COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary




Originally this question was posed by Brad Keiser as an ex-banker, in his presentation for the seminars we did back in 2008-2009 as part of the Garfield Continuum. It was directed at Paulson, then Secretary of the Treasury and Bernanke, FED Chairman. He posed the question because the facts were right there in front of them and yet they said and did nothing about the crash that was obviously already in progress. Paulson, either on his own, or at the direction of others in the Bush administration, kicked the can down the road a bit and delivered the mess to the Obama administration contemporaneously with the implosion of the markets, freezing of credit and swooning economies around the world. Keiser specifically (it’s in the DVD and the workbook) showed that a quick look at the tier 1, tier 2 and tier 3 assets on the books of these banks showed they were over over-leveraged on either non-existent or at least dubious assets. He predicted within 6 months of September 4, 2008 that the major banks would fail and he was even able to to estimate the order in which they would fail. The only thing he was wrong about was the timing. It was six weeks not six months.

So here we are doing the same thing. And Moynihan, the head of BOA, is saying he was caught off guard by the demand for refunds from the investors and the Federal Reserve. BOA stock is selling at fraction of book value, the investors have been screaming about losses for three years, homeowners are being thrown out in the street, properties are being sold for a tiny fraction of the appraised value at the time of the “loan,” class actions are being settled, criminal investigations have begun, and in congressional hearings and media reports there are large questions being asked about the validity of any of these securitized mortgages as liens against any property. But Moynihan was somehow surprised when he got that letter even though the same content was delivered to him in the form of a warning letter from the insurance industry one month before.

Even a con man knows enough to admit what is obvious, known and undeniable. This is like the kid who says he doesn’t know who broke the window, while he’s holding the bat and searching for the ball. MEMO to WALL STREET: We are not stupid. We were ignorant, but we are not that either anymore. BOA stock has tanked precisely because the validity of BOTH the foreclosures and the mortgages themselves are in doubt. It is losing credibility because the mortgage “bonds” are turning out to be snake oil. Which means all those other “synthetic” options and derivatives are in the same place. It has cast doubt on the entire enforceability of any of the consumer debt in this country and other countries, and BOA is saying it doesn’t see anything wrong. So now doubt is cast on the entire derivative finance structure created since 1983 amounting to more than $600 trillion which is supposed to be moved onto transparent exchanges. In order to do that, there is going to be a requirement that someone certify the financial statements that are being used.There is now doubt as to how much, if any, of that really exists and how much is just a figment of of the collective imagination of a command center.

And don’t look for that command center. Shell game. Wherever you look it is somewhere else. “Trustees” disclaim any fiduciary obligations, servicers disclaim any power, investors disclaim any control, investment bankers disclaim any knowledge, and mortgage originators disclaim any responsibility.

Which brings me to the next question. Are the auditing firms going to get sued by stockholders in the banks, investors in mortgage securities, homeowners (as victims of the conspiracy) or all three? And the corollary question is whether there is enough money in the auditing firms and insurance companies to pay for this mess?

15 Responses

  1. I thought I was back in my two NYC condos that was stolen in 1997 by corrupt debt collector attorneys Mullooly, Jeffrey, Rooney & Flynn working for Astoria Federal S & L Successor in Interest to Fidelity NY FSB. when in 2008 I filed a pair of orders to show cause in New York Supreme to mark vacated foreclosure judgments signed on June 30 1997 for lack a Jurisdiction. pursuant to the US Supreme Court case Elliot v. Piersol (1Pet.328,349 26U.S. 328, 340 (1828)) , as this case had been removed from NY State Court to the Federal Court Southern District by Petition on May 8 1997 upon Federal Question of ruling on: (Docketed with CIV # ——— and Jury Trial Demanded)
    1. The newly discovered evidence that Fidelity created money in direct prohibition to Art.1 Sect. 10 Para 1 of the US Constitution
    2. The Federal Statute of 30 day Notice.
    (This case started by Fidelity NY FSB hiding four of my mortgage checks so that they could accelerate and demand real US money for the banks created money.)
    The corrupt attorneys Mullolly, Jeffrey Rooney and Flynn spoke to Federal Judge LS Stanton( after they had the two judgments signed on June 30 1997 ) and on July 29 1997 the Federal Clerk remand the case back to NY Supreme,
    Astoria Federal S & L new attorney Arthur R Walsh of O’Reilly, Marsh & Corteselli stated in NY Supreme in front of Justice Alice Schlesinger It’s Indemnify, , Indemnify, Indemnify – we are stepping aside and the title attorneys are stepping in.

