All 50 States Launch Investigation In Foreclosuregate, Wall Street Nightmare Becomes Real

Originally posted by crimvelvet

TPTB must be buying Whitewash wholesale at the rate they use it.

A whitewash factory could be a good bussiness to own these days.


That being said I suspect that they (the bankers etc) are desperately trying to keep the wheels from coming off the cart.

Originally posted by stirling
I have been waiting for this particular thing to hit the fan for some time...
many of these bundles mortgages were sold out of country....
the foriegn buyers of these bundles cannot prove ownership of individual properties to forclose i believe....
So if deutsch bank has your particular mortgage bundle it cannot show title...and thus cant take the property p

My memory might be way off here, but weren't people concerned that China was buying up a lot of these foreclosed properties and there was a fear that there might be a "chinese takeover" of America?
If I have remembered that correctly, then in this mess, I guess the averted Chinese takeover would be about the only positive thing to come out of it.
But then again, wonder how China will react to this, when it's invested so much in this already?
I'm sure they aren't going to be too happy about it at all. Wonder what their response might be?

reply to post by chiponbothshoulders


You said it perfectly. They know it's about to collapse so they're making the most of it.

let's see, only a little computer data base knows for sure who owns any particular piece of any mortgage.....MAYBE....maybe even the data base doesn't know either, who knows...
umm.....for some reason, I keep getting this sick feeling that this data base might not have long to live???

has any of the investigators got a court order for a data dump...
I mean, if that goes....by some weird accident....
no evidence, to trail, nothing!

reply to post by Flighty


That is how they crippled China and got back a whack of money we sent over there for goods. Now China wants to get even with the USA for stealing the money they re-invested in the US. ...Fanny Mac, etc....

China has the power now. The USA was trying to put them in their place. The thing is that China has a large sum of USD still and they will not be as easily marked as they were then. The whole economic world is giving power to China with their devalued Yen, buying cheaper goods and selling them at inflated prices to feed the market system.

All of this so certain people can keep their cushy, cake eating lives.

The mortgage mess gets more complicated every day. Here are a sampling of stories that shows how.

Great rundown at Mish's.

globaleconomicanalysis.blogspot.com...

And it looks like this now has the potential to go Global.

Bair, FDIC chariman made a statement that Forclosuregate will require sometype of a Global Solution.
www.abovetopsecret.com...

Originally posted by win 52
reply to post by Flighty

 

That is how they crippled China and got back a whack of money we sent over there for goods. Now China wants to get even with the USA for stealing the money they re-invested in the US. ...Fanny Mac, etc....

China has the power now. The USA was trying to put them in their place. The thing is that China has a large sum of USD still and they will not be as easily marked as they were then. The whole economic world is giving power to China with their devalued Yen, buying cheaper goods and selling them at inflated prices to feed the market system.

All of this so certain people can keep their cushy, cake eating lives.

A person would be a fool if they had a million dollars in cash in their home, not converting it to gold or silver or some other commodity. So how is it China holding a trillion dollars is anything but a bad thing for THEM? China may move to purchasing silver and gold which would be good for them, but China is the loser if they hold onto a trillion dollars. The dollar is tanking, meaning China is losing money by hoarding their dollars. This is most likely by design, as no one can be this stupid, the controlling elite have China heavily wrapped up, it is the communist headquarters, Maurice Strong is headquartered there. The only problem is that the smart investors are buying gold and dumping the dollar, so the entire system is shaky because of this.

Originally posted by dawnstar
let's see, only a little computer data base knows for sure who owns any particular piece of any mortgage.....MAYBE....maybe even the data base doesn't know either, who knows...
umm.....for some reason, I keep getting this sick feeling that this data base might not have long to live???

has any of the investigators got a court order for a data dump...
I mean, if that goes....by some weird accident....
no evidence, to trail, nothing!

unfortunately, the banksters are burning the trail as we speak, and the feds are too busy busting average Americans to care, they don't have the power and are just a drain on the system. The only entity with the power to stop the banksters is the public which can pull their money from the big banks. The government would then bail them out but if the public stays informed this will just collapse the entire system, banks included. Not much will change, people will get rich, people will get poor, it's the same old game, hopefully more people wake up in record numbers thanks to the internet. The banks have their bail outs, the people have open information.

Originally posted by burntheships
reply to post by thegoodearth

 

Maybe not.

I do find this interesting...very. Chicago Cook County Sherriff is refusing to follow through on evcitions now, untill they are proven legal.

Wow, talk about taking the law into your own hands.

Now, this is what we need all over America. Rise up against the tide of crooked Bankstas!

www.abovetopsecret.com...#

The sheriff for Cook County, Illinois, which includes the city of Chicago, said on Tuesday he will not enforce foreclosure evictions for Bank of America Corp, JPMorgan Chase and Co. and GMAC Mortgage/Ally Financial until they prove those foreclosures were handled "properly and legally."

this type of activity will stop the banksters faster than any type of investigation headed by them (ha). Hopefully more people in the system are still good hearted and have a conscience, they'll be the ones to shut this monster down. We all need to do our part.

reply to post by tanarus

Here is the irony...

As they go house to house to confiscate guns, Republicans will have sold out to the communists. Aren't they Pro guns,pro NRA? Yet the troops knocking at our doors half of them will be Republican minded. And they sold out to the communists. Doing the very thing they preech they would never do....

Think about that for a sec.

You are making the same mistake every one makes. There is US (poor & middle class) vs THEM - the Banksters & CEOs otherwise known as the Council on Foreign Relations/Council on Economic Development sometimes called the Elite, TPTB, Bilderberger, Club of Rome...

The Democrats and the Republicans are bought and paid for by THEM, not us. The republicans vs the democrats are just a dog and pony show - circuses for the masses if you will. Our true leaders met from June 4th to 6th near Barcelona in Northern Spain:

...the leaked agenda of this year meeting on the corbett reportt
1. Will the Euro Survive?
2. Development in Europe: Europe's Exit Strategy...On Hold?
3. Do We Have Institutions to Deal With the World Economy?
4. Greece: Lessons and Forward-looking Strategies
5. NATO and Afghanistan: The Practical Agenda for the Alliance
6. Iran and Russia: Economic and Financial Threats to the Alliance
7. The Consequences of War Against Terrorism
8. The Influence of Domestic Issues on American Foreign Policy
9.The Outlook for Japan's Economy
10. The Future of the U.S. Dollar

On June 1, 2010, Estulin will make history, being the first investigative journalist in the world to give an address on the Bilderberg Group in the European Parliament in Brussels on special request from Europe´s most-voted politician – Mario Borghezio.

The Bilderbergers decide jointly on the best way to deal with the resources of the planet, and exert control over energy and money supplies, reported Estulin. The structure of the group is not pyramidal with one person at the top-- it is "oval" with three groups of 13 people deciding the particular issues and participants in a given year, he added.

Ultimately, the Bilderbergers seek to destroy the US and world economies, so they can consolidate power, said Estulin, who advised people to take their investments out of banks and corporations and put their money in one's local economies. Based on his study of the group, he has concluded that a war with Iran is "off the table," oil will rise to $120 - $130 a barrel and Putin will not be "dislodged" from Russia.
geraldcelentechannel.blogspot.com...

The 58th Bilderberg Meeting will be held in Sitges, Spain 3 - 6 June 2010. The Conference will deal mainly with
Financial Reform,
Security,
Cyber Technology,
Energy,
Pakistan,
Afghanistan,
World Food Problem,
Global Cooling,
Social Networking,
Medical Science,
EU-US relations.

Approximately 130 participants will attend of whom about two-thirds come from Europe and the balance from North America. About one-third is from government and politics, and two-thirds are from finance, industry, labor, education, and communications.'
www.stopbilderberg.org...

Daniel Estulin Bilderberg Speech at EU Parliament Press Conference includes Video and written transcript.

reply to post by burntheships


Our Redemption Drawith Nigh.. is how i see this Foreclosuregate...


consider that the NY Fed itself is a co-party to force BOA to repurchase the $47BN of
mortgage related paper & bonds that were sloppily nade, diced, sliced, chopped into
a mountain of fraudulent MBS and such paper.


well here' the redemption === for the public, particularly the underwater homebuyers
that have no clear lienholder to their property..

