I'm 65 Now: I Had Hoped This Nightmare Would be Over after 5 years

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EDITOR’S COMMENT: I honestly thought I might be done by now. When I started this blog at age 60 I thought that the truth would prevail and the banks would be slammed down, restoring our court-fooled title system before the title registries across the country got so corrupted that even conceptualizing a way to fix it, is more challenging than most people want to consider. I was wrong. We are still only half way through the banks’ games, and it doesn’t look good for any of us.

The future we deliver to our children and grandchildren depends in large measure on whether we are willing to lay down the tools of our trade and start learning what the banks and insurance companies are doing to us.

Wholesale cheating and ruinous behavior directed at our citizens, current and future taxpayers, and the backbone of our society continues unabated with no real hope of stopping it in sight. The current “settlements’ are no more than a foolhardy truce in which the banks buy more times buying houses with “credit bids” on debts they don’t own, never owned and never will.

Investors who purchased bogus mortgage bonds understand that the banks are holding all the money necessary to repay the the investors in full, many of whom have already been paid in full or reached a settlement to their satisfaction. The creditor is happy — why is the debtor still the target of collection on a debt that has been settled? The investor creditors know the money is in the hands of their agent banks, so why are we allowing collection on the same debt more than once?

Oh yeah, I almost forgot. The reason we want the homeowner to pay a debt that has already been resolved is because somehow we think it would be unfair if the homeowner gets a free house. The fact that it was taxpayer dollars — including the taxes of the homeowners — that actually paid off the debts doesn’t seem to matter.

The banks have created a very effective narrative based upon their own fictitious plan and fraudulent scheme. This way the banks get a free house so we can avoid the unfairness of “giving” homes to the people who had their whole lives tied up in one piece of real estate. How about if we took the word “gift” out of it?

The solution is simple — the taxpayers paid off the debt so the homeowners should pay a fair share of the money that was stolen from investors back to the taxpayers through the government agencies that supplied the money. That way the banks don’t get the money or the houses and the homeowners don’t get a free house.

The only loser in a fair deal would be the banks who would lose ill-gotten gains and expectations of more ill-gotten gains.

I looked at the headline below this morning. It said that Chase Bank was giving 100 homes free and clear to veterans. I thought to myself “that is a good thing, but whose house are they giving away?” The obvious pandering to the public works unless the public takes the time to ask themselves why a greedy bank would give away 100 homes — especially a bank that was perfectly willing to foreclose on homes of soldiers in active combat — another violation of law that was treated with barely a slap on the wrist.

We already know from the San Francisco audit of 400 recent foreclosures (which would mean foreclosures occurring after banks had assured regulators that they had cleaned up their act) that a minimum of 45% of REO homes in recent foreclosures are not really REO owned — they are all subject to being taken back by the former homeowner wiping out the foreclosure, the mortgage and even the note (whether an undocumented obligation would remain is still up to interpretation). So most — nearly all — REO properties have only the appearance of being REO, when in fact, it is stolen goods in a sack.

So Chase is giving away at least 45 of those 100 homes knowing the homes belong to someone else. What a country!

The answer isn’t easy. But somehow we ought to make that promise good to veterans and more of them, without donating property that belongs to someone else. Chase doesn’t own those homes. The homeowner(s) in the chain of title own those homes. Chase wants to create a reason for asserting title over the fake REO homes given to veterans so that the other 300,000 homes it has acquired title to are also ratified. So far Chase and the other banks are acquiring “deeds” to real property using homes they acquired without spending any money, without funding any mortgage, without buying the homes, and using fabricated, forged, false documents with false declarations of fact in those documents

Tags: 60 minutes, AHMSI, appraisal fraud, attorney general, auction fraud, Chris Koster, credit bids, DocX Indictment, foreclosure fraud, FORECLOSURE SETTLEMENT, foreclosures, forgery, housing market, housing prices, investors, linda green, LPS, Missouri, mortgage fruad, mortgages, Robo-Signing, settlement, strategic default
Posted in bubble, Corruption, Eviction, securities fraud |