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EDITOR’S COMMENT: The close relationship between Republican office holders and the Banks is causing some problems in the “alliance” of 50 states’ attorneys general. Somehow they are maintaining computations of damages at under $20 billion instead of the $2 trillion that actually caved in on investors and homeowners. Instead of breaking off from the Republican AG’s, the Democrats are seeking cover so they keep getting hundreds of millions in campaign contributions and are targeting a public relations triumph instead of a real one. The bottom line is that the “deal” is no deal at all if you are a homeowner sitting with an unworkable mortgage or an investor who is sitting with worthless (and in many cases uncertificated) mortgage bonds.

It is obvious that the control that the Banks have over the government apparatus in all 50 states is working its magic for the megabanks. Recall petition drives in many states may get new momentum from this abdication of responsibility by the highest officer in each state charged with enforcing the laws.

The reason why the Banks don’t want principal correction (principal reduction as they call it) is that they don’t want to admit to the FRAUD that was a prerequisite to getting the money from investors and getting the signature from borrowers. But he FRAUD is still there. The fact remains that both the mortgage bonds and the mortgages were empty – devoid of anything real, because both transactions required, under law, proper, adequate and truthful disclosure of what was being done with the underwriting of the loans, the funding of the loans and the gross profits and fees that the investment banks were siphoning out of the money that should have been headed for investment pools who should have been buying loans and instead were buying the promise of a loan, just as the borrowers should have been getting loan products that work instead of loan products that were guaranteed to fail.

This deal is a sham designed to provide cover for those in office. They should be removed from office. They have the perspective to understand that the mortgage balances are not real and never were. To treat them as real is against any notion of the rule of law. So the only hope for homeowners remains in the courts, where these banks are going to try to say that they already settled the claim, even though the homeowner did not get one bit of relief.

BLOOMBERG: Banks May Negotiate Menu of Options in Foreclosure Deal

U.S. banks and state attorneys general, seeking to avoid $17 billion in court claims over faulty foreclosures, are discussing a settlement framework that may let firms choose from a menu of options for helping borrowers, two people briefed on the talks said.

Under the proposal, Bank of America Corp. (BAC), Wells Fargo & Co. (WFC), JPMorgan Chase & Co., Citigroup Inc. (C) and Ally Financial Inc. would pay penalties and pledge billions of dollars in relief to home buyers, one of the people said, asking not to be named because the talks are private. Firms may fulfill obligations to borrowers over time, choosing among options such as reducing loan principal, cutting fees or paying moving costs, the people said.

Stitching flexibility into settlements may help defuse opposition from a group of Republican attorneys general, who object to principal reductions sought by other states, one of the people said. The pace of talks is accelerating, with parties also nearing agreement on an industrywide overhaul of procedures for handling mortgages, that person said.

State and federal officials have been meeting with the largest U.S. loan servicers to resolve a nationwide probe into documentation lapses during home seizures. Earlier this week, attorneys general told the banks they will face an estimated $17 billion in claims if the inquiries result in civil lawsuits, according to a person with knowledge of the talks. The banks had previously offered to pay $5 billion.

Under the proposal, banks would pay the penalties to the states, which would determine how to use the funds, according to the people briefed on the talks. The separate relief funds, which banks could decide how to provide, are expected to account for a majority of the companies’ costs, one of the people said.

Dan Frahm, a spokesman for Charlotte, North Carolina-based Bank of America, and Sean Kevelighan, a spokesman for New York- based Citigroup, declined to comment. Vickee Adams of San Francisco-based Wells Fargo and Gina Proia of Detroit-based Ally also declined to comment. A representative of New York-based JPMorgan didn’t respond to a request for comment.

63 Responses

  1. I have to say. Millsap and Singer certainly own the Federal Court here is St.Louis. Millsap and Singer fraudulently foreclosed in 2009 under the name and benefiticairy of MERS. They extorted over 7100.00 from me. Not knowing for certain at that time, my employer was involved. It appears Kip Bilderback is rather chuming with the owner of the Company. They backdated letters however, they also held payments to faciliate the foreclosure. I was completely in the dark. Having less than 1.5 to get my home out of Foreclosure. Now here we are in 2012, I find in the St.Louis County Assessors office. Mike Fisher , Jerry Wade Lollar , Crstal Moore all over the bogus assignements. They fired me from my job in January, while working on a Modification. They sent final paperwork which did not reflect any of my payments made within the year time. The loan amount was totallly incorrect. They wanted me to sign this document without the corrections made. They refused to submit corrected paperwork. The loan amount was not written down. When I began to ask questions regarding how they arrived to the amount of the payments , appraisal reports , esimated value ,etc they demanded that I submit the paperwork back signed. I advise I would submit the documents back signed however, I sent a final QWR to cure letter. I was terminated the day they were to receive the documents. I also located in my file a Fabricated created death certificate in the file. There was a fabricated Deed of trust submitted for a family by the name of Leicht. I had found on the internet my home was sold to a THF Investor in 2009, I searched this family name and the decendants only to find the THF investments is owned by Stan Kroenke , as is the Greenbay Packers , One of the board members is Theodore Leicht of Leicht transportation in St.Louis and Wisconsin . The family members search in the County Assessors office shows something very disturbing. The County Treasurer is Julie Leicht. These Documents come straight to her. This family is purchasing foreclosure properties by fraud. Re-Routing through THF Investments. Now, the unemployment division in Illinios is connected to this as well.Fred Leicht , Teasdal and Armstrong. Son Pete Leicht works for Duesch bank and JPMorgan. The unemployment division is run and operated by Ex Wells Fargo , Bank of America , Real estate agents. You get the picture. I go to court and inform the Judge the Allonge, not dated , unreconizable to me I am unable to say I signed this documents which is not listed at the County assessors office, the indorsements are fraudulent , and I requested to view the original Note and Deed. I pointed out to the Judge they do not have an valid assignment. She states she beleives they are the righful party of interest. I pointed out to judge the fraud, this means nothing to her. St.Louis is a fraud City. The County assessors office is involved in the fraud by purchasing the securities for Police Retirement Funds, and government retirement funds ,playing ping pong with the Tax payers money and lively hood. There are not any attorneys in stlouis which will help. Once they drive you into bankrupcy, they are not sticking it to you by using the government to aid and abbett their crime. These are the people you elect ! They do alot behind the scenes.

