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EDITOR’S COMMENT: That the resolution was even necessary shows how much pressure the Banks are using to get out of the corner they painted themselves into. The stage is set for the real facts to come out and they will continue to come out in large quantities of information and data that will show that the Banks didn’t just make mistakes — they took the honored traditions of Banking and turned them on their head using the irrelevant past as a means to deceive investors, consumers, homeowners, taxpayers, legislators and law enforcement.

The key fact that I see coming out is going to be relative to the Tier 2 yield spread premium that the Banks booked as trading profits. When investors get the data, they will be able to prove that the Banks skimmed a large chunk of the money intended to be used for funding mortgages. The amount loaned by the investors will not match up with the amount loaned to borrowers. Add that to the long list of intentional acts of fabrication, fraud and deception and those Banks are extremely vulnerable not only to civil attack for damages and injunctive relief but for criminal behavior. Remember that over 800 people went to jail when the savings sand loan crisis was revealed in the 1908’s. So far, in this case there have only been a handful of people.

If the full accounting for all money in and out is completed, there will be no doubt what happened. Whether the investors will recoup the money stolen from them by the Banks is for another day. But one thing is certain — if there was money coming in the Banks kept most of it and didn’t report accurately to either the investor lenders nor the borrowers. It is a certainty in my opinion that the account balances of borrowers on every type of loan will be affected and shown to be misrepresented when the Banks sought to enforce the debt. The balances will be reduced, in some cases below zero and in many cases the undisclosed profits and compensation is due back to both the investors and the borrowers under different laws. The Banks have created a double liability situation for themselves and I have no compassion for their situation.

The Banks are using their formidable resources to create a vehicle for amnesty in which the settlement is small and the liability for criminal or civil wrongs is effectively cancelled. Tammy Baldwin is running for Senate from her Congressional seat. She is running against the Banks and for America. Anybody in Congress who opposes this resolution will be an easy target in this election cycle. Aligning with the Banks now is seen by most as aligning with the forces of evil. Any politician looking to win an election this season had better take note.

Tammy Baldwin To Introduce Resolution Opposing Immunity For Banks In Foreclosure Deal

First Posted: 11/3/11 09:00 AM ET Updated: 11/3/11 09:00 AM ET

Tammy Baldwin

Rep. Tammy Baldwin (D-Wis.)

WASHINGTON — Rep. Tammy Baldwin (D-Wis.) is set to introduce a resolution in Congress this week calling on the Obama administration and state attorneys general to ensure that any deal reached with the nation’s biggest banks on foreclosure abuses includes full investigations into what happened, awards proper compensation to victims and provides no immunity for potential wrongdoing.

U.S. Attorney General Eric Holder and the state AGs have been working with the nation’s five largest mortgage firms — Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo — to settle disputes over potentially illegal foreclosure practices, such as the so-called robo-signing of foreclosure documents.

Baldwin’s resolution states that any settlement should follow three guidelines: 1) Banks that engaged in fraudulent behavior “should not be granted criminal or civil immunity for potential wrongdoing related to illegal mortgage and foreclosure practices,” 2) the federal government and state AGs should “proceed with full investigations into claims of fraudulent behavior by mortgage servicers” and 3) any monetary sum paid by the banks should “appropriately compensate for, and accurately reflect, the extent of harm to all victims.”

“We have to do the best we can to make innocent victims whole. But secondly, especially in light of the taxpayer bailout of the biggest banks, we owe taxpayers a solemn effort to do everything we can do to uncover what went wrong and whether laws were broken,” Baldwin said in an interview with The Huffington Post. “Part of that is to make certain this won’t happen again. That, to me, is one of the most basic responsibilities we have.”

According to news reports of a possible settlement between the parties, banks would pay around $2025 billion in return for immunity from state lawsuits.

“While I can’t discuss the details of our negotiations, I will say that we are negotiating a limited — not a broad — civil liability release. We are discussing additional ways to help homeowners while still holding the banks accountable,” said Geoff Greenwood, spokesman for lead negotiator Iowa Attorney General Tom Miller.

Baldwin’s resolution follows a letter she wrote to Holder on Nov. 1, in which she argued that the low sum being discussed in settlement talks would be insufficient to help underwater homeowners. Twenty-four of her colleagues in the House of Representatives joined her on the letter.

“These underwater homeowners owe roughly $750 billion more than their homes are currently worth,” she wrote. “This $750 billion stands in contrast to reports of a $20 billion settlement with mortgage servicers. We are concerned that this $20 billion will provide little help to the estimated 14.6 million struggling homeowners who are underwater. Indeed, many of these families have been victims of outright fraud, and they deserve justice and just compensation.”

