GoldmanSachs666 Message Board

According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Occupy Wall Street News


Tuesday, October 12, 2010

Who Owns My Mortgage Note...Demand To KNow

 Editor's Note:  To all our GS666 readers.  The battle against big banks and The Too Big To Fail is just beginning.  We here at GS666 have been attempting to expose the truth thereby forcing resolutions for the many lawless injustices practiced by them.  In our departure from GS only material, we are and will be offering information and commentary on what will probably become the hottest topic since the beginning of this bank created scam on the world.  The evidence of fraud by banks and attorneys is reprehensible.  Our founder Mike Morgan thought so when he created this blog.  He believed in it and stood by his convictions as Goldman Sachs attempted to shut him up and shut this blog down.  Those of us who volunteered here and stood by him can now see some light at the end of a very large unjust tunnel.  We are proud to expand our horizons here at GS666.  After all, it is a fight for truth and freedom.

This email came to me from SEIU - Service Employees International Union - a union, who for the most part, supports "the people".  I say, "for the most part" because there are times when I do disagree with them but as far as unions go, this is one of the better ones.

It includes a link to a web site that allows you to easily modify a letter to your bank and allows you to email it with a simple click of a button.

It has a very comprehensive list of banks and a link to go to if your bank is not included.  In addition, it provides a toll free number for each bank.

There are two problems I find with this web site -  The letter is addressed to "the bank" not the servicing company that actually is managing your account.  However, in many cases, your servicing company is owned by the bank addressed to.  You need to refer to your payment stubs or your payment book of coupons to see who you actually make your check payable to or if already in foreclsoure, who the named Plaintiff is.

The second problem I see here is in the body of the letter that you can and should modify.
The last paragraph of the letter reads:

To protect myself and my family, I need to know who owns my mortgage. Within thirty days, I would like to know the name, address, and phone number of the bank or investor that owns my mortgage. Furthermore, in light of the recent allegations of foreclosure fraud, I demand to see the original mortgage note proving ownership over my home loan. If you fail to produce a mortgage note proving that you have a right to collect my mortgage payments, I will be forced to consider all options available to me to ensure that my family and my home are protected.

The last, highlighted bold sentence is the one I don't agree with.  This is why and I will bold my comment.

You are asking "the bank" - not necessarily your servicing company - to give you the name and address of the "true" owner of your note.  If your "bank" is not the "true" owner then it will not have, should not have and cannot produce the original note.  Second, if you are writing to your servicing company (that often have the name of the bank as part of their name) they never own your note and therefore should not have the original note in their possession.

Having possession of the note DOES NOT, I repeat, DOES NOT give them the right to collect your payments nor take any foreclosure action against you. You will have little defense if you stop making your payments to them or take any legal action against them for not providing a copy of the original.

If you want to insure that whoever you are writing to has the right to collect your payments you should ask them for a copy of their servicing agreement with the "true" owner of your note or at the very least that "portion" of the agreement that indicates their servicing rights.  They will not disclosue to you their entire agreement which would include their fees, etc

Here now the email I received:

Click here to visit 
WheresTheNote.comThe big banks' BS is starting to catch up to them.

Last week, JPMorgan Chase announced they were halting foreclosures in 23 states. Turns out, the bankers in charge of approving the foreclosure paperwork weren't even reading what they were signing. Now, one by one, foreclosures at America's biggest banks are grinding to a halt. It's gotten so bad, several states are taking the banks to court - calling for an immediate freeze on all foreclosures.

The banks created this mess, it's on them to clean it up. You have a right to know if your mortgage is affected. If you're a homeowner, will you send a letter to your bank and demand to see your original mortgage note? You can do it online in less than five minutes:

Wall Street has bought and sold our mortgages so many times, they've lost track of who owns what. And now they're getting caught red handed. In one state, two banks tried to foreclose on the same home. In another state, BofA tried to take a house away from a man who'd never even had a mortgage. The more we learn, the worse it gets.

It's time to pull the curtain all the way back. Demand to see YOUR mortgage note:

Banks are calling these "technical glitches." These are more than technical glitches. These are monumental screw-ups that are forcing families out of their homes. The banks raise our rates and change our terms - and if we make one mistake, we pay with our homes.

Now it's our turn to demand accountability from them. Visit and demand to see your mortgage note.

Stephen Lerner

PS - Don't have a mortgage? Pass this on to someone who does. Every single homeowner needs to know if their bank still holds their mortgage note.

 Here now is my recommended version of this letter.  Pass this on to anyone and everyone you know.  The more email letters all the banks receive, the more they will begin to get the idea that we "do not trust" them and we will no longer allow them to operate with special exceptions to the law.  As I always have said and maintain, "THE LAW IS THE LAW FOR EVERYONE".

To whom it may concern:

I own the property at the address listed above, and your bank services my mortgage. 

Over the last several weeks there have been many stories documenting the problem that banks are foreclosing on homes without proof that they own the loan.  I have learned that in many cases, banks like yours do not even know who owns the loans you service.  Employees at several leading banks have admitted to rubber stamping tens of thousands of foreclosures every month, without even checking to make sure that the bank had a legal right to proceed with foreclosure.  In some cases, banks allegedly falsified mortgage documents to cover up their mistakes.  There have been reports of two banks trying to foreclose on the same home, banks foreclosing on homeowners who were current on their payments, and even of a bank foreclosing on a home where the homeowner had never taken out a mortgage to begin with.  This is not merely a "technical problem"--it is the difference between having a warm bed at night and being out on the street.

As a homeowner and a customer of your bank, I am horrified.  I had always believed that it I played by the rules, I would be protected, but now I know that banks like yours think the rules don't apply to them. 

To protect myself and my family, I need to know who owns my mortgage.  Within thirty days, I would like to know the name, address, and phone number of the bank or investor that owns my mortgage.  Furthermore, in light of the recent allegations of foreclosure fraud, I demand to see the original mortgage note proving ownership over my home loan.  I would like to see copies of all endorsements and assignments of my mortgage note and where and when the assingment(s) _if any - were recorded.  I also ask that you provide me with evidence of your firm being contractually retained to service my loan. (italics indicate added by LR)

If you fail to produce a mortgage note proving that you have a right to collect my mortgage payments, provide the information I am legally entitled to,  I will be forced to consider all options available to me to ensure that my family and my home are protected.
(italics indicate added by LR)

I ask that I receive my response in writing.

Thank you for your attention to this matter.


JR said...

Larry, you have provided a much needed service for people who wish to challenge their house foreclosure. Most admirable!

Anonymous said...

Someone posted this on ZH...and maybe all of these criminals getting off is just part of 1 big pre approved scam that none of us really understand in the name of national security?

What else could explain the complete lack of enforcement of the law?

Intelligence Czar Can Waive SEC Rules
Now, the White House's top spymaster can cite national security to
exempt businesses from reporting requirements

President George W. Bush has bestowed on his intelligence czar, John
Negroponte, broad authority, in the name of national security, to
excuse publicly traded companies from their usual accounting and
securities-disclosure obligations. Notice of the development came in a
brief entry in the Federal Register, dated May 5, 2006, that was
opaque to the untrained eye.

Anonymous said...

If you have a mortgage read this:

Gonzalo Lira On The Second Leg Down Of America's Death Spiral

Anonymous said...

Looks to me like this guy is trying to get something for nothing--just like some slob running up a credit card bill, then filing bankruptcy. If you took out a mortgage, you know you owe the money--and I don't think you have any real doubts on who to pay. Stop trying to cheat the system and pay your bills.

Anonymous said...

You mean cheat like this?

"At the Root of the Crisis We Find the Largest Financial Swindle in World History", Where "Counterfeit" Mortgages Were "Laundered" by the Banks

Indeed, Galbraith just gave a must-watch half hour speech where he points out:

* "At the root of the crisis we find the largest financial swindle in world history."
* The fraud originated in the mortgage market of the United States.
* The houses were over-appraised, and the banks only hired appraisers who were willing to do that. Galbraith rhetorically asks: "For what conceivable reason would a lender accept an inflated appraisal for a house against which it was going to make a loan?"
* The language used in the mortgage industry is very telling: "liar's loans", "ninja loans" (where the borrowers had no assets and no income), "neutron loans" (where it would destroy the people but leave the buildings), and "toxic waste"
* The mortgages in the millions were counterfeits, not mortgages. They were "laundered" ... the dirty paper was converted into clean paper. Securitization was used to convert the worthless paper from triple D minus junk to triple A. The commercial banks were the "fences", they took the laundered paper and sold it on to the legitimate market. The "marks" were the pension funds, or any investing entity which trusted triple A rating or investment banks.
* The police left the beat.
* If the counterfeit is big enough, the whole system collapses, because you can't tell what's real from what's counterfeit and so confidence collapses.
* The failure to face the problem of fraud constitutes a huge barrier in the path of economic recovery. The banking system can't be restored until it is taken apart, cleaned up and rebuilt in a transparent and honest manner.
* We should make the Department of Justice uncomfortable to ignore these frauds. Because if we don't have fair and honest and functioning financial system, we won't get out of this crisis.

