WHERE'S THE BEEF? FORECLOSURE FRAUD WORKING BUT THE BANKS SHOULD BE CAREFUL WHAT THEY WISH FOR

SEE LIVINGLIES LITIGATION SUPPORT AT LUMINAQ.COM

It does not appear that the banks are actually all that worried about losing foreclosure cases. If you do the math, they have a pretty good business plan. More than 95% of all victims of foreclosure fraud simply do not know they are victims, are worn out, demoralized and dis-empowered. They walk away from the only real asset they have believing they lost it and they even believe they deserved it. They don’t know that the foreclosure is fraudulent, that the debt has most likely been paid and that if anyone has a claim, they are not pressing it.

Since the banks have no money in the deal it hits the sweet spot. They get 95% of all the homes in which there has been fraudulent declaration of default without ever having lent a dime nor ever having entered a transaction wherein they paid money for a transfer of the obligation and the risk of non-payment. If they lost all the cases that are contested they would only lose the opportunity to steal 5% of the homes involved. And by keeping these numbers going, winning perhaps 50% of the time on the contested cases they keep their lost opportunities below 3%, which is essentially a rounding error considering the millions of homes they have illegally obtained a title certificate or writ of possession.

In turn, this allows them maintain the illusion that these loans actually belong on the balance sheet, thus creating the illusion of assets and capital that enables them to claim megabank status. Their problem is not foreclosures, it is auditors and the current rise of cases filed against notaries and witnesses and “Signing officers.” These people are flipping like newly caught fish on deck. They are all willing to testify about how they allowed the use of their signature, stamped signature or notary stamp in exchange for money. As auditors drill down to these “assets” they are going to have the same problem the Courts are having with increasing frequency — lack of any paper trail to support the money trail claimed by the banks.

In a foreclosure case, only one home is at issue. If the auditors become concerned about their own liability, as well they should be, ALL the homes are at issue. This is not a case of markdown of assets. It is a case of removing assets that never should have been reported on the balance sheet to begin with. When the auditors refuse to go along with this continuing scam, the house cards falls and while we have 7,000 other financial institutions ready and able to pick up the pieces there is no plan for resolution of these behemoths. Meanwhile people maintain their stock ownership in these megabanks and even buy more when the stock looks cheap. It isn’t just cheap. It’s probably worthless.

Tags: bailout, countrywide, disclosure, Federal reserve, foreclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, Mortgage, mortgage meltdown, predatory lending, quiet title, rescission, securitization, TILA audit, trustee, Wells Fargo
Posted in bubble, Corruption, Eviction, securities fraud |