New Foreclosures Will Set Record in 2012

MOST POPULAR ARTICLES

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary CLICK HERE TO GET COMBO TITLE AND SECURITIZATION REPORT

CUSTOMER SERVICE 520-405-1688

Editor’s Note: This is how they do it. First there is the slap in the face. Then you have the recriminations and apologies and “penalties” that amount to no more than rounding errors. People have become accustomed to the tragic numbers of people losing homes to a completely false and fraudulent scheme defrauding the local, state and federal government as well as the core of the middle class (eventually 12 million people will lose their homes).

Now comes the real fun for the banks. The number of foreclosures being initiated by the banks will exceed any year in history this year. It all depends upon apathy produced by the conditioning that the media and the banks have allowed to seep into the narrative of this tragedy.

There is no doubt that in 2007 if anyone was told that that by 2012 5 million people will have lost their homes and soon thereafter another 7 million people would lose their homes, the public outrage and astonishment at the gutting of our economy would have led to all the rules and enforcement that should already be put back in place (same as they were after the Great Depression caused by bank speculation). Business owners would be aghast at the demolition of their customer base and governments would brace for the worst fall in tax revenues ever experienced in American History. Most importantly, we would have done something — if we believed it.

I was a lone voice in the wilderness back then as was Roubini, Johnson and others who saw easily that the American economy was headed for banana republic status. But the stock market was at 14,000 and nobody could imagine that this “fun” would end. It wasn’t real then and it isn’t real now. There is no recovery, regardless of what the Obama administration says, which is not to say that in this election year we are throwing our support to the republican party whose policies and ideologies were largely responsible for this mess being so bad.

My message and the message that comes from other people with even greater knowledge than myself is that we are in for the real crash this year. The insane part of all this is that we now already know what was considered conspiracy theory back in 2007 — the mortgage debt was paid off by taxpayers and insurers, the mortgages are invalid and unenforceable, the mortgage bonds were sold fraudulently, the mortgage bonds were sold with false ratings of investment quality, the properties were financed with false appraisals of fair market value to support prices that were in some cases multiples of the actual value. We now know these things to be true and not just the deduction of some people studying the marketplace.

We know, because the Banks admitted it, that the foreclosures were wrongful but we are still not doing anything about it, let alone stopping the new ones.

So my question to local, state and federal governments, to businessmen who rely on consumer purchasing, to homeowners who think they are untouched by a housing crash they thought was over, is this: when will you learn? or to paraphrase Truman — how many times do you need to be hit in the head before you look up to see who is hitting you? It’s the Banks and as long as you let our government do business with these handful of banks who are essentially dictating government policy, we will be headed downward. These Banks are doing a better (more effective) job of tearing this country apart than Bin Laden ever conceived of doing.

The larger policy questions are being completely missed. The question is not higher or lower taxes or higher or lower spending. The question is whether we take back what the banks stole from us.

GARFIELD HEIGHTS, Ohio (Reuters) – Half a decade into the deepest U.S. housing crisis since the 1930s, many Americans are hoping the crisis is finally nearing its end. House sales are picking up across most of the country, the plunge in prices is slowing and attempts by lenders to claim back properties from struggling borrowers dropped by more than a third in 2011, hitting a four-year low.

But a painful part two of the slump looks set to unfold: Many more U.S. homeowners face the prospect of losing their homes this year as banks pick up the pace of foreclosures.

“We are right back where we were two years ago. I would put money on 2012 being a bigger year for foreclosures than 2010,” said Mark Seifert, executive director of Empowering & Strengthening Ohio’s People (ESOP), a counseling group with 10 offices in Ohio.

“Last year was an anomaly, and not in a good way,” he said.

In 2011, the “robo-signing” scandal, in which foreclosure documents were signed without properly reviewing individual cases, prompted banks to hold back on new foreclosures pending a settlement.

Five major banks eventually struck that settlement with 49 U.S. states in February. Signs are growing the pace of foreclosures is picking up again, something housing experts predict will again weigh on home prices before any sustained recovery can occur.

Mortgage servicing provider Lender Processing Services reported in early March that U.S. foreclosure starts jumped 28 percent in January.

More conclusive national data is not yet available. But watchdog group, 4closurefraud.org which helped uncover the “robo-signing” scandal, says it has turned up evidence of a large rise in new foreclosures between March 1 and 24 by three big banks in Palm Beach County in Florida, one of the states hit hardest by the housing crash

Although foreclosure starts were 50 percent or more lower than for the same period in 2010, those begun by Deutsche Bank were up 47 percent from 2011. Those of Wells Fargo’s rose 68 percent and Bank of America’s, including BAC Home Loans Servicing, jumped nearly seven-fold — 251 starts versus 37 in the same period in 2011. Bank of America said it does not comment on data provided by other sources. Wells Fargo and Deutsche Bank did not comment.

(Reporting By Nick Carey; Editing by Martin Howell and William Schomberg; Desking by Andrew Hay)

see entire article at NEW FORECLOSURES WILL SET RECORD IN 2012

 

50 Responses

  1. […] New Foreclosures Will Set Record in 2012 « Livinglies's Weblog […]

  2. Like Dorothy and the Silver slippers, (they were Silver in the book, not Ruby as on the big screen) we have had the power to reverse this graft and corruption all along, we just don’t realize we have it. It is a total financial boycott of all DEBT. They have us so scared that we just keep paying and paying while they get richer and more powerful.

