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Incredible.  The Banksters were caught perpetrating a massive fraud on mortgage holders in default.  They set up document mills packed with "robo" signers forging legal documents to prove in a foreclosure procedure that they are in fact the mortgage provider for that property.  The fraud itself revelas the essentials of what went wrong with the entire mortgage securities scam that brought down the worlds financial structures in 2008. The MERS (Mortgage Electronic Registration systems, Inc.) electronic database was set up in 1995 as a means to enable participating Banksters to side step the quilt of State and County laws governing real estate transactions, non judicial foreclosure rights, and property ownership recording requirements.  MERS was essential to the bundling and trade in mortgage-backed securities.  In essence, MERS replaced public recordation requirements with a private, Bankster owned one. This all sounded good until waves of home owners facing default began to take their banksters to court.  Turns out that MERS mortgages lacked the legal documentation to establish a legal chain of ownership.  Realizing their mistake, and with thousands upon thousands of foreclosures hanging in the balance, the Banksters created the robo document industry, forging millions of foreclosure documents overnight.  Criminal fraud on steroids. The banksters got caught, with State Attorney Generals launching massive consumer protection law suits against the big banksters.  This put a halt to the illegal foreclosures, forcing banksters to turn to short sales on homes in default.  The short sale industry rocketed in 2011, but the to perfect a short sale, the banksters were taking the loss; sometimes as much as $100K to $250K per home.  But the real estate market inventory was effectively being cleared and market pricing corrected. The Banksters were unhappy.  Seeking to get back on the foreclosure track but facing what amounted to across the boards class action la

Just days prior to the Obama Foreclosure Settlement Act, Bloomberg filed this stunning report demonstrating that, if left alone, the markets have a way of working things out.  Looks to me like Obama and the big Banksters have found a way to stop the wave of successful short sales.  The door is now open for the big Banksters to go full tilt boogey on Foreclosures.  Even without legal documentation or fix of illegal document mills.  It's foreclosure time in America! From Bloomberg: Banks, accelerating efforts to move troubled mortgages off their books, are offering as much as $35,000 or more in cash to delinquent homeowners to sell their properties for less than they owe. Lenders have routinely delayed or blocked such transactions, known as short sales, in which they accept less from a buyer than the seller's outstanding loan. Now banks have decided the deals are faster and less costly than foreclosures, which have slowed in response to regulatory probes of abusive practices. Banks are nudging potential sellers by pre-approving deals, streamlining the closing process, forgoing their right to pursue unpaid debt and in some cases providing large cash incentives, said Bill Fricke, senior credit officer for Moody's Investors Service in New York. Losses for lenders are about 15 percent lower on the sales than on foreclosures, which can take years to complete while taxes and legal, maintenance and other costs accumulate, according to Moody's. The deals accounted for 33 percent of financially distressed transactions in November, up from 24 percent a year earlier, said CoreLogic Inc., a Santa Ana, California-based real estate information company.

"NEW YORK, Oct. 25, 2012 /PRNewswire via COMTEX/ -- Spire Law Group, LLP's national home owners' lawsuit, pending in the venue where the "Banksters" control their $43 trillion racketeering scheme (New York) - known as the largest money laundering and racketeering lawsuit in United States History and identifying $43 trillion ($43,000,000,000,000.00) of laundered money by the "Banksters" and their U.S. racketeering partners and joint venturers - now pinpoints the identities of the key racketeering partners of the "Banksters" located in the highest offices of government and acting for their own self-interests. In connection with the federal lawsuit now impending in the United States District Court in Brooklyn, New York (Case No. 12-cv-04269-JBW-RML) - involving, among other things, a request that the District Court enjoin all mortgage foreclosures by the Banksters nationwide, unless and until the entire $43 trillion is repaid to a court-appointed receiver - Plaintiffs now establish the location of the $43 trillion ($43,000,000,000,000.00) of laundered money in a racketeering enterprise participated in by the following individuals (without limitation): Attorney General Holder acting in his individual capacity, Assistant Attorney General Tony West, the brother in law of Defendant California Attorney General Kamala Harris (both acting in their individual capacities), Jon Corzine (former New Jersey Governor), Robert Rubin (former Treasury Secretary and Bankster), Timothy Geitner, Treasury Secretary (acting in his individual capacity), Vikram Pandit (recently resigned and disgraced Chairman of the Board of Citigroup), Valerie Jarrett (a Senior White House Advisor), Anita Dunn (a former "communications director" for the Obama Administration), Robert Bauer (husband of Anita Dunn and Chief Legal Counsel for the Obama Re-election Campaign), as well as the "Banksters" themselves, and their affiliates and conduits. The lawsuit alleges serial violations of the United States Patri