  2. Found excellent data facts researchign ‘Litton’ ‘Ocwen’ ‘Barclay plc’ ‘Goldman’.
    In ‘Litton’ Case (1970’s) ‘FTC’ * Attorney General’s – Clayton Act. Litton prematurely attempts to prevent disclosure of evidence. Refusal to comply and the FTC requested Attorney General to seek enforcement pursuant to 15 U.S.C. Sec 49.

    If only ‘consumer’ as defendant could seek FTC, or OCC, or CONGRESS to seek Attorney General to enforce purusant to ….

    The FTC, on July 2, 1968, adopted a resolution directing an investigation of the social and economic consequences of corporate mergers in the United States. The investigation was specifically directed toward Litton and eight other corporations. Litton moved in the FTC to quash or limit subpoena on info sought irrelevant and confidential.

    While motion pending, FTC filed complaint against Litton under Section 7 of the Clayton act, 15 U.S.C. Sec. 18. Litton argued FTC dic order and FTC d leaving two proceedings, one investigative and one adjudicative before FTC.

    ??? Wonder how consumers as members of ‘Agency’ would be protected standing as agroup rather than individuals? (like AARP protecting its class of consumers)?

    15 U.S.C. Sec. 46(b) empowers the FTC: “* * * to require, by general or special orders, corporations engaged in commerce * * * to file with the commission * * * special, reports * * *, furnishing to the commission such information as it may require as to the [corporation’s] organization, business, conduct, practices, management, and relation to other corporations * * *.”

    15 U.S.C. Sec. 49 provides in pertinent part: “Upon the application of the Attorney General of the United States, at the request of the commission, the district courts of the United States shall have jurisdiction to issue writs of mandamus commanding any person or corporation to comply with the provisions of sections 41-46 * * * of this title or any order of the commission made in pursuance thereof.”

    15 U.S.C. Sec. 21 provides, inter alia, that whenever the FTC orders a corporation to cease and desist from violating Section 7 of the Clayton Act the corporation may obtain review of such order in the United States Court of Appeals for the Circuit where the violation occurred or where the corporation resides or does business

    Or is more to come?

    How will OCC Supervisory Powers over MERS help or ham consumers?

    If the Attorney Generals were to become involved under Clayton Act would the ruling be used to proceed full-speed ahead

    And why do I keep wondirng when this does not help consumer. Or could we be protected as John Does 1 – 31,000,000 mortgages alive in MERS

    Source: 462 F.2d 14: United States of America, Appellee, v. Litton Industries, Inc., Appellant

  3. Re the banana republic:

    the have nots support the haves everywhere. I work without any benefits whatsoever, remote from the agency I work for. The agency office staff my efforts help support enjoy a 4 day work week, liberal time off and other benefits. They’re paid better than I with less education. Not surprisingly, the government pays the agency owner handsomely, per hour the grunts work. This scheme has created a new class of underemployed workers without benefits. There are hundreds of skilled workers like myself in every state working without benefits most others enjoy.

  4. We have hope… Don’t like thst word because it is forever in the future …
    ” there is only one thing more powerful than all the armies in the world, that us an idea whose time has come”.
    Victor Hugo

  5. America is now no different than any Banana Republic: federal employees make more than state governors:

  6. Startup of a national organization (non-profit) consumer memberhsip with state chapters, and clients will include commercial entities. Funds will hire lobbyists to get in and represent ‘consumer’ as individual. Interested in more info send email:

    Beta and will be ready before November based upon your interest with ‘experts’ in all states providing ‘expertise’ to consumers who will be empowered to be safe in life and property with due process of law to be safe from unlawful seizure of property and so that never again can a President like Clinton pass thru ‘legislation’ for the benefit of US TREASURY at the expense of the consumers the VIP’s of the national who are getting ready for the worst and greatest depression of the 21st Century. Who has the best interest of the nation at their fingertips? CONSUMERS. Who are considered VIP’s collectively CONSUMERS as individuals!


  7. ANONYMOUS & Carrie there is somethign we can do, and something they will covet please email

  8. Anonymous, it would seem obvious at this point that there needs to be some sort of coalition of affected citizens formed…..

    + 10 million already foreclosed

    + 2 million awaiting foreclosure

    + 25% to 50% of the population underwater

    We have an enormous pool of victims to adjoin with. So what is the boiling point here? Just how ****ing bad do things need to get before we hit the point of no return?

    A coalition of citizens seems to be the only way….an Alamo defense against Santa Anna’s numbers no doubt, and we know how that turned out. But what other choices are there?

    We need to once and for all take a stand. Mark a line in the sand. Let the government know that we WILL NOT be treated like deadbeats, and let Wall Street know that we’re on to their game, or lack thereof.

    Enough of this non-stop bullshit. Let’s do it. Now.


    You’re so right—I for one would love to have a microphone and a TV camera—and get the truth out there—but they shut down anyone and everything that might reveal the truth, ie. the assault on Elizabeth Warren:

    So how do we get the truth out there???

    My heart was breaking today when a woman from Inglewood, CA was on TV at the NACA “convention” …and she was crying and saying she had been praying for a miracle with regards to a loan mod—(my husband told me to go down there and start telling people the truth—I said Deutsche Bank might follow me and have me killed…I wouldn’t put anything past them!) But, as you say, I’m just one person…what can I do? I want to help people so bad…

  10. The A Man,

    Most important here — your Boehner post.

