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Qtec
10-06-2010, 04:51 AM
Get this,

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">The entire house of cards constructed by the banks and the mortgage industry is falling down, and it's not going to be pretty. By the time it's all over, <span style='font-size: 14pt'>this could make 2008's previous banking failures look mild in comparison.</span> This latest lawsuit is a civil suit, not criminal. But that doesn't mean the feds won't get in on the case if it heats up -- and I'm guessing it will:

Citigroup Inc. and Ally Financial Inc. units were sued by homeowners in Kentucky for allegedly <span style='font-size: 20pt'>conspiring with Mortgage Electronic Registration Systems Inc. to falsely foreclose on loans.</span>

The lawsuit, filed as a civil-racketeering class action on behalf of all Kentucky homeowners facing foreclosure, also names as a defendant Reston, Virginia-based MERS, the company that handles mortgage transfers among member banks. <span style='font-size: 20pt'>The suit claims that through MERS the banks are foreclosing on homes even when they don’t hold titles to the properties.</span>

“Defendants have filed foreclosures throughout the state of Kentucky and the United States of America <u>knowing that they were not the ‘owners’ or beneficiaries of the loan they filed foreclosure upon,”</u> the homeowners wrote in their complaint filed Sept. 28 in federal court in Louisville, Kentucky.

<span style='font-size: 17pt'>The homeowners claim the defendants filed or caused to be filed mortgages with forged signatures, filed foreclosure actions months before they acquired any legal interest in the properties and falsely claimed to own notes executed with mortgages.</span> </div></div>

link (http://crooksandliars.com/susie-madrak/citibank-ally-and-mers-sued-civil-ric)



What does this mean? I will let Alan Grayson explain.

link (http://www.youtube.com/watch?v=AqnHLDeedVg&feature=player_embedded)

link (http://blueamerica.crooksandliars.com/jacqrat/will-taliban-dan-protect-florida-families-)

These mortgages have been sold on so many times its not possible to say who owns the house if the lender defaults. So what they have done is set up an entire system to throw people out of their houses when they don't even have the right.

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Pelosi Calls For Investigation Of Foreclosure Fraud



House Speaker Nancy Pelosi and the other California Democrats are calling for an investigation into the foreclosure fraud scandal that has forced the nation's biggest banks <span style='font-size: 14pt'>to halt foreclosures in 23 states.</span>

<span style='font-size: 20pt'>"It just shows the irresponsibility of the banks, so eager were they to securitize those loans they didn't care almost what they were," s</span>aid House Speaker Nancy Pelosi (D-Calif.) in an interview with HuffPost on Tuesday.

Bank of America, JPMorgan Chase, and Ally Financial (formerly known as GMAC) <span style='font-size: 26pt'>halted foreclosures in 23 states after employees admitted in sworn depositions that they didn't verify information in thousands of foreclosure documents.</span>

The California delegation sent a letter to Attorney General Eric Holder, Fed Chairman Ben Bernanke, and Comptroller of the Currency John Dugan demanding an investigation into "possible violations of law or regulations by financial institutions in their handling of delinquent mortgages, mortgage modifications, and foreclosures." </div></div>


So, the Banks/Wall St shaft the American people with a massive fraud and get them to bail them out [ instead of jailing them! ] and then they shaft them again by stealing their houses!

Is there no end to this abuse?

Q

Sev
10-06-2010, 05:23 AM
Read an interview with Gredenski who was mentioned by Grayson. He paid cash in full for the house.
The entire matter reeks and people should be jailed for participating in such fraud.

pooltchr
10-06-2010, 08:24 AM
I heard that some whistleblower working at one of the mortgage companies approved 10,000 forclosure documents in one month.
I did a little bit of math and came up with the following:
(I rounded off numbers for simplicity)
10,000 per month = 2500 per week
2500 per week - 500 per day
500 per day = 60 per hour
60 per hour = 1 per minute.

That is one minute to review each complex document for accuracy, if that was the only thing a person did non-stop every hour of every working day for a month.

I can't see any way this could be done other than rubber stamping everything that crossed the desk.

Makes you wonder!

