'SHITTY BANK BANKS' Might Go Belly UP After Foreclosure Mess Hit The Fan- Secrets Of Traders

‘SHITTY BANK BANKS’ Might Go Belly UP After Foreclosure Mess Hit The Fan- Secrets Of Traders

‘SHITTY BANK BANKS’ Might Go Belly UP After Foreclosure Mess Hit The Fan- Secrets Of Traders

I can tell you there is MAJOR, MAJOR panic happening “behind the scenes” since I have started this site I have not seen this kind of activity! All I can say is don’t stop what ever you are doing GMAC or not…

Foreclosure Mess

By: Secrets Of Traders Wednesday, September 22, 2010 11:56 AM

I haven’t seen the following story get much national press (Ok, none. After all, isn’t Lindsey Lohan still in the news?) but if it continues to escalate, we will. The short & sweet of the matter is that it appears most banks do not have clear title to the homes they are foreclosing. In their mad rush to capitalize on the housing bubble, bankers skipped many of the legal steps necessary to have a clear title if things went badly, which is now, and the mortgages that were bundled then securitized as MBSs (mortgage backed securities) may actually belong to the homeowners.If this plays out as described below some banks will go belly-up, which should have happened a long time ago. Since the Treasury & the Federal Reserve will not let their buddies down, however, I am certain that it is already being sorted out in back room deals. “To hell with the LAW” they will say, Shitibank is on the brink of failure.

A member of Congress has already sent a letter to the Florida Supreme Court requesting it make an order to abate all foreclosure procedures until Florida can complete investigations into the matter. A portion of Representative Grayson’s letter is below.

I respectfully request that you abate all foreclosures involving these firms until the Attorney General of the state of Florida has finished his investigations of those firms for document fraud.

I have included a court order, in which Chase, WAMU, and Shapiro and Fishman are excoriated by a judge for document fraud on the court. In this case, Chase attempted to foreclose on a home, when the mortgage note was actually owned by Fannie Mae.

Taking someone’s home should not be done lightly. And it should certainly be done in accordance with the law.

This original post can be found here

Ok, we now appear to have a pattern of conduct here where organizations trying to foreclose on homeowners are in fact submitting forged (that is, willfully known to be false) affidavits to courts around the nation.

First we had GMAC, now it appears we have JPM/Chase. Everyone’s scrambling on this, of course.

But as I pointed out, the real panic is likely still to come, because I have reason to believe (but cannot yet prove) that many if not most of the non-agency securitizations were defective at the outset.

Worse, they’re now trying to cover it up. I am amassing more and more information on the mess, and what I’m seeing is increasingly looking like a pattern of conduct that may well go far beyond “innocent mistakes” or “accidents.”

So let’s take a close look at this problem, and how we can fix it.

There’s a real visceral outrage at letting people have a “free house.” But is it really a perversity of justice if that’s what happens in point of fact – or effect? Maybe not.

Look, if I want to write you a signature loan for $200,000, I have every right to do it. If you don’t pay I’m screwed in such a case, because I have no security interest.

Continue reading …iSTOCKANALYST


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3 Responses to “‘SHITTY BANK BANKS’ Might Go Belly UP After Foreclosure Mess Hit The Fan- Secrets Of Traders”

  1. Peter says:

    What would be great, is if the press would check out which houses are going on the auction block, then go talk to the homeowner and see if they know about it and what happened. I had THREE neighbors in my community, here in California, that had NO IDEA…they though the bank was working with them to modify their loan! I showed them what I had printed out from the internet about the sale, and they were absolutetly shocked! We’re a non-judicial state, so it’s easy for big banks like Wells Fargo to do this. Wells will string you along with hopes to get a modification until you don’t have any money left to fight or pay for an attorney.

  2. Hannah says:

    My closing paperwork was sloppy.
    There were mistakes and blanks.
    The banks lawyers (Old Republic Title) wanted me to give them special and limited Power of Attorney. The Power of Attorney had no limits. It said they could change, add, alter ANYTHING at ANY time.
    The paperwork said if I were involved in a lawsuit, for any reason, the bank could call in the loan in full immediately.
    They wanted me to “WAIVE MY RIGHT OF NOTIFICATION.” (Of course, that was written very small as opposed to very large.)
    The dates were wrong on my paperwork, and made it look as if my first payment would have been late, meaning they could call in the loan in full.
    I was never notified of being okayed for the loan.
    I had been expecting to read the terms well before closing day. My application said I would be notified by mail but I wasn’t.
    Nothing in my paperwork was as it had been explained to me at the bank. The interest rate was higher. The mortgage broker had electronically filled in my application and added extra zeros to my savings. I told her it was wrong and she just shrugged.
    I said, “I will not sign any of this.”
    So, they said they would sue me because I had no clause to back out, nor any contingency.
    They (I couldn’t even determine who exactly) sent paperwork from a lawyer which intimated a case had been filed.
    When I checked the court dockets, no case had been filed. They kept all of my Earnest money and what I paid for inspections and I wound up homeless.
    I had been recently widowed and my young child and I had nowhere to live because of these “professionals” whom I trusted: BB&T Bank (and a CHIP Loan,) Keller-Williams, Coldwell Banker, Old Republic Title, and Prather Insurance.


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