Worst Years Still Ahead in Florida Foreclosures

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What’s the Next Step? Consult with Neil Garfield

For assistance with presenting a case for wrongful foreclosure, please call 520-405-1688, customer service, who will put you in touch with an attorney in the states of Florida, California, Ohio, and Nevada. (NOTE: Chapter 11 may be easier than you think).

Editor’s Comment: Why is it that we are willing to sacrifice vital government services and hard earned taxpayer dollars to prop up banks that committed the largest economic crime in human history?

We all know the banks sold “securities” in a “securitization” scheme to investors and used investor money for fees, profit, fun and funding of of mortgage loans that were doomed either because they couldn’t work to begin with or because the Master Servicer had the power to pull the rug out from under them. So why are we even talking about the losses the banks took? The only thing they lost is the steady stream of illicit cash plundered from pension funds on the Ponzi sale of bogus mortgage bonds.

Everyone knows the facts, so why are government officials telling citizens that the banks gete priority and immunity from prosecution whereas the pension funds and borrowers get the shaft? The taxes, fees, fines and penalties that the banks owe each state is enough to take any state out of budgetary crisis even if it means dismantling the mega banks.

The spin line circulating around the media by paid political consultants for the banks is that the problems all stem from the slow pace of foreclosures and that we should speed it up to get it behind us. THAT is only going to attack what is left of middle class wealth. The real solution is restitution by those mega banks for perpetrating a fraud on the stable funds managed by professionals, on homeowners who had no access to the information that would have given them a clue that the closing was a sham, and the taxpayers that keep bearing the brunt of the enormous cost that siphoned out trillions from our economy.

If you or I defrauded someone we would at a minimum be required to make restitution — giving back what we took. In many cases, in a pattern of fraud and Ponzi schemes the perpetrators go to jail and pay fines. Here part of the scheme was the use of improper means to avoid recording and other fees, costs and taxes. The unwillingness of states to pursue all of this revenue can only be traced to dire warnings that are completely false: that the whole economy will drop like a stone if the mega banks get hit with paying back their illicit gains.

The opposite is true. 7,000 banks, savings and loans and credit union are currently operating and using the same financial data processing platform as the mega banks. The only thing that would happen is that our financial sector would return to a free market  economy where healthy competition and risk analysis would take the place of gambling with money and property that was always owned by others. The banks never owned the loans and never owned the mortgage bonds. They have no loss and yet we keep paying for this fictitious loss.

PRACTICE TIP: It is absolutely essential that you keep your eye on the ball — the flow of money, not as recited in documents but as shown in actual receipts and from secure original financial data processing logs showing that real money exchanged hands between the parties recited in the documents. It didn’t happen. Whether it was the original note, or an alleged sale or assignment, “for value received” are just words.

The value, the consideration, the money was never paid. The loans were passed around as Mike Stuckey said from MSNBC.com, like a whiskey bottle at a frat party. There was no payment, there was no transaction, because the entire monetary transaction never hit the books of any of the securitization players, except for the fees they took out fo the flow of money generated from tier 2 yield spread premiums, insurance, hedges and federal bailouts.

When a person asks for a loan at a real bank, they are frequently asked fro bank statements and proof of the ability to pay the down payment and to show their pattern of spending. If the borrower later claims to have made a payment that the bank says was not received, he needs to show a canceled check.That’s evidence. “Take my word for it” doesn’t get credit nor would it be very persuasive in court.

If the borrower says someone else made the payment for him, and the bank denies it then they are subject to discovery, an accounting and even a receivership. Looking for the real money and not just data entries that can be changed by anyone and certainly not in documents that can recite just about anything.

Enterprising lawyers should approach agencies they think have been cheated by the system and offer their services for a contingency fee. There is a lot of money in those hills.

Worst years Still Ahead in Florida Budgetary Crisis

Tags: Florida budgetary crisis, foreclosures, Mike Stuckey, MSNBC, unpaid fees to state and county agencies
Posted in bubble, Corruption, Eviction, securities fraud |