BANKS DEMANDING AMNESTY FROM NEW BUREAU FOR CONSUMER PROTECTION

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FLAWED MORTGAGE ORIGINATION AT ISSUE

EDITOR’S COMMENT: “If you don’t give us amnesty and allow us to claim value for these ‘assets’ on our balance sheet, we will collapse, and you will be responsible for the ensuing collapse of the financial system.”That is essentially what the Banks are saying.

The Bureau is not an agency that should respond to such false assertions. With 7,000 OTHER banks that could pick up the pieces already existing in this country the only thing that would happen is that banking would, for a time, become decentralized and the Banking oligopoly would be broken. The Bureau is charged with protecting consumers not selling them out. This demand must be rejected.

The very fact that the Banks are demanding the waiver of liability on mortgage origination should give anyone pause for thought. If they are saying they can’t do the deal without that waiver then they are also saying that they have fatal flaws in the mortgage origination process just as we have been saying on these pages for more than 4 years. Those flaws are not simple “paperwork” problems.

The issues are fundamental to property and contract law. From my perspective, the mortgages are invalid and unenforceable under existing law because they were never perfected into liens against the real property. The notes are defective because they lie about the identity of the lender and give no notice to the borrower or anyone else as to the identity of a party that could execute a satisfaction or even provide an estoppel letter for future closing. And the obligations of the borrower are the result of fraudulent inducement and non-disclosure as to the promises made by third parties in connection with covering the principal and interest on the loan.

BY NICK TIMIRAOS, RUTH SIMON AND DAN FITZPATRICK

SEE FULL ARTICLE IN WALL STREET JOURNAL

Banks are demanding that the Consumer Financial Protection Bureau relinquish the right to sue over certain flawed mortgage originations, in exchange for their participation in a proposed multibillion-dollar settlement of alleged foreclosure abuses.

The banks say their inability to secure a sufficiently broad release from the new bureau, which was sidelined in earlier discussions as it launched, would be a deal breaker. The five biggest U.S. mortgage banks, state attorneys general and Obama administration officials are pushing to finalize a deal before the end of the year that would be worth $19 billion or more.

26 Responses

  1. 12-15-11 California Congressmen write letter to Obama in support of AG Kamala Harris for not joining multi state settlement (foreclosure) with big banks

    http://www.scribd.com/doc/75812809/12-15-11-California-Congressmen-Write-to-President-Obama-in-support-of-AG-Kamala-Harris-not-going-along-with-multi-state-setllement

  2. MAX’S TIPS ON SPOTTING FAKE MORTGAGE DOCS

    http://www.scribd.com/doc/75799016/Max-Gardner-s-65-Tips-FOR-FAKE-MORTGAGE-DOCUMENTS

  3. @Nora,

    Plenty of things need to be passed: Monetary reform act, Congressional reform act (you work for us, to make OUR life easier. Otherwise, get out. No Lobbying allowed, no enriching yourself through side deals hurting everyone else, no voring against your constituents, etc)

    We have work to do!

  4. The banksters tried this impoverish/enslave us crap in the first depression, and failed, just like they will fail this time.
    Now we need to pass The Monetary Reform Act and ratify it, effectively ending the federal reserve system permanently. Read about it here;
    http://www.themoneymasters.com/monetary-reform-act/

    The Creature from Jekyll Island is a fantastic read…couldn’t put it down. Three inch thick nominee for our educational system to adopt to correct all the baloney they are teaching our kids now, as History.

    We don’t want them gettin’ no stinkin’ amnesty! We want to do an Andrew Jackson on these psychopaths, and we don’t need any stupid consumer protection bureau that employs ex-bankers to do it. We have all the power in our massive numbers to do anything!

  5. CONSUMER PROTECTION AGENCY
    NO PROTECTION BY THE FEDERAL RESERVE WHO CONTROLS THE ‘CONSUMER PROTECTION AGENCY’

    FEDERAL RESERVE HAVE SUCCESSFULLY ELIMINATED FANNIE/FREDDIE

    NATIONALIZED REAL ESTATE WITHOUT LEGISLATION AND GOT THE GOVERNMENT TO PAY WHAT THEY WOULD HAVE PAID

    ITS NO COINCIDENCE THAT FIRST UNION & WELLS FARGO GOT TO ‘MERGE’ THANKS PAULSON

    WE’LL MAKE SURE THE HISTORY BOOKS GET UPDATED.

