I’m 65 Now: I Had Hoped This Nightmare Would be Over after 5 years


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EDITOR’S COMMENT: I honestly thought I might be done by now. When I started this blog at age 60 I thought that the truth would prevail and the banks would be slammed down, restoring our court-fooled title system before the title registries across the country got so corrupted that even conceptualizing a way to fix it, is more challenging than most people want to consider. I was wrong. We are still only half way through the banks’ games, and it doesn’t look good for any of us.
The future we deliver to our children and grandchildren depends in large measure on whether we are willing to lay down the tools of our trade and start learning what the banks and insurance companies are doing to us.
Wholesale cheating and ruinous behavior directed at our citizens, current and future taxpayers, and the backbone of our society continues unabated with no real hope of stopping it in sight. The current “settlements’ are no more than a foolhardy truce in which the banks buy more times buying houses with “credit bids” on debts they don’t own, never owned and never will.
Investors who purchased bogus mortgage bonds understand that the banks are holding all the money necessary to repay the the investors in full, many of whom have already been paid in full or reached a settlement to their satisfaction. The creditor is happy — why is the debtor still the target of collection on a debt that has been settled? The investor creditors know the money is in the hands of their agent banks, so why are we allowing collection on the same debt more than once?
Oh yeah, I almost forgot. The reason we want the homeowner to pay a debt that has already been resolved is because somehow we think it would be unfair if the homeowner gets a free house. The fact that it was taxpayer dollars — including the taxes of the homeowners — that actually paid off the debts doesn’t seem to matter.
The banks have created a very effective narrative based upon their own fictitious plan and fraudulent scheme. This way the banks get a free house so we can avoid the unfairness of “giving” homes to the people who had their whole lives tied up in one piece of real estate. How about if we took the word “gift” out of it?
The solution is simple — the taxpayers paid off the debt so the homeowners should pay a fair share of the money that was stolen from investors back to the taxpayers through the government agencies that supplied the money. That way the banks don’t get the money or the houses and the homeowners don’t get a free house.
The only loser in a fair deal would be the banks who would lose ill-gotten gains and expectations of more ill-gotten gains.
I looked at the headline below this morning. It said that Chase Bank was giving 100 homes free and clear to veterans. I thought to myself “that is a good thing, but whose house are they giving away?” The obvious pandering to the public works unless the public takes the time to ask themselves why a greedy bank would give away 100 homes — especially a bank that was perfectly willing to foreclose on homes of soldiers in active combat — another violation of law that was treated with barely a slap on the wrist.
We already know from the San Francisco audit of 400 recent foreclosures (which would mean foreclosures occurring after banks had assured regulators that they had cleaned up their act) that a minimum of 45% of REO homes in recent foreclosures are not really REO owned — they are all subject to being taken back by the former homeowner wiping out the foreclosure, the mortgage and even the note (whether an undocumented obligation would remain is still up to interpretation). So most — nearly all — REO properties have only the appearance of being REO, when in fact, it is stolen goods in a sack.
So Chase is giving away at least 45 of those 100 homes knowing the homes belong to someone else. What a country!
The answer isn’t easy. But somehow we ought to make that promise good to veterans and more of them, without donating property that belongs to someone else. Chase doesn’t own those homes. The homeowner(s) in the chain of title own those homes. Chase wants to create a reason for asserting title over the fake REO homes given to veterans so that the other 300,000 homes it has acquired title to are also ratified. So far Chase and the other banks are acquiring “deeds” to real property using homes they acquired without spending any money, without funding any mortgage, without buying the homes, and using fabricated, forged, false documents with false declarations of fact in those documents
From Housingwire.com
Mortgage lender Chase and nonprofit Operation Homefront will partner to place 100 wounded warriors, military members and veterans into Chase-owned homes.

Operation Homefront is a nonprofit that provides aid to active military, wounded warriors and veterans.

The new program — Homes on the Homefront — will provide transitional services for veterans and families chosen to receive the residences.

Chase, the lending unit of JPMorgan Chase ($38.47 0%), is offering real estate from its banked-owned inventory to applicants who are either active duty service members, in the National Guard or in the reserves or honorably discharged veterans. Other qualifiers include the soldier’s status as someone who does not currently own a home. They also have to be financially capable of sustaining the residence past the initial transition period.

