Foreclosures Slow as Document Flaws Emerge

Foreclosures Slow as Document Flaws Emerge
By DAVID STREITFELD – NY Times
Published: September 30, 2010

*

The foreclosure machinery that has forced millions of Americans out of their homes is beginning to seize up as some lenders and their lawyers are accused of cutting corners in their pursuit of rapid home repossessions.

GMAC and JPMorgan Chase have acknowledged legal missteps, and have suspended new foreclosure actions in 23 states.

* Citigroup Inc
* Bank of America Corp
* JPMorgan Chase & Co
* Federal National Mortgage Assn
* Wells Fargo & Co

Evictions are expected to slow sharply, housing analysts said, as state and national law enforcement officials shine a light on questionable foreclosure methods revealed by two of the country’s biggest home lenders in the last two weeks.

Even lenders with no known problems are expected to approach defaulting homeowners more cautiously and look more aggressively for resolutions short of outright eviction.

Despite the turmoil, some economists said the breakdown could ultimately lay the groundwork for a real estate recovery.

Stricken neighborhoods across the country, for example, could benefit. One big factor undermining home sales is fear of a large number of foreclosed homes coming to the market. If the foreclosures are delayed or never happen, housing prices might find a floor.

“Maybe this is like shock therapy,” said the economist Karl E. Case. “Maybe this will actually get the lenders to the table and encourage them to work out deals that are to the benefit of everybody.”

While such a happy ending is possible, the near term is more likely to produce paralysis and confusion.

As more defaulting homeowners become aware of the lenders’ problems, they are expected to hire lawyers and challenge the proceedings against them. And if completed foreclosures were not properly done, families who bought the troubled homes could be vulnerable to claims by the former owners.

Apparently alarmed about such a possibility, one of the major title insurance companies, Old Republic National Title, has sent a bulletin to agents saying that “until further notice” it would not insure title to properties foreclosed upon by GMAC Mortgage, the country’s fourth-largest home lender and one of the two big lenders at the center of the current controversy.

GMAC declined to comment, and Old Republic representatives did not return calls.

GMAC has acknowledged legal missteps in processing mortgages, and JPMorgan Chase has acknowledged the possibility of missteps, and both have suspended all foreclosures in the 23 states where they need a court’s approval. That’s 56,000 in the case of Chase alone; GMAC declined to provide a number.

Attorneys general in half a dozen states are demanding action or opening investigations. The Treasury Department said Thursday it was asking regulators to look into “these troubling developments.”

“We’re seeing a fundamental breakdown in the system, because no one cared that much about getting things right,” said Representative Alan Grayson, a Democrat of Florida, who unsuccessfully asked the Florida Supreme Court to halt all foreclosures in that state.

Wall Street was examining the impact the disclosures could have on the lenders. Moody’s Investors Service has placed the servicer ratings of GMAC and Chase on review for possible downgrade.

The federal government has been the majority owner of GMAC since supplying $17 billion to prevent the lender’s failure during the financial crisis.

Other lenders said Thursday that their foreclosure filings, including the crucial affidavits, had been properly done.

A Citigroup spokesman said the lender required “annual training for our foreclosure employees on the proper execution of affidavits, including having personal knowledge of the information in the affidavit.”

A Wells Fargo spokeswoman said “the affidavits we sign are accurate.” A spokesman for Bank of America, Rick Simon, said, “We do not have anything to tell you at this time.”

GMAC and Chase are in trouble because, overwhelmed with foreclosures, they tried to process them as quickly and cheaply as possible, defense lawyers say. The companies say they are reviewing their procedures to take care of any violations.

The missteps stemmed from the affidavits the lenders file as they seek a quick or summary judgment in thousands of foreclosure cases. The affidavits state certain facts about the case, including the amount owed, which the signer indicates he has personal knowledge of. Without the affidavit, the lender would have to prove the facts at trial.

In depositions taken by lawyers for homeowners, executives at GMAC and Chase said they or their teams signed 10,000 or more affidavits and related documents a month. That did not give them time to review the cases.

Defense lawyers say the disclosures are symptomatic of the carelessness, if not outright fraud, that lenders have been exhibiting for years in their rush to file cases. Many necessary documents have disappeared, with defense lawyers saying the lenders often do not even have standing to foreclose.

In a number of pending cases in Florida, defense lawyers there said, GMAC has already withdrawn affidavits. The lawyers said they would try to have the cases thrown out for possible fraud, although they acknowledged that might be difficult.

