Apparently on the assumption that most of these voters are either Democrats or otherwise people who will blame Republicans for not regulating Wall Street and Lenders, Republicans with close ties to the largest foreclosure law firm in the State, which raised $250,000 for them, have taken control of the polling and are removing people from the voting rolls if their address is on any foreclosure list. The theory is that if they are on the list, they don’t live there anymore — even if they do.
First they trick people into doing refi’s when the homeowner wasn’t looking for it and didn’t want it. Then they take away a home that has been in the family for generations (even thought they have received payment in full PLUS 2.5%) and now they won’t let them vote to correct the political climate where this kind of cheating, lying and manipulation occurs regularly. What’s happening to us?
I wrote a piece some months ago about how “Conservatives” do not conserve anything and “Liberals” don’t liberate anyone. We already know that the election figures are in doubt because millions of voter machines still don’t leave an audit trail. The machines which were originally designed with a receipt function, had the receipt function and the printer removed on orders from guess who? Who has had enough of this?
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Filed under: bubble, Eviction, foreclosure, Mortgage, politics | Tagged: foreclosures, Michigan, voting |
A federal judge gave former Jackson County prosecutor Albert Riederer control of Brooke Corp. and its main subsidiaries on Tuesday afternoon.
The action stems from a lawsuit filed Sept. 11 by the Bank of New York Mellon, accusing the Brooke companies of “fraudulent conduct and misappropriation of millions of dollars.” The Bank of New York Mellon asked the court to appoint a receiver to control the companies and preserve monies that are supposed to be captured in trust accounts for the payment of loans that were bundled as securities. The bank alleges that the Brooke companies diverted that revenue to their bank accounts and their bank, Generations Bank, formerly known as Brooke Savings Bank.
On Tuesday, U.S. District Judge John Lungstrum of the District of Kansas agreed to the Bank of New York Mellon’s request, appointing Albert Riederer as “special master.” The judge said in a court order that Riederer’s role will be to ensure the status quo set out by the original loan agreements, facilitate the exchange of information, guide the discovery process and help the parties resolve their dispute.
The court began working out further details of Riederer’s duties Wednesday morning.
At the heart of the dispute between the Brooke Corp. (Nasdaq: BXXX) companies and The Bank of New York Mellon are servicing fees that Brooke alleges the bank owes and are past due.
In a late Monday release, Brooke Capital Corp. (AMEX: BCP) said that the securitization investors owe about $4 million for 2008 servicing fees and that it could be owed as much as $15 million for 2007 servicing fees and as much as $10 million for 2006. Brooke Capital said that it met with major securitization investors Sept. 4 to demand payment but that the investors continued to delay. Brooke Capital said it informed the investors that the delays compelled Brooke to “take actions to protect itself.”
Brooke Capital said it took the actions despite fears of retribution by the investors.
“Brooke Capital intends to ask the court for appointment of a special master to assert control over the securitization structure, to include disbursement of funds held by the Bank of New York Mellon to ensure that Brooke Capital is immediately paid servicing fees, prior to any future distributions to investors, in accordance to the securitization documents,” the company said in the release.
The Bank of New York Mellon alleges that the Brooke companies’ actions defrauded investors of at least $5 million. The bank also alleges that the Brooke companies set up a “phony records system” designed to make it difficult to figure out where money collected from insurance companies and others is being deposited.
Reader Comments
(1) Comments
Kevin Lamson wrote: September 17, 2008 11:34PM
Looks as if the mortage loan servicing companies are starting to help themselves to the income stream because the mortgage backed security “trustees” are no paying them their servicing fees. Or the servicer just helped itself to a few million dollars of monthly mortgage loan payments by diverting the money into its own account. No a difficult task considering how loose the financial controls are with the so-called “paperless system” that was created by Fannie Mae, Freddie Mac and all the other “members” of Mortgage Electronic Registration Systems Inc. “Mers”. See http://loanworkout.org/2008/06/the-mers-fifty-million-mortgage-meltdown/ and also http://loanworkout.org/2008/06/senators-caught-in-mortgage-fallout/
Elections are manipulated and rigged, we all saw that in 2000 and again in 2004. In 2000 it was Florida, in 2004 it was Ohio. Now watch this … in 2008 it will be Michigan. The GOP will pull it off yet again, McBush will die within his first year in office, and we’ll then have President Palin. Think things are bad now? That’s when the real fun will begin.