The foreclosure crisis that continues to grip our courts in 2010 and that will only get worse in years to come all began in 2005, 2006, 2007, when the mortgage industry and Wall Street colluded with each other to engineer the largest financial fraud in modern history. The facts are simple. Wall Street Wizards figured out a way to monetize then trade billions of dollars in wealth when they figured out how to convert mortgages into currency. Dollars and stocks were regulated, but because mortgages were new currency, they were totally unregulated, unsupervised and completely subject to manipulation.
The biggest players on Wall Street, JP Morgan, Bear Stearns, Chase…they all got together to create larger pools of mortgage backed securities that they sold to investors nationally and abroad. THEY COMMITTED MASSIVE FRAUD UPON THESE INVESTORS BY LYING ABOUT THE FUNDAMENTALS OF THE COLLATERAL IN THOSE SECURITIES.
The loan originators at Countrywide, New Century, Argent and most of the other subprime players were submitting loans that contained false information from top to bottom. The appraised value of the homes were all lies, credit scores were all lies, income and employment….all lies.
THE WALL STREET WIZARDS KNEW THE INFORMATION CONTAINED IN THE LOAN FILES WERE LIES.…but they didn’t care because they hired credit rating agencies to lie to the end purchasers (institutional investors).
And now all these players that were lying and committing fraud from the inception of all these deals come into our courts of equity seeking redress from our local circuit courts. A fundamental concept of courts of equity is those seeking affirmative relief from courts must come into court with clean hands…they must be innocents in the matter for which they seek relief…..and the players seeking relief in courts across this state and indeed across the country are far from innocent.
THEY ARE THE ARCHITECTS OF THE FRAUD THEY CREATED
THROUGH FRAUD, MISREPRESENTATION AND POTENTIALLY CRIMINAL ACTS THEY SET UP THE FORECLOSURE CRISIS CHOKING OUR COURTROOMS ACROSS THE COUNTRY
But don’t just listen to me, read the lawsuit attached below….it describes in excruciating detail how the architects of this crisis….the biggest players on Wall Street and the gang of thieves that are choking our courtrooms…set this crisis up when the set this whole system up….read on:
Attorney Weidner, I would agree with everything that you say here with the single exception of exactly when this fleecing began. Personally, I believe that this gaming of Wall Street Lotto began about fifteen minutes after Lewie Raneri securitized his first bundle of mortgages back in, what, 1987 I think?
I say this for one main, easy to corroborate reason – too many people have been fighting identical Mortgage Servicing Fraud related issues for far too long. Shortly after I made my own story public, I was contacted by a victim of Dime Savings Bank saying that their experience was virtually identical to mine with Fairbanks/SPS. Their ordeal began in roughly 1991 if I remember correctly. I know far too many MSF victims who have been in this fight for close to, if not longer than, a decade now. My own situation began in 2001 with Fairbanks purportedly obtaining the servicing rights to my loan. Off the top of my head I can think of no fewer than 6 other borrowers in this fight at least as long, if not longer and that doesn’t even take into account the 281,100 involved in USA/Curry v. Fairbanks that settled in 2004. FTC apparently went as far back as far as 1999 to obtain evidence for that case.
The issues and actions that triggered this current “crisis” have been in place and in practice for far longer than many people realize. Bogus assignments, LPS, DocX, Fidelity, Laura Hescott, Scott Anderson, MERS have all been right there in front of us for years. It just took the recent flood of mortgages to bring into focus otherwise who knows how long this farce would have gone on for unnoticed.
Unfortunately, it’s taken this long to get the collective judiciary to take notice of the perversions and outright fabrications of law and evidence that many of us have been attempting to bring to the forefront for so long.
I only hope that the education can continue as just yesterday I pointed out to the local media that between June 18 and 22 roughly 70 borrowers are going to lose their homes to foreclosures directly involving MERS and from the documentation that I’ve seen at the county registries, NONE of them should be taking place.
Keep up the good work, Attorney Weidner.
A simple OR (official record) search for name “JP Morgan” & doc type “Mortgage” shows that JP NEVER USES MERS when they originate loans – that’s odd. If MERS is so great, then why doesn’t JP use em’ when they’re shooting out mortgages?
This is just the story of how they joined in the game. The real criminal aspect is what JP Morgan is doing with the help of the FDIC in taking over the banks they squeeze with cash calls on the lines of credit they had advanced to them when the market was good so that they can “acquire” them for no money. They also get to control any credit default swaps that were established on the securitizations as separate parties.
JP has done it with Lehman, Bear Stearns, AIG, WAMU, Morgan Stanley and don’t think they are not involved in tons of other things.
JP owns 30% of BP as well.
They destroy everything across the board and they control every level of everything. Sad but true.
The part that is most distressing is that the FDIC is smack in the middle helping them along.
Oh, we’ll give you what’s left of this bank for nothing and the money you pay we will give back to you so that you can fight the legal battle against the homeowners that figure it out.
Not to mention that the “loan” was done using accounting tricks and no real money to begin with. God forbid we all figure this out and put a stop to it.
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