    What do you think will happen to all those new Chase branches, when EVERYONE stops making payments on their credit cards? They will close, that’s what. What do you think will happen when everyone who has money in a Wall Street bank withdraws it? They will shut the doors. They are already insolvent if you consider the amount of exposure they have through their illegal activities. Chase is currently defending over 10,000 law suits. I say we file ten million more.

    Income tax arrived with the establishment of the Federal Reserve Act in 1933. Do you think that is a coincidence? No American worker owes “income tax”, it’s just another way to rob us of everything and put it directly into the pockets of the moneyed vultures who rule us through a private central banking network called the Federal Reserve.

    Watch the interview Alex Jones did with Joe Banister, a former IRS Field Agent, who plainly states that only people who work abroad owe any tax under the IRS statutes. I looked up the code and poured over and over it. Like the “securitization” which never really happened, the text of the IRS codes is deliberately complex, confusing and vague. You have to jump back and forth from section to section, and one circumstance hinges on another in a separate section. It’s more smoke and mirrors. They say you owe it, and you believe them, but income tax is another living lie!

    http://www.givemeliberty.org/RTPLawsuit/Update2005-06-28.htm

    STOP PAYING INCOME TAX. Have you ever done any research to find out where your tax money even goes? Well have you? It doesn’t run the government. It doesn’t keep the highway system in good repair. It doesn’t fund community programs and keep schools operating. It goes directly into the pockets of the criminal FEDERAL RESERVE! WAKE UP and STOP THIS INSANITY. The IRS is just another tentacle of the octopus strangling the world. Chop off it’s money supply and put an end to their reign of financial terror.

  3. One way servicers multiply your loan is they change your address. After I closed, I requested copy of my loan app, and to my surprise I received 5 different loan apps with similar but different addresses that I had never seen or signed. DOT had incorect address.

  4. Exactly.

  5. Hey tnharry, now you know I’ve never once said anything about you going up in flames….maybe a brief mention of hemlock tea or some other remedy for what ails us….

    And yes, you’re exactly right….this site doesn’t need ANY cheerleaders, I agree wholeheartedly. False hope is everywhere here. There’s only occasional word of a mortgagor victory here or there, and more often than not, and underneath the victory shouts and high fives, is the hidden fact that it’s either just the foreclosure that is void, or that the deal is without prejudice, which means another resource draining event for one and all.

    I guess I’d lighten up on you a wee bit if I felt like you were either 1) aiding people with information that is helpful, which I don’t believe you are, or 2) if you were at all aware of the scorched earth ruin-nation that’s occurring all around us, and you would appear not to be on that point as well.

    This shit’s very much like what I believe a reverse neutron bomb would be like….instead of killing all the people and leaving the houses intact, this is shredding neighborhoods and communities coast to coast and leaving the people destitute and in need of housing, which many can’t afford after the government approved gang rape occurring nationwide.

    If you work for this machine and hang out here to watch the ants squirm under the focused beam of light, you’re no better than the Romans who thumb-downed the folks unlucky enough to see the wrong view of the coliseum.

    But I have no say over what anyone here can say or do, as I’m just a fellow gawker, one who’s trying to hone a few skills to defeat your well funded brethren. May the best man win. I’m off to sharpen my sword now.

  6. what “truth” is being covered up? enraged, i, and others implore people to protect their rights by litigation. if neil has some “truth”, he’s covering it up by not sharing it. nancy drewe might have some “truth”, but good luck understanding any of it or making it work in some fruitful way for you.

    the “truth” is – file a lawsuit. make it simple and concise, so that a layperson without an MBA or CPA degree can follow it, because they’ll be your jurors.

    the “truth” is – get an attorney. not required, but very few people can make this work without one.

    the “truth” is – be prepared to rebut the idea that you’re seeking a free house. unfair perception or not, that’s going to be on everyone’s mind. make payments into an escrow account or into the court’s registry. if you’re unable to, then the judge and bank atty will perceive your action as nothing more than a delay tactic. and if you’re unable to make modest payments, then it really starts to look “true”

    the “truth” is – you might lose. probably 80+% of the time you will lose in the long run. but if you can make it expensive enough and take enough time, the bank will make a deal with you.

    the “truth” is – you need to clearly define in your mind what a victory is. do you want the house or are you seeking personal vindication. if it’s the house you want, a settlement, although distasteful, might not be such a bad idea. proceeding to trial is gambling with shelter for you and your family.

  7. I think the true “loser” is someone who constantly tries to cover up the truth…instead of reveal it. If we are not constantly trying to find the truth and share it—then we will surely lose everything.

  8. @tolle – “same old meme” is perhaps the nicest thing you’ve ever said about me. it beats the usual “die in a fire” i get.

    do you really want or need yet another cheerleader? most days this site is just a big circle jerk. “i hate the banksters” “yeah, i hate them too” “we should string them up”. i hate to see misinformation disseminated, sorry. the idea that sending a few QWRs or debt dispute letters per the FDCPA somehow protects you from loss of your home without more is preposterous. yet that’s exactly what many here espouse everyday. some of those people already lost but keep preaching the same losing stuff to the new people visiting the site the first time.

  9. E. Toile,

    I so understand your frustration. Unfortunately, right now, it’s still a case-by-case thing of catch if catch can. ‘Till it blows up. May 1st is coming fast. And amazingly, May 1st is a very important day in many countries… I have high hopes.