GMAC said it would refile the affidavits. Chase said it had not withdrawn any affidavits.

“The way the plaintiffs’ lawyers have handled this has corrupted our legal system,” said Thomas Cox, a Maine lawyer whose deposition of a GMAC executive in June helped prompt the current disclosures. “They tried to manufacture foreclosures the way you’d manufacture cars, on an assembly line. It can’t be done that way.”

Mr. Cox is representing pro bono a rural woman who is in foreclosure on a $82,000 mortgage. The plaintiff in the case is Fannie Mae, the mortgage holding company that failed during the financial crisis and is now under government conservatorship. GMAC serviced the loan for Fannie Mae.

This week, the judge in the case set aside his summary judgment in favor of Fannie when he read Mr. Cox’s deposition of a GMAC executive, Jeffrey Stephan, who said he never reviewed the file he had signed. The case will now go to trial.

“I don’t think they are going to give up easily,” said Mr. Cox.

As the foreclosure crisis has deepened, the length of time borrowers spend waiting for the end has lengthened.

In January 2009 the time between the owner’s first missed payment and eviction was 319 days, according to LPS Applied Analytics. By August it was 478 days.

Since spring, the data firm says, the lenders have been trying to clear their backlog. They have stepped up the rate at which they put defaulting owners into the formal foreclosure process. In August, they started 283,000 foreclosures, up from 220,000 in April.

Now, as the lenders are pressed to examine more closely their filings, those foreclosure starts are likely to fall, prolonging the owner’s time in limbo. Many borrowers use this period, when they are living in their home but not paying for it, to try and get their financial house back in order.

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  1. SFGate
    Robo-signers: Mortgage experience not necessary

    By MICHELLE CONLIN, AP Real Estate Writer

    Tuesday, October 12, 2010

    (10-12) 18:21 PDT New York (AP) —

    In an effort to rush through thousands of home foreclosures since 2007, financial institutions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in “foreclosure expert” jobs with no formal training, a Florida lawyer says.

    In depositions released Tuesday, many of those workers testified that they barely knew what a mortgage was. Some couldn’t define the word “affidavit.” Others didn’t know what a complaint was, or even what was meant by personal property. Most troubling, several said they knew they were lying when they signed the foreclosure affidavits and that they agreed with the defense lawyers’ accusations about document fraud.

    “The mortgage servicers hired people who would never question authority,” said Peter Ticktin, a Deerfield Beach, Fla., lawyer who is defending 3,000 homeowners in foreclosure cases. As part of his work, Ticktin gathered 150 depositions from bank employees who say they signed foreclosure affidavits without reviewing the documents or ever laying eyes on them — earning them the name “robo-signers.”

    The deposed employees worked for the mortgage service divisions of banks such as Bank of America and JP Morgan Chase, as well as for mortgage servicers like Litton Loan Servicing, a division of Goldman Sachs.

    Ticktin said he would make the testimony available to state and federal agencies that are investigating financial institutions for allegations of possible mortgage fraud. This comes on the eve of an expected announcement Wednesday from 40 state attorneys general that they will launch a collective probe into the mortgage industry.

    “This was an industrywide scheme designed to defraud homeowners,” Ticktin said.

    The depositions paint a surreal picture of foreclosure experts who didn’t understand even the most elementary aspects of the mortgage or foreclosure process — even though they were entrusted as the records custodians of homeowners’ loans. In one deposition taken in Houston, a foreclosure supervisor with Litton Loan couldn’t define basic terms like promissory note, mortgagee, lien, receiver, jurisdiction, circuit court, plaintiff’s assignor or defendant. She testified that she didn’t know why a spouse might claim interest in a property, what the required conditions were for a bank to foreclose or who the holder of the mortgage note was. “I don’t know the ins and outs of the loan, I just sign documents,” she said at one point.

    Until now, only a handful of depositions from robo-signers have come to light. But the sheer volume of the new depositions will make it more difficult for financial institutions to argue that robo-signing was an aberrant practice in a handful of rogue back offices.

    Judges are unlikely to look favorably on a bank that claims paperwork flaws don’t matter because the borrower was in default on the loan, said Kendall Coffey, a former Miami U.S. attorney and author of the book “Foreclosures.”

    “There has to be a cornerstone of integrity to the process,” Coffey said.

