Foreclosure Fraud For Dummies...

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Foreclosure Fraud For Dummies...

Postby Indaswamp » Tue Oct 12, 2010 11:29 pm

Wish I had the power to make this a sticky in the CI forum...
This is a great tool to understanding the complex nature of this issue in simple terms...
Foreclosure Fraud For Dummies
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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Wed Oct 13, 2010 7:00 pm

and here is a website to check the status of your home...to see if the paperwork was properly filed:
Here's Your Chance to Check If You Are A Victim of Mortgage Fruad
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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Thu Oct 14, 2010 11:09 am

Once you grasp this truth...no way for the banks to avoid the train wreck that is about to occur...
You thought the foreclosure mess was bad? You’re right about that. But it gets so much worse once you start adding in a whole bunch of parallel messes in the world of mortgage bonds. For instance, as Tracy Alloway says, mortgage-bond documentation generally says that if more than a minuscule proportion of notes in a mortgage pool weren’t properly transferred, then the trustee for the bondholders can force the investment bank who put the deal together to repurchase the mortgages. And it’s looking very much as though none of the notes were properly transferred.

But that’s not even the biggest potential problem facing the investment banks who put these deals together. It also turns out that there’s a pretty strong case that they lied to the investors in many if not most of these deals.


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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Thu Oct 21, 2010 11:19 pm

A play off of "The Producers"...
Whatever rising anger Eisman felt was offset by the man’s genial disposition. Not only did he not mind that Eisman took a dim view of his C.D.O.’s; he saw it as a basis for friendship. “Then he said something that blew my mind,” Eisman tells me. “He says, ‘I love guys like you who short my market. Without you, I don’t have anything to buy.’ ”

That’s when Eisman finally got it. Here he’d been making these side bets with Goldman Sachs and Deutsche Bank on the fate of the BBB tranche without fully understanding why those firms were so eager to make the bets. Now he saw. There weren’t enough Americans with ****ty credit taking out loans to satisfy investors’ appetite for the end product. The firms used Eisman’s bet to synthesize more of them. Here, then, was the difference between fantasy finance and fantasy football: When a fantasy player drafts Peyton Manning, he doesn’t create a second Peyton Manning to inflate the league’s stats. But when Eisman bought a credit-default swap, he enabled Deutsche Bank to create another bond identical in every respect but one to the original. The only difference was that there was no actual homebuyer or borrower. The only assets backing the bonds were the side bets Eisman and others made with firms like Goldman Sachs. Eisman, in effect, was paying to Goldman the interest on a subprime mortgage. In fact, there was no mortgage at all. “They weren’t satisfied getting lots of unqualified borrowers to borrow money to buy a house they couldn’t afford,” Eisman says. “They were creating them out of whole cloth. One hundred times over! That’s why the losses are so much greater than the loans. But that’s when I realized they needed us to keep the machine running. I was like, This is allowed?”
Last edited by Indaswamp on Sat Jan 01, 2011 1:33 am, edited 1 time in total.
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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Fri Oct 22, 2010 8:06 am

very important legal case on foreclosuregate...
And Then.... It's Gone... (Secured Interest, That Is)
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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Sun Oct 24, 2010 1:17 pm

When the states start suing for lost taxes-you know the banks are screwed!! The snowball picks up speed...
Lawsuit Alleges that MERS Owes California a Potential $60-120 Billion in Unpaid Land-Recording Fees
Former hedge fund manager Shah Gilani notes:

In creating MERS, these institutions actually changed the land-title system that this country - for much of its history - has relied upon to determine legal ownership status of land titleholders.

Not only did the lenders sidestep (read that to mean avoid) paying billions of dollars in fees to local governments, they paid themselves from the fees that MERS collected.

MERS is facing class-action lawsuits and civil racketeering suits around the country and their members are being individually named in all these suits. One suit alleges that MERS owes California a potential $60 billion to $120 billion in unpaid land-recording fees.

If suits against MERS and all its members are successful, unpaid recording fees and fines (that can be as much as $10,000 per incident) would make every one of them insolvent.


MERS is a shell company, with no employees. However, its parent does have employees.

As Bloomberg notes:

MERS Inc., which holds the liens, has no employees, and MERSCORP, the parent, has only about 50, [the MERS spokeswoman said].

Plaintiffs' lawyers will undoubtedly argue that the "corporate veil should be pierced". In other words, they'll argue that MERS hasn't followed normal corporate formalities (or is inadequately capitalized), and so the big banks which own it should have to pay any judgments against it. I am not sure who will win that argument.

But Plaintiffs' lawyers will probably also name the banks themselves directly as co-defendants.
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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Sun Oct 24, 2010 3:56 pm



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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Sun Oct 24, 2010 4:15 pm

More on this insane scam...follow along as he explains the insurance aspects of the mortgage mess...

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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Sun Oct 24, 2010 7:46 pm

posted this a while back in a thread...but this sticky is a good place for it:
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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Fri Oct 29, 2010 5:46 pm

A business model based on FRAUD!!

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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Sat Oct 30, 2010 12:48 am

the snowball is picking up speed! RMBS investors meet at conference to discuss strategy for put-backs. Banks don't have a prayer of winning in court.

Mortgage Mess May Cost Banks $97 Billion in Losses
And that's just the Residential RE MBS's that are private label...this does not include CRE or Freddie and Fannie put backs...lookin at $4-6 Trillion all in....
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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Sun Nov 07, 2010 9:18 pm

bank "Control Fraud" explained by Bill Black- the famed regulator of the S&L crisis of the 1970's.
great read:
Bill Black And L. Randall Wray Demand Bank Of America Finally Open It Books
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Re: Foreclosure Fraud For Dummies...