  10. […] our artificially created third world country becomes an impossible task. … View post: New Foreclosures Will Set Record in 2012 « Livinglies's Weblog ← Foreclosure – When to Seek Help $25 Billion Foreclosure Settlement Reached for […]

  11. What we need to have here, and what gets lost in the monotony of the same old meme from people like tnharry and the banker crowd, is the constant reminder that this is all 100% illegal and consists of many millions of crimes against humanity. No matter how many times these people want to act like it’s a catch if catch can game, we all know that they should actually ALL be carted off by the tens or hundreds of thousands for long spells in dark places.

    The press either isn’t up to the task of discussing issues concerning trusts and securities and fraudulent foreclosure documents, or they’ve been put onto other duties i.e. away from the criminality on purpose. The robo-signing was and is for one purpose only; the forging of docs that they need to have in order to steal homes through fraudulent foreclosures. Without these forged docs, they can’t steal the homes; it’s such a simple equation.

    The foreclosure moratorium was a crowd pleaser for Congress; it made everyone feel as if something was being accomplished. So too was the AG sell-out. HAMP, HARP, all the acronyms are meaningless for us, however, those combined with TARP and the QEs further shifts our wealth to them. Now that the brief slowdown for theatrical purposes is over, the foreclosure machine is starting to whir at record speed, and it won’t stop now that the criminality has been blessed, and until we are all out of our houses. Full speed ahead.

    We here all know that they’re stealing houses that they have no legitimate claims to, and Washington knows that as well. So….either D.C. is deathly afraid of the Wall Street crowd, or, they ARE the Wall Street crowd. How in the hell else could anyone decide that the filing of false notarizations and perjured documents, both in courts across the land as well as at the SEC, is at all acceptable? And now the past criminality is forgiven? How can anyone explain this to a child being raised in this country? I’m no legal scholar, but has anything like this ever happened in the history of mankind? Elect who? For what, more of the same? Are you kidding me?

    As to wondering about Boxer’s tax deal….I’m too fixated on the criminality which involves me….I am, like most who wander on to this site just trying to make a stand against unbeatable odds that are being 100% financed by my tax money forwarded to the criminals by my government, the same government that’s been sold to the criminals. Circle jerked and sold out.

    Fuck Them All

  12. but doesn’t that very phrase “except for the cash out” destroy the argument? that’s what was suggested before – that overgeneralizations are very easy to attack. and once a small crack is found, especially in the foundation, the building blocks of the larger argument start to collapse as well.

  13. Louisana BK Judge Clobbers Well Fargo : Awards Homeowner 3 MM plus Attorney Fees

    Wells Fargo’s actions were not only highly reprehensible, but its subsequent reaction on their exposure has been less than satisfactory. There is a strong societal interest in preventing such future conduct through a punitive award.
    Read more at http://www.msfraud.org/law/lounge/jones-v-wells-fargo_3-million-punative-award-4-12.pdf

    ***********************************************************************************************************************************

    What’s On Their Minds? The Ohio Supreme Court Wades Into the Foreclosure Mess–Standing and Real Party in Interest. Federal Home Loan Mortgage Corp. v. Duane Schwartzwald et al.
    Posted on April 5, 2012 by MBettman
    On April 4, 2012, the Supreme Court of Ohio heard oral argument in the case of Federal Home Loan Mortgage Corp. v. Duane Schwartzwald et al. The Court accepted the case on conflict certification, to resolve a split among the First, Second, and Eighth appellate districts. The issue in this case is whether, in a mortgage foreclosure action, a party must have standing at the time the suit is filed, or whether the lack of standing or can be cured by getting the proper paperwork in order prior to judgment.

    Legacy Mortgage was the original mortgage lender in this case. Legacy contracted with Wells Fargo to be the loan servicer, and later assigned the mortgage to Wells Fargo in November of 2006. In 2008, Mr. Schwartzwald lost his job, and he and his wife fell into default on their mortgage.

    Freddie Mac filed a foreclosure action against the Schwartzwalds in April of 2009. In the complaint, Freddie Mac stated that it held the note and mortgage, but at the time the suit was filed, there were no attachments to the complaint to support either contention. In their answer, the homeowners argued the case should be dismissed for lack of standing.

    The parties agreed that an assignment of the mortgage to Freddie Mac was executed a month after the suit was filed. According to the homeowners, Freddie Mac never established its possession of the note; according to Freddie Mac, it was entitled to enforce the note as a nonholder in possession with the rights of a holder.

    The homeowners in this case argue that a plaintiff must have standing at the time a case is filed in order to invoke the jurisdiction

    Read more at http://www.legallyspeakingohio.com/2012/04/whats-on-their-minds-the-supreme-court-wades-into-the-foreclosure-mess-standing-and-real-party-in-interest-federal-home-loan-mortgage-corp-v-duane-schwartzwald-et-al/

  14. @Carie,

    1) It already is in the media. They choose not to talk about it for the same reason most of us can’t: we don’t have enough information to understanding it, let alone explain it.

    2) Speaking of “not enough information”, the excerpt you post does not clearly state where the “except for the cash-out for the loans” comes from. Whether virtual or real, money or “consideration” went from one hand to the other or one book to the other. So, it would make sense to conclude that “follow the money” relates to both the amount being refinance and the heloc if one was paid out. In that case, actual money was given to the homeowner. It no longer is a simple game of number transfers. That actual wad of green paper, where did it come from? Inother words, since it didn’t appear by magic wand, it was withdrawn from some account before put into the homeowner’s account. If we track that part down, we can better understand the rest of it.