Bank of America will be forced to accept the original mortgage paper from the major buyers,
the NY Fed and JP Morgan toname just two major holders of the toxic mortgage paper.

Bank of America, will prepare new mortgage paper to establish a legal chain of ownership,
but the old sales price of the property will not be acceptable to the current home owner-residents,

the underwater owners living in the home will not sign the restructured mortgage paper unless
a severly reduced mortgage balance is reflected in the contract...
lets say a $300k home purchased in 2006, (but with a faulty deed/title/mortgage lien)
is presently, in 2010 valued at $225k---and expected to lose another $50k of value in this crisis,
the home buyer being in the driver's seat, will demand the outstanding price of the mortgage
to be only $175k due on the house...or else the residence owner will just squat on the property
that has no clear owner and the squatter cannot be evicted because of the foreclosuregate fraud.


this same situation being played out in the 10s of millions of homes across the country can
result in $100s of billions of newly found money, wealth resource, becoming available to spend
~ courtesy of the Countrywide, and Bank of America's of the world ~... in which they are not
really losing any money...because BOA has been getting fat from the FED largesse of the
interest rate spread since the TARP swindle....

BOA and other mortgage paper sellers will just be cutting off their profits that were awarded
them from the taxpayer bailout, profits which they refused to inject into the business community,
instead preferring to sit on their windfall and award themselves bonuses.

We will have in effect... as pass-through of the TARP money.... money the FED provided to the
market maker, TBTF banks... who then have to create restructured mortgage papers at a reduced
sales price...which will ultimately benefit all the underwater home buyers all across America


this will/ should go down in financial history as the single most serendipitious moment that
singularly removed the vice-grip of recession-depression which the Banker-Wall Street elite
had arranged in order to seize 90% of all private & commercial property in the USA


that is unless the FED & Treasury and the Courts...decide to support the Wall Street/ Banker
fraudsters & the support groups like Ratings Agencies, Insurers, Title search Lawyers, Appraisers...
instead of 'We The People' on Main Street USA

Originally posted by St Udio
reply to post by burntheships

 

Our Redemption Drawith Nigh.. is how i see this Foreclosuregate...

.......Bank of America will be forced to accept the original mortgage paper from the major buyers,
the NY Fed and JP Morgan toname just two major holders of the toxic mortgage paper.

Bank of America, will prepare new mortgage paper to establish a legal chain of ownership,
but the old sales price of the property will not be acceptable to the current home owner-residents,

the underwater owners living in the home will not sign the restructured mortgage paper unless
a severly reduced mortgage balance is reflected in the contract...
lets say a $300k home purchased in 2006, (but with a faulty deed/title/mortgage lien)
is presently, in 2010 valued at $225k---and expected to lose another $50k of value in this crisis,
the home buyer being in the driver's seat, will demand the outstanding price of the mortgage
to be only $175k due on the house...or else the residence owner will just squat on the property
that has no clear owner and the squatter cannot be evicted because of the foreclosuregate fraud.

I hope beyone all hope that this is the outcome. If not....and we get another bait and switch.... like your other scenario...

that is unless the FED & Treasury and the Courts...decide to support the Wall Street/ Banker
fraudsters & the support groups like Ratings Agencies, Insurers, Title search Lawyers, Appraisers...
instead of 'We The People' on Main Street USA

Now that is going to be the last straw. And actually, there is a bill in the works, something about Notarys, and some load of bandini....have you heard about that?

You want to be informed, I suggest you watch this video.
Honestly, after watching this, I have no respect for the Mortage holders. None whatsoever.

reply to post by burntheships

I'm surprised I haven't seen any of the videos of the little albanian women.
she didn't understand many of the questions that were posed to her....english isn't her native language after all.....and yet, she was signing legal documents like these???

oh well....
here's a nice little gem I found this morning that seems to validate somewhat that this is gonna effect the legalstatus of 80% or so ....of the real estate in the country....
sorry for the long quote, but well......this is worth quoting???