Obama administration officials, such as Housing and Urban Development Secretary Shaun Donovan and Treasury Secretary Timothy Geithner, have repeatedly said they would like to see a quick resolution to the mortgage probe.

When asked why there is such a push for a settlement amongst some of the members involved in the probe, Baldwin replied, “What I’ve read is that there’s an interest in resolving this prior to the next set of elections.”

But, she cautioned, such a strategy could backfire. “I do fear that a settlement that is just a tiny drop in the bucket, given all the devastation that’s occurred because of this, would have strong political ramifications,” she said.

The negotiations originally involved AGs from all 50 states, but a handful of them have pulled out due to concerns reflected in Baldwin’s resolution.

New York State Attorney General Eric Schneiderman (D) has been the leading voice pushing for a narrower deal, expressing concern that the proposed settlement would preclude state AGs from fully investigating and prosecuting banks found to have committed wrongdoing. In late August, he was kicked off of the 50-state task force after he refused to go along with the quick settlement the administration and his fellow state AGs were working out. Since then, several other state AGs have backed Schneiderman’s position.

Congress is not directly involved in the negotiations, but Baldwin said it was important for the administration and the state AGs to hear from the people’s representatives.

“I get a lot of constituents calling my office who are underwater in their mortgages, who are paid up but can’t refinance, can’t get lower interest rates. They’re struggling financially because of the economy,” said Baldwin. “Their calls aren’t even responded to by the big banks. They’ll call [my office] and say, ‘How am I supposed to talk about these federal programs that are out there for refinancing and help for homeowners who are underwater, if my bank won’t even call me back?'”

Baldwin is running for the U.S. Senate seat in Wisconsin being vacated by Sen. Herb Kohl (D) and currently has no Democratic primary challenger. The GOP field is more crowded: former governor Tommy Thompson, Wisconsin state Assembly Speaker Jeff Fitzgerald and former congressman Mark Neumann are all running.

30 Responses

  1. Yes…I appreciate how he’s always flabbergasted at the idea of a “settlement” without an investigation…

  2. @carie.

    another good interview by Dylan Ratigan.

  3. THE AG’S ARE SLOWLY COMING AROUND…I think…some of them, anyway…thank God for Dylan Ratigan…a true justice seeker on TV!!!

    Motives…it’s all about motives…





  5. there is only one bank for the USA and it should be called the Bank of The USA. And there should be only one bank for England and it should be called the Bank of England and there should be only one bank for Japna and it should be called the Bank of Japan………………

    Do yo get it?

    Each government can create it’s own money? And in doing so, and charging interest, the interest funds the government, there would be no taxes.

  6. Dear Neil,,,,,,,,,,,,,

    When will you wake up to the fact that the banks, since 1913, have taken over the money creation process and turned it into some free market enterprise??

    When will you realize we have a banking system, which banks compete themselves for money creation……………this is called the Federal Reserve System of Banks and the method they use is called fractional reserve lending- which the government can do, but it was taken over by the passage of the Federal Reserve.

    and when will you realize that is actually the Governments job……….to create money and set the value there of…………….when will you realize this?

    WHEN will you realize this?

    And when will the global citizens realize this?


    Neil, you said

    “The Banks have created a double liability situation for themselves and I have no compassion for their situation.”

  7. well Neil you posted this above: In Blue no doubt——–

    “If the full accounting for all money in and out is completed, there will be no doubt what happened. Whether the investors will recoup the money stolen from them by the Banks is for another day. But one thing is certain — if there was money coming in the Banks kept most of it and didn’t report accurately to either the investor lenders nor the borrowers. It is a certainty in my opinion that the account balances of borrowers on every type of loan will be affected and shown to be misrepresented when the Banks sought to enforce the debt. The balances will be reduced, in some cases below zero and in many cases the undisclosed profits and compensation is due back to both the investors and the borrowers under different laws. The Banks have created a double liability situation for themselves and I have no compassion for their situation.”


    Isn’t that wonderful,,,,,,,,,,,,,,,,,the investors……………..

    WTF about us the homeowner……………………….BFD. Thank You.

  8. It is always about money which by the way is debt. And more creation of.

    I forgot to add at end of sentence—–

    It is always about money which by the way is debt. And more creation of. Which is more money for those that give credit.

  9. E Tolle, couldn’t agree more. I am glad you posted what the spokesperson said before he became president of the USA.

    Of course now he is the spokesperson for the Federal Reserve System on Banks, the real President of the USA, Federal Reserve Chairman,

    I forget his name, oh, it’s Ben Bernacki, used to be Alan Greenspan.

    Dem’s or Repub’s, all the same and speak with same forked tongue.

    It is always about money which by the way is debt. And more creation of.