This is the first time anyone has tried to go after the Bankster class of midievil (mediæval) elites to recover theft of funds. Charges include racketeering, fraud and international money laundering. The mass tort action is now in the Brooklyn Federal Courts. Dead bodies are starting to show up as the Banksters move to shut down press coverage. Amazing stuff.

Must read stuff.  The Obama Foreclosure Settlement Act is a clever exit strategy for criminal Banksters having committed the most egregious fraud.  A $9 Trillion dollar problem, rife with criminal activities, is settled for a mere $25 Billion, much of which will come out of the taxpayers hide thanks to Fannie and Freddie guarantees.  This deal stinks of typical Obama crony banksterism.  Now we need to watch for how many millions the Banksters pour into the newly authorized Obama Super PACS.  Should be interesting. excerpt: As we've said before, this settlement is yet another raw demonstration of who wields power in America, and it isn't you and me. It's bad enough to see these negotiations come to their predictable, sorry outcome. It adds insult to injury to see some try to depict it as a win for long suffering, still abused homeowners. 1. We've now set a price for forgeries and fabricating documents. It's $2000 per loan. This is a rounding error compared to the chain of title problem these systematic practices were designed to circumvent. The cost is also trivial in comparison to the average loan, which is roughly $180k, so the settlement represents about 1% of loan balances. It is less than the price of the title insurance that banks failed to get when they transferred the loans to the trust. It is a fraction of the cost of the legal expenses when foreclosures are challenged. It's a great deal for the banks because no one is at any of the servicers going to jail for forgery and the banks have set the upper bound of the cost of riding roughshod over 300 years of real estate law....... 12. We'll now have to listen to banks and their sycophant defenders declaring victory despite being wrong on the law and the facts. They will proceed to marginalize and write off criticisms of the servicing practices that hurt homeowners and investors and are devastating communities. But the problems will fester and the housing market will continue to suffer. Inv

Two interview videos explaining the Obama Bankster Mortgage Settlement:  the first is with Yves Smith of Naked Capitalism.  The second is a Bloomberg interview with Neil Barofsky and Matt Stoller providing a nice high-level overview of why the mortgage settlement is terrible. It's particularly useful if you are looking for a few key issues to present to someone who has bought the Obama administration PR or is late to the topic.  Don't miss the property rights comments at the end of the Bloomberg interview.  Or should i say, former property rights?   the repercussions of the Obama Mortgage and Foreclosure assistance settlement promise to be far reaching and lasting.  And you thought the 14th Amendment changed the legal definition of property rights?  Watch out for this Marxist prize.

Perhaps the most incredibly audacious power play yet by the Banksters and their boy Obama!  Watch carefully my fellow Americans and see how fragile our liberty really is........ excerpt: A power play is underway in the foreclosure arena, according to the New York Times. On the one side is Eric Schneiderman, the New York Attorney General, who is conducting his own investigation into the era of securitizations - the practice of chopping up assets like mortgages and converting them into saleable securities - that led up to the financial crisis of 2007-2008. On the other side is the Obama administration, all the banks, and, now, apparently, all the other state attorneys general. This second camp has all gotten together, put their heads together, and cooked up a deal that would allow the banks to walk away with just a seriously discounted fine from a generation of fraud that led to millions of people losing their homes. The idea behind this federally-guided "settlement" is to concentrate and centralize all the legal exposure accrued by this generation of grotesque banker corruption in one place, put one single price tag on it that everyone can live with, and then stuff the details into a titanium canister before shooting it into deep space. This deal is all about protecting the banks from future enforcement actions on both the civil and criminal sides. The plan is to provide year-after-year, repeat-offending banks like Bank of America with some stability and certainty, so that they know exactly how much they'll have to pay in fines (trust me, it will end up being a tiny fraction of what they made off the fraudulent practices) and will also get to know for sure that there are no more criminal investigations in the pipeline.  

This is as bad as white-collar crime gets. But to Wylde, it doesn't rise to the level of being "indefensible." Until they do something worse than this, we apparently should support the banks, and make sure they don't have to pay more than a fraction of what they made off of this kind of crime. What is most amazing about Wylde's quote is the clear implication that even a law enforcement official like Schneiderman should view it as his job to "do everything we can to support" Wall Street. That would be astonishing interpretation of what a prosecutor's duties are, were it not for the fact that 49 other Attorneys General apparently agree with her. In Schneiderman we have at least one honest investigator who doesn't agree, which is to his great credit. But everyone else is on Wylde's side now. The Times story claims that HUD Secretary Shaun Donovan and various Justice Department officials have been leaning on the New York AG to cave, which tells you that reining in this last rogue cop is now an urgent priority for Barack Obama. Why? My theory is that the Obama administration is trying to secure its 2012 campaign war chest with this settlement deal. If he can make this foreclosure thing go away for the banks, you can bet he'll win the contributions battle against the Republicans next summer. Which is good for him, I guess, but it seems to me that it might be time to wonder if is this the most disappointing president we've ever had.

As Congressional moron after Congressional moron goes on the usual Sunday talk show circuit and says we must stop home prices from falling, I wonder whether these people took basic math in high school. Are they capable of looking at a chart and understanding a long-term average? The median value of a U.S. home in 2000 was $119,600. It peaked at $221,900 in 2006. Historically, home prices have risen annually in line with CPI. If they had followed the long-term trend, they would have increased by 17% to $140,000. Instead, they skyrocketed by 86% due to Alan Greenspan's irrational lowering of interest rates to 1%, the criminal pushing of loans by lowlife mortgage brokers, the greed and hubris of investment bankers and the foolishness and stupidity of home buyers. It is now 2009 and the median value should be $150,000 based on historical precedent. The median value at the end of 2008 was $180,100. Therefore, home prices are still 20% overvalued. Long-term averages are created by periods of overvaluation followed by periods of undervaluation. Prices need to fall 20% and could fall 30%. Instead of allowing the housing market to correct to its fair value, President Obama and Barney Frank will attempt to "mitigate" foreclosures. Mr. Frank has big plans for your tax dollars, "We may need more than $50 billion for foreclosure [mitigation]". What this means is that you will be making your monthly mortgage payment and in addition you will be making a $100 payment per month for a deadbeat who bought more house than they could afford, is still watching a 52 inch HDTV, still eating in their perfect kitchens with granite countertops and stainless steel appliances. Barney thinks he can reverse the law of supply and demand by throwing your money at the problem. He will succeed in wasting billions of tax dollars and home prices will still fall 20% to 30%. Unsustainably high home prices can not be sustained. I would normally say that even a 3rd grader could understand this conce

Naked Capitalism continues their rant on the fraudulent and inexcusable Obama Foreclosure gift to the Banksters.  This article details the crimes being committed under the provisions of pooling and servicing agreements relating to a single payment default.  Incredible stuff. excerpt: Now do you see why servicers consistently report than when homeowners miss a payment or two, they proceed pretty much in a straight line to default? Once they miss a payment or start racking up extra charges that you are unaware of, borrowers descend into a designed-by-the-servicer escalating fee black hole, never to emerge.