    The Title companies, Fidelity National Title and David K Fiveson esq. who says he represents Coronet Title. did not want to indemnify the forged deeds they insured and wanted to be intervenors instead and be heard. –and what they told the court is time makes a forgery good.
    The title attorneys David Fiveson of Coronet Title and Thomas Malone of Fidelity National Title told Justice Schlesinger she (Marilyn Lane) doesn’t know about “equity” and Justice Schlesinger said to me “it doesn’t look good for you” and she ruled against the law.

    In her December 2008 Justice Schlesingers ruled” the judgments might not have been enforcable immediately” and then weaves a tale of how hokus pokus invalid judgments become valid. A judgment is either valid or invalid.

    Just as Justice Schlesinger decision ignored Elliot v. Pierson, so too noticeably absent from a defiant and angry Appellate Division decision of July 2009 Judges David B Saxe, David Friedman. Karla Moskowitz, Helen E Freedman and Rosalyn Richter and ignored NY Real Property Law 1.04 Forgery
    and instead focused and blamed me ,by the judges distorting the facts and the law of the case and refusing to make a final determination so that their friends that are holding forged deeds can stay in possession of my two condos.
    Justice Jonathan Lippman ruled “the appellate dicision is not within the meaning of the US Constitiution” and yet won’t hear it”

    Do you get the feeling the whole Judicial system is all on the side of Fidelity National Title and Coronet Title? And Wm. P Foley CEO of Fidelity National Title the same Wm. P Folley Chairman of LPS creator of DOCS

    A Judge swears his fidelity to uphold the Constitution .His allegiance is to the Laws of the Land and not to their friends.

    I received a confidential letter from the NYS Commission on Judicial Conduct today that the above six judges did nothing wrong.

    This is just the begininning of the fight for us all.

  2. Lying stupidly. Never ceases to amaze me how stupid the banks think the public is. Wealth intoxication, I guess.

  3. Hey, SoCalGal, we are likely to get some people confused. There are some websites where I am already ‘SoCalGal’ (without the hyphens) and have been for some time. On this site, the version I have used does have hyphens.

    Just keep in mind that if you get into any dialogs, people could be thinking my posts are yours and vice-a- versa.

    Interesting post about that ad regarding WF receivership.

  4. “How Do I Protect Myself From This?”

    That’s the most common question I get these days in my email and forum.

    People are waking up and getting it.

    But everyone wants a way to save them – an investment strategy, a place to hide their assets, etc.

    Let me give you the answer folks, and you’re not going to like it:

    There is only one way, and that is to save everyone. That is, to force this crap to stop – by whatever means are necessary – and possible.

    Yeah, that’s a strong statement. It’s also true.

    Let’s presume that we don’t do this. That Bernanke does his QE2 thing as threatened and announced. It won’t work – it can’t, because the commodity price ramps will cause margin compression and destruction of those in the middle and lower classes. That in turn means people buy less, which means employers fire, not hire.

    That in turn will cause him to believe he has to do more. This is his thesis. So he will.

    And that will in turn impose even more effective tax on America.

    At some point one of two things happens: Either the world blows the dollar off and it literally collapses in value by half in the space of a few days, or we get into a printing spiral that debases the currency so fast that prices change between the time you go to work and get home. But your wages won’t go up because of exporting our labor to China, so you will slowly – or not-so-slowly – be unable to buy necessities – food and energy, along with medical care.

    Either way the end point is the same. The government becomes unable to issue Social Security, Medicare and Medicaid checks, along with paying people like the Military. At the same time you’re literally being starved to death. In desperation the government will then attempt to seize everything through some form – whether it be through massive fines and forfeiture, or whether it is through simple tax increases. That of course will simply make it worse.

    You can try to hide in something like Gold, but it won’t do you a bit of good. The government is not that dumb. They already have in the law provisions requiring reporting of transactions over $600. They’ll go to a fully-electronic currency (we’re damn close to being there now) and force clearing of all transactions through The Fed. This will effectively create a 100% reportable – and taxable – data stream.

    If you try to barter around it, and you will, they’ll fix that too. Treasury will simply expand the already existing IRS program for “rats.” Your neighbor and everyone else will be “enticed” with a 20% reward for all “off-grid” transactions that they report. And civil forfeiture will be used to literally steal everything you own when – not if – you get caught.

