Cassandra Daniels | FORECLOSURE FRAUD | by DinSFLA

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Judge keeps credit crisis-related securities fraud suit against General Electric alive

Judge keeps credit crisis-related securities fraud suit against General Electric alive


GE’s slogan couldn’t have been much truer than this.

The D & O Diary-

In a January 12, 2012 opinion that quotes from (and relies upon) former Treasury Secretary Henry Paulson’s credit crisis memoirs, Southern District of New York Judge Richard Holwell granted in part and denied in part the motion to dismiss in the subprime and credit crisis related securities class action lawsuit that investors had filed against General Electric, certain of its directors and officers, and its offering underwriters. A copy of Judge Holwell’s opinion can be found here.

Background

As discussed in greater detail here, the plaintiffs first filed their action in March 2009, alleging that the company had failed to disclose information regarding the company’s health and the health of its financial subsidiary, GE Capital, at the height of the financial crisis. As Judge Holwell summarized it, the plaintiffs allege that “during a time when the financial markets were crumbling and companies across the United States were scrambling to disclose their holdings in subprime loans, GE withheld information regarding its substantial holdings in subprime and non-investment grade loans and touted GE as safe in comparison to its competitors, despite the fact that GE was also feeling the impact of the financial crisis.”

[THE D & O DIARY]

[ipaper docId=78429366 access_key=key-k85na7sard7u3ohckjv height=600 width=600 /]

 

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Fraud and folly: The untold story of General Electric’s subprime debacle – iWATCH

Fraud and folly: The untold story of General Electric’s subprime debacle – iWATCH


Michael Hudson, continues his great series into the subprime fraud mess, this time GE’s turn!

iWATCH-

For General Electric Co., hawking subprime mortgages was a long way from making light bulbs and jet engines.

That didn’t stop the industrial giant from jumping into the subprime business in 2004, lending blue-chip respectability to the market for risky home loans by paying roughly half a billion dollars to buy California-based WMC Mortgage Corp.

What GE got in the bargain, former WMC employees say, was a place where erstwhile shoe salesmen, ex-strippers and even a former porn actress could sign on as sales reps and make big money pushing home loans. WMC’s top salespeople earned a million dollars a year or more and lived fast, swigging $1,000 bottles of Cristal and wheeling around in $100,000 Ferraris and Bentleys.

[iWATCH NEWS]

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Dear Attorneys General: If You Want to Be Re-elected, Sue the Banks.

Dear Attorneys General: If You Want to Be Re-elected, Sue the Banks.


By Abigail Caplovitz Field |

Dear Attorneys General:

If you want to be reelected–in those 41 states where voters get to have their say on how well you’re doing your job–you’d better get busy and indict some document fraudsters, or at least sue the big banks for their deceptive and deeply damaging practices. That’s because voters are catching on to just how above the law bankers believe they are. And if you don’t make a real effort to hold the banks accountable–NO, the “50 state” settlement Santa’s supposedly giving to the banks doesn’t count, as I’ll get to–if you don’t make a real effort to hold the banks to account, you’ll get voted out for any candidate that credibly promises accountability.

See, the gig is up.

[…]

[REALITY CHECK]

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VIDEO: Beau Biden talks Alex Wagner about Foreclosure Fraud & Accountability

VIDEO: Beau Biden talks Alex Wagner about Foreclosure Fraud & Accountability


“Average Americans lost 16 Trillion dollars flushed down the toilet, No accountability”

“Man-made Disaster”

“Losing your home is like losing your child”

 

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iWATCH | Whistleblowers ignored, punished by lenders, dozens of former employees say

iWATCH | Whistleblowers ignored, punished by lenders, dozens of former employees say


Another home run from Michael Hudson this time deep inside several lenders

iWATCH-

Darcy Parmer ran into trouble soon after she started her job as a fraud analyst at Wells Fargo Bank. Her bosses, she later claimed, were upset that she was, well, finding fraud.

Company officials, she alleged in a lawsuit, berated her for reporting that sales staffers were pushing through mortgage deals based on made-up borrower incomes and other distortions, telling her that she didn’t “see the big picture” and that “it is not your job to fix Wells Fargo.” Management, she claimed, ordered her to stop contacting the company’s ethics hotline.

In the end, she said, Wells Fargo forced her out of her job.

[iWATCH NEWS]

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California refuses to accept Obama’s banking sellout, or just holding out

California refuses to accept Obama’s banking sellout, or just holding out


I have mixed emotions on this one because I am seeing California teeter totter, not sure of the outcome. As Matt Stoller wrote about AG Kamala Harris Network:

she shares them with President Obama, who endorsed her late in 2010 for the AG office. Her brother-in-law, Tony West, was key fundraiser for Obama in California, having helped raise $65 million for Obama in the state, and he is considered a rising star in the Democratic Party. He now works at the DOJ and has expanded the Civil Rights department to take on some elements of mortgage fraud. The DOJ has an internal directive to make mortgage fraud a top priority, but what mortgage fraud means to the DOJ are mortgage modification scams and penny ante borrowers ripping off fly-by-night lenders. West, while not the direct actor in the DOJ’s settlement talks, is in all likelihood involved in pressure on state AGs to sign on to a settlement. And it’s simply inconceivable he hasn’t dealt with his sister-in-law and political ally on the matter. Harris and West are part of a coherent political network, and much of the strength of that network has to do with reinforcing the traditional bank-friendly policies of the Democratic elite and then using that to create political support.

The first indication that as California AG Harris was more sympathetic to the Obama side of the ledger on banking is that one of her first decisions as AG was to let off Angelo Mozilo without admitting to wrong-doing or personally paying a fine (the small money that went to restitution came from Bank of America shareholders). I suspect the issue is actually more personal to her than legal, not because she particularly cares about finance or foreclosures, but because her friends and allies are very concerned about ensuring that the banks get a release. In their view, this will cause the housing market to clear, the economy to recover, and then help reelection chances.

The political problem for Harris is that she was elected by liberal votes, and she’s getting enormous public pressure to resist signing on to a settlement that is perceived as favorable to the banks. While she backed out of an immediate settlement a few weeks ago, she refused to join the joint investigation by Eric Schneiderman and Beau Biden of the foreclosure fraud crisis. She has sat on the sidelines, trying to figure out what to do.

Appeal-Democrat has a different view-

There is no three-strikes law for crooked bankers, not even a law for a fifth strike, as The New York Times reported in the case of Citigroup, cited last month in a $1 billion fraud case. Unlike the California third-striker I once wrote about whom a district attorney wanted banished forever to state prison for stealing a piece of pizza from the plate of a person dining outdoors, Citigroup executives get off with a fine and by offering a promise not to do it again, and again and again.

As the Times reported when Citigroup agreed to settle SEC charges last month: “Citigroup’s main brokerage subsidiary, its predecessors or its parent company agreed to not violate the very same antifraud statue in July 2010. And in May 2006. Also as far back as March 2005 and April 2000.”

.
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Letting the Banks Off Easy

Letting the Banks Off Easy


The banks want California, and the Obama administration hopes they can get it.

NYT-

In September, the attorney general of California, Kamala Harris, withdrew from settlement talks between the banks and federal and state officials over mortgage abuses. Ms. Harris said California was being asked to excuse bank conduct that has not been adequately investigated and to grant the banks an unacceptably broad release from legal liability for the mortgage mess.

[NEW YORK TIMES]

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Kamala Harris, California Attorney General, To Fannie And Freddie Head: ‘Step Aside’ Over Mortgage Crisis

Kamala Harris, California Attorney General, To Fannie And Freddie Head: ‘Step Aside’ Over Mortgage Crisis


I clearly see this as one thing, FHFA’s Ed DeMarco is keeping CA AG Harris from moving forward on the Foreclosure Fraud Settlement. Hmm this is getting interesting.

 

HuffPO-

California Attorney General Kamala Harris has called on the head of the agency that houses Fannie Mae and Freddie Mac to “step aside” if he continues to refuse to reduce mortgage loans for underwater homeowners.

“It has become clear to me that the only way to keep distressed California homeowners in their homes is through meaningful principal reduction,” Harris said in a statement Thursday.

The lack of meaningful principal reduction is what drove Harris in late September to exit the multistate settlement talks with major banks that are led by Iowa Attorney General Tom Miller with the support of the Obama administration. The attorneys general of Massachusetts, New York, Kentucky, Minnesota, Delaware and Nevada have also bridled at the settlement efforts, finding the banks’ expected $25 billion write-down to be inadequate to protect their states’ homeowners from losing their property.

