Editor's Note: It's not final but it looks like Ireland is going to do pretty much the same thing that Iceland did, except this one is based upon the heart of the crisis --- housing and bad mortgages, falsely presented to lenders and borrowers alike. The answer? Reduction in the balance due on mortgages that were falsely presented in the…[...]

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Tags: appraisal fraud, correction of principal, ICELAND, Ireland, reduction of principal, underwriting
Posted in bubble, Corruption, Eviction, securities fraud |

"I can't predict the next scandal," Mr. Berger said. "But I know that fraud is a growth industry, and so is greed." Editor's Comment: Max W. Berger, partner of Bernstein Litowitz Berger & Grossmann, based in Manhattan has brought in over $1 Billion in damages for class action lawsuits filed ion behalf of investors. I've been predicting here that the…[...]

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Tags: Bernstein Litowitz Berger & Grossmann, Class Action Lawsuits, foreclosure industry, homeowners, ICELAND, investors, Ireland, lawyers, Max W. Berger, pension benefits
Posted in bubble, Corruption, Eviction, securities fraud |

"Just because the market looks better to you on the money doesn't mean it has recovered from the corruption of title. You still need a lawyer and you absolutely need to do a title and securitization search or at least a consult with someone who can review the past history of the property. The risk here is that you can…[...]

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Tags: housing prices, housing values
Posted in bubble, Corruption, Eviction, securities fraud |

We the People: Is the Constitution Relevant Anymore? When each state made the irrevocable choice to join the United States of America, they agreed that the law of their land would be governed by the supreme law of The Constitution of the United States. Political disputes arise as to the meaning of a word, phrase and provision of the Constitution…[...]

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Posted in Uncategorized |

GOOD CAMPAIGN SLOGANS: "I will fight to bring the mega-banks under control" " I will fight for reporting requirements that reveal insolvent banks before they threaten our financial system again." " I will fight for audits of reporting to identify exotic financial instruments that are cover-ups for PONZI schemes" " I will fight to recover the losses that threaten the…[...]

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Tags: BANKING. RETIREMENT FUNDS, crisis, economy, housing, POLITICS
Posted in bubble, Corruption, Eviction, securities fraud |

Editor's Comment: The more people look at it, eminent domain looks like a good option that is fair and reasonable and smokes out the REAL creditor. Thus the Banks are up in arms about it and using every bit of lobbying and political muscle to stop it. But the practicalities of eminent domain might trump even the weight of the…[...]

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Tags: eminent domain, fair market value, fiscal crisis, local government' budget, real creditor
Posted in bubble, Corruption, Eviction, securities fraud |

In the last 3 months I have been assisting in the defense of some commercial property cases --- strip malls, small hotels, warehouses, etc. And while the consensus has been that securitization of commercial mortgage backed securities has been relatively straightforward, it appears that at the very least there are exceptions to that rule and perhaps we are only seeing…[...]

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Tags: CMBS, Commercial property, credit default swaps, default, insurance, REMIC, securitization
Posted in bubble, Corruption, Eviction |

Editor's Comment: Two candidates faced off on domestic issues last night and neither one of them mentioned the artificiality of our economy based on reported profits and assets that are fictitious and leaving out real liabilities that are in the trillions. They also both left out the taxation of the tens of millions of "securitization" transactions that violated every restriction…[...]

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Tags: Charles Hugh Smith, Of Two Minds
Posted in bubble, Corruption, Eviction, securities fraud |

150,000 people are receiving letters now telling them that their second tier mortgages are "eliminated." Whether BOA has the authority to do this depends upon whether they are the creditor in those loans. They may be the creditor in some of them but I suspect that the loans cannot be proven in any chain of title, chain of documents or…[...]

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Tags: Bank of America, BOA, BofA, second mortgages
Posted in bubble, Corruption, Eviction, securities fraud |

Here is one way of handling the shell game. This could be split up into bite sized pieces and then filed one at a time, but then you might lose the flavor of it. The interesting thing about this pleading is that it takes the pleading and affidavits of the forecloser and uses it  against them. The affidavit for summary…[...]

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Tags: Motion Practice, Pleading
Posted in bubble, Corruption, Eviction, securities fraud |