  6. […] Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: bankruptcy, borrower, Consumer Financial Protection Bureau, countrywide, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, modification, MORTGAGE ORIGINATION, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND Livinglies’s Weblog […]

  7. WW3 is already happening, it is happening in present time, as we speak. there was no internet in 1913 and communications were very, very slow,

    Thank You all for posting………….

    We will win…………because that is the greatest good.
    The greatest good are not the 1%. What is good? Good is good that enhances survival. Not tricks of survival thru BS laws and codes made to confuse, and more and more regulations based on falsehoods.

  8. @Pat1——

    overwhelmed with new customers, say you. Local credit Unions and local banks, you said.

    you say let the big banks fail———–

    you say they all should be voted out————

    couldn’t agree more……….oh they the regulars want you to think it is so complicated, they they must stay in office,,,,,,,,,,when in reality it is just bull crap,,,,,,,,,it is simple but made complicated to confuse…….

    ———————

    People are figuring it out………..prepare for war…………WW3 will be currency, financial war…………..that it is………….and it is based on debt based money system———–they want a war, you got it……..get out of debt, no more loans, no more credit cards………….go all cash

    We will win based on honesty of the 99% as opposed to the leverage based money of the 1%, and their leverage is based on you and me going into debt to feed their leveraged ponzi debt based money system,,,,,,,,,,,of which only the top people get paid most handsomely, enough to retire 20, 30 times over………..and yet they pay their employees the working wage, the competition wage, the enough to survive………….well enough is enough………

  9. Our local banks and credit unions are over whelmed with new customers. I say let the big banks fail the American People are screaming and our elected officials just do not seem to care. They should all be voted out!!

  10. i’ve been reading your website for several months and thank you whole heartedly for all the help you’ve given me. I’m now in bankruptcy court and have filed a response to Chase’s motion for relief of stay and objection to their proof of claim based on whether or not they have standing as they have only produce photocopies of my original loan with WaMu and a copy of an affidavit from the FDIC, dated Oct 2008 that says Chase took over WaMu’s assets. NOTHING else has been filed in the court or with the Public Trustee in the Colorado town where I live. I will fight them on this issue and then, after I find out what happened to my loan (when and to whom it was sold) I have one other thing I’d like to try to save my home. You see, one of the paragraphs in my deed says that once Lender (WaMu) receives “any sums” then they have to instruct the public trustee to file the appropriate papers that would turn my property over to me. It does NOT say “any sums from BORROWER.” Obviously, they’ve gotten sums when they securitized the loan and/or sold it to Chase… yes? Is this a viable attack? My loan docs also state that the Lender is Washington Mutual Bank FA which is the wrong name as it had legally changed it to Washington Mutual Bank two years before my loan was made and the notary signature on my loan is dated 4 days after I signed the docs. Has anyone had any success with this type of attack?

    Janet

  11. “flawed mortgage originations” — (always a spell check error as to the added s).

    All comes down to the originations. What happened at origination, and before?? How did the subprime loans come to fruition??
    Subprime loans nothing more than collection rights — not a mortgage. Was never a mortgage origination. TILA violated to hilt. All will come down to TILA. State laws preempted by federal law.

    CPA — are you going to cave??? You are not even set up yet to take consumer complaints on so-called mortgages. You are only taking credit card disputes. But, you will sign away home owners rights to enforce federal law??? Hope not.

  12. Report to Congress on the Root Causes of the Foreclosure Crisis

    http://www.huduser.org/publications/pdf/Foreclosure_09.pdf

    Timeline of the Global Financial Crisis

    http://riskviews.wordpress.com/timeline-of-the-global-financial-crisis/

  13. Banks are in no position to “demand” anything anymore. Let the bankers go free and, as sure as the sun sets in the morning, we WILL have a revolution/civil war.

    People have an instinctive sense of injustice. When their buttons have been pushed too far, they rebel. And it doesn’t need to be ALL the people. Enough people rebelling usually suffice to create change.

    One thing is sure: it isn’t coming from our government. It will have to come from somewhere else. Us.

