The Great American Home Foreclosure Song

Sign of the times - Foreclosure (Photo credit: Wikipedia)

Songs like the one below make me wonder if the politicians will be voted out of office or if they’ll be laughed out of office.

What other country in the world would respond to nation-wide foreclosure fraud with a song?  I would expect the victims of the foreclosure fraud to either do nothing or start shooting, but instead they (some of ‘em, at least) have started singing.  I don’t know if this reaction is good or bad but it’s strangely unexpected.

video  00:03:58

 

Great Recession or Greater Depression?

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As a child, I learned about the Great Depression.  The way the story was presented to me, I came to believe that everything was great until one day in A.D. 1929 when there was a stock market crash.   Result?  The whole nation was instantly plunged into the “Great Depression”.  I concluded that the Great Depression occurred as suddenly as flipping a light switch.  One day everything was bright; the next day everything was gloomy.

As an “adult” (some would still dispute that characterization), I was much surprised to read that Americans didn’t even generally agree that they were in a Depression until about A.D. 1933.

In retrospect, we agree that the Great Depression started in A.D. 1929.  But at the time, people didn’t generally perceive and believe that they were in a Depression until four years later.

Thus, it can take years for the vast majority of people to accurately assess and understand their current economic condition.  It’s entirely possible for the economy to be in a state of depression or recovery for several years before the general public recognizes the truth of their circumstances and acts accordingly.

 

Debt Instruments are More Valuable than Debts

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According to “The Economic Collapse,”

“Greece has collapsed financially, and several other countries in the eurozone are on the way.  The only thing stopping a complete financial disaster in Europe are massive bailouts from wealthier nations such as Germany.  But a wave of anti-bailout sentiment is sweeping Germany and the future of additional European bailouts is in doubt.”

Tiny Greece is at the center of this financial storm because it’s believed that a Greece default could trigger a domino effect reminiscent of A.D. 2008 when Bear Stearns and Lehman Brothers set off a chain reaction that threatened the global economy.

“Right now, major European banks are holding massive amounts of debt from various European governments on their balance sheets.  Most of these European banks are also very highly leveraged.  Even a moderate drop in the value of those debt holdings could wipe out a number of these banks.  If Greece defaults, that would mean that that several other nations in Europe would be in danger of defaulting soon as well.”

 

 

Foreclosure Fraud on 60 Minutes

Image by Wayan Vota via Flickr

This is almost comical.  60 Minutes produce an episode on foreclosure fraud last Sunday.  60 Minutes explains that something “bizarre” has happened in that the banks and lending institutions foreclosing on homes have somehow “lost” the foreclosure documents required to legally foreclose on homes.

There’s nothing “bizarre” about the “lost” mortgage documents.  The banks want the people to believe that the original documents have somehow (“bizarrely”) been accidentally “lost” because such accidents do not incur criminal liability.  But the truth is that in virtually all instance, the banks didn’t “lose“ the mortgage documents–they sold them to third parties for full face value.  Why did they sell the mortgages?  So as to be paid twice on each home loan.

 

Foreclosure Fraud: Bankster Vs Deadbeat

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Animated explanation of institutionalized foreclosure fraud.

You can’t con an honest man.  When a “con” takes place, both sides are guilty.  The “con-artist” is perpetrating a fraud.  The “victim” wants “something for nothing”.

Again, both sides are guilty. But only one side truly profits from the fraud:  the con-artist–in this case, the banks.  Those profits should be disgorged or at least compromised.  Neither side is innocent, but the bankster is more guilty.

And, incidentally, this massive, nation-wide, institutionalized fraud could not take place without the complicity of our Congress and courts.

Video  00:11:07

http://www.zerohedge.com/article/bankster-vs-deadbeat

 

Massive Foreclosure Fraud

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Here’s a video of a congressional hearing concerning “MERS” (Mortgage Electronic Registration Services’) that is the apparent “mortgagee” (lender) in virtually all mortgages issued over the past 15 years or so.   As a professor of law in this video explains, MERS’  handling of of mortgages is “problematic”.

 

Mass. Supreme Court Devastates Foreclosure Process

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Much, maybe most, perhaps virtually all, of US foreclosures over the past ten years have been based on a simple and pervasive fraud:  the bank or lender that forecloses on homes frequently does not own the note or mortgage and therefore has no standing or right to foreclose.  In essence, people who are too poor to make their mortgage payments have suffered the additional indignity and injury of being robbed of their homes by lenders and attorneys who knew or should’ve known they had no right to foreclose.

We are talking about several hundred thousand (and possibly more than a million) homes that may have been foreclosed by means of systemic, institutionalized fraud over the past 20 years.  This foreclosure fraud is certainly one of the biggest criminal enterprises this country has ever seen.  And it couldn’t have taken place without the cooperation of our legislatures, courts and attorneys.

 

“Incredible News for New Jersey Foreclosure Victims”

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The attached 2-page PDF file reports that on December 21st, the New Jersey Supreme Court adopted an emergency rule concerning foreclosure proceedings.

That new rule will apparently compel the plaintiff’s (bank’s) attorney and/or the plaintiff’s (bank’s) employees to verify under oath that the plaintiff actually has ownership and possession of the fundamental documents (note and mortgage) required to be the real party in interest and thus have standing to foreclose.

 

Removing Land from Gov-Co Registration Roles

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The Revised Code of Washington (territorial-state) includes a fascinating section that explains the proper procedure for removing land from the registration roles of the de facto county’s government.

The legal implications of this removal are not known to me.  But they seem to implicate the difference between the venues of “The State” (of the Union) and “this state” (territorial).  It appears that the modern land “registration roles” for “Cook county” are “in this state” (territorial) while “registration” (If there is such thing) within “The County of Cook” presumes your land to be situated within The State (of the Union).

More, if you can remove your property from the registration roles of a county “in this state” and remove it back to The County of The State of the Union, the de facto gov-co of “this state” may not be able to continue to impose a property tax on it.

 

Fraudclosure Affidavits

NYTimes October 14^th:

“Mortgage Mess May Cost Big Banks Billions. After scratching their heads for weeks over how much the foreclosure mess will hurt banks’ bottom lines, investors calculated the potential costs—and sent bank stocks plunging. . . .The share price of Bank of America fell 5.2 percent . . . JPMorgan Chase sank almost 2.8 percent.”

Apparently, the foreclosure problem is not a “crisis” or a “scandal” or even a “racketeering enterprise”—it’s merely a “mess,” hmm?

But, OMG!, the banks’ stocks fell a whopping 5.2% and 2.8%? Whatever will we do? Gee, if the foreclosure “mess” starts to hurt the banks’ “bottom lines,” it almost sounds serious.