Government Corruption Joke of the Day

The U.S. FED being an arm of the banks is something informed persons take for granted anymore. We all know how corrupt it has become and how seriously it needs to go away. Bernanke is a total shit if ever there was one. We see today still another proof of that. In a month long internal audit by the FED they couldn’t find a single instance of fraudulent foreclosure activity by a bank. I repeat: In a month long internal audit by the FED they couldn’t find a single instance of fraudulent foreclosure activity by a bank. I don’t know whether to laugh or cry. Government seems to launch a crazy report like this every Friday. Like if I need an excuse to indulge in another glass of wine. It’s a few minutes past 4:00 PM. My Happy Hour starts now. LINK

WASHINGTON, D.C. — A months-long internal investigation into abusive mortgage practices by the Federal Reserve found no wrongful foreclosures, members of the Fed’s Consumer Advisory Council said Thursday.

During a public meeting attended by Fed chairman Ben Bernanke, consumer advocates on the panel criticized the central bank’s examiners for narrowly defining what constitutes a “wrongful foreclosure.” At least one member of the panel, comprised of consumer finance experts not employed by the Fed, voiced concerns that the public would not take the Fed’s findings of improper practices seriously, since the wide-ranging review did not find a single homeowner who was wrongfully foreclosed upon.

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10 thoughts on “Government Corruption Joke of the Day

  1. As much as I loath Bernanke and the Fed, they’re probably right in this. Foreclosure laws are long-settled and codified by mountains of court precedents. it’s unlikely that, in a mere month, they’d find anyone violating those laws.

    Face it, the overwhelming number of these foreclosures are completely proper on top of being legal. It was the mortgage that was less so…

  2. Well, I admit that I’d never turn to Rolling Stone for any sort real news or analysis of anything outside of the entertainment industry.

    After reading it, however, it doesn’t change my opinion because it doesn’t address the issue at hand.

    Courts railroading through the foreclosure hearings isn’t pertinent to the finding that the banks had not foreclosed illegally in the 1st place.

      1. Really, TPC, if we all go around talking like that to people we disagree with, we’re never gonna have a well-functioning society. Seriously.

        Jon has been here before and has always remained polite. As admin I take offense at your comment, for the record.

    1. Hi Jon, good to see you back. Just for the record, I think you’d be surprised at the very excellent pieces Matt Taibbi at Rolling Stone has done in the past. He’s very good at his research and is well-respected for his stories on finance, defense, Afghanistan, etc. And, as I stated to you privately, I apologize for the unnecessary scene here today.

  3. Just for the hell of it there is this referring to court proceedings in Florida where the plaintiffs (banks, mortgarge servicers etc) have found that they cannot attest to foreclosure proceedings because they factually don’t know who owns a mortgage loan. Florida instituted a law which requires this. This law has given pause to foreclosure activity.

    http://floridaforeclosurefraud.com/2010/03/foreclosure-lawsuits-are-built-on-lies-shapiro-fishman-admits-foreclosure-claims-cannot-be-verified/

    What this means is they instituted foreclosures (many of them) and had no clue of their validity. Ask me no questions and I’ll tell you no lies. What a wonderful way to do business.

    The money quote:

    Plaintiffs’ foreclosure mills can’t handle the truth

    For the plaintiffs’ law firms, the foreclosure mills filing all these lawsuits, the new rule is a disaster – because they can’t possibly confirm the truth of what they file with the courts. How do we know this?

    One of them actually told the Florida Supreme Court so. Shapiro & Fishman, one of Florida’s largest foreclosure mills, has asked the Court to back down from the verification requirement, with the astonishing reason that it’s impossible to get anyone to swear to the truth of a foreclosure complaint.

    I’m going to add that jonolan responded to my recommendation to examine Matt Taibbi’s invetigative piece in record time. A matter of minutes. I read that thing front to back (it’s long) and examined the links weeks ago when it was published in Rolling Stone and as I recall it took me a couple of hours to do that. I don’t know who you are jonolan but you have not the least interest in the truth of this. Stay the fuck out of here asshole. That goes for your buddies too. You walk in the door and I’m gonna start throwing shit. I’m no liberal pussy gonna take your shit. I’m your worst fucking nightmare.

  4. You know what’s really crazy about this?

    The mortgage foreclosure fiasco got so bad that Florida found it necessary to institute a law that required officers of the court offering petitions of foreclosure to sign an affidavit to the accuracy and truthfullness of their claim. Like if they weren’t already bound by law to conduct themselves in that way.

    And the FED couldn’t find ANY fraudulent foreclosure activity. You gotta be kidding me!!

  5. Here is a little more background to place this in perspective. What we see are state attorneys general taking action that threatens banks. Which is exactly why The FED’s action is suspect. And under Bernanke even more so. LINK

    Foreclosure lawsuits pile up against banks
    By MICHELLE CONLIN and CURT ANDERSON – AP Business Writers

    NEW YORK — Foreclosure-fraud class action lawsuits are starting to pile up against major banks across the country, threatening a besieged industry with billions more in potential losses.

    Bank executives are swarming Capitol Hill this week to defend themselves against multiple foreclosure-related investigations, including one by all 50 state attorneys general. Talks are under way in that probe in hopes of reaching a settlement, but that wouldn’t extinguish the mounting threat of an avalanche of class actions.

    A congressional watchdog said in a report issued Tuesday that the foreclosure document debacle could threaten major banks with billions of dollars in losses, further prolong the housing depression and damage the government’s effort to keep people in their homes.

    The class actions, which could be expanded nationally, seek damages for homeowners whose properties were illegally foreclosed upon by banks using fraudulent documents. Suits have been filed in Maryland, New Jersey and Massachusetts that target Bank of America Corp., Wells Fargo & Co., HSBC PLC and JPMorgan Chase & Co. In Florida and Maine, Ally Financial, formerly known as GMAC Mortgage, is also being targeted.

    Perhaps an even bigger threat are the lawsuits that contend the banks’ foreclosure machinery amounted to a racketeering enterprise. One such case, an Indiana lawsuit against Bank of America, was filed under civil Racketeering Influenced and Corrupt Organizations or RICO laws, which allow damages to be tripled.

    The race is on for the banks to keep the scandal from metastasizing. Crisis management specialists are working around the clock to help banking executives stem the financial and public relations disaster. Shares of Bank of America, the nation’s biggest lender, are already down 21 percent for the year, making it the biggest laggard in the 30 stocks that make up the Dow Jones industrial average.

    Even if a settlement materializes with the state attorneys general, it won’t necessarily stop all the class actions, although it could slow their momentum and limit their scale. A settlement would also help assuage public distrust and outrage that is fueling a consumer backlash against banks.

    1. It is against the law to claim a lien on property–real estate–without proving ownership of that lien on the legal description designated at the county clerk’s office.

      Period.

      You must prove up your lien.

      And that has not been the case in thousands of foreclosures. Instead fraudulent affidavits have been filed by mortgage mills and a proper chain of title relating to the mortgages are almost nonexistent.

      And so far as I can tell, no one is being prosecuted for these perjuries.

      the end

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