PR STRESS TEST: GMAC, CHASE say loans OK

It should come as no surprise that GMAC and probably a succession of other pretender lenders will come to the same conclusion: there is no defect in the loans and the foreclosures will proceed. That’s like asking the fox if he knows what happened to the chickens. Jamie Dimon, announcing that Chase has not been using MERS since 2008, tried to put a good face on the whole process. The message is clear — the paperwork process was messed up but the foreclosures will proceed. They will find another way to clear things up.

The point here is that you must be prepared to meet the argument that they used the best experts they could find and that the securitizations did not materially vary from the terms of the agreements, that the loans are owned by the pools and that the pools are properly represented in court. Sorry we used faulty filings before but that is all corrected now.

SO we are back to evidence. Does the Judge let them get away with that “representation” or does he make them prove it, as he/she should? If nothing else, there should be no doubt that there is a question of fact as to ownership and the issue of the accounting from the real creditor, yet to be identified, has not even been addressed.

Thus the moratorium is a smoke screen like the Geithner stress test back in 2009 where they wanted to assure the public and our foreign counterparts that our banks were safe and sound. They were not, as the the litany of failed banks told the story. The big ones are only “safe and sound” if you ignore the fact that virtually all their capital is composed of ill-gotten gains and illusory assets. The mortgages are fatally defective and nearly worthless — unsecured and offset by loss mitigation payments and claims from borrowers and investors who were defrauded. They can say what they want. Your job is to make them prove it. Don’t wait for discovery, press it early. Jon Lindeman’s success is based largely on the fact that he presses for discovery at the earliest moment it he is allowed to file for it. You do the same.

12 Responses

  1. frankielee,

    Saw that – but what federal regulators are they talking about?? The FDIC – well they have not done anything to date – that will not change. The OCC? same thing. The FTC? wait until doomsday. The SEC? only care about investors. AG’s have not even started investigation – so not them. By the way, Iowa AG is supposed to be lead.

  2. This quote is from today’s Washington Post:

    ~~”Federal regulators sought Wednesday to prevent the growing furor over improper foreclosures from escalating, pressing mortgage lenders to replace flawed and fraudulent court documents while
    insisting that foreclosures continue apace.”~~

    Note that there’s not even a hint from the feds that the perjury, larceny, wire and mail fraud, securities and mortgage fraud, just to name a few, oozing from those same documents are a bad thing. Or that the simple act of replacing them would amount to concealment
    or deception or fraud upon the court. It’s only the escalating public furor that’s considered a problem here. This is purely twisted, maniacal thinking, plain and simple.

    If any of us average American citizens merely insinuated to the courts or the feds that we may have committed any of the above acts, we’d be trading white vertical blinds for grey vertical bars.

    Folks, understand this….this has nothing whatsoever to do with crime or criminal behavior, it’s all about public perception of the entrenched State oligarchy. As soon as public sentiment tilts away from them, they’re compelled to make some type of adjustment, take some minor action that would at least appear to appease the populace, at the same time pretending to shake a stern finger at the villains. This extremely poorly acted vaudevillian show would be down right comic genius if it weren’t causing the total destruction of everything we hold dear.

    ~~”The FHFA was established during the financial crisis primarily to regulate Fannie Mae and Freddie Mac, the troubled mortgage finance companies seized by the federal government.”~~

    That would be more apropos if it read, “….the troubled mortgage finance companies “SEIZED” the federal government.

    More bread and circuses, that should appease the crowds.

  3. it is over for the banks. They crossed too many Politicians.
    Maxine Waters, Nancy Pelosi, Reid, Boxer McCain etc…….

    If any major Senator or Congressmember gets booted out See Ya wouldnt want to be ya Banksters.

    Enron went down only after Gray Davis of California was recalled. Until then they Shafted the California citizen with enormous energy bills.

    They are the only reason the Tea Party Movement exists.

    The genie is out of the bottle.

    Obama is just posturing, He is not up for re-election. He is saying let Pelosie etc… do the dirty work.

  4. HUD’s Report to Congress on the Root Causes of the Foreclosure Fraud Crisis

    Posted by Foreclosure Fraud on March 5, 2010 · Leave a Comment
    “Control fraud is when the CEO of a company uses the corporation as a weapon to commit fraud”. William Black

    “The result is – we have seen zero prosecutions of the specialty non-prime lenders that caused the crisis,” Black said. “The mortgage bankers are going to position themselves as the victims. This has been so successful that the FBI now has a mantra. They are saying there are two kinds of mortgage fraud. Fraud for profit and fraud for housing. And neither of them is control fraud. They have effectively said – control fraud is impossible. Even though it was the entire story behind the savings and loan crisis, the Enron wave, and the creation of the most recent housing bubble.”
    4closureFraud

    Florida Foreclosure Defense
    Law Offices of Carol C. Asbury
    http://www.FightTheBanksNow.com

  5. How can these S.O.B.s check 7 million foreclosures and 9 milllion more to go within a few days. Like Bob G states Bull$shxt – This is like letting the FBI allowinng the bank robbers to investigate their own crime.