    Forget it folks, unless you’re planning on going Rambo. And if you’re going to do that, you may as well get started now. You’ll go to prison or die – but over time people dying for what they believe is nothing new. We call them terrorists when they lose – and freedom fighters when they win. In 1776 a bunch of men decided they had enough, and they pledged their lives, their fortunes and their sacred honors. They, in aggregate, won and thus are “freedom fighters” – but some of them also died.

    All the noise I hear – all words and bluster behind keyboards but no gunshots – tell me that nobody’s prepared to do that. So quit babbling about it. All that does is get you on the No-Fly list and a visit from the guys in the black (and armored) Escalades. Don’t bother with “sound and fury” nonsense. You’re not only wasting your breath you’ll get arrested – for nothing.

    No, the only solution is for the people to get ****ed off enough to rise up peacefully but in a form and fashion that makes clear that we’re not talking, we’re demanding. We’re putting in front of Congress and other officials positions that are not “polite requests” – they’re instructions, as all citizens are entitled to put forward to their elected officials.

    The people en-masse must come to the conclusion that this will not be allowed to stand.

    Enforcement of that mandate does not require unlawful acts. There may be some people who decide to embark on them, but that’s not the message that is being sent or intended.

    No, instead the message to send is that we have choices that are lawful and peaceful, and we will exercise them in full.

    * We will not do business with banksters who caused this or any merchant who does.

    * We will not work overtime or even work hard; we will instead engage in consumer withdrawal, making as little as possible and drawing as much from the government as we can. That is, we will try to suck the government teat dry and lawfully minimize what we give both to big corporations and government.

    * We will NOT cooperate with law enforcement. “You have the right to remain silent” is an absolute. This already takes place in parts of America – go try to investigate a crime in some gang-ridden place. Nobody will talk. Well, we can make that the rule everywhere – we can make the decision that the government is a bunch of gangsters, and we will not help them. Our eyes are closed when it comes to Government. All we will respond with is a polite “Have a nice day.”

    * We WILL picket, protest, and show up in front of banksters and politicians homes – not just offices. We have a right of free speech in The Constitution and we will use it. You don’t have to listen, but the streets are PUBLIC PLACES. Peaceful protests – but lots of them, in your face, every single day. Public shaming is very effective. If you want to be in a public role – running a big publicly-traded bank or in a political office you’re fair game to have signs waved in your face no matter where you are. Sure, they’ll withdraw from the public – that’s fine. Guess what? Barricading themselves inside a fort hurts them – and their families – more than it hurts us.

    * We WILL intentionally ostracize both banksters and politicians. We will NOT cut their hair, sell them gas or groceries, or fix their air conditioners. A Bankster comes into church, they sit in an empty pew – nobody will get within 10′ of them. Communion? Surely you jest. You want 20% of our income as a tax due to QE2? Fine. You can have it, but you’re cutting your own hair, your own grass, and fixing your own damn car. We won’t rent you an apartment, we won’t quote your new windows or a new roof. In short, we’re going to say “screw you”, and every time we see you on the street, we’re going to say it literally and loudly, just to make sure you understand. If that drives them into isolation, that’s good, not bad. The Amish call it “shunning.” It’s part of your civil rights – you have a right to freedom of association, which includes the right not to associate. Guess what – being a bankster or politician isn’t a protected class.

    Look, at this point folks we have a former Chief Underwriter for Citibank who has testified under oath, in written form, that they were knowingly making bad loans to people. It wasn’t an accident, and it wasn’t carelessness – certainly not when they took these knowingly-bad loans and sold them to investors.

    Yet people still use Citibank credit cards. They still write checks on a Citibank account. Some of you own businesses that still do business with these clowns for loans, for checking accounts and for payroll services. Again: Some of you who are reading this are still doing business with them, and with merchants who use them, even though this former Chief Underwriter testified under oath that EIGHTY PERCENT of the loans his business unit made in 2007 were defective.

    Eighty percent folks.

    Eight in ten.

    Nearly ALL.

    You’re doing business with a firm that has had a former executive admit to intentionally screwing you and our government, six months later, has done nothing about it.


    You are being taxed for the explicit purpose of hiding these losses.

    That is the purpose of “QE2”.

    It is not to “help the economy.”

    It is to hide the bad loans that are still sitting out there and are still rotting away – bad loans that were made on purpose.

    That cost – that loss – is being inexorably shifted to you, and you are consenting to it.

