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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

Friday, January 21, 2011

Fraud or No Fraud...You Be The Judge

They are worse then "The Mob".
This topic relates to the mortgage units and servicing companies owned by Goldman Sachs as well as to most of the other TBTF banks.  It applies to Bank of America (the linked article below is about them). It applies to Wells Fargo, it applies to Citibank and of course it applies to all of those defunct mortgage companies that were gobbled up by the TBTF gang. (Broke companies acquiring other broke companies - the economic theory being that two negatives make a very strong positive.  Oh boy, still on the topic of wrong and failed economics.)

This is an issue I have been talking about for the past three years now. More and more evidence keeps surfacing.  Not only the article linked below, but in many courts around the country such as the Supreme Court ruling in Massachusetts whereby foreclosures were reversed based on fraudulent documentation. 
The Ibanez case:
The Massachusetts Supreme Court ruling on the Ibanez case—which states that U.S. Bancorp and Wells Fargo did not have standing to foreclose on a borrower because they failed to follow proper legal procedure in the mortgage transfer and securitization process—is about to turn into the cornerstone of future foreclosure proceedings not only in Massachusetts. 
The State Supreme Court decision is the first to weigh in on such evidence as its opinion in the Ibanez case “makes clear that the foreclosing lender must be able to document ownership of the mortgage to be foreclosed before issuing notices of foreclosure.”...from MortgageNewsDaily

HOW CAN "THE BANK" acting as a Trustee for a Securtized Bond issue foreclose on a property AND KEEP IT FOR THEMSELVES?

HOW CAN "THE BANK" not acting as a Trustee but on its own be the Plaintiff in a foreclosure action when the mortgage in question had been Securitized and sold in a bundle to thousands of investors?   The Trustee (acting on behalf of the securities investors forecloses on the property and "The Bank" itself gets the property at the foreclosure action with no money paid or invested in the home.

HOW CAN "THE BANK'S SERVICING COMPANY"  - a non bank subsidiary of a bank - which is basically a collection agent for the true owners of the mortgage note - be allowed to act as Plaintiff in a foreclosure and then sell the property at auction where "The Bank" (owner of the servicing company) gets to keep the property free and clear with no investment in it whatsoever?


Iin other words -  if you or I went to the foreclosure sale and out bid the bank, we would have to produce a cashiers check for the whole purchase amount because WE DIDN'T OWN THE MORTGAGE NOTE ON THE  PROPERTY.  If "The Bank" wins the auction for the same property which THEY DON'T OWN OR  HAVE EVER OWNED THE MORTGAGE NOTE, they DON'T have to bring ANY MONEY to acquire title.  They simply  "claim they own the mortgage note" and the judicial system just takes their word for it.
Evidence Not Required! 

Case in point.  Most mortgage notes were sold by the originating bank/lender to Wall Street who them bundled that note with thousands of others and created what is now known as a Mortgage Backed Security (MBS).  Most of these MBS issues were sold to thousands of investors worldwide.  Each MBS could have as many as 10,000 individual investors who comprise ALL THE OWNERS OF EACH MORTGAGE OR PIECE OF MORTGAGE within the MBS. (I say "piece" of mortgage because many mortgage notes were "sliced and diced and the pieces placed in several MBS issues.  It is entirely possible that one mortgage note could be owned by hundreds of thousands of investors.  And one last case in point on this topic.  Many - if not a majority - of mortgage notes were NEVER - ues, I said never - legally assigned or sold to the MBS.  In other words, the buyers (investors) who purchased shares of the MBS were misled - no - DEFRAUDED.

Here is the issue.  If a mortgage that was foreclosed on by let's say Bank of America who's servicing company - Bank of America Home Loans, LLC - acquired the servicing rights to that particular mortgage from - let's say - Countrywide's non bank servicing company (Countrywide went broke and BofA "bought" them) and Countrywide - The Bank - had sold that mortgage to Wall Street but never (as is in most cases) - never actually legally assigned that mortgage note to the security or the Wall Street firm (Goldman Sachs, Merrill Lynch, Bear Stearns and Lehman Bros.) that created and sold the security THEN HOW CAN BANK OF AMERICA -"THE BANK" - WIND UP WITH THE PROPERTY FREE AND CLEAR?

How is it that the investor's - the possible tens of thousands who own the MBS issue that the foreclosed mortgage resides in - don't get the property back?  If they own the mortgage note then the property - at auction - should go back to them with no payment - NOT "THE BANK". But then again, if the note was never legally sold or assigned to the MBS then they - the investor's - don't own it either and also have no right to obtain the property through foreclosure.