    BE a PATRIOT STOP YOUR MORTAGE PAYMENT !

  6. i would like to respond to bob m
    bob i understand what it is you are talking the CONSTITUTION OF THE UNITED STATES which has been abandoned by the us gov. and by the people .
    what bothers me the most is we are just slaves and most people do not understand what this means, we have been controlled by all means of communication for this i mean media, propaganda from the government , schools, everywhere we look billboards to mailings, they have done a fantastic job of pitting us against each other, how like the homeowner is a deadbeat, plus do i dare say but i will who keeps ” racism alive” the government does just to keep us fighting amongst us and so forth, what that does is keep the people from knowing the truth of what they do as long as we fight ourselves they win , we do need to stop the bickering and start to come together as one as the CONSTITUTION GIVES US THE RIGHT TO DO AND START TO USE IT FOR THE PEOPLE NOT AGAINST THE PEOPLE. all this is is distractions from the real purpose of how they take everything slowly away, thus we are slaves that is all they see and so far we have lived up to that by being passive only by not uniting as one but only as individuals as one we can win as individuals we lose it’s the what leverage is all about one cannot beat the mass but the mass can beat the one,
    it is time to as we say in the country,but, go for the balls and
    and start to take back AMERICA BEFORE IT IS TO LATE and put these people in jail.
    thank you all for reading and please keep up the pressure
    together we can win
    dave

  7. Sure, this is like the FBI saying let the bank robber investigate his criminal activity and whatever his findings will be fine with us. What are you Sh**ing Me. This makes me sick.
    Do these people thing we are all that stupid??? There should be a congressional investigation, but NEIL should be the only one to ask the questions. If they duck one question or invoke the Fifth, you grant one or two immunity, if they still refuse to testify, you lock them up for contempt, and under federal law, they can be held for up to 5 Years. Notwithstanding, they can testify truthfully, thereby allowing the rest of the criminals to suffer under a RICO indictment, and spend 100 years in prison where they belong. I hope nobody is so arrogant or naive to think for one second that these criminals will ever get what’s coming to them. They won’t and that is because the corruption goes so far up the latter it would make you head spin. The entities that would bring them to justice are the very people that have allowed this to happen!!!! Check the statistics for the OCC as it relates to any action against any of the banks, the national one, and you will find the record void. They receive 10’s of thousands of complaints yearly from consumers, nothing. I filed one over a year ago, no action. Called last week to see where the investigation was, the case is just sitting there.
    These criminals have destroyed Middle Class America and all the wealth is aggregated in the hands of 1% of the people in this country. Now I would not mind if they earned it, but they did not, they stole it from us. I do not know when the citizens of this country are going to wake up, but I am telling you it has to be soon; or we are all doomed to poverty and darkness.
    A refresher course on America.
    When, in the course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the laws of nature and of nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
    We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness. That to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed. That whenever any form of government becomes destructive to these ends, it is the right of the people to alter or to abolish it, and to institute new government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their safety and happiness. Prudence, indeed, will dictate that governments long established should not be changed for light and transient causes; and accordingly all experience hath shown that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. 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. –Such has been the patient sufferance of these colonies; and such is now the necessity which constrains them to alter their former systems of government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute tyranny over these states. To prove this, let facts be submitted to a candid world.
    BM

  8. Expose the Judges Find out if where they live and find out if they have or had a mortgage. sold a house etc….

    We need to make these Judges apart of our community.

  9. great, they just robo checked all their foreclosure filings in all 50 states in less than 30 days. WOW, that is truly amazing.

    So they went into every single file and verified every single item and all 56,000 files are a 100% correct?

    No title issues, no accounting issues, we are the good guys and bend over baby?

    I hope judges do not buy this crap. or better yet recycled crap.

    What are they going to say now that JP MORGAN says it cannot determine who owns the mortgages?

    The same lies, they continue lying, the worst is that GMAC is partly owned by us taxpayers, can we legally foreclose on ourselves?????

  10. Everything is cross collateralized from the get go, how can any pretender lender say that they are ok. GMAC is using false assignments then “corrected” assignments a year plus later, huh???? They will never find a “correct” chain of title, no one will, all this cross collateralization in every “mortgage” is going to help blow this thing up.

  11. these banks just wanted to SAY they investigated which would get them a pass with many judges–watch out. can’t betrusted

  12. Suurrreee! GMAC. Your loans may be ok but your
    foreclosure documents and affidavits are f—-d up!!

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