This client’s lawyer, another foreclosure specialist, was equally strident. He simply stated that this massive scandal would “fundamentally destabilize” the entire U.S. real estate market. Pines interjected again.

“This is not only residential, this is commercial.” In that respect, what Pines meant is that we are about to see the same scenario play-out in the multi-trillion dollar U.S. commercial real estate market. At this point he came out with his real “bombshell”: “Nobody in this country knows for sure who owns any real estate.”

He qualified that remark very slightly, by stating that anyone who owned their property free-and-clear before mortgage securitization started in the 1980’s was likely in the clear. Roughly speaking, this would probably comprise no more than 10 – 20% of the U.S. real estate market.

Note, however, that it is not necessary for 80 – 90% of all property titles in the U.S. to be defective, or even possibly defective. Even if only 10 – 20% were defective (still an astronomical number), that this is more than enough to permanently depress real estate prices in the U.S.

Ask a rational buyer whether he would like to spend $200,000 buying a home in Canada – and actually own it, for sure; or ask that same buyer if he would rather spend $200,000 for a home in the U.S., and perhaps “own” it, what will that rational buyer do? The buyer will either simply completely reject the U.S. market – without consideration – due to the lack of legal certainty, or, the buyer would heavily discount his offer for the U.S. home, to reflect living with permanent risk. How much less is a home worth if you can never be sure you really “own” it? Is it 25%? 50%? 75%?

While the callous attitude of many Americans (bank shareholders?) to the plights of their fellow homeowners is nothing less than despicable, the stupidity of these people in wanting their government to simply wallpaper over this fraud is truly mind-boggling. Clearly, given the choice of one or two more years of housing-sector devastation (the time necessary to properly fix a problem of this magnitude), or the choice of large, permanent discounts on all U.S. real estate, there is no choice here for any mentally competent adult.

Of course, Wall Street has done much more than throw into chaos the U.S. housing market and the entire U.S. mortgage-securitization market. It has also destroyed the entire U.S. state and municipal pension system. Thanks to decades of corruption, where banker-lobbyists gave pension fund administrators fat kick-backs – in exchange for buying what they were told to buy, the U.S. pension system was already underfunded by trillions of dollars.

Now, thanks to the latest, biggest chapter of Wall Street fraud, somewhere around $1 trillion of mortgage-backed scam-products held by these pension funds have little if any worth. The only possible means for many of these pension funds to ever come close to solvency is to sue Wall Street banks, for all of the fraudulent banker-paper sold to them (plus damages).

Note that there are $10’s of trillions in “credit default swaps” (held by Wall Street banks) which back these fraud-products – at extreme leverage. We caught a glimpse of how leveraged this market is in a bankster-versus-bankster lawsuit, between Morgan Stanley and Citigroup. When Citigroup sought to collect on a CDS contract it had with Morgan Stanley, even after liquidating the so-called “collateral” which backed the contract, Morgan Stanley was faced with a pay-out at approximately 300:1. Does anyone want to loan Wall Street banks $300 trillion, or so?

No “terrorist”, or group of terrorists, or army of terrorists could ever equal the economic harm inflicted on the U.S. by the Wall Street psychopaths. They have destroyed their businesses. They have destroyed their sector. They have destroyed the U.S. pension system. And, as of this moment, there is every reason to believe they have destroyed the entire U.S. real estate market.

The $10’s of trillions in losses which they are facing (a very conservative estimate) are more than enough to vaporize this entire crime syndicate – even after the $10+ trillions in hand-outs/loans/guarantees which they have already extorted from the U.S. government. The countless trillions of dollars in legal damages which will be awarded against them in at least a decade of endless litigation is (separately) also more than enough to vaporize them.

Yet despite the greatest white-collar crime wave in the history of our species, not one senior executive of a Wall Street fraud-factory has even been charged with a crime – let alone convicted. This grim statistic leads us to conclude that there is yet one more American “casualty” in Wall Street’s crime-wave: the Rule of Law, itself.

