LABOR DAY ABYSS

EDITOR’s comment: Everyone seems to agree that nobody really knows the identity of the creditor in the millions of mortgage transactions that were created from 2001 to 2008. Yet the general consensus from the administration and the media is that these transactions should be enforced anyway. The idea of enforcing a transaction in which only one of the parties is known is enough to  make the authors of any of the major legal treatises turn over in their graves. It is so obviously ridiculous that one need not consult the United States Constitution on due process, nor any statute or case in common law. Nevertheless this elephant continues to sit in our living rooms claiming ownership of our home. Thus a fictional character is prevailing over the rights of real people owning real homes who were tricked into fraudulent loan products based inflated appraisals that created the reasonable assumption on the part of the borrower that the “experts” had verified the fair market value and validated the viability of the loan product.


Most people understand that these homeowners were victims of fraud more than they were borrowers of money for a legitimate transaction. These title twisting transactions continue to become increasingly convoluted as the “ownership” of the “loans” becomes increasingly blurred by a continuing process of transfers,  “sales,” auctions without creditors or bona fide bidders, and the continuation of the strategy of moving the goal post every time anyone wants to examine it.


In the article below the Obama administration is described as having exhausted all possible remedies and is now faced with the untenable choice of future homeowners versus current homeowners. This is delusional thinking based on business dogma. The “experts” are now all raising their voices in a growing chorus of “let the market collapse.” It is only natural for these so-called experts to suggest such a dark scenario.

Under the business dogma currently driving the limp choices being made by the administration and by Congress, a crash in home housing prices from current levels would produce the foundation for a bull market in housing prices that would be reduced to oversold levels. This so-called bull market could only be fueled by speculators who are sitting on piles of money. It certainly won’t be fueled by the average consumer whose median income is dropping, whose wealth has been drained through Wall Street speculation, whose savings do not exist, and whose credit has been exhausted. In short, this brilliant strategy of giving up on the housing market can only result in a further widening between those who have money and wealth and those who do not and now have no prospects.


I know that most people do not have the time to be students of history. But a little time spent on Google or Wikipedia will show you that no society in human history has ever been sustained on a status quo that excluded  an expanding and vibrant middle class, with abundant opportunities for improvement in the financial condition of anyone in any class of that society. There is an answer to this problem but it is being ignored for political reasons. We cannot instantly raise median income for tens of millions of people. We can and we should lay the foundation for abundant opportunities for improvement in their economic and social condition, but this will not solve the current situation.


The current situation is that we are sitting on the abyss. And it seems that the general consensus is to see no evil, hear no evil and therefore ignore the only realities that must be addressed. We cannot escape the fact that in our current situation our economy is driven by consumer spending. We cannot escape the fact that consumer spending cannot rise in the short term by an increase in median income. We cannot escape the fact that consumer spending can only rise by presenting the consumer with a proposition that is acceptable––one in which both real and apparent consumer wealth is increased. Unless the deal is real, the current lack of confidence in the economy, our society and our government will prevent any increase in consumer spending and therefore prevent any improvement in our current economic decline.


Consumers have made it clear that they do not trust the housing market, they will not accept a continuation of credit driven spending, and that they are alone in fending for themselves and future generations. Therefore the savings rates on what little money consumers are receiving as income are increasing at unprecedented rates. This money is not going to come out of savings and into the marketplace and a general rush towards spending that will revive the old consumer driven economy unless the basic and real concerns of consumers are directly addressed with reality and conviction. The perception (delusion) is that consumers are a bottomless well from which  infinite sums of money can be withdrawn by way of taxes, insurance, subsidies to big business, and a government that is primarily concerned with the appearance of stability on Wall Street rather than the reality of amends that need to be offered.


I am not a pundit. I am only seeking to apply common sense to a situation that seems to be wallowing in dogma, and political maneuvering. In my view they are arranging the deck chairs on the Titanic. In my view the worst is yet to come. In my view under the worst-case scenarios our way of life, our society, our economy and our government will be destabilized unless we open our eyes. It’s true that we don’t have a lot of tools left in the box. But then again we never did have a lot of tools in the box.

A great fraud has been committed on American and foreign taxpayers and investors as well as American and foreign buyers of real estate, commercial and residential. The perpetrators of this great fraud were intermediaries between the people who had money and the people who didn’t. If an honest attempt was made to do the right thing, we would do more to improve the confidence of our own consumers as well as foreign investors than any of these of exotic and creative plans to shore up an economy based on illusion and delusion.


If we already know that the identity of the creditor is in doubt, then we already have a perfectly legitimate legal reason to stop foreclosures. If we already know that the prices that were used in many fraudulent loan transactions were not equal to any sustainable measure of fair market value and that neither the borrower nor the actual lender (investor) was aware of this misrepresentation, then we already have a perfectly legitimate and legal reason to restructure all the affected loans, especially since most of them are controlled through guarantees of federal agencies if not outright ownership by those federal agencies. If we already know that somebody probably exists who has actually lost money on these transactions, or some of them, then it shouldn’t be hard for them to come forward, provide the necessary accounting and proof of ownership, and be included in the restructuring of these mortgage loans.


What is stopping the use of common sense is that we are relying on the very intermediaries who caused the problem in the first place and who have everything to gain by a continuation of the foreclosures, by a continuation of the free fall in housing prices, by a continuation of the charade of modifications, and by the speculative bull market that is currently being constructed right under the nose of this administration. That bull market may have a temporary effect on the economy (or at least the indexes that  measure economic results) and of course the stock market, but in reality it is easy to see that such a bull market will only be another bubble which will cause more devastation and further undermine confidence in the American economy and the American government.

