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View Full Version : 40 States AG: Save the banks! SAVE THE BANKS!!!! (foreclosure fraud settlement)




Lucille
02-07-2012, 09:32 AM
A bankocracy, a nation of men, where justice means "Just Us." /Celente

Forty States Sign On to Foreclosure ‘Robo’ Settlement (http://www.cnbc.com/id/46292003/)

Cute how they spin it as helping homeowners, when the AGs nullified the people's right to sue the banks for fraud. LOL...

$1500 bucks for victims of foreclosure fraud! LOL...


The deal with Bank of America, Wells Fargo, Citigroup, JPMorgan Chase, and Ally Financial will reportedly total $25 billion. Some $17 billion of that would go toward writing down mortgage principal for an estimated 850,000 troubled borrowers, $3 billion could go toward restitution payments of $1,500 each to borrowers who lost their homes to foreclosure, and the rest could go to state funds for foreclosure relief, according to reports and estimates by Inside Mortgage Finance.

Related (Denninger): Banks Attempt to Bully NY
hxxp://market-ticker.org/akcs-www?post=201604


That's simple -- those who were illegally foreclosed won't get much if anything at all out of this deal, and the so-called "principal forgiveness" isn't worth the paper it's written on. Those deals will be preferentially handed out to protect the banks' second lines, doing little or nothing for the vast majority of the borrowers.

Worse, none of the proposed settlement will do a damn thing to address the harm that has been done or extract punishment. And it is punishment that is needed -- punishment so severe that nobody will ever think of doing it again. We already have a so-called "settlement" with regard to wrongful foreclosures and similar with regard to Countrywide, and while it was supposed to grant billions in relief to homeowners it has both brought almost no actual help and not been enforced.

One of the key un-addressed issues is the fact that our land title system has been corrupted beyond belief by these institutions. This must be fixed, and it is the banks who must fix it and spend whatever it takes to do so. Every single assignment and mortgage has to be audited and cleared through either to the trust it is in or an admission must be made that it was never forwarded and the trusts are in fact empty artifices. If the latter has occurred en-masse, and it certainly appears it has, people need to go to prison and those who bought these instruments in good faith and are holding empty boxes must be made whole. If this collapses the major financial institutions in this country then so be it -- we cannot have a nation where being a "big company" means you can literally blow farts at the law any time you please.

The worst part of this is not just that the FBI warned early in the decade of an epidemic of fraud, or that property appraisers sent a petition warning of the same thing. Oh no, there was actually an investigation at Fannie that showed these practices were rampant -- including robosigning -- in 2003.

This is a decade-long, and perhaps longer, outrage. The entities involved must be held to account. A decade or more of abuse of the public is not compensated for with $25 billion, with the firms involved going about their business in the usual "cost of doing business" sort of handslap. This apparent organized set of actions, recklessly (at best) or even intentionally taken calls for recession of banking licenses and revocation of corporate charters, along with indictments where still possible under the statute of limitations.

Nothing less will do.

DamianTV
02-07-2012, 04:50 PM
Fuck the Banks. Save the People from the Banks!

ghengis86
02-07-2012, 06:04 PM
Fuck the banks and Attorneys General who sell the people down river. Damn them to hell!

Lucille
02-08-2012, 10:11 AM
Daily Bell: Yes! Robo-Signing Mortgage State Settlement Something to Cheer About (http://thedailybell.com/3589/VIDEO-Yes-Robo-Signing-Mortgage-State-Settlement-Something-to-Cheer-About):


And that brings us back to this robo-signing mortgage mess. And why we're glad that the big banks are getting off the hook.

We WANT the facilities created by the Anglosphere to keep practicing business-as-usual, along with the regulatory authorities that supposedly supervise them. We want them to do so because it's the only way, in our humble view, that people will ever start getting the idea that something has GONE SERIOUSLY WRONG.

The power elite in aggregate is pretty darn clever (as we would be too if we controlled tens of trillions) and the solutions to the problems that are apparently purposefully being caused are always the same and include the utilization of authorities that the elites have created and continually manipulate.

In other words, you are not going to "clean up corruption" or "get to the bottom" of the robo-signing mortgage mess by having "AGs" look into the matter.

In fact, the US "justice system," with some six million under lock-and-key for a variety of offences such as smoking a marijuana cigarette at the wrong time in the wrong place, is as corrupt and vicious as it gets.

We've made the point over and over now that what will salvage Western society in the long-term is a gradual erosion of the current elitist system. It won't happen through investigations or even violent revolution, however.