[HUFFINGTONPOST]

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Dylan Ratigan Interviews Nevada AG Catherine Cortez Masto “Follow Foreclosure Fraud Law or you go to prison for 10 yrs.”

Dylan Ratigan Interviews Nevada AG Catherine Cortez Masto “Follow Foreclosure Fraud Law or you go to prison for 10 yrs.”


“There is a Cloud of Title Issue” – AG Catherine C. Masto

Pay close attention, as soon as the Nevada Foreclosure Fraud Bill took effect on October 1, 2011… FORECLOSURES STOPPED.

Imagine if ever state participated in setting new laws? C’est la vie to fraudulent documents!

Still shocking that there are settlement talks when an investigation NEVER took place. I’m also surprised that the AG’s going after the banks, are getting absolutely no respect from the other AG’s to follow…

Yes, you all know who you are.

Visit msnbc.com for breaking news, world news, and news about the economy

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Adam Levitin | The Multistate Settlement Lottery: Bupkis

Adam Levitin | The Multistate Settlement Lottery: Bupkis


Remember that it’s not just a bunch of AGs at the table here. It’s also the Obama Administration. And therein lies the problem…

Credit Slips-

The NY Times had some details today about the multi-state attorney general mortgage servicing settlement in the works. It looks every bit as awful as one might have feared. Here’s the criticial take-away:  this is bupkis. It gives meaningless relief to a meaningless number of randomly or adversely selected homeowners.  It doesn’t do justice, even by halves.

First, though, there’s a detail reported in Gretchen Morgenson’s otherwise insightful piece that I have on good source is incorrect.  The piece states that the banks would be doing principal write-downs on loans they own or service.  That’s gotta be incorrect.  The banks can do principal write-downs only on loans that they own.  They have no legal authority to pledge write-downs on loans that they service on behalf of investors.  (Remember the Greenwich Financial suit against Countrywide for doing just that?)

There’s a critical implication here, then about the scope of the multi-state settlement:  at best 20% of the population of underwater mortgagees will be helped by this settlement, say 2.2 million homeowners.  The other 8.8 million (and probably 10 million by my reckoning) are SOL.  How do you think they’re going to feel about their AGs?  About their President?  Too many times have American homeowners been promised help without receiving any.  It’s getting old.

[…]

[CREDIT SLIPS]

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Adam Levitin | Make The Banks Pay

Adam Levitin | Make The Banks Pay


Obama and the AGs still balk at the only solution to the housing-driven recession

Salon-

There is $700 billion in negative equity in the U.S. housing market. That means Americans owe $700 billion more than their homes are worth. Any plan for the housing sector or the U.S. economy, that doesn’t take a serious bite out of negative equity isn’t serious.

Yet un-serious is what we continue to get from elected officials. This week the Obama Administration announced a new plan to help underwater homeowners refinance their mortgages to lower rates.  The plan, really an expansion of an existing program, is the latest in a series of programs designed to deal with the moribund housing market. Each has proven a more dismal disappointment than the next.

So too with the latest version of the proposed settlement between the state Attorneys General, led by Iowa’s Tom Miller, and the mortgage servicing industry. Yes, the deal has been sweetened by the addition of some interest rate reductions for underwater homeowners who are current on their payments. But that’s small potatoes.

[SALON]

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Foreclosure Fraud Settlement: A Deal That Wouldn’t Sting – Gretchen Morgenson

Foreclosure Fraud Settlement: A Deal That Wouldn’t Sting – Gretchen Morgenson


By now, I hope you fully understand, if your AG has yet to join The State AG’s that are holding the bankers feet to the fire, than they’re working hand by hand with the bankers against you.

AG’s are there to serve the peoples interest not those that commit fraud on a massive level.

NYTimes-

Cutting to the chase: if you thought this was the deal that would hold banks accountable for filing phony documents in courts, foreclosing without showing they had the legal right to do so and generally running roughshod over anyone who opposed them, you are likely to be disappointed.

[NEW YORK TIMES]

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VIDEO: DE AG Beau Biden on fighting fraudclosure, his lawsuit against MERS – Dylan Ratigan

VIDEO: DE AG Beau Biden on fighting fraudclosure, his lawsuit against MERS – Dylan Ratigan


“Other States Will Follow Suit, Similar Laws”

Delaware Attorney General Beau Biden sued the private national mortgage registry MERS, alleging a slew of deceptive trade practices that prevent homeowners from staving off foreclosure.

