GEITHNER SELLOUT: QUICK SETTLEMENT WITH WALL STREET

SEE taking-justice-off-the-table-2-cent-settlement

SUBMITTED BY E. TOLLE

The great whitewash is here. We’ve been setup once again. Sold down the river.

(Reuters) – 3/15/2011- A comprehensive settlement between U.S. authorities and banks over alleged mortgage servicing abuses needs to be reached quickly to help the housing market heal, Treasury Secretary Timothy Geithner said on Tuesday.

Geithner said such a settlement will help dispel legal uncertainty that has been plaguing mortgage lenders and clogging the foreclosure process.

“It is very important that we try to bring this to bed as quickly as we can,” Geithner told the Senate Banking Committee. “I think all parties, not just the servicers, but the state AGs and the federal agencies have a strong stake in doing that.”

Notice the anxiety in this prick’s voice. Legal uncertainty? There IS NO legal uncertainty. We are 100% certain that hundreds of thousands of fraudulent acts were perpetrated. And their rush to judgement is because they know if consumers and advocates have time to digest this, we’ll spit it right back at them. We have to fight like never before. Go back to your AGs in person DEMANDING real justice.

Democratic Senator Jack Reed said the banks are facing a massive legal threat unless a comprehensive deal is reached. He cited the potential for numerous suits from state AGs, repurchase demands from bondholders who invested in billions of dollars in mortgage-backed securities, and lawsuits from individual homeowners.

So? What’s your panic Reed? So what if they have to eat the toxic crap they created both from the top and the bottom? L E T ~ T H E M ~ F A I L ! Put them into receivership if they can’t handle the mess they’ve made. They cannot be allowed to get away with this furtherance of their massive fraud. Can any lawyer on the board please explain to me how they can take away my right to sue for blatant fraud, by a private agreement that doesn’t include me? Is that possible?

http://www.reuters.com/article/2011/03/15/us-financial-regulation-mortgages-idUSTRE72A63J20110315

Also from yesterday:

Watchdog says TARP helps perpetuate “Too big to fail”

(Reuters) – The watchdog panel for the $700 billion bank bailout faulted the U.S. government for the last time on Wednesday, saying the program helped underpin the perception that federal authorities will always prevent troubled financial firms from failing.

In its final report on the bank bailout, the panel attacked the government for not being transparent enough and not articulating clear goals for its foreclosure prevention program.

It also said federal intervention transformed the notion of ‘too big to fail’ into a stark reality.

“Very large financial institutions may now rationally decide to take inflated risks because they expect that, if their gamble fails, taxpayers will bear the loss,” said the report authored by the Congressional Oversight Panel.

~snip~

The TARP’s final cost to taxpayers is estimated to be about $25 billion — an amount far below previous estimates of around $350 billion. Regardless, the panel chided the government for not using the full $50 billion that has been set aside to help keep distressed Americans in their homes.

That last part was pure Geithner. He argued that he didn’t have the authority to use the $50B from TARP to aid homeowners, even though he was told differently by Congress. He still flat out refused. It was earmarked to go to legal aid groups. This guy should be charged with crimes against humanity, for all of the suffering he has caused the American people. All to protect the elite who placed him in his position of power. And blame our asleep at the wheel president as well.

The statement that the banks will simply take huge risks again, knowing full well that they will be backstopped yet again is all the reason you need to put them into receivership. They serve NO VIABLE PURPOSE, save to skim wealth from the rest of us. Die Wall Street!

http://www.reuters.com/article/2011/03/16/us-usa-bailout-banks-idUSTRE72F13520110316

31 Responses

  1. Huey, that’s right. The other day on Fox some yahoo states well gas here in USA is $4, over in Europe it’s $10/gal so it’s not so bad.

    Listen you Jack wagon person who talked on FOX, those prices reflect
    A. Taxes
    B. Speculation driving the price up.

    A Hole.

  2. I din’t vote for change, but this crap would have happened whomever was running the show. All the Presidents and the Presidents men are nothing more than puppets for the puppeteers. Nothing will change for the better until the American people wake up, but that will be too late. No doubt we will wake up one morning to a country that no longer exist. Gas will be $10.00 gallon, groceries will be so expensive many will go hungry and many millionaires homes will be on the auction block. Welcome to global governance directed by the UN, and the world elite.

