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that's funny, we got a whole bunch of bean counters looking for work in Cleveland... you know all the ones the banks let go during their "let's raid the US Treasury" fake financial crisis in the waning days of Bush II.
Quote:
Originally Posted by ergohead
No - they can't find enough (any) applicants with the degree of deception they need.
I once hired a Saul Alinski graduate to fend the city off of my legal enterprise.
He demonstrated his "abilities" by showing me that he knew how to say, "Hey, I understand grease".
He was from Gary, Indiana - but that's darn tootin' close to Chicago.
yeah, good old Saul, he probably couldn't read and sign documents as well or as fast as a robo-signers could. better we break the law, then to hire people to work....
The government agencies have indirectly legalized fraud and corruption.
That is why we are where we are today.
And nothing has been done to fix the problem.
If they don't make what was done legal then the system shuts down. With out the banking system how do we get oil? Without oil we don't get food. This is a crisis that is really big.
It is amazing that this type of behavior is allowed to exist - and is being covered up. This is the type of reckless behavior that has got us into financial trouble in this country. What's really unbelievable is the government's reaction to all of this.
A breakdown of the 60 Minutes Segment with an excellent explanation (if you are not familiar) can be heard here.
Street Talk Live - 4/6 Hour 1 (http://streettalklive.com/archives/2011-04-06-hour1.mp3 - broken link) (skip 20 minutes ahead)
Street Talk Live - 4/6 Hour 2 (http://streettalklive.com/archives/2011-04-06-hour2.mp3 - broken link) (skip 6 minutes ahead)
The nation's overburdened foreclosure system is riddled with faked documents, forged signatures and lenders who take shortcuts reviewing borrower's files, according to court documents and interviews with attorneys, housing advocates and company officials.
Here's the cliff notes. Normally when transferring real property titles, there needs to be an actual pen & paper physical transfer. However, with the bundling of mortgage backed securities, and the amount of money to be made, banks shortcut the process and did not do paper transfers because it took to long.
So now banks have all of these foreclosures, and they are going to the homeowners about the foreclosures - but they can not prove they have the right to foreclose the property, because they have no paper.
So they got signature sweat shops to sign thousands of newly created fake documents - but it isn't working.
In Georgia, an employee of a document processing company, Linda Green, for years claimed to be executives of Bank of America, Wells Fargo, U.S. Bank and dozens of other lenders while signing off on tens of thousands of foreclosure affidavits. In many cases, her signature appeared to be forged by different employees.
Green worked for a foreclosure document company owned by Lender Processing Services. The company is being investigated by a U.S. attorney in Florida for allegedly using improper documentation to speed foreclosures.
Lenders have already started to withdraw foreclosures that had Green's name on them.
The government regulators didn't say anything while the fraud was taking place. They did speak up when the people sued the banks - and they are suggesting a bailout. Incredible.
So we got the government and the Community Reinvestment Act forcing banks to make loans to people who can afford the loans in 1997.
We have citizens who misrepresent have much they make on their mortgage paperwork.
We have financial institutions bundling and selling these bad mortgages off for profit - and in their haste to make money, short cutting the process for transferring titles - and now they are busted - and they are trying to scam their way out of this with help from the government who started this mess.
How do we get out of this mess? No more bailouts - that's for sure.
This is important information, and good on you for highlighting it.
I've got worse news to add on top ... this was not a case of short cuts, nor laziness, nor lack of oversight. This was an intentional scam, designed to do exactly what it did ... and the scam is greater than you can imagine. What is going on would make Al Capone bush with envy ...
The readers digest version goes something like this:
The Banking system created the real estate bubble by overvaluing real estate simply by agreeing to loan more money for residential property (Banks are the ultimate determining factor of real estate value), while luring buyers into the scam with "creative" financing packages, relaxed qualifications and outright fraud, in many cases allowing and encouraging "exaggerated" income declarations to "qualify".