    Bank of America responded to Tiktin’s depositions by re-affirming that an internal review has shown that its foreclosures have been accurate. “This review will ensure we have a full understanding of any potential issues and quickly address them,” Bank of America spokesman Dan Frahm said. Frahm added that, on average, the bank’s foreclosure customers have not made a payment in more than 18 months.

    JP Morgan Chase spokesman Thomas Kelly said the bank has requested that courts not enter into any judgments until the bank had reviewed its procedures. But Kelly added that the bank believes that all the underlying facts of the cases involved in the document fraud allegations are true.

    Litton Loan Servicing did not respond to a request for comment.

    Even before the foreclosure scandal broke, the housing market was in the midst of an ugly detoxification. Now the escalating crisis is likely to prolong the housing depression for at least another few years. The allegations are opening the entire chain of foreclosure proceedings to legal challenge. Some foreclosures could be overturned. Others could be deemed illegal.

    For a housing recovery to occur, all the foreclosed properties — which could account for 40 percent of all residential sales by 2012 — need to be re-scrutinized by the banks and resold on the market. Now, with so much inventory under a legal threat, the process will become severely delayed.

    “This just adds more uncertainty to the whole mortgage process, so buyers are asking themselves: do I want to buy a home in this environment?” says Cris deRitis, director of credit analytics at Moody’s Analytics. “We need to fix these issues before the economy can recover.”

    Though some have chalked up the foreclosure debacle to an overblown case of paperwork bungling, the underlying legal issues are far more serious. Yes, swearing that you’ve reviewed documents you’ve never seen is a legal offense. But at the center of the foreclosure scandal looms something much larger: the question of who actually owns the loans and who has the right to foreclose upon them. The paperwork issues being raised by lawyers and attorneys generals have the potential to blight not just the titles of foreclosed properties but also those belonging to homeowners who have never missed a mortgage payment.

    So far, JP Morgan Chase, PNC Financial and Litton Loan Servicing have stopped some foreclosure proceedings in 23 states. Bank of America and GMAC, recently renamed Ally, have extended their moratoriums to all 50 states. Wells Fargo and Citigroup have said they are continuing with foreclosures, adding that they are confident in their documents and processes.

    But Citigroup has now backpedaled some on that assertion. The bank sent out a press release Tuesday that it was no longer using the law firm of “foreclosure king” David Stern, now under investigation by the Florida attorney general’s office. “Pending the outcome of the AG’s investigation, Citi is not referring new matters to this firm,” the bank said in an e-mailed statement.

    Late last week, in an interview with the Florida attorney general, a former senior paralegal in Stern’s firm described a boiler-room atmosphere in which employees were pressured to forge signatures, backdate documents, swap Social Security numbers, inflate billings and pass around notary stamps as if they were salt.

    Stern’s lawyer, Jeffrey Tew, did not respond to a request for comment.

    Meanwhile, the public outrage continues to mount. In what is perhaps a sign of things to come, a Simi Valley, Calif., couple and their nine children broke into their foreclosed home over the weekend and moved back in, according to television station KABC of Simi Valley. The couple, Jim and Danielle Earl, say they were working with the bank to catch up on payments until they discovered a $25,000 difference between what they owed and what the bank said they owed. The family was evicted from their Spanish-style two-story in July. The home has been sold, and the new owner was due to move in soon.

    The Earls and their attorney now allege that they were victims of fraudulent paperwork.

    ___

    Curt Anderson contributed from Miami.

  2. I’m sorry, but I have a hard time with the terminology used in this NY Times article.

    “As GMAC and Chase try to deal with questions over their legal methods, they have halted all foreclosures in the 23 states where they need a court’s approval. Late Friday, Bank of America said it would stop all its pending foreclosures in those states as well.”

    Shouldn’t that read…questions over their illegal methods? And, oh yeah, there’s that little detail of how they’re still willing to rape and pillage in 27 states where there’s liitle chance they’ll be caught by a judge.

    When is this crap going to be talked about in the MSM?

  3. usjustice4all,

    Some are already looking into Wells Fargo – and others – see Abigail Field story at

    http://www.dailyfinance.com/story/credit/robo-signing-scandal-spreads-documents-show-citi-and-wells-also/19657686/

    The problems will not easily be fixed. Debt collection law firms have gotten away with ‘murder’ in courts across the country for years. Have no idea how this power-hold in courts ever came to be.