By GRETCHEN MORGENSON Published: August 21, 2011 Eric T. Schneiderman, the attorney general of New York, has come under increasing pressure from the Obama administration to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices, according to people briefed on discussions about the deal. Eric T. Schneiderman has objected to elements of the settlement for months.  In recent weeks, Shaun Donovan, the secretary of Housing and Urban Development, and high-level Justice Department officials have been waging an intensifying campaign to try to persuade the attorney general to support the settlement, said the people briefed on the talks. Mr. Schneiderman and top prosecutors in some other states have objected to the proposed settlement with major banks, saying it would restrict their ability to investigate and prosecute wrongdoing in a variety of areas, including the bundling of loans in mortgage securities. But Mr. Donovan and others in the administration have been contacting not only Mr. Schneiderman but his allies, including consumer groups and advocates for borrowers, seeking help to secure the attorney general's participation in the deal, these people said. One recipient described the calls from Mr. Donovan, but asked not to be identified for fear of retaliation.

Incredible article about the behind-the-scenes story of the nanny murder of two small children in NYC.   First, it's a staged murder meant to send a clear message to ALL media.  The children were the offspring of Kevin Krim, CEO of CNBC digital.  His website had published a story about the Spire Law Group suing an entire class of bigshot BANKSTERS for the theft of $43 TRILLION dollars of tax payer money.  Second, this involves the US Government.  The Spire allegation is that the Feds actively helped and assisted the Bankster theft. Third, the story describes the historical background of these Bankster hits, assassination and threats.  Although not covered in the article, Presidential assassinations in particular have an unmistakable link to Executive Orders that the Treasury print Silver Certificates that would compete against Bankster notes.  In one way or another, it's all about control of the money system.  This list of Presidents includes Jackson, Lincoln, Garfield, McKinley, Kennedy and Reagan. Original Press Release from the Spire Law Group:  ... http://goo.gl/ynV6O .... Wow! ................................... excerpt:: "On 10/25/2012 two corporate financial media bastions,  MarketWatch  (an affiliate of the Wall Street Journal) and CNBC, presented their readers with a bombshell.  In a too-good-to-be-true lawsuit, the top echelons of the USA's banking and civilian government had been sued for "racketeering and money laundering."  The suit requested "the return of $43 trillion to the United States Treasury."  Yes, you've read that right: 43 trillion-roughly 3 years worth of America's GDP or 3 times America's underestimate of its own national debt. The suit characterizes itself, according to these two corporate media tabloids, as the largest money laundering and racketeering lawsuit in United States History.  [It identifies] $43 trillion ($43,000,000,000,000.00) of laundered money by the 'Banksters' and their U.S. r

They say California is a harbinger of the future. If so, we should all be thinking about possible safe havens. The article begins with a description of loan modification seminars attended by the same mortgage brokers whose predatory lending practices got us into this fix. At the seminars, these predators learn how to make even more money off of the exact same clients they pushed off the ledge. It's all about fees and high pressure churning techniques. With one very big difference: Obama is banking on tax payer funded "loan modifications" to help struggling homeowners. The ugly truth is that mortgage brokers are the real winners. Just like mortgage brokers, loan mod companies are under no obligation to act in borrowers' financial interests, short- or long-term. Under California's model contract, which brokers are encouraged to emulate in their dealings with borrowers, almost any change to a mortgage is an acceptable result, whether or not it saves a borrower money. And while the client has to accept the proposed deal in order for the company to get paid in full, the sales forces at these firms are veterans of pressure pitches to people in tough financial situations. Both Carlson and a spokesman for Mortgage Bailout Assistance indicate that their clients almost invariably take the offers they are given. The proverbial fox is helping the hens hold on to their coops, and not just in California. Seventeen states now have laws on the books effectively banning "foreclosure consultants," but most make an exception for mortgage brokers. As consumer complaints about fraudulent loan mod operations proliferate across the country, other government officials, including New York's City Council, are now following California's lead and exploring the creation of an official registry of mod brokers.

