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| Fraudclosure -- You Have Been Sold Out in forum [Market-Ticker]
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Gillianx
Posts: 65
Incept: 2010-01-07
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I'm laughing at all this. The US is just as corrupt as Greece, maybe worse as it pretends not to be. Any Americans who belive in U-S-A, U-S-A, are f...en imbeciles.
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Bertdilbert
Posts: 2656
Incept: 2008-12-22
CA
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AG = elected = reelection campaign = bought and paid for = expected outcome.
Since you can't get money out of politics, there is nothing you can do.
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Dear Euroland: Relax, Germany has a plan for your money!
Political Capital Defined: We are out of money but will tax our citizens for whatever it takes to "SAVE" the Euro.
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Etz
Posts: 13889
Incept: 2007-06-26
LA
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Throughout history, cockroach bankers and tbeir corrupt political stooges have had their way just until regular folk figured out they were all thieves.
Booyah for Obozocare, 99 week unemployment benefits, and corrupt statistics!
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Legal chicanery and beneficent darkness are the banker's stoutest allies - F.Pecora.
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Widgeon
Posts: 13481
Incept: 2007-08-30
Region formerly known as the United States
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Wait, I thought there were no more bailouts? Ha Ha. Joke's on me.
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Drench
Posts: 28631
Incept: 2009-11-10
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Yep. Forget buying land or a house, unless you're willing and able to defend it.
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Chuckstermd
Posts: 34
Incept: 2011-02-22
baltimore
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With Fanny and Freddie planning to sell off their foreclosed properties to investors, I believe this agreement will only open the foreclosure floodgates again.
Pay back to the investors who lost money with MBS and a revenue stream for the banks who service the mortgages about to be foreclosed on.
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Change? Not until we change the people in Congress with people who understand how to run a government of the people, by the people and for the people.
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Genesis
Posts: 130711
Incept: 2007-06-26
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The really outrageous bull**** is that the robosigning is still going on!
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Richardebel
Posts: 96
Incept: 2010-11-15
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Would it really matter which attorney general we voted for in an election? I don't think so. Besides, if the government really cared about distressed mortgages, why do they make you pay income tax on the amount of debt forgiven? That is adding insult to injury.
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Otiswild
Posts: 5617
Incept: 2009-03-09
Inside you, the force is!
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Andyc
Posts: 333
Incept: 2010-10-24
Banned
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I wonder if posting to this thread would warrant a report to the FBI. http://www.reuters.com/article/2012/02/0....Well if they are keeping a list we are all on it. Totally disgusted by these Wall Street panderers in politics Reason: add quote to personal FBI file : )
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Jwm_in_sb
Posts: 1041
Incept: 2009-04-16
California Desert
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It's not nothing burger when banks continue to foreclose illegally and more people begin to lose their homes even when they are not underwater. Or, when when clear becomes an issue and an increasing number of people cannot sell their home without involving title insurance.
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Aztrader
Posts: 6648
Incept: 2007-09-10
Scottsdale, AZ
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Otiswild
Posts: 5617
Incept: 2009-03-09
Inside you, the force is!
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The  refers to the predictably sad lack of beef when it comes to those elected and appointed to protect the interests of the taxpayer. American Idol is back on, nobody will give a **** until it's too late and they become food for roving bands of cannibal leechzombies. |
Banditfist
Posts: 722
Incept: 2007-09-20
Huntsville, Alabama
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How many different settlements are there now? Wasn't it just last week that Jamie Dimon was on saying that if certain lawsuits go forward that the deal with the states will be broken?
Just a little confused. All this crap reminds me of something. Oh yeah, how many times have there been a deal with the Greek bailout? Seems like every week there is a new deal, the market rallies, then they have to do it all over again.
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"Are you sure you can't remember?"
"I'm sure I can't remember" ~ Ben Bernake 25 Jun 2009
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Mrbill
Posts: 7844
Incept: 2008-10-19
North Carolina
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I'm also assuming some judges could throw this out. Not that I'd bet anything on that, but we could have another Judge Rakoff step in.
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Mannfm11
Posts: 3539
Incept: 2009-02-28
DFW, Tx
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Is it any surprise NY and California caved? The AG of NY uses these stages as a theatre to forward his political career. Most of the crimes happen in NY, so it is natural they get the stage. Banking is the business of NY, so you can bet there is a lot of the under the table variety of deals going on, that the AG gets to look good and the banks get to keeps stealing with all the nonsense pushed in the background, the theft of billions bought with the payment of maybe $100 million and no one goes to jail for grand larceny and other forms of theft. Others involved can only hold their asses and wait for the pain to subside.
