Please see my latest post in
TheForeclsoureDetonator -
Larry
Note: I apologize for my visible absence from this blog. Due to the turn of events in the banking and foreclosure crisis and the massive amount of information out there, I have been spending my time absorbing all of it.
The exposure of bank fraud is what I have been fighting for these past three and a half years. While this is just the beginning and the tip of the iceberg, it has opened Pandora's box which no longer can be closed and hidden by anyone in our government as they have been doing.
With all 50 state Attorney Generals joining forces to investigate this fraud, we may be seeing the beginning of JUSTICE FOR ALL. As the investigation continues, and hopefully our Congress will initiate as well, we will see the Too Big To Fail gang, including our friends Goldman Sachs, exposed for the criminals they are and for the blight they brought to our country.
It is unfortunate however that our lawmakers are still willing to make "cash deals" like in the case of former Countrywide CEO Mozillo who is paying a 67.5 million dollar fine in lieu of facing criminal charges for his criminal actions which netted him billions of dollars. The fine, like the one issued to Goldman Sachs makes a mockery of our criminal justice system. In fact, it makes a mockery of our entire justice system.
The fraud and crimes committed by our banks in this foreclosure crisis is also unjust and mocks the entire system. But, our judges - with the exception of a very few - have been going along with the scam and refuse to see the fraud on the court.
I will be reporting soon on the events of the day as to "the greatest scam in the history of the world". It should bring out more of how Goldman Sachs participated and perhaps was the major driving forece behind it. After all, they were the biggest bond traders in the world and with out the securitized bonds the mortgage mess and the economic crisis that followed leading to this current foreclosure crisis would never have happened. Was it their ability to sell bonds worldwide that created the bubble that was built to fail and implode? I believe so. What do you think.
I want to again thank our volunteer, Joyce, for doing an outstanding job with her daily posts. You can also join Joyce and voice your opinions by being a guest author. Just email me for more information.
Larry
4 COMMENTS:
Jim Rickards on mortgage fiasco...
http://tinyurl.com/2fln5ad
Servicer abuses that result in foreclosures are simply not getting the media attention they deserve. The prevailing perception, and the party line from the banks, is that the borrowers are all deadbeats and therefore any efforts to aid them are simply an abuse of court processes.
But servicers are modern judges, juries, and to the extent they can railroad foreclosures through, executioners. When a payment arrives after the due date (and servicers have been found to hold checks to render payments late), under RESPA and the bank’s agreement with the borrower, the bank is supposed to apply payments to principal and interest first, then any late fees. But if you incur a late fee, they instead apply the payment to that first, which makes your regular monthly payment come up short. So then you get an insufficiency fee.
Servicers don’t send detailed monthly statements like credit card companies, telling you how your payments were applied. This process of misapplication of payment and failure to notify borrowers when fees have been incurred guarantees that the charges will balloon. It isn’t until months have passed and the extra balance become large, say $2000 or more, that the homeowner realizes they are under water according to their servicer, even though they have made all their regular payments. Many lack the extra money to clear out all these largely bogus fees; other have tried fighting, only to find the servicer won’t budge, and they rack up more charges, which forces them either to capitulate or lose their home.
http://tinyurl.com/24hf8rg
The premise among the market participants that has produced a big shrug in stock prices thus far is that since robbery and fraud has become Wall Street's "greatest and most profitable product" in the last ten years that they will be able to continue, with help from Washington DC, and avoid the liability for their actions.
http://market-ticker.org/akcs-www?post=169869
FDIC Called On To Put Bank Of America Into Receivership
Charging that the ongoing foreclosure fraud epidemic is the work of precisely the same unrepentant bank officers whose fraudulent mortgage schemes crashed the financial system in the first place, two leading critics of the financial industry are calling on the FDIC to put some of the nation's biggest banks into receivership -- starting with the Bank of America -- and make them clean house.
So the only solution, then, is new management. "We should remove the senior leadership of the banks and replace them with experienced bankers with a reputation for integrity and competence, i.e., the honest officers that quit or were fired because they refused to engage in fraud," Black and Wray write.
They suggest starting with Bank of America, which they call "a 'vector' spreading the mortgage fraud epidemic throughout much of the Western world."
Black and Wray write that Bank of America "is sufficiently large and powerful that its receivership will send the credible signal that America is restoring the rule of law and that even the most elite frauds will be held accountable. "
On Wednesday, administration spokesmen declined to endorse any dramatic federal action. They declared that they had found no "systemic" threat to the financial system from the foreclosure problems, spoke of "mistakes" and "errors" rather than pervasive fraud and said the banks and servicers now need to "fix" their "processes."
They "cannot even bring themselves to use the 'f' word -- fraud," Black and Wray write. "They substitute euphemisms designed to trivialize elite criminality."
http://tinyurl.com/2fkz5sy
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