    This is politics my friends — and unless we start speaking up — the power prevails.

    AGs under pressure. Need to organize. I will come forward — but, people need to organize first. Need to get into Congress — and make sure it gets to the media and public.

    Any suggestions??

  11. Yes, Jose—I found out about those same attorney price$s when I called the law firm representing the plaintiff in this particular California case:

    QUESTION: Does anyone know if “fraud in the factum” is the way to go with regards to the non-disclosure that the “loans” at signing were not really loans—just a “securitization vehicle”, and it in fact NEVER made it into a “trust”—as per the PSA???

    I see in another post (Richard S.), where the judge entered a default judgement in his favor, full nullification of banks security interest in his property, full repayment of all payments over the last 6 years (assuming from time of “loan” assignment to REMIC trust?), attorney fees and a fine on them.

    I will be doing a Chap 7, and I will be treating both my HELOC and my 1rst (securitized) “loan” as UNSECURED.


  12. IRS announcement:

    82 million securitized mortgages have been a fraud. There are no mortgages backing the MBS.

    All of these transactions involved fraudulent misrepresentation. Many involved outright theft, tax evasion and money laundering. The rest are unsecured transactions (not secured by homes) and the tax status claimed was fraudulent. Taxes are owed.

    Congress: Foreclosures on 82 million homes are illegal. It has been illegal for crooks to collect payments on most of them. Justice and restitution are due the American people. Banks and investment houses are now shut down and taken into receivership.

  13. In Virginia, once you hire one of the few lawyers that at least trying to do something. You need to be careful not to be swindled by their outrageous fees. Some will charge you up to $5,000.00 retainer and over $1,500 per month for the duration of your case. Of course with this arrangement the idea is to delay, delay, and delay and you will never go to court and if you are lucky to be in the position, then you are faced with a totally judiciary unwilling to look behind the facade put forth by the banksters lawyers.

    Once you are in court, the statute of limitations are ignored, draconian bad case law decisions are used to crush you to the ground. There is no real sophistication by any judge to at least try to understand that they are being used as tools to perpetrate a crime. Whether they are willing or unwilling partners, knowledgeable or not, does not excuse them from their responsibility.

    The state has eroded the rights of its citizens by allowing for the sake of the bankers expediency to continue with the corrupt practice of non judicial foreclosures.

    If you attempt to even file an action to quiet title, the district judges are quick to dismiss your complaint on the basis that you are trying to pull a fast one on the banksters, Who are according to them the victims in all of these.

    By the time you are broke, jobless, and cheated by everyone. You have no option by to walk away. I do not write this to discourage any one, but as a warning to those moving forward into the challenge to the real crooks and criminals in this country, the real illegal aliens that have destroyed our constitution, our states, and our neighborhoods are the bankers, they used their money, power, influence. They used their big money law firms to skittle our laws and to kill us all financially.

    If one tries to fight them, they manipulate the system, the media, and the courts at their pleasure.

    I believe that the editor of this great blog and as a former alumni of his seminar, is 100% right on his approach and strategies. Mr. Garfield is on point when he describes the corruption, and the crimes these people committed and are still engaged in.

    But we all must fight together, otherwise, but fighting all our little individual fights the enemy wins. They have greater resources and financial endurance. They do not have to deal with the MORAL contradictions imposed on all of us bu the banksters. These criminals control the money supply, the credit reporting system, the courts, congress and all 50 states legislators.

    They have taken over our country, they have stolen from all of us, they have robbed our kids of their future.

  14. Dear BSE,

    Who regulates the Federal Deposit Insurance Corporation (FDIC), a United States government corporation, created by the Glass–Steagall Act of 1933?

    6/1/2011 FDIC reports 888 banks on ‘FDIC’s’ problem list.

    Chairman Shelia Blair promoting raising federal debt to cover US GOVERNMENTS (Play and we’ll pay FDIC GUARRANTE) banks in receivership, agreed to self-insure at 65 cents on the dollar BOA where all of the bad debts being moved off books of CREDITOR GENERAL MOTORS, etc.

    LOOPHOLE all foreclosues c/o TRUSTEE as a national banking association.

    LOOPHOLE ‘Trustee’ appears to be related to fictitiious ‘Issuing Entities’ c/o a pass through agency such as Structured Asset Securities Corp.

    FDIC pending 888 bank defaults reported 6/1/2011.

    Commissioner Blair of FDIC responsible for placing US government obligations inside of the ‘technical’ default coming November. Boy did she get the short end of the stick! She was uncomfortable he her skin on 60 minutes regarding DOCX and LPS, how she’s doing now?

    ‘Basel Committe’ in Switzerland (new owners of USA?) are creating ‘more widely applicable standards’ over the ‘convertible assets, debt, and receivables to meet “their” global new standards.

    How much of Americas’ convertible ‘debt’, ‘assets’, and ‘receivables’ at stake?

    United States Government (Treasury) and (Congess) with the blessings of the new Irish President O’Bama are celebrating and dancing to the music? Family Stone did not have this in mind at the time!

    What do you see ‘missing’ between both houses, senate, states and President? ‘Tension’

    LOOPHOLE: What is the ‘new bond’ pun intended of these parties?

    United States GOVERNMENT resold debt in reverse credit swaps are selling back debt and receivables purportedly to new CREDITORS and SERVICERS incorporating a new Line of Business, State Receivership

    LOOPHOLE: Conveniently mediation over standing issues will fall to escheat when Plaintiff admits they don’t know who owner with Standing is therefore, a debt owed will default to state.

    LOOPHOLE: Municipalities forced into Chapter 9, default and Treasurer of State will be the tax collector directly and municipalities will disappear no longer self-managed and under control of State Treasury.