Anonymous said...

...or do you mean cheat like this?..pick one, pick all..

JPMorgan Chase To No Longer Use MERS

The announcement by Jamie Dimon that JPMorgan Chase will no longer use the MERS (Mortgage Electronic Registration Systems, Inc.) System to track its loans is a clear signal the house of cards that the Banksters built when they created MERS back in the 1990s is being deconstructed by the Banksters themselves in an attempt to soften the blow when the whole system comes crashing down around its own greed.

As the old saying goes, “The bigger they are, the harder they fall.”

Anonymous said...

Friday, October 15, 2010
Congressional Oversight Panel Report – HAMP Program and Conflicts of Interest

“Discussion of Conflicts of Interest”

The report notes actual or potential financial conflicts of interest of Fannie Mae and Freddie Mac with their duties owed to Treasury under HAMP. The Panel’s prior report noted that the dual role – as “doers” of mortgage mortgage modifications for loans they own or guarantee and “overseers” of Treasury’s mortgage modification program – “may present competing interests or diminish the overall effectiveness of Fannie Mae’s and Freddie Mac’s ability to modify mortgages, engage in HAMP administration or oversight, or both.”

The report discusses the argument that this structural conflict is an “immitigable conflict because the interests are not aligned.” [page 85].

Anonymous said...

The chain of criminality — and don’t let people tell you otherwise, this legal malfeasance demands prosecution — runs the full gamut of players:

“The financial incentives show that the problems plaguing the foreclosure process extend well beyond a few, low-ranking document processors who forged documents or failed to review foreclosure files even as they signed off on them. In fact, virtually everyone involved – loan servicers, law firms, document processing companies and others – made more money as they evicted more borrowers from their homes, creating a system that was vulnerable to error and difficult for homeowners to challenge.”

Anonymous said...

no, i mean cheat--like try to get something for nothing. I have every sympathy for someone who is losing their house because they lost their job, but nobody gets a free house.

I think people have to be responsible for their choices--you buy a house, you knew the price, you knew the payments. If we start giving out free houses or big legal settlements then the costs for everyone who DOES pay their bills goes up.

You sound like you just want something for nothing--looking to cheat. And saying other people had "conflicts of interests" doesn't change what you're doing. That's like claiming it's ok to steal, or ok to cheat on your taxes, because you say someone else steals or cheats.

Stop trying to cheat. Man up, drop your b.s. claims, pay your bills. And if you can't pay, declare bankruptcy and start over--I know plenty of people who've lost jobs or gotten sick and had to do so. But don't cheat.

Anonymous said...

@no, i mean cheat---what do you think everybody is naive?The whole god damn banking sector has foot to neck on everyone...and because the cost of their lawbreaking might break them as the cost of their CHEAT...YOU WANT TO TURN THE BLAME AROUND?
Why is it that a primary mortgage can't go through ch 13 for modification but 2, 3rd house can?

People are trying to modify their mortgages but the servicers are leading them on til their liquid assets are used up....and then they bust them know like an organized crime some savvy lawyers have found an Achilles heal in the bankers scheme and they cry foul
No...your a broke the the penalty for your cheat!

Larry Rubinoff said...

I have to agree with the above comment.
People are unemployed by the millions not due to their faults but due to the crimes committed by the banks. They set everyone up for a fall.

People would like to make their mortgage payments if they could. Most people out of work - some from some very high paying jobs - would all love to get back to work and pay.

Most have or are trying to work things out with the banks. The banks REFUSE to do so because they make more money by foreclosing then they do by working out payments even though working out a payment arrangement is better for the holders of the securitized bond the mortgage is "supposedly" in. The MBS investors are also being screwed and defrauded.

The banks are double dipping, even triple dipping on the same mortgages.

If the people had access to the true owners of their mortgage I am sure that the true owners would make some arrangements. Is it not better to get less interest but get your principal back? Is it not better to even possibly reduce the mortgage balance and get something rather then nothing?

The banks caused this whole mess and they continue to rob the people and don't want to do what is right for all.

Anonymous said...

nobody robbed you. You negotiated a price and bought something--the bank just loaned money to you. Nobody made you buy the house, nobody made you borrow the money.

Back when housing prices were going up and people were cashing in on reselling their homes, I bet you weren't whining about the banks "robbing" the people. Or saying that you "robbed" the prior owner who didn't get the higher resale.

Like I said, man up, take responsibility. You borrowed the money--deal with it.

Anonymous said...

Like I said your a banker.....

This Administration Still Doesn't Have A Clue About The Foreclosure Crisis

Read more:

But how are we to know that the borrowers knew the loans applications were false and that they could not afford to buy the home? We can infer a lender's fraudulent intent because it is financially sophisticated and has expertise in lending. An honest mortgage lender would not make liar's loans because not underwriting loans inherently produces intense “adverse selection” and means that the loans have a “negative expected value.” In plain English, that means that mortgage lenders that make liar's loans will go broke. (As the recent settlement with Mozilo and other senior officers at Countrywide proved; elite bankers can be made wealthy by making fraudulent nonprime loans because doing so optimizes (fictional) reported income and the value of the senior officers' compensation. This is what George Akerlof and Paul Romer warned about in the title of their famous 1993 article – Looting: the Economics Underworld of Bankruptcy for Profit. The lender fails, the senior officers can get rich.)

Read more:

Anonymous said...


Anonymous said...

"Americans took their title-recording system for granted, abused it during the housing boom, and let it deteriorate????" Which "Americans" would that be? Certainly not the buyers, I'm thinking. No. This is the part beyond belief: financiers, capitalists, abused the core of our property rights system, the laws that define it, during the housing boom, let it deteriorate, and now may attempt to dismantle it (except, of course, when it works in their favor). (Update: according to the BBC, BofA will be resuming foreclosures on 102,000 homes in 23 states.)

Anonymous said...

nope, not a banker. Just a guy paying his bills, paying his taxes, who really, really doesn't like it when other people don't pay....because then it raises all the costs for people who do pay. I have my own bills, I don't need to pay yours too.

Stop blaming the banks. Yeah, they did some stupid stuff, but the people took out the loans. Some were looking to make a quick buck (flipping don't see those commercials as much anymore, now do you?), some bought more home than they could ever afford. You bought the house, now deal with it. Or did your little house-flipping scheme go bad, and now you've decided to try lawsuits to make a quick buck?

Anonymous said...

I think the banks were bailed out, I think mark to make believe is a crime especially when calculating capital ratios and bonuses that are paid out on fictitious values, I think we all pay for the fraud called the FIRE economy....never flipped a house in my life...but I still think you are a read this!

The Rot Within: Our Culture of Financial Fraud and the Anger of the
Honest (October 15, 2010)

With accountability effectively lost, cheating, lying,
misrepresention, embezzlement and fraud, both petty and monumental,
have all been incentivized. Thus the "little people" game the
welfare/entitlement system and the Financial Elites game the mortgage
market, and everyone gamed whatever piece of the housing bubble they
could grab.

Where does that leave the honest citizenry? At an extreme
disadvantage. Lying, sins of omission, misrepresentation and doing the
bidding of evil organizations gets you bonuses and career advancement,
while refusing to game the system as instructed gets your fired.

5. This financialization effected a net transfer of public and private
income streams and wealth from the citizenry and State to the coffers
of the financial Elites. As actual productivity and wealth-creation
declined, so did wages and incomes when priced in purchasing power.

To offset that decline, people, companies and governments replaced
income with debt: they borrowed to fill the gap between their
desires/commitments/spending and their net income.

The financial Elites were happy to supply the debt and capture the
income streams of servicing that debt. By securitizing those debts and
writing derivatives against them, the Elites created a stupendously
profitable windfall to exploit. The Central State and its central bank
were happy to comply, as they are in partnership with the Elites which
enrich and empower them.