Steve

Qtec
10-07-2010, 12:40 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Bank of America is joining JPMorgan Chase and GMAC is suspending foreclosure processes in 23 states that weren't reviewed properly.

A BoA exec admitted she signed up to 8,000 documents in a month and <span style='font-size: 17pt'>typically did not read them,</span> according to the AP.

"I typically don't read them because of the volume that we sign," the executive said.

Banks had been rushing through foreclosures in an effort to reset the teetering housing market. Now it looks like many banks will have to halt.


Read more: http://www.businessinsider.com/bank-of-a...0#ixzz11eVeaJzf (http://www.businessinsider.com/bank-of-america-joins-jpmorgan-is-suspending-foreclosures-2010-10#ixzz11eVeaJzf) </div></div>

Also link (http://news.yahoo.com/s/ap/20101002/ap_on_bi_ge/us_bank_of_america_foreclosures)

They don't care.

Q

LWW
10-07-2010, 01:35 AM
So let me get this straight ... it's wrong in your opinion to foreclose on a $200,000.00 loan without reading the documents (A position I agree with BTW.) but it's OK to pass a $787,000,000,000.00 spending bill or a $1,000,000,000,000.00+ overhaul of US healthcare without reading it?

LWW

Qtec
10-07-2010, 04:41 AM
On a well regulated board you would be long gone because you can never stay on topic.
Its obvious that you only have eyes for Obama. The world began when Obama was inaugurated.


The Banks through their greed almost bankrupted the country and pulled a fast one and got themselves bailed out.
Now they are throwing the tax payer, who bailed them, out onto the street by grabbing/stealing their homes when they know they don't have the right.
To you its not important. Bashing Obama is all that is important, no matter what the facts are.

What has Obama done that is worse than this?
<span style='font-size: 14pt'>Where is the outrage from the TP people?</span>

They are bothered with more important things like "is Obama a Muslim."


/forums/images/%%GRAEMLIN_URL%%/sick.gif

Can't wait.

Q

LWW
10-07-2010, 05:30 AM
That was just precious being that you are lamely attempting to change the topic.

But, to answer your question the people in the TPM have been warning against the inevitable result of the repeal of Glass-Stegall since the 1990's ... they have been warning against the inevitable result of CRIA since the 1970's ... they have been warning against the inevitable result of massive deficit spending since the 1930's ... they have been warning of the inevitable result of a state instituted fascist economy dabbling in social engineering since the 1930's ... and the TARP debacle was what energized themin the first place for this latest go round.

You may now continue to bleat B-B-B-BUT B-B-B-BOOOOSH! to your heart's content.

LWW

Gayle in MD
10-07-2010, 08:03 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body">On a well regulated board you would be long gone because you can never stay on topic.
Its obvious that you only have eyes for Obama. The world began when Obama was inaugurated.


The Banks through their greed almost bankrupted the country and pulled a fast one and got themselves bailed out.
Now they are throwing the tax payer, who bailed them, out onto the street by grabbing/stealing their homes when they know they don't have the right.
To you its not important. Bashing Obama is all that is important, no matter what the facts are.

What has Obama done that is worse than this?
<span style='font-size: 14pt'>Where is the outrage from the TP people?</span>

They are bothered with more important things like "is Obama a Muslim."


/forums/images/%%GRAEMLIN_URL%%/sick.gif

Can't wait.

Q

</div></div>


<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> <span style='font-size: 17pt'> Where is the outrage from the TP people? </span> </div></div>



<span style='font-size: 26pt'> They're too damned stupid to realize that Republican Policies have destroyed our economy, and our kids futures.

If we added up defense spending and waste just for the years since W. took over, and wasted trillions of dollars in Iraq, and Afghanistan, and the Republican spending throughout their majority, and their record breaking earmarks, unpaid for tax cuts, growth in the Federal Govenment, subsidies for the corporate fascist pigs who outsourced out jobs, and the costs of Reagan's AMNESTY, to American workers, can you IMAGINE how much money all of that comes to!!!!

The right is too stupid to understand they have a history of voting against their own best self interets. That is the single most destructive American Act, an uninformed voting secter, led by loons and propaganda, in this case, Tea Party blow hards, Limpballs, The Palinban from Beckistan, lead the Republican sheep! </span>