Three cheers for Chris Hayes on MSNBC. In his new show, ALL IN, last night he reported and editorialized on the mistakes of giving banks relief and “screwing” homeowners since 2008. On his show he had Elliot Spitzer who took the administration to task for not doing something before this time. And to top it off DeMarco, the head of the former government sponsored entities (GSE), who has single-handedly blocked principal reduction is being removed and his replacement is an ardent consumer advocate currently a Representative from North Carolina. Things are changing.
The Congressional Budget Office is accepted as a non-partisan agency which has torpedoed both Democratic and Republican proposals on the economy. Upon request from Congress, the CBO studied the mortgage and foreclosure market and concluded that principal reduction should be the keystone of policy for Fannie and Freddie because it is a win-win that will return money to the taxpayers, spur the economy with an fiscal stimulus with a program that costs nothing, increasing GDP and employment. The CBO unequivocably recommended immediate implementation of large-scale reductions in mortgage principal.
The momentum is growing for the reduction of household debt just as this blog, numerous economists and financial experts have been virtually demanding. Iceland has proved the point. We have there a live experiment. Iceland has adopted a policy of continual reduction of household debt. The result was a healthier economy growing at a higher pace than any other country hit by the world- wide recession because consumer wealth, confidence and earnings increased allowing for consumption of goods and services that are in sharp decline in the U.S. and Europe. And the banks in Iceland are healthier and better regulated than at any time before the crash.
It is clearly a win- win situation for all stake holders. All this is providing fuel for the policy of principal reduction in household debt, including mortgages, forcing the banks to eat the difference. Of course Iceland also jailed the bankers who created the conditions that caused the Iceland economy to crash n 2008. Now you wouldn’t know it ever happened — but only if live in Iceland. Policy experts here and the CBO that measures past, present and future effects of economic policies are now moving away from the disastrous European experiment in reduced spending (“austerity”) which kicked the Euro economy when it was already down.
This means that homeowners will fight even harder to stay alive while the new policies go into effect and the right thing is done for consumers and homeowners in particular, that will provide trillions in fiscal stimulus for the economy with little negative impact on the banks who were using other people’s money to fund the mortgages, suffered no loss in mortgage defaults and only reported losses on bogus mortgage bonds backed by mortgage loans, which in turn were guaranteed by Fannie and Freddie 90% of the time. Those GSE entities under a single Federal Agency now guarantee or own more than 90% of all U.S. mortgages.
The remaining correction in describing the mortgages that were supposedly filed on record is that the mortgages were for the most part unenforceable, as is consistently alleged by investor lawsuits against investment banks that created and sold the bogus mortgage bonds AND that the “reduction” is really CORRECTION to adjust for fraudulent appraisals on which homeowners, the government and investors relied.
For the first time the reception of homeowners has changed from deadbeat to the ultimate resource to restore economic growth and who were screwed worse than anyone in the criminal enterprise that Wall Street called “securitization.” There was no securitization. Wall Street banks put the money in their own pockets instead of funding the so-called asset pools, “trusts” and other special purpose vehicles that the investors belied was receiving their money. The paperwork is all a sham from origination, where the “lender” never loaned a penny through assignments that conveyed nothing and were completely unsupported by value or consideration.
CONGRATULATIONS TO THE SOLDIERS IN THIS WAR AGAINST OPPRESSION OF THE AVERAGE CITIZEN.
61 thoughts on “CBO: principal reduction best for economy”
BOTTOM LINE: THERE IS NO TRUTH IN LENDING.
They were taking investor money to keep the ponzi scheme going.
They were using our money to fund the origination of the mortgages via the U.S. TREASURY DEPARTMENT. Anything that occurred after the Origination Fraud is in fact a nullity, null & void.
“…the banks who were using other people’s money to fund the mortgages…”
NEIL YOU KEEP CONTRADICTING YOURSELF. One day you say the “loans” were never funded (which is the truth) and then another day you say the statement above—WTF???
WHAT THE CONGRESSIONAL BUDGET OFFICE….OVERSEERS OF BANKSTER FRAUD ARE REALLY SAYING ISIS……PRINCIPAL REDUCTION BEST FOR THE INVESTORS….WHO ARE THEMSELVES & THEIR COMMUNIST CRIMINAL FRIENDS ON WALL STREET, IN AMERICA & AROUND THE GLOBE.