Anonymous said...

Hey nope not a banker...this should really make you mad!

'Inside Job': Rampant Conflicts of Interest, Cronyism Led to 2008 Crisis, Charles Ferguson Says

Anonymous said...

Some analysts are not sure that banks can proceed so freely. Katherine M. Porter, a visiting law professor at Harvard University and an expert on consumer credit law, said that lenders were wrong to minimize problems with the legal documentation.

He also said that lenders “seem to adopt the attitude that since they have been doing this for so long, unchallenged, this practice equates with legal compliance.” Now that their practices were “put to the test, their weak legal arguments compel the court to stop them at the gate,” the judge ruled.

People who have worked at loan servicers for many years, who requested anonymity to protect their jobs, said robo-signing and other questionable foreclosure practices emanated from one goal: to increase efficiency and therefore profits. That rush, they say, allowed for the shoddy documentation that is expected to become evidence for homeowners in the coming court battles.

Problems are also likely to arise in court involving whether those who signed documents required in foreclosures actually had the authority to do so — or if the documents themselves are even authentic.

For example, Frederick B. Tygart, a circuit court judge overseeing a foreclosure case in Duval County, Fla., recently ruled that agents representing Deutsche Bank relied on documents that “must have been counterfeited.” He stopped the foreclosure. Deutsche Bank had no comment on Wednesday.

Anonymous said...

You still haven't admitted that: 1) you chose to buy a house; 2) you chose to take out a mortgage to do it (rather than trying to save most of your life to get one, which is what i'd have to do without a loan); 3) you knew the interest rate; 4) you knew prices go up...and sometimes down.

Really, you think you "deserve" a free house? You think that's being a good American? Personal responsibility goes hand in hand with life, liberty and pursuit of happiness. Or, in other words, man up and pay your bills.

Anonymous said...

No one wants a free one wants to walk away...if I recall Hank Paulson called it a crisis in a weekend door shut meeting...where unimaginable bad things were to occur if emergency funds were not made available to him and his merry comrades...well that worked out just great....for THEM!

Now back to the story...

“There are a lot of investors out there who don’t know what they own… they may own unsecured loans….. trustees that were supposed to do things under state law (and didn’t)… even Fannie and Freddie have issues with this.”

“…. this is not minutia; this is the letter of the law.”

Anonymous said...

Hey banker...I can't wait til they take you away!

..just a matter of time

“This is not the lotto… this isn’t something where we’re rolling the dice and saying, possibly this has been done legally. Maybe it hasn’t but in the meantime, you and your children go find someplace else to live, plenty of homeless shelters out there. We can’t do that.”

Anonymous said...

Are you paying for the house? Are you paying anything?? Or are you living there without paying? It's a pretty darn simple question. Because the rest of us pay for where we live.

Anonymous said...

Hey cheater--pay your bills! Because the guys who build houses like to get paid. And the guys who make the cement. And, come to think of it, pretty much everybody else. You freeload, the rest of us have to pay for it.

Anonymous said...

• Firm says foreclosure letters ‘mistake’

An East Bay law firm says it mistakenly sent out thousands of letters to San Francisco homeowners earlier this month warning them that their houses were in default — even though the loans weren’t delinquent. The letters were sent out by Provident & Associates, a Pleasanton-based law firm that is attempting to help people with loan modifications. Provident sent out what it estimated to be 2,000 letters to people telling them that they faced foreclosure on their mortgage. The letters went primarily to homeowners in San Francisco.

Mutter doesn't buy the suggestion that Provident blundered in good faith.

"This is not a mistake," Mutter said. "This is a scam. They are just trying to terrify people."

Anonymous said...

I think these are the guys who are cheating...

Because of how the MBS’s were structured, there was an inherent ambiguity as to who actually held the mortgage notes. This is crucial, because only the note-holder has standing in court to foreclose and evict a delinquent homeowner. No tickee, no laundry applies doubly to mortgage loans: No notee, no standing.
Anyway, it’s an open secret that the politicians on the Right are all in the banksters’ collective back-pocket. Who do you think tried to make law the Interstate Recognition of Notarizations Act, which would essentially have made it legal for banks to commit perjury in order to foreclosure on a homeowner?

Talk about violating the Rule of Law! By passing that act (via a cowardly voice vote, so as to collectively hide their hand), the Republican senators and congressmen didn’t just try to violate the Rule of Law—they tried to gang-bang it, murder it, and leave it in a heap by the side of the road!

The American political Right is corrupt—beholden to the banksters and the money men. There’s really no other way to look at it.

So although a lot of people are predicting that the Fed will start buying Treasuries when QE2 is announced, I beg to differ: I think they’re going to load up on even more Mortgage Backed Securities. In fact, I think a big piece of QE2—maybe a trillion dollars’ worth—will be directed at Mortgage Backed Securities. And I think the Fed is going to pay top dollar for that garbage.

I think the way the Fed is going to do it is, they’ll go for another round of Stealth Monetization: Buying MBS and other toxic assets off the banks for newly conjured cash, the banks then taking that cash and parking it in Treasuries, thereby funding the Federal government’s deficit.

Anonymous said...

More bad news for the deeply troubled homeowners grasping for a way to save their homes: Even South Floridians who are able to negotiate a loan modification can have their homes sold out from under them.

The reason: The foreclosure cases against them never stopped.

In the chaos surrounding hundreds of thousands of Florida mortgages that are delinquent or in foreclosure, legal experts say a growing number of mix-ups are being reported -- in which a foreclosure is not called off, even though the homeowner and the lender have agreed to a modification.,0,2979203.story

Anonymous said...

Ihave a mortgage that is 9.8% and payments of
729$, on a balance of 81,829. I make my payments on time allyou folks that are trying to get out of your forclotures. Should have put paying your mortgage as a top priority

Anonymous said...

SIGTARP set up a Hotline to take borrower complaints about HAMP, and many reported violations of HAMP rules and guidelines. For instance (from p. 172):

“I entered into an agreement with [my servicer] through the Making Home Affordable program in April 2009. I have made every payment on time; that, they said, would result in the modification becoming permanent after six months. They have had us…submit the same paperwork seven times in the last two year. Now they have, in their words, ‘decided not to go forward’ and put a notice on the house of a sheriff’s sale….a negotiator (who has never contacted me) made the decision to stop the modification with no reason as to why. I have not been late or missed a payment in 13 months.”

From page 174:

“I called to try to get an update and to try to get a payment processed by phone. I gave [the servicer employee] my bank information for payment and then asked if there was any update she could give me. She responded by telling me that [the servicer] had sent me to the attorney for foreclosure! How do you tell me not to pay, tell me for months I am not allowed to send in payments, tell me to pay down other bills with the money, and then two weeks later try and foreclose on my home Your moratorium is why I stopped sending in the money.”

So if you assume that every person facing foreclosure is a deadbeat, you need to think twice. Many people who fight foreclosures think they are victims of servicing errors and abuses. And the evidence on the ground suggests that some, perhaps most, are correct in their beliefs.

Anonymous said...

To the one calling everyone a cheater...

I used to be like you, until my husband our family's sole bread winner had an accident and had to go on disability for a while. I, wife, got a job (having to put my kids in day care), but it wasn't enough. We called the bank right away. They wouldn't even talk to us about anything until we were 3 months behind! Go figure. We paid what we could every month. When the deficiency added up to 3 months we called again. Still nothing. 5 months still nothing. At 6 months we were approved for a forbearance that was more than the original that we couldn't pay. Voila! Foreclosure!

I agree that life happens and we have to be prepared to suffer the consequences, but at this point in life I feel screwed. So yeah if I can cause the "screwers" as much grief as possible I will. It's Karma baby! We are not all free loaders.

Anonymous said...

Interesting post from someone at SEIU:

We, like all of you, have been trying to bring attention to the chicanery that's been going down on Wall Street for years. Especially when it comes to banks using peoples' homes as chips in risky and possibly fraudulent bets. When the media started to catch wind about the robosigner nonsense, we scrambled to put the finishing touches on the site and go live. The result was about 100,000 visits to the site in the first three days. The very first responses from the banks were sort of haphazard and breathless - ie, they told the truth ("we have no idea where your note is"). But, they quickly circled the wagons and started replying with very standardized responses. Bank of America's response (and they're not the only ones) was the most shocking to us: "you have no legal right to see your note."