HERE IS WHAT A FAIR RESOLUTION WOULD LOOK LIKE:

  1. ALL HOMES ELIGIBLE (INCLUDING REO). Forget the blame game
  2. ALL MORTGAGE BONDS ELIGIBLE. Forget the blame game
  3. REGULATE SERVICING COMPANIES LIKE UTILITIES OR REPLACE THEM WITH COMPANIES THAT WILL DO THE JOB
  4. SUSPEND ALL FORECLOSURES, SALES, JUDICIAL AND NON-JUDICIAL. SUSPEND MORTGAGE PAYMENTS, ALL MORTGAGES 90 DAYS.
  5. OFFER INTEREST RATE ONLY RE-STRUCTURE TO HOMEOWNERS THAT REDUCES FIXED INTEREST RATE TO 2%
  6. OFFER PRINCIPAL REDUCTION TO 110% OF FAIR MARKET VALUE WITH 5% FIXED INTEREST RATE, TOGETHER WITH AN EQUITY APPRECIATION CLAUSE OF 20% FROM REDUCED PRINCIPAL.
  7. OFFER CERTIFICATION OF OWNERSHIP FROM FEDERAL AGENCY TO THE HOMEOWNER.
  8. CREATE FAST TRACK QUIET TITLE ACTIONS TO RESOLVE ALL TWISTED TITLE ISSUES RESULTING FROM SECURITIZED LOANS
  9. OFFER TO SERVICE THE NEW LOANS FOR INVESTORS WHO PROVE OWNERSHIP.
  10. CREATE CUT-OFF DATE: HOMEOWNERS WHO DON’T TAKE THE DEAL  EITHER STAY WITH EXISTING TITLE AND MORTGAGE SITUATION OR GO THROUGH FORECLOSURE. INVESTORS WHO DON’T TAKE THE DEAL EITHER STAY WITH EXISTING TITLE AND RECEIVABLE SITUATION OR SUE THEIR INVESTMENT BANKERS.

I KNOW. WHO HAS THE POWER TO DO THIS? OBAMA, THAT’S WHO. NO NEW REGULATIONS ARE REQUIRED. STATE AND FEDERAL LEGISLATION TO PUT A “CAP”ON THIS IS UNNECESSARY, BUT IF THEY WANT TO DO IT THEY COULD DO IT AFTERWARD. The immediate result is that the downward pressure on housing would vanish. The upward mobility of consumers would instantly appear. The confidence by consumers that the government cares more about them than the oligopoly of banks who appear to be running the country would soar, as would their spending. World-wide confidence in the American financial system would soar because they would see the end of illusion and delusion.

And let’s not forget that the American moral high-ground would be restored, which is the only real basis for the consent of the governed here and around the world.
—————–

Housing Woes Bring New Cry: Let Market Fall

By DAVID STREITFELD

The unexpectedly deep plunge in home sales this summer is likely to force the Obama administration to choose between future homeowners and current ones, a predicament officials had been eager to avoid.

Over the last 18 months, the administration has rolled out just about every program it could think of to prop up the ailing housing market, using tax credits, mortgage modification programs, low interest rates, government-backed loans and other assistance intended to keep values up and delinquent borrowers out of foreclosure. The goal was to stabilize the market until a resurgent economy created new households that demanded places to live.

As the economy again sputters and potential buyers flee — July housing sales sank 26 percent from July 2009 — there is a growing sense of exhaustion with government intervention. Some economists and analysts are now urging a dose of shock therapy that would greatly shift the benefits to future homeowners: Let the housing market crash.

When prices are lower, these experts argue, buyers will pour in, creating the elusive stability the government has spent billions upon billions trying to achieve.

“Housing needs to go back to reasonable levels,” said Anthony B. Sanders, a professor of real estate finance at George Mason University. “If we keep trying to stimulate the market, that’s the definition of insanity.”

The further the market descends, however, the more miserable one group — important both politically and economically — will be: the tens of millions of homeowners who have already seen their home values drop an average of 30 percent.

The poorer these owners feel, the less likely they will indulge in the sort of consumer spending the economy needs to recover. If they see an identical house down the street going for half what they owe, the temptation to default might be irresistible. That could make the market’s current malaise seem minor.

Caught in the middle is an administration that gambled on a recovery that is not happening.

“The administration made a bet that a rising economy would solve the housing problem and now they are out of chips,” said Howard Glaser, a former Clinton administration housing official with close ties to policy makers in the administration. “They are deeply worried and don’t really know what to do.”

That was clear last week, when the secretary of housing and urban development, Shaun Donovan, appeared to side with current homeowners, telling CNN the administration would “go everywhere we can” to make sure the slumping market recovers.

Mr. Donovan even opened the door to another housing tax credit like the one that expired last spring, which paid first-time buyers as much as $8,000 and buyers who were moving up $6,500. The cost to taxpayers was in the neighborhood of $30 billion, much of which went to people who would have bought anyway.

Administration press officers quickly backpedaled from Mr. Donovan’s comment, saying a revived credit was either highly unlikely or flat-out impossible. Mr. Donovan declined to be interviewed for this article. In a statement, a White House spokeswoman responded to questions about possible new stimulus measures by pointing to those already in the works.

“In the weeks ahead, we will focus on successfully getting off the ground programs we have recently announced,” the spokeswoman, Amy Brundage, said.

Among those initiatives are $3 billion to keep the unemployed from losing their homes and a refinancing program that will try to cut the mortgage balances of owners who owe more than their property is worth. A previous program with similar goals had limited success.

If last year’s tax credit was supposed to be a bridge over a rough patch, it ended with a glimpse of the abyss. The average home now takes more than a year to sell. Add in the homes that are foreclosed but not yet for sale and the total is greater still.

Builders are in even worse shape. Sales of new homes are lower than in the depths of the recession of the early 1980s, when mortgage rates were double what they are now, unemployment was pervasive and the gloom was at least as thick.

The deteriorating circumstances have given a new voice to the “do nothing” chorus, whose members think the era of trying to buy stability while hoping the market will catch fire — called “extend and pretend” or “delay and pray” — has run its course.

“We have had enough artificial support and need to let the free market do its thing,” said the housing analyst Ivy Zelman.

Michael L. Moskowitz, president of Equity Now, a direct mortgage lender that operates in New York and seven other states, also advocates letting the market fall. “Prices are still artificially high,” he said. “The government is discriminating against the renters who are able to buy at $200,000 but can’t at $250,000.”

A small decline in home prices might not make too much of a difference to a slack economy. But an unchecked drop of 10 percent or more might prove entirely discouraging to the millions of owners just hanging on, especially those who bought in the last few years under the impression that a turnaround had already begun.

The government is on the hook for many of these mortgages, another reason policy makers have been aggressively seeking stability. What helped support the market last year could now cause it to crumble.

Since 2006, the Federal Housing Administration has insured millions of low down payment loans. During the first two years, officials concede, the credit quality of the borrowers was too low.

With little at stake and a queasy economy, buyers bailed: nearly 12 percent were delinquent after a year. Last fall, F.H.A. cash reserves fell below the Congressionally mandated minimum, and the agency had to shore up its finances.

Government-backed loans in 2009 went to buyers with higher credit scores. Yet the percentage of first-year defaults was still 5 percent, according to data from the research firm CoreLogic.