    Or at least, I can…

  15. HOW do we get THIS in the media:

    “…Since the “loan” refinances (subprime/alt-a), and jumbo new purchases were non-compliant and non-performing manufactured defaults, no funding at all was necessary (except for the cash-out for the loans). The warehouse lines of credit never actually transferred any actual cash for funding. These lines of credit were simply “credit lines” that the “Depositor” would provide to their correspondent lenders. Once the “loan” refinance origination was completed the Depositor would then reverse the “credit” owed by the correspondent (originator). This never involved any actual deposit of cash proceeds —- the “funding” payoff check is never “deposited” into any bank account. The check is routed to a security derivative clearing house — who then simply cancels the credit-line transaction…”

  16. The end of Swiss banks accounts… I hope this snowballs and spreads. Not only do we have the tax free Swiss banks accounts to deal with but I hear Romney’s money is in the islands (Bermuda? The Bahamas?) with Newt’s and half of Congress’.

    Boy Oh Boy, it’s going to get good!

    Germans and Swiss Reach Stricter Deal on Tax Cheats
    Fri., April 6, 2012
    Switzerland agreed Thursday to a revised tax deal with Germany under which it would pay billions of dollars on funds hidden in its banks by German tax dodgers, the latest step in an international charm offensive that is meant to salvage at least some of the country’s famous banking secrecy, the International Herald Tribune reported. The accord , which was made tougher after a September deal was criticized by the German opposition and officials in Brussels, provides for the assessment of a one-time charge of 21 percent to 41 percent of the value of secret German accounts, higher than the original agreement of 19 percent to 34 percent. Swiss banks that are home to such accounts would make payments to the German government. Anyone inheriting such an account will have to either pay a 50 percent tax or disclose its existence to the German authorities. And henceforth, taxes on investment income will be withheld at the standard German rate. Crucially, from the point of view of maintaining Swiss banking secrecy, account holders’ names will not be revealed to Berlin, and the Swiss authorities will be responsible for ensuring that taxes are paid on behalf of the account holder, who can remain anonymous if desired. The German Finance Ministry estimated that a one-time payment of back taxes could bring it a windfall of up to €10 billion, or $13 billion, with annual payments of €750 million a year thereafter. Read more. (Subscription required.)

  17. Hey E. Toilr,

    What do you make of that bill tying passports to owed back taxes? I put a spin on it that I really (really) don’t want to put but… I don’t see any other justification.

    Scares the crap out of me, even though I may be among the few able to run for cover in my embassy. I worked 30 years in this country and having absolutely nothing to show for it and not even being able to see any future is discouraging.

  18. My house was in foreclosure for 2 1/2 years. I have been going back and fourth with the bank asking them to prove that they were the party of interest on my note and to prove it. To make a long story short I had a sell date of 10/12/11 and the sale was cancelled. I didn’t hear anything for months so went to the county and saw that they filed a Rescission Notice of Default and Election to sell Under Deed of Trust. So my question is now what do I do? Do I try and file quite title? Please help!

  19. They all did it. Multi-pledging was by far the best way to make money grow exponentially, especially when coupled with really cool derivatives that could do a 30 to 1 spread or better.

    But only one got caught red-handed, Lee Farkas, the chairman of Taylor, Bean & Whitaker. But like the rest of these guys, he had a legitimate need for excessive profits, profits unavailable to mere working folks. Needs like…. keeping all 40 of his vintage automobiles tuned and polished. And of course, someone as powerful as a bank chairman needs a private jet nearby….they can’t fly around with commoners. He also needed a smaller private plane to scurry off to his Maine lake house, because, well, visiting the same 8,000 square foot Florida beach getaway can really get boring after awhile. Have a heart.

    It’s the biggest heist in the history of this side of the cosmos. The government knows it, but they don’t want to have to (but they will) enforce martial law if and when we find out that they were not only enablers, but the very causation of the criminality. They have proven over and over again that they will do whatever it takes to continue the looting, even if it means that there’s nothing left of this country when they’re done.

    GS = DC, got it?

    Watch after the 3:00 mark:

  20. @To tell the truth,

    Well, i don’t have numbers so I don’t know how widespread it was.

    What I do know for a fact is that my second (small) mortgage was sold to a JDB 4 years ago. Two years later, and while JDB was pestering me for the money that i don’t have and can’t give, I received three letters: one from a bank telling that they were the new trustee, one from a servicer telling me that they were handling my loan and one from… the very first servicer telling me (after having said 2 years ago that they had sold that loan to JDB) that I had a brand new trustee and a brand new servicer.

    I QWR’d everyone and his brother, asking “what the hell is going on?”… to be sent a letter by first servicer stating: “Oops! You’re right. That loan was sold to WF 15 months ago. Disregard our previous correspondence.”

    That, to me, would seem to indicate that, indeed, loans may have been sold over and over. Again, how widespread? No idea! But it does exist.

  21. Let me qualify a bit…same mortgage , not a different one, same property/owners, same banksters….

  22. the following comment was made on a previous post…I am pasting it here again…has anyone heard of any other cases where a note was submitted to more than one trust? Can a lis penids 5 years ago for example, siting a certain trust become another lis pendis on the same property siting another trust?

