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Bruner brings up a good point about the timing but what is remarkable is how the banksters can get the puppets to act so quickly. This problem is very recent but some how the banksters were able to get bi partisan support for needed legislation. My money is on Obama signing the legislation, what choice does he have? does he want to **** off Barnanke and the banksters who are buying our treasuries?
The system is broken and they're trying to restore order. The announcement that the system is broken will scare off investors entirely grinding commerce (legitimate commerce) to a halt.
How can the government discern the difference (court houses, judges, all parties concerned) between real loans and fraudulent loans? Real shares of stock from fraudulent stock? If you bought your house fraudulently, the law as it stands on the books means you forfeit it as stolen goods. Same with fraudulent stocks. The same should apply to fraudulent loans but sorting that out needs to be the focus. Banks are trying to conduct business in a climate of fraudulent documentation hobbling their fiduciary duties.
I believe cook county Illinois did the right thing cease and desist for evictions, but it needs to happen on a national scale. I believe the legislation proposed in Happytex's post is legit, however, it needs the caveat of scrutinizing fraudulent loan to the same standard of fraudulent stolen goods. I also believe that banks negotiating with those in default should do a better job of offering terms that are within the means of the individual in the same spirit of generosity America bailed them out. We have all been victims of fraud to one degree or another and we need to work together to solve it. If you and I fixate on each other as the source of all misery the real crooks will continue to get by on murder.
The system is broken and they're trying to restore order. The announcement that the system is broken will scare off investors entirely grinding commerce (legitimate commerce) to a halt.
How can the government discern the difference (court houses, judges, all parties concerned) between real loans and fraudulent loans? Real shares of stock from fraudulent stock? If you bought your house fraudulently, the law as it stands on the books means you forfeit it as stolen goods. Same with fraudulent stocks. The same should apply to fraudulent loans but sorting that out needs to be the focus. Banks are trying to conduct business in a climate of fraudulent documentation hobbling their fiduciary duties.
There's more to it than that.
Quote:
Today, courtesy of Alan Grayson's office we discover that not only are servicers foreclosing on mortgages to which nobody apparently owns the title, but that servicers, representing such reputable firms as Deutsche Bank National Trust Company, are willing to counterfeit court summons in their pursuit of a clean and efficient foreclosure mill.
The REMICs and securitizations have complicated things to the point of near-systemic failure.
Congressman Alan Grayson:
Quote:
So far, banks are claiming that the many forged documents uncovered by courts and attorneys represent a simple 'technical problem' with foreclosure processes. This is not true. What is happening is fraud to cover up fraud... The banks didn't keep good records, and there is good reason to believe in many if not virtually all cases during this period, failed to transfer the notes, which is the borrower IOUs in accordance with the requirements of their own pooling and servicing agreements. As a result, the notes may be put out of eligibility for the trust under New York law, which governs these securitizations. Potential cures for the note may, according to certain legal experts, be contrary to IRS rules governing REMICs. As a result, loan servicers and trusts simply lack standing to foreclose. The remedy has been foreclosure fraud, including the widespread fabrication of documents. There are now trillions of dollars of securitizations of these loans in the hands of investors. The trusts holding these loans are in a legal gray area, as the mortgage titles were never officially transferred to the trusts... The liability here for the major banks is potentially enormous, and can lead to a systemic risk.
UPDATE: The White House announced Thursday afternoon that President Obama would not sign a bill that some consumer advocates worried would make it more difficult for homeowners to fight fraudulent foreclosures.
The White House noted that the bill was designed to ease restrictions on interstate commerce. "While we share this goal, we believe it is necessary to have further deliberations about the intended and unintended impact of this bill on consumer protections, including those for mortgages, before this bill can be finalized.".....
Most mortgages in America are now backed by our government. And in order for a bank to get that backing from our government it must fill two criteria:
1. The borrowers must be verified by the banks and their agents as qualified.
2. Lenders must fill out paperwork accurately and make sure that when the home's title changes hands, so does the documentation.
But in the past two decades, a whole lot of the time, that never happened.
Why?
That'll force the hoarded assets to be liquidated & disbursed to the masses Even if Bush tax cuts are extended, heh heh
That's not as rosy a scenario as you think... those assets very likely have negative valuations. Furthermore, banks, the rich, etc., are NOT necessarily the ones who hold those assets. A LOT of them are owned by 401k and pension funds. Not only are people's homes on the line here, their retirements are, as well.
I took a closer look at that bill. With all the squawking Grayson is doing I wanted to see how he voted. Here's what I found:
House: verbal vote..not recorded
Senate: unanimous concent..not recorded
NO PAPER TRAIL !!!
Just to be clear, your post does not in any way address how Grayson voted. This bill passed out of the House on a voice vote and NO members’ votes were recorded.
However, as you infer, the way it was passed, in middle of the night style, and so swiftly, with no paper trail, is pretty hinky. How that happened, we will never know, but I'm sure it wasn't by accident. They are already protesting too much about how well intentioned the bill was "at the time".
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Even if Bush tax cuts are extended, heh heh
