Will Bankers go to Jail for Foreclosure-gate?

Gee, I hope they will. Messing up when you’re talking about people’s homes is a BIG DEAL. Lock them away for a LONG time.

Check out http://www.philstockworld.com as well. Interesting stuff.

Probably not. Why risk losing all those important campaign contributions and corporate money that many of these bankers and institutions hand out to the congressman/woman of their preference (whoever promises help improve their profit margin through minimal regulation and/or tax breaks). Too many politicians owe these Wall St. types too many favors to let them sit in a jail cell. I’d say its even less likely if Republicans take control of congress back in November, but Democrats are just as guilty. A few sacrificial lambs may get offered up to appease the masses but most will get a slap on the writst.

A few middle managers and patsies may do some time, but the architects will sit back and laugh as usual…and keep cashing in at our expense.

They win. We keep losing. The grand fleecing continues.

A friend of mine actually did a series of paintings lambasting the top banking CEO’s responsible for the financial crisis

http://www.jq-art.com/gallery.htm?id=4

Nice to know the little man can at least get back in other ways than forcing jail time.

Did a quick search on Sarbanes Oxley; some of the requirements were summarized at http://www.soxlaw.com/s302.htm as:

• The signing officers are responsible for internal controls and have evaluated these internal controls within the previous ninety days and have reported on their findings
• A list of all deficiencies in the internal controls and information on any fraud that involves employees who are involved with internal activities
• Any significant changes in internal controls or related factors that could have a negative impact on the internal controls

It does not seem like a stretch, with the amounts involved, that “internal controls” should cover bank’s foreclosure processes. It also seems to me that the knowing submission of false documents to a court would constitute fraud.

If either of those is true, can’t the ‘signing officers’ be pursued under SarbOx?

I’m wondering if the States can go after banks too, if for nothing else than defrauding states of the filing fees they were supposed to get when the paperwork changed ownership.

With States trying to balance their own budgets right now, surely they’d want to make examples too?

Best of all though – does foreclosing a house you don’t have title to constitute theft?

Sod all the technical convoluted derivatives and stocks and funds and bonds and everything else. Go after them for the crimes juries can understand!

Underhanded repossessions and foreclosures are more criminally exploitive than what becomes reported. Appalling collection abuses have resulted in mill lawyers (or their affiliates) obtaining ownership of fraudulently properties via purported bids at “simulated” auctions with “straw buyers;” and afterwards, some properties become “flipped” illegally to Freddie Mac! Some foreclosure mill lawyers even have filed into court records fee-making pleadings (summary judgments, etc) when Freddie Mac is not party to cases (proof @ http://www.lawgrace.org ), and they bill $$$$ fees pretending to represent Freddie Mac.

Through falsified Bankruptcy Court pleadings, some lawyers wrongfully, illegally impede homeowners’ restructuring debts, and impede discovery of the actual owners of mortgage notes. False bankruptcy “Lift Stay” motions in names of either defunct lenders or lenders with no ownership of property notes not only help illegal property repossessions, any other creditors whom debtors owe, becomes deprived wrongfully of entitled shares of proceeds from those auction frauds; and ILLEGITIMATE “deficiency judgments” ; and third party debt-buyers seeking money after unfairly low auction (straw purchase) bids resulted in large debt balances are also problems.

Plus, dishonest foreclosure mills work in concert with Wells Fargo. Among other things, Wells Fargo has tax advantage from fraudulent foreclosure proceedings after placing distressed homeowners’ names / social security numbers on false IRS (acquisition) form 1099-A’s, even when no lawful “acquisition” of properties occurred; such homeowners wrongfully become forced to explain these turn of events to the IRS after surprise receipts of tax bills. “Fee-splitting” is also an element of intentional, fraudulent foreclosure. *read about fee splitting: “Lender Processing Services Discusses Legal Issues” @ http://quicktake.morningstar.com/Stocknet/san.aspx?id=354567

People who think that people who can no longer afford their mortgage should pack up and move out, ignore that it is unjust to render people homeless by use of intentional, dishonest, illegal foreclosure proceedings. Foreclosure mill illegalities accounts for “illegal foreclosures” and “Tent Cities” which could be Anyplace, USA.

