“I think it’s safe to say that 95% of the foreclosure cases in Florida involve some form of fraud on the part of the bank,” David Goldman of Apple Law Firm, PLLC told The Daily Caller in a phone interview. “It’s probably closer to 99%. And the court system is helping them get away with it.”
Robo-signing is a term used by consumer advocates to describe the robotic process of the mass production of false and forged execution of mortgage assignments, satisfactions, affidavits and other legal documents related to mortgage foreclosures and legal matters being created by persons without knowledge of the facts being attested to. It also includes accusations of notary fraud wherein the notaries pre and/or post notarize the affidavits and signatures of so-called robo-signers.
At the 2000 National Consumer Law Conference in Broomfield, Colorado, Nye Lavalle released two white papers and reports he authored. The reports released were titled Predatory Grizzly “Bear” Attacks Innocent, Elderly, Poor, Minorities, Disabled & Disadvantaged and 21st Century Loan Sharks.”
In a follow-up report in 2008, titled “Sue First, Ask Questions Later,” Lavalle detailed the wide-scale practice of robo-signing in the mortgage servicing industry. On page 1 of the report Lavalle states “one of the many predatory servicing practices developed was the use of known false, fraudulent, and forged affidavits, assignments, and satisfactions of mortgages.”
Keane filed and recently won a lawsuit that resulted in several homeowners in Utah getting title to their property, even if they owed the full mortgage, all because of chaos introduced into the nation’s property recording system by MERS.
In the USA houses are now going for FREE. As the bank has misplaced the original mortgage agreement. Probably to surface in some Mortgage Backed Security toxic asset, bunbled together with loads of others. Unfortunately these mortgage agreements seemed to have been placed in more than 1 MBS! In some case 20 or more times!! Of course there cannot be 20 original copies! In most cases THE BANK DESTROYED THE ORIGINALS!! That is why we have a booming robo-signing industry.
In Utah, missing paperwork means a lot; Borrowers gain title for free.
David Dayen at FDL
Salt Lake City Tribune
A Utah court case in which the owner of a Draper townhouse got clear title to the property, even though he still owed $132,000 on it, raises new legal and financial questions about a property-records database created by mortgage bankers.
The award of a title free of liens means that whoever owns the promissory note on the Draper property — likely a group of faraway investors — no longer has the right to foreclose to collect on a delinquent loan. Indeed, the townhouse owner has sold the property and kept the money. Those who own the promissory note probably don’t even know what occurred.
Decisions such as the one 3rd District Judge Glen Iwasaki handed down in the Draper case could have a big impact as the state wends its way through hundreds of lawsuits involving foreclosures, loans on properties for more than they’re worth and predatory lending practices that led Utahns to lose their homes as the real-estate bubble burst.
GOOD NEWS IS THAT IN UTAH ,JUDGES HAVE SET A PRECEDENT. ROBOSIGNED DOCUMENTS ARE INVALID! THEY ARE IN FACT FRAUDULENT!
ORIGINAL DOCUMENTS MUST BE PRESENTED!! IF THEY CANNOT OWNERSHIP RETURNS TO THE HOME OWNER!
IF THE BANKS DESTROYED THE ORIGINAL ,YOU GET TO KEEP YOUR HOUSE WITHOUT HAVING TO PAY ANOTHER PENNY!!
We all know that the real reason behind all the “banker bailout” secrecy is the fact that if we knew what was going on, we would of not only let the banks fall ,but we would of arrested the head bankers for fraud , forgery and counterfeiting .Instead the banks got the taxpayer to buy these WORTHLESS TOXIC ASSETS so they could balance thier books . Meanwhile thier REAL DEBTS are now being counted in the QUADRILLIONS OF DOLLARS,(NOT millions ,NOT billions , NOT trillions.)