It will happen, eventually, when people quietly and firmly decide to "opt out." They will be so sick of the corruption and evil in a system that portrays good as bad and truth as lies that they will not be able to bring themselves to participate in it anymore.
[...]
This settlement is merely one more indication that the system itself – in the US and in the European Union, too – is a terminal one. There is nothing that can be done to fix it. There is nothing that can be done to "fix" Wall Street, either, in our view.

There is nothing that can be done to fix the banking industry, which more and more looks to be a large money-laundering facility for drugs and gambling – neither of which should be illegal in the first place.

People need to evolve their systems and societies toward natural law and what worked in the past – smaller, flexible communities and private justice where people solved their problems on their own or with the help of a local intermediary.

Nationalism, globalism, communism, capitalism ... these are all "isms" that serve as distractions from what matters most – organizing society along habitable and merciful lines with an emphasis on local control and the kind of human action that free-markets support.

Sound like a pipe dream? Maybe so. But the Internet Reformation – a broad array of information on the Internet that is challenging the dominant social themes of the elite – continues to make an impact. Global warming, the war on terror, even politics-as-usual have all come under attack thanks to the Internet's alternative media.

It sounds terrible to say it, but we don't want the facilities of the US empire – its fiercesome Intel agencies – to enforce equally fiercesome laws in the name of "justice." Justice, as it is administered today, is nothing more than another elite dominant social theme aimed at further expanding the foundation of world government.

Give us a peaceful sociopolitical evolution away from the monstrous system that has been erected around us. Give us a way out of the matrix of control that distorts our lives from birth to death – and our children's lives and future too.

We do not look for justice from the terminally damaged US system. We look for solutions that are mentioned in the US Constitution and certainly in the US Declaration of Independence. These emphasize natural law, human action and individual liberty. They are the building blocks upon which the US in particular was founded – as a republic.

The idea that the modern-day US Leviathan is capable of providing "justice" for those denuded of houses and treasure by the robo-signing mortgage scam strikes us as unrealistic for all these reasons and more.

flightlesskiwi
02-08-2012, 10:25 AM
it's not even subtle anymore, is it?

Lucille
02-08-2012, 10:09 PM
What can we do, about any of it? Banksters, corporatism, state assassinations, indefinite detention, "homegrown terrorism" reports making criminals of us all, surveillance, the TSA extending its reach, endless wars, the police state thuggery, government masters at all levels sucking us all dry, the fed destroying us all, unelected bureaucracies laying down their insane edicts...

I just want to get the hell out of this fascist country and never return.

ZH: US To Settle Fraudclosure For $25 Billion Even As It Channels Fake Tough Guy In Meaningless Lawsuit Against Very Same Banks (http://www.zerohedge.com/news/us-settle-fraudclosure-25-billion-even-it-channels-fake-tough-guy-meaningless-lawsuit-against-v)


Remember robosigning and the whole fraudclosure scandal? In a few days you can forget it. Because in America, the cost of contractual rights was just announced, and it is $25 billion: this is the amount of money that banks will pay to settle the fact that for years mortgages were issued and re-issued without proper title and liens on the underlying paper, courtesy of Linda Green et al. Why is this happening? Because staunch hold outs for equitable justice (at least until this point), the AGs of NY and California folded like cheap lawn chairs (we can't wait to find what corner office of Bank of America they end up in), but not before the one and only intervened. From the WSJ: "The Obama administration made a full-court press over the past four days to secure the support of key state attorneys general, including those from Florida, California and New York." Nothing like a little presidential persuasion to help one with overcoming one's conscience. Because in America the push to abrogate the very foundation of contractual agreements comes from the very top. But wait, there's more - just to wash its hands of the guilt associated with this settlement which shows once and for all that the Democratic administration panders as much if not more to the banking syndicate as any republican administration, as it announces one settlement with one hand, with the other the US will sue banks over the mortgage reps and warranties issue covered extensively here, in the most glaringly obtuse way to distract that it is gifting trillions worth of contingent liabilities right back to the banks, not to mention discarding the whole concept of justice.
[...]
These are the banks benefiting from Uncle Sam's decision to finally unclog the foreclosure pathway, as banks will no longer have to prove in court they are in fact the title owners.

But just in case popular outrage at this act is a little much, at the same time banks sued over fabricating Reps and Warranties will be: "Ally Financial Inc., Bank of America Corp., Citigroup Inc., Deutsche Bank AG and Goldman Sachs Group Inc." What an odd coincidence: gift with one hand, and take away with the other from virtually all the same banks.

Only it is not really taking away: it is merely putting the wheels in motion that will ultimately result in the same type of settlement that will make a mockery of the legal process in the US, and expose all the state Attorneys General as banker puppets, doing the bidding of the highest bidder... and of Obama of course.