“These are at-risk buyers,” said Sam Khater, a CoreLogic economist. “They have very little equity, and that’s the largest predictor of default.”

This is the risk policy makers face. “If home prices begin to fall again with any serious velocity, borrowers may stay away in such numbers that the market never recovers,” said Mr. Glaser, a consultant whose clients include the National Association of Realtors.

Those sorts of worries have a few people from the world of finance suggesting that the administration should do much more, not less.

William H. Gross, managing director at Pimco, a giant manager of bond funds, has proposed the government refinance at lower rates millions of mortgages it owns or insures. Such a bold action, Mr. Gross said in a recent speech, would “provide a crucial stimulus of $50 to $60 billion in consumption,” as well as increase housing prices.

The idea has gained little traction. Instead, there is a sense that, even with much more modest notions, government intervention is not the answer. The National Association of Realtors, the driving force behind the credit last year, is not calling for a new round of stimulus.

Some members of the National Association of Home Builders say a new credit of $25,000 would raise demand but their chances of getting this through Congress are nonexistent.

“Our members are saying that if we can’t get a very large tax credit — one that really brings people off the bench — why use our political capital at all?” said David Crowe, the chief economist for the home builders.

That might give the Obama administration permission to take the risk of doing nothing.

45 Responses

  1. Tomorrow I have a hearing. Will be fighting a motion to strike affirmative defenses. Any inputs ?

    Now… what if we start to fabricate documents like they do?

    Sometimes I feel like the Jews going to the concentration camps.

  2. MSoliman

    You need to hold a seminar and teach us a few things..

  3. I was told by a judge that there is no way in hell they will all too many borrowers win – no matter what people think because there is too much at stake…

    If borrowers begin to win and prove their loans are frauds – then the investments associated with those loans are equally frauds. Those investments are tied to gov retirement funds – including judges – unions – teachers – etc.

    They might allow a few slide through to keep the natives from rebelling but there is no way in hell they will allow too many.

    There will be no justice unless we FORCE it. Taking out the lenders – foreclosure mills including their families then we will see change. Arguing in the courtroom has proven nill. How many people have lost everything because of these liars. CW wrote 142-billion dollars worth of mortgage loans which equates to approx 965-thousand loans and sold them to borrowers knowing they could not repay. Those borrowers have NO IDEA they were sold these loans but has ANYONE been prosecuted? The firet bomb should be dropped on the previous owner of Countrywide – his mansions boats – cars and everywhere he works. That disgusting pig has no-right to breath nor do his kids. Is his family supposed to be special. If I break the freaking law, I go to jail – what the hell makes these freaking people so special? Why will their kids go to special private schools while ours grow up in drug-infested section 8 housing…?

    Of those 965-thousand families how many lost everything.

    I read in just ONE WEEK in Nevada there were 5-murder suicides and 3-4 couples were elderly. Why are the CEOs families of MERS or BofA – citi – Chase – Wells Fargo – Lehmann – somehow more special than those elderly folks. Do they need to be our own families before someone resurrects the unibomber on their asses? How many people will die before they can’t go to their special schools or feel safe in their gated communities.

    HOW LONG? HOW MANY MUST DIE before we take the blinders off and step out of denial to do something about it. Thank God our founders had the balls to step up and do something because this generation doesn’t seem to think it should get its hands dirty… maybe the next generation.

    keep the powder dry…

  4. i guess i get carried away sometimes regarding the neo nazi stuff

  5. David and “The A Man” ,,,

    You both said the same thing in different ways … The foreclosure mills have cover from the judges – the judges have cover from the regulators – the regulators have cover from the politicians… I agree completely … and the only person in the chain we can effectively put pressure on are the judges … They are public servants that are demonstrably failing to do their job. That is where the wedge is to be inserted.. We need to paper the JQC from floor to ceiling with complaints and copy the newspapers… http://ablelegalforms.com/canons/judicialcode.html , judicial canon # 3 is the bullseye …

  6. Neil is absolutely correct when he said we are in an abyss. One of unfathomable depth. Our economy was once vibrant with the growth of a large middle class. We have only to look to are neighbors to the south to see where we will be in a relatively short time. The disparity of wealth which have put the very wealthy on one side and the very poor on the other side show us the inhumanity and inequality that those in power wish to perpetuate. Revolutions spring from those disparities where a class seeks dominion over another class by sucking up the wealth of the nation like a vacuum, leaving a class ignorant and homeless. It is what brought the aristocracy down in France in the eighteenth century and Russia in the 20th century. We do not learn by past mistakes. Our country is fracturing along with the Constitution and those in power who profess to love the Constitution and are sworn to defend the Constitution most likely have no academic understanding of what it means. What is occurring now was predicted long ago by Abraham Lincoln when he said:
    I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. As a result of the war, corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed. I feel at this moment more anxiety for the safety of my country than ever before, even in the midst of war. God grant that my suspicions may prove groundless.”
    Is this not what we are experiencing now? The consumer has taken the brunt of this recession and will continue to take the punishment when the “money power endeavors to prolong its reign by working upon the prejudices of the people”. That money power is the bank though almost bankrupt still wields great power over the political aristocracy. The banks still wish to continue business as usual. Regulations that are supposed to protect the consumer are lax. Our leaders have the power even under today’s laws to reign in these monsters we have allowed to be created. The banking system was created for public and national purposes. A concept initiated to help the citizens of this country by creating a cooperative economy for the benefit of all. Alexander Hamilton’s vision has been lost by the siren song of Caching, Caching, Caching. The truth of the matter is that that the banks could have made almost as much money by not trying to squeeze every drop of blood out of the consumer by having such high interest on credit cards. It is the flow of money that generates a healthy economy. When the consumer is not consumed with just servicing debt rather than buying product our economy grows and employment rises. More people employed means more consumers thus stabilizing social security and Medicare. The regulatory agencies overseeing the banks can require the banks not to outsource their departments to other countries but they will not. Universal Healthcare could have been an engine to create jobs but it was flawed from the beginning.