The Size of Derivatives Bubble = $190K Per Person on Planet
The Invisible One Quadrillion Dollar Equation — Asymmetric Leverage and Systemic Risk
According to various distinguished sources including the Bank for International Settlements (BIS) in Basel, Switzerland — the central bankers’ bank — the amount of outstanding derivatives worldwide as of December 2007 crossed USD 1.144 Quadrillion, ie, USD 1,144 Trillion. The main categories of the USD 1.144 Quadrillion derivatives market were the following:
1. Listed credit derivatives stood at USD 548 trillion;
2. The Over-The-Counter (OTC) derivatives stood in notional or face value at USD 596 trillion and included:
a. Interest Rate Derivatives at about USD 393+ trillion;
b. Credit Default Swaps at about USD 58+ trillion;
c. Foreign Exchange Derivatives at about USD 56+ trillion;
d. Commodity Derivatives at about USD 9 trillion;
e. Equity Linked Derivatives at about USD 8.5 trillion; and
f. Unallocated Derivatives at about USD 71+ trillion.
Quadrillion? That is a number only super computing engineers and astronomers used to use, not economists and bankers!
LETS HAVE A REALITY CHECK.IF WE WHERE TO PAY A DOLLAR A SECOND ,IT WOULD TAKE 32 MILLIONS YEARS TO PAY OFF 1 QUADRILLION DOLLARS!!
THE FINANCIAL SYSTEM IS BEYOND SAVING. WE SHOULD JUST LET IT DIE.
ONE WAY TO HELP THE SYSTEM COLLAPSE AND HELP YOURSELF BY PROTECTING YOURSELF FROM CRIMINAL THIEVING BANKERS, IS TO STOP PAYING YOUR MORTGAGE UNTIL YOUR BANK CAN PROVE IT STILL HOLDS YOUR ORIGINAL MORTGAGE AGREEMENT.
IF YOU KEEP PAYING YOUR MORTGAGE TO A BANK THAT NO LONGER OWNS YOUR MORTGAGE AND ACTUALLY SOLD YOUR MORTGAGE ON BUNDLED UP IN SOME MORTGAGE BACKED SECURITY. THEN YOU STAND TO LOOSE YOUR HOUSE TO THE REAL OWNER BANK,EVEN IF YOU HAVE PAID YOUR MORTGAGE IN FULL TO THE ORIGINAL BANK. IF YOUR BANK DOES NOT HAVE YOUR MORTGAGE CONTRACT. DO NOT PAY ANOTHER PENNY UNTIL YOU CAN FIND WHO LEGALLY HOLDS IT RIGHT NOW!!
Representatives of Deutsche Bank told The Daily Caller via email that the bank’s involvement in the Jeffs case was merely nominal, as it had to be named as the plaintiff in the case because it ultimately held the right to foreclose, not Chase, the bank that originally created the loan and that was accepting Jeffs’ payments and forwarding them to the proper recipients. But as the loan servicer, Chase had tried to work out a loan modification with Jeffs, and he was current on his payments when Chase abruptly informed him that his modification was denied without explanation. Several days later, Jeffs found out that he supposedly no longer owned his home. He stopped making payments, and he hasn’t made them since. But no bank has been able to successfully repossess and sell the property. To the banking system, the asset backed by the house—the mortgage—has simply vanished into thin air.
Read more: http://dailycaller.com/2010/10/14/thedc-op-ed-one-nation-under-fraud/#ixzz1BRRtyFDo
Utah Professor Chris Peterson weighs in on the significance of the rulings.
More from David Dayen…
This is all tied up with MERS, the online database that has stood in for the land records system in as many as 60% of the mortgages in America over the past decade or so. As we’ve seen, MERS is essentially a way for the largest banks to avoid recording fees, by naming them as the mortgagee on the original record and then transferring the mortgage and the note through their database. The problem is that MERS is named as an owner on loans in which it has no financial interest, and the judicial system doesn’t yet know how to manage that. This has confused the hell out of title insurance companies, who cannot determine who holds the note or even who can collect payments on it. As a result, in this case, the courts and the title company failed to figure any of that out, so they gave title back to the homeowner.
The attorney for the man in Draper, Utah, says he has won two other cases this way, and another attorney in Utah got a default judgment giving title to borrowers who owed $417,000 on a home.