    1. E. Tolle, on January 13, 2012 at 2:47 pm said:
    Neil, I know you don’t answer comments like these, at least not like you used to in the beginning days of your blog when the banksters ran amuck and foreclosed on all us deadbeats at will. Oh, those days are still here years later? Imagine that, some things never change.
    However, you have raised a subject repeatedly such as in the above post, where you state emphatically that:
    “Your signature enabled the investment banks to sell your loan multiple times
    On this subject, it would appear that Yves Smith differs from your view, when she writes in a comment:
    No, the idea that loans went into more than one trust is very much exaggerated as a concern. ( Paul, is there any evidence otherwise?)Only one originator seems to have done this, and it wasn’t one of the biggies (I can’t recall the name now….). And even then, I suspect it was driven more by their mortgage brokers (the low-life firms did not have their own origination but used third parties) than an attempt by the originator to defraud (will check with my sources on this and may add another comment later). In the later stages of the bubble, you’d have, no joke, former pizza delivery guys becoming brokers. Some of them figured out they could make as much money selling the same loan 2-2 times as finding 2-3 borrowers for far less work.
    The reason is that mortgage notes are actual documents, wet ink signatures, exempt from Federal digital signature law. The whole point of a securitization is to structure the cash flows. You can’t magically multiply the cash flows to have the actual cash go in multiple securitizations.
    It’s hard to imagine that here we are four years down the road and we still don’t know what in the hell is going on, or at least, no one has been able to force the hands of the banksters to reveal their fraud.
    The question was and remains, is there any definitive way to show whether or not a loan has been placed into multiple trusts, or simply sold multiple times? And if so, how? And if not, why not? And if not, how do we embarrass our reps in Congress into doing something about it?

  23. The implication of Barbara Boxer’s bill (confiscate passports of those who owe back taxes) is frightening and I am starting to reconsider my optimism… People have spoken over and over. They have pleaded with the feds, their local government, their courts for some justice. It failed and foreclosures are still in the rise.

    I have been advocating that we stop paying taxes. Money does speak louder than words, right? Barbara Boxer seems to understand how much power there still remains with tax payers. She knows that, were we to stop paying taxes, the feds and the banks wouldn’t last five days. So, this bill she introduced will make free speech even more difficult. You think we have free speech because Rachel Maddows and Dylan Ratigan can write inflammatory pieces? Think again. They are allowed to speak because they are entertaining, they keep us glued to the tube and they do our thinking for us. They don’t represent a real threat. Once our ability to use money to be heard has been taken away for good, we are done as a democracy, a republic and a country. I am not trying to be an alarmist. Wake up people!

    We need to take action. The foreclosures are the least of our worries. What is being implemented is much, much more frightening.

    Join The 99 Declaration before it turns so violent that rebuilding our artificially created third world country becomes an impossible task. I’ve live in Africa. I know what life in a third-world country is like. I’ve grown up with stories and stories of life under the 3rd Reich. Believe me, people, you cannot ignore what is happening. Revolt now bcause it soon will be too late!

  24. “Think of the nation as mere pheasants before a king….”

    As in…on a platter under glass? Have Dimon, Moynihan, and Obama started dining on the foreclosed? OMG! Someone call the Society For the Prevention of Cruelty to Foreclosure Victims!

    I was afraid it would come to this! They won’t be done with their atrocities until they’ve de-marrowed our bones and licked the plates clean….oh the humanity! They’re not tent cities!!! They’re feed Confined Victim Feedlots!

  25. This will not end Neil, we as a nation have no power in the people, that erriossion of the very foundation of the constitution written by our forefathers will continue till we are none. Think of the nation as mere pheasants before a king, the middle class will be gone in the next ten years, the very foundation of any econmic growth. What will happen in the next decade will change our status forever……

  26. Right out of today’s Wass Street Journal.

    Question: what do you make of “then be placed on leave until Sept. 14, during which time he will have limited contact with the bank”?
    And why just until September 14? What’s special about September 14?

    Apr 5, 2012

    12:28 PM

    Brian Sack Resigns as Head of NY Fed’s Markets GroupThe Federal Reserve Bank of New York said Thursday the head of its markets group, Brian Sack, is resigning from the bank effective Sept. 14. Sack will stay in his current post until June 29 as the bank searches for his replacement. In his current role, Sack oversees market-related studies and manages the System Open Market Account. In a press release on the NY Fed website, the bank says Sack will step down from his post June 29, then be placed on leave until Sept. 14, during which time he will have limited contact with the bank. Sack joined the New York Fed as head of the markets group in June 2009

  27. Vive la liberte!

    That’s right, I hd forgotten all about Geithner not being able to be sworn in because he owed… back taxes. Got the job regardless…

    Senate Democrats Quietly Pass Bill To Suspend Passport Rights of Those Who Owe Back Taxes

    Apr 5, 2012 2 Comments ›› Toro520 CBS:

    LOS ANGELES (CBS) — A bill authored by a Southland lawmaker that could potentially allow the federal government to prevent any Americans who owe back taxes from traveling outside the U.S. is one step closer to becoming law.

    Senate Bill 1813 was introduced back in November by Senator Barbara Boxer (D-Los Angeles) to “reauthorize Federal-aid highway and highway safety construction programs, and for other purposes” .

    After clearing the Senate on a 74 – 22 vote on March 14, SB 1813 is now headed for a vote in the House of Representatives, where it’s expected to encounter stiffer opposition among the GOP majority.

    In addition to authorizing appropriations for federal transportation and infrastructure programs, the “Moving Ahead for Progress in the 21st Century Act” or “MAP-21? includes a provision that would allow for the “revocation or denial” of a passport for anyone with “certain unpaid taxes” or “tax delinquencies”.

