Matt Weidner – Fighting For The American People

Posts Tagged ‘freddie mac’

Sigh….

FREDDIE MAC BETS AGAINST AMERICA

I have a well developed sense of rage and frustration at what is happening in my country.  It grows every single day as I watch my fellow man suffer the abuses of the corporations and the elected and appointed officials that own them.  It boils and bubbles over every single day when I watch consumers sliced at the knife of a legal system that is neither fair or impartial.

I see the protests and I wonder, “Why are more people not out here?” I see the facts, then I know that when more people finally wake up, the streets will burn and things will devolve into a place worse than most people can imagine.

If a drug company wants to kill people with bad drugs, that’s just fine, right?  If a car company wants to build cars with exploding gas tanks, that’s just fine, right?

Well, unlike in those examples, the American taxpayer is not necessarily paying the bills…but in Fraudclosure, the American taxpayer is paying billions of dollars directly to Fannie and Freddie and to the corrupt minions that serve these masters.  The law firms and mills that are responsible for the utter desecration of our legal system have been paid billions….and they will continue to be paid….because the people will not speak out…..it has just been disclosed that you and I, taxpayers are doling out hundreds of millions…..

“It’s been proven time and time again that Fannie and Freddie are synonymous with outright corruption and fraud and the federal regulator has the audacity to approve $12 million in bonuses to people who make $900,000 per year,” McCain charged, as Freddie Mac on Thursday reported a $4.4 billion loss for the third quarter and announced it is seeking $6 billion from the Treasury Department. “This body should be ashamed if we let this happen, especially in these economic times.”

The U.S. government, which has become the nation’s biggest owner of residential properties, is looking for ways to reduce and manage its huge inventory without swamping the real estate market or exposing federal agencies to enormous losses.

Government-run Fannie Mae, Freddie Mac and the Federal Housing Administration now own about a third of the country’s nearly 800,000 foreclosed properties. With that inventory predicted to grow, they are looking for new ways to cope.

In a joint public appeal this month, the agencies invited the public to send in suggestions for managing the inventory, particularly ideas for turning foreclosed homes into rentals.

BLOOMBERG ARTICLE

Forget all the fantasy coming from realtors and Zillow.com, check out a site with real analysis….HOUSING PREDICTOR.COM

An order from the nation’s electronic registration company that halts banks and mortgage servicing companies from foreclosing on homes in  MERS name may result in greater transparency for homeowners in foreclosure and could actually be of help to consumers.

“I think it’s a good step in the right direction,” said National Consumer Law Center attorney Geoff Walsh. The order by Mortgage Electronic Registration Systems (MERS) will eliminate the company’s name as the mortgagee, and replace it with the actual holder of the mortgage, providing those who are being foreclosed with the name of the bank or bank servicing company actually conducting the foreclosure.

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

Federal mortgage backer Freddie Mac is taking its foreclosure cases from the Fort Lauderdale-based Marshall C. Watson law firm, one of eight Florida firms facing state scrutiny for its handling of home repossessions….

Full Story Here