The homes are donated, providing the recipients a clean slate to start from. After the transition period, the owners will assume all other homeownership-related costs.

The program also considers surviving single spouses of soldiers killed-in-action and post-9/11 disabled veterans as potential recipients.

“This is an incredible gift from Chase to our men and women in uniform,” said Jim Knotts, president and CEO of Operation Homefront. “Chase’s imaginative, nationwide approach to providing quality homes to deserving service members and their families will make a huge difference in how these heroes can make that difficult transition and adjustment into productive civilian lives.”

29 Responses

  1. I posted a reply on your site regarding MERs back in 2007 im still fighting and still in my home.

  2. Chris,

    I asked that same question a while back and was told that there is a lengthy procedure to follow before you even get to naming CEOs and CFOs of banks and corporations. The answer came from DCB, who has, since, revealed to be somewhat of a loose cannon… so I really don’t know what to think.

    That being said, it would seem to me that naming the bank, servicer or lender AND the CEOs would cover more bases. Again, it may (or may not) be feasible but I sure as hell would want to have a straightforward answer from someone stable and knowlegeable… I firmly believe that the shotgun strategy is where we need to go: bringing in as many people and corporations as we can so that, in the end, it becomes a simple economical decision for them: spend 100K defending a 20K loss or settling… If you go after $250K split among 15 players, the likelihood of them deciding to throw “short money” at the case (which, additioned, can end up being real money for you) becomes much higher.

    Maybe tnharry will answer that one…

  3. @ dcbingo

    Sure, you can sue the individuals, but it is a catch-22…In doing so, you may end up shifting the liability away from the “deep pockets”…then you may get nothing. But you absolutely can. If you do, let’s us know…I for one will think way outside the box, on this stuff!

  4. Instead of suing the “companies” “banks” etc. would it be feasible to sue the “individuals”?

  5. Happy Birthday Neil Garfield. Can’t believe you are 65 – you don’t look a friggin day over 64.

  6. Happy 65th Birthday Neil Garfield

    May you continue to have health long and prosperous Life

    Be Strong and Courageous


  7. @ Nora, become a delegate and kick their asses out. No one else will do it. It’s up to us.

    The 99% Declaration

  8. It’s just more theater from one of the MOST CRIMINAL banks ever!

    Take the Poccopanni case in N.Y. where Chase not only foreclosed illegally on them, but used forged and falsified documents that were prepared just to mislead the court, by their crafty, crony foreclosure mill attorney Shapiro. Chase and Shapiro were both sanctioned for that one:

    JP Morgan Chase, N.A. v Hank Pocopanni 16-2008-CA-3989 Div.:CV-D

    “J.P. Morgan Chase, which is a top-ten subprime lender and securitizer, began quietly in August 2003 seeking to preempt all states’ anti-predatory lending laws, by shifting its nationside consumer finance lending into a federally-regulated savings bank. Later, Chase shifted from a New York State-chartered bank to a national bank. ICP, long concerned with Chase’s disparate lending, began an inquiry into complaints filed against Chase with state regulators — a venue that Chase now seeks to escape.” [quoted from Inner City Press}

    How about Chase being found guilty of bribing government officials? Secretly funding Terrorist Organizations?

    Chase’s involvement in China constitutes one of the “most egregious violations of human rights” through their stock holdings in PetroChina whose work in Darfur supports genocide in the region.

    How about Chase targeting Latinos and Blacks in predatory lending schemes? Chase confined Latinos in higher cost loans 2.08 times more frequently than white borrowers in 2010. Blacks were taken advantage of 1.8 times more often than whites.

    How about Chase’s cover up of multi billion dollar fund transfers by Bernie Madoff, while regulators looked the other way.

    An SEC probe found Chase guilty of boosting their profits by not sharing refunds by sellers of faulty debt and was subpoenaed by the U.S. Securities and Exchange Commission in May, 2011

    Chase donated an unprecedented 4.6 million dollars to the New York City Police Foundation, and the timing of this generosity coincided with the occupy protests, whose targets were largely the TBTF banks who accepted government bailouts. Clearly Chase’s intent was to garner loyalty with the police presence. It’s troubling to many that the police would accept bribe money from the target of the protests.

