Matt Weidner – Fighting With The American People

Posts Tagged ‘bank of america’

The 49 State Attorney General Sellout is the biggest legal sellout this nation has ever seen.  I think it borders on treason.  That’s right, treason.  The conduct outlined in the OIG Audit Reports undermines our nation’s entire financial system and this poses grave and systemic risks to our nation’s national security.  The servicers and banks were permitted to engage in gross and systemic fraud at 1)origination; 2)servicing; 3)modification; 4) foreclosure/bankruptcy; 5) post foreclosure REO claims.

They made claims totaling billions and collected God knows how much in actual claims.

THE AG SELLOUT IS NOT ABOUT ROBOSIGNING.  THE ROBOSIGNING IS A SIDE SHOW, A DISTRACTION

THE AG SELLOUT IS THE WORLD’S LARGEST INSURANCE FRAUD CASE!

The servicers were permitted to file and collect on false insurance claims and pocketed hundreds of millions of dollars.  The sellout asks them, pretty please, can you give a few nickles back?  Ignore the $25 Billion number, most of that is walking away from underwater mortgages they will never collect on and that don’t exist anymore.

Most insulting, read each of the OIG reports carefully and see how the banks lawyered up, told the Office of Inspector General and Department of Justice to

GO SCREW YOURSELVES, WE’RE NOT PROVIDING YOU ANY DOCUMENTS!

And they got away with it!  Great job!  This is the most direct and specific example of the corruption, the tyranny, the absolute lawlessness that exists in this country that has yet been divulged to us.  The banks truly are above the law.

Read a bit of this:

The five banks that agreed to a $25 billion settlement to resolve fraudulent foreclosure claims consistently hindered a government watchdog’s investigation into those practices, according to a report released on Tuesday by the Department of Housing and Urban Development’s inspector general’s office.

The findings, based on a review of foreclosure practices at Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial over a two-year span from October 1, 2008 to September 30, 2010, essentially confirm what has been reported extensively for nearly two years. Bank employees, in order to speed foreclosures, signed hundreds of legal documents a day without reviewing the accuracy of the foreclosure information, notarized signatures on documents that purported to verify a bank’s legal right to foreclose without ever checking whether that was true, and hired law firms that forged signatures en masse — all with the encouragement of management. HUFFINGTON POST

From Naked Capitalizm:

You know it’s bad when banks are the most truthful guys in the room.

Remember that historical mortgage settlement deal that was the lead news story on Thursday? It has been widely depicted as a done deal. The various AGs who had been holdouts said their concerns had been satisfied.

But in fact, Bank of America’s press release said that the deal was “agreements in principle” as opposed to a final agreement. The Charlotte bank had to be more precise than politicians because it is subject to SEC regulations about the accuracy of its disclosures. And if you read the template for the AG press release carefully, you can see how it finesses where the pact stands. And today, American Banker confirmed that the settlement pact is far from done, and the details will be kept from the public as long as possible, until it is filed in Federal court (because it includes injunctive relief, a judge must bless the agreement).

This may not sound all that important to laypeople, but most negotiators and attorneys will react viscerally to how negligent the behavior of the AGs has been. The most common reaction among lawyers I know who been with white shoe firms (including former partners) is “shocking”. Let me explain why.

Yves More Here

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: