Homeowners fraudulently Foreclosed by Faux-Lenders were nothing but Collateral Damage to the Federal Reserve

Of the number of people who “purchased” a loan product leading up to the mortgage meltdown- most were refi’s on refi’s. At one point it was reported that MERS had data on 80 million mortgages — but that includes mortgages that were paid off by sale, refi etc. At last count the number of people who were displaced by foreclosure or threats of foreclosure is around 17,500,000. You need to remember that while the latest numbers are just under 10 million foreclosures, most of them involve families of one size or another. The complexity of this plan still has people confused about their role as pawns in a giant Ponzi scheme.

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They were playing a version of the Ponzi scheme against investors. Just as investors were lulled into a sense of complacency and encouraged to buy more and more bogus “mortgage bonds” homeowners were encouraged to use their home as an ATM “withdrawing” “equity” which was in fact not a withdrawal but a refi and the equity was false caused by appraisal fraud so the amount owed went into the stratosphere.
The banks packaged up 2,000 “loans” using the name of the borrower but failed to package the actual debt. Thus creating the illusion of paper that normally wouldn’t exist but for the sale of a loan or debt; but there was no purchase or sale of the debt, because the original money was the proceeds of fraud against the investors. There was nothing to sell because there was no party that could be identified as having any money in the game.
This first became clear when TARP was first enacted to protect the financial institutions from mortgage defaults. The money started flowing until it was revealed that the banks didn’t own the loans and were claiming losses. TARP was then amended to include losses on the “mortgage bonds” and money continued to be sent to the banks claiming such losses. But then it was revealed that the banks didn’t actually own any fake mortgage bonds, but in fact,  they were selling them. So TARP was mended again to be a general term for”troubled assets.” It didn’t matter because the decision was made to let huge amounts of money flow to the large banks.
The Fed alone bought over $3 Trillion of bogus mortgage bonds that were printed as fast as the Fed could buy them. The Fed knew but didn’t care because the purchase of the bonds was a vehicle by which they could complete a huge amount of quantitative easing without endangering the value of the dollar or undercutting the status of the US dollar as the world’s reserve currency. When the financial community saw that QE was so low it established more confidence in the system. The amount announced was just enough to appear ‘real’ but far below the actual total of QE which was around $7 trillion equal to 10% of the value of the world’s fiat currency. The Fed was hiding most of its QE program that expanded by around $60-$100 billion per month. It is now $30 billion per month.
That is to say that if you do the research you will find that even today the Fed and the TBTF banks are in lockstep in which the Fed “pays” for bogus mortgage bonds and the banks are encouraged to continue “printing” the bonds. They view the homeowners thrown out of their homes as collateral damage from a strategy that actually saved the world financial system. People like you and I don’t agree.


8 Responses

  1. @JaDonnia B:

    You are right to be weary of loan modification and other loss mitigation offers. Engaging in them prematurely might result in you somehow compromising your legal standing in addition to giving the banksters a bird’s eye view into your private financial information.

    Treat them like the plague unless you are absolutely sure you have no other options!!

    Keep fighting!!!

  2. That homeowners used homes like like ATM seems to follow bankster script but good reminder of the real deception and now cover up to do it again. https://mobile.nytimes.com/2018/03/07/opinion/mortage-minority-income.html?smid=fb-share&referer=https://m.facebook.com/

  3. Poppy sorry to hear seems you’re being railroaded. If like CA though even if there’s a foreclosure and sale you can raise title, fraud issues in separate lawsuit. Not legal advice. Lawyer may be right technically but is discouraging or ignoring defenses for your rights. Approach some of us are taking in CA is to pressure elected officials as well as banksters.

  4. Servicers continue to send mail indicating new ‘easier’ modification options, never acknowledging that still in litigation for foreclosure. Who is in charge here? How can they offer ‘options’ AND sue at the same time? They aren’t even named plaintiff, and named plaintiff doesn’t own ‘loan’. Are they kidding. Entire thing is dumbfounding as everyone skirting past the original fraudulent process already reported.

    To RhodeIslander, atty’s are scarce to nonexistent in this fight. Are they all in it together or too lazy to do the work? My layperson research shows the discrepancies, why is no one in the legal field even looking? They want to prolong, extend and procrastinate… not sue and fight.

  5. Maybe as the BOA class action suit is being conducted the other lenders will be sued also and maybe Trump will demand the issue be fixed that Obama allowed to go on!

    Obama, and Holder knew their own people were being illegally foreclosed upon by HUD/Ginnie as there could not be any purchasing of the debt by Ginnie.

  6. Well, bloggers….after 10 years, and hiring an attorney to handle the last hearing, he has told me, even though there are serious defects in every piece of paperwork recorded, they “have what they need to foreclose”…stating we have no recourse. New Century, Ocwen scam. I too, like others am in disbelief. How in 10 years did this “paperwork” suddenly match, and he has not shown me anything. He sat approximately 600 pages of paper on the table, never removed one piece of paper, saying it was the Prospectus/PSA…they tied it up he stated, we were done. WTF? They offered me: “from The Investor” a modification for 480 months, for $241,000.00 @ 2%…their own appraisal, without the property defects declared, (which included serous flooding from a retention pond encroaching next door with erosion of the land), value without including this information is stated: $180,000 -$190,000. $60,000.00 over the appraised value. This same attorney came to me and said prior to this hearing, WE need to file suit, for the fraud they presented to the court. Now, no lawsuit (which he was paid for), no presentation/disclosure of how they got to this point and no motion to enjoin from the De Novo hearing. At no time did he asked for a summary judgment (over a year), kept allowing extensions and all of a sudden they tied the lineage, no way! Unless, someone here can tell me where I am wrong. Blindsided…I hired attorney because we are in NC, bad for homeowner’s here and I am very short on procedural issues. The research is profound and we are now trapped, as the lawyer said from the offset: you have the best chance of winning this case I have ever seen! Now, we can be in the street, with a writ of possession, with a 93 year old hospice patient, 4 pets, dogs. Un-freaking-believable. Never seen this coming…

  7. We are a victim of illegal foreclosure in Rhode Island and we can’t even get an attorney to represent us. This is unbelievable.

  8. What’s the remedy? Can we sue for fraud and damage? I am a victim and still trying to figure out why I was denied a Reverse Mortgage with a substantial equity in my house that exceeded the amount of the mortgage loan.

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