So they get someone with a pulse to sign the note ... it is a securitized financial instrument for which the lender then forces the buyer to pay for mortgage insurance (that will pay the lender 85% of the principle if the borrower defaults). Then the real scam begins ... the lender sells this mortgage backed security to investors ... SEVERAL TIMES ... (it seems that the averages were 5-8 times, but BOA has been caught selling one mortgage to up to 30 different investors). For each of these multiple sales, the lender also buys a derivative contract for each one betting on a default .... and then they proceed to issue payments to the various new "holders" of the mortgage out of the pile of money collected by the multiple sales of that mortgage, counting the days and months for the ability to foreclose, as was the intention from the outset. Once the original lender can foreclose, they do ... and collect the 85% of the original mortgage principle from the mortgage insurance, plus the several derivative contracts betting on default. They then auction off the property, and send those several holders who they sold this mortgage to a piece of the proceeds, or not. Meanwhile, the original lender pockets the 85%, plus the derivative contracts monies, resulting in huge gains, way above the original loan. Of course, the homeowner is swindled, as are the buyers of the MBS, and the derivative contract holders .... usually other financial institutions and State pension funds, etc., that then come calling to Uncle Sam (the Federal Reserve in actuality) for bailout funds to cover these losses.
So as you can see, this is not just poor management, or loans gone bad by people who allegedly bought homes they couldn't afford, or defaults due to economic downturn .... it was BY DESIGN, an outright swindle and complete fraud perpetrated by these racketeers who make the common Mafioso look like a petty thief by comparison. A well coordinated conspiracy that even includes the court system which looked the other way when presented foreclosure actions when the homeowner didn't have access to pricey and expert and savvy legal representation in court (which is certainly the case 99% of the time with people in financial trouble.
Furthermore ... as the real estate values began to plummet, making even current and up to date mortgage holders deeply upside down with negative equity, they began to purposely default, and walk away from that $200,000 mortgage on a property that had readjusted to market value at minus 25 and 35 + % .... knowing that it would be years and years before they'd ever get to break even on the property ... and the same benefits were realized by the lender as in the example above.
IT IS NOT OVER YET .... then, for all of those people keeping up with their mortgages and not purposely defaulting (but losing lots of equity just the same), while watching the interest rates decline as a response to the collapsing bubble ... the refinance schemes started pouring forth, with promises of lower monthly mortgage payments. Hidden in these refinance agreements included fine print that provided the lender with a more streamlined process and criteria for guess what? Foreclosure.
The byproduct of all of this was some financial institutions making huge, ill gotten gains ... other institutions taking huge losses but receiving bailouts to cover them, and a mortgage banking system so buried in fraud with multiple holders of the same mortgage note, that no one knows who the legal holder of the mortgage actually is.
The scam results are so bad, that even homeowners who paid off their mortgages in full, were being foreclosed on by these other holders who thought they held title to that property.
To effectively prosecute the perpetrators, you'd have to build several new prisons just to hold them all ....and the entire financial system would effectively collapse, as there are literally no clean hands ... the scheme is literally a ponzi scheme conspiracy that makes Bernie Madoff look like a Choir Boy, and reaches to the highest levels of the financial system.
America has been HAD ... by the Banker Gangsters who intend on imploding the financial system, so this was their last hoorah to swindle every last dime out of it before it crashes and burns.
There is no recovery ... there is only disaster ahead ... the likes of which will make the Great Depression look like financial paradise.
Of course, the mainstream media is pretty silent ... if the American people actually had a clue as to what is REALLY going on ... there would be revolution in this country overnight.
Now you understand the need for the Gestapo at the nation's airports ... the police state, the phony war on terror, and the patriot act ... your masters understand that EVENTUALLY, the American people will discover what is happening, and all of these "security" measures are for addressing the anticipated civil unrest .... not for Osama Been Forgotten.
It is amazing that this type of behavior is allowed to exist - and is being covered up. This is the type of reckless behavior that has got us into financial trouble in this country. What's really unbelievable is the government's reaction to all of this.
A breakdown of the 60 Minutes Segment with an excellent explanation (if you are not familiar) can be heard here.
Street Talk Live - 4/6 Hour 1 (http://streettalklive.com/archives/2011-04-06-hour1.mp3 - broken link) (skip 20 minutes ahead)
Street Talk Live - 4/6 Hour 2 (http://streettalklive.com/archives/2011-04-06-hour2.mp3 - broken link) (skip 6 minutes ahead)
The nation's overburdened foreclosure system is riddled with faked documents, forged signatures and lenders who take shortcuts reviewing borrower's files, according to court documents and interviews with attorneys, housing advocates and company officials.
Here's the cliff notes. Normally when transferring real property titles, there needs to be an actual pen & paper physical transfer. However, with the bundling of mortgage backed securities, and the amount of money to be made, banks shortcut the process and did not do paper transfers because it took to long.
So now banks have all of these foreclosures, and they are going to the homeowners about the foreclosures - but they can not prove they have the right to foreclose the property, because they have no paper.
So they got signature sweat shops to sign thousands of newly created fake documents - but it isn't working.
In Georgia, an employee of a document processing company, Linda Green, for years claimed to be executives of Bank of America, Wells Fargo, U.S. Bank and dozens of other lenders while signing off on tens of thousands of foreclosure affidavits. In many cases, her signature appeared to be forged by different employees.
Green worked for a foreclosure document company owned by Lender Processing Services. The company is being investigated by a U.S. attorney in Florida for allegedly using improper documentation to speed foreclosures.
Lenders have already started to withdraw foreclosures that had Green's name on them.
The government regulators didn't say anything while the fraud was taking place. They did speak up when the people sued the banks - and they are suggesting a bailout. Incredible.
So we got the government and the Community Reinvestment Act forcing banks to make loans to people who can afford the loans in 1997.
We have citizens who misrepresent have much they make on their mortgage paperwork.
We have financial institutions bundling and selling these bad mortgages off for profit - and in their haste to make money, short cutting the process for transferring titles - and now they are busted - and they are trying to scam their way out of this with help from the government who started this mess.
How do we get out of this mess? No more bailouts - that's for sure.
i agree, no more bail outs, but I am not sure I swallowed all that we say on 60 minutes.
That's why I added the Street Talk audio. He (Lance Roberts) is excellent at breaking down financial issues and I have learned much from him.
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I post about Glenn Beck leaving Fox, and there are pages and pages of posts - which is really about nothing.
I post about this - and there are 2 pages. Herein lies the problem.
It's easier to talk about people than it is to discuss heavy issues and deal with real problems.
You said it. The banks are insolvent all of them. We need to write off about 50% of the debt in the US minimum and I don't see that happening or we need about a 200% inflation in GDP. Take your pick. You could get a 200% inflation in GDP by upping the minimum wage by 4X. That would also make the house prices go up above the peak of the last bubble and that would make the banks whole.
You said it. The banks are insolvent all of them. We need to write off about 50% of the debt in the US minimum and I don't see that happening or we need about a 200% inflation in GDP. Take your pick. You could get a 200% inflation in GDP by upping the minimum wage by 4X. That would also make the house prices go up above the peak of the last bubble and that would make the banks whole.
Lovely, they get bailed out and are insolvent YET again
Geithener and Summers, real genius.
The DOJ has fined B of A and is prosecuting, I had posted this earlier. Also JPMorgan Chase.
Why are no pres. future candidates addressing this? . [rhetorical question].
That's why I added the Street Talk audio. He (Lance Roberts) is excellent at breaking down financial issues and I have learned much from him.
--------------------------------
I post about Glenn Beck leaving Fox, and there are pages and pages of posts - which is really about nothing.
I post about this - and there are 2 pages. Herein lies the problem.
It's easier to talk about people than it is to discuss heavy issues and deal with real problems.
I agree with you 100%. have to wait to rep again.
No one is addressing the problem. Thanks.
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. have to wait to rep again.