Postby emptycooler » Thu Dec 09, 2010 7:45 am

Indy, why do you keep answering youre own post? just kinda funny , no harm. :beer:
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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Thu Dec 09, 2010 8:56 am

emptycooler wrote:Indy, why do you keep answering youre own post? just kinda funny , no harm. :beer:

if you notice-this is a sticky post...it's always at the top of the page. as new information on this massive fraud comes to light, I add it.
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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Sun Jan 09, 2011 2:21 pm

Update on Fraudclosures:
UPDATED: Massachusetts Fraudclosure - No Mortgages in MBS
http://www.duckhuntingchat.com/forum/viewtopic.php?f=101&t=141100&start=0#p1101868
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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Tue Feb 08, 2011 8:01 pm

wish I could embed this video...it's a short clip explaining the fraudclosures:
*Edit: Oops! Link fixed!
http://market-ticker.org/akcs-www?post=179519
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Re: Foreclosure Fraud For Dummies...

Postby tucker301 » Sun Mar 06, 2011 7:27 pm

Other than the fact that the OP is a moderator, and therefor likely has the ability to make it so, why is this thread a sticky?
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Re: Foreclosure Fraud For Dummies...

Postby emptycooler » Thu Mar 24, 2011 6:26 pm

tucker301 wrote:Other than the fact that the OP is a moderator, and therefor likely has the ability to make it so, why is this thread a sticky?

Tuck, you have to understand, this is the same guy who thinks the bush tax cuts will reduce our deficit. :beer:
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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Thu Mar 24, 2011 7:30 pm

emptycooler wrote:
tucker301 wrote:Other than the fact that the OP is a moderator, and therefor likely has the ability to make it so, why is this thread a sticky?

Tuck, you have to understand, this is the same guy who thinks the bush tax cuts will reduce our deficit. :beer:

:fingerhead: This coming from a guy that has no clue about marginal return of debt going negative... :fingerhead:

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Re: Foreclosure Fraud For Dummies...

Postby tucker301 » Tue Mar 29, 2011 4:16 pm

emptycooler wrote:
tucker301 wrote:Other than the fact that the OP is a moderator, and therefor likely has the ability to make it so, why is this thread a sticky?

Tuck, you have to understand, this is the same guy who thinks the bush tax cuts will reduce our deficit. :beer:


Sticky That! :lol3:
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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Tue Mar 29, 2011 4:21 pm

tucker301 wrote:
emptycooler wrote:
tucker301 wrote:Other than the fact that the OP is a moderator, and therefor likely has the ability to make it so, why is this thread a sticky?

Tuck, you have to understand, this is the same guy who thinks the bush tax cuts will reduce our deficit. :beer:


Sticky That! :lol3:

problem with empty's post is it is not even remotely true. he warped my statement an posted his interpretation of it because what I posted flew over his head. He's an economic illiterate, kinda like you tucker... :hi:
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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Sat Apr 02, 2011 8:39 pm

***UPDATE:
Permanently barred from foreclosure!!
http://market-ticker.org/akcs-www?post=183485
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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Fri Apr 15, 2011 1:59 pm

great explanation of what is going on...go to the link to see the supporting links.

http://www.zerohedge.com/article/did-federal-banking-regulators-inadvertently-expose-massive-mortgage-backed-securities-fraud

Last fall, we got hints of the expected-yet-still-shocking revelation via a Countrywide/BoA employee, Linda DeMartini (testimony here), exposed the securities fraud practices in a depo taken during a NJ bankruptcy case, Kemp v Countrywide. A direct quotation from the judge's opinion in the bankruptcy case:

"She [DeMartini] testified further that it was customary for Countrywide to maintain possession of the original note and related loan documents."


That assertion certainly seems to suggest that the failure to transfer a promissory note from Countrywide Financial to the security trust in this case was not an isolated error—but a matter of policy at Countrywide Financial. If mortgage-backed securities aren't in fact "mortgage-backed," investors who bought these securities from Countrywide could hold Bank of America accountable. "If Countrywide's practice was to hold onto the note, then investors in this pool and others may question whether the security was constructed properly and legally and may be able to require Bank of America to buy back their securities" Gretchen Morgenson of the New York Times explained.
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Re: Foreclosure Fraud For Dummies...

Postby 'tween_fly_ways » Thu May 19, 2011 10:47 pm

I'm late here. . .and have little time, unfortunately, for these fascinating threads. But. . .

In a nutshell, why are individuals able to sue corporations over mutual agreements that do not deviate from that agreement?

I understand that fraud may have occurred. . . but if it did, please state it explicitly. If one agrees to a contract, how does some technicality alleviate him of his responsibility? Are we not free to choose? Have we not free will?

I will not fight to socially support he who lives paycheck to paycheck, without serious analysis.
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Re: Foreclosure Fraud For Dummies...

Postby Indaswamp » Sun Jun 05, 2011 12:36 pm

'tween_fly_ways wrote:I'm late here. . .and have little time, unfortunately, for these fascinating threads. But. . .

In a nutshell, why are individuals able to sue corporations over mutual agreements that do not deviate from that agreement?

I understand that fraud may have occurred. . . but if it did, please state it explicitly. If one agrees to a contract, how does some technicality alleviate him of his responsibility? Are we not free to choose? Have we not free will?

I will not fight to socially support he who lives paycheck to paycheck, without serious analysis.

This might help clear things up for you a bit...
http://market-ticker.org/akcs-www?post=187510
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