  14. Do you know how we got here to this mortgage mess and securitization mess? Rubin, Greenspans, and Summers are major players of de-regulation, CONflicts of interest with assistant of the president at that time and those politicians listed below….

    http://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act

    Just you need to see the history to understand what bring us down to this mess.

    http://www.pbs.org/wgbh/pages/frontline/warning/cron/

    http://www.pbs.org/wgbh/pages/frontline/warning/cron/

    And look to see who was the ring master for this hearing….

    http://www.c-spanvideo.org/program/114751-1

  15. Good for you, Shelley—God speed! Fight the greedy bastards however you can!!!

    @nm

    The repeal of Glass-Steagall (thank you Clinton), meant “lack of governance” was a done deal…the beasts were let out of their cages…and here we are…the beasts are still out of their cages, and are still sucking the blood and eating the flesh of all of us…

  16. Neil said: The main problem is the loan origination. It broke all the rules and everyone knows it. They used straw-men without disclosing even the possibility that there was a principal much less identifying the principal. They cooked the applications and gave loans out knowing and hoping they would fail so they wouldn’t have to account for how much money they stole from investors before the loan failed.
    *********************************************************************
    Neil has it 1000% correct ,, the game was hatched after viewing “The Producers” one late night on AMC and implemented by all the banks ,, some were enthusiastic (CW etc.) but due to lack of governance they all were forced to play by the “new rules” or be left behind…

  17. What a farce for Consumer Protection. Wow! It takes my breath away. They have broke every consumer protection law there is. I just won a case against my own attorney who threw me under the bus. The judge reinstated my case under CPA law and his opinion is I have proven breach by my attorney, and we now have to negotiate the funds due me. Not my mortgage fraud case. Consumers have been screwed by the banks and a lot of unethical attorneys, especially a culture of them here in the greater Seattle area. My attorney threw my case under the bus and I have as the judge put it colorful proof of it by material fact evidence and damages due. I wept all the way home from happier than I can express. I was crying infront of the judge. Oh happy day! However I understand I have a fight to prove all the damages due me now. The attorney by his own hands in a fraud affidavit he submitted to the court, claimed my case was worth not less than five million. So I think that should be a starter point. I think he will wind up dis barred. Should.! Funny [BUT NOT] how these ganster banksters have only one claim “it is best for the consumer we are screwing, have screwed and continue to screw”! lIKE THEY ARE GOING TO SEND FOOD AND MONEY TO OUR HOMELESS CAMPS.

  18. The following article reminds me of October of 1998 when Brooksley Born was grilled.

    http://www.housingwire.com/2011/12/14/congress-still-dark-on-housing-finance-future

    And GOP is stopping every step of the ways for CFPB to function…

  19. congress would be foolish to save the banks. It the great opportunity to (1.) Show the American people they have done the fudiciary duty of honest service, (2). Get re elected (3) to crawl out from under the banks controll and (4) heal the country. Seven thousand other banks will take over. It can not get any better than it is right now and it can get worse if they dont let these banks fail and go to jail. They wont be under the thumbs of thugs anymore and the need to reinstate the constitutional law to make sure this never happens again.

  20. Ridiculous again – The Financial System is ALREADY collapsing! Their threats are meaningless.

    Even a 5 year old can “get this”!!! …here’s the scenario: little “Cheater” Kid sets up an Old game of marbles with a neighbor kid with the intent to steal from him – but, after a while Cheater Kid finds Even by cheating he’s no longer winning the games. So, Cheater Kid decides to use another tactic – he says: “if you don’t play this game my way, I’m going to take my marbles and go home”! But, the other kid sees how dumb the game, gets that the Cheater just wants to steal stuff, doesn’t want to be around this kid anyway, and says in kids speak: “oh yah? well, I don’t care – take your Old marble game and go Home! Your game is Stupid, you don’t play fair, and I’m going to play with my Friends now”!

    How hard is This? Even a 5 year old gets it!!! Enough Already!

  21. The Big Banks Collapse?

    Congress will NEVER let this happen. And you can take that to the BANK.

  22. there is blood in the water !!!!!!!!!!!!!
    the occ foreclosure reviews is proof of this, but of course its is theater to placate the the growing dis- [add your own term] the more widespread the real knowledge becomes.
    occupy your lender!

  23. “If you don’t give us amnesty and allow us to claim value for these ‘assets’ on our balance sheet, we will collapse, and you will be responsible for the ensuing collapse of the financial system.”

    IT WILL ONLY BE THE END OF “THEIR” FRAUDULENT FINANCIAL SYSTEM.

    Insist that your elected officials follow the rule of law, or face the consequences.

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