    The video, above, with Judge Schack and Mother Jones is amazing. Judge Schack is a hero. I remember his early words – “if someone is going to take your house – they better do it right.” But, as Mother Jones points out (forgot gentleman’s name but he is also excellent) this is not about the property – it is about MONEY. When it comes to money – there are no rules – whatever it takes to get the money is the norm.

    As Judge Schack implied- knowing who it taking your home – and, I will add, knowing who is actually “recovering” the home proceeds, is a fundamental right of justice.

    Personally, I have seen so much – and it has been for a very long time. Very happy to finally see some progress.

    I hope that so many of you good people here – will finally see some justice. And, it is important not to rely on the “system” fixing it for you. Continue your cases – get your help from Neil. But, inform every official you can of the information reported here.

    The “old boy network” is dying – but they will not easily die without a good fight. Attorneys should be particularly held to high standards – every State Ethics Board should investigate all referrals of ethics violations. This should not be “slipped under the rug.” Attorneys who practice fraud – should not practice law. This is still America – we have rights – it is NOT all about money – it is about justice. Somehow, justice in courts has been just thrown out the window. Time to take our courts back – the courts also belong to the people.

  4. m soliman

    “Here again is where Pro Tanto in a transfer of title appears odd while meaning to suggest “not to prejudice any future claims by a property owner claiming a financial settlement was inadequate”

    Like another claim to the $ or property from an unnamed financial at a later date?
    HMMMM…debt never dies here now that debt is $$.

    how can WE use this to “FILE A CLAIM” and is the claim filed against the party named on the “deed upon sale” ?

  5. i like how ALL the major media use
    “some lenders and their lawyers are accused of cutting corners in their pursuit of rapid home repossessions.” “cutting corners”???WTF??? not a fraudulent scheme ???

    F$UC EM I’ve had ENOUGH! As every other “non corporate entity ” in this country propping up through our servitude should be fed up.
    The writing on the wall is screaming at us;WE WERE SOLD OUT!!
    I want a Banker’s head on a stick and the rest sent to the “FOR PROFIT PRISON SYSTEM “,nothing else will suffice , anything and everything else is simply placating the masses.

    Dunn & Brad street listings for “Government of United States”

    https://smallbusiness.dnb.com/ePlatform/servlet/IballValidationCmd?storeId=10001&catalogId=&productId=0&manPartNumber=&hiddenSessionId=486826929&skipIPValidation=YES&strImagePath=&sortValue=&lookupType=&sortBy=PRIM_NME&x=33&y=14

  6. A congressman explains it in Florida. It is about time and they must be held accountable. Hey Floridians…you should reelect this guy.

  7. Go JUDGE SCHACK!!! AND MOTHER JONES – share this video with everyone and anyone who is skeptical of deadbeat homeowners –

  8. I believe , that CHASE has already a new way to solve
    there problem.I just got 2 x package for modification this week . I have already 6 of them here , and I was kicked out of the CHASE office . TBTF
    The also wrote off my HELOC in the Creditreport .I am waiting which collection will call for claim.This is not the way how it work. I have proof that CHASE work with Corelogic together , and turn down the prices to name it : SIGNIFICANT LOS OF VALUE . I have in my hand 340 receives for $ 28,000.00 from Home Depot and LOWE , how could my home be underwater .If you think the same way , please contact the Attorneys in NY who handle the classaction , the need more proof about CHASE / Corelogic’s strategy .
    http://www.murrayfrank.com/CM/Custom/Custom121.asp
    Remember , don’t use the phone , use the e-mail ,so you have everthing in writing , and print as much you can from home Value pages .Banks dont like e-mail , but I have hearing problems.
    sorry about my euro-english.

  9. Do you think this wave will hit Wells Fargo and drift toward the west cost anytime soon?

  10. “ProTanto” Foreclosures Slow and BOA/BAC Halts Foreclosures ?