Many people agree, this is another Hitler Plan. I saw that right away on 9/11. Nothing with these people happens by accident. Read the book the Thunder of Justice by Ted & Maureen Flynn. There is an ex KGB agent on you tube who talks about their evil plans. He said you will know you are brainwashed when you can’t tell lies from the truth. This has been being planned for decades. This phase of the plan to rob our wealth and spread it around the Globe began at the Rio Earth Summit in Brazil in 1992.
stripes I don’t like the banks but I don’t believe this started out as a planned attack but like most things its the cover-up that the crime. As I know with Ginnie Mae it is about there not any longer being a contract because of how they received the blank Notes and Ginnie not paying for the debt.
Now what I recently experience with the OCC is that they are reopening the complaints if requested but it the same personnel who could not fine the light switch the 1st, 2nd or 3rd time around. But I looked deeper into the matter which I will inform Sen Warren if she listening, that the same regulator have dug in deeper because they been given much criticism, which make it impossible after 4yrs or more for them to now come to the table confessing that they were idiots.
So its become part of their defense to go on the offense against the victims. What exactly has the OCC work force adopted as there core belief? I believe the banks have accounted for future losses but are not going to take billions that is making interest when the regulator are not putting them in jail, and simply paying claims that these clown are not demanding be paid back.
Reading last year as to Wells Fargo financial statement they put monies back for addition losses back on what they thought would be additional charges brought by the SEC. This was in addition to the the current MBS that the SEC is in court about now!
For the latest on the biggest scam of We The People in history …
http://www.fourwinds10.net/
Principal reduction is more money for the banksters to pocket that they are not owed. It is outright theft and is also a way to control peoples lives. After what they did to us, they all belong in the State Pens for life.
The legal agreement simply does not exist therefore the mortgage contracts and the notes do not exist. There is no fix for fraud that is legal, moral or ethical. The banksters need to be held accountable & pay back what they stole from us. The politicians are kicking the can & are making things worse and that is intentional. They want We The People to be so financially, physically & mentally worn down we will submit to totalitarianism. No one should be cooperating with Corporate America fascism.
“The Congressional Budget Office is accepted as a non-partisan agency…”
Really, Neil?
Is that why they fired Dr. Lan Pham when she began to question what it was that really backed the MBS, and refused to be a party to the CBO cover-up?
How can you have “principle reduction” of complete BS?
Anyone notice how empty everything is? I went to a few stores today for necessities & last night and you could literally hear a pin drop. Even the eating establishments were empty. Highly unusual on a Friday evening & Saturday afternoon. Even the hair salon was dead. I think people have finally had enough or they are that broke. It’s eerie. I think the sheisters finally broke the camels back. Gas is $4.19 a gallon in Chicago. People are sick of being robbed by these greedy bastards.
Telling people at our age who worked their asses off their entire lives too bad, you lose is radically wrong. We were not the party gambling with our Securities and we never gave anyone authority to do that.
I bask in the ambiance of my gradientness…. I also love chicken…i ama bright shining star.
This Corporate octopus put us out of business and it was intentional so they could steal everything from us. They robbed us blind and they try to push people like us into filing Bk on their fraud. Screw them. Pay me back everything you stole from me you crooks.
These debt collection agencies are subsidiaries of the Issuer of the original bills of credit is what I discovered. They are not buying anything. The banks are swapping bad notes and passing the ball around trying to score. I told the judge this new “substitute plaintiff” LNR was a subsidiary of the Originator, Chase/First Midwest Bank and they still stand in the same shoes as the Originator, they don’t have the legal assignment…the Original Mortgage & Note. The judge said, we will discuss that at another time. This is the second substitute Plaintiff since the onset of the fc action.
Even if they were actually purchasing soured debt that does not give them any legal rights to collect any money or property from us. This is real property it is not secured to them in any way shape or form.
The real kicker is the credit card companies attaching themselves to the claims on our properties. They are one giant corporate whore who get paid upfront and don’t lend us a dime.