    Chase has profited from and loaned money to “Payday Lenders”, who rape consumers at usury interest rates with exorbitant fees.

    The United States Treasury Department agreed to settle with Chase Bank for $88 million for their willful violations of US sanctions against countries that are state sponsors of terrorism. Unfortunately, $88 million is nothing to Chase Bank – the fine wouldn’t even qualify as a slap on the wrist for JPMorgan Chase.

    The Treasury Department’s Office of Foreign Assets Control (OFAC) has been investigating a number of willful violations committed by Chase Bank going back to 2005. The list of laws violated by Chase Bank include:

    Weapons of Mass Destruction Proliferators Sanctions Regulations
    Global Terrorism Sanctions Regulations
    Iranian Transactions Regulations
    Cuban Assets Control Regulations
    Sudanese Sanctions Regulations
    Former Liberian Regime of Charles Taylor Sanctions Regulations

    There isn’t a pie around without Chase’s finger in it. So why wouldn’t they do a little positive PR and give away a hundred homes they don’t own? Until the fit hits the shan and the veterans get wind of the Title problems with the stolen homes, it’ll buy Chase some slow-news-day, feel-good fairytale type press. The media will absolutely fall all over themselves to run this item! (and they’ll never run the follow up where the angry veterans get tossed out onto the curb by the rightful owners after they sue Chase like everyone else is!)

  9. @ joann – I know it gets going and it is complex. What you are reading in the PSA relates to delivery. There are two ways for investors to hold equities, bonds, certificates, other investment interests.

    1) You can have the certificate registered in your name and take possession, when you want to sell (in this case no liquidity due to siphoning of reserves) you send it back to the clearing agent who mailed you your certificates.

    2) Street Name – you are recorded as a certificate holder with the clearing firm (DTC) and they hold it in their name until such time as you request delivery or you sell. When you sell a certificate held in street name you merely call and place the order and it is electronically recorded that you are seller / and it replaces your name on the DTC Sheets with the buyer. The investors in MBS pools are getting screwed regardless of street name or possession.

  10. @Rabi,

    I agree. Which is why I said: regadless what is done FOR the military by our government, they have a mom, a dad, brothers, sisters and others around them who have gone through what we go through. They are not stupid and they will understand very quickly that our government is banking (no pun intended. I mean… almost none) on military supporting it later on when things blow. That’s exactly what Obama was doing when he openly vilipended Chase for foreclosing on many veterans and when he subsequently strongly encouraged the banks to “hire” the veterans returning from Iraq. It has nothing to do with them. It’s for his own future protection. If the military didn’t realize it, we wouldn’t see so many of our vets swell up the ranks of OWS.

    It’s been tried in history before. Many, many times. The last memorable time was by the Russian aristocracy, who kept the military well fed and paid as an insurance policy againt growing popular resentment. Didn’t help them much… as evidence by what started with the battleship Potemkin in 1905. That strategy didn’t help Khadafi more recently either, when he ended up having to recruit mercenaries from Liberia, Nigeria and other African countries because his own police and military had deserted him. Tunisia is also a good example. And so is Egypt. Didn’t do him much good. It simply doesn’t work: the military has eyes and ears.

    So, don’t worry about pinning one part of the population against the other. We all have a common enemy: the banks and, by extension, the government who condone their fraudulent actions. Whatever the vets are “given”, it won’t be with a clean title. It’s worth just about… peanuts.

  11. You seee… the trick here is to turn one part of the population against the other, instead of against the 1%. While we are preoccupied with fighting each other the 1% and their minions slip awaaaaaay. Wow!!! it seems to be working already.

  12. Silly me. I am going to write a letter to Clint Eastwood and Robert Redford. I can’t help having a crush on those guys and a few others who aren’t around anymore. I don’t care what their politics are. Might write Oprah or…. Can they “get it” about what has happened – continues to happen – can they or anyone else they know articulate it? CA likes celebrities. I would rather vote for a celebrity who “gets it” today than any republican or democrat who spins hot air while a foundation crumbles. Time for celebrities to stop fundraising for puppets and promoting a fraud.

  13. I agree with all the comments above problem is it doesn’t change a thing.The bank gets away with what our government allows them to do.Do away with our current government and it will stop at least for awhile.BTW we don’t get the news coverage we should because government doesn’t want the whole world to panic,until we get the stations to really pick this up and carry it like the crisis it is we will always be down played as a bunch of crazy damn fools and nut cases.Progress is slow to come to those that need it the most.