Foreclosure fraud (on farmers, businesses, as well as residences) MUST become investigated;” it can cripple peoples’ abilities to move forward with their lives for a very long time –and the cloaked perpetrators are often millionaires; those perpetrators are as bad as, or worse than Bernie Madoff.
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“Case In Point: Foreclosure Mills, Judicial Fraud, Consumer Exploitation. . .” http://open.salon.com/blog/wwwlawgraceorg/2010/08/18/case_in_point_foreclosure_mills_judicial_fraud_consumer

OPEN LETTER TO PRESIDENT OBAMA on Foreclosure Crisis (concerning Wells Fargo)
http://www.pr-inside.com/open-letter-to-president-obama-on-foreclosure-crisis-r1505916.html

Lehman Brothers, Wells Fargo Foreclosure and Insurance Claims
http://www.lawgrace.org/2008/09/14/lehman-brothers%E2%80%99-mortgage-troubles-nationally-evidence-of-foreclosure-fraud-deception-and-conspiracy-with-wells-fargo-deceptive-judicial-filings/

Important Facts About Foreclosure and Mortgage Fraud
http://www.lawgrace.org/2010/09/30/important-facts-about-foreclosure-and-mortgage-fraud/

This whole thing is comical. we as a nation have been rolled.
weve been saddled with the largest debt load in the history of mankind. We couldnt repay it even if we wanted to cuz theres no jobs left to tax to repay it hahahahahahahaha.
The jokes on us!!!
The slimeballs that did it to us are never going to answer for it.
In fact theyre moving thier stuff to china!!!
meanwhile we will toil and wallow hoping to stay afloat in the sewage theyve released on us.
I personally cant believe any country would allow its jobs to go to another country and then tell folks that its ok. I dont know why thats not treason.

People should learn about the Pecora Commission if they don’t already know. Here is a nice intro.

http://www.nytimes.com/2009/01/06/opinion/06chernow.html

Nothing will happen and no one will be arrested. They may be fined and the government will keep the money.

I know for a fact these practices have been going on since 1998. Told the attorney general’s office about it, and they did nothing.

Here is the scenario. Mom dies and in Texas you have 3 years to settle the estate and it cannot go into foreclosure. But hey who listens to the law. The mortgage is behind, but I come up with the money for the delinquency. Only Countrywide will not accept the money, instead they claim they have the right to call the note due and will only take the full amount. I explain Texas probate law & they don’t care nor will they tell me the court or judge signing the order so I can protest. Not one piece of paperwork delivered to all the heirs, just a phone call. So they foreclose and sell the property for @ $20K more than what was owed. No accounting of the extra $20K nor was it turned over to the state or estate.

So all these years I wonder what was going on. Then the stories about the mortgage insurance and the nickel drops in the slot. Mom had mortgage insurance. So they collected the insurance and sold the property. Totally illegal and nice profit to the robber barons of Countrywide. So our government sues Countrywide on behalf of thousands of people who got screwed by them. Legal notice of settlement states do not contact us, we will contact you and send you the money. I nor any of the other heirs have seen any money and no one has been contacted.

Then on my home, I paid ahead and tracked the payments. Payments are posted to the account days after it clears my bank account. Cit Financial which holds the note prints on the paper work that this contract is only between Cit and myself. After a couple of years, I call CIt and none of the phone numbers work so I wrote them. All of a sudden I am under a loan service company, which has numerous complaints posted on the Internet. I now suspect that is why Cit phone numbers did not work. Things mull along until I am ready to pay off and there is a difference of @$600. I go through the payments with a fine tooth comb and request the loan service company’s posting which are a mess and begin with the words estimated balance whereby they are trying to back into their numbers unsuccessfully and show a second loan service company for two months that the SEC went after and won. We go round and round with the payoff amount to no avail on this $600 difference. Finally, they threaten and follow through with an attempt to foreclose. I contact the state, because they are not listed on the title as lien holder and the state says they have every right, because they sent us a letter stating they own the note. I explain what my note says about it being a contract only between the originator and myself. The state does not care and now they think they have grounds to sue for fines. Nice gig to have it both ways. To make a long story a little shorter, every attorney contacted told me the amount was so small so just to pay it, because it would cost me more in legal fees. So I did.