I don’t have a problem with people making money but this is just greed by control freaks. We trusted these people would not screw us over and they did screw us over big time. Everyone should have a problem with that.
stripe having been involved in thousand of closing I know the builder were paying as the title company settled up the numbers. I remember the number on one closing with a builder held up the closing for a couple of hours because the borrower & builder were off on what was thought was the cost on an item. We found the error and as the bank (me) closed the loan we cut the check to the builder.
I got no problem in people making money, but there got to be some set range what made or greed sets in, and now your changing grandma her life saving which is $100,000 over what the house actual worth or something like that.
But getting back to myself really not looking at the simple part of this argument, where we got servicer in a sense telling the court..by the way I own this debt but I got no proof but a I did manage last night to stay at a Holiday Inn Express last night with MERS and get an assignment of title assigned to me.
MERS is an paperless electronic company without any employees, that has its members input the data into the MERS system (because MERS does not have any employees) and somehow this information is to be deem as evident with the conflict of interest that the lenders and MERS are working in concert.
Judge I have lost the Note or the Note is blank and I don’t have any proof now that we foreclosed that I ever had physical have possession of the document. The reason there no proof other than you walk into the court with the original Note with proof of purchase, because there no other way of proving ownership, but any thing short of above is proof of non ownership.
Now that I just step back and a layer such as the modification BS has for better or worst has cleared space from some detraction to the real issue the clown don’t own the debts. Instead of working something off they (BANKS) went for the kill, and the internet put to many people together, to discuss each others situations!
WE THE PEOPLE are who funded the “loans” to the FED. That is what they are hiding. The investors were gambling and never owned anything. As a CNBC anchor said recently, Wall Street does not own anything and they are not selling anything…& they owe the taxpayers GAZILLIONS.
They all got filthy rich off of our backs. The banksters are greedy so so’s who don’t pay their bills or their debts to society….that’s the bottom line.
Correct typo….this kindle changes words ….it always _bugged_ me that we never received a check to pay the builder or the seller.
This is about intelligence but it is also about your ability to think in reverse. That is the concept that is the most difficult for many people to grasp. It is hard to comprehend everything we were taught to believe was a lie. For example, I really believed the bank lent the money. But, it always hugged me why we didn’t receive the check to pay the builder or the seller. They were hiding alot of stuff from us.
They foreclose in the name of a Trustee of a securitization trust (MBS) that NEVER received a “funded loan” because the original “note” had been (falsely) put into default—insurance collected—then the default “debt” was sold (to third party debt collectors) as “collection rights” to this “false default debt” only—no funding for all the subprime “mortgages”…not really “mortgages”.
@iwantmynvp—she has incontrovertible physical proof of all of this (re. GSE false default).
@iwantmynvp
Don’t bask too long in your own ego…you may get burned….
Here is a response from my friend re. your other post:
“…These were default loans that were “funded” — they were NOT mortgages…default loans falsely presented to EVERYONE as valid mortgages — they were NOT.
Investors got bailed out—not the homeowner victims.
IFR settlement — a JOKE.
The joke is on the REAL victims – the homeowners who lost their home…”
Meanwhile an East Coast update: It’s pretty special when a junior judge will lie about the legislative history and work of a senior judge. Especially when that senior judge is judge of the year. MD 14-207.1 was specifically designed to fight fraudulent documents but don’t tell that to Judge Mickey Norman. I heard him say otherwise in open court after he threatened to arrest me if I recorded anything, ahem.
http://mortgagemovies.blogspot.com/2013/05/kingcast-and-mortgage-movies-watch-hand_4.html
http://www.youtube.com/watch?v=onZ32rJTh18
Trespass I agree with you that spending the information to Sen Warren was a good move. What I think it will show are the crimes but also the lack of a structure to in the OCC to have been able to negotiate a deal because they could not themselves identify millions of infractions and even what to do when they did find law violations.
After talking with the OCC after the settlement to reopen the complaint of the “No Standing”, however the we are made to talk to the same morons who you complained about to before the Apr 13, 2011 agreement. After talking with the supervisor on the alleged appeals area, but look her up and she just a customer service supervisor who lacks the ability to be able understand what “No Standing” means.