You and I know Karl that foreclosure has very little to do with this and hiding the paper trail of who was stealing what and who knew what when is the real deal. I believe MERS was developed to hide the chain of title, not to expedite transfer. Richard Nixon should have burned the tapes and the bankers learned that lesson.
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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
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Frankschoenburg
Posts: 178
Incept: 2011-08-05
Northbrook, IL
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Reason: I'm an idiot
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Tickergroupie
Posts: 429
Incept: 2010-03-24
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Frankschoenburg
Posts: 178
Incept: 2011-08-05
Northbrook, IL
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Mondocondo
Posts: 3684
Incept: 2007-12-03
Miami
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Even Bovine Dick is incensed by the settlement. KD and Bovine Dick are in agreement? Just shows how bad the thing stinks. Quote:"There is no sanctity of contracts in the United States. Only fools meet their financial commitments. The non-payers are the truly enlightened." http://www.zerohedge.com/news/dick-bove-.... |
Throxxofvron
Posts: 10324
Incept: 2009-02-17
Hyper-Speculative Psycho-Facsistic Parabolic Blow-Off
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http://www.zerohedge.com/news/foreclosur....Quote:Is The Foreclosure Settlement A Shadow Bailout For Broke California?
Submitted by Tyler Durden on 02/09/2012 14:46 -0500
Just over a week ago we highlighted the desperate plight of cash-strapped California. With a $3.3bn short-term 'hole', they were looking for cash-management solutions under every rock and hard place they could find. Today we hear that California joins the Obama bank foreclosure settlement enabling $18bn of bank-funded cash (implicitly via Federal Reserve/Government coffers) can flow to the left coast. Los Angeles alone will receive $4bn which while eventually wending its way down to the consumer (to be spent and implicitly spurring further economic activity or perhaps more likely to pay down other debt in this balance sheet recessionary environment), as Bloomberg asks, "Why should a taxpayer in Houston or Wichita bail out irresponsible California homeowners, banks and the state’s public employees’ retirement fund?" To add to California's 'aid', BofA has become the first bank to sign up for the 'Keep your Home' program where Federal dollars are given to banks to encourage them to reduce mortgage balances on struggling (over-levered and perhaps once greedy) California homeowners. Certainly it is a happy coincidence that perhaps a short-term cash crisis could be band-aided in the Golden State by this well-timed joining of California to the settlement.
Taxpayers Prop Up California House of Cards: Steven Greenhut
By Steven Greenhut - Feb 9, 2012
Why should a taxpayer in Houston or Wichita bail out irresponsible California homeowners, banks and the state’s public employees’ retirement fund?
Yet that’s exactly what the Obama administration is looking to do in its latest effort to shore up a housing market that continues to sag as large percentages of Americans remain underwater in their mortgages.
The administration is pleased that California’s attorney general is now on board with the president’s multibillion-dollar bank settlement after securing tougher measures to benefit individual homeowners.
More good California-based news for President Barack Obama: Bank of America Corp. has become the first large mortgage provider in the Golden State to take part in a federally funded “Keep Your Home” program that would pay banks to reduce the balances that struggling California homeowners owe them.
Unfortunately, the federal mortgage-relief plan and the California foreclosure-aid fund are based on the same deep misunderstanding about the cause of the housing bust that led to many of the problems in the first place -- problems that were particularly pronounced in California because some policies here were worse than elsewhere. Greedy unregulated banks acted like drug pushers by enticing people to take on more debt than they could afford, the Obama administration thinking goes. This view is deeply flawed.
Houses as Casinos
The main debate among states was whether to provide more aid to individual homeowners or to provide greater latitude for states to sue these banks. There’s little discussion in the current negotiations about the role that government lending and land-use policies played in this mess or recollection about how the situation actually unfolded.
After the bubble burst, I recall asking a friend where all the money went as million-dollar tract houses lost half their value. He laughed, and pointed to his new RV -- a reminder of how prevalent it was for Californians to view their quickly appreciating houses as piggy banks. No doubt, predatory lenders engaged in fraudulent practices during the price run-up, but there’s much more to this story than that storyline.
Within months of moving from Ohio to Southern California in 1998, I noticed that home prices were rising rapidly and buyers were getting frenzied. We got out of our lease early, fearful that we would be relegated to permanent-renter status, and bought an aging $200,000 tract house. Within five years, homes like ours were selling for about $650,000.
It seemed as if everyone was refinancing, doing cash-outs, remodeling their places, buying new cars and taking Hawaiian vacations. Water-cooler conversations at work often revolved around discussions of “You’ll never guess what my house is worth.” After the crash, the same people have turned into victims, who apparently had no idea what they were doing and were preyed upon by banks.