Mortgage lenders absolutely hate borrowers who walk away from underwater mortgages, especially those who could actually afford to keep paying off their mortgages but just decide it isn't worth it. They hate them so much that the term-of-art for these borrowers is "ruthless." But the ethics of mortgage lenders don't have much to recommend them. We need to decide for ourselves whether or not there's a moral obligation to keep paying off a mortgage. For some it's practically a patriotic duty. For others it's a matter of being a good neighbor, since foreclosures could hurt their home values also. Still others say it's just a matter of being a moral person who keeps promises. Great comments to this story. Check out the predictions from MM_CA. They have a diigo highlight. At the time of my reading of this story, the DOW was down 200 pts to 6678.95. The Supreme Leader is busy conducting a healthcare summit, claiming that "fixing" (read "nationalizing") the healthcare system will result in so many jobs that the economy will turn around. The comments are well worth the time!

"No one doubts that the coming election will be the most important referendum on the size and nature of government in a generation. But another issue is nearly as important and has gotten far less attention: our crumbling commitment to the rule of law. The notion that we are governed by rules that are transparent and enacted through the legislative process-not by the whims of our leaders-is at the heart of that commitment. If legislators exceed their authority under the Constitution, or if otherwise legitimate laws are misused, courts must step in to prevent or remedy the potential harm. During the 2008 financial crisis, the government repeatedly violated these principles. When regulators bailed out Bear Stearns by engineering its sale to J.P. Morgan Chase, they flagrantly disregarded basic corporate law by "locking up" the transaction so that no other bidder could intervene. When the government bailed out AIG six months later, the Federal Reserve funded the bailout by invoking extraordinary loan powers for what was clearly an acquisition rather than a loan. (The government acquired nearly 80% of AIG's stock.) Two months later, the Treasury Department used money from the $700-billion Troubled Asset Relief Program fund to bail out the car companies. This was dubious. Under the statute, the funds were to be used for financial institutions. But the real violation came a few months later, when the government used a sham bankruptcy sale to transfer Chrysler to Fiat while almost certainly stiffing Chrysler's senior creditors. According to two leading legal scholars, Eric Posner and Adrian Vermeule, rule-of-law violations are inevitable during a crisis. The executive branch takes all necessary steps, even if that means violating the law, until the crisis has passed. The argument is powerful, and its advocates are correct that presidents and other executive-branch officials often push the envelope during a crisis. Yet pushing the envelope isn't the same thing as f

Not a big Peter Beinhart fan, but this article explains a large part of the Ron Paul phenom. After a life time as a big C Goldwater-Reagan Constitutional Conservative, this summer i made a full transition to big C Constitutional Libertarian. The tipping point for me was the GAO audit of the Federal Reserve, where they discovered $16.1 Trillion of taxpayer dollars missing from the Federal Reserve Bankster Cartel management books. It went to a who's who of international Bankster Cartel members. None of the taxpayer funded "financial collapse of 2008" bailout dollars went to the purposes chartered by their legislation. That includees the TARP $850 Billion, the Obama Stimulous $1 Trillion, and the mega FRBC $16.1 Trillion. No bad debts were purchased and retired. No rotting mortgage securities were swept up and restructured. No shovel ready jobs either. And no one in government or banksterism having caused the financial collapse went to jail. Instead, the perps feasted on the bailout dollars. The debt remains on the books of international Banksters, collecting interest, thirsting for foreclosure. The Bankster Cartel members are flush with cash, but not lending. By law (The Federal Reserve Act of December 23rd, 1913), FRBC members must keep a significant amount of their assets on "reserve" at the Federal Reserve, at 6% interest. In exchange for managing this process and the exploding money supply, the taxpayers of the USA are obligated by law to pay the FRBC 1% per year of (assets under management" (the money supply). Take note: the FRBC takes the 1% per year payment for their services in the form of GOLD!! They will not take payment in the form of paper notes labeled legal tender "Federal Reserve Notes". They only take GOLD. My transition to Constitutional Libertarian begins with a strct reading of the Constitution (the How), the Declaration of Independence, (the Why), and belief in the Rule of Law, not man. The concept of achievi