With all the Mortgage Foreclosure Fraud now coming out, with investors of mortgage securities now DEMANDING their investments BACK from the banks due to the fraud of the underwriting and the foreclosure Fraud! Remember the Fraud STARTS at the Underwriting and continues from there - that is why there are "paper irregularities"! The banks may keep foreclosing on people, but at some point it will have to STOP, when enough Judges Rule AGAINST their Right to Foreclose!
I find it very interesting the New York Fed is involved in suing Bank of America for their investments. When I became aware of the FRAUD about 2 years ago, and researched it, I figured the government and the Fed would not allow the full extent of fraud to come out, due to them having so much exposure of the fraud!
So, it seems to me with the New York Fed joining in on the suit, they may not be able to Stop it after all! Especially with the whistleblowers coming out, saying each mortgage security was sold about 20 times - not just once! The banks have Trillions from one property being sold multiple times, thus they Need to Foreclose for the Write Offs and then they don't have to Pay the investors on their investment - because they would have to Pay 20 funds off!
Foreclosure is the ONLY Way they can Cover their Tracks! They Can Write Off the property - tell the investors "sorry" then resell it and it is ALL Profit! That is WHY they are Foreclosing on Everyone they can through the MERS and they WILL NOT modify!
They may be able to convince judges to rule in their favor, But when it comes to the underwriting FRAUD there is no changing what they did. The New York Fed and Pimco, MUST KNOW that and that is why they want OUT NOW! A class action happening in Florida includes the shareholders of MERS Corp Banks - that means everyone who has a share in any of the big banks are also being sued!
Portion of Article Linked:
The New York Federal Reserve Bank is part of a consortium of eight large institutional investment firms that is demanding that Bank of America repurchase loans included in mortgage securities.
I don't mean to be disrespectful but you are
ReplyDeleteonly just figuring this out?? This was clear back in 2008 when Congress claimed that TARP money was intended to help with the mortgage bubble but then rabidly refused to allow any of the money to be used by the courts to restructure the bad loans. It was crystal clear at that moment that keeping people in their homes was NOT the goal, keeping the debt servicing going and hidden was.. Add to that the federal programs that are SUPPOSED to keep people in their homes are failing because they are designed to fail. The Sub-Prime mortgages were written to to create the "products" for
the CDO market, NOT to grow the housing industry. Banks weren't making money on the mortgages they were making money on selling and re-selling the CDOs secured by the mortgages. The MERS system was created to hide the ownership of the mortgages and hide the fact that they were being sold to multiple "investors." That's why nobody knows what the true obligation is because nobody knows how many investors own the same note. The only way to find out is stop payment and see who comes forward. Thats why the banks are called "to big to fail" and are being bailed out. Bankrupcy would reveal the fraud. UBS, the German bank stepped forward in 2008 and were quickly and quietly bought off, almost certainly with TARP money. That's why the FED audit bill was "disappeared: so quickly, it would have exposed the fraud back then. When the debt was so great it could no longer be serviced and the market collapsed the banks needed a way to cover up the fraud. They had to keep the money following. First it was TARP and now that's running out so they need to get the loans performing again, THAT'S why the rush to foreclosure. Look for Obama to prove he is an accessory to this massive fraud by pushing HR-3808 right after the election. This is perhaps the greatest fraud in history and it is being protected by the US government itself.
They will continue to put band-aids on this festering sore until it finally explodes.
There's another reason why TARP was criminally pushed through. The vast majority of these Congressional crapweasels undoubtedly had/have their fortunes invested in these phony securities. After all, they passed the legislation that allowed all of this to happen in the first place. There is no legitimate government in DC, just the largest criminal syndicate and terrorist organization in the world.
ReplyDeleteThis entire country is a gigantic game of 3-card monty.