But, in all the responses, the vast majority of homeowners did not get their signed mortgage note sent to them as required under RESPA.

So far nothing here that loyal zero hedge readers wouldn't have guessed would happen. But, where do we go from here? It seems to me that the challenge before us is not trying to find potential fraud in the mortgage market. It will be picking which of the many, many blatant examples of potential fraud we want to pursue and drilling down on them. We decided, though, that no matter which avenue we take, the first thing to do out of the gate is to get these cases logged with state attorneys general. We have seen through media reports that banks are trying to use spin to put finite caps on the scope of the problems they've created in the mortgage market. Only 23 states. Just a few thousand homes. Mere procedural issues. Isolated incidents.

Anonymous said...

Mortgage Modification Failures Push Borrowers Into Foreclosure

ray’s experience, in which homeowners get evicted while participating in programs designed to avert foreclosures, is being repeated thousands of times at the biggest mortgage firms, according to groups that aid borrowers. The government’s Home Affordable Modification Program came under fire at hearings last week for “trial” arrangements that allow late fees and debts to stack up and documents to disappear, triggering seizures.

“Many homeowners end up facing foreclosure solely on the basis of the arrears accumulated during a trial modification,” said Julia Gordon, senior policy counsel at the Center for Responsible Lending, in Oct. 27 Congressional testimony. “One incomplete payment or one accounting mistake can land you on an apparently unstoppable conveyor belt to eviction.”

Anonymous said...

Gee The FRAUD In HAMP Is Coming Out?


HAMP was a scam and a fraud. It was designed to induce people to default on their loans on purpose in order to get a modification.

But the modification was "optional" (helped along in many cases by intentionally losing documents sent through certified mail!) and as such the banks did exactly that.

Now we have judges - finally - pushing back and recognizing the inherent fraud in that scam.

A scam hatched by The Federal Government and Treasury in collusion with the banks.

Anonymous said...

All those bad borrowers,those terrible deadbeats...blah blah blah,,

From an astute BoomBustBlogger that reads the fine print buried in the middle of a 250 page servicer agreement…


Anonymous said...

Foreclosure Crisis, Part 2: Modifications

(((Ms. Risotto is full of it..there is no recourse..there is no follow through...been with Aurora..made all payments..transferred to IBM no record of paperwork)))SCAM

Treasury officials don't keep track of how many of the disputed loans are subsequently averted from foreclosure. Ms. Risotto says borrowers can call a counseling hotline if they believe they were wrongly denied.

((Mr. Barofsky hits nail on head)) Please look into Aurora Loan Services...scam city)
Mr. Barofsky says the oversight is toothless, noting that no servicers have been fined for bungled paperwork or improper foreclosures. At the request of nine U.S. senators, Mr. Barofsky is auditing whether servicers in HAMP are correctly following Treasury's guidelines when deciding whether borrowers should get a loan modification. The inspector general also is scrutinizing how borrowers are notified that they failed to qualify.

Anonymous said...

Not calling everyone a cheater--bad things do happen to people. Good people do go on disability, try to keep making payments and just can't.

But...that's the risk in taking out a big loan without paying for AFLAC or something like that. I sympathize, and it totally sucks--but nobody screwed you. You take out a loan, there was a possibility bad things would happen (death, disability, loss of job). I know I thought about those things, especially the loss of a job, when I bought my place. I don't think most people are careful enough when they borrow; they know those things happen, but they think they happen to other people.

Anonymous said...


Anonymous said...

Frustrated homeowners take on the banks!

Anonymous said...

Obama’s incorrigible stupidity on fraudclosures

This disaster is the direct responsibility of Obama, and of Obama personally. He is clearly the most politically incompetent and bumbling president since Jimmy Carter. He blames the malaise or fear of the public for his own failures. Even in the final phase of the election, with defeat staring him squarely in the face, Obama proved unable to embrace a golden opportunity offered by the fraudclosure crisis. With rapacious zombie bankers using clearly illegal means to steal the homes of Americans, Obama’s thoughts were always with his masters in Wall Street. Other Democrats were not as incorrigibly stupid as Obama: Harry Reid, Nancy Pelosi, Debbie Wasserman-Schultz, Chris Van Hollen, Alan Grayson, Governor Martin O’Malley of Maryland, plus virtually the entire Black Caucus were calling for a freeze on foreclosures. Obama could have made a dramatic Oval Office speech demanding an open-ended halt to these illegal seizures, and he could have tasked Elizabeth Warren with finding some technicality in the new Fin Reg law to make this possible. Failing that, he could have used the Trading with the Enemy Act or the Defense Production Act. Instead, the feckless Obama sent out the sleazy and slimy David Axelrod to signal that this was an administration committed to the needs of predatory lenders and zombie bankers, not the American people. Small wonder that many defeated Democrats feel that Obama betrayed them by denying them the political cover which initiatives like this could easily have brought.

A vignette from the foreclosure crisis illustrates the underlying dynamics of this election. On one Sunday in October, Congresswoman Wasserman Schultz was a guest on the same Sunday interview program with Republican minority whip Eric Cantor. Wasserman Shultz voiced support for a freeze on foreclosures. Cantor immediately opposed this, saying that any freeze would remove protections that lenders – again, read zombie bankers – needed, and that America needed to go back to an ethic of individual responsibility.

This exchange was most instructive. It reminds us that whenever Democrats pull themselves together and mount any kind of attack on Wall Street, however weak, the Republicans are obliged to drop all camouflage of Tea Party populism in a microsecond, and rush to line up in defense of their true masters, the Wall Street financial elite. With one month of sustained attacks on Wall Street, the Democrats could easily have stripped away the entire veneer of Tea Party camouflage which the Republicans had laboriously created looking forward to these elections.

If, on the other hand, Democrats assume the role of running dogs for Wall Street, as they have under Obama, the Republicans are free to retire to the sidelines and snipe away, labeling the resulting crimes as socialism and communism. The lesson is that the entire US political system can only work if Democrats assume the role of firm opposition to Wall Street. Otherwise, if there is no visible third party, the doom of this country is sealed, and it will be up to future Chinese anthropologists and historians to write the story of US demise.

Anonymous said...

Well, so, what do you do if the bank doesn't respond? Is this just an academic exercise or can you actually take legal steps to nullify the loan?

Anonymous said...

Trying to Put a Price on Bank Errors

Given the size and the ambitions of HAMP, all of these problems loom large. As of October, the program had generated about 520,000 active permanent loan modifications.

The report also said a lack of concern at the Treasury over paperwork flaws might lead borrowers to conclude that HAMP traffics in double standards. After all, borrowers have to provide reams of documents before receiving a modification — even though servicers don’t have to prove ownership of the note underlying a property, the report said.

But the meat of the report comes in its analysis of the threats that false loan documentation may pose to banks’ balance sheets and to financial stability in the broader economy. These perils are related to the possibility that banks will have to buy back loans from investors if they were based on false documentation, or if the proper records required when setting up mortgage securities trusts were not kept, the report said.

Those banks have already reserved almost $10 billion for expenses related to buybacks, in addition to $11.4 billion in costs they have already incurred, the report said. “It is not inconceivable that the major banks could recognize future losses over a 2-3 year period,” it said.

ONLY time will tell if the panel’s estimates are low, high or right on the money. The report is painstakingly temperate.

But financial burdens for big banks are not all that’s at stake here. Perhaps even more significant are the social costs associated with mortgage paperwork improprieties and any attempt to brush them under the rug.

“If the public gains the impression that the government is providing concessions to large banks in order to ensure the smooth processing of foreclosures,” the report contends, “the people’s fundamental faith in due process could suffer.”

And along with it, their faith in the government.

Anonymous said...

It's just an academic exercise--and a delay tactic. If you owe, you owe--the fact that someone may have transferred the loan later without the right paperwork doesn't matter. Just means that the first guy may still technically own the loan.

It's like selling a car--once you've sold it, doesn't matter whether the guy you sold it to resells it or keeps it. You still sold it. It's not your car.

Big fight is between those subsequent buyers and sellers--does big pension fund x own the loan, or big bank y, and can x force y to "buy back" the loan. As to the guy who took out the loan, doesn't matter--you owe somebody. Unless you're getting double-billed by two people claiming to be the lender, there's no issue. Everything else is just a delay tactic/attempt by someone to collect legal fees.

Anonymous said...

Bankruptcy Courts: Foreclosing? Prove It . . .

