WHERE’S THE BEEF? FORECLOSURE FRAUD WORKING BUT THE BANKS SHOULD BE CAREFUL WHAT THEY WISH FOR

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It does not appear that the banks are actually all that worried about losing foreclosure cases. If you do the math, they have a pretty good business plan. More than 95% of all victims of foreclosure fraud simply do not know they are victims, are worn out, demoralized and dis-empowered. They walk away from the only real asset they have believing they lost it and they even believe they deserved it. They don’t know that the foreclosure is fraudulent, that the debt has most likely been paid and that if anyone has a claim, they are not pressing it.

Since the banks have no money in the deal it hits the sweet spot. They get 95% of all the homes in which there has been fraudulent declaration of default without ever having lent a dime nor ever having entered a transaction wherein they paid money for a transfer of the obligation and the risk of non-payment. If they lost all the cases that are contested they would only lose the opportunity to steal 5% of the homes involved. And by keeping these numbers going, winning perhaps 50% of the time on the contested cases they keep their lost opportunities below 3%, which is essentially a rounding error considering the millions of homes they have illegally obtained a title certificate or writ of possession.

In turn, this allows them maintain the illusion that these loans actually belong on the balance sheet, thus creating the illusion of assets and capital that enables them to claim megabank status. Their problem is not foreclosures, it is auditors and the current rise of cases filed against notaries and witnesses and “Signing officers.” These people are flipping like newly caught fish on deck. They are all willing to testify about how they allowed the use of their signature, stamped signature or notary stamp in exchange for money. As auditors drill down to these “assets” they are going to have the same problem the Courts are having with increasing frequency — lack of any paper trail to support the money trail claimed by the banks.

In a foreclosure case, only one home is at issue. If the auditors become concerned about their own liability, as well they should be, ALL the homes are at issue. This is not a case of markdown of assets. It is a case of removing assets that never should have been reported on the balance sheet to begin with. When the auditors refuse to go along with this continuing scam, the house cards falls and while we have 7,000 other financial institutions ready and able to pick up the pieces there is no plan for resolution of these behemoths. Meanwhile people maintain their stock ownership in these megabanks and even buy more when the stock looks cheap. It isn’t just cheap. It’s probably worthless.


4 Responses

  1. Neil Great article. Too make a long story short the Banksters are like Malignant Cancer Cells.

  2. Neil its so good to have you back and in full force it seems. U r amazing in the info you have provided. I happen to have both deutche and goldman sachs as the “trust”. It is a farce and I’ve been fightoing for what seems like forever to get someone to listen to me at very least. Thank you for the fact that I knew that something was horribly wrong after I closed it. Being a recent widow left with over 100 employees and no insurance of any kind, I signed my loan in haste. After the dust settled, I knew I’d been had. Again. The broker make 54k on my loan. His license is revoked but he still had the money
    ….Or the luxury of keeping it. Anyway I know they never assigned the mortgage and they can’t supply the note. What a surprize. What are your feelings on the Deed of Trust? How can these banks literally steal 95 % of these americans homes? Isn’t it appalling that even without any defense attorneys, the judges just green light the foreclosure? They allow the wrong bank or one without standing to foreclose because there’s no defense? Doesn’t that seem insane too? Think about it..with inventories over 2.2 million already– can’t wait to see what they’ll do with next 2.2 that are being stoln and judges being an accessory to fraud aand grand theft. Why isn’t here any of that going on? You know our courts are ruined right? They are contaminated with contamination similar to radiation. It will go on for centuries. The records are ruined forever. We will never recover from this for our life times. Sick times we are in now. Thank u for all of your help and information that you share. God bless you neil and keep up the great recovery. Respect, debi

  3. I have actually seen brokers promoting this as a great chance for young first-time buyers or young newly-weds to buy a formerly foreclosed home and start a family.

    Oh great, these naive young buyers get to to put down their life savings on a property that likely has a clouded title. Will they get to keep it if the original owner is shown to still have title? Will there be another copy of the ‘original’ note that was not paid off properly? Would that involve both the property and the former owner in a new tangle?

    Will the title insurance protect the new buyers? I doubt it will if any special addendum was required by the title company.

    If that new buyer does any renovation and they lose the house to the original owner, they can probably kiss the renovation costs good-bye.

    I shudder to think of how many people could be ripped off and for how long as ‘buyers’ of this ongoing mess.

    BTW, are NEW loans being securitized the SAME way the old ones were?.Since MERS can not be used to transfer loans in CA, for example, are they changing how the mortgage docs are written and their processing after the loan is closed?

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