    I am forever amazed that politician will often take a solution to a problem and make it as difficult to resolve as humanly possible. Case in point—UNIVERSAL HEALTHCARE,
    In 2009 I went to the town hall meeting on the Democratic push for UNIVERSAL HEALTHCARE given by council women Dorothy Matsui. My very first meeting. I submitted my lottery ticket to speak and was surprised that I was picked. I spoke about Universal Healthcare and told her that I was not impressed by their cumbersome effort to create
    another program when we had a system already in place called MEDICARE. I then went on to give my solution which was simpler, and easier to pass using Medicare as the framework. She said she would raise the issue with her colleagues and that was the end of that. I received no feedback on my proposal. For what it’s worth, here is my solution that I proposed:

    I believe that Universal Healthcare can be the key to turning this economy around. I don’t believe the way that they are doing it now is the pragmatic approach to solving the issue. I do not believe in the employer based funding method to pay for the program. I don’t see any productive outcome from creating a whole new program when we have Medicare to use as a platform. Eliminate the age requirement in Medicare and fund it through a National Sales Tax (Consumption Tax). It is deficit neutral to the budget. It relieves the employer from a burden for which he devises methods to avoid providing healthcare such as having part time employees or outsourcing to another country. It would make business more competitive with business outside the country giving employers the incentive to employ in this country. Greater employment will support Social Security and Medicare. We could double the FICA deductions as well. 40% of the people in this country who have income do not pay income tax but they do pay sales tax. Drug dealers, prostitutes, illegal aliens and people on commission who under report their income would be paying for healthcare through a sales tax. This is simple and pragmatic.

    Our political, and legal system is bankrupt. We need strong external control over these entities because this country is heading for a major fall into the abyss.

    Thanks,

    Reuben Nieves

  7. Hi A-Man,

    I’m not sure what you mean about the Neo-Nazi stuff but I will say this…

    The foreclosure mills have cover from the judges – the judges have cover from the regulators – the regulators have cover from the politicians…

    The Investors will NOT continue exposing the fact that their investments are based upon empty hollow shell-games because they KNOW if they go along they will see SOME retirement from the foreclosures…

    That leaves the WE THE PEOPLE to FEND for ourselves. It is impossible to win this alone. They love allowing a few to win to keep the natives from rebelling. Busting a the lenders for a few 100-million is NOTHING for them. Hell that isn’t even bonus money for these creeps.

    Not only are they violating our laws – they are violating US and OUR CHILDREN… How many times will we sit by and watch them rape & pillage our neighbors before we figure out WE ARE NEXT?

    Bring our boys (soldiers) home from overseas so we can borrower their toys and rid our land of the insurgent terrorists called bankers, brokers, foreclosure mill lawyers, and whomever else that stands against the PEOPLE… We didn’t start this fight – THEY DID – but we can finish it and get our lives back – IF WE ARE WILLING to FIGHT…

    This is no-different than our founders faced 200+ years ago.

    Keep the Powder Dry… 🙂

  8. AND IN ALL FAIRNESS TO WALLSTREET WHEN YOU BUY A STOCK THEY TELL YOU THEY ARE BROKERS.

    THE BANKSTERS RUN BY WHITE KKK MOTHER F#$%CKERS SAID THEY WERE THE LENDERS AND NOT THE BROKERS.

    NAZI PIGS

  9. START WIH ETHICS QUESTION AND RECLUSE THE JUDGES. MAKE THEM PAY JAMM THE LEGAL SYSTEM

    MAKE THE JUDGES NOT SLEEP AT NIGHT WORRYING ABOUT THEIR CAREERS.

    JUST LIKE US NOT SLEEPING AT NIGHT BECAUSE THEY ARE NOT UPHOLDING THE LAWS. NOT DOING THEIR JOBS WHICH WE THE TAX PAYERS ARE PAYING FOR. WE PAY THESE JUDGES SALARIES THEY WORK FOR US.

  10. DAN EDSTROM COULD PROOVE YOUR CASE OF COMINGLING OF FUNDS.

    ONCE THE CHAIN OF TITLE IS BROKEN OR PROOVEN TO BE BROKEN YOU HAVE COMINGLING OF FUNDS.

    THIS IS SIMPLE AND THE JUDGE SHOULD UNDERSTAND IT.

    IF NOT THIS IS GROUNDS FOR APPEAL.

    AND GROUNDS FOR CRIMINAL CHARGES AGAINST THE JUDGE, FOR CRIMES AGAINST HUMANITY.

    1 MILLION ILLEGAL FORECLOSURES WHICH IS CLAIMED BY REALTYTRAC THIS YEAR ALONE IS GROUNDS FOR CRIMES AGAINST HUMANITY.

  11. STOP YOUR NEO NAZI COMMENTS AND BLAMING WALL STREET WHICH IS CODE FOR BLAMING THE JEWS.

    IT WAS THE BANKS WHO SCREWED WALL STREET TOO.

    BANKS OWNED BY NEO NAZIS WHO ARE NOT JEWISH AND NOT WALLSTREET.

    BLAMING THE THE JEWS ILLEGAL IMMIGRANTS ETC… IS AGAIN FALLING FOR THE SMOKE SCREEN BY

    THE HEADS OF BANKS WHO ARE NOT FROM WALL STREET BUT REALLY FROM MAIN STREET.

    GOOD OLD WHITE BOYS

  12. CALL IT FASB140 CALL IT WHATEVER THIS IS THE SIMPLE EXPLANATION.

    THAT IS WHY THEY WILL BE OUT OF BUSINESS SOON.
    WE JUST HAVE TO MILK THE COW FOR AS LONG AS WE CAN BY NOT PAYING OUR MORTGAGES AND KEEPIN THE PROPERTIES.

    THE MIDDLE MAN (SO CALLED LENDER) PLAYING BOTH SIDES.

    THIS IS SO CLASSIC THAT I CANNOT DEFEND THE JUDGES AND THE LAWYERS WHO HAVE NO MORALS AND ARE STUPID ENOUGH TO DEFEND THE BANKS (BROKERS) THAT ARE GONNA TURN ON THEM.

  13. there is bank fraud. they are not a bank and representing themselves as banks. they are like and were like mortgage brokers. they said they had an interest in the loan but they dont. they had an interest in a commision only. a hidden commision.

    that is why we are seeing a collapse in prices. THE LOANS WERE GIVEN WITHOUT ANY CONSEQUENCES TO THE ENTITY GIVING THE LOAN.
    SO THE INVESTOR GETS SCREWED THE BORROWER GETS SCREW FROM THE COLLAPSE OF THE MARKET AND THE BROKER GETS ALL THE MONEY. THEY GET COMMISSIONS FROM THE SALE COMMISSIONS FOR SERVICING AND COMMISSIONS FOR RESALING THE ASSETS. WHILE ALL THE REST GET SCREWED.

    CLASSIC COMMISSION DRIVEN MARKET MORTGAGE BROKER.

    IT COULDNT BE MORE CLASSIC.