  3. If I have no bargaining with all the fraud I’ve incurred, I will definately walk. I think they underestimate how much more inventory they’ll have on their hands because I’m sure there are others. Everyone will lose as property values will plummet even more. Middle class and Main Street…gone…wiped out clean. Thanks for your support Obama. And I voted for this?

  4. E. Tolle

    Pretty sure you cannot sue DOJs.

    As to Cuomo v Clearing House — you are right about the subpoena’s – since it was only an intent to subpoena, thus, only a request to examine documents – an “implied subpoena” – not an actual subpoena. The Supreme Court separated state enforcement from “Visitorial powers”. Court determined AGs have certain visitorial powers – but only if to enforce actual suit for violation of state laws – which are not preempted by federal law (one would be – predatory lending as I know of no federal law).. Not sure what would happen if actual suit had been filed and subpoena was issued. It would depend on the counts in the suit – and contents of the subpoena.

    Point is — in this AG settlement — there is no suit – and, therefore, no visitorial powers — thus, AGs do not information. And, since no suit — there have been no actual subpoenas. So how can AGs even structure a settlement??

  5. Production of Documents’

    1.Bailee Letter
    2.Depositors Settlement Account
    3.Line Item G/L Detail
    4.Interest Tie Out
    a. Loan Detail for Interest Earned
    b. Loan Detail For Interest Paid
    5.Lender Tie out Advice
    6.Subject Loan Gain on Sale
    7.Subject Loan Net Interest Income
    8.Subject Loan Net Fees Earned
    9.Basis in Loans Held For Sale
    10.Days on line
    11.Per Diem
    12.OAB
    13.Settlement Date (Borrower)
    14.Settlement Date (Investors)

    expert.witness@live.com

  6. KNOW THE DIFFERENCE

    Mortgage Origination

    1. Recorded on Deed -Mortgage Loans originated on a revolving commercial bank line of credit

    2. Recorded on [BAL Sheet] UCC1 – Mortgage Loans originated as a “bulk” or “pool” on long term revolving credit facility

    3. Loans originated in the lenders name are subject to recourse provisions. The monthly interest charged by the warehouse lender is settlement on delivery [of the pool to an investor].

    GUIDE:

    The Lender “party “A” in the first example owns the loans “files” but the note remains with the ware-house bank Party “B”. Upon selling the loans to an investor party “C” the lender will request the bank ship the loans to the investor under a Bailee agreement.

    The notes are shipped with a blank endorsement and blank assignments. Settlement occurs upon a wire originating from the investor party “C” to the warehouse bank party “B”.

    The warehouse bank will reconcile the interest and fees due the bank and set aside the balance of proceeds to the lenders party “A” deposited into its “tie out account.

    M.Soliman
    expert.witness@live.com

  7. There is so much to say.

    One thing, though. Why are we still stuck in this loan modification mode?

    If the banks don’t have our notes or their paperwork is fraudulent, they have to right to modify anything, foreclose, or even stay in the picture.

    Why would we want to “re-contract” with the banks with whom we don’t have a contract with in the first place?

    They need to piss off. Period.

  8. I need assistant ASAP.
    I am represented by an Attorney, my loan servicer is OCWEN, Here is the situaution.
    OCWEN has offered me a settlement/modification which includes a Principle Reduction, interest rate reduction.
    My Attorney is pushing me to take. However OCWEN we all know does not own this loan. There has been 2 sale dates on my home which were halted due to 1st requesting a TRO,
    that was to be granted on the grounds of a 20k bond, I could not pay the bond, so the 2nd sale date was issused, that was halted due to me filing a shell chapter 13, that was dismissed for a lack of documents. So I guess because we pulled out all the stops OCWEN’s Attorneys started to work with Attorney and now they have presented me with this settlement/mod.

    The problem that I’m having is that SCOTT ANDERSON signed my Substitution of Trustee. The Principle Reduction is 200K, and the interest rate is 3.65%. Yes the mod sounds good,but SCOTT ANDERSON signed my docs as VP of MERS. This settlement came right before my depostion with OCWEN’s Attorney.