The owners of the note could always go back and try to recoup this money, but as Christopher Peterson of the University of Utah says in the article, MERS calls into question their ability to succeed:
Under laws adopted by all 50 states, the owner of a “negotiable instrument” such as a promissory note must be in physical possession of the document, said Peterson. Otherwise it would be like someone trying to cash a photocopy of a check instead of the actual check.
“One cannot be a holder of a note unless one is in physical possession of that note,” he said.
But Peterson said evidence is coming out in courts that shows the actual promissory notes or mortgages signed by buyers were not transferred as the notes made their way into the mortgage-backed securities investment pools.
That could mean in these cases that no one is in a position to try to collect because the actual notes are lost or destroyed, potentially making some promissory notes investors think they hold worthless.
Start watching at the 1-minute mark. Includes excellent testimony from foreclosure lawyer Thomas Cox, and Utah professor Dr. Chris Peterson. Detailed article on MERS inside.
Hearing took place Dec. 15, 2010.
More detail on this clip is here, including a transcript…
■Video: Congressional Testimony On MERS – Does It Have Legal Authority To Foreclose?
Foreclosure Fraud Documents
You will see several examples of ACTUAL fraudulent documents that were submitted by large, well known banks in court proceedings.
We’re talking crazy-ass, over the top, ridiculous fraud here – Fake people, fake signers, fake documents, false notaries, fake affidavits and EVEN fake banks…
Excellent slideshow presentation – Takes just 2 minutes to skim it all…
ITS NOT JUST THE BANKS THAT ARE RIPPING US ALL OFF.ITS THE POLITIONS AS WELL. THATS WHY THE BANKS GOT BAILED OUT WITH YOUR MONEY AND THATS WHY THE BANKING RECORDS ARE BEING KEPT SECRET AND BANK BONUES ARE STILL BEING PAID , EVEN THOUGH THE BANKS ARE NOW NATIONALISED ASSETS!!
THE PROPAGANDA TO LURE MORE FAMILIES INTO DEBT JUST TO TRY AND SAVE THE BANKS CONTINUES
The houseing market is dropping fast. December house prices FELL by even more then anticipated. The IMF just handed in a report saying the UK’s housing is still outragously overpriced!!
Home price drops exceed Great Depression: Zillow
Home prices fell for the 53rd consecutive month in November, taking the decline past that of the Great Depression for the first time in the prolonged housing slump, according to Zillow.
Home prices have fallen 26 percent since their peak in 2006, exceeding the 25.9 percent drop registered in the five years between 1928 and 1933, the housing data company said in a report on Monday. Prices fell 0.8 percent over the month.
It is a dubious milestone for the U.S. housing market which has failed to gain much traction despite a host of government programs to reduce delinquencies and encourage demand with temporary tax credits and lower interest rates. Many economists expect further price drops, even if there are some anecdotal signs of growing demand, such as in pending home sales data.
“For the next six to nine months, the larger factors affecting the housing market that will produce more home price declines will be the excess inventory of homes, high negative equity and foreclosure rates, and weakened demand due to elevated employment, Stan Humphries, Zillow’s chief economist, said in a blog post.
Declines are accelerating, and it will take a while before falling unemployment and other signs of economic improvement support the market, Zillow said.
If Shiller’s Chart Is Right US Housing Market Has 50% to Fall: BubbleOmics Disagrees
There has been a kind of pause in house price angst in USA over the past year, the “good news” is that “only” one million homes were physically repossessed in 2010 which is about the same as 2009. The bad news is that outside of the temporary respite achieved by “Foreclosure-Gate”, the trend is still up
OF COURSE THE UK MSM PRESSTITUTES PRINT STATE CAPITALIST PROPAGANDA.
HOUSE PRICES SET TO SURGE, MARKET WILL TAKE OFF IN THE SPRING! Says the Express newspaper.
