Note the date on the article when you read….

“We have Bank of America, Wells Fargo, Citibank and Chase openly admitting to what they’re trying to say are irregularities — but are actually fraud upon the courts,” said Lisa Epstein, a housing activist who regularly attends foreclosure hearings in South Florida.

This weekend, attorney generals from across the country are being blackmailed, extorted, pressured into signing onto off of the settlements with the banksters.

Keep in mind folks, that we’re not talking about teensy weensy violations of itty bitty parts of the law that don’t matter like jaywalking.  These are crime scenes….

But while they sit on their secret phone call hammering out the details on how Americans are gonna get hosed once again, let’s just review some of the details that are part of existing lawsuits:

(Now there’s a real gem down there at the bottom. Let’s see who can pick it out.)

The lawsuit specifically charges that the defendants have engaged in the following fraudulent and deceptive practices:

• MERS has filed over 13,000 foreclosure actions against New York homeowners listing itself as the plaintiff, but in many instances, MERS lacked the legal authority to foreclose and did not own or hold the promissory note, despite saying otherwise in court submissions.
• MERS certifying officers, including employees and agents of JPMorgan Chase, Bank of America, and Wells Fargo, have repeatedly executed and submitted in court legal documents purporting to assign the mortgage and/or note to the foreclosing party. These documents contain numerous defects, including affirmative misrepresentations of fact, which render them false, deceptive, and/or invalid. These assignments were often automatically generated and “robosigned” by individuals who did not review the underlying property ownership records, confirm the documents’ accuracy, or even read the documents. These false and defective assignments often masked gaps in the chain of title and the foreclosing party’s inability to establish its authority to foreclose, and as a result have misled homeowners and the courts.
• MERS’ indiscriminate use of non-employee “certifying officers” to execute vital legal documents has confused, misled, and deceived homeowners and the courts and made it difficult to ascertain whether a party actually has the right to foreclose. MERS certifying officers have regularly executed and submitted in court mortgage assignments and other legal documents on behalf of MERS without disclosing that they are not MERS employees, but instead are employed by other entities, such as the mortgage servicer filing the case or its counsel. The signature line just indicates that the individual is an “Assistant Secretary,” “Vice President,” or other officer of MERS. Indeed, these documents often purport to assign the mortgage to the certifying officer’s own employer. Moreover, as a result of the defendants’ failure to track the designation of certifying officers and the scope of their authority to act, individuals have executed legal documents on behalf of MERS, such as mortgage assignments and loan modifications, when they were either not designated as a MERS certifying officer at the time or were not authorized to execute documents on behalf of MERS with respect to the subject loan.
• MERS and its members have deceived and misled borrowers about the importance and ramifications of MERS’ role with respect to their loan by providing inadequate disclosures.
• The MERS System is riddled with inaccuracies which make it difficult to verify the chain of title for a loan or the current note-holder, and creates confusion among stakeholders who rely on the information. In addition, as a result of these inaccuracies, MERS has filed mortgage satisfactions against the wrong property.

NY AG Lawsuit

This piece here is the GEM…..let’s see how many people pick up on how big this is.

And here’s the whole lawsuit

THE QUESTION NOW IS, HOW CAN ATTORNEY GENERALS SIGN ONTO DEALS WITH THE DEVILS?

You know how I’m always railing and screaming about the abuses of government, warning about the crunching boots of the jackbooted thugs?

You’ve read my cases that document banks and servicers just kicking down doors, and taking peoples properties and utterly disintegrating that fantasy naive Americans had about the right to be safe from unreasonable searches and seizures and all that non sense….right?

I warned in the past and provided specific examples of Fannie/Freddie servicing guidelines that have servicers making “inspections” of Americans homes when they are 45 days late on their mortgage payments.

Well, let’s take the jack booted thug thug thing a bit further.  This comes from an industry newsletter:

Fannie Mae May Need Lawyers, Guns, Money

 (Origination News)

When Steve Linick first met senior managers at Fannie Mae and Freddie Mac early this year, he told them he would be no ordinary Washington regulator. His office has the power to make arrests, issue subpoenas and conduct searches, and some of his employees carry badges and guns.He hasn’t hesitated to deploy those resources as the inspector general of the mortgage-finance companies’ regulator, the Federal Housing Financing Agency. Mr. Linick, who is set to brief Congress on his oversight on Tuesday, has 48 investigations under way and dispatched federal agents to the homes of several Fannie employees in October as part of an investigation related to defaulted commercial mortgages. Wall Street Journal

So you just kinda put things together and it’s certainly not out of touch paranoid delusions to think that we’re moving to a situation where agents of the government are just kicking down doors, guns drawn whenever they damn well please……

If a client attempt  a loan mod or short sale, I make sure they know they’ll be sending the paperwork again and again, it will take the bank months, they will lose documents over and over and they will probably get denied.

The banks cannot figure out how to modify a few hundred million dollars in loans over years, but the Fed and the banks can figure out how to engineer trillions in dollars in complex transactions….overnight…..

Read this article and understand that worldwide banking today is nothing but crazy gambling….with our money….when will calls for arrest of Geithner and Paulson start resonating?

From the article:

The following article appears in today’s edition of Market Oracle.  It’s a pretty clear and straightforward explanation of how one of America’s cornerstones….private property ownership, is being utterly decimated…and how homeowners all across this nation will soon be nothing more than slaves eking out their meager existences on a nationwide plantation called the unUnited States of America. I don’t know the author Bill Butler, but he nails the facts and his conclusion seems spot on:

The untold story in the foreclosure crisis unfolding across America is that, following a foreclosure perpetrated by one of the October 2008 Bailout Banks (e.g. Bank of America, Citibank, JPMorgan, Wells Fargo) Fannie Mae or Freddie Mac suddenly appear as the record owner of Average Joe’s home. These federal government sponsored entities then go into local housing court and get a court order authorizing them to evict Joe. If Joe resists, these supposedly charitable institutions obtain a writ ordering the local sheriff to forcibly remove Joe from his home.

MARKET ORACLE

The investors in mortgage securities recently announced an $8.5 billion dollar settlement….that’s just a drop in the bucket, just a tiny fraction of the real liability that exists.  Of far more importance is how this will impact homeowners all across the country.  But frankly even more important than that is the overall health of that whole lurking operation that is Bank of America….

“Bank of America has a ticking time bomb in its books and it needs to show investors that it is moving,” said Ira Rheingold, an attorney and executive director of the National Association of Consumer Advocates.

Bank of America