The foreclosure mess has now entered a new phase, courtesy of the US Bankruptcy courts. The Trustees are forcing institutions to prove “they even have the right to foreclose at all.”

This is a positive development.

Anonymous said...

This does not seem

More on Foreclosure: Judge Admits Apathy

"The judges will accept, as they do in every case, pleadings that are represented by counsel as legitimate," said Haworth. "It's the defendant's case. ... If they don't want to hire an attorney, that's their business."

Anonymous said...

BofA Mortgage Morass Deepens on Promissory Notes Issues
By Prashant Gopal and Jody Shenn - Nov 30, 2010 12:00 AM ET

“If the notes weren’t properly transferred to the trusts, then investors have the mother of all put-back claims,” Adam J. Levitin, an associate professor at Georgetown University Law Center in Washington, wrote on a blog four days after citing the Wizmur ruling during a hearing by a House Financial Services subcommittee.

Anonymous said...

Servicer-Driven Foreclosures: The Perfect Crime?
As much as I’ve seen a lot of financial services industry misconduct at close range, sometimes even a cynic like me is not prepared for how bad things can be. And mortgage abuse is turning out to be one of those areas.

I’ve been in contact for over the last six months with attorneys involved in foreclosure defense. Unlike the foreclosure mills, which seem to coin money, the attorneys on this front are either laboring pro bono or making considerably less than they could in other lines of work. They also can back up their views with depositions and trial transcripts.

One thing they stress is that a significant number of their clients facing foreclosure has made every single mortgage payment. . Read that again.

Anonymous said...

very interesting comments:

Tuesday, November 30, 2010
More on BofA Employee Damaging Admissions re Failure to Convey Mortgage Notes

This is in keeping with the judge’s recap, and also underscores the notion that it was Countrywide’s practice to not convey the notes. We have been told separately that a senior industry executive also said that no one in the industry transferred the notes. If true, this has very serious implications. As we’ve indicated, it means that residential mortgage backed securties are not secured by real estate, or as Adam Levitin put it, they are “non mortgage backed decurities. Bloomberg provides further comments along those lines:

“It may mean investors who think they bought mortgage- backed securities bought securities that aren’t backed by anything,” said Kurt Eggert, a professor at Chapman University School of Law in Orange, California.

With the ramifications so serious, expect industry denials to continue apace until the evidence becomes overwhelming.

Anonymous said...

Fed's Tarullo: Structural changes needed in mortgage servicing
Regulators urge national standards, simplified loan modifications

Tarullo argued that national standards should be set up for servicers.

“We need national servicer standards which will apply to servicers whether they are affiliated with an insured institution or completely independent. The system as it is now was not developed with the prospect of a large number of foreclosures in mind. You need an across-the-board approach,” Tarullo said.

Tarullo added that he didn’t believe the problem is close to being solved. He said he suspects that regulators will find some problems in all servicers, large, medium and small. He added that at some institutions there are “substantial” managerial problems.


"The White House so far has said there aren’t systemic problems in the mortgage industry"

Anonymous said...


“We’re talking about huge sums of money going to bail out large foreign banks,” said Senator Bernard Sanders, the Vermont independent who wrote the provision in the Dodd-Frank Act that required the Fed disclosures. “Has the Federal Reserve become the central bank of the world? I think that is a question that needs to be examined.”

Smoking gun: the hearing when Bernanke told Ron Paul that he wouldn’t be bailing out any foreign banks

Anonymous said...

No Room at the Inn - No Mortgage Relief in TARP

What do you get when you cross Tim Geithner and Peter Peterson?

Barack Obama; who would rather help the big banks and "balance" the budget than offer a helping hand for struggling homeowners. (Image)

The president demonstrated new heights of indifference toward the people in his handling of the mortgage relief program made a part of the Trouble Asset Relief Program (TARP). Citizens paid the full share for TARP and were to get a modest proportion. That's not the case. The November 2010 Congressional Budget Office Report on TARP was just issued. It showed that the funds for home mortgage assistance programs would be reduced from $50 billion to $12 billion, as reported in the Huffington Post.

Reading the details of the report, we find that the take back from homeowner relief through TARP funds is even more outrageous. The actual funds spent so far for homeowner relief is only $710 million.

Anonymous said...

Lawmaker calls for end to Obama mortgage aid program

(Reuters) - The incoming head of a House of Representatives panel overseeing the Obama White House on Thursday called for pulling the plug on a widely criticized program to help struggling borrowers stay in their homes.

"This program seems to have outlived its usefulness," Representative Darrell Issa, the top Republican on the House Oversight and Government Reform Committee said, referring to the administration's Home Affordable Modification Program,


Anonymous said...

A Happy Ending to a Raw, but Common, Tale

Yes, there are people who took out mortgages knowing they could never pay the money back. Ms. Roberts is not one of them. Rather, she is one of the many Americans, mostly poor and lower-middle class, who have been devastated by a system that is as rapacious, uncaring — and sloppy — in tossing people out of their homes as it once was in foisting predatory mortgages on them.

Two days after I spoke with Ms. Roberts, Bank of America and Fannie Mae acknowledged that foreclosing on her home had been a mistake, and they vowed to give her back the house. “We are going to work with her on a loan modification,” a Bank of America spokesman promised.

What happened over the course of the next few years can only be described as Kafka-esque. Wilshire Credit asked her for a hardship letter; she sent one. Nothing happened. Three separate times, Wilshire set up short-term payment agreements — two of which included $7,000 upfront payments — claiming that it would make a decision on a long-term modification once the agreement expired. She paid every penny — to no avail.

In March 2010, Bank of America, which got Wilshire when it bought Merrill Lynch in 2008, sold the servicing company to I.B.M. As part of the deal, though, it kept Wilshire’s servicing clients.

But as I discovered when I began asking around, the story is even worse than that. Why did Fannie Mae begin eviction proceedings? Because Bank of America claimed, wrongly, that Ms. Roberts was a deadbeat who hadn’t made a mortgage payment since March 2008. When Fannie Mae asked the bank to double-check, Bank of America simply repeated this false information. In other words, Ms. Roberts was being thrown out of her house because of Bank of America’s carelessness.
“It’s offensive that BofA thinks a foreclosure action, an eviction notice of an elderly woman sitting in her house fearing that she will spend the remainder of her days in a shelter, is some sort of party invitation that can be ‘rescinded,’ ” she wrote in an e-mail. “Their disrespect for the law is appalling. But it is a pattern of behavior that led to this crisis and that is continuing to keep this country in this crisis.”

Anonymous said...

Where's this going????

New Tactic to Silence Foreclosure Abuse Critics

I suppose the latest efforts taken by the members of the foreclosure industry to silence and neuter critics represent a perverse form of progress. If you go by the Ghandi timeline, “First they ignore you, then they ridicule you, then they fight you, then you win,” opponents of bad foreclosure practices seem to have done enough damage as to now be worth fighting.

But what is telling are the desperate-looking but nevertheless potentially effective measures being deployed to hamstring the opposition. The vanguard of this effort are foreclosure defense attorneys, many of whom are solo or small firm operators, with not hugely lucrative practices or doing pro bono work (you don’t make a lot of money defending people who have no money).

Suing someone like that, even with a suit that seems spurious, throws a wrench in their operation. It takes time to deal with litigation, and often money, plus the stress is also a considerable distraction. And of course, the hope is no doubt that this sort of risk will also deter other lawyers and critics.

Anonymous said...

Michael W. Hudson, author of The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America–and Spawned a Global Crisis.

Anonymous said...

Geithner Blocking Legal Help For Foreclosure Victims

WASHINGTON -- Treasury Secretary Timothy Geithner has authorized big payouts to banks in an effort to encourage mortgage modifications, but is preventing borrowers in danger of losing their homes from accessing legal assistance under the Obama administration's foreclosure relief plan -- even when banks are wrongfully or fraudulently attempting evictions.

Anonymous said...

Monday, December 20, 2010
Open Letter to Bank Regulators on Mortgage Securitization and Servicing Practices

Anonymous said...

POWERFUL FORECLOSURE TESTIMONY: Sandra Hines Tells House of Reps What Many Feel

Anonymous said...

Tuesday, January 4, 2011
Attorney General Tom Miller Reneges on Promise to Prosecute Mortgage Fraud

I’m not exactly surprised at the bait and switch by Iowa’s Attorney General Tom Miller, who is leading the 50 state investigation by state attorney generals into mortgage abuses. Less than a month ago promised that he would “put people in jail” Now he’s apparently decided to adopt a “move along, nothing to see here” posture. Per Bloomberg (hat tip reader Duncan B, who also sent a copy of a stinging e-mail to his state AG):
So the same pattern continues: we’ll trash the rule of law and throw homeowners under the bus to save bank balance sheets. As reader Duncan put it:

So TBTF banks win yet again and the powerless taxpayers (what’s left of us) get stuck with he bill and screwed yet again. And the AG’s office is considered “law enforcement”, a sad joke on Americans.

Anonymous said...

Embattled Virtual Mortgage Registry MERS Retains Top Lobbying Talent

One company embroiled in the nation's property foreclosure crisis is not unprepared for a fight.

In Washington, D.C., Merscorp Inc. has retained several well-heeled lobbyists and invested hundreds of thousands of dollars in lobbying efforts since the start of the mortgage crisis and economic meltdown.

Anonymous said...

Clowns to the left of me,

Bankstas to the right,


(To the melody of “Stuck in the Middle” by Gerry Rafferty and Stealer’s Wheel)


Well I don't know how I got here tonight,

I got the feeling that something just ain't right,

I'm so scared I can't pay the adjusted rate,

And I'm wondering why I took the loan in such haste,

Anonymous said...

Utah's "Quiet Title Law" Bypasses MERS, Awards Homes Free and Clear; One Homeowner Had $417,000 Debt Erased

Under the state’s quiet title laws, Keane said he did not have to name MERS or serve it legal papers in the lawsuit because it was not the legal owner of title to the property. Those were title companies. In addition, attorneys contend, MERS cannot be the “beneficiary” or holder of the promissory note because it readily has admitted it has no financial interest in any notes or mortgages.

Anonymous said...

Goodnight Banks: Arizona

It's about damn time.

That ought to put an immediate and complete stop to the crap that banks continually run about having "substitute" documents or having an assignment when they really don't. Note that this bill (which apparently was just voted out of committee 4-0 in the Senate, and which has a companion in The House) will put an absolute stop to any foreclosure where the originator of the note did not transfer it properly (that would be, I'd argue, most of them) and it will render void upon suit by any person who is foreclosed upon and discovers that the note was never properly conveyed.

Ex-post-facto "cleanup" BS games will be rendered impossible by this bill.

The bottom line is this: Either the original issue of that mortgage and its subsequent securitization went through all previously-required assignments and you can prove it or your ability to convey a title via Trustee Sale is gone.

Anonymous said...

Cursory Foreclosure Exam Produces Expected Whitewash of Servicer Abuses

Quelle Surprise! Cursory Foreclosure Exam Produces Expected Whitewash
of Servicer Abuses

It is really annoying when people, particularly those in positions
of power, can’t even be bothered to take the trouble to lie well.

As we noted back in November, in a post titled, “Foreclosure Task
Force: Worse Than Stress Tests?“, the officialdom was embarking on yet
another hollow exercise in oversight:

Felix Salmon reports on a conversation with departing assistant
Treasury Secretary Michael Barr on newly-commenced reviews of the
practices of bank servicers.

Barr’s patter might sound convincing to the uninformed. An
“11-agency, 8-week review of servicer practices, with hundreds of
investigators crawling all over the banks”! Promises to hold
miscreants accountable! Banks required to fix what’s broken!

Felix was skeptical, noting that the reviews were effectively a
“physician, heal thyself” approach to a part of the banking business
that has proven to be unable to change behavior…

In addition, as Felix pointed out, if the exams were to uncover
issues that might pose systems risk, the Treasury is certain to reason
to minimize them…

This “review” is clearly a Potemkin exercise, yet another stress
test-type charade, in which the facade of a serious investigation is
used to sell the message that all is well in the banking industry.

Anonymous said...

And here is a reminder why with the extinction of MERS, virtually all US mortgages will be null and void.
One Step Closer To The End: MERS Corporate Secretary Demoted
Merscorp’s Mortgage Electronic Registration Systems Inc. contains more than half of all U.S. home mortgages. Members, which include the nation’s largest banks, log changes on the private database rather than filing mortgage assignments with county records offices each time loans change hands.

But don't tell the ponzi market. After all just like everyone now claims they had no idea that Madoff was a ponz, so in a year or so, everyone will be stunned, stunned, that everything we see on CNBC each and every day was a pyramid scheme.

Anonymous said...

3-8-11 Mark Hanson – The Multi-Agency Mortgage Servicer Settlement,
Principal Balance Reductions, Effective Negative Equity, Foreclosures

The Multi-Agency Mortgage Servicer Settlement, Principal Balance
Reductions, Effective Negative Equity, Foreclosures

1) The $20 Billion Multi-Agency Mortgage Servicer Settlement – A
Pee-Hole in a Snow Bank

The multi-agency mortgage servicing settlement draft, or term sheet, was leaked to the press this week. There was a lot of commotion over
it — mostly that the banks are getting only a slap on the hand again – including the missing monetary penalties.

The monetary piece of the settlement has been rumored to be between $20 and $25 billion. Its primary use has been stated as being for
counseling, legal-aid, hotlines, web portals, education, outreach, post-Foreclosure relo assistance etc. However, it is also stated that
‘a substantial amount’ of the monetary settlement was to be used to ‘support an enhanced program’ for loan modification including principal reductions.

Anonymous said...

Operation "Leaks"

The charge is basically that Bank of America's wholly-owned subsidiary Balboa Insurance with the cooperation of servicers abused "force-placed" insurance provisions to effectively "cram" customer accounts. Note that Balboa is apparently subject to a sale agreement (it is being spun off) but there is no information available as to whether that sale has closed.

The bottom line of the charge leveled here is an attempt to pad (radically) servicer income at the expense of the homeowners. This could have easily caused some foreclosures. If it did, then the investors got screwed out of the money, as the servicer is paid first on a foreclosure from the proceeds.

Anonymous said...

Matt Stoller: Comptroller of the Currency Orders National Banks to Cover Up Foreclosure Scandal

Unfortunately, this data and the related dialogue fell short of its potential as the Office of the Comptroller of the Currency forbade national banks from providing loss mitigation data to the states.

Anonymous said...

60 Minutes' Report On Fraudclosure

Joyce said...

60 minutes is a bit late with its news!

Anonymous said...

Homework Regulators Aren’t Doing

“ONE too many times, this court has been witness to the shoddy practices and sloppy accountings of the mortgage service industry. With each revelation, one hopes that the bottom of the barrel has been reached and that the industry will self correct. Sadly, this does not appear to be reality.”

Anonymous said...

Good lord. Figure it out--pay your bills. Or don't, and lose your house.

Don't blame other people--they didn't make you sign a loan/buy a house.

Don't run around going "blame the banks". They gave you a loan.

The people with a legitimate gripe against the banks/credit agencies are the huge investors (hedge funds, pension funds, and the like) who bought low-quality debt (i.e., loans of people more likely to default) packaged as higher-quality debt.

That isn't you. And many people wouldn't have gotten any loan at all if not for the banks lowering credit are you complaining that you got to buy a home in the first place?

The banks got "bailed out" getting loans. Expensive ones. They've paid them back or are paying interest, and the government is making a profit on that part (feds may lose money on the non-bank loans to AIG and GM, but that remains to be seen).

I remember everyone running around talking about how real estate prices would always go up, bragging about how they made money reselling their home and bought bigger. "Buy more house than you need, it'll go up!" That always sounded crazy. Turns out it was.

Stop raving, citing irrelevant articles by random nimwits, and either pay for your house or get out of it.

And to all the hard-working people who've gotten laid off, sick, or other things that aren't their faults, but can't make a mortgage payment because of it--I'm sorry. I sympathize, but you can't get something for nothing. If you're living at the edge without enough savings and you buy a house or car or whatever on credit, it might get repoed or foreclosed. But nothing is free. If we gave a free house, everyone else has to pay for it--higher taxes, interest rates, etc. The banks don't owe you a made a deal. Live with it.

Anonymous said...

@Anonymous above regarding something for nothing .you're WRONG...try reading!


David Stockman On The Fed's Path Of Destruction

Janet Tavakoli, Tavakoli Structured finance, and I discuss bank and forclosure fraud via Goldman Sachs, JP Morgan, Countrywide, Bank of America, Citigroup etc. in the video commentary above.