    WHY DO YOU THINK THEY WROTE “LENDER” AND NOT MORTGAGE BROKER. WHY DO YOU THING THEY HID THE FEES?

    AGAIN A CLASSIC BROKER (HAD NO INTEREST IN THE LOAN ITSELF BUT IN THE COMMISIOIN ONLY) DRIVEN MARKET

    CO MINGLING OF FUNDS IS THE WAY TO GO BECAUSE THEY HAD TO COMINGLE FUNDS IN ORDER FOR THIS NOT TO BE EXPOSED TO THE INVESTORS AND THEY COULD MAKE EVEN MORE MONEY BY DOOPING THE INVESTOR TO INVEST MORE MONEY INTO THEIR PONZI SCHEME.

  14. ANONYMOUS and Msoliman are correct when they state that you are dealing with a debt collector not the bank, servicer, etc. If you look at the definition of a debt collector in the FDCPA, it states that it someone who acquires the debt after a default.

    Therefore, you have an assignment that states that the debt was assigned to ABC Bank, as trustee for XYZ Trust after the so-called “default” making XYZ Trust a debt collector.

    ABC Bank is merely a trustee not the holder or owner of the note. It acts on behalf of XYZ Trust. XYZ Trust, however, is in violation of the PSA (as well as IRS and SEC rules) by accepting an assignment after the close of the trust.

    The entities refuse to give you the proper paperwork. Use it against them. They will not produce the original assignment and instead file a fabricated assignment created years later. Paint them into a corner with their lies. If they do produce the original assignment (which they will never do) it will be proof that what was filed with the court was a fabrication. Take their documentation and throw it back in their faces. Use admissions wisely.

  15. A lot of history quoted here, present day facts and some possible solutions. None of which talk about or even hint at the basic problem. Which is, our nations money creation process is controlled by a private bank, The Federal Reserve. They print and coin money basically for free and then charge interest. Even at 1/2 a percent the profit is enormous and mathematically impossible to pay back, no matter how much they tax us. And without jobs for almost 20% of the population, where would the taxes come from, the wealthy? President Lincoln knew this and used what our forefathers put in our Constitution, only the government has the right to coin money and circulate it in the our economy, at NO interest. He used what was called at the time “greenbacks” . Very successful part of our history that seems to be a distant memory. If you apply very simple math here, our nation could be out of debt in two years, and Americans could earn a fair income that would enable them to buy and purchase land and homes based on REAL income, not super inflated CREDIT. There would be no over inflated land and home values so the issuing of credit from REAL currency would be also interest free and sustainable. In the mean time one solution that is emerging, is Principal Reduction. Simple and effective, lower the principal amount and even eliminate most of the interest and people can stay in their homes. I know home owners are still looking down the Loan Modification rabbit hole, but do some research and you can find good companies that will do this for next to nothing. Or just call Robert 860-599-5557

  16. Thankfully – our military is sworn to protect the Constitution and NOT necessarily politicians…

    Patrick Henry
    “…Our petitions have been slighted; our remonstrances have produced additional violence and insult; our supplications have been disregarded; and we have been spurned, with contempt, from the foot of the throne! In vain, after these things, may we indulge the fond hope of peace and reconciliation. There is no longer any room for hope. If we wish to be free — if we mean to preserve inviolate those inestimable privileges for which we have been so long contending — if we mean not basely to abandon the noble struggle in which we have been so long engaged, and which we have pledged ourselves never to abandon until the glorious object of our contest shall be obtained — we must fight! I repeat it, sir, we must fight! An appeal to arms and to the God of hosts is all that is left us!..”

    Thomas Jefferson
    “…But when a long train of abuses and usurpations, pursuing invariably the same object evinces a design to reduce them under absolute despotism, it is their right, it is their duty, to throw off such government, and to provide new guards for their future security…”

    The choice is ours – slaves or freedom. The message is clear – continue the futile argument in corrupt courts while they slowing squeeze out the life-blood of our children’s children and sell them into slavery for generations.

    Invoking our Constitutional DUTY to REVOLT is our OBLIGATION not some borrowed privilege from the government. The government is full was whimps & weasels. It is NOT necessary to target our government. Target the GUILTY – the Owners & CEOs of Lenders – Bankers – Foreclosure Mills… Target their families and CHANGE will magically appear. Or sell your children’s souls to socialism and slavery. Maybe they will have enough conviction to stand for Liberty or die trying… Putting our SMART BOMBS to use where needed – BofA – Countrywide – Lehmann – CitiMortgage – etc – including their priviate yachts and mansions – THAT would get their attention and bring about change and FORCE the LIARS & THIEVES to abide by our LAWS.

    People we are NOT asking for favor – we demanding they abide by OUR LAWS and PROSECUTE THOSE GUILTY or WE WILL… it isn’t hard it is the AMERICAN WAY… The socialists can go to Europe…

    just some thoughts

  17. “Some economists and analysts are now urging a dose of shock therapy that would greatly shift the benefits to future homeowners: Let the housing market crash”

    Many would agree this has already happened, what do you call a 50% haircut in the value of your house, are they suggesting 80%….which is what happened in Japan. On the abyss of anarchy…just sayin’

  18. Do not always understand what msoliman writes – believe that is just the way he writes.

    But, he writes one very important thing – “And the only person you’re going to talk to is a Debt collector.” Msoliman is right.

    One of the biggest mistakes we make – is to think you are dealing with the bank – or the bank’s trustee – or the bank’s servicer. And, they want the courts to believe this – and the public to believe this.

    You are not dealing with anyone but a debt collector – that is the way it is. And, there are numerous violations of the law in the process. The problem is how do we expose this to the courts and to the public.

    Deregulation allowed debt buyers/hedge funds to conceal their activities and identity – they know you cannot trace anything to them. They know they do not have to divulge how much they paid for the mortgage loan (DEBT). And, they know the government views their business as an important function of the economy.

    Once we have a few cases that expose the real party (debt buyer) behind the scene – there will be a shift in court decisions and public perception. And, possibly some will be prosecuted.

    Question is – how do we get there? Even if you win in court – there is never exposure of the real party – the debt buyer.

    Foreclosure is just debt collection on a grand scale.

  19. Livinglies Comments:
    These banks do not care, these Modifications are a fraud. These loans are a fraud. But very few people in office are talking about it.
    ———————————
    M.Soliman

    No these Banks do not care. If I told you this home recovery effort is a sucker’s play and you’re the sucker …would you believe me…?