  14. “The homes are donated, providing the recipients a clean slate to start from. After the transition period, the owners will assume all other homeownership-related costs.”

    How about every illegal foreclosure gets donated. Illegally foreclose on mine, illegally foreclose on yours, you get donated mine and I get donated yours and then we swap.

    Taxpayers pay for the military. Taxpayers are getting foreclosed. The military should protect the citizens – maybe they are the party who has the clout right now to do that if no one else does. This idea that Chase is a “good guy” rankles. “Wise Guy” is more like it.

  15. Real people and real property got turned into stocks. Only problem is you can’t change the essential nature of real things without destroying them and then you have nothing. It was a mirage. Happy Mardi Gras.

  16. @iwantmynpv:

    “at the Holding Company level”

    Just winging it here again – trying to understand….keep thinking this monster has a mindless mind of its own and no one can do anything about it unless the whole machine is shut down……

    What is Depository Trust and Clearing Corporation? Is that the “holding company level”? Never see any discussion of who or what that is exactly. Investors in these trusts are beholden to “it” and no one else it seems– read a PSA – Depository Trust “holds” the reigns it seems and the trustee bank answers to “it” and does not have to answer to investors as in liability – it’s a computer – it’s not people – you can’t sue it – it has no liability.

    From a sample certificate:

    “Unless this Certificate is presented by an authorized representative of the Depository Trust Company, … any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful inasmuch as the registered owner hereof, Cede & Co. has an interest herein.”

    From a PSA:

    “(v) the Trustee shall deal with the Depository, Depository Participants and Indirect Participants as representatives of the Certificate Owners of the Book-Entry Certificates for purposes of exercising the rights of holders under this Agreement,…; and (vi) the Trustee may rely and shall be fully protected in relying upon information furnished by the Depository ….”

  17. @ joann

    You all may think I a little crazy, but I personally think everyone in the lineage should be sued or claims filed against them.

    The closing attorneys
    The trusts
    Title insurers
    Investors (we don’t know if they are complicit)
    Transfer agents

    Anyone who has touched these documents, to find the smoking gun.

    As a footnote: If you were a criminal defendant, you would have more rights than a homeowner. This is utter Bu!! Sh!T

  18. @Java,

    That’s exactly what I have been saying from the beginning. Republicans made a very big mistake going after cops and firefighters’ unions. Banks made a terrible mistahe going after veterans. Obama knows that. He is playing the card he needs now in order to be re-elected.

    What Obama doesn’t realize is that those cops, firefighters and veterans have families. A mom, a dad, brothers and sisters who, wherever they are, are subjected to the same atrocities we all are. I think it’s a little too late to stop anything. Spring will be hectic and probably violent. No one can keep on protecting the banks in such a shameful manner and get away with it.

    @ all,

    Mandelman has a great podcast interview of Gretchen Morgensen posted on his site.


  19. “The creditor is happy — why is the debtor still the target of collection on a debt that has been settled? The investor creditors know the money is in the hands of their agent banks, so why are we allowing collection on the same debt more than once?”

    Isn’t knowledge of this complicity in a fraud?
    Maybe homeowners should start suing investors in court.

  20. @ joann, the assets are held off-balance sheet in the non-accrual books, held to maturity instead of investment.

    We need these assets MTM and reserves raised at the Holding Company level. These guys are not going to make BASEL III regradless, the next FRC round will keep them break-even and they can’t go to the equity market for more capital at these levels.

  21. I don’t want a free house, i want to be free of the servicer. I feel like a prisoner, all of the equity we had is gone, our house is worth less than it was when we bought it twenty years ago.

    I know more about real estate and tax law than I want to know. I don’t want anything for free, we’ve paid with our tears, humiliation, ruined credit, loss of our equity, loss of our title. How do we get free?

  22. Dedicated auditors? KPMG provided the audits which allowed New Century to stay open 2 years longer. Most of the earlier pools had clean-up calls that were cleaned up by lowering the discount rate. if New Century creditors did not move to clean up these crimes via Carrington, many an auditor and executive would be imprisoned right now.