If a Note that is blank after the foreclosure and the OCC was provided that still very blank Note in it current condition. So on the face of the Note you don’t have an fully executed contract because the is no entity in the endorsed too spot, how then does that no get turned over to law enforcement because you have got someone that claimed they were in fact the “holder in due course” and has order a Note due, but the Note you got in your possession does not reflect the foreclosing party or anyone else as the “holder in due course”!
As UCC 9 does says that the burden is on the possessor of the blank Note. However even if not UCC at what point would it not be the normal course of a document one is using to state a claims, that the document state that X is owner of? So as I did confront Wells Fargo who did come clean about no being the owner of the Note, but states they working for a party that printed to the public that they do not originate, purchase or sell home mortgage, but Wells is stating that this is who they are representing as the lien holder!
How if a party is working as allegedly as the servicer, custodian & Trust but got no county titling assignments granting Ginnie Mae title ever. How when Ginnie Mae got not other proof but a blank Note and no proof of purchase or in other cases where some lender have burned Notes and have delivered a allonge , but is an allonge nothing more than a blank Note when its not a loan you originated, as its only got the claiming parties word.
How do you present to the court you lost a Note and then without proof of purchase are granted the right to foreclose? We got to simply use common sense in these matters, but if your not objecting to nonsense then nonsense is what you get!
@iwantmynpv- I resemble that remark. What I lack in intelligence I make up in stupidity, so it balances out. Also I am a college gradient, having matriculated at the University of West Cupcake. So there. Include me among the most intelligent on this thread. Don’t be so indignorant
http://www.mortgagenewsdaily.com/05022013_independent_foreclosure_review.asp
Foreclosure Review Payouts Coming Under Congressional, Media Scrutiny
May 2 2013
Looks like Elizabeth Warren got some information that is helping them show the mortgage servicers and their regulators that they don’t hold the power (any more).
I’m glad it was posted here to send her information. I had a feeling if she or Congress reps assigned to this area were able to view a snippet of the documents used to steal homes, they’d know it was not business as usual.
The veil has been lifted. If Congress has evidence of one good theft where you offered $300 and lacked standing…………and that evidence is in a court of record such that no matter who sent it in, they can subpoena the court for the certified copies and verify it; then by golly you’ll find out that ‘the creation is not greater than the Creator’.
Trespass Unwanted, Corporeal, Creator, Life, Free and Independent, People, In Jure Proprio, Jure Divino
After all these years, I am still the smartest on the thread…
The note has to be endorsed because the FED already cashed the checks. How did that work that we endorsed the checks and the FED cashed them for as much as they wanted and now we get the bill for their party? Now they are coming to court to re-cash a check as an unknown third party..and collect our property. Where is the law on that one because we would all love to print up some free money…and re-cash big fat checks.
@Charles Reed…They never intended to modify because it would be illegal to modify the Origination Fraud …. a non existant contract. They extended & pretended & lied, lied, lied through there teeth. Servicers don’t have the legal authority to do a loan mod. Their duties are limited to collecting payments. It was all a show that they tried to help anyone. All they were doing during the loan mod process was collecting the property tax money to use during fraudclosure. I think Obama was set up to be blamed for the failure of the Obama plan but I don’t think he really cares how they use him. He got what he wanted, he is President of the United States & is getting FED by the banksters.
I actually got a “making home affordable” letter in the mail today from Fannie Mae today. You probably know what I did with that. They missed the boat the first try. Fool me once…right?
This was all well planned and instituted by the banksters. This was all about the theft of our livelihoods, private businesses, wealth and private property and nothing more. We were all part of this communist plan the banksters “great social experiment.”…
It is all a giant fraud by imposters and we are nuts to establish the banksters debt or cooperate with these crooks or send them anymore of our hard earned money.
stripes I got a copy of my contract a 1 1/2yr after the foreclosure because it a Ginnie Mae pooled and the only thing attaching the alleged collateral is the Note because its blank. And because its blank you cannot uses a substitute as you don’t have a bill of sale as you would have in the old day when ranchers did this.