    You are being lied to by the politicians, by the bankers, and by the media. They’re running advertisements for these institutions on their television stations while they tell you that “it’s all ok” and “QE2 means everything will go up in price.”

    Listen to that very carefully folks: Everything will go up in price.

    When you go to the store, what do you seek? You seek lower prices, right? America loves a sale.

    That’s DEFLATION.

    And it’s what you, as a shopper, want, seek, desire and are motivated by.

    You’re being told that you can’t have it – and you won’t have it – because these people are intentionally destroying the value of your dollar so you wind up paying for their frauds!

    But it’s not their dollar.

    Its your dollar.

    This nation is yours.

    Its currency is yours.

    And the actions of these people – Bernanke, Congress and the rest – ultimately only happen because you consent.

    Are you going to continue to consent?

    Once more, can I ask why? Do you like being screwed? Do you like high taxes – especially illegally-imposed back-door taxes used to fill in the holes in the fraudsters’ balance sheets – the very holes that were created through the process that caused you, or your neighbor, to wind up with a bubble house and an un-affordable mortgage – one that was or will be foreclosed upon?

    Let’s assume you refuse to continue to consent.

    If you choose to protest, to withdraw consent, and to engage in every lawful act available to you to stop it, when do you consider the job “done” and stop?

    That’s up to the politicians, but I’ll put forward my standards for what would be “sufficient” for me to call my job done and stop writing Tickers.

    The politicians can choose tomorrow to initiate forensic audits, mark everything to the market, force the bogus loans out into the open and, likely, take these firms into receivership. Detonate the bad debt, renegotiate the loans that are viable and have a lower loss in doing so rather than foreclosing, clear the balance sheets. Break the big banks up, bar the executives from any financial or publicly-traded firm for life. Refer anything crooked found to prosecutors with instructions to not only prosecute but seek forfeiture of all the ill-gotten gains. Impeach Bernanke and make clear, through changes to law if necessary, that “price stability” means just that – we all go to the store seeking mild deflation every day, and we insist that The Fed both stop trying to prevent it and leave those with savings able to earn a decent low-risk return by ceasing their tampering with interest rates and protection of scammers and frauds.

    If and when they make that decision, we the people stop, because we will no longer have anything to be ****ed off about.

    Until then, we don’t – and if that means that the banksters and politicians wind up with hair down to their ankles, a leaky roof, a broken car and a hundred people waving signs in their faces every time they open their door?

    So be it.

    Will you step up, or are you going to continue to consent to being assaulted?

    Remember folks – the difference between sexual assault and just plain sex is consent.

    Which is happening to you?

  5. This is my blog post about a Clerk who KNOWINGLY commits foreclosure fraud for BOA.

    This was a Bank of America foreclosure, and the acting assistant clerk (She didn’t have the proper oath to legally be in office) foreclosed even though the Trustee ADMITTED that the NOTE was what evidenced debt, and only a COPY of an alleged note was presented.

  6. This is truly amusing how B of A is pretending to want to keep homeowners in their homes because it’s the right thing to do, when even the investors see through that lie. There are just too many fees to aquire, or should I say rip off, at the same time, they’d be crippled by the weight of the excess REO supply if they tossed everyone at once.

    The investors also argue that Bank of America is keeping the mortgages on its books to collect fees, rather than proceed with foreclosures. But Barbara J. Desoer, president of Bank of America Home Loans, said that charge was false.

    “We have no financial incentive to keep mortgages on the books longer,” she said. “Isn’t it better to modify the loan and keep people in their homes rather than foreclosing?”

    Ms. Desoer said the underlying reason for the surge in foreclosures was the broader economic downturn, taking issue with critics who claim many of these loans should never have been made in the first place. “The economy declined, unemployment went up and house prices declined,” she said. “That’s not a reason for a loan to be put back.”

    That’s arguable, but a failure rate in the 90 percentile is.

    FYI, Desoer used to be the head of IT @ BofA. She’s the reason that folks have spent several hundred hours of our lives on the telephone with either Singapore, India, or China.

    Isn’t it wonderful that an American company…one that even has America in it’s name, can find it fitting to not only toss out Americans by the hundreds of thousands from their homes, while having the 2nd lowest permanent modification rate, but at the same time shift it’s entire so called service centers to these foreign lands.

    So we Americans sleep in tent cities while our jobs are shipped across the globe. BTW, Barbara Desoer was widely ridiculed when she moved the service departments overseas, because she forced the soon to be out of work American IT techs to train their foreign counterparts.