    Owners of the convertible assets, debts and receivables ever in dispute over thing IN REM, Plaintiff will save court time, the state will take over collecting the receivables and become responsible for acquiring the asset to protect the REMIC’s.

    As the new SERVICER of the receivables during foreclosure what will be due process of law then?

    Is the state of Florida a pilot of this LOOPHOLE?

    How are the takings of the properties being recorded?

    LOOPHOLES how do consumers as residents unite to cut the head off of the snake?
    How scary is this —? Very.

    Faith and Begora, Attorney Generals of each State will become the mediator!

    LOOPHOLE ’21st Century RECEIVABLES TRUSTEE FUND’ represents fictitious entity for settlements. Credit Risk Managter will track payments to new intermediary servicer which will be deducted from receivables given to the state against the FDIC Insurance ‘Receivership’ promise to pay, minimally holding the SERVICER position on a loan mortgage dor five year period until the next credit swap!

    Envision a ‘fake loan trust’ Issuing Entity in which all municipal loans in foreclosue and/or bankruptcy are moved and tracked because dispute over thing can’t be resolved. Whamo new CREDITOR manages, SERVICERS continue servicing, Master Servicers continue doing their thing, while national bank TRUSTEES under jurisprudence of OCC will represent new CREDITOR.

    LOOPHOLE Plaintiff withotu standing now becomes escheat part of settlement of US Goverment and States ‘GET OUT OF JAIL FRARD’ whether with standing or not there will be no disputes over the thing IN REM only disputes over IN PERSONAM over the person.

    Will the LOOPHOLE allowing consumer due process of law be neutralized and allow unlawful seizure c/o United States Goverment c/o State Treasurer c/o MERS tracking receivable for CREDITOR?

    Since FORECLOSUREGATE they have reconveyed the debt. 2011 there are new mediation requirements which will force unresolved disputes over the THING IN REM to become the property tracked by DTC and MER Identification numbers and become assets as receivables of the state in a lease back.

    I’m very aware of ‘MERS’ Community Reinvestment Act (Non-Profit Leg of MERS) good deeds that the OCC ‘loves’ in which citites foreclosed properties are tracked by the ‘state’ using MERS! The State Treasurer will be a member.

    “Structuring MERS as a non-profit probably shielded them from the prying eyes of bank examiners and auditors who might have uncovered the ..” see link ‘How a Mortgage Moves through MERS’ Barry Ritholtz
    http :// www .

    http : // www .

    https :// www . mersonline . org/mers/mbrsearch/mbrsearch.htm

    California State Teachers’ Retirement System
    100 Waterfront Place MS-04
    West Sacramenta CA 95605
    MERS ORD ID# 1001529
    Line of Business ‘Investor’ withotu eRegistry & eDelivery

    Was our new founded IRISH president, checking out the real estate being track in the MERS SYSTEM of Ireland?

    Municipalities will lose the ‘taxes’ if the properties remain ownerless and the municipalities will go Chapter 9! And the state will start to own the municipalities like they own the cities and all will be one big happy family.

    The MERS electronic database controlling all assets of all people? Will Social security numbers become replaced by MERS PEOPLE ID’s? Will be then be microchipped?

    MERS & Office of Comptroller of Currency – James R. Hagerty and Jonathan Karp ‘Banks Incur Housing Pain — Foreclosures in US Sold at Big Losses. Question: IS there a ‘Dale Carnegie Course’ that Bank CEO’s and MERS and OCC attend together?

    “Many lenders and communities are now facing a growing number of foreclosure properties. Recently, Barclays Capital estimated there are 721,000 bank-owned properties in the United States, up from 112,000 two years ago, and they projected the current figure will rise by 60 percent before peaking in late 2009.” (1,009,400 the #?) late 2009? What’s the #now? of Barclays Capital and how do they know?

    The Resolution Trust Corp (agency charged with taking over 100,000 unites of rental housing thrift failure resolution)

    OCC wants to transform foreclosued properties into affordable housing faced with finding out which bank owns or is servicign a property that has been identified.

    OCC provides MERS Servicer ID link as a resource on the Community Affairs Department’s Neighborhood Stabilization web-stie.

    “…significant confluence of interest among banks, loan servicers, community organizations and government agencies to move quickly…and bring foreclosed properties back into…productive use.

    Another incentive is the possibility to earn Community Reinvestment Act, or CRA, consideration for certain foreclosed property related initiatives. This is important to banks for several reasons,3 and there are a number of foreclosed property related activities that could earn CRA credit. Under the CRA, bank donations made to organizations whose primary purpose is consistent with the definition of community development may be considered qualified investments. A foreclosed property may be donated or sold at a discounted price to a third party entity4 to use for a qualified CRA

    3 The OCC and other bank supervisory agencies must evaluate the CRA record of each covered depository institution in helping to meet the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with safe and sound banking practices. A bank’s CRA record will be taken into account when the agency is deciding whether to approve a bank’s application for a deposit facility, which includes any application to establish a branch, relocate a main office or branch, merge with or acquire another insured depository institution, or receive a banking charter.
    4 Third party recipients may include a local government or a nonprofit community development organization. CRA consideration would apply to the portion of the in-kind donation that represents the difference between fair market value and the discounted sales price of the property.

    We know Los Angeles using MERS to track their foreclosued properties and OCC gives INVESTORS as tracked in ‘MERS’ credit for being good nominees.

    California Housing Finance Agency
    PO Box 4034, Sacramento CA 95812
    Lines of business Servicer, Subservicer, Investor, Document Custodian
    eReg & eDel = NO


    Could ‘MERS’ become the way the US Government will append tracking Municipal Employees; Retirement Systems (Premier HEALTH a living breathing example of what if – don’t know if they do use the ‘mers’ system

    Errie when you think about MERS Premier Health which may or may not be independent organization. LOOPHOLE can MERS track all consumer’s assets for the nominee? YES thru LPS, FNF, …,

    LOOPHOLE can all US GOVERNMENT deposits be electronically deposited first into foreign owner Corporate Securities Treasuries as Depositor of all MEDICARE tracked ‘exclusively’ MERS MEMBERS only?

