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Gary Edwards

t r u t h o u t | Recent Rulings Could Shield 62 Million Homes From Foreclosure - 0 views

www.truth-out.org/on-homes-from-foreclosure62448

MERS ForeClosure-Mill financial-collapse subprime banksters

shared by Gary Edwards on 20 Aug 10 - Cached
  • Most courts continue to look the other way on MERS' lack of standing to sue, but the argument has picked up enough steam to consider the rather stunning implications. If MERS is not the title holder of properties held in its name, the chain of title has been broken and no one may have standing to sue. In MERS v. Nebraska Department of Banking and Finance, MERS insisted that it had no actionable interest in title, and the court agreed.
  • An August 2010 article in Mother Jones titled "Fannie and Freddie's Foreclosure Barons" exposes a widespread practice of "foreclosure mills" in backdating assignments after foreclosures have been filed. Not only is this perjury, a prosecutable offense, but if MERS was never the title holder, there is nothing to assign. The defaulting homeowners could wind up with free and clear title.
  • "'Produce the Note' Movement Helps Stall Foreclosures":
  • ...3 more annotations...
  • "The ticking time bomb in the US banking system is not resetting subprime mortgage rates. The real problem is the contractual ability of investors in mortgage bonds to require banks to buy back the loans at face value if there was fraud in the origination process.
  • "... The loans at issue dwarf the capital available at the largest US banks combined and investor lawsuits would raise stunning liability sufficient to cause even the largest US banks to fail...."
  • homeowner movement to tear off the predatory mask called MERS
  • Gary Edwards on 20 Aug 10
     
    Technicality or Fatal Flaw? To foreclose on real property, the plaintiff must be able to produce a promissory note or assignment establishing title. Early cases focused on MERS' inability to produce such a note, but most courts continued to consider the note a mere technicality and ignored it. Landmark newer opinions, however, stress that this defect is not just a procedural. but a substantive failure, one that is fatal to the plaintiff's case. The latest of these decisions came down in California on May 20, 2010, in a bankruptcy case called In re Walker, Case no. 10-21656-E-11. The court held that MERS could not foreclose because it was a mere nominee and that as a result plaintiff Citibank could not collect on its claim. The judge opined: "Since no evidence of MERS' ownership of the underlying note has been offered and other courts have concluded that MERS does not own the underlying notes, this court is convinced that MERS had no interest it could transfer to Citibank. Since MERS did not own the underlying note, it could not transfer the beneficial interest of the Deed of Trust to another. Any attempt to transfer the beneficial interest of a trust deed without ownership of the underlying note is void under California law."
Paul Merrell

US Navy Seals esaped punishment after reportedly beating detainees in Afghanistan - Tel... - 0 views

www.telegraph.co.uk/...-detainees-in-Afghanistan.html

war & peace torture SEALs Afghanistan

shared by Paul Merrell on 18 Dec 15 - No Cached
  • Members of the US Navy Seals brutally beat detainees in Afghanistan but escaped punishment after the abuse was reported, according to reports. US soldiers told their superiors they witnessed three Seals dropping heavy stones on detainees chests, kicking and stepping on their heads, firing weapons during an interrogation, and employing a variation of waterboarding. The Navy Seals are an elite special operations force perhaps best known for carrying out the 2011 raid that killed Osama bin Laden.
  • When the men were released later that afternoon they were bloodied and hobbling. One, Muhammad Hashem, 24, was unable to walk. He died later the same day. Specialist Walker and three fellow soldiers decided to report the incident. “It just comes down to what’s wrong and what’s right,” he told the New York Times. “You can’t squint hard enough to make this gray.” A Navy lawyer recommended that the Seals be charged with assault, and potentially face a court martial. Instead, the charges were processed in a closed disciplinary process more commonly used for minor infractions, and the men were moved to different units but faced no further punishment.
  • The beatings by the Seals and members of an Afghan militia were so severe that one man died hours later and another has lasting injuries from the 2012 incident. The interrogations followed an explosion at an Afghan Local Police (ALP) checkpoint in the village of Kalach which killed a member of the ALP militia. The militiamen, who were trained by the Seals, rounded up approximately six suspects and brought them to a US base, beating them with rifles and antennae along the way. What happened next shocked Specialist David Walker, an Army medic, and other witnesses. Instead of ending the beatings and reprimanding the ALP members, they say the three Seals joined in and even intensified the abuse.
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  • Captain Robert Smith, then commander of all East Coast-based Seals and now a senior official in the department of the Navy, ultimately cleared the men of all charges. He said eyewitness accounts of what took place were inconsistent, and “did not give me enough confidence in their overall accuracy to hold the accused accountable for assaults or abuse”.
Gary Edwards

"The Burning Platform" by James Quinn. FSO Editorial 02/18/2009 - 0 views

www.financialsense.com/...0218.html

financial-crisis housing-prices james-quinn burning-platform david-walker banksters

shared by Gary Edwards on 22 Feb 09 - Cached
  • “Basically what happens is that after a period of time, economies go through a long-term debt cycle -- a dynamic that is self-reinforcing, in which people finance their spending by borrowing and debts rise relative to incomes and, more accurately, debt-service payments rise relative to incomes. At cycle peaks, assets are bought on leverage at high-enough prices that the cash flows they produce aren't adequate to service the debt. The incomes aren't adequate to service the debt. Then begins the reversal process, and that becomes self-reinforcing, too. In the simplest sense, the country reaches the point when it needs a debt restructuring. We will go through a giant debt-restructuring, because we either have to bring debt-service payments down so they are low relative to incomes -- the cash flows that are being produced to service them -- or we are going to have to raise incomes by printing a lot of money.
  • Gary Edwards on 22 Feb 09
     
    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
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