Free enterprise, regulation and COMMON SENSE are not mutually exclusive properties.
READ IT.
Worst of all, the bailouts of these institutions who dealt in these mortgages as tools for the real commerce in the bonds they represented en masse has clearly ACHIEVED NOTHING. These criminal RETARDS are now protected by Dodd-Frank.
This is way past unbelievable. This is THIRD WORLD STUFF.
Greed. Incompetence. Crime. Criminal winking at crime by banks, regulators, law firms, and the individuals who caved in to this.
To be more specific, a mortgage has two basic components. One is the deed of trust attached to the property itself, and the other, called a note, is the homeowner's IOU. Gardner's lawyers have yet to find a single note that correctly documents the path the IOU has taken to arrive atthe bank trying to foreclose. The notes were the things getting robo-signed during the housing bubble, not by foreclosure mills but by mortgage mills. And the signing was even more robotic because it could be done electronically through a system called Mortgage Electronic Registration Systems (MERS). When a note was sold into the system, "ownership" of the note could be traded via computer. Unfortunately for MERS, the law requires the physical note to prove ownership, so none of these trades were exactly what one might call legal, or even what one might call real
Read more: http://dailycaller.com/2010/10/14/thedc-op-ed-one-nation-under-fraud/print/#ixzz12LP4Hubb
READ IT.STOP WHAT YOU ARE DOING AND READ IT.
The mortgages appear to be not legally bought and sold, in order to easily gather them together in bonds for further sale, whose ratings were manipulated by these same banks and investment houses, the insurance on which would then break the entire financial system requiring the bailouts to save the men and women who engaged in these very crimes to create the market that broke the system.
4 comments:
No wonder I can't understand finance. It's insane.
Am I at least correct in understanding that they are robbing us blind with the fraud, but if it's stopped a lot of these banks will crash? And then what?
If I understand this TOTAL MESS - in every case a mortgage which has been moved from the original loaning institution has been challenged SO FAR it has turned out it has been done illegally (at least technically.. AT LEAST). Therefore the paper which the banks use as assets DO NOT EXIST. Therefore we are right back on Sept 15 2008, except worse.
That's why Bank of America halted ALL foreclosure actions nationally.
I can't even imagine how this gets corrected. The labor costs alone to get back to the state which SHOULD exist right now must be immense and take YEARS.
As I understand this incredible mess, two possible factors contributed: (1) flipping those documents quickly, regardless of a correct trail, was promoted to allow assistance from the federal government (To put BHO in a good light as the savior of those losing their homes?); and (2) the faster the flipping, the higher the rating for the company doing the flipping. Maybe bonuses were involved for the latter? I don't know.
The flipping began as soon as say ... a Washington Mutual who made the original loan sold it in batches to Fannie Mae or Goldman Sachs, say from 2002 or so onwards. The flipping continued until and thru and after the TARP fiasco right until Bank of America halted all foreclosures.
The lawyers for the homeowners are saying not one contested foreclosure they have seen has has a correct OR LEGAL paper trail to the end of the transaction set.
I can hardly take this in. The entire industry is fraudulent?
HOW? WHO? WTF!
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