    What should I do? Should I take the mod/settlement and allow Ocwen to steal my house through the back door? Or should I fight. Im afraid that my Attorneys are pushing me to take this mod/settlement because they don’t know how to fight to win.

    OCWEN has screwed my credit with the delinquent credit reporting, and having to file the shell chapter 13 even though it was dismissed it ‘s still on my credit for 7 years. My scores was in the 700 before I went deliquent. My mortgage is the only bill Im delinquent on. Due to filing the BK one of my credit cards was cancelled and I had never been late, they said they cancelled it due to the filing of the BK.

    I pay my Attorney a monthly retainer and they want me to take ths mod/settlement instead of them fighting for me.

    I don’t have the money to retain another Attorney, I can pay the Monthly retainer but not the large upfront retainer I paid in the begining when I first retained my Attorney.

    OCWEN has not wanted to work with me all this time, but now the are willing to give me 200K reduction on my principle and a low interest rate in exchange for me not to sue them and take my home through the back door since it did not work when they tried going through the front door.

    I need help fast, if someone reads this and have some sound advice for me please let me know.

    I didnt mention that that the new payment OCWEN is giving me through HAMP is over the 31% percent of my monthly income. The letter they sent me saying that the mod was approved at 31% of my total gross income, but the mod/settlement is requesting me to pay principle and interest which is 31% of my gross income and an additional 400.00 for Escrow payment.which put my new payment at 39% percent of my gross monthly income.
    My Attorneys caught none of this. I have sent them all the info that I found on SCOTT ANDERSON and OCWENS fradulent practices. Still with all this they are pushing me to take mod/settlement.
    Also before being delinquent I requested copies of the Mortgage and Note from OCWEN, OCWEN sent me a letter stating that they were just the Servicer of my loan.

    Also the County I live in is threating to foreclose on me if I don’t pay all the back taxes by next month.

    Please help don’t know what to do out here in California.

  9. Conservatives: We Are Being Outworked And Out-Organized In Wisconsin Recall Campaigns
    The Genie is out of the bottle.
    I have hope for the American People. Just ask Hitler and the emporer of Japan what happens when you wake America.

    http://www.huffingtonpost.com/2011/03/16/conservatives-we-are-bein_n_836794.html

    Be

  10. What the Republicans dont understand is that the Tea Party took their jobs in the Republican Primary elections. They took the Democrats jobs in the General elections.

    Again in the Enron case they got away with murder until it cost Gray Davis his Gubernatorial job in Californa (Recall).
    If the Tea Party are not gonna take the side of the people.

    Come 2012 either the Jan VAn Eck prophecy will come true or the Democrats will sweep again and this time big time.

    Regarding Geithner the Banksters are so Aloof that they wont take this deal (Just like the Pharoah’s of Egypt in the time of Moses).

    Pharoah let my People Go.
    Be Strong and Courageous.

  11. to Ann:
    As to your client with the criminal wandering around the property, trying to get in, saying they are going to change the locks, and the criminal that was trying to pop the front door lock with the client inside: keep in mind that, some day soon, coming to a neighborhood near you, someone is going to do a spectacular shootout, and the bodies will pile up.

    Once that happens, or once a “servicer” office gets shot up, or once “Chase” offices get shot up, then the nonsense stops cold. The only reason it goes on is because nobody does much about it. Including the cops, who do not even respond to a B&E call.

    Yet there are some 400 million guns in private hands. It stand to reason that eventually, there will be a spectacular blood-letting. Rather takes the fun out of working at Douche Bank.

  12. Hire a pirate lawyer and get job done. Too much talk. Rock on ev

  13. Anonymous no, thank you.

    I have questions about your post. Are you sure we can’t sue AGs? Not that I want to this minute, but there’s always tomorrow 🙂

    Second, you wrote:

    “Since Andrew Cuomo as AG for NY could not subpoena documents from trustee (national banks) because only the the OCC had this jurisdiction, how is that the AGs can now sign a settlement with National Banks — who are, most often, the plaintiff in foreclosure actions?”