    I’m testifying in Oregon and No Cal for trials two years in the making. I do not look to keep anyone in a home. It’s now about showing Counsel how to get the home and big Very Big number for damages!

    Its all about a simple determination and argument and demonstrating to the court that you know what they already know.

    I read some of these attorneys’ pleadings and OMG! They look like asses …

    Its there for you if you just map it out. Want me to tell you?

    DO NOT PRACTICE LAW. And I won’t.

    But I do testify and what you need to say is what the court already knows. There’s a slush fund out there for folks who get it and one decision I read “HERE” is there for everyone to see…so it’s not that you have to rely on an attorney to figure it out (NG excluded) or anyone else. You need an attorney to proffer the winning argument that you provide him or her . . .
    Get it!. Read and read between the lines.

    SAMPLE TESTIMONEY

    A Plaintiff institutes its action for tortious interference and claims of a disjoinder of parties, unlawful estoppels and estoppels by lache brought against agents and servicers who DO NOT represent any FDIC Member Bank.

    Parties lack standing to enforce the terms and conditions of the original promissory note and security deed of trust, and therein allow various parties to lay a wrongful and false claims; and who continually misrepresent the holder of the interest in title encumbering the subject real property.

    M.Soliman
    expert.witness@live.com

  20. BSE, on September 6, 2010 at 10:44 pm Said:
    This government created this mess. Here is a simple solution, “Every member of congress needs to get out, and reinstate the regulations as they once were
    before 1999”.

    Okay, thats why the outspoken African American congress woman Maxine Waters is alleged to have taken TARP money after steering funds to her husbands bank.

    Why….ask yourself! Whos the criminal here. No one in the bank…or Wall Street! this stuff is not so hard . . Its almost stupid and your arguing teh wrong stuff. ‘

    You can still get your home back ….just think.

    EXAMPLE OF TESTIMONEY
    (You see MERS here)

    Plaintiffs claims from its knowledge of facts obtained, and therefore alleges
    (1) Sales are staged to coincide with a trustee timeline (2) avoids circumventing the accounting rules set forth as SFAS 140 and under GAAP and the FSAB pronouncements.
    (3) Servicing and collections agents are vendors and violate securities laws and rule 1122Ab.
    (4) Agents collectively avoid claimant’s right to relief
    (5) parties unknonw act as a servicing agent who are in fact a transferor of the original asset.

    Think

    MSoliman
    expert.witness@live.com

  21. THE A MAN, on September 6, 2010 at 11:18 pm Said:
    THE ONLY WAY TO GET US OUT OF THIS MESS IT TO PROSECUTE THE FRAUD

    You do not get it. MERS is not an issue here. There is no crime being committed. The banks are years ahead of us and this matter is yesterday’s news to them.

    Wake up and think. The servicing agent is for a defaulted bank that was placed in receivership. And the only person you’re going to talk to is a Debt collector.

    There is no bank fraud here ….think!

    Sample Testimoeny – Plaintiff will institute action for relief under a securites claim meaning residential securities, obligations, or other instruments that are based on or related to such mortgages that in each case were originated or issued on or before March 14, 2008.

    The trustee sale as conducted is alleged to be a reverse repurchase commitment.

    Under Internal Revenue Code Title 26 enacted through 2008/§ 453B, The original asset was sold and transferred resulting in a gain or loss disposition of installment obligations.

    M.Soliman
    expert.witness@live.com

  22. [youtube=http://www.youtube.com/watch?v=FzrBurlJUNk&color1=0xb1b1b1&color2=0xd0d0d0&hl=en_US&feature=player_embedded&fs=1]

  23. THE ONLY WAY TO GET US OUT OF THIS MESS IT TO PROSECUTE THE FRAUD
    QUIET TITLE + TREBLE DAMAGES.

    TO THE BANKSTER

    IF YOU CANT DO THE TIME DONT DO THE CRIME.

    G-D BLESS AMERICA

  24. This government created this mess. Here is a simple solution, “Every member of congress needs to get out, and reinstate the regulations as they once were
    before 1999”.. Hopefully Phil Graham and his buddy Bill Clinton will someday realize that they destroyed the strength of this nation with a stoke of a pen.
    Of course they will state they were misadvised. B.S.

  25. I believe it was trespass unwanted who said this in a post here–if not, please correct me: We are on our own. No one is coming to help us. Not the government. Not the banks. Not the law. All we can do is stand our ground the best we can.

    For me, that means a lawsuit that I am doing pro se. With every document the other side files, their case gets weaker. Really, they have no case to begin with and they know it. And I know it. So my strategy is simple–never give up. Never stop fighting. Resistance is victory.

  26. Jose Fighter – You are absolutely right – “We need to apply more pressure.More letters, more evidence, more court cases, more lawyers, more advocates, more political action.”

    I have saying this for a long time. This blog, and Neil, is all important – and I have also said Neil will go down in history. But, we need more – we need people to join together. Mr President – you have greatly disappointed the people – you allow the fraud to continue – and have done nothing to stand up for the victims. While Neil will go down in history – as one of few who have stood up to the fraud – Mr. Obama will not be remembered as a President for the people. This administration has failed.

    But, we have to do our part – not just for our own home – but for every American who has lost their home or fights on to save their home. We must join together to publicly speak out against the fraud. If we do not – we will only see sporadic court decisions by the few and far between respected courts that say – something is very wrong.

  27. I THINK WE NEED TO FIND LARGE ATTORNEY FIRMS THAT BOAST ETHICS AND PRO BONO WORK.
    AND CALL THEM AND EMAIL AND FAX THEM TO TAKE OUR CASES PRO BONO.

    FOOD FOR THOUGHT.

  28. We should call all these news paper guys and start giving the the real news!!!

    Lyons: Overworked clerks of foreclosure mills

    By Tom Lyons

    Published: Sunday, September 5, 2010 at 1:00 a.m.
    Last Modified: Saturday, September 4, 2010 at 6:30 p.m.

    ( page all of 2 )

    Here is a Labor Day weekend shout out to the obviously overworked grunt laborers who toil in the mills of one of the few American industries that has been booming the past several years.

    You may never have met one of the workers, but you’ve seen their results, probably right in your neighborhood.

    I mean the hordes of cubicle dwellers at specialized law offices elsewhere in Florida, called “foreclosure mills.” Their product is legal papers designed to take homes from people who haven’t kept up on their mortgage payments.

    Clerical staff at those mills typically far, far outnumber the lawyers.

    It must be grim work, and tedious, but somebody has to do it. So, no judgment intended here from a pro-labor guy like me.

    It’s the mill bosses I grouse about, and now a judge has joined me. Those lawyers make big bucks in this huge foreclosure boom. But though they vastly increased staff to meet demand by financial institutions using the courts to take homes and condos in unprecedented numbers, the foreclosure mills clearly need to hire even more people.

    The workload is just too much. Circuit Judge Janette Dunnigan said so, too, and with muscle behind her words.

    Maybe some other firms are equally deserving, but Dunnigan has just fined the Florida firm of Smith, Hiatt and Diaz $49,000. She will tack on $7,000 a day if that firm doesn’t come up with a plan to clean up a shoddy act of repeated and oblivious courtroom gaffes and fumbles.

    As you may have read, the firm has so many foreclosure cases that it “does not assign particular lawyers to particular cases.”

    Clerical workers do much of the work, apparently with little supervision. And when mess-ups occur, lawyers there repeatedly claim — honestly, I imagine — that they have no clue how it happened.

    How could they know if documents are incorrect in so many case files they never even look at?

    The judge provided a tongue lashing about that, and followed with a scathing written ruling. It described repeated instances of failing even to send lawyers to hearings, leaving judges and defendants twiddling thumbs.

    Lawyers for the firm each time said they hadn’t known about the hearings, though their firm scheduled them.

    Busy, busy, busy.

    The bulk-rate law mill has already been charged in Hillsborough with filing “sham pleadings,” legal arguments based on misinformation and incorrect documents. And in Manatee or Sarasota counties, Dunnigan says it repeatedly sought a ruling on issues already ruled upon, as if no one bothers to peek at case files viewable online in just seconds.

    It seems worker bees are untrained or too busy, and their bosses so far removed from the cases, that they’re the least likely to catch an error.

    The firm even ignored warnings from the judge, and probably didn’t notice those either.

    “The disobedience of court orders is constant and flagrant,” the judge wrote, and is “either intentional and deliberate or so grossly negligent” that it might as well be.

    As the judge said, the business model — making big money by taking on far more cases than the firm can handle — is not an excuse. It is the problem.

    “If you can’t handle it, sir, get more lawyers,” or let other law firms take the cases.

    You go, judge. And happy Labor Day.

    Tom Lyons can be contacted at tom.lyons@heraldtribune.com or (941) 361-4964.

  29. Come on people,

    Let us take advantage that the political prostitutes are walking down our streets and greet and meet them and tell them we will get all our friends and families to vote for them if they start talking about our problems and bring about our solutions.

    Make them stop talking about immigration and turn their attention to what really matters our homes, our families our futures.

    This is the mid term election, let us take advantage of it. IF the Tea Party if throwing a party let us also do the same.

    These banks do not care, these Modifications are a fraud. These loans are a fraud. But very few people in office are talking about it.

    Let us force these SO CALLED AMERICANS to speak to us to confront the issue.

    We need to apply more pressure.

    More letters, more evidence, more court cases, more lawyers, more advocates, more political action.

    We are the key to the American renaissance, let as start taking charge of our future.

    And this is for you lawyers out there, if you are not willing to love the law, and the defend the principles of the constitution the mother of all laws, then by all means get a job at Walmart. Be honest with yourself and the people you may be milking off their hard earned money.

    Become part of the solution and not part of the problem.

    Make it really expensive for these banksters to continue with the stealing of America.

  30. to make along story short

    IF IT IS ANARCHY THEY WANT THEN ANARCHY THEY SHALL HAVE.

    THE JUDGES IN AMERICA HAVE BECOME PUNK ROCKERS AND ANARCHIST

  31. Well said, Jan Van Eck. I would pick up arms in an instant to fight this foe, as I truly believe this is an enemy much more dangerous to the American way than Saddam, Bin Laden, the Taliban, and Lindsey Lohan all rolled into one.

    BSE, I actually had one of the agencies ask me if I had a church in my community I could turn to. Oh, so instead of helping me right the wrong perped on me by the gangsters on Wall street, I should ask for a tithe plate? That’ll fix this. Now all we need are 40 million tithes on a regular basis.

    Another extemely lucid comment Neil. Hats off for expressing so articulately what desperately needs to be said, as well as understood by the masses.

    What amazes me about this latest sentiment is that now all of the folks that played a part in this immense crime are ready to let everything implode. Of course there’s absolutely no mention of the fact that they have already been bailed out, so, in reality, they get a “free pass” on the downward crunch. They get to watch from the sidelines.

    But us homeowners, or those of us who thought we were homeowners before the fraud was exposed, get to feel 100% of the pain once again. I wonder how many times our legislators think that we the people will take the hit before we think about hitting back?

    I for one am not falling for the bread and circuses routine anymore.

  32. the only trouble with armed revolution is that the only ones that benefit are the arms dealers and the mortuaries

  33. Neil – very astute as always.

    One thing left out – many of these default mortgages have been sold at steep discounts – someone is making quite a pretty profit on the problems the administration does not know how to fix. Those that are buying these loans at steep discounts are the ones lobbying for incentives for new homeowners to buy. There is a huge profit in buying loans dirt cheap, foreclosing, and selling the home to a new buyer. When this is considered, the situation is even more egregious as to current homeowners (versus new homeowners). As both you and I have said before, Neil, it is simply a transfer of wealth from one American to another – although foreigners also purchase American homes.

    Eule discusses CNN report about a Chase modification – it is very unlikely that Chase is actually doing the modification. Chase has long rid itself of such loans that are simply no longer profitable.

    Further, Fannie/Freddie are in a disaster state – the government also knows this – and does not know what to do. I am finding that many of the loans during the mortgage crisis were funded by Fannie/Freddie – and that refinances were simply a modification of the Fannie/Freddie loan – and not a new refinance with a new creditor – even though borrowers thought it was a new loan. It is becoming evident to me that the numerous Fannie/Freddie REMICs are connected to the SPV Trusts that borrowers are told that their mortgage loan is in. I am looking at this – but the Fannie/Freddie REMIC collateral is not available. The question then is – what role did the SPV Trust really play? As you have pointed out – they appear to be empty – a shell. Were the SPVs just set up to retain Fannie/Freddie rejects, scratch and dents, defaults, etc.?

    There is much more that we do not know as to what really went on – and continues to go on.

  34. THE ONLY SALVATION IS CITY ORDINANCES RIDDING US OF THESE BANKS.

    AND GREAT ARTICLE

  35. “Excellence can be achieved if you…Care more than others think is wise…Risk more than others think is safe…Dream more than others think is practical…Expect more than others think is possible”.
    -Unknown

  36. I called HOPE more than a YEAR ago, and a clearly under-educated woman kept me on the phone for endless periods of time, lecturing me about what mattered most, and ended up by telling me to “use my crockpot to save money on food”.

    We lost HALF of our income OVERNIGHT without warning ($80K)… I don’t think the crockpot advice will be all that helpful, but thanks for taking up my time.

  37. Great article. Thank you for the posting. I do not expect a dam thing from Obama as he only
    a part of the shell game. He will continue the cover up and watch the US home owner rot.

    Call H.O.P.E – They will suggest you trim back your food budget.
    Call H.A.M.P. – You will find you are 0.1% from qualification.
    Call Consumer Credit Counseling, – They will blame the home owner for being in a position of usury

    It is all a shame.

    Be a patriot ! Stop your payment and fight these bastards !

  38. Our government in Washington can no more stop
    deflation now than it could inflation a few years ago.
    There are cycles in the economy which will play out
    regardless of what all the PhDs in the world have to
    say. As the book “Web of Debt” points out, a monetary
    system where the money supply is based on debt, acts
    like a “roller coaster”, uncontrollable inflation on the
    way up, followed by uncontrollable deflation on the way
    down. All we mortals can do is “go with the flow” because resistance is a waste of time. Anyone who
    continues to pay a mortgage on a property that is
    “underwater” is an idiot. It is better to default and try
    to “cram it down” in state Court or Bankruptcy Court.
    If that doesn’t work, buy a cheaper property down the
    street. YOU CAN’T BEAT THE CYCLE, JUST RIDE IT
    LIKE A SURFER RIDES A WAVE!

  39. What seems to be only hinted at in this analysis is the logical outcome of allowing the current situation to just play out. As the population becomes impoverished, I predict they will turn to the Colombian model. In Colombia, the social inequalities were created and enforced by a wealthy class, mostly migrants from Europe (in particular, Germany) who now “own” vast stretches of land, and a local population that is reduced by their “legal system” to serfdom. The result was in hindsight predictable: the peasants went to arms, and their Revolution became an entrenched civil war, now fuelled by the drug trade.

    The US model consists of one small ethnic group in New York setting up a scheme to loot the intrinsic wealth of the entire nation. They created “securitizations” to divert chunks of the original principal, the investors’ capital, to their own pockets, through “yield spread premiums.” Then they created phony documents by falsified signatures and notary stamps onto so-called “assignments” of mortgages, by the millions, and used both judicial and non-judicial foreclosure to skim off more capital. All this capital flowed to the pockets of this small NY group, where it was re-distributed as “bonuses.” Meanwhile the Courts are bogged down in an ownership model that does not grasp the scheme of fraud being perpetrated on such a vast scale, and becomes the complicit partner of the New Yorkers.

    So far, the scattered resistance has been passive-aggressive, such as the aggrieved homeowner (Arkansas) that simply bulldozed his house to strike back at his abusers. Others dump cadmium or lead into the well water supply to render the property unsaleable by the “bank.” Yet there is no substantial indication of the abused doing what is done historically the planet over – picking up their guns for Revolution (the Colombian model). I predict that is coming next. It is the logical outcome of society’s failure to arrest the New Yorkers for fraud and theft. Where the cops do not act, ultimately the people will.

  40. Just in from CNN MONEY

    WATCH ,HOW CHASE IS MODIFIED .

    Ida Ward was none too pleased with the permanent modification offer she received last month.

    The Atlanta middle school teacher had called her mortgage servicer in the spring of 2009 after seeing her income drop considerably. She was enrolled in a trial HAMP modification, which reduced her monthly payments to $1,424, down from $2,430.

    After more than a year in the trial period, Ward received a final loan modification agreement. But she soon realized she had been shifted from the president’s program to an in-house Chase modification with “horrible” terms. Her loan was being amortized over 40 years at a 5% interest rate with a $197,500 balloon payment due at the end. She must now pay a little more than $2,000 a month.

    “These banks should be ashamed of the terms that they are giving to borrowers,” said Ward, who said she had no choice but to accept the offer. “The loan modification process is flawed and deceptive to borrowers.”

    A Chase spokeswoman said that Ward did not meet the qualifications for a HAMP modification, but the bank was able to give her an adjustment that it believes will allow her to keep her home.

  41. neil my question is the federal goverment, and or mr obama on your e mail list, and if not why, some one out there should also be reading these great emails, however no one seem to care, the bbb, the ftc, the attoryney generals, and others. Are most ever day good and honest lawyer afraid to file suits against the banks, servicing company, and mortgage giants, or what is wrong with this picture. thanks, larry and lena

  42. It’s soooo simple: the remedies that our laws created to protect consumers from THIS VERY SCENARIO are crystal clear, and meant to be a strong deterrent to financial predators: “If you screw a citizen who finances a home, you will EAT the mortgage”.

    The only thing that is different is that our REGULATING ENTITIES (OTS, DFI, FTC, ETC) did ***NOT*** do their jobs, and the crimes were allowed to happen on a HUGE scale, and suddenly it mushroomed into a NATIONAL CRISIS.

    The facts are the same though: Borrowers got screwed, federal crimes were committed against them, and the punishment to the lender is still the same: EAT THE MORTGAGE. You got caught. Problem is, the government doesn’t want anyone to see the blood on it’s hands by watching the economy implode from allowing the BLACK AND WHITE LETTER OF THE LAW consequences to play out, so they are, THEMSELVES committing crimes (in Florida, they have INCENTIVE DRIVEN judges to RUSH the foreclosures through, ignoring defendants’ VALID arguments. THIS IS HORRIFYING.

    If our regulating agencies, our congress and senate were NOT being bankrolled by these criminals, the law would be upheld, but it seems few have the BALLS to sacrifice the money and do what they were elected, appointed and hired to do: PROTECT THE AMERICAN CITIZEN FROM ORGANIZED CRIME.

    It’s unbelievable that this machine has been able to “get the bit in it’s teeth” and run for daylight, trampling the nations working population in the process. There are a very few people becoming VERY VERY rich in this crisis, and I say we follow the money, and start asking questions, AND FILL UP THE PRISONS WITH THEM. They are FELONS.

    Why in GODS NAME can’t we stop this?

  43. Neil,
    Great Job! Now there seems to be one thing left.Send to Obama & all of his advisors or get appointed to straighten out this huge hole that is getting deeper by the day.

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