Just tonight I realized was all the Obama Administration wanted was time and the GOP prejudice of what Obama was preaching that the borrowers were deadbeats on one hand and that they would help only responsible borrowers. Would not responsible borrower not be behind on their payment? So what Obama saying? He feeding into TIME, because as long as he can blame Bush and Wall Street who were his donor and I say they were his donor in 2012 giving money to Romney played into voters minds, that Romney was the Fat Cat/1%
Obama’s OCC and the Fed made the IFR agreement that promised up to $125,000 for all who were wrongly foreclosed plus equity in the house. OK so at the end of it all Obama got 2yrs and in the end out of 4.2 million only 1,082 Troop and 53 other received $125,000, but banks got time off the clock.
So here is what I am saying is we don’t now have the time to deal with if really the banks funded the loans because those records are not going to be attainable but who is on title at the local land recording office is. Why fight the harder battle win all you want is restitution for the wrong. Putting the bank out of business will not pay restitution.
We must be focus and not let some 4yrs modification program take us on a wild goose chase which it has!
This was always a distraction from the real issue that people needed lower monthly payment and not lower principal balances because an actual lost is occurring. Had just these rates been reduced to 4% by allowing the refinance was have been something that I believe was winnable with the explanation that the only reason other prime borrowers were getting 4% was because the Fed spent over $1 trillion in buying MBS to artificially lower the prime interest rate.
But as home prices are raising (which had to happen at sometime) for the principal to get cut plus the interest break was hard to sell to Joe Blow that had nothing to do with this mess.
Now this White House that handled this thing so badly has nominated someone after almost 4yrs of DeMarco who always been the same stupid guy, so why in Obama 5th year he trying to get this guy approved and its May so what about this pass Jan or was DeMarco not DeMarco still? What about Jan 2010 or was DeMarco somebody else?
Its called lack of concern and urgency that Obama operates under is about the welfare of the people because I truly think he goal was to kept the 10 million foreclosed ex-households with 2 adults per, plus the number of adult in the 49 million food stamp line and a few old party favorites and a few independent voter and Obama in like Flint.
Republican shot themselves in the foot when clearly they had the upper hand in the 50 States Robo settlement because without that GOP majority Dem would have killed the investigation as they tried with the IFR settlement in Apr 2011. However it seems that money got into the way and the States instead of actually helping borrowers, they helped themselves instead.
They failed to see the big picture that the 20 million adults in the 10 million foreclosed homes and the 12 million of the 6 million called underwater homeowners (made to think it was a big deal) and as Obama had DOJ & HUD swoop down at the last minute and take credit for the Robo settlement or at least half, as it made it appear to 32 million voting adult that Obama was their only hope. Look at how well this strategy work with black right now in are situation where the only hope is still on a now lame duck President who does not after 100 days of his second term not got any political capital to correct the even worst condition than when he took office.
Principal reduction not going to happen because its not needed, as interest reduction will produce the lower monthly payment that are needed by the homeowners. Don’t fail for the hype because he not invested enough to want to fix America problems for the lower classes just look at the IFR settlement!
They destroyed the contract because they weren’t lenders in the first place. All of these contracts were therefore, fraudulently induced.
I believe if we had no gun laws, these dirty bastards would not even have tried to screw us. The Second Amendment rules over all of their bogus laws anyways. We have become much to weak and subservient to these bogus laws. Congress was only supposed to pass laws that empower our Constitutional Rights, not weaken them. That would be the majority of them are unconstitutional & illegal.
“providing fuel for the policy of principal reduction in household debt, including mortgages, forcing the banks to eat the difference.”
I don’t agree with the suggestion regarding household debt because the lender did not cheat the borrower in that debt.
But, I definitely agree with the suggestion regarding mortgages. The Constitution prohibits any law impairing the obligation of contracts. But that applies to contracts people made in good faith. In the case of mortgages, the masses of predatory loans constituted bad faith, always on the part of lenders, and often on the part of borrowers. But lenders are sophisticated investors and have a higher moral duty to honesty in lending, and Congress knows it, as exemplified by TILA, RESPA, HOEPA, FCRA, FDCPA and numerous other laws. Therefore, they should bear the brunt of loss of home equity.
In point of fact, the lenders do bear that brunt by agreeing to deed-in-lieu-of-foreclosure settlements. But then the borrower always loses the house with no option of a balloonless loan balance reduction to present value of the house minus paid-in equity, the only FAIR settlement.
