SWEARING IN

File:Providence, Rhode Island, Original Deed.jpg

ORIGINAL RI DEED

60 Minutes took some time out to act like 60 Minutes.

It took on the mortgage mess.

I mean there was a little depth to this investigative story.

Fraudulent papers have been filed with courts and county recording offices by investment syndicates also known as bundlers.

Short cuts were taken to save nickels whilst the corporations were having a field day, paying their CEO’s salaries the size of the GNP’s for some countries.

Middle class folks were run over; losing money on the home owning side as well as the investment side of things.

I was intrigued by the comments at the CBS site because to me anyway, they represent the line between conservatives and liberals.

Here is the right wing take on things:

to throw people – down on their luck – out of their homes”

Translation – evict non paying people from homes that are no longer theirs – because they are NOT PAYING.

Since when is it the bank’s responsibility to provide FREE housing to those “down on their luck”.

Of course, this does not excuse forgery – but I have no issue with foreclosure on non paying mortgagees, done legally


Read more: http://www.cbsnews.com/8601-18560_162-20049646-2.html?assetTypeId=30&tag=contentBody;commentWrapper#ixzz1IbkdD5uA

Now the three or four comments echoing this sentiment are easy to dispel; if you are debating human beings with some sort of reasoning ability.

First, you cannot throw people out of their homes legally, if fraudulent documents are used to evict the homeowner.

Second, the argument is that people just decided not to pay their mortgage payments. Most of those people who were evicted and are being evicted entered into a mortgage relationship with their banks years ago. Because of hidden clauses that would have been illegal in mortgage documents a decade or so ago, homeowners discovered to their chagrin that their mortgage payment increased by a factor of 50%, 100% and even a greater percentage.

Should the homeowners have seen it coming?

I mean you know goddamn well the mortgage syndicates did. They knew that within two or three or five years the rates would skyrocket because the repubs had promised and delivered laws permitting all sorts of mechanisms permitting banks the right to raise interest rates at the drop of a hat.

Third, the country did find itself in a recession DUE TO THE ACTIONS OF THE GODDAMN SYNDICATES!

That is enough rage venting for now.

The liberal side provided one hell of a story:

Thank God for the American News, and for this story! My home loan was with Norwest, who merged Wells Fargo. I owned the home for 15 years, and I never took out a second, or a home equity line of credit, and my request to refinance with Wells Fargo, so I could consolidate my car loan, credit card, and do repairs on my home, was denied in 2004, and I was transferred to their security department, as I was told it appeared as two loans were recorded on my property for the same amount. After explaining to them I only had one loan, and never took out two loans, they still denied my application for a refinance, stating that I was unemployed and could not qualify. I also had a home breakin, where my safe and all my papers were stolen in 2004.

In 2009 my home that was worth about 700,000, with a loan balance of 216,000 was foreclosed on after I was told I was going to have a loan modification by Wells Fargo’s Home loan department, I was served my eviction notice on Christmas Eve, and evicted by the Santa Clara County Sherifs office on New Years eve.

Today, I am still unemployed, homeless, and Wells Fargo wants me to file a claim for less then half my home equity. They also will not tell me why a Bank of America Vice President signed the foreclosure approval with First American Loan Star services when I never had a home loan with Bank of America. I am still waiting for the FBI to reply to my complaint I filed in person to investigate loan fraud and foreclosure fraud.

My understanding of Sorbanes Oxley, is that fraudulent accounting practices are considered Criminal, and the executives at that banks are responsible.  http://www.cbsnews.com/stories/2011/04/01/60minutes/main20049646_page2.shtml?tag=contentMain;contentBody

There are so many issues brought to bear from this comment that it is difficult to begin.

First, there are purposes and reasons for laws that bring criminal charges against perjury.

Our system of justice does not work without providing for criminal charges against perjury.

My gawd, Martha Stewart is not a felon because she LIED to a Fed. She did not even lie in court or in a document! Of course she is a real criminal because she received information concerning the values of her stock holdings from HER STOCK BROKER!

In this second comment, you see one of the reasons why courts are not happy when false perjured documents are filed; whether in the course of court proceedings or not.

This writer discovered that there were two claims against him for one mortgage. The syndicate had screwed up royally and in their bundling procedures ended up doubling this guy’s mortgage; thereby depriving him of consolidating his debts.

Oh some might say, hell this was just a paper error.

You cannot file a mortgage deed or mortgage assignment unless you have the belief through proper investigation that the papers are true and correct. FIRST HAND INFORMATION!

The fact was—AND IS—these assholes do not have the faintest idea who owns the goddamn real estate liens.

And thank gawd almighty there are some judges out there (not enough to be sure) who make mortgage holders prove up their damn liens!  And with the hundreds of billions of dollars these syndicates made on what were once sacred liens, the home owners should be allowed to remain in their homes interest free until the damn documents are proven up.

And there are judges out there who would order the damn DA’s to file charges against those who would sneak falsified papers over to the County Recorder’s Office.

Now, before I conclude, the last commenter could have used this 500 grand in equity to get an attorney to straighten out his mess. It might mean meeting with several attorneys before finding one who knew what she was doing and who would be willing to wait for payment.