    Pro tanto is normally used in relation to the partial satisfaction of a claim. In Latin .pro forma Law Definition adj translates
    1. For form.
    2. Done as a formality, rather than because of conviction, in order to make possible further proceedings.
    3.In accounting procedures, done in advance to provide a what-if statement, predict results, or to convince. For example, a balance sheet showing combined figures of two companies in case of a merger.
    Each foreclosure is a partial fulfillment for which other outstanding obligations do or did exist. Pro tanto is normally used in relation to the partial satisfaction of a claim as in a pro tanto settlement in an eminent domain action.
    Not to be taken necessarily in a literal sense, the foreclosing parties rely on this curious and not very often employed Latin term. Yet seemingly feel it necssary to communicate fair notice and or minimum standard of compliance with regards to notice or recordings.
    Here again is where Pro Tanto in a transfer of title appears odd while meaning to suggest “not to prejudice any future claims by a property owner claiming a financial settlement was inadequate

    expert.witness@live.com
    m.soliman

  11. The problem with this thinking is that the documents in the loan transaction are those of the person signing. Money was exchanged [for this example] for the documents. There was nothing in the documents that allowed a lender/Creditor to shred the documents and make a electronic copy which was done without the signers knowledge or permission.

    As far as I can see and my opinion once the documents were destroyed there cannot be an obligation.

    Recently, Karl Denninger also published a few comments on Florida foreclosure practices.

    http://market-ticker.org/akcs-www?post=167583

    The reason “many firms file lost note counts as a standard alternative pleading in the complaint” is because the physical document was deliberately eliminated to avoid confusion immediately upon its conversion to an electronic file. See State Street Bank and Trust Company v. Lord, 851 So. 2d 790 (Fla. 4th DCA 2003). Electronic storage is almost universally acknowledged as safer, more efficient and less expensive than maintaining the originals in hard copy, which bears the concomitant costs of physical indexing, archiving and maintaining security. It is a standard in the industry and becoming the benchmark of modern efficiency across the spectrum of commerce—including the court system.

    One of my colleagues had a long conversation with the CEO of a major subprime lender that was later acquired by a larger bank that was a major residential mortgage player. This buddy went through his explanation of why he thought mortgage trusts were in trouble if more people wised up to how they had messed up with making sure they got the note. The former CEO was initially resistant, arguing that they had gotten opinions from top law firms. My contact was very familiar with those opinions, and told him how qualified they were, and did not cover the little problem of not complying with the terms of the pooling and servicing agreement. He also rebutted other objections of the CEO. The guy then laughed nervously and said, “Well, if you’re right, we’re ****ed. We never transferred the paper. No one in the industry transferred the paper.”

    So, when a mortgage is sold into the third market (i.e., securitized and pooled in a trust), and the particulars recorded with MERS, Inc., the “actual” paper (i.e., note and deed of trust) is NEVER TRANSFERRED

    More fraud by the very ones our government bailed out in late 2008 and continues to bail out in 2010.

    Forensic Mortgage Audits and Foreclosure Defense
    Quiet Title
    oliver@ipa.net
    john

  12. http://market-ticker.org/akcs-www?forum=Market-Ticker&page=1

    Anyone interested in understanding the magnitude of fraud in the
    mortgage lending industries should start with the latest article and
    work back through the first 3-4 pages. You’ll get an eye full.

    You can also read about fraud in the securities markets.

    He freely uses the word “lawlessness,” which I’ve used in regard to
    slightly different subjects. Nevertheless, the evidence of lawlessness
    mounts in every facet of our society. There is no remedy but righteousness.

    Forensic Mortgage Audits and Foreclosure Defense
    oliver@ipa.net
    john

  13. THIS DIDN’T COME FROM A JUDGE ON THE BENCH NOR ANY STATE OR FEDERAL OFFICIAL. BE WARY PEOPLE I SMELL A GUISE.

  14. (cross post)

    As part of Mr. Garfield’s Continuum, everyone should populate this video to viral status:

    Foreclosure Fraud with Judge Arthur Schack!

    http://www.foreclosurehamlet.org/video/foreclosure-fraud-with-judge?xg_source=activity

  15. I just spoke to Brian W. Davies, and am sharing my own knowledge with him. He is a fighter.
    I am now on my second amended complaint in Los Angeles County Superior
    ( Nali v. K.Hovnanian PC 048289)
    My entire case will be on my site, and on SCRIBD. (I am also a writer working on some novels)
    Search MARTHA RAYSIK, and you will see my uploads, and can follow me on this path.
    I laid out the ERDS/ signature fraud a while back, and Neil posted it, and it is a truthful and valid argument, I told the Judges this over a month ago, and I said it would be public very soon. I was actually frightened over revealing this information at the time, but America needs to know the truth.
    This week I am preparing to outline out further fraud in depth, showing not just me, but over five other examples of builder fraud, and the exact way they did it. I will support my arguments with recorded documents.
    I allege the FDIC is aware of the double-loans, and I allege the INDYMAC assignment that got Brian to this point at now in his case , is MERELY A RUSE, it is further attempt to hide the truth, as INDYMAC had (I allege) an assignment on the “loan” on the third day after he signed it, and it has not been recorded, nor do they want it to be recorded, as the fraud will be exposed further.
    I have some errors in my complaint, which hopefully Honorable Judge Scheper will allow me to amend.
    Use caution, and do research, and I myself am exhausted at this, but I see a light.