Lucille
02-09-2012, 09:07 AM
Denninger: Fraudclosure -- You Have Been Sold Out
hxxp://market-ticker.org/akcs-www?post=201723


Perjury is, in most states, a felony. Uttering (forgery) is also, in most cases, a felony.

But now it is being reported that both NY and California have caved -- making a "deal" all but inevitable.

And you, dear reader, are going to (again) take it in the ass.

What do you think the banks held over these folks? Might it have been their state bond financings? Oh, probably. Property rights and a property registration system that literally pre-dates the Revolution? No problem, we'll give it all to you, Sir Greedy Bastard, so long as you keep presenting your bare member for us to perform an obscene act upon.

Then we will tell our constituents that we "got the best deal possible" and that "we couldn't have prosecuted."

In point of fact what the states had to do was stop the ridiculous overspending and tell the banksters to pound sand. But they didn't because you insisted they keep making promises to you they couldn't keep, and so once again the so-called "elected" turn out to be a bad joke. Representation of the people, by the people and for the people falls again to those who do whatever the hell they want, law be damned.

There is no law any more folks. Not when it really matters -- when systemic and rampant violations are committed by big business and your fundamental liberty interests are ignored.

We, the people of this nation, deserve this. We vote for Attorneys General in 43 states and in all but two of the others they're appointed by the governor (and we vote for the governor.)

So get out of your chair this evening, my friends, and go stand in front of the mirror to identify the problem. Then decide for yourself whether you're going to keep consenting, because up until now, you have and this crap will not stop until you decide you've had enough and insist that the law that applies to you is also applied equally to these institutions and their executives.

I tweeted to AG Horne that he could have been a hero to the people of AZ, but chose to be a bankster puppet instead. #LawOfRule #Shame

I called his office back when these "negotiations" started, and told his secretary that he was elected to uphold the law, that the fraud and the on-going bankster bailouts are a cancer on the economy, and that nothing will get better until the fraud is prosecuted, the bailouts end, and that I hoped he would not prove that we are actually nation of men. Fat lotta good that did.

Lucille
02-09-2012, 09:45 AM
More from ZH (http://www.zerohedge.com/news/robosigning-now-history-us-announces-26-billion-foreclosure-settlement):


And a whole lot of corner offices for America's Attorneys General. As for what the market thinks of this "severe" settlement: BAC +1.2%, WFC +0.6%, JPM +0.4%, C -0.1%. For those who don't understand what just happened, US banks just funded Obama's re-election campaign to the tune of $26-$40 billion.
[...]
In other words, got foreclosed on for being unable to make payments? YOU GET $2,000! And that, ladies and gentlemen, is how you buy an election using taxpayer money.

Williambanzai7 doesn't call him "Obanksta" for nothing.

Lucille
02-09-2012, 11:16 AM
ZH (http://www.zerohedge.com/news/dick-bove-foreclosure-settlement-there-no-sanctity-contracts-only-fools-meet-their-financial-co): Dick Bove On The Foreclosure Settlement: There Is No Sanctity Of Contracts; Only Fools Meet Their Financial Commitments


"Those people lucky or smart enough to stop making payments on their homes may get their loan balances reduced. Other beneficiaries of the agreement may be homeowners who have seen the value of their houses drop below the size of their mortgages. They get a freebie that other homeowners who have paid their mortgages down will not get....Homeowners who made large down payments on their homes or made the terrible mistake to pay down the principal on their mortgages do not qualify. Homeowners who made minimal or no down payments will get the windfall benefit of a lower principal repayment or a cash payment." And the true bottom line: "There is no sanctity of contracts in the United States. Only fools meet their financial commitments. The non-payers are the truly enlightened." And that is the summary of modern US society in a nutshell, and explains why despite all the deleveraging, inflation still remains a potent threat as the bulk of a household's mandatory continues to be merely discretionary, with everyone else footing the bill. Finally, as Rick Santelli pointed out subsequently, the banks are paying for this settlement using cash proceeds from previous bank bailouts which have not yet been paid out. So to be even more blunt than Dick and Rick -the US taxpayers bailed out the banks, which are now using the balance of said proceeds to pay a settlement which amounts to the tune of $2,000 per every person foreclosed on in the past 3 years, in order to assure their vote for Obama, while in the process trampling contact law, as no longer will anyone in America honor anything printed and signed.

Fellow fools, represent!

We are neither underwater or in foreclosure, since we didn't get sucked into McMansion Mania, but still we're paying for everyone who are, and did, the banksters' fraud and, of course, O Duce's reelection campaign.

ghengis86
02-09-2012, 12:23 PM
Stop paying your mortgage if you have one.