By Mike Colpitts
Responding to homeowner complaints, Nevada has become the first state in the nation to make illegally repossessing a home a felony, and may send bankers to jail for doing such. The new law was enacted after tens of thousands of homeowners complained to lawmakers about their homes being foreclosed without proof of ownership.
The outcry of consumer complaints over illegal robo-signing tactics has produced a series of lawsuits against mortgage servicing companies and banks in Nevada, which has led the U.S. in foreclosures six straight years.
The Nevada law makes it a felony for a mortgage servicer or trustee of a mortgage to make false representations concerning a title such as claiming that they are an executive of a bank or mortgage servicer, which was the case in at least hundreds of thousands, perhaps millions of robo-signings.
Press TV interviews financial journalist and broadcaster, Max Keiser from Paris to discuss the “Occupy Wall Street” protests — the campaign against corporate greed, social inequality and the banking industry has gone global.
By Max Keiser
If the banks broke no laws, then why did Congress pass a law granting them immunity?
Olbermann interviews Michael Moore who says, “I think there needs to be a multi-pronged approach” urging civil disobedience locally as well as nationally, and refusing to move out under a foreclosure notice since no one owns your mortgage any more. “The banks lost them,” he says, when they bundled them into their little Ponzie schemes.
Posted in Economy Economics, Housing, Labor, Resistance
Tagged banksters, chris hedges, class war, economy, foreclosures, mace, mortgage fraud, police brutality, protest, Recession, Resistance, Unemployment, wall street
More Proof of DoJ Lack of Interest in Enforcing the Law: The Case of the Kickback-Demanding Banks
By Yves Smith
In this world of rampant banking miscreance, it may seem hard to get worked up about $6 billion in impermissible kickbacks. But this is a case of a clear-cut legal violation, with the particulars sent to the Department of Justice by the HUD Inspector General’s office on a silver platter. And one of the alleged big bad actors was the ever-sanctimonious Wells Fargo.
American Banker has a detailed write-up of a kickback scheme between major banks who were mortgage originators, in particular Wells, Citigroup, Countrywide, and SunTrust and mortgage insurers.
Posted in Economy Economics, Housing
Tagged banksters, Citigroup, Countrywide, dept of justice, economy, Foreclosure Task Force, government bribes, housing urban development, hud, kickbacks, mortgage fraud, SunTrust, Wells Fargo
Blue collar crime, you do time every time… ~Grace Jones
Florida is also the state with one of the highest foreclosure rates in the nation, and it arrests people for feeding the homeless. But CEOs who scam billions go nearly scot free.
By Jeff Gates
Part 4 of 4
A popular documentary, Inside Job, captured kudos at the 2010 Academy Awards. Its hard-hitting analysis marked a milestone among filmmakers for shining light in the dark corners of Wall Street. Writer, producer and director Charles Ferguson provided a public service by exposing key perpetrators.
Laudable yet incomplete, Ferguson’s popular film left unaddressed the all-important “how.” The storyline left moviegoers with the impression that the film’s featured insiders operated virtually alone in perpetrating history’s greatest heist. In truth, the real “inside job” is far more sinister and remains ongoing.
Citing recent Supreme Court decisions as well as Executive Orders issued by Presidents Bush and Obama, Michael Collins looks closely at the fraudulent Mortgage Electronic Registration System, showing a pattern of judicial and executive corruption.
By Michael Collins
There hasn’t been much in the way of justice for the average citizen for quite a while. Often, those accused of crimes cannot afford adequate representation and are subject to “let’s make a deal justice.” If you’re unfortunate enough to be sued or party to a divorce proceeding, you soon learn that the court system is an entitlement program for attorneys, not a civilized means of settling disputes. (Image)
The last decade has been devastating for what many thought were inviolable fundamental rights.
Posted in Constitution, Economy Economics, Housing, Human Rights Civil Liberties, Labor, Nuclear Weapons/Energy, Obama and Company, Women
Tagged bush, class actions, habeas corpus, Housing, justice scalia, MERS, mortgage fraud, obama, sex discrimination, Supreme Court, WalMart
By Michael Collins
The Federal government is about to settle the ForeclosureGate affair, according to a report in the New York Times on April 9. The Times noted that twelve million homes will be lost by 2012. Home equity values are down by $5.6 trillion since the real estate crash.