    Section 40304 of the legislation states that any individual who owes more than $50,000 to the Internal Revenue Service may be subject to “action with respect to denial, revocation, or limitation of a passport”.

    The bill does allow for exceptions in the event of emergency or humanitarian situations or limited return travel to the U.S., or in cases when any tax debt is currently being repaid in a “timely manner” or when collection efforts have been suspended.

    However, there does not appear to be any specific language requiring a taxpayer to be charged with tax evasion or any other crime in order to have their passport revoked or limited — only that a notice of lien or levy has been filed by the IRS.

    Boxer vowed last week to push House Republicans to pass the bipartisan transportation bill that would keep the Highway Trust Fund from going bankrupt.

    “Thousands of businesses are at stake, and eventually we are talking about nearly three million jobs at stake,” she said in a statement. “There are many people on both sides of the aisle in the Senate who want to get our bill, MAP-21, passed into law, and I am going to do everything I can to keep the pressure on the Republican House to do just that.”

    Flashback: 36 of Obama’s aides still owe back taxes worth over $833,000

    List of Obama cabinet members who owe back taxes:

    Kathleen Sebilius
    Tom Daschle
    Nancy Killefer
    Timothy Geithner
    Ron Kirk
    Hilda Solis’s husband

    Investor’s Business Daily:

    How embarrassing this must be for President Obama, whose major speech theme so far this campaign season has been that every single American, no matter how rich, should pay their “fair share” of taxes.

    Because how unfair — indeed, un-American — it is for an office worker like, say, Warren Buffet’s secretary to dutifully pay her taxes, while some well-to-do people with better educations and higher incomes end up paying a much smaller tax rate.

    Or, worse, skipping their taxes altogether.

    A new report just out from the Internal Revenue Service reveals that 36 of President Obama’s executive office staff owe the country $833,970 in back taxes. These people working for Mr. Fair Share apparently haven’t paid any share, let alone their fair share.

    Previous reports have shown how well-paid Obama’s White House staff is, with 457 aides pulling down more than $37 million last year. That’s up seven workers and nearly $4 million from the Bush administration’s last year.

    Nearly one-third of Obama’s aides make more than $100,000 with 21 being paid the top White House salary of $172,200, each.

    The IRS’ 2010 delinquent tax revelations come as part of a required annual agency report on federal employees’ tax compliance. Turns out, an awful lot of folks being paid by taxpayers are not paying their own income taxes.

    The report finds that thousands of federal employees owe the country more than $3.4 billion in back taxes. That’s up 3% in the past year.

    That scale of delinquency could annoy voters, hard-pressed by their own costs, fears and stubbornly high unemployment despite Joe Biden’s many promises.

    The tax offenders include employees of the U.S. Senate who help write the laws imposed on everyone else. They owe $2.1 million. Workers in the House of Representatives owe $8.5 million, Department of Education employees owe $4.3 million and over at Homeland Security, 4,697 workers owe about $37 million. Active duty military members owe more than $100 million.

    The Treasury Department, where Obama nominee Tim Geithner had to pay up $42,000 in his own back taxes before being confirmed as secretary, has 1,181 other employees with delinquent taxes totaling $9.3 million.

    As usual, the Postal Service, with more than 600,000 workers, has the most offenders (25,640), who also owe the most — almost $270 million. Veterans Affairs has 11,659 workers owing the IRS $151 million while the Energy Department that was so quick to dish out more than $500 million to the Solyndra folks has 322 employees owing $5 million.

    The country’s chief law enforcement agency, the Department of Justice, has 2,069 employees who are nearly $17 million behind in taxes. Like Operation Fast and Furious, Attorney General Eric Holder has apparently missed them too.

    As with ordinary people, the IRS attempts to negotiate back-tax payment plans with all delinquents, whose names cannot be released. But according to current federal law, the only federal employees who can be fired for not paying taxes are IRS workers.

  28. Exactly right, Shelley.

  29. I have the combo and did click here and am doing the money trail with a friend that has the tools to do the money trail. No matter how good the evidence, the judges are enabling this crime against us. The politicains are enabling the crime against us. I am praying for help in the Appeals court. We will see. Fraud upon the court can be filed over and over until Justice is done. The court rooms are crime scenes. The neighborhoods are crimes scenes. Each foreclosed house is a crime scene. Our entire government is one massive crime scene as a whole.

  30. Enraged, Hate to break bad news but the settlement is signed and approved by the judge. Blantant betrayal infront of our eyes.

    http://stopforeclosurefraud.com/2012/04/05/breaking-the-25b-foreclosure-fraud-settlement-has-been-approved-by-u-s-district-judge-rosemary-collyer/

    I want to file a case against the AG for breaching his fudiciary duty and his oat of office.

    I can guess this article below is pretty much like all MBS docs. All empty.

    The bad judges are betraying Americans and should be held accountable. These judges are the enablers of the worst crime in my lifetime.
    http://www.msfraud.org/Articles/US-Bank-Took-Shortcuts-With-MBS-Loan-Docs_%20Suit-4-12.pdf

  31. Thanks, E.

  32. @ carie, I feel for you….I really do. It doesn’t help anyone to have to navigate these totally fraudulent, never visited waters alone all the while folks on a blog saying you should’a or could’a whatever….

    The bottom line is that this entire artifice is fraud, from the very top to the bottom feeders that ripped off your house. It’s simply a mechanism for shifting the wealth from the people to those who financed the laws that enable/d this fraud to occur. None of this is your fault, and to imply that you didn’t take the right action or steer the correct course is just total bullshit.