And that my friends is how the banks, loan service companies, legal system and politicians are all in bed together. This article is just a bunch of baloney, because when push comes to shove the homeowner losses every time and the banks and politicians throw the money into their coffers instead of doing the right thing.

So very unAmerican would you not agree?

I would contend that the business economy is not going to improve much until we can trust the banking/financial system. I mean, why would I go out and invest in a 50 thousand dollar digital xray machine when the economy is in the dumps and you know the banking industry has not learned anything. Why would i want to start a business or hire when we may still double dip because the banking industry is still messing with us and getting big bonuses while they are at it. I actually trust Obama but not Jo Banker. The financial industry disgust me and i wish there was some way to believe they really have morals we can trust.

Interesting thought. Everyone talks about Gov’t policy adversely affecting the business climate and that they won’t invest/expand in this highly regulatory environment. I’m not saying gov’t isn’t having an effect but I wonder how much of that “its gov’ts fault” meme is being hyped by the big banks & lending institutions and those that profit from them to deflect criticism from their own practices.

Certain FORECLOSURE MILL LAW FIRMS are prime jail candidates. It’s well past time to fully investigate them. http://chn.ge/eU2zAm

Lawyers who intentionally execute fraudulent, defective, or questionable foreclosures causes useless property deeds; impediments to title insurance for newly-sold homes; mortgage default insurance disputes –and more! Knowledge of laws & civil procedure is not required from lenders, nor loan servicers, but from FORECLOSURE LAWYERS. Sample illegalities:

–Deliberately use defunct lenders, lenders without “standing” for false civil and bankruptcy foreclosure proceedings.
– Create and conceal malpractice foreclosure delays and engineer billable litigation.
– Orchestrate sham foreclosure auctions; property never acquired by lenders, but ‘straw buyers’
– Commit actionable wrongs (unfair debt collection, fraud, various torts) that create lawsuits
– Some are self-dealing foreclosures which certain lawyers themselves obtain foreclosed properties for flipping.
–Foreclosures naming defunct lenders, illegally recorded property deeds, flipping, blighted communities.
– Unconscionably create false deficiency judgments against property owners after straw buyers acquire homes for pennies on the dollar.
– Intentionally false BANKRUPTCY COURT “Motion to Lift” and “Proof of Claim” on behalf of non-existent lenders which conceals fact of “NON-SECURED” mortgage debt.
–Involved in fraudulent collection of property damage insurance, as well as mortgage-default insurance.
–Fraudulent foreclosures abet loss of property taxes to city revenue, rodents, vagrants
– Thousands of families made unlawfully homeless from null foreclosure proceedings.

*SEE: Request for Congressional Foreclosure Panel to Examine Foreclosure Lawyers
http://www.change.org/petitions/view/request_for_congressional_foreclosure_panel_to_examine_foreclosure_lawyers#

This is the biggest crime in U.S. history. Everyone must speak out and let our congressional representative know.

A Must See documentary:

“Plunder: The Crime of Our Time”

“It can be fairly said that the chain of catastrophic bets made over the past decade by a few hundred bankers may well turn out to be the greatest nonviolent crime against humanity in history”

“When plunder becomes a way of life for a group of men they create for themselves n the course of time a legal system that authorizes it and a moral code that glorifies it”
Frederic Bastiat, ‘The Law’ (1850)

THE LACK OF REGULATIONS AND CONTROLS HAVE PERMITTED ILLEGAL PRACTICES TO BE CONSIDERED LEGAL.

Many of these practices however have become “borderline legal” to many people in power such as legislators, lawyers, judges and those who are suppose to be protecting the American public that many are confused and don’t know where to seek help.

“White collar crime on Wall Street has been under-reported for so long that the banks were allowed to operate illegally. Nobody knows now what is legal and what is illegal. Today there are many people that have lost their homes, pensions, and savings who are sleeping on the streets because of these atrocities.”