 30% on the midterm elections - the rest of the world is typically 75-90%(http://en.wikipedia.org/wiki/Voter_turnout

The big WallSt investment banks, for all their money, don't get a single vote. We can start turning this around - or we can keep whining and posting childish caricatures on the Internet. 

mojine's picture

PulpCutter just like Honey Badger. He don't care! Oohh- there he goes running backward again!

PulpCutter's picture

"Let me assure you that that confused piece of Capital Hill trash was not a get out of jail free card."

WB7 - let me guess: "hospitality-management" major, in college? Wow is that a weak effort, with zero logic or data presented to back it up.  The facts are below. 

Here's 'Tyler Durden' on HR3808:  "it appears that the get out of jail card for the banking syndicate has once again materialized, this time in the form of bill HR3808"

http://www.zerohedge.com/article/hr3808-equivalent-tarp-2-and-obamas-get-out-jail-gift-card-high-frequency-signing-scandal

Here's Naked Capitalism:  "Rather than deal with the considerable consequences of [foreclosure] abuses, the banks are prepared to bulldoze well settled state laws to give them an easy way out

(HR3808: The Interstate Recognition of Notarizations (IRON) Act of 2010 would have required “any Federal or State court to recognize any notarization made by a notary public licensed by a State other than the State where the court is located when such notarization occurs in or affects interstate commerce.”)

The objective facts are that HR3803 WAS for all intents and purposes a get-out-of-jail-free card, that the Republicans led the charge on.  Obama vetoed it, and made the veto stick.  The GOP voted 162 for, 5 against, unsucessfully trying to overturn the veto for their bankers buddies.

The facts are that the Republicans have led the charge on virtually every issue that concerns ZeroHedge readers:

Gramm-Leach-Bliley (overturned Glass-Steagall) Senate vote tally: 54 yes (53 Republicans, 1 Democrat), 44 no

Dodd-Frank (weak piece of crap, but the Republicans vetoed anything stronger): 60 yes (57 Democrats, 3 Republicans); 39 no (all Republicans)

USA 'Patriot' Act 2006 extension: Senate 89 for, 10 against (all 10 against were Democrat); House 357 for, 66 against (63 Democrats, 3 Republicans  - GO RON PAUL).  http://educate-yourself.org/cn/patriotact20012006senatevote.shtml

Iraq War Resolution: 133 against; 126 Democrats, 6 Republicans  http://en.wikipedia.org/wiki/Iraq_Resolution

SilverIsKing's picture

"Obama is corrupt, but he's nothing compared to Boehner."

So it's okay to have a corrupt President as long as they are less corrupt than their political oppostion?

Brilliant.

Struan's picture

Wow, he had that rethoric here in Romania since long ago. Intelligence Service Manipulation.

 

PulpCutter's picture

"So it's okay to have a corrupt President as long as they are less corrupt than their political oppostion?

Brilliant."

Uhhhh...yeah that would be the idea behind having the right to vote, unless you have a better solution.  Ever hear of "reality"?

UP Forester's picture

Dude, you sound like a guy with a processor that can only cut the marked timber.

The only way said guy can process anything is to have the path clearly marked for him, decisions made by "people who know."

Try climbing down out of your glass-box on tracks, and get a better perspective of the forest, not just the trees with big, orange stripes and stump-marks.

You might just figure out why those trees have been marked.

PulpCutter's picture

Yeah, we can chant "you can't see the forest for the trees" back and forth and it'll get us nowhere.

We need to talk specifics.  Have anything constructive to add?  How would you loose the stranglehold WallSt has on the federal govt.  Voting Republican will only strengthen their hold.  Not voting does not send the message that you're a bold independent type who's seen through the smokescreen.  Not voting doesn't do anything at all - just increases the power of those who do vote.

Reality is that you put a huge clothespin on your nose, walk into the voting booth, and vote for the less-corrupt party.  If you have a better idea, we'd like to hear it.

If an outfit says their going to do the greatest TSI in the world, but you walk the lot later and all they did was cut down the best trees, why would you keep selecting them?  You judge an outfit based on what they actually cut, not what they promised you ahead of time.  Look at those GOP vote tallies - the GOP is saying one thing, and doing another. 

The Democrats are corrupt too, but there's a matter of degree.  The Democrats cut more than their tally sheet said, and left the lot a mess.  However, the GOP cut more, took the best trees, hacked the crap out of the trunks of the remaining trees, cut over onto your abutter's land, got you in trouble with the state forester for stream damage, and their check bounced more than once*.  Which one are you going to choose next time? - and you only have the two choices.

(*By the way, I don't shoot as high as either of these examples - a man has to earn a living. Veteran of many trips down the Seney Stretch, long time ago.)

Jena's picture

Where did you get the idea that anyone here is a Republican?  

 

UP Forester's picture

I don't know where he got that idea.  But he keeps playing on the same sandlot, the one with the chain-link fence topped with concertina wire.

Pulp, if you haven't figured it out, yet, it doesn't matter who your hanging chad was marked for.  Holding your nose and coloring the dot of the least duplicitous scoundrel, no matter if it is Jackass D or Retread R, is the same as pointing a .30-06 downward, and choosing which foot you get to shoot.

There is no way that this is going to end well.  The best way to get out of this fucked up forest of intellectual pecker-poles and beneer (too long) culls is a total clearcut.  The forest will come back, and can be managed properly, by the property owner, the next time around.

Mr Drysdale's picture

+1 for good use of analogies!

RSloane's picture

Just so you know, I had to stop laughing long enough to type this. WB you are the best.

williambanzai7's picture

That image has been burning a hole in my hard drive waiting for the right moment. ;-)

LouisDega's picture

Fuck this. I just hurled my trippa and fuckin' suffritt all all over my nice ivy leauge suit

A Lunatic's picture

You just had to do it didn't you.........you just had to ask "what next".      

GeneMarchbanks's picture

Vaporized paper.

'Koking aside, can the bankers who are getting "punished" as part of this deal, please advise the public and the AGs who punished them, just when they plan on releasing the final draft?'

So. You've been koking too, makes three of us.

cossack55's picture

Rule of Law. LMFAO  Thats a freakin good one Tyler. Must be Friday.

BoNeSxxx's picture

The Farce is strong in you... it is.

Whalley World's picture

The only true bet against institutionallized corruption, Gold and Silver.

Marco's picture

It's not a bet against, it's merely hitching a ride ... there is nothing wrong with that, but don't paint it as any more than it is.

In the end Somalian pirates are more effective adversaries of institutional corruption than gold buyers.

zilverreiger's picture

sounds like it's time to axe people