Many (including myself) argue that the U.S. has committed itself to becoming a “Third World” economy. It already has a Third World legal system (and a Third World government).

www.bullionbullscanada.com...:foreclosure-fraud-fall-out&catid=47:us-commentary&Itemid=132

and, well, we have a new term in the real estate dictionary??
re-foreclosure!!!
ya, when they foreclose one time, find out that they've created a problem with the title and can't get title insurance...so they give you the house back and start over again???

www.cnbc.com...


that's seems to be borderline harassment to me....
I think that I'd be writing the judge a note, telling him I wish not to participate and as far as I am concerned, they broke it, they bought it...they can have the house, I should be able to walk away not owing anything even if they sell the thing for five bucks!! and my credit shouldn't be scarred in anyway.

reply to post by Lord Jules


China has been buying gold as fast as they can, also. I am not sure you understand that a trillion dollars may represent only a year's worth of trade and they do much of their worldwide trade asking for it to be done in USD.

I read a story where they were shipped gold coated tungsten bars of gold. Not sure if this is true, but that would only strengthen their resolve to add any pressure they can. I will also be willing to place money on the fact we do not know all of the dialogue between the US and China with regards to this issue.

To add: We have cattle mutilations to take this and other issues off people's minds, it seems.

there's word that the banks have reached an agreement over how to settle this mess.....the attorney generals were rather quick to speak up and say that an agreement wasn't that close...but well,....
the banks have reached an agreement...been trying to find a link, but well....ain't found it yet.
but their agreement, if my memory is working this morning...
they will set a fund up for each of the ag's to control (a bribe???) that will be used to compensate homeowners that have been wrongfully evicted...
there will be a mediator in all foreclosures in the future..
and well, ain't sure, but I think that the last one was that they would make sure that every attempt at modifying the loan would be made before foreclosure.....

I hope the ag's don't accept this!!!

on another front...the house failed to override obama's veto on the legislation that would have made all this fraud legal....

www.washingtonpost.com...

I am beginning to think that I am the only one still interested in this....

reply to post by burntheships


Honestly, I would like for the AGs to stay out of this for now. Let the victims file individual suits for a while and really punish the banks. This would create a lot of precedent court cases on the fraud by these institutions, and then the AGs could really slam the banks with a solid case.

As it stands now, there is not a lot of precedents for them to work with on this highly complex issue, and they are now settling the case and the banks are being way too difficult (I'm sure the banks believe they will get immunity from congress against these suits), which just shows that the cases are not strong enough yet. The real test will be if the state AGs bring RICO criminal charges against the bank executives. If that happens, then there is cause for celebration, but I won't hold my breath for that. I can only hope these banks get slammed hard with damages in court as often as possible.

Banks Lose Pivotal Massachusetts Foreclosure Case

U.S. Bancorp and Wells Fargo & Co. lost a foreclosure case in Massachusetts’s highest court that will guide lower courts in that state and may influence others in the clash between bank practices and state real-estate law. The ruling drove down bank stocks.

The state Supreme Judicial Court today upheld a judge’s decision saying two foreclosures were invalid because the banks didn’t prove they owned the mortgages, which he said were transferred into two mortgage-backed trusts without the recipients’ being named.

Joshua Rosner, an analyst at the New York-based research firm Graham Fisher & Co., called the decision “a landmark ruling” showing that at least in Massachusetts a mortgage “must name the assignee to be valid.”

www.bloomberg.com...

This is great news. I really hope they won't be swept under the carpet so that millions of Americans can get their houses and lives back.

Let's just hope that washington doesn't chime in on this, and try to step on the state's toes. Luckily, real estate laws are in the state's domain, I have more faith in them doing the right thing than I do our federal gov't...
I'm still waiting for the federal gov't to just make all those illegalities legal with a few strokes of a pen!

they probably were waiting tilll the republicans became more powerful, so those republicans can "force" the law through...that would go more according to the script.....
but, I think that it's all so danged messed up, that the banks know....it's gonna have to be done if we want to keep any kind of integrity within our property rights.