Let’s Not Start Lionizing The Anti-Foreclosure Deadbeats – CNBC

 

The folks who perpetrated the fraudulent mortgage documents should be prosecuted and jailed if found guilty.

 

This Demelio woman is just a new breed of scammer. Reckon she graduated from credit card scams and is in the big leagues now. These people, the ones who can be proved to have falsified documents and bought way more house than they could afford, should also be prosecuted and jailed if found guilty.

 

And before anyone says I’m just slamming poor or middleclass folks,I know of a few people who owned homes worth millions, who built multi-million dollar “spec” houses. About the time the bubble burst, I asked him what he was going to do if he couldn’t sell it at the 3.8 million asking price. He matter of factly told me, he’d let the bank have it…just walk away.

 

 

 

 

 

 

 

Let’s Not Start Lionizing The Anti-Foreclosure Deadbeats – CNBC.

 

via Let’s Not Start Lionizing The Anti-Foreclosure Deadbeats – CNBC.

16 responses to “Let’s Not Start Lionizing The Anti-Foreclosure Deadbeats – CNBC

  1. Ohh no… dammit, NO…!

    We now have evidence that this illegal process extends to Wells Fargo, one of the [few] remaining major lenders yet to admit problems or suspend their processes:
    In a sworn deposition on March 9 seen by the FT, Xee Moua, identified in court documents as a vice-president of loan documentation for Wells, said she signed as many as 500 foreclosure-related papers a day on behalf of the bank.
    Ms Moua, who was deposed as part of a foreclosure lawsuit in Palm Beach County, Florida, said that the only information she verified was whether her name and title appeared correctly, according to the document.
    Asked whether she checked the accuracy of the principal and interest that Wells claimed the borrower owed – a crucial step in banks’ legal actions to repossess homes – Ms Moua said: “I do not.”
    Ms Moua nevertheless signed affidavits that said she had “personal knowledge of the facts regarding the sums of money which are due and owing to Wells Fargo”. The affidavits were used by the bank in foreclosure proceedings.
    I want to again stress that this is downright illegal and incredibly damaging to the rule of law. The improper affidavits were the tip of the iceberg, but even if they weren’t, the chain of so-called clerical errors that would get a servicer to foreclose on a home that didn’t even have a mortgage would involve so much fraud at so many stages that it makes a mockery of the notion of private property altogether. The smug cheerleaders who want to make this about borrowers and not criminal fraud really make me sick to my stomach.
    http://news.firedoglake.com/2010/10/14/lets-not-start-lionizing-the-real-foreclosure-fraud-deadbeats-the-banks/

    Say it ain’t so Gramps…please, Kilroy…say it ain’t sooo

  2. Corrupt banker’s stocks went into the “dumper” today, based on their corrupt attempts to defraud their borrower’s by every, financial “hook, crook or scam”… ever possibly imagined by some junior vice president and approved by the CEO of dah damn bank…!

    Never mind…we the middle class schmucks, will bail out the sorry …“rich bitch, bankers” on the next go around…so as they can keep given’ us ”…eff you, dumbe arse, enemas” so we’ll “keep our darn, noses to the grindstone” whilst they “party hardy” …wherever, they damn, ‘eff’en please…!

    Class warfare is total, total…absolutely total, common, man, BS…!
    The banker’s have assured us of all
    “good faith and diligence”…!

  3. As I mentioned in my post Gramps, The folks at the mortgage companies who wrote up the fraudulent documents should be prosecuted and jailed if found guilty.

    BUT, the people who falsified information on their mortgages and bought way more house than they could afford,knowing they couldn’t afford the payments, should also be prosecuted and jailed if found guilty.

    Right now, because of this moratorium on foreclosures, even people who probably aren’t in arrears and can afford the payments, have stopped paying their mortgages thinking that they’ll get one over on the banks. Well,it’s not the banks that are being gotten over on…it’s us, the taxpayers.

    Put that in yer drink and sip on it.

  4. tmg…
    The banker’s have assured us of all “good faith and due diligence”…!
    Sounds like something, JD, might say…?

    Well I donnoe…
    I’ve have “closed” on three different personal, properties in my 72 years and I didn’t trust the“lot of ’em” fer as far as I could “throw them” even though they were good citizens of my very “home towne bank”…

    I’ll never ferget, possibly the best financial advice I ever received…

    My first landlady owned a large “uppy” apartment complex and sorta took me under her wing, when I told her, wanted to dabble in “real estate”…

    “Jimbo, she said… “Buy a duplex and let the tennent pay half the mortgage…and get yerself a JD [lawyer]…!”

    I did…
    It worked out perfectly.
    We’re mortgage free…!

  5. Foreclosure Fraud: Megabanks At Risk As Analyst Identifies New Problems With Mortgages…

    Just four firms dominate the trustee market for mortgage-backed securities in which the mortgages aren’t guaranteed by Uncle Sam: Deutsche Bank, U.S. Bancorp, Bank of New York Mellon, and HSBC serve as trustees for 70.5 percent of all such issuance since 2005, according to Asset-Backed Alert, an industry newsletter and data provider. An additional four firms — Wells Fargo, Bank of America, JPMorgan Chase, and Citigroup — control 29.1 percent, Asset-Backed Alert data show.

    All told, these eight firms have served as trustees for 99.6 percent of all private-label mortgage-backed securities issued since 2005.

    Were the document errors now cropping up in a handful of cases “to be found to have resulted from [the] widespread failure of issuers and trusts” to properly handle and transfer documents, “there would … appear to be a strong legal basis for the calling into question [of] securitizations,”

    http://www.huffingtonpost.com/2010/10/14/mortgage-bond-analyst-say_n_763215.html

    Oh no Mr. Bill…have my “banker buds” got their “nuts”, betwix a “rock and a hard spot…?”

  6. Today…October, Monday, 10.18.2010…

    ” At a large Florida “foreclosure mill,” a manager signed up to 1,000 documents a day without reading them and employees were given gifts to speed up foreclosure paperwork, according to depositions released today [10.18.2010] by the Florida Attorney General’s Office.
    The news, also reported by Tampa Online, comes as Bank of America, the nation’s largest bank by assets, announcement that it would resume more than 100,000 foreclosures in 23 states after an internal investigation of its practices…

    I’m fer “jail time” fer bankers…
    But that’s just me…
    Hehehe…!

  7. I’m all for jail time for bankers that are found guilty of fraud, but I’m also in favor of jail time for people that falsified their loan applications, too.

    Be fair minded here Gramps. Those people are just as guilty as the bankers.

    Mike

  8. Let’s just make one thing clear about this whole mess. Who are the people who are being screw? They are us, the taxpayers.

    Before government and too many lawyers got involved, the mortgage lending business worked fairly well. To buy a house, you had to put money down. That meant two things: you had a stake in keeping the house and you already had proven your capacity to save. To make money lending money, bankers had to make a “good” loan. That is, banks had to loan money to someone who could and would pay them back with interest. That meant three things: each person a banks loaned money to had a job, each person a banks loaned money to got a thorough credit check, and banks kept their paperwork straight.

    Gramps – I have no doubt some corporation execs are greedy, but so are a lot of politicians. That is why we have to keep the government small. Give greedy people a chance and they will abuse government power. You want an example? Check out the role of Fannie Mae and Freddie Mac in the housing bubble (http://citizentom.com/2010/08/02/reviewing-the-financial-collapse/). The government created Fannie Mae and Freddie Mac, and we are still bailing out those two government sponsored agencies.

  9. Jan.11,2008…

    ”…Not everyone was viewing the proposed buyout as a plus for Bank of America. The Wall Street Journal warned that the many lawsuits brought by borrowers against Countrywide alleging lending and loan-servicing abuses might place its new owner in significant legal and financial jeopardy unless it takes steps during the acquisition process to limit its exposure to the suits. Bankruptcy would have severely reduced the litigants’ recovery but typically in an acquisition the party buying the assets must agree to address pending litigation.
    In addition, the attorneys general of Illinois and California are investigating Countrywide’s mortgage-lending practices and attorneys at the Justice Department are looking at allegations that the company misrepresented borrowers’ debt and the handling of their payments during bankruptcy proceedings.

    Ah yes indeedy, the WSJ warned BAC how foolish that acquisition might be…and then there was this…

    ” In another interesting take on the story, Hank Greenberg, writing in his MarketBlog opines that the federal government could be behind the deal and has likely agreed to guarantee Bank of America against Countrywide-related loss. While he hastened to add that there was no evidence of the latter, it is intriguing.”

    ”The $170 billion bailout of AIG and the $165 million bonus outrage are the result of reckless behavior by AIG and most especially by its egomaniacal former chairman, Maurice “Hank” Greenberg. This supposed paragon of higher finance was just plain playing Russian roulette with his shareholders’ money, destroying nearly $200 billion in equity and putting an onerous cost on Uncle Sam and taxpayers.

    My word Hank, aren’t you the cautionary, sagely, hypocrite…
    CT…you, me and Hank are all in agreement the taxpayer is the ultimate dupe, “holdin’ the bag” for all the “rich bitch” crooks and criminals in this fiasco…!

  10. Let’s not lionize the banks either, who a) pushed through fraudulent foreclosures, including on people who owned their homes free and clear, and b) who have so screwed up the title process, nobody even knows who owns what. Seriously, what about property rights?

    Tom is spot on about the greedy government too!

    Our banking system is, and has been, about the furthest thing from the free market imaginable. It is in fact, a government-backed cartel with a complete monopoly. Now that the jig is up on this monstrsoity, it never ceases to amaze me that people defend them. Well guess what? The banks and Congress, in an unholy union, are guilty of the greatest heist ever pulled in the history of man! Public hangings would be appropriate, but we all just love our “leaders” too much these days that we’re blinded, unable to see the truth.

  11. Gramps – Our forbears use to hang horse thieves and cattle rustlers. The reason is simple. When thieves steal, people go hungry and without a roof over their heads. But let’s not get sidetracked.

    Crony capitalism — think about what that means. In a properly regulated economy, a business cannot make money without committing outright fraud. Other the other hand, if businessmen, like Countrywide’s CEO, form cozy relationships with politicians, that is what is known as a game changer.

    Countrywide sold its loans. Guess who bought their bad loans.

    • CT, what did I write…

      ”…you, me and Hank are all in agreement the taxpayer is the ultimate dupe, “holdin’ the bag” for all the “rich bitch” crooks and criminals in this fiasco…!”

      Yes, Countrywide’s fraudulent, rotten portfolio of mortgage loans, was purchased by Bank of America…big govmint meeting was held yesterday to determine how to finesse the prosecution of BAC and how to have the taxpayer, pull their grits off the hot stove of insolvency…

      Good Lord, we’re surely fools…I’m always, very concerned anytime there’s a closed door meeting!

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  13. http://online.wsj.com/article/SB10001424052702304510704575562311735698220.html

    Gramps, search on countrywide Fannie Mae. You will find plenty to read about. Countrywide left Bank of America’s stockholders holding the bag. Greedy politicians AND THE PEOPLE WHO VOTED FOR THEM are as much to blame as anyone.

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