    LOOPHOLE: Couldl MERS Premier Health be the prototype for which the US GOVERMENT will begin to track all receivables related to all MEMBER deposits for any of the many LINES OF BUSINESSES in addition to already taking control of tracking foreclosed propertiesby State Treasurer’s as new SERVICER ffrom each state tracking all foreclosures in dispute of owner ? for a five year leaseback? At what point will the US Goverment own the asset? When will the US GOVERMENT be able to take its GLOBAL SERCURITIES, SECURITIES, Notes and MERS deposits for the benefit of (1) OWNER which is who? US TREASURY? STATE TREASURIES? when the dispute arises between state and US TREASURY over who the owner is subordinated receivables ownership becomes credit enhancement in next 5-year property swap.

  15. This guys comment on this artcle makes my hair stand up. Jesus Christ already. Alright, well your computerized not recording of mortgages made prices zoom up from 2000-2006 you moron.

    “It belongs to the investors in the mortgage security. It belongs to your mother’s pension fund. It belongs to the community bank down the street which never made a subprime loan but which simply parked its capital in MBS as federal risk-based capital rules encouraged it to do.

    The trail to the mortgage investor is completely transparent.

    We are simply arguing over whether assignments of mortgages (classified as “Instruments” under the UCC, not “real property”) needed to be recorded in each instance.

    Democrats are arguing that technical rules apply – rules that are simply permissive, never mandatory, and which in any event were designed BEFORE the age of computers and BEFORE national markets for mortgage debt (which, by the way, massively lowered costs for borrowers and allowed more low income individuals to qualify – a more sustainable approach that would have obviated the low down-payment lending mandates forced on Fannie and Freddie by Cuomo when he worked for Clinton).

    You want every mortgage loan transfer recorded? Fine. But you know this will simply cost a huge amount of money and end up as yet another big fee on the closing statement (it’s not just the recording fee imposed by the County, it’s the time spent managing the details of the process), unnecessarily costing future borrowers even more money to buy a home and kicking those with the least amount of money completely out of the market.”

  16. WASHINGTON 06/02/2011 (MarketWatch) – Goldman Sachs Group Inc. has been subpoenaed by Manhattan District Attorney Cyrus Vance regarding the firm’s role in the mortgage crisis, according to a report Thursday by Bloomberg News. The subpoena stems from the U.S. Senate Permanent Subcommittee on Investigations probe into Goldman’s activities in creating and selling mortgage-based securities designed to allow the bank to profit from a collapse of the housing market.

    What more does anyone need to warrant closing down this so-called institution and locking up any and all who benefited from the destruction of the world’s economy?

    And BTW and for what it’s worth, I have noticed a broad industry-wide shift from using the term mortgage backed to mortgage based securities. One could only guess that this shift is to make credible the fact that the notes aren’t actually physically held by the trusts any longer. Just a guess.

  17. Another California Appeals Court Reverses earlier judgement

    Thank you Carie for the post.

  18. A California Case re. Deutsche Bank—haven’t seen a final decision—has anyone?

    check it out—

  19. “apparatus” should be “separates”

  20. The argument used against MERS by the judge in the Hooker case is powerful. Glad to see a judge that gets it–specifically, that the DOT says it and note must be sold together, and they are not sold together–which MERS admits again and again. That one fact is enough to prove that the note is unsecured and that foreclosure is not legally possible.

    Add to that the fact that a “MOM” mortgage apparatus the note and DOT ab initio, and wham!–the “lender” has a giant problem. Because not only did the “lender” give its lien away ab initio in such a case, there were representations in the DOT that MERS was the beneficiary/mortgagee when in fact they were not and in fact legally cannot be.

    This ain’t legal advice–just one reporter’s opinion…that a judge in Oregon happens to agree with…

  21. Boehner is going down. boner or bonehead going down and Viagra wont help.


  22. And the real enemy is Wall Street, and they got you to fund them even more thru your retirements, your pensions, your 401K’s, your IRA’s. And now ABS/MBS securities – another speculative trading scheme.

    The only security in life is YOU.

  23. Wanda Sykes for President!!!!!!!!!!11

  24. How to infect a virus into the banking industry and servicing industry and collection industry?

    Treat every employee that you deal with in these companies like shit. Be really mean to them. Be so mean that they will quit their jobs.

    No workers or employees for these companies.

  25. Tell the State AG’s, banks and servicers that you submitted “faulty paperwork” on your home loan or refinance and you want to settle. HAHAHAHAHA

  26. Goldman Sucks owns Litton Loan Serving:

  27. MEANT — NOT —“opt-out”


  28. Will we even be able to “opt-out” —- Maybe not — and it will be a GLOBAL SETTLEMENT.

  29. Proposed settlement in this article will be devastating for homeowners/victims. It will affect, indirectly, individual claims in court. With settlement, no liability is admitted.

    Everyone should be contacting their state AG. Do not let this settlement go through.

    Moving costs????!!!!!!!!!!

  30. A federal judge in Oregon delivered a potential setback to the mortgage industry’s electronic lien-registry system in a ruling issued Wednesday.

    Oregon allows lenders to foreclose without going to court, but the state requires banks to record the ownership history of the mortgage with local county governments in those non-judicial foreclosures. The Mortgage Electronic Registration Systems, or MERS, was created by the mortgage industry in the 1990s to facilitate the recording of mortgages that were being bundled and resold as securities.

    Wednesday’s ruling says that banks should be required to process foreclosures through the court system in Oregon for loans that are in the MERS system. But it’s not clear whether the ruling by itself will turn Oregon into a judicial foreclosure state for loans assigned to MERS.