    My understanding of that is different, and I may be completely wrong here, as I’m going from memory. I thought that Spitzer sent letters of request for lender info instead of subpoenas, and that started that whole civil war. The National banks hid behind the National Banking Act, and the OCC enjoined against Spitzer.

    Correct me if I’m wrong, but in Cuomo v. Clearing house, the Supreme Court overturned their previous decisions on the OCC interpretation and ruled that federal banking regulations did not preempt the ability of states to enforce their own fair-lending laws. And as such, Cuomo, or Spitzer if in fact he hadn’t gotten caught with a ho or two or six would have prevailed.

    This gave me hope that the National Banking Act couldn’t run roughshod over state laws. Am I missing something here? Or turning over the wrong rocks?

    A sidebar to this whole debate is the nature of the above argument. Spitzer believed that minorities were being run over by predatory lending practices by national lenders. He got pissed. He asked them kindly to send them info pertaining to this discussion. They refused, and hid behind the hundred year old apron of the NBA, no, not the tall guys with boxers, the banking act.

    The above shows a long standing attempt to rape and pillage and hide the DNA evidence. These people are sick, and a chronic wasting dis-ease on the entire globular population.

  14. Japan situation is very bad.

  15. Becoming clearer and clearer that Republican representatives are the block to justice for homeowner victims. Believe tea-party advocates may have had a “false” influence in this “impression.”

    Write your Republican reps. And, see —

    http://www.huffingtonpost.com/2011/03/16/elizabeth-warren-cfpb-republicans-house_n_836682.html

  16. THE A MAN,

    Well — good point. The AG settlement does not address mortgage title fraud. Those that keep paying — may not even realize — that their property is not vendible.

    Who will address mortgage title fraud – since the AGs do not address??

    And, Seniors??? forget it — nailing them with reverse mortgage foreclosure.

    Way too premature for any AG settlement.

  17. What about the poor suckers who are still paying their mortgages?

    Paying Mortgage for property that is under water or barely above water or paddling against a mega current.

    What about the 60 year old that has no equity in his/her property or properties?

    TOTAL WIPEOUT

  18. E. Tolle,

    Thank you – E. Tolle — as always.

    Added to the problem is that AGs have immunity — we cannot sue them for wrongful actions.

    Here is my question. Since Andrew Cuomo (now governor) , as AG for NY could not subpoena documents from trustee (national banks) because only the the OCC had this jurisdiction, how is that the AGs can now sign a settlement with National Banks — who are, most often, the plaintiff in foreclosure actions???

    It appears AGs would be signing a settlement without documentation and investigation.

    Am encouraged by certain provision in settlement that demands “contact information” from servicer regarding trust/trustee. However, that trustee is a National Bank — not under the jurisdiction of the AGs. So — how can AGs even enforce compliance with the settlement???

    Something not kosher.

  19. Geither is a weak leak. He needs to go. Quickly put it to bed so they can continue stealing from American homeowners. This is nothing short of disgusting.

  20. The TARP’s final cost to taxpayers is estimated to be about $25 billion — an amount far below previous estimates of around $350 billion. Regardless, the panel chided the government for not using the full $50 billion that has been set aside to help keep distressed Americans in their homes.

    TARP = Take Assets Repurpose Profit

  21. The Jack Booted Thugs Coming to Break Into a Home Near You!
    ——————————————————————–
    Americans are now acutely aware of the undeniable fact that the banks and institutions control us all. Increasingly, Americans understand that our courts and law enforcement are largely powerless to protect us from the onslaught from the banks…get in their way and they’ll just roll right over you. For a particularly disturbing example, learn how they are ignoring the rights of soldiers who find themselves in foreclosure.

    But some people still are not convinced that this is happening…well, read the following letter and tell me what you think…

    chase

    And just in case you think they law may provide some legal basis for them to do this…read the case law….