A systematic plan to create the illusion of stability and provide no-risk profits to the mega-Wall Street banks was implemented in early
2009 and continues today. The plan was developed by Ben Bernanke, Hank Paulson, Tim Geithner and the CEOs of the criminal Wall Street banking syndicate. The plan has been enabled by the FASB, SEC, IRS, FDIC and
corrupt politicians in Washington D.C.

Anonymous said...

@anonymous above you're a troll for the banks...the amount of fraud by the banks has been more than documented.....the bailout for insiders is evident....the bankers payout on loans was subsidized by the fed...the same low rate subsidy for the banks has destroyed savings for many others.....and whether or not your sorry in the scheme of things means absolutely nothing.

A lot was free if you were on the right side of this corrupt game.

...and by the way most of the people you call Tavakoli, Black, Whelan, couldn't shine their shoes!

Anonymous said...

@Stop raving, citing irrelevant articles by random nimwits, and either pay for your house or get out of it.


"To the prosecutors, I would exhort that there is so much low hanging fruit in terms of bank fraud that you should focus your efforts there: "There was “Origination Fraud” that took place; Nonfeasant Regulators who refused to do their legal duty because it disagreed with their personal philosophy. MERS engaged in dubious behavior that can best be described as “Extra-Legal;” Foreclosure Fraud remains rampant; All prosecutors need to do is follow the money to see how systemic bank fraud contributed to the financial crisis."

Anonymous said...

There’s Another Crisis Coming as Long as Banks Remain Above the Law: Bill Black

It's a matter of "unofficial" policy, he claims. "The de facto policy right now is elite frauds go free if they're in banking because the whole sector is too fragile. That is significantly insane. It will produce the next crisis." Essentially he's saying officials think it's more important for the banking sector to make money than it is for them to follow the law.

In the accompanying interview with Aaron Task, he notes that Treasury or White House officials are fully aware of the fraud, citing FBI testimony as far back as 2004 about rampant fraud in the mortgage market. In fact, Black says the problems banks are now facing with foreclosure paperwork are simply a result of the foreclosure frauds that were never addressed. "Every time you fail to root out the frauds, the fraud simply migrates. It migrates from the lending process to the foreclosure and servicing process."

Anonymous said...

How do you get rid of the evidence?....nothing at this point would be surprising...

Should Gov't Pay to Reduce Housing Supply?

The shadow inventory of homes in the United States currently stands at 1.8 million units. That's a nine-month supply. Add to that the current 8.6-month supply of existing homes on the market and you can bet home prices will decline further. Some say destroying the homes to get rid of the excess supply is the only way out of this mess. But who pays?

Should the government pay to bulldoze abandoned, foreclosed homes to shed excess housing supply?

Share your opinion at the CNBC poll here...

They'd rather throw people in the streets and bulldoze the homes than work out a solution...

Ever think that they might not have clear title to these homes and the only option is to bulldoze?

And the fraudclosures continue...

Anonymous said...

Saturday, April 30, 2011
Arizona Representative Drops Chain of Title Notification Provision After Apparent Bribe by Servicer

If you thought the Friends of Angelo program, via which Countrywide gave very favorable mortgage terms to assorted Congresscritters, was pretty bald-faced, you ain’t seen nothin’ yet.

One thing though… from what Darrell explained to me, Carl Seel must have been in a very good mood the day of his unexpected tardiness, because even though he had been previously turned down twice for his own loan modification, two days before he showed up too late to propose the amendment, Ocwen granted him a PRINCIPAL REDUCTION that reduced his mortgage to $88,000 from roughly $190,000… that’s a reduction of approximately 56% give or take a few points one way or the other.

Anonymous said...

It's disgraceful..
Saturday, May 14, 2011
Feds Reviewed Only 100 Foreclosure Files in Servicer Whitewash

Not only are the authorities engaged in a coverup of servicer abuses,
they aren’t even bothering to pretend that the effort is serious. A
post on Housing Wire offers some choice tidbits:

When mortgage servicers signed consent orders with the Office of
the Comptroller of the Currency and the Federal Reserve, these
companies were required to hire outside firms to conduct “look back”
evaluations of questionable foreclosure practices.

But these reviews will not be made public, according to an OCC spokesman.

So here’s what’s going down. The bank regulators are going to provide
cover for the banks by pretending to discipline them very hard, but
not really doing anything. The public will see a stern C&D order, but
there won’t be any action beyond that. It’s as if the regulators are
saying so all the neighbors can hear, “Banky, you’ve been a bad boy!
Come inside the house right now because I’m going to give you a
spanking!” And then once the door to the house closes, the instead of
a spanking, there’s a snuggle. But the neighbors are none the wiser.
The result will be to make it look like the real cops (the AGs and
CFPB) are engaged in an overzealous vendetta if they pursue further

Anonymous said...

The New York Fed Working to Bend Real Estate Law to Suit Needs of Banks

Notice how there is no timeline in this discussion? If you were to read the paper, you’d think banks created this great system called securitization which “enables the initial lender to replenish its supply of capital to make new loans.” But whoops! They somehow didn’t realize there would be a lot of operational demands, and now we have “money losing servicers trapped in too-big-to-fail institutions.” Notice NO OTHER EXPLANATION is offered. The only possible culprit is therefore those pesky but important legal requirements that bit the securitizers in the ass.

Utter hogwash. Securitization has been around since 1970. Private label securitization started to become a meaningful activity in the later 1980s. And most important, the industry managed to satisfy all those operational requirements and servicing was seen as a decent, even attractive business Remember how Bank of America was falling all over itself to buy Countrywide? The prize was Countrywide’s servicing unit.

So the real reason that industry is having trouble with foreclosures and servicers are losing money has absolutely nothing to do with the reasons suggested by the Fed. Two of the three are due to the industry running roughshod over the law. MERS was vetted only on a Federal law level; no review was ever undertaken of whether it would work under the laws of all the states. It was brazenly assumed that if MERS was imposed, the states would roll. That proved to be a tad optimistic. The second reason, the abandonment of established procedures, is fraud pure and simple. The packagers and trustees lied in the PSAs and the ongoing certifications.

I’m nevertheless disturbed by the Fed trying to insert itself in a process in which it has no legitimate role, and as its paper indicates, in which it is willing to misrepresent facts to assist banks. Its concern instead should be for the public and the integrity of the housing market, both of which are victims of securitization industry greed and recklessness. But it will take root and branch reform of the Fed before that could ever happen.

Anonymous said...

Bank Tout Dick Bove Proves His Ignorance in Defending of His Meal Tickets

Is Dick Bove’s put-foot-in-mouth-and-chew exercise yesterday proof of the eagerness of the banking industry to push back against any and all interference in their ability to milk the public, or merely that Bove is a great negative indicator (one of his most famous calls was to buy Citi in early March 2008. You’d have lost more than 3/4 of your money if you’d followed his advice.)

News that New York attorney general Eric Schneiderman has opened an investigation into the mortgage activities of Goldman, Morgan Stanley, and Bank of America sent Bove into a tizzy. Despite ample evidence of bank malfeasance (forgeries, fabricated documents, foreclosing on the wrong people, inability to find notes, force place insurance, and the report that the US Trustee, an arm of the Department of Justice, has found widespread, significant overcharges) Bove insists their right to prey on the public must be preserved…..because it will hurt lending.


Anonymous said...

Foreclosures just lower cause banks are too busy foreclosing

As I've mentioned many times before, much of the mortgage pain could have been reduced using federal bailout money (or any of the more than $4 trillion of excess reserves, treasuries, and mortgage assets on the Fed's books) to forcibly reduce mortgages, rather than being given to sustain the banks that created them and are sitting on devalued assets (the homes) the loan risk for which, they continue to shove onto borrowers, that don't have access to 0-.25% money.

Anonymous said...

Former LPS Employees Allege 30% to 78% Error Rate in Borrower Mortgage Records, Contradicting Banker/Regulator Cover-Up

Even though the filing is very long, the first third, which provides detailed descriptions of LPS’s purported misconduct, makes for gripping reading even for those who have been on this beat a while. Later on, it cites various media sources to track increasing public recognition of what LPS was up to, and NC is quoted at some length.

The filing relies heavily on affidavits by 17 confidential witnesses, all former LPS employees, some of them supervisory level. It is thus able to allege that bad practices were widespread and clearly designed and driven by top management.