Of course this is nonsense. But actually its the only card left to play. Like the “stock market guru” that gives tips on “underpriced” stocks , that then rise ,purely on the extra interest generated by the stock market guru mentioning the stock ,its all a con!!! A desperate last attempt to keep the housing market prices from dropping ,as lower house prices means lower asset worth for the banks!! SO THE BANKS NEED TO SELL HOUSES FAST BEFORE THEY DEVALUE IN THE MARKET PLACE!!
BUT THEY COULD BE RIGHT. HOUSE PRICES COULD SURGE IN THE UK ….IF THE UK ECONOMY GOES BUST ZIMBABWE STYLE
UK Inflation CPI Hits 3.7%, Higher than Zimbabwe, Britain Sleep Walking towards Wage Price Spiral
UK Inflation for December 2010 soared to CPI 3.7% from 3.3% which is set against academic economist expectations of just a few hours earlier of 3.3%. This now puts UK inflation Higher than that of hyperinflation prone Zimbabwe’s CPI at 3.2%, thus making a mockery of long standing commentary in the press that it was ridiculous to compare Britain’s inflation problems with that of Zimbabwe
REMEMBER THE UK FINACIAL INDUSTRY IS CHAINED TO THE US WALL STREET
Long Shadows Cast Over US Economy 2011
Numerous are the threats to the US Economy and US financial structures. Many are hidden threats, subtle challenges to undermine increasingly fragile support systems, planks, and cables that hold the system together. The year 2011 will be when the system breaks in open visible fashion, when the explanations that justify it sound silly and baseless, when the entire bond world endures major crashes. All thing financial are inter-related. Recall that in summer 2007, the professor occupying the US Federal Reserve claimed the subprime mortgage crisis was isolated
TODAY THE GOVERNMENT AND ITS MSM PRESSTITUTES ARE LYING TO US WHILE IT QUIETLY LOOTS THE NATION!
UK debt is ‘twice as much as we thought’
12 July 2010, 7:37am
The true scale of the national debt is £2 trillion – more than twice the official figure, an alarming study shows.
Burden: Paying for civil service pensions will swell UK debts.
The black hole in the public accounts equates to £78,000 for every household in the country.
The ‘real’ state of the national finances is exposed in a study published today by the Centre for Economics and Business Research, which warns of a series of mammoth debts that aren’t revealed by the official figures.
The national debt – forecast to reach £932m by next spring – does not include a number of expensive liabilities, such as the cost of civil service and town hall pensions and projects funded under the Public Finance Initiative.
Putting these liabilities into the official figure would add £1.13 trillion to Britain’s whopping overdraft, according to CEBR.
Under the worrying scenario, the debt would jump from 62% to 138% of Britain’s income.
In its study, CEBR warned that the Government cannot formulate a plan to revive the economy while the liabilities remain hidden.
Charles Davis, an economist at CEBR, said: ‘Clarity and transparency on the public sector finances has never been more vital in the context of recent concerns over public sector debt, particularly in the advanced economies.’
The report, which found that public sector pensions are by far the biggest liability excluded from the official record, will provide ammunition for the Government as it prepares to slash civil service pay and perks.
Unfunded public sector and local government pension liabilities, which the Government will need to pay in the future, amount to a staggering £1.08 trillion, according to CEBR.
Also written out of the accounts are the full cost of projects financed through the PFI, which by CEBR’s calculation adds a further £43bn. So-called contingent liabilities, such as Network Rail, add £2bn to the total.
REPRESENTATIVE GOVERNMENT POLICY ,KEEP THE PEOPLE IGNORANT AND SCARED!!
FOR GOVERNMENT A SCARED AND IGNORANT POPULATION IS BEST. A CONFIDENT AND EDUCATED PEOPLE DO NOT NEED GOVERNMENT STICKING THIER NOSES INTO THIER LIVES!! AN INFORMED PEOPLE CAN MAKE THIER OWN CHOICES AND DECIDE WHAT IS BEST FOR THEMSELVES.AN IGNORANT PEOPLE BECOME RELIENT ON, AND PRODUCE PROFITS FOR THOSE SUPPLIYING THEM AND THE IGNORANT CAN BE MADE TO BELIEVE ABSURDITIES AND THEN WILL COMMITT ATROCITIES, LIKE ILLEGAL WARS!!