    JACOBINI – Cases and Statutes

    The Jack Booted Thugs Coming to Break Into a Home Near You!
    March 16th, 2011 · Foreclosure http://www.mattweidnerlaw.blog/com

    Last week, I was a speaker at the National Bankruptcy Institute. During my presentation, I was describing how the banks were literally driving around this country, breaking into homes and doing whatever they damn well pleased….with no consequence and no penalties whatsoever. A woman in the front row became angrily indignant. She directly challenged me and all but called me a liar….in front of an audience of about a hundred attorneys.
    I didn’t lay into her as directly as I could have, but she certainly got 100% of my attention. I was more than happy to rattle off to the crowd all the very specific cases that I am directly involved in. And then other members of the audience jumped in and started sharing their experiences…..she was literally shouted down. Needless to say this woman was put in her place.
    And just this morning, I received the following email. I want everyone to read it carefully. Think about the larger picture and the bigger policy implications…..
    I received a letter from Chase Home Finance threatening to break into my home, change the locks for “our protection and your own”.
    According to Chase, my home is vacant and unoccupied, though apparently the lights being on, the car in the driveway, and my wife was weeding our property at the time they drove by or their agent drove by didn’t convince them of this fact.
    On several occasions, Chase has sent people who refused to identify themselves by name, to enter the home, or have walked around the property freely photographing the front and back of the property even though they were told to leave as they were trespassing. In one instance, one of their workers tried to pop the Medico lock up front, and I had to warn the guy I would shoot through the door if he did not leave the property at once.
    Like your client, the Sheriff’s Office refused to respond to the call until I told them I would shoot the intruder, no matter who it is. Citing the “Stand Your Ground Law”. That got them out.
    I suspect that the reasons for Chase’s actions are simple. My home was once worth $310,000 and it has now been assessed by the property appraiser at somewhere between $97,000 and $127,000.
    Though I have paid well over $100,000 on the purchase price, this does not affect Chase’s insecurity complex. At least 1/2 of the homes in the neighborhood have suffered a foreclosure, and today low class tenants occupy the “hood”. What was once a wonderful neighborhood full of cops, firefighters and paramedics, ATF, and DEA agents is now a jungle.
    So I suppose I should begin by saying I never asked Chase to finance my purchase. That was World Savings Bank. My original commitment letter stated 4.84 percent APR, but they strung me out, or should I say the mortgage broker did, and on the date of closing, the last day to close, with a sizable deposit, Chase appeared with a “take it or leave it” 5.99 percent APR loan. World Savings Bank was nowhere in sight.
    In other words, I was forced to accept Chase as my lender at closing. When I contacted World Savings Bank and complained, they claimed that they had no idea that Chase got the loan, and blamed the mortgage broker who, apparently, sold my loan for a higher origination fee or simply got bribed to switch me into a more expensive loan.
    Immediately after closing, Chase threatened a foreclosure because according to them I would not insure the entire amount of the loan, rather than replacement value of the building.
    They wanted the building and land insured. I tried to explain to them that you can’t just insure for the entire loan amount, as its illegal to do that and insurers were not going to do that.
    This cat and mouse game, including extremely expensive $14k a year insurance premiums continued through 2009 and part of 2010. Of course now they are claiming the same.
    Last Saturday I received a letter, again from Chase threatening to break in, change locks and “winterize” my property to protect it.
    I find it ironic since its not Winter, and more specifically why change existing locks if the property is occupied and adequately protected?
    I fear that there are two laws. One for the common man and one for the too-big-to-fail banks. Somehow I feel the situation is inequitable

  22. Then and now. This was back then at the beginning of the 50 AG’s full court press:

    The lead investigator is Iowa AG Tom Miller, who commented:

    “This is not simply about a glitch in paperwork. It’s also about some companies violating the law and many people losing their homes”.

    Attorney General Richard Cordray of Ohio was even more blunt:

    “What we have seen are not mere technicalities. This is about the private property rights of homeowners facing foreclosure and the integrity of our court system, which cannot enter judgments based on fraudulent evidence”.

    “The most important thing that the lenders need to recognize is the seriousness of the situation. They can’t pretend this is a fourth-grade student not quite filling in the oval on a test. This is fraud”.

    This is now, after all the dire talk from before:

    The settlement terms from officials don’t include a dollar figure for civil penalties nor do they mandate loan modifications, said Iowa Attorney General Tom Miller. The goal is to reach a final agreement in a couple months, he said. He declined to comment about possible monetary penalties against the banks.