Virtually every aspect of the lending process is governed by federal rules, so it’s nonsensical to argue that the banks were unregulated. Our political leaders seem to be forgetting, also, that it was direct government policy to arm-twist banks into giving out loans to unqualified buyers. The Community Reinvestment Act scored banks based on the number of loans they provided to low-income people.
Blame Federal Policy
As John McClaughry wrote in Reason magazine in December, “By 1995 the CRA had become a powerful tool in the hands of ACORN and allied activist organizations,” referring to the Association of Community Organizations for Reform Now. “Unless a bank could silence their protests by making (and passing on to Fannie Mae) the demanded amount of subprime loans, it faced serious difficulties in obtaining regulatory approval for branching, merging, and other corporate decisions.”
This stemmed from an ideology, supported in Republican as well as Democratic circles, that viewed homeownership as the key to a prosperous life. In pricey California, lenders -- and governments, which often offered residents down-payment assistance and low-interest loans -- got ever more creative so that they could help buyers afford median home prices that soared above $600,000 in many urban markets.
Everyone was in on the game. California wants a tougher settlement, the New York Times reported, to help the California Public Employees’ Retirement System recoup some of its losses. Calpers was on the leading edge of this nonsense, as it used borrowed money to build what later became the most upside-down community in the nation -- Mountain House, California, across the Altamont Pass in the Central Valley, where Bay Area residents priced out of their region could afford a home, provided they could tolerate the grinding commute.
If one looks at prices in most places in the Midwest and South during the inflating housing bubble, one will find increased prices and small spikes, but nothing like what happened in California.
California has some of the most extreme land-use controls in the nation. When demand increased, in less-regulated housing markets, builders were able to construct houses in a reasonable amount of time. In California’s coastal communities, it can take years to gain the government approvals necessary to build a new subdivision, so the market couldn’t respond. As a result, the stock of existing homes soared in price and builders went into the hinterlands to build new subdivisions for commuters. This is bad policy on any number of economic and environmental levels.
Jobs Come First
I don’t hear anyone proposing any policy fixes for that problem. Instead, we get proposals to help homeowners refinance their mortgages even though they have no equity in their homes, something that might save them a little money each month, but won’t do anything to solve the real problem of owning a home that is worth less than the mortgage.
The Obama administration has argued that the economy won’t revive until the home market is fixed, but the opposite is true. I own two rental houses in the Central Valley, purchased for about 25 percent of their prices at the height of the market. They receive rents that are about double the total cost of the monthly payments, yet there is an abundance of homes like this available. People aren’t buying them because they don’t have jobs and because the government rules now make it too tough to get the credit to purchase them.
Instead of bailing out bad behavior from banks and consumers, it’s time for policy makers to let the market work -- in lending, land use and economic policy. In discussing the Obama mortgage proposal, USA Today opined this week that the Republican Party’s challenge is “to come up with an alternative that goes beyond simply saying no.” But saying no is exactly what the nation needs now, especially if yes means another bailout for imprudent Californians.
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DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell
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Jack_crabb
Posts: 2406
Incept: 2010-06-25
Peoples' Republik of Maryland
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Mondo, your Bovine Dick quote is damn near the only thing he said that made sense. He pooh-poohed the host when [the host] said what the banks did was illegal, and that they profited greatly from it.
Bovine Dick really and truly is a dick.
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Molon Labe
Where is Henry Bowman when you need him?
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Goldbrick
Posts: 2946
Incept: 2008-01-23
Indiana
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There's going to be a tidal wave of foreclosures now, since the banks have been bailed out again with this sham.
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"The higher I go, the crookeder it gets."
--Michael Corleone
"Instead of cursing the darkness, light a CONgressman."
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Nbpundit
Posts: 60
Incept: 2011-04-05
Texas
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Advise01
Posts: 50
Incept: 2011-08-02
Tampa
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Foreclosure defense attorney “Your honor this home was paid off and we have documentation that it was paid off.”
Banks foreclosure mill attorney “Your honor we object this has no bearing on this case we have just printed new documents today and Linda Green from our office signed it and we have a notary who died two years ago notarize these documents showing that we have title on this house and an affidavit that we lost the mortgage and note plus the government along with all of the States AG’s said we can do anything we want without recourse for our actions”
Judge “Well if it is good with the AG’s it is good with me summary judgement granted to be sold on the court house steps tomorrow”
Banks foreclosure mill attorney “Your honor make sure you are at the auction tomorrow so we can purchase this home for our LLC”
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"Few political gifts are more richly rewarded, than the ability to convince parasites that they are victims."
- Dr. Thomas Sowell
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