Compensatory damages as well as attorney fees would probably be available in an action concerning the doppelganger mortgage. Hell, in some states punitive damages would be available for the asking.

I also believe that compensatory damages as well as attorney fees would be available to the homeowner when the mortgage company has filed perjured documents with the county recorder.

There are other actions available.

The problem really has to do with the homeowner who has a $125,000 mortgage on a $100,000 homestead. Homeowners such as these cannot find an attorney; although they might be able to ‘sign on’ to some ephemeral class action depending upon the state of ownership I suppose.

And this situation represents 80% or more of all the folks who have found themselves in foreclosure proceedings.

In some areas of the country the foreclosure rates have been so high as to send the value of all homes into the toilet.

This entire fiasco just pisses me off. People involved in these syndicates should be in prison and all their properties confiscated and handed over to the homeowners.

And I think the same result should be had by those involved with Fannie Mae and Freddie Mac.

I will never forget hearing Scarborough tell us that we should all be held responsible. After all the homeowners should not have purchased property that was outside their price ranges and the ‘bundlers’ screwed up.

THERE ARE NOT TWO SIDES TO THIS STORY.

The end.

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11 thoughts on “SWEARING IN

  1. ramonasvoices

    I watched 60 Minutes and was so unnerved and appalled by it, I was at a loss for words. I tried to write about it, but the truth is I didn’t understand it well enough to give it a good shot.

    You did it brilliantly here, DD. I’ll pass it on for sure.

      1. ramonasvoices

        Well make sure you put it up there tomorrow. I’ll comment there, too. I’m going to put it on my Facebook page and then I’ll Tweet it.

        That story was so terrible we just can’t let it die.

  2. ~flowerchild~

    I just refuse to believe that the millions of people that have been foreclosed upon took out those loans in the first place with the intention of not making payments. They weren’t playing. They were providing shelter for themselves and their families. There might have been a few ne’er do wells, but not millions.

    Now, there are a lot of those foreclosures that are second and even third homes bought by people wanting to make a quick buck by ‘flipping’. I have less sympathy for them. I have no sympathy whatsoever for the big national banks, however.

    1. See Flower, that is why your voice is so important.

      The American Dream involves owning your own home.

      I did for 30 years. You have to pay the amount owed and the interest; you have to pay property taxes, you have to pay your utilities you have to pay for telephone (in the old days)….you have to pay for maintenance…

      It is the American Dream and these Capitalists took away the American Dream.

      And the repubs wish nothing but to take away the American Dream!

  3. We’re not going to see this mess fixed. Not ever. First of all it’d bring on a certain and very severe recession. There are trillions of dollars in securities that were issued based upon the mortgage scam. Those instruments are flawed in many cases because of the uncertainty of who the legal title holder is. Secondly it’d make a mockery of our legal system which is already under severe pressure to clean up this mess. Lastly, it’d expose how seriously and collectively corrupt our financial system and government have become. Between congress and our regulators they have a lot of skin in this game and they know their sorry asses are on the line.

      1. Of these two, the second captures the problem the best.

        Our national mode of success used to have been one where the nation prospered in a broad based way and was a socially responsible arrangement. That has changed completely. Corporations and their government conspirators are no longer socially responsible in any way. The entire enterprise is corrupt.

        Adding to the absurdity and non-accountability for what has occurred, liability for the failures is being shifted to socioeconomic elements that had nothing to do with the failures. This is merely a continuance of the corruption which brought this all about to begin with.

        The relationship between our social and economic units has become seriously skewed from what it once was. This is why we have this crazy inequality of distribution of wealth and why our middle class is disappearing. What is lost in the mix is the very arrangement we had is the exact one which allowed the nation to propser. When you have a large middle class with disposable income you have a very energetic economic unit. Take that away and there goes the fuel of your economic engine.

        Another major piece is the one where our investment in our public infrastructure has been totally ignored. That cannot be attended to by the public marketplace. Corporations never ever spend money on that kind of stuff. Without that continual reinvestment growth becomes impossible. Renewal of that public infrastructure is crucial to long term sustainability. Some things just cannot be privatized with an eye toward private profit. Their costs have to be amortized in the social realm where the benefit is common to all, with that benefit expressed as a common good.

        1. Common good.

          If the people, a majority of the people, choose not to investigate their own fate;if that majority choose to buy the propaganda of the party that is offers programs against their own economic interests let alone cultural interests; I do not see what can be done to cure our ills as a nation.

          the end

          1. We could also figure out a way to prohibit the fuckers from lying to everyone. Every one of them has broken the oath they’ve sworn. Isn’t that oath legally binding? That is, if all they manage to deliver is failure there has to be a timely remedy for that. I find it highly suspect that we don’t have such a mechanism. Without it we have this situation where baked into the pie is an almost certain failure exactly as we’re seeing. Human nature directs things that way. History informs us in very certain terms that you have to make a structural accommodation for our human failings. This is our reality. Ignoring this comes with a heavy price. One that humankind has paid over and over again. We’re delusional thinking we can do differently. All the proof indicates, without exception, the opposite.

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