“Sell a man a fish, he eats for a day, teach a man how to fish, you ruin a wonderful business opportunity.”
THE EUROPEAN GOVERNMENTS BY ACCEPTING THE EU AND IMF SOLUTIONS ARE JUST SELLING THE PEOPLE AS DEBTOR SLAVES TO THE BANKERS AND SPECULATORS . THE US ECONOMY IS ALREADY A DEAD MAN WALKING
THE US HAS ALREADY BEEN CAUGHT TRYING TO PASS OFF FAKE GOLD TO CHINA
WHILE RUSSIA TAKES OVER THE EU VIA ITS IRRESPONSIBLE FINANCIAL INSTITUTIONS.
IS PUTIN OFFERING A FINANCIAL LIFELINE FOR THE EU? WITH STRINGS ATTACHED AND RUSSIA IN THE DRIVING SEAT OF COURSE .WE ALREADY RELY ON RUSSIA FOR OUR ENERGY
Putin proposes Russia-EU union
BY VALENTINA POP..euobserver.com
Ahead of his two-day visit to Germany, Russian Prime Minister Vladimir Putin has projected a vision of a ‘harmonious economic community stretching from Lisbon to Vladivostok’ in reaction to the economic crisis. Chancellor Angela Merkel, however, said she will “pour some cold water” on the idea.
Writing in German daily Sueddeutsche Zeitung on Thursday (25 November), Mr Putin argued that more integration between Russia and the EU and even a “common contintental market” would allow them to overcome the effects of the crisis and prevent a new one from emerging
IF RUSSIA STARTS TRADING IN EUROS IT WOULD STRENGTHEN THE EUROPEAN CURRENCY GREATLY.BUT WITH RUSSIA ,NOT GERMANY CALLING THE SHOTS
Putin – Euro should be World’s Reserve Currency
Russia and Germany should dramatically increase their economic co-operation. That’s the message from Russian Prime Minister Vladimir Putin to some of Germany’s top industrialists at a business forum in Berlin.
RT on Facebook: http://www.facebook.com/RTnews
RT on Twitter: http://twitter.com/RT_com
RUSSIA AND CHINA HAVE ALREADY AGREED TO DUMP THIER DOLLARS
Russia, China Dump Dollar for Trade
China and Russia have said they will renounce the US dollar and use their domestic currencies in bilateral trade.
The announcement came as the leaders of both countries met in St. Petersburg to expand bilateral trade and energy-cooperation between the countries, according to an AFP report on Tuesday.
“We agreed to expand the possibilities for application of national currencies during trade and economic contacts,” said Russian Prime Minister Vladimir Putin after holding talks with the Chinese premier Wen Jiabao.
With Russian ruble already trading on the Chinese exchange, yuan trade in Moscow is expected to begin in early December.
The bilateral trade between the two countries is estimated to reach above $50 billion by the end of 2010, according to the Russian government. http://timiacono.com/index.php/2010/11/24/russia-china-dump-dollar-for-trade/
WELCOME TO THE NEW GLOBAL ECONOMY AND THE NEW WORLD BANKING ORDER
REMEMBER HOW BAD IT WAS IN THE 1970′S? WELL ,40 YEARS OF STATE CAPITALIST FREE MARKET ECONOMICS, THATCHERISM AND REGEANOMICS AND SCIENTIFIC IMPROVEMENTS, AND WE WENT THROUGH THE GLOBAL BOOM PERIOD AND GUESS WHAT?
THERE IS DOUBLE THE AMOUNT OF GLOBAL POVERTY TODAY…WHERE DID ALL THE MONEY GO?
Global poverty doubled since 1970s: UN
GENEVA — The number of very poor countries has doubled in the last 30 to 40 years, while the number of people living in extreme poverty has also grown two-fold, a UN think-tank warned Thursday.