    A spokeswoman for MERS said the ruling was “inconsistent” with other state decisions, citing two in the past year that found MERS had satisfied state law. The spokeswoman said MERS planned to appeal.

    “That’s the problem. We have rulings on both sides, so it’s very difficult to determine what’s going to happen,” said James Stout, the lawyer who represented the homeowners.

    The case concerned Ivan and Katherine Hooker of Tigard, Ore., who took out a $260,000 mortgage from GN Mortgage LLC in 2005. The Hookers defaulted on their mortgage in 2009, and Bank of America Corp., which had acquired the loan, went to foreclose on the borrower.

    MERS had been named as the nominee for the mortgage in 2005, ostensibly allowing banks to record the assignment electronically, eliminating the step of recording it with the county.

    But the court found holes in the chain of title. While the loan had been made by GN, the mortgage had been assigned to MERS by a different entity, Guaranty Bank. “The record is silent as to how or when Guaranty Bank obtained” the mortgage, wrote Judge Owen M. Panner.

    The court also concluded that MERS’s use had run afoul of Oregon statutes that require all mortgage assignments to be recorded in county land records in non-judicial foreclosures. “While I recognize that plaintiffs have failed to make any payments on the note since September 2009, that failure does not permit defendants to violate Oregon law regulating non-judicial foreclosure,” wrote Judge Panner.

    BofA is still free to pursue a judicial foreclosure, though Stout says the bank will have to correct any potential deficiencies in the chain of title. A BofA spokeswoman didn’t immediately respond to a request for comment.

    The opinion included a particularly scathing treatise on the pitfalls of MERS, which it said had allowed lenders to “shirk” their traditional due diligence duties. Judge Panner raised concerns over how the system was used in states such as Oregon that don’t require banks to foreclose on borrowers through the court system.

    The broadside against MERS in the decision is excerpted below:

    Foreclosure by advertisement and sale, which is designed to take place outside of any judicial review, necessarily relies on the foreclosing party to accurately review and assess its own authority to foreclose. Considering that non-judicial foreclosure of one’s home is a particularly harsh event, and given the numerous problems I see in nearly every non-judicial foreclosure case I preside over, a procedure relying on a bank or trustee to self-assess its own authority to foreclose is deeply troubling to me.

    I recognize that MERS, and its registered bank users, created much of the confusion involved in the foreclosure process…. [T]he MERS system creates confusion as to who has the authority to do what with the trust deed. The MERS system raises serious concerns regarding the appropriateness and validity of foreclosure by advertisement and sale outside of any judicial proceeding.

    Additionally, the MERS system allowed the rise of the secondary market and securitization of home loans. A lender intending to immediately sell a loan on the secondary market is not concerned with the risk involved in the loan, but with the fees generated. If a lender aims to quickly pass a loan off onto an investor, a stated-income loan appears not as an unacceptable risk, but as an income stream.

    MERS makes it much more difficult for all parties to discover who “owns” the loan. When a borrower on the verge of default cannot find out who has the authority to modify the loan, a modification or a short sale, even if beneficial to both the borrower and the beneficiary, cannot occur.

    When no borrowers default, the problems inherent in the MERS system may go unnoticed. Unfortunately for banks, borrowers, investors, and courts throughout the country, many borrowers are now defaulting. Countless grantors of trust deeds now face the harsh prospect of losing a home outside of any judicial proceeding. At the same time, the MERS system greatly increased the number of investors stuck holding worthless notes.

    A lender that knows it will immediately sell a loan on the secondary market has no incentive to ensure the appraisal of the security is accurate. Similarly, the lender need not concern itself with the veracity of any representations made to the borrower. I

    n short, the MERS system allows the lender to shirk its traditional due diligence duties. The requirement under Oregon law that all assignments be recorded prior to a non-judicial foreclosure is sound public policy.

  31. To Jose

    As a person also trapped in the feudal state of Vjrginia, I’d like to hear what happened to you. Can I contact you?

  32. Ranting can be a stress release…we need it sometimes…

  33. Calm down folks it’s getting loud in here. We need to focus on educating each other and rants don’t help.

  34. Finally the Banks are getting squeezed on all sides…

    I am working with a producer in Hollywood on a under ground documentary called

    “Smoke and MERS”

    its about foreclosure Fraud, robo, BS, etc?

    The Producers are looking for homeowners who want to tell their story …

    Here’s your chance to be heard!

    If interested email me

  35. There is only one way to resolve. Everyone stop your mortgage payment !

  36. A-Man

    This government is a crime against humanity.
    Some one needs to be jailed on Captial Hill !

  37. FU K. Lewis, FU Jamie Diamond, FU JP Morgan, FU congress people!!!!!!!!!!!!!!!!!!!!!!!!!!

  38. FU TN HArry

  39. HAHAHAHAAHa HA! It’s BS as it ever was. On your Editors comment. but of course.


    E. Tolle: well said.


    “The close relationship between Republican office holders and the Banks is causing some problems in the “alliance” of 50 states’ attorneys general. ”

    Really, REALLY, no shit, can’t be, REALLY, here read

    “You are being conned America – AGAIN.”


    where’s my middle finger!!!!!!!!!!!!!!!!!!!!!!!!




  41. “The pace of talks is accelerating, with parties also nearing agreement on an industrywide overhaul of procedures for handling mortgages, that person said.”

    What does that mean?

    The procedures have been just fine for centuries. They just got ignored by the fraudsters while everyone looked the other way. So now they need to be overhauled to accomodate fraud?