The document goes through a detailed account of firm’s use of robosigners, surrogate signers (aka forgers) and its document fabrication service, DocX. While this may seem to be old hat, some of the details are nevertheless intriguing (management at least bothered to try to select forgers based on their ability to make signatures that resembled the original; anyone who questioned whether this activity was proper was fired within a week). More important, this lawsuit does serious damage to the claims of bank defenders (the latest being Karl Rove in the Wall Street Journal) that foreclosure abuses were merely about cutting corners and everyone who was foreclosed on deserved it.

Anonymous said...

Mish Is Again Off The Rails (Foreclosuregate)

What's happening here is a mass delusion. We have a bunch of institutions that through their own hand violated not only black-letter law but the contractual provisions they entered into with investors around the world. When this failure was first discovered they tried to cover it up with bogus affidavits that nobody had even read, say much less verified - if they had verified them they would have known that the paperwork wasn't done and the alleged transfers were not made. When they got caught doing that the next response was to claim that the homeowner was a deadbeat anyway, and thus "deserved it", which is identical to the rapist claiming that his victim "deserved" to be raped because she had a short skirt on and no panties, and he could "clearly see" the target of his assault.

We properly dismiss that sort of defense these days when it comes to rape, although that same delusional process used to work once in a while in those cases.

If I "lend" you money but fail to protect my own interests by my own hand, uncolored by anything you do, that I have reduced or eliminated my rights of recourse is not your problem. It's mine. It is not unjust for a debtor to demand that his creditor prove that he followed the law and that he really is the creditor, especially when there is very reasonable doubt as to whether or not he is.

Finally, it is never excusable to say "well that apparent felony (perjury) is just fine because the deadbeat over there didn't pay his mortgage."


Anonymous said...

Fortune Confirms Pervasive Defects in Bank of America Mortgage Documents

Do you remember the brouhaha over testimony by a senior executive in Countrywide’s mortgage servicing unit last year? It called into question whether mortgages had been conveyed properly to securitizations, which in turn would impair Bank of America’s ability to foreclose.

So sports fans, this is looking to be as bad as it could be. As we said, the only reason for attorneys to be engaging in widespread document fabrications and forgeries was if they have a very bad fact set on their hands. Perversely, things have to get worse before they get better. The mortgage securitization system, which could have operated well if the industry had not gotten greedy and violated its own procedures, is hopelessly broken. The industry has engaged in a massive PR campaign to deny that fact but too much contrary information keeps coming forward. We can only hope that enough judges have become skeptical of banks to give the documentation a real look. Only when we admit the depth of failure can we have a chance of addressing the mortgage crisis and reconstituting our system of transferring residential real estate.

Anonymous said...

I'm still stuck on the "pay for your bloody house". For example, the idea that some couple in Florida has been living in a house for five years without making a payment is obscene. I pay monthly for my condo.

And to the nimrods above--no, I don't work for a bank, or with banks, or have anything to do with mortgages or loans other than my own.

As far as to all the securitization transfer mess, best thing would be to just pass a law saying it was all ok--as long as people are getting proper credit for all their payments, doesn't really matter who owns the loan. And require the owner of the loan to be clearly listed someplace in a central database so borrowers can get in touch with them (or sue the owner of the loan if they did d something shady).

I just see a huge disconnect here by some of the posters, who think that because some iffy loans were done they should get out of theirs.

You want to "hold the banks responsible", but don't want personal responsiblity. I think that's just plain wrong. If you knew your payment and interest rate when you signed for your loan--well then, nobody cheated you. You applied for a loan, you got a loan.

Anonymous said...

Florida Governor Floats Huge Gimmie for Banks: Taking Foreclosures Out of the Court System

Foreclosures in Muskegon County have dropped from about 75 per week to about 2 per week.…


Because banks CANNOT prove in a court of law that they hold an interest in the debt.

Let me say that again…banks CANNOT PROVE in a COURT OF LAW that they hold an interest in the debt.

Think about that for a moment. The moment the courts simply require that a bank prove it has an interest in the indebtedness of the property it’s foreclosing on, 97% of the foreclosures stop.

Banks are the victim of their own shenanigans.

They weren’t satisfied with the honest dollar they got lending money for mortgages, and started to play stupid games. And now, nobody….NOBODY…NOBODY knows who holds the actual interest in your house.

This isn’t some crackpot theory. It’s becoming glaringly obvious. Banks cannot prove in a court of law that they hold an interest in your property. And it’s their own fault.

Anonymous said...

Ocwen Loan Servicing Takes Home from Handicapped Because There’s Equity

She had made countless calls to Ocwen throughout the past year and was repeatedly told that everything was fine and that she was under consideration for a modification. Now, all of a sudden, with absolutely no explanation, her home was to be sold at a trustee sale. Again she explained why they had fallen behind in the first place, that things had stabilized since then, that Ocwen had not allowed them to try to make up the payments they had missed, but rather had advised them to apply for a loan modification.

Anonymous said...

Foreclosure fraud investigators forced out at attorney general's office

A lead foreclosure fraud investigator for the state said she and a colleague were forced to resign from the Florida attorney general's office, unexpectedly ending their nearly yearlong pursuit to hold law firms and banks accountable.

Former Assistant Attorney General Theresa Edwards and colleague June Clarkson had been investigating the state's so-called "foreclosure mills," uncovering evidence of legal malpractice that also implicated banks and loan serv­icers.

Despite positive performance evaluations, Edwards said the two were told during a meeting with their supervisor in late May to give up their jobs voluntarily or be let go. Edwards said no reason was given for the move.

The foreclosure investigations were launched under former Attorney General Bill McCollum, but Edwards said she sensed changes were coming under Gov. Rick Scott and Attorney General Pam Bondi.

"I think they wanted to put people in there that were more in line with their thinking," Edwards said.

Anonymous said...

I also feel if you take on debt you should be held accoutable to repay the debt. But when I purchased my home it was not only to have a place to live but also as an investment. Before the bank disatser i had maybe 40K in equity. At the peak of the bubble i had about 140K. Today (after a loan modification I am 20K upside down. The banks stole the equity from our homes and sold it. The value of the equity does not really exist until you sell your home. If it did i would still have it. They made billions on the way up and they mad millions on the way down by shorting the comodities they crerated out of thins air. How could it be legal or ethical to promote and sell a product at the same time you are betting it will collapse so you can make even more money. They are still making money form the insurance on every short sale the make and on the fees for late payments and foreclosure fees. Here I sit and pay for a house that I will takes years to get even on and even longer, if ever, to make any money on. So yes you should not create bills you can not afford to pay. But you should not lie, cheat or steal from people either and thats exactly what the banks did to the american people. Not all banks of course. So my feeling have changed. The bakns deserve whatever they get.I say if you can get out of the mortgage thyen so be it.

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He operates the largest foreclosure law firm in the state, and these hard times have made Mark P. Harmon a very busy man. Some critics assail his tactics, but Harmon is unapologetic: Lenders, after all, need zealous lawyers, too.

In October, a judge issued a preliminary injunction preventing the auction. The case is still pending.

Mack’s suit is one of more than 100 cases filed in Massachusetts superior and federal district courts since 2005 against Harmon Law Offices, by far the state’s largest legal firm specializing in foreclosures. In Boston alone last year, it handled 40 percent of all home foreclosures - about one a day, according to a Globe review of public records. Statewide, the company has advertised more than 15,600 foreclosure auctions scheduled between January 2010 and September of this year.

With a law office, title firm, and auction company under his umbrella, Harmon has assembled a network that can slice through the complexities of a foreclosure faster than most stand-alone legal firms - it’s a one-stop shopping center for banks and mortgage companies. A reputation for speed and efficiency has attracted major clients such as Bank of America Corp. and JPMorgan Chase - in addition to Wells Fargo - which hire Harmon Law to process thousands of cases annually. It is also one of just five Massachusetts law firms on a list that mortgage giant Fannie Mae uses to farm out business.

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Do you need Business or Personal Loan?
Do you wish to refinance your company?
Our company is based in United States and Europe. We give out loan to any individual and company at 2% interest rate yearly. we are a registered private company that gives out loans to assist people/firms who need to update their financial status all over the world, In general we offer mortgages, home loans, car loans, hotel loans, commercial loans, construction loans, start up- working capital loans, business loans and bad credit loans, e.t.c, at low interest rate of 2%. We would love to fund projects at hand and offer personal loans as well to you, your firm/partners and clients. contact us via email for more information at: { }

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