    PLEASE SUPPORT THIS SITE!

    Martha Nali Raysik
    12th Generation Descendant of
    William Bradford, Mayflower Passenger
    and Governor of Plymouth , MA.

    Daughter of the New American Revolution!

  16. A Man; Perhaps each of us can take on one county, collect records of the actions, and build a graph showing patterns of judicial or court conduct regarding foreclosure. One of us must be a statistician that can suggest the parameters?
    I built a small graph for someone that took action against me. I show 2/3’s of the documents submitted are altered official documents. Non judicial action is not going to stand up to constitutional challenges when you can prove more than half are fraudulent, and need to be reversed by the courts.

  17. IN THE MEAN TIME THE CITY OF LOS ANGELES IS EMPTYING OUT.

    COMMERCIAL PROPERTIES ARE AT BEST 30 TO 40 PERCENT STILL LEASED. AND WHO KNOWS IF THE REMAINDER ARE REALLY PAYING THEIR RENT.

    EVERY OTHER COMMERCIAL PROPERTY IS BEING SHORT SALED OR GIVEN BACK.

    UNEMPLOYMENT IS RAMPANT OR IF THEY ARE EMPLOYED THE SALARIES ARE CUT AND THEY CANT AFFORD THE RENTAL HOUSING SO THEY ARE MOVEING BACK TO LIVE WITH PARENTS RELATIVES..

    THERE IS A WAVE OF BREAK INS TO HOUSES (THE NEWSPAPERS DONT TELL US EVERYTHING ESPECIALLY IN AFFLUENT AREAS OF THE CITY)

    RESIDENTIAL HOUSES THE BANKS DONT FORECLOSE ON. AND THE ONES THEY DO ARE MOSTLY BUY BACKS. THE INVESTORS DONT BUY FORECLOSURES AT AUCTIONS AT THE PACE THEY USED TO LAST YEAR. LAST YEAR YOU HAD UP TO 10 INVESTORS BIDDING ON THE SAME PROPERTY AND REO THERE WERE THE SAME AMOUNT OF BIDDERS NOW THERE ARE BARELY 3. I GUESS THE SYNDICATED MOBSTER BANKS BURNT THEM.

  18. I think this is how they’ll try to pull off the finale of the Ponzi scheme:

    “A more modest plan is being developed by John M. Reich, director of the Office of Thrift Supervision, the agency that regulates savings and loan companies. His plan, still in rough form, would create a “voluntary” system under which mortgage lenders would reduce debt and monthly payments to reflect the diminished sales value of a home.

    It would take the remainder of the mortgage as a “negative amortization certificate,” a lien that the investor could recoup if the house were later sold for its original mortgage value or higher.

    In an interview, Mr. Reich said he hoped that most of the old mortgages would be replaced by cheaper mortgages insured through the F.H.A.”

    So, he envisions a day when all of the peasantry get to stand in line and receive our voucher for a slightly reduced rate and a newly designed contract that attempts to re-establish the fraud, and also keep the bank from losing any skin. Maybe we’ll get a coupon for a bagel or something as well..

    Folks, keep in mind that this idiot Reich, is the very person, and his office, along with the Office of the Comptroller of the Currency, that are SUPPOSED to be going after the perpeTRAITORS of the fraud that is attempting to destroy planet earth’s people. This is too much.

  19. Isn’t it pathetic that we have just a handful of reps like Marcy Kapner, Alan Grayson, Ron Paul who will stand up for us and are not owned by Wall Street?

    Drudge has an article this morning that says Bloomberg is next treasury secretary, but with the exit of Rahm Emanuel do not expect any major changes in the administration.

    I think there will be no attempt to fix the system, just damage control and “natural” adjustment like voidable foreclosures, clouded titles and no insurance.

    If that’s the way we’re going, I’ll milk it for all it’s worth and help my bank dig a hole deeper than a backhoe.

  20. Neil –

    Your diligence and website outreach to so many true
    Americans has largely been an inspiration and source
    of truth in this fight against the evil liars @ GMAC, Etc.