  42. At least in Virginia, we cannot complain, in some degree we already have a sold out judiciary who refuse to at least hear our cases without being prejudiced. We have a no good, sold out AG, our legislative branch is. In our wonderful bankers wonderland, to file an action to quiet title will run afoul, since, we have this crazy case law that lets any so called thief with a made up promissory note (blank endorsed) can show up now in court and the judge will not even think about throwing your case in the dumpster. Once a home owner always a loser in this sold out state.

    Moving to Virginia, let your banker issue their passport to you. No longer part of the USA, now it is a part of the bankers feudal kingdom.

  43. E.Tolle

    If you have not seen the Oscar winning movie “Inside Job”, I highly recommend that you do…Several of the names you listed as foreseeing a “Great,Great Depression’ looming were themselves DIRECTLY INSTRUMENTAL in helping to create and profit from the economic crisis, either by way of accepting massive amounts of money to write about how the economy was “doing great” during the heyday of the MASSIVE FRAUD/PONZI schemes on Wall Street, or simply helping in whatever way they could to encourage DEREGULATION—and make a LOT of money for themselves…See the movie AGAIN—THESE PEOPLE ARE STILL IN POWER—and they are talking about a GREAT, GREAT DEPRESSION…while they laugh and roll around in their millions… I want to throw up.

  44. Let the AG’s know the victims are willing to take cash payments to cover our losses in triple net. and more than willing to put handcuffs on our perpetrators and anyone who aids them. Let our representative know all the banks stolen victims funds,( I mean tax dollars and blood money from their scams) money can pay for politicians and champaigns, but they can not buy the votes they have lost. We know what they did. WE WILL VOTE THEM OUT OF OFFICE AND DEMAND THEM OUT OF OFFICE. WE WILL DEMAND THE CROOKS TO BE PROSECUTED. The documents I have searched on the internet in the recorders office show DEUTSCHE BANK AND RECONTRUST CLAIMING TO PAY ONLY TEN DOLLARS FOR OUR HOUSES ON MULTIPLE CASES.

  45. Good NEWS! I just looked on another site that sent me to and this was in the article.
    UPDATE: Great news, the MERS amendment died in committee in the Oregon legislature. The rule of law still clings by a thread.


  46. We can all become whistleblowers: Here is a repeat post I posted on your last article. We can all expose the fraud in a massive search of all counties in America putting the fraud puzzle together, here is how. Put the proven fraud docs on the internet. I have scanned proof of G. Hernandez, Chrystal Moore, Leticia Quintana and many more I will email to anyone that asks for it and have sent proof in e-mails to bloggers and representatives.

    13 Responses
    Shelley A. Erickson, on June 1, 2011 at 4:01 pm said:
    We all can do whistleblowing. Go to multiple county records and type in MERS instead of your name and pull up all the MERS docs and cross reference them until you find the matching puzzle pieces and then expose them to the attorney generals and all governement representatives. You will find them as signing as employees of MERS, employees of RECONTRUST OR THE LENDERS OR THE FORECLOSERS, and you will find the same name as the notary. I found G. Hernandez as asst sec to MERS in Pierce County and G. Hernandez as asst sec of RECONTRUST in King County and G. Hernandez as a notary witnessing Leticia Quintana (who both work for RECONTRUST) as sec of MERS, assigning a deed of trust to RECONTRUST. proving a conflict of interest and fraud. If more of us put this puzzle together to prove they are all fraud, fraud vitiates all contracts, and the judges and government can not ignore the mass fraud. It is rampant, and on purpose at every level in every county.
    carie, on June 1, 2011 at 12:03 pm said:

  47. GREAT…. It was bad enough that we had to suffer through hundreds and hundreds of paperwork for ( supposed) loan mod or short sale….NOW, we’ll have to put up with the idiotic bureaucratic BS of the State…..that should quick an easy.

    What a bunch of F-&$/$@ cowards. I hope all the AG that approve of this crap die slow and very painful deaths and do it soon

  48. Aristotle pointed out thousands of years ago: “The only stable state is the one in which all men are equal before the law.” Without the rule of law, the state crumbles, and the government bonds and other investments crumble with it.


    What’s the hole that is swallowing up the economy? The failure to follow the rule of law.

    The rule of law is what provides trust in our economy, which is essential for a stable economy.

    The rule of law is the basis for our social contract. Indeed, it is the basis for our submission to the power of the state.

    We are supposed to be a nation of laws, not of men. That’s what humanity has fought for ever since we forced the king to sign the Magna Carta.

    Indeed, lawlessness – the failure to enforce the rule of law – is dragging the world economy down into the abyss.

    The populace is staring at the erosion of these implied contracts, the same agreements that constitute social order and the basic fabric that maintains law and order. If you add further injustices such as widespread hunger and massive loss of domicile, which are occurring with more and more frequency every day all around us, all bets are off.

    Also from Washington’s blog:

    The following experts have – at some point during the last 2 years – said that the economic crisis could be worse than the Great Depression:

    •Fed Chairman Ben Bernanke

    •Former Fed Chairman Alan Greenspan

    •Former Fed Chairman Paul Volcker

    •Economics scholar and former Federal Reserve Governor Frederic Mishkin

    •The head of the Bank of England Mervyn King

    •Nobel prize winning economist Joseph Stiglitz

    •Nobel prize winning economist Paul Krugman

    •Former Goldman Sachs chairman John Whitehead

    •Economics professors Barry Eichengreen and Kevin H. O’Rourke

    •Investment advisor, risk expert and “Black Swan” author Nassim Nicholas Taleb

    •Well-known PhD economist Marc Faber

    •Morgan Stanley’s UK equity strategist Graham Secker

    •Former chief credit officer at Fannie Mae Edward J. Pinto

    •Billionaire investor George Soros

    •Senior British minister Ed Balls

    Until and unless Wall Street is prosecuted widespread, there’s nothing between us and the Greatest Depression.