  10. […] Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: 112th Congress, 2012 Elections, bankruptcy, borrower, countrywide, disclosure, Eric Schneiderman Foreclosures, Eric Schneiderman Mortgages, foreclosure, foreclosure defense, Foreclosure Investigation, Foreclosure Negotiations, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, modification, Mortgage Abuse, Mortgage Crisis, Mortgage Investigation, Politics News, quiet title, rescission, RESPA, securitization, State Attorneys General, Tammy Baldwin, Tammy Baldwin 2012, Tammy Baldwin Foreclosures, Tammy Baldwin Mortgages, Tammy Baldwin Senate, Tammy Baldwin Senate Election, Tammy Baldwin Wisconsin, TILA audit, trustee, video, WEISBAND Livinglies’s Weblog […]

  11. Hold on there cubed, Obama’s going to fix things when he becomes president….

    “When I promise that I… we are going to bring this war in Iraq to a close in 2009, I want the American people to understand that I opposed this war in 2002, 2003, 4, 5, 6 and 7 — so you can have confidence that I will be serious about ending this war.” – Barack Obama, 2008

    “….that tired, worn-out old theory that says, that says we should give more to billionaires and big corporations and hope that prosperity will trickle-down on everybody else. The last thing… the last thing we can afford is four more years where no one in Washington is watching anyone on Wall Street because politicians and lobbyists killed common-sense regulations. Those are the theories that got us into this mess. They haven’t worked and it is time for change, and that’s why I’m running for President of the United States of America.” – Barack Obama, 2008

    “…bailout Wall Street banks. As President I will insure the financial rescue plan helps stop foreclosures and protects your money, instead of enriching CEOs. And I’ll put in place the common-sense regulations that I’ve been calling for throughout this campaign. So that Wall Street can never cause a crisis like this again. That’s the change we need.” – Barack Obama, 2008

    “It’s been a long time coming. But tonight, because of what we did on this day, in this election at this defining moment, change has come to America.” – Barack Obama, November 4, 2008

    I can’t wait!

  12. Well E. Tolle.

    per Dylan Radigan, surveys show American Public approval of Congress is 9%.

    This upcoming election will be very interesting……………

  13. So bank of america is in every street corner in the big cities in california, and now Chase bank is moving into grocery stores,,,,,,,,,,,,come bank with us…………..but they are global,,,,,,,,,,,,,,

    so your money on deposit helps them go global…………….

    so your money gets to go global……………..

    what if your money stayed in california and was used to help californian’s, that would be a state bank, and that state bank collecting interest could use those profits, to fund the shovel jobs, fund the state government, do away with CA income tax, do away with property tax……………………

    just like the state of North Dakota does……………..

    think about it…………………research the bank of North Dakota…………..

  14. So, more power to this lady running against the banks. But with all due respect, where has she been as a representative for the last four years? Does anyone know? Does she have multiple battle scars from fighting the perversities rampant in the system?

    I don’t have a bit of respect for anyone who’s been on the hill, nor can I find any hope that this system that’s in place can be relied upon to right its own wrongs. It’s the entire system that is wrong. The fact that the banksters can run a foreclosure machine that swoops from coast to coast with a president and legislators who are content to look forward, not backwards, means simply that millions upon millions of Americans will continue to be screwed by the Sach fiends in power.

    They all have to go. The system has to be purged. No peace.

  15. your chase bank, your citibank, your bank of america, your wells fargo,,,,,,,,,,,,,,they are all global,,,,,,,,,,,,do you really think they give two flying hoots about the american citizen?

    Now, maybe your local credit union, which is not global, why now we have a different thing.

    You decide, stay away from the banks, big ones.

    And if not, help them achieve global dominance for which you are a mere grain of sand in the global population.

    Or do you wish to keep your money in your local area, helping your local citizens?

    You decide?

    The rich get richer.

  16. So I got a credit card from Chase bank, they are global, and unbeknown to me, my payments are going to some rich dude in England, a rich dude. While Chase collects a fee for servicing my account.

    Well, maybe I don’t like that rich dude, so I pay off my Chase credit card.


  17. @everyone……………

    if it takes this much pressure, this much writing letters to representatives, screaming on the blog sites, the media like Dylan Radigan exposing the corruption…………….lawyers fighting for foreclosure fraud, on and on

    here is my conclusion……………..our representatives in Congress are clueless, defiant, nice talkers but know nothing,,,,,payed -off by lobbyists………….in other words ………

    they do not represent the people who supposedly elected them I guess.

    I mean I lend you money, we sign a contract. You default. I say hey you defaulted pay me back now or lose the collateral. You say, show me the papers. I show you the papers, I get the collateral back. I believe that is called Presentment in the UCC’s.