    Maybe, just maybe, sanity will return at some point and jail will prescribed for all the fraudulent players; also allowing a true reckoning for those injured by this unbelievable crime spree. If that doesn’t happen, then bring on the street riots and the mayhem….prescriptions for foul tasting medicine can be written by anyone when the shit hits the fan.

  33. @Anh

    Indeed—my servicer only had to say: “We are of the opinion we are following all applicable laws…” With NO PROOF.

    That OPINION means they can STEAL houses. And we have no recourse, except to pay someone to assist us to flounder indefinitely in court, or declare bankruptcy, or any other number of things that has no guarantee whatsoever, and will most likely cause untold amounts of money and stress—and then you lose your house anyway.

  34. The Wizard Behind the Curtain, Part Two

    Posted on April 4th, 2012 by Mark Stopa

    It’s a new ballgame, folks.

    Remember my recent posts, including here and here, where I argued at length that a servicer could not prosecute a lawsuit without the trustee/agent ratifying the servicer’s actions? In my view, it’s not enough that the servicer says it has the authority to proceed on behalf of a trust – the servicer must prove it with evidence from the trust itself.

    Unfortunately, this has not been happening in foreclosure cases in Florida. Instead of servicers proving their authority to act on behalf of a trustee, the servicers merely assert they have that authority, without any independent proof. This has prompted many consumer advocates, including myself, to wonder whether the plaintiffs named in foreclosure lawsuits even know these lawsuits are pending, a phenomenon many in the industry have called The Wizard Behind The Curtain.

    Anyway, earlier today, Florida’s Fourth District issued an earth-shattering opinion, agreeing with everything I’ve been arguing in these regards:

    Read more at http://www.stayinmyhome.com/blog/2012/04/the-wizard-behind-the-curtain-part-two/

  35. We know that “investors” DID NOT FUND AND DO NOT OWN ANY “LOANS”.
    We know that the foreclosures are illegal.
    We know that the county recording offices are crime scenes.
    We know that foreclosure mills are the enemy.
    We know that the servicers are the enemy.
    We now know that the “real estate investors/buyers” (not just the “banks”), in these illegally foreclosed on properties are also the enemy…

    WE NEED TO SHAME THEM LIKE THEY HAVE BEEN SHAMING THE IGNORANT, DUPED, SCAMMED HOMEOWNERS. WE NEED TO TURN THE TIDE—LET EVERYONE KNOW WHAT IS REALLY GOING ON.
    IF YOU BUY A FORECLOSURE YOU ARE PART OF THE PROBLEM– NOT PART OF THE SOLUTION.

    YES, STOP PAYING EVERYTHING AND FIGHT BACK HOWEVER YOU CAN. KNOWLEDGE IS POWER—WE MUST EDUCATE EVERYONE AND SHARE THE TRUTH…the WHOLE truth.

  36. Now the wealthy are scooping up the forclosed houses and renting these homes to the same people that can no longer afford to own a piece of the American dream. Shawn Hennity was actually bragging today about a “friend” of his that was buying up these properties and making a 10% profit. So it is ok for the wealthy to prosper off of others misery, becuase only the wealthy can afford multiple forclosed properties. So Henity thinks it is ok to prosper from Americans getting knifed by the banks, as long as you have the money. Morals be damned. Doing what is right be damned. He would soil his pants if he had to walk down some of Amercias streets. But hey he and his pals are rich so he will never get a glimps of the America he is helping shape. Jobs are gone, factories that actually pay enough to live on are gone. And we can’t picket them becuase the wealthy creeps sent them overseas. What factories that do come back are highering back their old emploees that know how to make the place run at much much lower wages with practically no health insurance , firing all their white collar bosses, becuase as we all knew, they weren’t need in the first place to keep the shops running. So the fat cats are getting fatter, severly reduced wages, no real health coverage, no matching 401k funds, (who in their right mind would invest their hard earned money there now?) The wealthy are doing what they always have done. It’s back to the 19th century for the U.S. Is there really anyone out there that belives these fat cats care more about people now than then? Now that there are no factories to picket, and stop their obscene profits, the unscropulous fat cats temporarily have the upper hand. But our turn is coming.

  37. @tnharry – I have learned and explained alot to folks since 2006, including being one of the first on record telling folks to short all the banks. the fraud actually started much earlier and has been occuring at FNM and FRE for 15 years. having worked with MBS I had a solid understanding of the fraud committed, yet i have still learned from some of the folks here.

    Although, i never needed a title chain / securitization report, the information is helpful to attorneys who for the most part have no clue. When I used to tell attorneys in 2007 and 2008 that the bank lacked standing on my friends to foreclose, they would give me the “you have six heads” look. Just as I cannot compete with a lawyer without a great dictionary set and a subscription to westlaw, they cannot be expected to understand mortgage pools.

    The folks that say the people of the world revolting will take place this year are already correct. Our media only tells us about the unrest that our government wants us to see, Syria, Libya, sometimes Bharain,until the Saudis get pissed. The people in Iran, India, China and Russia are already forming groups and when Italy and Spain take down the Euro entirely, the proverbial brown stuff is going to hit the fan.

    Back in 2007, folks laughed when I said we would have $5.00 bread in 5 years and that a gallon of milk would also cost as much. America is quickly eroding as the world leader and the international currency will be introduced immediately after Italy collapses. Within two years the dollar will be devalued and Americans will suffer like never before.

    American must male the choice now! We can all stop paying everything and suffer until the banking system collapses, taking the FRC and the rest of the private banks with us, or we can sit idly by and watch them continue to hurt us slowly while we ail them out. they are already moving out of dollars and US equities while telling us to buy. Just take a look at the Merrill Lynch ANALyst who said house prices would increase 40% by 2020. It is time to buy food guys. Forget gold and other precious metals. Buy rice and water and start stashing it away. There is no coming back from what has occured.

    Live it out in the house as long as you can without paying a nickel and than short sell to some investor who thinks they can flip it. Fight the foreclosure as best you can and try to get an attorney to help delay the process. Some attorneys get it and can motion the bank to death and buy an extra year. The longer we make them suffer and the less we pay back to them, the stronger the peopl will become. July 01, 2012 will be a day to remember. It is beginning and nothing will be able to stop it. I already here the shouts to save the queen!

  38. @Wendell,

    I’ve read your position on land value taxation. I do have a question…

    How would it apply to commercial property? Many extremely profitable businesses lease. If they don’t own any property, how would you propose to generate revenue from those?

  39. The point here is that overall the economy is not going to recover and for sure real estate is not going to recover lost value anytime soon. it was going to take many years as is usual in a normal 18 year cycle after a land speculation bust. Now it may take far longer.

    The disappointment for most people is that real estate values will not rise and “investment” in real estate will not be able to start raking in another round of unearned income/value which is the whole point of our land tenure and tax policies regarding real estate in this country.

    Now would be a good time to question the validity of encouraging investment and speculation in the market for a necessity of life. I know this has been America’s favorite game since the beginning but it never has been in the interest of all of us for that to be the case.

    The simple solution again for those who have suffered through my comments is to shift taxation onto land values and off of homes, other improvements, the wages of labor and the real profits of real capital in the real economy. This is called “land value taxation” which includes untaxing the earned incomes of people and penalizing what they do.

    While land values are rising which is what is 95% of what is going up when real estate in general goes up in price, no one will consider let alone speak about ending the game through taxing land values or in any other way. But the game is over for a long time and it is time to reconsider whether getting something for nothing on the increase of the price of a common necessity is where America should continue to go.

  40. I did some research. In fact, the only article speaking of foreclosures picking up is this one, posted by Neil and written by someone from Ohio.

    We shouldn’t worry until more than one source concur. And it probably won’t be across the board. Remember that many legal actions have been initiated by many different states and have not been dismissed with the “not-yet-signed-and-court-approved-settlement”.

  41. @java – I agree, those people sat back in the summers of 2011, 2010, and 2009. what’s different this year?

    except maybe this…CLICK HERE TO GET COMBO TITLE AND SECURITIZATION REPORT

  42. @marik – it’s all because none of those people followed through to “CLICK HERE TO GET COMBO TITLE AND SECURITIZATION REPORT”

  43. OK Javagold –

    Who are ‘the people’ who will not sit back come Summer – why aren’t ‘the people’ acting NOW ???

    What will it take ?

    Why will the banks feel it necessary to wise up when the ‘Goliath 5’ are winning ?

    When Darrell Blomberg, in Phoenix, asked the group, “Who this week had a positive outcome (in Court etc) NO ONE ANSWERED !!!!

    WE ARE NOT WINNING, FOLKS !!!

  44. i have to ask – do people still come here seeking advice or is it just a discussion board at this point. i truly feel sorry for those seeking good information

  45. […] Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: 60 minutes, affidavits • attesting • Daniel Edstrom • DTC-Systems • fabricating • false information • false sworn documents • foreclose • illicit business practices • improper statements • imp, AHMSI, appraisal fraud, attorney general, auction fraud, Chris Koster, credit bids, DocX Indictment, foreclosure fraud, FORECLOSURE SETTLEMENT, foreclosures, forgery, housing market, housing prices, investors, linda green, LPS, Missouri, mortgage fruad, mortgages, Robo-Signing, settlement, strategic default, Wells Fargo Livinglies’s Weblog […]

  46. @Java,

    My feeling exactly. I am due for a hearing on a JDB in a couple of months and I just received notification that my motion for summary judgment on a slew of statutory violations was denied. So, that will be one more thing I am alleged to owe and one more thing preventing me from rebuilding some kind of retirement fund stolen by the banks. And since social security is under constant attack, by the time I could hope to collect what I paid into it for 30 years, it will be gone.

    Might not be this month, this year or next year but the recipe for civil war is being refined one day at a time. I got the latest numbers for February 2012: out of 320 million American, 270 own a gun or a firearm of some kind.

    That tells me everything I need to know. The way I look at it is simple: I know the end of the book for me and there is nothing I can do to prevent it. I may be able to postpone it by eating healthy, exercising and taking care of myself but the end remains the same: I will die eventually. Once people realize that it is the end road for them as well and everything has been done to make sure they would not enjoy their last years after having worked their butt off for years and years, they will revolt. They absolutely will. No two ways about it.

  47. no substance in that story at all…

  48. i dont think the people are going to sit back in summer 2012 , i really believe this time will be different…..heck, most people have nothing left to lose and that is always very dangerous mixture…..the banks better wise up to this and quickly

  49. Not if we win our battle.

    Fraud in a fifteen minute nutshell video!
    http://mariofinkbiner.com/quiet-title-action-with-finacial-expertdon-frano-part-1-10285/

Leave a Reply

%d bloggers like this: