About Me 0076: foreclosure list

Don't count on these state AG's too soon. Remember we just had an election where the
banksters GOP sponsers pulled off massive victories. In Florida, the judges are now the robo-
signers for the banks.

It is no coincidence that the 'major target' of the banks and their sponsors is Fannie & Freddie.
What has been going on is a "real-estate laundering" scheme. People are familiar with money
laundering, which accounts for much of the billions in drug cartel money being funneled into
the legitimate banking industry, but in real-estate laundering Fannie & Freddie act as the
middle-man and hold the morgages while the banks are 'capitalized' at 100% of the declared
value. That is why the idea of 'put-backs' are shaking the financial markets.

The 'bundled' mortgage securities now have to be unbundled and adjudicated, which was not
part of the original plan. The banks 'knew' that those mortgage securities were phoney and that's why they rushed to get the "occupiers" out of their homes. For the most part those mortgages, which where 'fraudulently' written under acceptable lending guidelines
, constituted ARM's and those with 'interest-only' or balloon payments. Those properties were mostly foreclosed on at the beginning of the meltdown, where both lender and purchaser were agreed that the mortgage payments were unsustainable. In late 2007 and 2008 most of 'those' properties were resolved in favor of the lender, leaving the properties mostly unoccupied, yet remained on the books at full value. The problem is that these 'non-performing' assets were 'bundled' with properties that were marginal or performing adequately. Since they were part of the 'bundle' residing "on the books" of Fannie & Freddie, ownership had to be re-established and 're-securitized'. Complicated certifications were never envisioned for the return of these "assets" to the bank ledgers. The "occupiers", whatever their position, needed to relinquish their position so that ownership of the entire bundle could be established. In fact, many 'performing' mortgages were also foreclosed by unscrupulous fees and penalties, which were designed to discourage the "occupiers" from remaining in the property.

For all his words and futile attempts to save these 'marginal mortgages' with government remedies, President Obama 'knew' that any real attempt to save these homeowners would further destabilize the banks. An outcome that would have totally reversed any progress towards stability obtained by the TARP. Therefor, the President of the United States agreed to allow the banks to proceed with foreclosure of these marginal properties rather than expose the banks. Acceptable casualties in the war to save the American economy.

If you believe none of what I have explained above, and consider that you know better, consider this one calculation;
WHAT WOULD HAVE BEEN THE RESULT OF ANY OF THIS WITHOUT "BANKRUPTCY REFORM"?(I don't believe in conspiracy theories either!)

7 Financial Crimes and Cyber Crimes: The need to aggressively combat financial crimes and cyber crimes is an increasing challenge for the Department. Financial fraud continues to affect the economy, and the increased use of computers and the Internet in furtherance of financial crimes, as well as the international scope of these criminal activities, has exacerbated the challenge of cyber crime.

In November 2009, a presidential Executive Order created the Financial Fraud Enforcement Task Force (Task Force). The Department described the Task Force as the “cornerstone” of its work in the financial fraud area. Led by the Department, the Task Force combines the work of several agencies to focus on mortgage crime, securities fraud, American Recovery and Reinvestment Act (Recovery Act) and rescue fraud, and financial discrimination.

In connection with the Task Force the Department launched Operation Stolen Dreams, a multi-agency initiative designed to combat mortgage fraud. In June 2010 the Department reported that this operation involved the prosecution of 1,215 criminal defendants nationwide who allegedly were responsible for more than $2.3 billion in losses. The Department also reported that the operation recovered more than $147 million through 191 civil enforcement actions.

The Department and the Task Force are also focusing investigative resources on securities fraud as well as on Recovery Act fraud and fraud in other rescue funds. Among other things, the Department is providing training to federal grantees and contractors on ways to prevent and detect such fraud.

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Tuesday, December 7, 2010

foreclosure list

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