    So what the hell,,,,,,,,,,,,,,,I’d say that is pretty straight forward…………….what the hell is going on……………

    or I the lender say to you, you know I don’t want to be out the money any more, so I sold your loan from me to another. Here are the papers showing I sold the loan, so you now start paying him, he will send you papers showing he is legally allowed to collect on your loan. You say, great. Nothing wrong with that as far as I can tell…………….

    or I the lender say to you, you know I don’t want to be out the money I lent you anymore, so I sold your loan from me to another, but he has somebody that will collect the payments, here is the paperwork showing this was done. You receive in the mail an invoice or monthly payment due notice from the person that is authorized to collect for the person your loan was sold to. All is good.

    so what hell is wrong………………..

    did anybody ever receive a letter from the original creditor whether it was a credit card, mortgage loan, auto loan, student loan, etc telling you your loan was sold to another? Or did you just receive a letter stating who your new servicer was?

    Did you ever receive a letter from Cap 1 credit card or Chase credit card telling you your loan or credit card agreement was sold into a ABS Trust fund? Did you ever receive a letter from Cap1, Chase credit card, etc telling you they are the servicer of your credit card agreement and the actual owner of your agreement is with Joe China Pension Fund for People’s Replublic of China, or maybe it was Taiwan We Buy CC debt Pension Fund? Or maybe it was Teachers Union USA Pension Fund who bought your credit card debt, or mortgage debt.


  18. http://adask.wordpress.com/2011/10/27/north-carolina-police-warned-to-put-their-personal-property-into-someone-elses-name/

    It appears that a North Carolina court has ruled that the “police” are actually working for private entities (private companies) and are not associated with The State of North Carolina.

  19. Hmm…4.5 million ‘potential fraud foreclosures’. Settle for 25 billion and that’s a nice potential $5555.555555555 dollars per what? Home?
    There were families, there is equity, there is libel and social status issues for being displaced and witnessed by the neighbors and families. The uprooting of lifestyles and the selling of property to defray the cost of being robbed.

    Heck no…no agreement they make will satisfy what was done unless that negotiation is business to business such that they are settling up with the state for breaking their laws.

    The state (nothing but a name) and the bank (nothing but a name) can settle all they want…they’ll have to get down to business when it comes to CEO (flesh and blood) and board of directors and such and the living and breathing home owner who’s years of sweat equity were robbed under Racketeering and Corruption.

    Not enough and no way!


    “The third quarter was mixed as we continue to experience a slowdown in our foreclosure processing business, but encouraging growth in our e-discovery business. Regulatory scrutiny and adoption of new procedures have continued to cause mortgage servicers to slow foreclosure referrals,” said James P. Dolan, chairman, chief executive officer and president. He said the slowdown in default referrals directly affected The Dolan Company’s Professional Services Division and also affected its Business Information Division, where default-related public notices have been an important revenue source.
    “Although there are some signs of progress, this process has dragged on longer than expected,” Dolan said. “There continues to be an enormous backlog of pending and future foreclosures, and we believe a significant multi-year opportunity still exists.

  21. Here are subpoena documents from the interim financer Opteum Financial.
    UAMCC broker not a mers memeber $25,000 fee
    Warehouse UAM Capital
    Trustee UAMC,LLC
    Caylon group,
    JP Morgan Chase formerly bank one is where the money was wired from the 1st alleged bulk purchaser.


  22. OFF TOPIC:

    LPS is up 10.8% right now on no news?? Is there something happening I don’t know about or is this just a short squeeze that will allow a later re-entry?

  23. Ohhh! Wow!! The words are spoken! What we’ve all been thinking.

    Thank you Representative Baldwin and the ‘Fighting 24.’ The People
    thank you. It can’t have been easy to put yourself out there for Fair &
    Just repair for families, communities, Our Nation.

    Why couldn’t my President have done this? This was his promise.

  24. Thank you Tammy for taking a stand!

    Thank you!

    Tom Russell – Constituent

    608-712-2734 We need to do more for the citizens of our State and Country. All of them!

    Thank You

  25. Niel
    It will all go down the way you predicted at the start of this blog.
    What it will mean for our economy and the political makeup is in my mind very unpredictable.
    But whatever comes, lets hope its wrapped in truth, or the results will be the same as what we have now.

  26. Tammy is on-target with her tact: make it official, give it teeth and get many AG’s and Governors involved so that their constituents know who is behind their true needs & that of our economies’ demise. And; she should add that the county coffers be reimbursed fully plus court open records laws brought up-to-date from all the MERS tax evasion abuses of transfers/recordings gone unchecked … which would bring $100sMillions to the local Gov’ts where they belong. A great start to reviving our economy and reducing the banksters to what they truly are … users of OUR money (without us workers, family/solo investors there would be no such “institutions” to abuse us visa vie political games).

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