    Wow! Cue the Twilight Zone theme….it’s like waking up in a parallel universe. I then noticed something interesting while looking at the two so-called big time bank “concessions” talked way up in the draft of the proposed AG agreement:

    “The settlement sheet seeks to force procedural changes on servicers, including banning companies from initiating foreclosure proceedings while a loan modification is pending, providing borrowers with a single point of contact, and informing borrowers of denied modifications in writing. Homeowners trying to avoid foreclosure sometimes complain of a move to foreclose on their properties while they are negotiating a modification.”

    And while absent mindedly studying an original press release of both of Obama’s HASP and HAMP programs, there was this:

    “Servicers and lenders will be prohibited from pursuing foreclosures before borrowers have been evaluated and declared ineligible for HAMP, or while borrowers are on their trial modification period.

    Furthermore, it provides additional guarantees and wait times before lenders and servicers can start foreclosure procedures.

    Establishes clear(er) guidelines on the type and level of communication effort expected of servicers to identify and contact borrowers eligible for the HAMP program.”

    The only thing being given up here is the obvious fact that the AGs have given up on their goal of clamping down, and given in to the demands and pressures from on high. The state of affairs in the U.S. could not be worse. There is no longer even an attempt at hiding the graft and powerful lobby pressures. We the people are so screwed. Until we decide to make a stand. Pass the musket ball please.

  23. MOD = Make OWN Docs
    HAMP = Hinder Any Major Prosecution
    Tarp = Tainted Assignments Require Protection
    all the above = corruption
    FRAUD = FAILED RESPONSE AGAINST UNIDENTIFIED DEFENDANTS
    all of this equals violation of our rights : Due process under the law!
    Too Big to Fail,Too Big to Jail.

  24. ONE Word: Corruption!

  25. Louise:

    Thank you. If others have a suggestion about the type of plan that can make a difference they need to do it now.

    The person does not have to close their account with their current bank, but they should open another account with the credit union or small commercial bank (independent) just in case the banks get to walk away from all that they have done illegally.

    The government administration, the AG’s the Congress and the regulatory, the justice department and the SEC must not attempt to decide for the people who have been so victimized and protect those that have thrust upon the people such wrong doing.

    There is nothing wrong with the homeowner controlling their own money and where it goes. Why do we continue to fuel the fire that has burnt us so trageically over the past seven years.

    I want the banks to return to prudent business practices, once again becoming trustworthy and good faith and fair dealing. We have supported them, and then we have to beg them for what little we do manage to ask for.

  26. Did you see that?
    “We want to put this to bed, quickly.”, said Timmy Geithner.
    OF COURSE, WHILE EVERYONE IS STILL ASLEEP AS WELL.
    They are in a big, BIG hurry to bury this story, AND US.

    And then you have the Chairman who is recovering from either a stroke or a hangover, or both, and Richard Shelby from Alabama…now this guy personifies the evil, corrupt, always snickering power-broker politician who is obligated to ask condescending questions like…

    “should these groups, these ‘public interest groups’, really be giving input to this..(inquiry)..investigation?”

    What a bunch of criminals.

    Tea Party?

    How about the “LIVE FREE OR DIE PARTY”?

  27. Don’t wait! Move your money now to a small credit union or neighborhood bank. Screw them! Let them fail. Let them fail as soon as possible. How about tomorrow? March on Washington. We need to do it now. Burmese8@yahoo.com

  28. U.S. Justice Department loves Mortgage Movies Journal…

    http://mortgagemovies.blogspot.com/2011/03/kingcast-mortgage-movies-is-huge-hit.html

    Hmmm…..

  29. Okay who wants to let Geithner put anything to bed or anyone to bed.He’s just a lying sack of s@#$t as usual.Time to get serious or were all going to lose.

  30. Well, there you go!!!! – Homeowners have been too slow and understandably so, to take a stand. But it is not too late to let the congress, AG’s and the administration know that the Homeowners will now make the move that will override their interference with the rule of law.

    Remember IMPACT Day – Move your money all on the same day six months from now and that will be just about the only way there can be true justice.

    See the plan which I believe will have some impact but it needs the scrutiny of those knowledgeable on this site to weigh in and “Quick”

  31. Too big to fail? HAH! They’re trying to prove to the world that they’re too big to regulate and they’ve almost got everyone convinced.

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