    You just have to love the American way. Good old B of A. May you and all of your dignitaries rot in hell.

  7. The fraud by the Banks is nothing new, it started at least 100 years ago at Jekyll Island with the secret meetings set up to form the Federal Reserve (a private corporation). What I want to know is why we allow the Fed’s (the Foxes in the chicken coop) to make the decisions to print more money to give back to the banks, who are the owners of the Fed? The too big to fail banks own “our” govt., the printing presses, our financial institutions, our money supply, our interest rates, our media and feed themselves on “our” assets, taxes and the hidden tax of inflation.

    I don’t care what party it is, they are all playing together, it is the only way they can get elected is with huge money from the lobbyists and corporations. I have been voting for the lesser of 2 evils for years (both parties are tainted).

    When I sent out a 40 page document in 2009 with proof that we had been defrauded by Saxon Mortgage Services, Morgan Stanley, no one could help us, they said only the CA Dept of Corporations, which Saxon sent the payment list too (I had already sent it as part of my case). Saxon said, see we fixed it. Yes, after 9 months, my hiring an Attorney, had our credit destroyed, had my business destroyed and spent our assets trying to save our credit. 9 months of torture and the loss of our assets and there was NO help from anyone. Now we are bankrupt and our home of 20 years is in foreclosure. There ought to be a law, there are plenty, but the Federal Reserve and the Banks don’t have to play by them because they own our system, which means they think they own us.

    For over the past 100 years we have been lied too and we have been deceived into believing that we need the Federal Reserve, we do not. We need to take back “our” country, we are the people of the USA, there are more of us than there are of them. We need to get them all out of every branch of our so called government, go back to the Constitution and start again with a new slate. The new Govt. should have the control of the money supply for “We the People” not the Federal Reserve, it is not needed.

    There are many good books and videos out showing us what is really happening in the USA and therefore “we the people” need to take it upon ourselves to get educated. We are losing all, our food supply, our education system (set up to keep us all stupid), our environment and our human rights. I am ready to work with others to stop this mess, together we are better!

  8. Here is the link from Matt Weidner : Classaction
    against GMAC :

  9. we need to scream louder, we must be heard, what these bankers and their minions is criminal.

    the judges need to wake up, the CEO of BOA and Fist Magnus Liquidating Trust do not pay taxes to the county, why do they hear them in court.

    talk about deadbeats, criminals, frauds, etc.

    Dear Mr. President Obama,

    I hope you learned
    your lesson, and that all democrats understand that because you were pandering for the banks, you failed to sieze the monumental opportunity of real change, you forgot about the 50,000,000 to 100,000,000 Americans that are being illegally, fraudulently kicked out of their
    homes, by the same people, we as tax payers bailed out nog long ago.

    At least come out and for one moment in your presicency, stop playing for Wall Street and start working and fighting for the millions who voted you into office. I know you are noy FDR,JFK OR Lincoln but as our president, we were the ones who voted for or against you, you work for us,the banks cannot vote, although they do under the direction of this crminal oligarchy pay to play Washingyon’s tune.

    How refreshing would it be to see that we do have a President and an administration that gets it, that grows some testicles and ovaries and start enforcing the laws, stop covering up the fraud and prosecute the criminals.

    Dear Mr. President, where is the FBI, and the rest of the alphabet letters of regulators Law enforcemen agencies, where is the IRS?


    We want a president not a rubber stamp.

  10. I was woundering , why BoA was pushing last month,that you go with online statement only . May one day , the web will not come up anymore , how I proof my balance ? Stay with paper statement !

  11. B of A for chose of better words, disclaimed any responsibility in court, but yet they’re the ones trying to foreclose?

  12. Lying stupidly. Never ceases to amaze me how stupid the banks think the public is. Wealth intoxication, I guess.

  13. Off subject….but has anyone heard or is it rumor that Wells Fargo is now in receivorship? In San Diego a company “Treasures Furniture” is running a TV ad claiming an emergency sales due to “Our landlord, Wells Fargo is in receivorship.” My son called spoke to a sales rep inquiring about the sale and clearly asked “your ad stated your landlord Wells Fargo is in receivorship, how does that affect Treasures Furniture?” The sales rep said they want us to give up some of the space so that it can be leased to others.

    Should we ask for our money back or our worthless properties?

    There is a 10 year inventory on houses.

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