NY Times: Still No Justice for Mortgage Abuses

Editor’s Note: The only thing I differ upon is that if the mortgages are finally recognized as unperfected liens based upon invalid notes for which the payee provided no funding, then the debt is not forgiven, it is paid in many cases by insurance, credit default swaps and Federal bailouts.

Wiping out the debt for the payment that was actually received by the true creditor or its agents would result in a benefit to the homeowners that would leave them with a tax liability instead of a mortgage. The tax liability would be lower than the mortgage even under the best of modification proposals. It would help homeowners, help state and local governments and of course have a huge impact on the Federal deficit — thus triggering a jump start to robust economic recovery.

The corresponding loss of revenue and losses caused by the claw back of ill-gotten gains from the bank will have very little effect since they are using off-shore tax havens to shield the money they took from investors and paying zero taxes.

But I guess this makes too much sense for any  government policy to follow.


11 Responses

  1. Anyone can sponsor deployment of a dozen such Samurais on OWS against BankGsters?

  2. “The only way to get out of this is to let people fail.” says your title insurer on page 19: http://www.alta.org/publications/titlenews/11/Volume90_Issue07.pdf

  3. Not only tax-free, the banks’ offshore accounts are likely invested and making interest, if not, buying gold or diamonds or some other investments.
    So, banks are making money yet AGAIN off our hardship.

    We should all do the same. Get all the fiat money you can and get it invested into something tangible before the whole thing “changes ownership.” (and/or collapses)

    Liquidate IRAs, 401ks, stock market assets, and whatnot and get real stuff.

    If we got rid of the IRS….now THAT would be a REAL boon to the economy.

  4. Carter Deshler trustee for my wife stole 1.5 mil from her bank account purchasing houses in her name ot her trusts and is making a profit for herself and daughters, The Law says she is home free

  5. As soon as we light the fire under Obama’s assets first, BSE! Patience my Dear!

  6. More money in DeMarco’s back pocket. When will Obama fire his a$$


  7. How will MERS fit into this? If MERS never owned the Note (& already transferred the note and mortgage together on title to 2 other banks) … How can MERS write off something it never owned? How can either of the banks forgive a debt they never owned either? Isnt the homeowner still liable to the origional creditor/lender on title to? Neil is a little shy … let me speak louder for him. “IT’S THE TITLE” … IT’S THE TITLE” … “ITS THE TITLE’ ….. and in some cases (the note) who you owe the money to. Heck … I’m thinking about writing off a few goverment officials and a couple of banks as bad investments … I need the tax write off you know ….. (even if I didnt own them) …(hahaha). Look into the mirror and what do you see …. I see a Investor/Homeowner/Retiree/Taxpayer/Pensioner … looking at me. Who you gonna Pay? … Who you gonna pay? ME!!!!!!!

  8. US need help of Japanese warriors against banksters: http://www.youtube.com/watch?v=Qzhs1Z8Rwnk

  9. The relief provided is… Whoa wait a minute! Someone got relief as a result of this settlement? Stop the presses. Relief has been gained by people fighting, hiring lawyers and standing up to the inane process of giving homeowners the run around for years and taking their houses anyway. What about those who have already lost their homes? No relief yet there. In the future? Believe that and I have a bridge in Brooklyn to sell you.

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