Matt Weidner – Fighting With The American People

Posts Tagged ‘fannie mae’

We all see firsthand the travesty and tragedy that is Fraudclosuregate every day we step into courtrooms.  We’ve all been screaming LIES and FRAUD and CRIMES for so long that I’m personally hoarse and just going out of my mind with frustration.

We’ve been asking for years for courts just to slow down, recognize the crisis for what it is and punish the criminal banks and their law firms for the LIES, the FRAUD and the CRIMES.  But no one seems willing to do this. And so every day we labor on, filing Motions to Dismiss and arguing the same issues again and again and again.

The problem with failing to punish systemic LIES, FRAUD AND CRIMES is that the conduct continues, mushrooming out of control until we’re now in the situation that we are in now….CATASTROPHIC FAILURE.

I’ve asked this question before…..What if years ago, the big shots in leadership positions across this county listed to Judge Walt Logan in his MERS v. AZIZE opinion?  What if anyone paid any attention at all to the systemic problems that were so plainly on display with the whole MERS fiction?

But it’s too late for that now…..no sense in saying, “We Told You So”……except that I still go in court every day and hear the same old question, “have you paid your mortgage and if not, Foreclosure Judgment Granted“….more of that even today.  Even after all of this.  Even after the ACLU lawsuit.  Even after the LIES, the FRAUD, the CRIMES.  Oftentimes courtrooms remain Kafka-esque.

The Long Term, Bigger Picture Consequences……

Standard and Poor’s long term credit downgrade of the U.S. economy is directly impacted by the foreclosure crisis, which has cost tax payers $148-billion to bail-out Freddie Mac and Fannie Mae so far. But S&P analysts expect “extraordinary official assistance to large players in the U.S. financial sector” to be made to fix the housing market and the economy at large.

Foreclosure Crisis

Oh, sorry, you thought I meant borrowers were going to be treated fairly and that the man on the street was going to get a break, right?  Not so fast folks.  This is Amerika after all where those at the top of the pyramid get all the breaks while all of us suffer immensely.

There is a major deal pending that would result in massive principle reductions of the obligations the major banks owe to you and me as taxpayers.  But just as with all the previous bailouts, the man on the street GETS ABSOLUTELY NOTHING!

This should come as no surprise because this is the absolute pattern that permeates the entire crisis from beginning to end.  The Wall Street Fat Cats continue to cut billion dollar bailout deals while you and I get left holding the bag…

Bank of America, the biggest U.S. lender by assets, agreed to pay Fannie Mae and Freddie Mac a total of $2.8 billion to settle claims stemming from the 2008 purchase of Countrywide, which was then the largest mortgage company in the U.S. The government-backed entities have been pressuring lenders to make good on so-called representations and warranties, in which they vouched for the accuracy of loan documents.

BLOOMBERG

While you read this article, remember that Pinellas County Judge Walt Logan warned of this long before anyone else was alerted to the dangers in his Azize opinion.  How much more stable would our economy and our whole country be if the world listened to this Pinellas County judge so long ago?  Something to think about as we continue spiraling into chaos…..

But critics say promises of transparency and of ironing out wrinkles in record-keeping haven’t panned out. The firm, which tracks more than 60 percent of the country’s residential mortgages but whose parent company employs just 45 people in a Reston office building, is on the firing line now.

Clerks from counties across the country are suing MERS to collect unpaid filing fees. Several state courts have rejected attempts by MERS to act on behalf of banks seeking to foreclose on delinquent mortgages. And Congress is weighing legislation that would bar home loan giant Fannie Mae from buying any mortgage listed in MERS, potentially a death knell for the registry.

Washington Post

Hat tip to my old friend attorney Claude Walker for “breaking” the Stern story ELEVEN YEARS AGO!  Click on the attachment below for a dusty old deposition taken from that case a long, long, long time ago.  There’s much more to the story that is reported here in the Washington Post.  Among the most profound things to consider is the fact that the catastrophes that exist in courtrooms all across the state in the form of files from the Law Offices of David J. Stern should have been predicted given the revelations contained within the prior case and the issues that are discussed in the attached deposition.

…..and now, from the Washington Post…

Fannie and Freddie, the largest mortgage companies, shaped the practices being challenged in courtrooms around the country. They picked law firms that could foreclose fast and paid them based on how many foreclosures they could process. Speed was essential because delays cost the companies money – and, after they were taken over by the government two years ago, meant losses for taxpayers, too.

Not only did the companies urge swift foreclosures, but in at least one case Fannie executives also greenlighted working with a firm that they knew firsthand had engaged in legally questionable practices, according to documents and interviews with lawyers and industry officials.

That firm was the Law Offices of David J. Stern in Florida, which built a hundred-million-dollar-plus business foreclosing on the tens of thousands of borrowers who lost their homes in the housing crash.

Washington Post

Don’t forget to LEAVE COMMENTS TO THE STORY, then come back here to READ THE DEPOSITION FROM A DECADE AGO.

Read: David-Stern-Bryant-Case

An article published in Wednesday’s St. Petersburg Times, written by Kris Hundley, discusses Pinellas-Pasco Circuit Court Judges’ statements that “… they’ve never seen anything like the letters they’ve been receiving over the past few weeks from the South Florida foreclosure law firm of David J. Stern.”

Read the full article here on Tampabay.com

Oh what irony, Oh what deliciously sweet irony…..You simply must read the attached report from Bloomberg…

Bloomberg Article Here