The fraud:  Not being the party with standing ( having the legal right to take foreclosure action).  This is like me having the ability to foreclose on your home even though I have nothing to do with it or the mortgage note.
I can't do that.  Why should they be able to? 

This is fraud condoned by our government and our courts.  A legal mockery.  A sham and utter destruction of our legal system which was created to serve everyone equally.  No more.  You and I are in the peasant class and don't have the same rights and privileges as those the top of the economic scale who got there with our money.

The Wall Street Gang along with the Main Street Banksters created a scheme to create millions of homes by simply giving mortgage money to just about anybody.  They all blamed the mortgage brokers - which I was once one- for "creating" these loans when in fact it was they (the Wall Street Gang) who actually created the loans and the qualifying guidelines (this includes Fannie Mae and Freddie Mac as well).  It was also "they" - the banks - who underwrote each mortgage application, approved or disapproved them and if approved them they funded the loan at the closing table.  The decision was totaly theirs.

You see, they knew that most of these new loans for most of the homes purchased would implode at some point.  The question was when would they implode?  But the implosion date was controlled by "the Gang".  They knew that when they stopped securitizing (which they stopped in 2007) that appreciation would end, refinances and cash out equity would end and home sales would end thus crashing the market. They KNEW that millions of homes would go into foreclosure.  They also knew that when that happened that "they" would wind up with a vast amount of American Real Estate which they could fraudulently obtain at NO COST sell off at distressed prices and again make vast profits on the same homes they once financed.  THEY OWN AMERICA!

You be the judge.  Are all of these bank foreclosures illegal?  Is it just another part of the scam by the banksters to enrich themselves?  Is this a fraud against the American People and the American Court system? Is this a fraud against those millions of investors worldwide who bought into MBS issues that for the most part never contained the properties they were told there was backing the issue? (Iceland - the country - went broke because of buying those investments)

You be the judge!  Is this a massive fraud that devastated our countnry's economy as well as devastated millions of American families who lost their homes - many of whom are now homeless and living on the street with their children?

I hope that the class action suit in Florida against Bank of America by people who were defrauded by the banks and who already lost their homes - illegally - to Bank of America, is just the BEGINNING of justice and a reversal of the fraudulent activities of the banks.

click Read the full story in
Homeowner Class Action Filed Against Bank of America, Challenging Ownership of Homes Obtained Through Improper Mortgage Foreclosures, Case No. 8-11-CV-000107

This case is different from other similar lawsuits because it focuses on Bank of America's current ownership of the foreclosed property. The Plaintiff group includes only borrowers who were improperly foreclosed out of homes which are now, after foreclosure sales, owned by Bank of America. The complaint seeks to restore the borrowers' rights in their homes, and seeks to establish that Bank of America's claim of ownership can be invalidated. The number of Florida homes which Bank of America now owns after improper foreclosures is unknown, but the Plaintiffs estimate the number in the thousands.
The Banks rule over our country MUST STOP.  We MUST bring them all to justice.  These high paid executives are not immune from our laws nor do they enjoy special legal privilege because of their wealth.
Bernard Madoff was found guilty and is serving time.  Was he just a token sacrifice so the likes of Blankfein, and Paulson along with Jamie Dimon (CEO, JP Morgan) and the other heads of the Wall Street Gang  be able to go free? 

This blog was created by our founder Mike Morgan for the purpose of showing just how dangerous these banksters are to our way of life and to the future of our children.  I believe we have done the job of exposing the truth but now we need to see action by our legal system.  Thus the slight departure from Goldman Sachs only info.  While GS is still the Vampire Squid -  and perhaps the true leaders of "The Gang" - we need to expose all the banisters and demand justice. 

Fraud or No Fraud...You be the judge.


Anonymous said...

Problem is there is no potion to make an honest man out of our current crop of (so called) leaders..and you can't stop the fraud without an honest referee!

A Man's A Man For A' That

Verse Three might have got Burns into some trouble in Edinburgh. The birkie (cool young guy) who struts around, and has the title of Lord, is only a coof (an idiot). The man who learns to think for himself is worth much more than that.

Verse Four continues this theme. Princes can hand out titles at will, but honesty and pure goodness are worth much more. Self respect doesn't come from inherited wealth or titles.

Joyce said...

Good Ole Robbie Burns!! I love that man and his poetry which reveals a man who loves the smallest mouse and yet could hardly stand the pratings of the lordly.

I have a story to tell about Robbie Burns. The artistic people in my community wanted to raise a statue of the man beside the art gallery. They raised funds for the effort and finally had a statue and put it on a pedestal near the gallery. It was lovely! But the only reason that the people agreed to put up such a statue was that they thought it was one of that other Robert, Browning. I love that story.

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