  49. Predatory Lending is a crime against Humanity.

  50. What is the Administrative Procedures Act Of 1946? Is it true a homeowner can file a Full Reconveyance back to themselves and the “lender” will then have to prove their beneficial interest to them? If they cannot or do not and the home is free and clear in 90 days? Is this a scam or the real thing? Would it result in jail time? Would county clerks file it? Seriously wish there was a way that 82 million borrowers with securitized mortgages could file something that forces the true creditors to come forward and make a claim for the true and full amount owed them today or go away for good if no one can or will make a claim accoring to the rule of law or does not wish to make a claim for some reason. Tired of the endless games played by all. Probably nothing would happen to all the pension funds ect already paid in full by their own insurance or ponzi funds they may or may not know about. They can then put it back on the pretenders if they want. It would just be pretenders who don’t get paid anymore and who can no longer get free houses. They are not too big to fail. American citizens are too big to fail. Illegal is illegal. If congress, the AGs and the courts can’t enforce the rule of law maybe it is time for Americans to do it for them.

  51. how does this settlement effect private lawsuits against these crooks? are the ag’s signing away the rights of private citizens to file suit against these thieves?

  52. There will be no deal that a judge will not stay as a violation of very basic rights in every state in the country. The revolution will be televised (GSH)

  53. Federal Trade Commission (FTC) as an independent regulatory agency

    “Unfair methods of competition in or affecting commerce, and unfair or deceptive acts or practices in or affecting commerce, are hereby declared unlawful.”

    The FTC also has power to enforce the Clayton Act and the Robinson-Patman Act (but not Sherman Act’s criminal jurisdiction). It is clear, from case law, that Section 5 covers at least the same conduct that is made illegal by all the other antitrust laws, but the extent of the FTC’s reach beyond this remains uncertain.

    When you say Attorney Generals do you really mean Department of Justice?

    And is the US Goverment covertly affixing a criminal penalty effectively 20 percent of the affected commerce?

    Funny but a specific conduct that is illegal under the Clayton standard are exclusive dealing, tying arrangements, and mergers.

    Who is pushing the amnesty and hiding the leniency for certain cartel members who may then cooperate with the Justice Department to do business lawfully?

    Harm feels real familiar. Has the past decade proven to consumers that sanctions are not an effective law enforcement tool?

    How can consumers be empowered today?

    Imagine if every one of us deposited funding into our own private bank!

    Sherman Act, civil or criminal law,
    Are the AG’s c/o Department of Justice claiming violations of Antitrust Division? for which the Department of Justice criminal prosecutions directed at the worst per se violations, primarily price fixing, bid rigging and naked divisions of territories or customers?

    Why do we fund such significant lack of oppositon by small businesses? What have they been promised?

    Separate firms came under the control of a single corporate management seeking monopoly control over an industry – the real estate industry.

    What to do about tomorrow?

    “Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is… declared to be illegal. … between two or more competing sellers or competing buyers (horizontal), or a seller and its customer (vertical). …”

    If prices are fixed, the law is deemed violated.

    “Every person who shall monopolise, or attempt to monopolise, or combine or conspire with any other person or persons, to monopolise any part of the trade or commerce among the several States, or with foreign nations, shall be deemed guilty of a felony.”

    1936 Robinson-Patman Act and the 1976 Hart-Scott-Rodino Act),

    ‘Due Process of Law’ to protect small businesses and consumer from harm allow for private causes of action which are not only permitted, but are encouraged by the statutory trebling of damages and award of attorneys’ fees, which would by the way get the economy jumping at the expense of the banks! With the result that an estimated 9 out of 10 antitrust cases are in fact private rather than public.

    It is private causes of action and criminal sanctions that most noticeably separate the US from other countries’ antitrust regimes.

    Robinson-Patman Act protects small business against unfair advantages taken by larger competitors. Funny economists criticzed this Act for not serving goal of economic efficiencies!

    Are small businesses privately making arrangements?

  54. For a clue on where this AG settlement is going to go, look no further than the 1998 Tobacco Master Settlement Agreement (MSA). The AG’s can sell out to the offending banks, and probably will, but the AG’s have no authority to enter into a “global settlement” that would prevent individuals from suing these banks for an illegal property seizure.
    Screw the AG’s. They weren’t on the side of individual homeowners in the in the first place. They hunt in a pack, smell blood and found prey. That simple.

  55. Those that understand the derivatives scheme in each state should launch an investigation of how much in state government retirement and pension funds were invested in MBS, ARS and ABS; who authorized the purchasing (Governors included), who were the agents and sellers; and precisely when these purchases were made and why. There’s a fear that if they [state politicians] penalize the banks – they may not see their investment returns [many have made settlement deals in lieu of suing for fraud] – and then they’d have to tell their constituents and recipients (teachers, police, firemen, gov’t employees) about their lousy investments.

    What the politicians are missing is – that’s going to happened anyway because this is so much bigger than anyone is willing to admit – especially when their calculators don’t have enough space to computer in triple digit trillions $$.

  56. We should bring back cramdown into the Bankruptcy code. Not should, we must

  57. The attorney generals can’t protect the THING !

    The attorney generals are with jurisdiction minus visitorial powers over OCC who will prevent them from suceeding in any action against all foreclosues ‘who are national banks.’

    Are the AG’s being held hostage by the US Treasury?

  58. How about just following the rule of law? It’s not complicated. Why are courts allowing Banks to create forged documents in order to get houses for free?

  59. how many times do we have to report what has been said already. The fraud has been proven. The republicans and the democrats know that it has not only been proven, but it is out there for the general public.

    I may be wrong, but I think they believe, both parties, that they know the damages to the people is so great and the cost so great, that they could never begin to cough up the trillions it would take to make proper restitution – We are talking national and global.

    The contributions to these groups appear to me to be ancilliary to their continuing to protect the banks.

    You have mentioned recall as a means as others have. Just probably a lot of people are going to go with that thought – NOW.


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