Posts filed under “Foreclosures”

Time for Criminal Charges To Be Filed . . .

The absurdity of illegal activity, criminal conduct, rampant fraud has reached a point where the nation much declare “No More.” We must begin the process of identifying criminal actors — and prosecuting them.

The latest twist on the criminality/foreclosure fraud: The hiring of untrained, incompetent burger flippers to act as lawyers or paralegals in the processing of foreclosures:

“At JPMorgan Chase & Company, they were derided as “Burger King kids” — walk-in hires who were so inexperienced they barely knew what a mortgage was.

At Citigroup and GMAC, dotting the i’s and crossing the t’s on home foreclosures was outsourced to frazzled workers who sometimes tossed the paperwork into the garbage.

And at Litton Loan Servicing, an arm of Goldman Sachs, employees processed foreclosure documents so quickly that they barely had time to see what they were signing.

“I don’t know the ins and outs of the loan,” a Litton employee said in a deposition last year. “I’m not a loan officer.”

This is a degree of recklessness previously unseen in American jurisprudence.

My advice: If you have been in any way personally harmed by the illegal actions of any bank, law firm, process server, or loan servicing agency, you MUST file criminal charges.

If your home was broken into by a firm to change the locks illegally, that is breaking and entering, and conspiracy. If the wrong bank filed a foreclosure action, if the wrong house was foreclosed upon, its time to go criminal prosecution route.

Go to the local police department, fill out the requisite forms. Then go to your District Attorney’s Office or County Prosecutor’s office, and ask to speak to someone in charge. Tell them you want to prosecute. You can also contact your state Attorney General about the same. Follow up with written letters, that you send you your local newspaper and the NYT, WSJ, USA Today.

If any local DAs balk — some will know bank execs from the political groups and golf courses — let them know you will keeping a written record of all of this, and you plan to make sure that their opponent in the next election knows all about their bank coddling ways. When they stammer, hammer them about their opponent’s interest in who is and isn’t a bank bitch.

Corporations that get free speech rights also have liability for their own criminal actions. Its way past time we start forcing those responsibilities to have some meaning.

This is not about keeping deadbeats in their homes, as a few idiots and liars have asserted. The corporate sympathizers who are too busy fellating the bank to recognize what is going should be ignored. This is about fundamental property rights and the Rule of Law in the United States — nothing less.


Bankers Ignored Signs of Trouble on Foreclosures
NYT October 13, 2010

Category: Credit, Foreclosures, Legal

Explaining the Mechanics of the Foreclosure Mess

Yves Smith on Foreclosure Fraud:


click for video
Picture 10

You can view the segment here.

Category: Foreclosures, Legal, Real Estate, Video

Wells Fargo Home Seizure Problems

“Legal documents obtained by the Financial Times suggest that Wells Fargo, the second-largest US mortgage servicer, also used a “robo signer”.

Unlike its rivals, Wells Fargo has not halted foreclosures. The San Francisco-based bank said on Tuesday it was reviewing some pending cases, but it has maintained that it has checks and balances designed to prevent serious procedural lapses.

In a sworn deposition on March 9 seen by the FT, Xee Moua, identified in court documents as a vice-president of loan documentation for Wells, said she signed as many as 500 foreclosure-related papers a day on behalf of the bank.”

Click for video


Wells adds to crisis over home seizures
Suzanne, October 14 2010 00:01

Category: Credit, Foreclosures, Legal, Video

Foreclosure Fraud Linkfest

We have been covering the systemic Foreclosure fraud that has gone viral through out the US banking system over the past few days, months and year. This is a perfect example as to why bailouts are so ill advised: The government becomes reluctant to prosecute firms when they have a vested interest in their financial…Read More

Category: Bailouts, Financial Press, Foreclosures, Legal

What’s the Foreclosure

Discussing possible solutions to the foreclosure fiasco, with Barry Ritholtz, Fusion IQ and CNBC’s Diana Olick.

Airtime: Mon. Oct. 11 2010 | 5:00 DT ET

Category: Foreclosures, Legal, Media, Real Estate, Video

Why Foreclosure Fraud Is So Dangerous to Property Rights

There seems to be a misunderstanding as to why the rampant and systemic foreclosure fraud is so dangerous to American system of property rights and contract law. Some of this is being done by people who are naked corporatists (i.e., the WSJ Editorial Board) excusing horrific conduct by the banks. Others are excusing endemic property…Read More

Category: Credit, Foreclosures, Legal, Real Estate, Really, really bad calls, Regulation, Taxes and Policy

Foreclosure/Banking Open Thread

Ok, y’all obviously have lots to say about this subject — so what say we open it up to all comers: What are the banks doing wrong with foreclosures? What are they doing correctly? What are the negative consequences for the economy if the legal/financial/RE sector cannot untangle this mess? What is the best and…Read More

Category: Foreclosures, Legal, Real Estate

Foreclosure fraud parody

hat tip Karl Denninger

Category: Foreclosures, Humor, Legal, Weekend

Foreclosure Error Flow Charts

Mike Konczal of RortyBomb puts together a spectacular series of flow charts that explain in the simplest of terms how the bank foreclosure process went off of the rails, in Foreclosure Fraud For Dummies. > How Courts Process Foreclosures > Errors Began in the Syndication Process > From A-Z, Fraud is Endemic in the Entire…Read More

Category: Credit, Foreclosures, Legal, Real Estate

Category: Foreclosures, Legal, Video