    What we need to ask is where the hell are the examiners at the OCC and the former OTS.

    These guys are sucking it to the bone on the residual interest and over-collateralization tranche. UPB’s below 10% guys, 15% discount is a helluva mark when they should be a minimum of 25%

    The NA’s have the notes and do not have the capital to repatriate the assets back into the accrual pot. You collapse the pool-the notes have to go somewhere. Look for the FED to purchase another 500 billion in MBA’s soon. Just like the FDIC – they move to liquidate and beat the taxpayer to death slowly. Can’t have another liquidity crisis until the counter-party providers can ensure they have enough to cover the swap strip!

    The next major derivative – Rent Swaps. i am going to try and get involved now, so I am positioned for after the election.

  23. The banks and the powers that be are really really good at PR and most people who are ignorant of what is really going on behind the scenes unfortunately believe the untrue PR and It is sad but look at who owns the media. Case in point one of the biggest contributors and founder of the investigative website Pro publica is George Soros who bought One West Bank from IndyMac with a lovely sweet heart deal included in the package. Pro publica has written very informative articles regarding Foreclosure and Mortgage Fraud although how can you trust what you read when one of their biggest contributors George Soros owns interest in one of the banks who has approved the least amount of Loan Modifications. So his money is behind all the articles including the investigation into Freddie Mac.
    Neil Garfield what you are doing is very important and has helped many people. I looked to your website for information and education during a time when I need to educate myself about how to help our family get through this without walking blindly down a path the banks bank on most people taking. So thank you for that and I believe you can be either part of the problem or part of the solution and you are part of the solution. I think part of the solution is to bring strong consistent and educational awareness to the public and not to allow the powers that be to sweep this under the rug as they are intending to do with their well thought out PR. So I appreciate you and this website as I know you are sincere and care.

  24. The simple solution- make the banks, Wall Street, etc.. forfeit their massive gains on foreclosures, then, homeowners could pay their fair share to any investors who were not already paid thru a non-government entity that wouyld HONESTLY disburse the funds.

  25. It would be interesting if the military demanded an investigation into the titles they are being asked to launder under the pretence of goodwill by parties who harmed them and countless other millions of families now seeking to hide thier massive fraud.

  26. I know exactly what is going on. I am being harassed and denied rights. I need help getting the truth to the public. Began in Suffolk County NY. In the 1980s. Spread like a pandemic.

  27. MBS trusts keeping assets on the books:

    Ignoring this now and for the last five years will be shown by history to have been a mistake that put this global economy and the lives of countless millions into a tailspin from which whole generations will never recover. Boomers and seniors will not recover. Don’t know about those in their 20’s…..

    The evidence mounts daily now still ignored.

    See article at 4closurefraud “The Sophisticated and the Scammed – MBS Trusts Keeping Assets on the Books Long After they are Liquidated” (this post doesn’t go through if I post the link today)….

    Who is going to put an end to this? In who’s interest is it? Who is getting harmed? Who represents anyone and why don’t they speak up? The big banks wear many hats in these deals. Servicers and collectors one place – master servicers and indentured trustee banks another place – dot bank owned trustees another place – “liquidity provider” bank another place and on and on. Bond trader and default swap seller another place. Seems to me the only relationship that matters in who gets paid and who gets to take a home is trustor and beneficiary. All the rest are outside the main deal.

    How can a homeowner get this info in the link above for their own mortgage? They shouldn’t have to pay anyone to do it. Where are the dedicated auditors that can make this stuff public? Can you ask investors if they have access to the info if you know who they are as in lawsuits that name your trust or mutual funds that hold your cusip? Wonder what would happen if you did that. Time for homeowners and investors to compare notes perhaps ….If investors don’t have this info and homeowners don’t have it what is wrong with that picture?

  28. The headline SHOULD read:

    We got several thousand stolen houses, with bad titles, we are “giving away” to veterans and their families>>>>>>

    The PR machine at work…My question is how many military people’s homes did they steal to give to the veterans? They took taxpayer’s money (military members and veterans) and give them the stolen houses back? Really, I guess this is moot point?

  29. they have to keep the cops and the active and veteran military on their side…………and giving stolen houses to them , will go a long way in doing that……UNLESS these men and women understand what is happening and refuse to be the last part of the scam

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