In its annual report on the 49 least developed countries (LDCs) in the world, the UN Conference on Trade and Development (UNCTAD) said that the model of development that has prevailed to date for these countries has failed and should be re-assessed.
“The traditional models that have been applied to LDCs that tend to move the LDCs in the direction of trade-related growth seem not to have done very well,” said Supachai Panitchpakdi, secretary general of UNCTAD.
“What happened is that in the past 30-40 years, the number of LDCs have doubled so it has actually deteriorated, the number of people living under the poverty line has doubled from the 1980s.”
The report indicated that the situation has sharply deteriorated in the past few years
THIS WAS OUR FINANCIAL SITUATION JUST BEFORE THE CREDIT CRISIS. NOTICE ITS THE 4 COUNTRIES THAT PUSHED THE IRAQ WAR THAT ARE THE BIGGESTD DEBTORS…COINCIDENCE I AM SURE…FYI 181ST IS LAST!
|Rank||Country||CAB USD, bn|
|1||People’s Republic of China||371.833|
SO MUCH FOR THE TRICKLE DOWN THEORY ….AND WITH AUSTERITY MEASURES KICKING IN ,I DO NOT SEE THE POVERTY SITUATION GETTING ANY BETTER IN THE FORSEEABLE FUTURE IN EUROPE OR THE REST OF THE WORLD ,DEVELOPED OR NOT
THE FEDERAL RESERVE WILL DO THE SAME FOR THE AMERICANS
The System derives its authority and public purpose from the Federal Reserve Act passed by Congress in 1913. As an independent institution, the Federal Reserve System has the authority to act on its own without prior approval from Congress or the President.
Controversy about the Federal Reserve Act and the establishment of the Federal Reserve System have existed since prior to its passage, and include whether Congress has the Constitutional power to delegate its power to coin money or issue paper money, whether the Federal Reserve is a private banking cartel established to protect large banks, or whether the Federal Reserves’ mistakes increase the frequency and severity of boom-bust economic cycles such as the Great Depression of the 1930s.
The board of directors of each Federal Reserve Bank District also have regulatory and supervisory responsibilities. For example, a member bank (private bank) is not permitted to give out too many loans to people who cannot pay them back. This is because too many defaults on loans will lead to a bank run.
The punishment for making false statements or reports which overvalue an asset is also stated in the U.S. Code:
Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way…shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.
These aspects of the Federal Reserve System are the parts intended to prevent or minimize speculative asset bubbles which ultimately lead to severe market corrections. The recent bubbles and corrections in energies, grains, equity and debt products and real estate cast doubt on the efficacy of these controls.
SO WHY ARE THE BANKERS NOT FACING $1,000,000 FINES AND 30 YEARS IMPRISONMENT?!?!
THE FEDERAL RESERVE WAS ALSO SUPPOSED TO STABLISE THE DOLLAR…….
From 1776 to 1912 (136 years), the value of the dollar, relative to the Consumer Price Index, increased by 11%. A dollar could buy 11% more goods in 1912 than in 1776.
After the Fed’s creation, from 1913 to 2008 (95 years), the value of the dollar, relative to the Consumer Price Index, decreased by 95%. A dollar could buy 95% fewer goods in 2008 than in 1913.
THE POLITIONS WILL BE RICHLY REWARDED FOR THIER TREASON ,THE PEOPLE OF THE NATIONS WILL BE ECONOMIC DEBT SLAVES,WITH NO VOICE AND NO CHOICE OVER THIER AND THIER CHILDRENS FUTURE!!
“If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.”
FORTUNATELY THE BANKERS ARE SO INCOMPITENT AND CRIMINAL THAT THEY FORGOT TO KEEP REAL PAPERWORK AND HAVE BEEN CAUGHT RED-HEADED FORGING DOCUMENTS THAT THEY NO LONGER HAVE ANY CLAIM TOO!!
SO ITS FREE HOUSES ALL ROUND , IF YOUR BANK CANNOT PRODUCE THE ORIGINAL DOCUMENT ,THEY NO LONGER OWN YOUR MORTGAGE!!