    Per Mr. Cox’ exposure before the court as well, small town judges must become aware of this website via grass-roots level homeowners telling 10-friends, who
    tell 10-friends, who will eventually bring to light this fraud to one of their friends whom are related to or know a local judge … its the fastest way for us all to force this issue of (wire/document/money) fraud into the mass of courts’ minds, as they then realize their local coffers for paying courthouse staff, police, taxes for municipalities, etc have all suffered by the Billions from no payment of recording & transfer fees, as well as State laws of open records having been usurped by the advent of MERS StrawMan ShellGame. MERS must be shut down, the originators put in prison and homeowners made whole again by regaining the banks’ bailout money paid them by the Govt from our trusting tax dollars back to all legal US citizens.

    This PONZI scheme is crashing, as they all do. But it takes many brains, many experts and many honest people to undermine what they’ve created: remember
    the words of Winston Churchill re: Russia post WWII…
    it’s a riddle, wrapped in a mystery, surrounded by an enigma:sound akin to MERS and this massive fraud?!

    Thank You Neil, from all readers, for all your diligence, intense exposure at the public level and to attorneys whom are now aware that laws on books were created by We The People, not by Govt (without human empathy/honesty) from above us all.

    PS – SunTrust must be next on the “exposure roster”.
    I’ve a fantastic pair of attorneys from LakeLaw in Chicago, and nearly a year later they refuse to reply to four (yes, 4!) QWR … they did not review the file, as none exists with MY true signatures: they will commit fraud if they provide any, and expose their multi-level profits if they return the FULL contents as demanded.
    Catch them in their own (catch-22) lies, they’ll wiggle and squirm and lie … then they’ll get caught and the house of cards then collapses, just like the former USSR.

  21. If this doesn’t piss you off, you’re either braindead or a bankster:

    It’s nothing short of astonishing.

    This tally includes the total outlay for all the bailouts to date. In just about one short year (March 2008 – March 2009), the bailouts managed to spend far in excess of nearly every major one time expenditure of the USA, including WW1&2, the moon shot, the New Deal, total NASA budgets, Iraq, Viet Nam and Korean wars — COMBINED.

    206 years versus 12 months. Total cost: ~$15 trillion and counting . . .

    It’s got to stop people. Push for PCA law, now.

  22. You got to love Rep. Marcy Kaptur !!!!

  23. Here is another issue. Builder originator (brokered) buyback for failure to comply with the agreements reps and warranties.

    See buyback list for Hovanian—misrepresentations etc.

    http://www.scribd.com/doc/38590709/Hovanian-Buyback-List-ALL-BUILDER-ORIGINATORS-WILL-HAVE-THIS-PROBLEM

    See INDYMAC FDIC V. HOVANIAN HOMES FOR BREACH OF CONTRACT

    http://www.scribd.com/doc/38590367/INDYMAC-AND-INDYMAC-FDIC-VS-HOVANIAN-SUED-FOR-BUILDER-ORIGINATOR-FRAUD-OR-VIOLATION-REPS-WARRANTIES

    This is another part of the puzzle. The FDIC is aware of the fraud, but chooses to do nothing.

    brian davies

  24. what do we do in california with the alleged conflict of interest the judges have with the banks?

    how do we expose them?

  25. I NEVER THOUGHT I WOULD AGREE WITH MICHAEL MOORE.

    http://www.huffingtonpost.com/michael-moore/five-ways-the-democrats-c_b_746761.html

    UPDATE [Friday, October 1st, 8:52 PM]: The crime syndicate continues to crumble. Today we learned that Bank of America is joining JPMorgan Chase and GMAC in suspending foreclosures in 23 states after a BoA executive admitted she signed up to 8,000 documents — in one month — without even reading them. And on top of that, Connecticut Attorney General Richard Blumenthal has halted ALL foreclosures by ALL banks for 60 days in what the Washington Post calls “the most radical action taken by a state on issue of document irregularities.” As Rep. Marcy Kaptur said in ‘Capitalism: A Love Story,’ “Don’t leave your home. Because you know what? When those companies say they have your mortgage, unless you have a lawyer that can put his or her finger on that mortgage, you don’t have that mortgage, and you are going to find they can’t find the paper up there on Wall Street. So I say to the American people, you be squatters in your own homes. Don’t you leave.” President Obama: Now do what Blumenthal has done.

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