Visit msnbc.com for breaking news, world news, and news about the economy

so they decided to privitize it, on their own. and in doing so, they did two things. they avoided millions upon millions of fees, and are able to more nimbly secure ties to mortgage backed securities. but they forgot to keep track of mortgages. and in Delaware, in 72% of the cases we’ve investigated, and this is just the beginning, they’ve literally foreclosed on behalf of the wrong entity. so they exercise the right to foreclosure on an entity, and in one case in Delaware that we have, they foreclosed on behalf of an entity that no longer existed. so that’s how screwed up this has become. they don’t follow their own rules, and that’s why we think they violated the Delaware deceptive trade practices act.

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STATE OF DELAWARE v. MERSCORP, Mortgage Electronic Registration Systems, Inc., (MERS)

STATE OF DELAWARE v. MERSCORP, Mortgage Electronic Registration Systems, Inc., (MERS)


IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE

STATE OF DELAWARE,
Plaintiff,

v.

MERSCORP, Inc., a Delaware corporation, and
Mortgage Electronic Registration Systems, Inc.,
a Delaware Corporation,
Defendants.

VERIFIED COMPLAINT

Excerpt:

17. Since January 1, 2008, MERS has filed over 1,600 foreclosure
actions in Delaware. Thousands more foreclosures on MERS-registered mortgages
have been filed in Delaware after assignments out of the MERS System that were
based on the unreliable data in MERS’ records. Many more thousands of
mortgages associated with outstanding loans remain recorded in the Delaware
county land records in the name of MERS without appropriate indications or
avenues to ascertain the identity of the true mortgagee in interest.

[…]

51. Many foreclosed-upon mortgage loans have previously been
securitized and are purportedly owned at the time of foreclosure by a securitization
trust. Under the law governing the creation of many securitization trusts, the
contractual arrangements setting forth the manner and conditions under which
mortgage loans were to be sold into a securitization is crucial to whether the
securitization succeeded in owning the mortgages it purportedly bought.

[…]

C. Defendants committed and continue to commit deceptive trade
practices by assigning or foreclosing upon mortgages for which
MERS did not possess authority to act because the mortgage loan
was never properly transferred to the purported beneficial owner.

55. The MERS System is designed to reflect the intended transfer
of the beneficial ownership of a mortgage loan, but does not have adequate
safeguards to ensure that the transfer recorded in MERS System accurately reflects
an actual transfer of ownership. Where MERS seeks to assign a mortgage or
foreclose on a mortgage loan on behalf of a securitization trust that, despite being
registered as the mortgage owner in the MERS System, does not own the loan,
MERS acts without authority. This is a deceptive trade practice within the meaning
of 6 Del. C. § 2532(a)(2), (3), (5) and (12).

[…]

[ipaper docId=70612403 access_key=key-2oeq0yol9d3j7iccdyb height=600 width=600 /]

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MERS subpoenaed by New York Attorney General Eric Schneiderman

MERS subpoenaed by New York Attorney General Eric Schneiderman


I think MERS’ Janice Spokeswoman needs to be updated on all that happened from 1998-2002 before she comments.

Just like the others who have resigned when the company is on the brink of exposure. Wait until they get a hold of those who were involved from the beginning (X-CEO and X-VP/Treasurer)… who know what’s up.

But they will be reeled back in because they knew all along this was bound to happen. You ain’t so smart now… are you?

REUTERS-

New York’s attorney general has subpoenaed MERS, the electronic registry of mortgages used by the banking industry, seeking information about how it is used by major banks, a person familiar with the matter said.

Delaware also took action by filing a lawsuit on Thursday that accuses MERS of taking unlawful shortcuts in dealing with the foreclosure crisis.

The registry used by the banking industry is “unreliable” and “frequently inaccurate,” Beau Biden, the state’s attorney general said in the lawsuit, which seeks penalties of $10,000 per violation.

New York Attorney General Eric Schneiderman issued a subpoena earlier this week demanding documents from MERS about how it is used by major banks, a source told Reuters.

The subpoena is part of a joint New York-Delaware mortgage probe, the source said.

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DE Attorney General Beau Biden sues private mortgage registry MERS for violating Delaware Law

DE Attorney General Beau Biden sues private mortgage registry MERS for violating Delaware Law


On October 27, 2011 Attorney General Beau Biden filed a lawsuit against the mortgage registry MERS that is at the center of the housing crisis. The suit charges that MERS has repeatedly violated the Delaware’s Deceptive Trade Practices Act.

If you are a Delaware resident and believe you have been harmed by MERS, contact the Attorney General’s Office by e-mail at mortgage@state.de.us or call the Attorney General’s Mortgage Hotline at 800-220-5424.

 

.

Press Release

[ipaper docId=70554826 access_key=key-1w6hmtk43ew2n54fk3xz height=600 width=600 /]

 

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FACT SHEET |  DELAWARE V. MERS

FACT SHEET | DELAWARE V. MERS


DELAWARE

V.

MERS

What is MERS: In 1995, banks and others in the mortgage lending industry created the Mortgage Electronic Registration System (“MERS”) – a national registry to track ownership and servicing rights for residential mortgages. This system is designed to facilitate mortgage securitizations and circumvent the traditional county Recorders of Deeds offices. The rapid rise in popularity of mortgage backed securities and their subsequent decline in value is a major cause of the housing crisis that sent America’s economy into the largest collapse since the Great Depression.

Foreclosure crisis in Delaware: Delaware is experiencing a record rate of foreclosures. The
foreclosure rate tripled from 2008 to 2009, rising from 2,000 homes annually to 6,000. A record
6,457 homes were foreclosed on in 2010.

Who owns/uses MERS: There are more than 5,500 members representing the most significant
players in the mortgage industry, including: mortgage lenders and servicers (Bank of America,
CitiMortgage, Inc., GMAC Residential Funding Corporation, and Wells Fargo Bank, N.A.);
government-sponsored entities (e.g., Fannie Mae and Freddie Mac); insurance and title
companies and the Mortgage Bankers Association.

MERS in Delaware: MERS purports to hold more than 30% of Delaware mortgages. Since
January 1, 2008, MERS has filed more than 1,600 foreclosure actions in its own name against
Delaware homeowners. Additionally, thousands of other homeowners whose mortgages have
been tracked in the MERS system were foreclosed on by entities whose right to the property was
unclear because of the unreliability of MERS’ records. Thousands more Delaware homeowners
currently hold mortgages with MERS listed as the owner, but with no way to actually determine
the true owner.

What is Attorney General Biden alleging: MERS violated Delaware’s Deceptive Trade
Practices Act by creating an unregulated shadowy registry that is unreliable and inaccurate and
blocks homeowners from learning which entity truly owns their mortgage. The complaint
highlights three major deficiencies:

• MERS obscures important information from borrowers and what is available to
borrowers is frequently inaccurate.
• MERS acts without authority
• MERS is a “front” organization that does not enforce its own rules

How the mortgage industry works: A mortgage loan taken out by a homeowner is really two
documents – the first is a promissory note requiring the borrower to repay the holder of the note.
The second document (the mortgage instrument) allows the holder to foreclose on the property if
the loan is not repaid. The person or entity holding the note receives the money from the
borrower’s monthly mortgage payments.

How securitization works: Banks that make the mortgage loans to homeowners sell the
mortgage notes to other financial institutions. Several times over, the loans are bundled into
investments known as mortgage-backed securities and the notes are sold to large investment
groups, such as pension funds.

Where MERS comes in: As the notes are sold in the securitization process, someone has to
service the loans and hold legal title to the mortgage instrument. Servicers do all the work
involved with a mortgage loan on the lender side – physically collecting and distributing
payments, answering borrowers’ questions, etc. MERS acts as passive place-holder on the
County Recorder of Deeds public registry. Additionally, MERS can also file foreclosure actions
on behalf of the note-holders in foreclosure proceedings. MERS allows its members to sell
mortgages many times over without recording the transactions at the local Recorders of Deeds
offices, thereby avoiding fees, eliminating any official paper trail and creating significant
confusion that has led to improper foreclosures.

What the lawsuit seeks: The suit asks the Court of Chancery to impose various sanctions on
MERS, including requiring it to audit its records to ensure accuracy, stop foreclosing on homes
without divulging the true owner of the mortgage, and correct records filed with county Recorder
of Deeds that do not list the entity that owns the mortgage. The suit seeks a civil penalty against
MERS of up to $10,000 for each willful violation of the Deceptive Trade Practices Act, as well
as restitution to borrowers who were harmed by these violations. The exact amount will be
determined during trial.

[ipaper docId=70553803 access_key=key-114tbnge9pb2rw37t1c9 height=600 width=600 /]

 

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Delaware sues MERS, claims mortgage deception

Delaware sues MERS, claims mortgage deception


Some saw this coming in the last few weeks. Now all HELL is about to Break Loose.

This is one of the States I mentioned MERS has to watch…why? Because the “Co.” originated here & under Laws of Delaware…following? [see below].

Also look at the date this TM patent below was signed 3-4 years after MERS’ 1999 date via VP W. Hultman’s secretary Kathy McKnight [PDF link to depo pages 29-39].

New York…next!

Delaware Online-

Delaware joined what is becoming a growing legal battle against the mortgage industry today, charging in a Chancery Court suit that consumers facing foreclosure were purposely misled and deceived by the company that supposedly kept track of their loans’ ownership.

By operating a shadowy and frequently inaccurate private database that obscured the mortgages’ true owners, Merscorp made it difficult for hundreds of Delaware homeowners to fight foreclosure actions in court or negotiate new terms on their loans, the suit filed by the Attorney General’s Office said.

[DELAWARE ONLINE]

[ipaper docId=70528719 access_key=key-2d3d8493odiku19mmpgx height=600 width=600 /]

 

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[VIDEO] New York Attorney General Eric Schneiderman “MBS’s That Brought Down The Country…All Issued Out of NY, DE Trusts” – The Rachel Maddow Show

[VIDEO] New York Attorney General Eric Schneiderman “MBS’s That Brought Down The Country…All Issued Out of NY, DE Trusts” – The Rachel Maddow Show


Rachel Maddow interviews NY AG Eric Schneiderman on 10/25/2011. “One Set of Rules for Everyone”

 

 

 

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New York Working With Delaware on Criminal Foreclosure Inquiry

New York Working With Delaware on Criminal Foreclosure Inquiry


via Bloomberg-

New York Attorney General Eric Schneiderman said he is working with Delaware Attorney General Beau Biden to investigate possible criminal acts by financial institutions tied to the foreclosure crisis in an interview today on the cable news network MSNBC.

Tried to get the video clip off the Rachel Maddow show but it would never work. So until it’s fixed there won’t be a video of his interview.

 

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A Fire Sale for Arsonists: The “Revised” Bank Mortgage Settlement Still Stinks

A Fire Sale for Arsonists: The “Revised” Bank Mortgage Settlement Still Stinks


Excellent piece by Richard (RJ) Eskow


HuffPO-

Imagine that a group of arsonists was terrorizing your town. First they’d buy insurance on a stranger’s home, then they’d show up with a blowtorch and a tanker truck filled with gasoline and burn the place down. Imagine that they’ve burned down a thousand homes this way, ruining the lives of the homeowners — and everyone else’s, too, as real estate values plunged and the local economy collapsed.

Now let’s imagine that the Mayor, the DA, and the Chief of Police said they’ve come up with a great “settlement”: The arsonists will pay a small fine, and they’ll never be prosecuted for arson. Plus, if they’re asked very nicely, they’ll also agree to provide a little help to 27 out of the 1,000 families they made homeless — although they’d control the ‘help’ process and the town might wind up footing the bill anyway.

And one more thing: They get to keep the gasoline truck and the blowtorch.
____________________________

[HUFFINGTONPOST]

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California Takes the Bait, Is Wooed In Foreclosure Fraud Settlement Talks

California Takes the Bait, Is Wooed In Foreclosure Fraud Settlement Talks


People NEED JOBS ..!! I don’t care if you refi or reduce the mortgage 50%… “people” need jobs.

Do all the math you want and all these mortgages will head back into default. Is anyone paying close attention to the economy? Just because AG’s have security and banker back ups, there are millions who can barely put food on the table. So this refinance plan WILL NOT WORK for all!

Again, if anyone does this… you will create new paper to correct any issues that may exist with the original paper trail.

It’s a trap and no wonder this world is failing.

LA Times-

California is reemerging as a central focus for state attorneys general hoping to reach a nationwide wrongful-foreclosure settlement with major banks, even though the Golden State walked away from talks three weeks ago.

Iowa Atty. Gen. Tom Miller, who is leading the negotiations on behalf of the states and federal agencies, met with representatives of the nation’s five largest mortgage servicers in Washington on Friday to discuss details of a new plan aimed at enticing California back into the fold.

[LA TIMES]

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GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Chip Parker, www.jaxlawcenter.com
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