Furthermore, appraisal or loan application fraud underlie between 80% and 90% of residential loans in the past 10 to 12 years. Most such borrowers, whether or not in foreclosure, or already foreclosed, ought to approach lenders for settlements, or sue them for damages. Of course, that means they need to pay a competent professional to examine their mortgages comprehensively in order to find tortious conduct, contract breaches, and legal errors in the loans. Such causes of action justify settlement/lawsuit.
I maintain that most borrowers do not have to wait for foreclosure to procure a mortgage examination and sue the lender for cause. They do not have to beg and plead with the state legislature or with Congress to punish lenders for their abusive loans. The courts stand available and ready to do that fore every injured borrower. MOrtgagors just need to buck up, hunker down, forsake the foreclosure defense industry, get the mortgage examined, and settle with or sue the lender for damages.
THAT’s the way to make lenders shoulder the brunt of homowner equity loss.
THAT’s how to punish lenders for predatory loans.
I’ll happily guide anyone FREE who calls (at 727 669 5511) me in the principles of mortgage examinations and how to use the results to get the house free and clear or get a monetary settlement. Pick up the phone and do it.
Bob Hurt 727 669 5511 Email Me
Just round up all those bastards and shoot them dead! No two ways about it.
http://www.dailyfinance.com/on/jpmorgan-chase-energy-trading-ferc-probe/?ncid=webmail29
JPMorgan Chase Faces Federal Probe Over Energy Trading ‘Schemes’
by Eamon Murphy May 3rd 2013 11:35AM
Updated May 3rd 2013 1:43PM
JPMorgan facing federal action over power plant Getty Images
Federal investigations are nothing new for JPMorgan Chase (JPM), but the latest government inquiry into the behavior of the country’s largest bank by assets bears uncomfortable similarities to one of the most notorious chapters in the history of American business.
The New York Times reports on the contents of a confidential government memo sent to the bank in March, “warning of a potential crackdown by the regulator of the nation’s energy markets”:
Government investigators have found that JPMorgan Chase devised “manipulative schemes” that transformed “money-losing power plants into powerful profit centers,” and that one of its most senior executives gave “false and misleading statements” under oath.
Connoisseurs of corporate scandal — and probably every investor who remembers the start of this century — will immediately think of Enron, the energy market-manipulating giant that went from six-time consecutive winner of Fortune’s “most innovative” award (1996-2001) to what was at the time the largest bankruptcy in U.S. history.
The “schemes” in question reportedly originated in Houston, where JPMorgan traders under pressure to make big returns are alleged to have swindled California and Michigan out of $83 million by presenting deceptive energy prices. The bank says everything was on the up-and-up.
There’s more alleged wrongdoing at the bank, including improper collection of credit card debt and silence over suspicious trading by Bernie Madoff, the biggest Ponzi schemer in history. The Times also says JPMorgan CEO Jamie Dimon, who is not personally under government scrutiny, met with prosecutors and the FBI this week to discuss the infamous “London Whale” case, a massive trading loss that prompted accusations of a cover-up and led to a blistering Senate report.
For more on this story, as well as other developments moving the market today, check out the DailyFinance Market Minute video below.
Did you know that when your kids are in school the school administration becomes the parents of our kids? I don’t agree with that one either.
FOX News program the Five were calling out thise left wing commies at MSNBC about promoting our children are everyones children. The one commentator said, are they there for the 5 a.m. feedings or when our kids are sick? What a load of commie b.s. Hands off our kids. These teachers are promoting the gay lifestyle to our kids as normal. I am appalled. I believe in to each their own but don’t shove it down our teenagers throats. Do they promote heterosexuality? NO…they are all about the commie agenda.
That’s right, there is no oversight of what the banksters do. Their shadow bank is completely unregulated and that is just what they want….ELECTRONIC BANKING FRAUD …..Hell, I don’t even like the electronic slot machines and the slips you cash in when you win. I like the pull the handle slots and the coins come out the bottom so i don’t go anymore. It is rigged to the hilt, just like banking. I don’t dine out or go to the bars much anymore because it is all too restrictive. They treat the people like children…you can’t smoke..inside you can’t bring your drink outside…it is freaking cold in Chicago most of the year. Screw these tyrant politicians. If second hand smoke caused cancer, we would all be dead by now. Alot of people who don’t smoke indulge when they are in the bars or out for a nice meal. It is part of socializing. Even those who don’t smoke think these laws are ridiculous. Regulate us & not the real crooks. Screw them all, i will stay home.
I liked what Ex banking regulator Bill Black said when he told those bastards in the Senate, if they were going to be playing a game of five card Monte with our mortgages they should have told us.
I doubt anyone would have signed up for that.
Here is another one I went to sign my daughter to Middle School They asked for a parent to go to the administration office and show an original copy of the Birth Certificate and the utility bills.
I rest my case.
NEVER AGAIN
Keep your eye on this one! relates to discovery of bank documents. If they give it to the regulators, it should be fit for public consumption.
Judge Scheindlin held that the plaintiffs had shown good cause to override the bank examination privilege, because disclosure of opinions, analyses or deliberations communicated between the OCC and BOC might demonstrate whether BOC had notice of criticisms of its anti-money laundering and counter-terrorism financing policies, and any BOC responses. She also reasoned that the nature of the suit supported disclosure, insofar as the federal government has a strong and compelling interest in depriving terrorist organizations of financing. Judge Scheindlin concluded that the preceding factors outweighed the countervailing public interest in upholding the privilege to promote candor in communications between banks and their regulators. On this point, Judge Scheindlin opined that:
“While the risk of a chilling effect is serious, the risk of regulatory inaction is as well – as the U.S. Congress recognized through the ATA by empowering private parties to enforce the public interest using the weapons of civil litigation. Given the limited resources of bank regulators, the OCC’s supervisory mission might in some cases be helped as much as hindered by the intervention of private litigants.”
This same argument could be used against the bank regarding their money-laundering and racketeering activity using YOUR house as collateral.
http://www.mondaq.com/unitedstates/x/236094/Financial+Services/Bank+Examination+Privilege+Set+Aside+by+Southern+District+of+New+York&email_access=on
There are too many loopholes for criminals.
No one should be made a victim because of what they don’t know. Refusing a test that is not a lifesaving intervention should not be held against anyone.
Some may not see the connection with the ongoing cover up for bank fraud by the banksters and what that vet did to my pet. I see direct parallels to that original negligence and an attempt to cover up that negligence always causes permanent harm to the victim(s) if it is not caught in time. Evil preys on what you don’t know. Anyone who is negligent by failing to exercise ordinary care in the taking of anyones personal property should be held to account.
The state & federal regulatory agencies are giving loopholes to criminals and the judiciary are giving felons free reign to terrorize We The People. That’s the bottom line and that is unacceptable.
Allow me to clarify, two vets from 2 different animal hospitals agreed, my dog needed hospitalization IVs and that abscess removed immediately. Meghan Welbourne knew this. Those other vets concurred that none of her assessments were correct such as the spread of cancer or pancreatitis. They concurred my dog showed signs of a treatable infection.
In rape cases they try & blame the victim also. This is a broken judicial system that needs reform. For example, I got the autopsy results for my beloved dog. He died of a treatable infection and Meghan Welbourne of Oak Forest Animal Clinic, refused to treat him properly unless i submitted to a $500.00 test that would check all of his organs for cancer. My dog did not have cancer, he had a localized cellulitis cyst that was set to be removed the very day after he got sick. which 2 other vets agreed, required hospitalization & IV antiobiotics. All of his blood work & tests two weeks prior came back perfect. Meghan Welbourne negligently injected his lump with steroids in the back room 2 weeks prior to the scheduled surgery to shrink the cyst. She did not administer the shot properly & did not shave the area. He got an infection at the site & the site became absessed according to the emergency vet. I could not see this because she did not shave the site. I was told by another vet that if you report the vet to the State of Illinois and you refused any treatments the vet suggested, they will drop the case. Meghan Wellbourne told me she was going to administer antibiotics but when I got home I discovered she did not. All I know is my dog was never sick day in his life until she got her hands on him and she was covering up her own negligent handling of my dog who was only 9 years old. Everything is broken in this country.
Should the rape victim have a relationship with the Rapist? We were all raped. There are societies in that force the rape victim to get married with the rapist. Is this the society we want?
NEVER AGAIN
I agree Deborah. We should not be cooperating & we should all be giving them hell.
That was silly- the bit where i said gov needs to grow a set- thats not it is it.
I think we the people must BE THE CHANGE
Ian and stripes – agree with you
It would maintain a foundation of lies and coverup false accounting and tax evasion
We all abided by the laws of the land
And a goverment to grow the balls to tell the people the truth and deal with it.
I agree with Ian’s assessment of the whole shabang. IMHO…principal reductions of fraud are being done for the benefit of the investor whores. Then none of these felons need to admit guilt if we cooperate. I would not feed the beast. I would demand no less than clear title & monetary restitution for harm done & permanent harm intended. We have all of the rights of harmed party in these fraud suits.
Principal Reductions will create another ponzi scheme for the banksters.
Principal reductions …..? How convenient that the FED hijacked the Treasury and all of those payments are going to go to the wrong party.
Correct typo….”Bankers are like heroin addicts.” Says vice chairman of Berkshire Hathaway, Charlie Munger winna CNBC interview this morning.
“Bankers are like heroin addicts.” Says give chairman of Berkshire Hathaway in a CNBC interview this morning.. Charlie Munger says the flash crash was illegal and all of us should not be paying for the bankers crimes.
DeMarco was correct IMHO…you can’t write down fraud esp. $700 trillion dollars worth. There are people who won’t take the time to educate themselves or are scaaaared of the banksters and that is to their peril. No one has time for this but you must take the time to educate yourself because this is the final wake up call. The banksters are control freak assholes and they don’t deserve another dime from us ….THEY OWE US GAZILLIONS REPORTED CNBC….
Wall Street is up to 15,000 today an all time high. Obama & his administration along with the crooks in Congress & the Senate are traitors and imposters for allowing this giant corporate mega beast of felons to steal everything from We The People.
These communist, globalist corporate crooks has stolen $60.4 trillion dollars from U.S. TAXPAYERS and 20 million fraudclosures since 2008, under Obama.
They aren’t getting another dime from me because I know the truth about this Hitler plan to steal everything from us.
Keep on playing the game to some degree. Principal reductions are going to be used to “paper over” the mess. The reductions are only the beginning. If you sit on your ass, you will be mowed down. You must resist. We must move towards Iceland’s example. What are we? a bunch of wimps? Sue them again. I am in both state and federal court. I know the last time I sued, it cost the servicing company over $200,000. Ha, ha!! Keep on keeping on.
Exactly.
Principal reduction of UNSECURED fraudulently obtained “debt”.
Huh?
Neil and all,
While this article seems encouraging, knowing what we all know, it begs the question; Principal reduction on what? Non-existent mortgages? “Loans” held by debt collectors who bought only collection rights for 2 cents on the dollar, who further have no perfected chain-of-title by which to prove ownership by a Trust which was never funded? So we are third-party participants in mortgage insurance fraud?
How about this- If your “lender” (e.g. see Mortgage ImplodeOmeter) went bankrupt, then that in and of itself is proof as lenders (banks) do not go into bankruptcy, they go into FDIC receivership. So your “lender” in fact was not a lender. Plain and simple. Please refute this. Please advise how a judge could possible refute this.
Also, in a securitized loan, there is no bank, lender, or mortgagee, only a holder, at best. Absent the backdated, forged, fraudulent documentation, there is no holder, let alone a holder-in-due course. There is no creditor, so the credit bids are all fraudulent, as are the short sales. Where is everyone’s outrage over all this?
The preceding wraps everything in a nutshell. We need nothing further. There is no bank. No creditor. Credit bids by these entities are illegal. Short sales by these entities are illegal..
Forward this to your DA, your elected reps, all attys in your area. This has got to stop.
Tell them I sent you.
Tell this to the Florida Legislature – they still do not get it on a wide scale. They are on the verge of passing more laws to help banksters and title companies rather than address the problems and real solutions, in fact the bill sponsors have refused amendments that address fraud and other criminal actions.