The draft agreement released to American Banker shows another corporate-friendly deal designed to maintain the incumbent perpetrators at the expense of the people. (Image: zoonabar)
The proposed settlement culminates an effort by federal prosecutors to address strongly supported allegations of widespread mortgage fraud perpetrated on as many as sixty percent of current mortgage holders. Homeowners were sold mortgages, serviced for the loans, and, in some cases, subjected to foreclosure and eviction based on fictional contracts and collections practices that violate the most basic principles of contract law and specific federal code pertaining to fraudulent debt collection.
By Robert Scheer
A “working class hero,” John Lennon told us in his song of that title, “is something to be/ Keep you doped with religion and sex and TV/ And you think you’re so clever and classless and free/ But you’re still fucking peasants as far as I can see.”
The delusion of a classless America in which opportunity is equally distributed is the most effective deception perpetrated by the moneyed elite that controls all the key levers of power in what passes for our democracy. It is a myth blown away by Nobel Prize winner Joseph E. Stiglitz in the current issue of Vanity Fair. In an article titled “Of the 1%, by the 1%, for the 1%” Stiglitz states that the top thin layer of the superwealthy controls 40 percent of all wealth in what is now the most sharply class-divided of all developed nations: “Americans have been watching protests against repressive regimes that concentrate massive wealth in the hands of an elite few. Yet, in our own democracy, 1 percent of the people take nearly a quarter of the nation’s income—an inequality even the wealthy will come to regret.”
Posted in Economy Economics, Housing, Labor
Tagged banksters, Bill Clinton, corpogov, deregulation, Foreclosure, Labor, mortgage fraud, Recession, ronald reagan, stiglitz, Unemployment, wall street
By understanding that money is simply credit, we unleash it as a powerful tool for our communities
By Ellen Brown
The reason our financial system has routinely gotten into trouble, with periodic waves of depression like the one we’re battling now, may be due to a flawed perception not just of the roles of banking and credit but of the nature of money itself. In our economic adolescence, we have regarded money as a “thing”—something independent of the relationship it facilitates. But today there is no gold or silver backing our money. Instead, it’s created by banks when they make loans (that includes Federal Reserve Notes or dollar bills, which are created by the Federal Reserve, a privately-owned banking corporation, and lent into the economy). Virtually all money today originates as credit, or debt, which is simply a legal agreement to pay in the future.
What Clayton Knew
By Eliot Spitzer
Since the early days of the current economic cataclysm, I have believed that we would, with some investigation, find the Rosetta stone that would demonstrate that the banks knew that the toxic mortgages they were packaging were, in fact, not viable financial instruments.
By Karl Denninger
The Market Ticker
Most of you have probably heard by now about the family that was foreclosed on in California, their home was resold, refurbished, and they then effectively “stole it back” with their attorney and a locksmith breaking in and re-taking possession.
Conejo Capital Partners has published “the other side of the story”, and it makes several good points – some of which I believe deserve exposition and discussion:
Thanks to ever-increasing foreclosures – and the numbers are about to get even worse – there is a glut of supply on the market. Meanwhile, it’s been many decades since the American consumer has been in such bad shape. How bad are things out there? The October 11 issue of Barron’s magazine puts the real, uncooked US unemployment figure’s at a sobering 22.5%.
Health Care Reform DOA. Why the Surprise?
They Did what they Always Do
The Money Party is a small group of enterprises and individuals who have most of the money in this country. They use that money to make more money. Controlling who gets elected to public office is the key to more money for them and less for us September 30, 2007
Dr. Howard Dean, MD, just said pull the plug on the current health care reform effort. The cure is worse than the disease according to the good doctor.
Posted in Economy Economics, Energy, Land Grab, Neoliberalism, NWO, Obama and Company, Region: Middle East, Resistance
Tagged bailouts, banksters, bonuses, class war, Foreclosure, homelessness, mortgage fraud, poverty, Unemployment, war