By Shelley Erickson, January 18, 2013
The contents in the synopsis of the Wall Street and the Financial Crisis: Anatomy of a Financial Collapse will bring you up to speed on how, why and what happened causing the recent crimes against the homeowners by the banks, S&P and our politicians that led us into the HAMP & MOD SCAM AND NOW SETTLEMENT SHAM.
These schemes negatively affected American tax payers, jobs and incomes, pensions, equity, our properties and our property rights… just to mention a few issues.
Due to the Ponzi schemes and criminal acts discussed in detail in the actual U.S. Senate PERMANENT SUBCOMMITTEE ON INVESTIGATIONS’ Financial Crisis Report involved banksters and politicians, the blatant deceptive HAMP program scam appears to have led to modification fraud. The HAMP program was a scheme put in place by our government that was afraid if all the foreclosures were to have happened all at once it would cause the Wall Street banks to go under.
Their crime was so outrageously huge and wide spread, their default nets so well orchestrated that millions of homeowners’ homes wound in their lair of deception causing the largest, deadliest catch of foreclosures of all time. Yes, the bankster’s had done a great job of selling defective, deceptive mortgages on a massive scale apparently constructed to profit from defaults.
See, the banks are not in the mortgage business to loan, they are in it to default and profit by defaults; to collect servicing fees and bid on defaults in the market and to sell a house multiple times… until their investors got wise and wanted their money back. Thus, the creation of TARP, and then HAMP, a scam to support the banks by foaming the runway, deceiving the mortgagors that they could actually get a modification while they paced the timing of their foreclosures. These bailout plans were never for you and me.
The banksters’ eyes must have burst into tears of joy when they realized they could use the already deceptive HAMP program to confiscate even more homes. The homeowners were promised modifications which neither the federal officials nor banks intended to give as the only intent was to slowly foreclose and parallel a modification program which they knowingly had no intention to approve. They went one step farther and found if they lied to the homeowner who was not in default or behind in payments and just wanted a modification, that they would gain the homeowners’ confidence and tell them to stop making payments for 3-4 months in order to qualify for the modification.
The banks knew full well that the homeowners would rely on the banks to be telling them the right thing to do. After the homeowner was in default (per the banks’ instructions – all verbal of course), the banks would foreclose on the homeowner instead of approve the modification.
The federal rescue of Wall Street didn’t fix the economy – it created a permanent bailout state based on a Ponzi-like confidence scheme. And the worst may be yet to come.
In some cases the bank would approve trial modifications to make it look like they were approving some modifications and after five – nine payments the servicer for the lender would tell the homeowner they were now disqualified for various fabricated reasons. Many times the modification payments were considered partial payments and the house was literally dragged into foreclosure as intended from the start. Therefore, the HAMP program that the homeowners believed was designed to give them relief became the modifications program from hell.
Misappropriated funds also brought unlawful foreclosures. The game became “heads you lose – tails you lose,” a plan in place by the banks, and our government – while using the media and public relations of the disingenuous HAMP plans to appear to save the homeowners… when in actuality the HAMP plan led them to the slaughter of foreclosure. These programs were intended to help the bank at the taxpayers’ expense and to their detriment.
All the while the mainstream media was reporting this financial force majeure as a result of deadbeat borrowers when the truth was the banks had committed unspeakable frauds. Instead of slapping handcuffs on the banksters, government officials like Bernanke and Geithner were conspiring with Wall Street to buy time while the banks tried to clean up their financial mess by unloading toxic assets caused by their own dubious mortgage frauds and other unscrupulous related activities.
The banks wanted the public to believe that 84 million American families woke up one day and decided to fraudulently mortgage their homes – that they planned to default and that the banks were the victims of irresponsible homeowners.
Even President Obama chimed in with his messages that the government was only helping “responsible” homeowners who were still paying their mortgages – BECAUSE THEY STILL HAD JOBS! Over 100 million Americans were losing income, equity, savings, pensions because of the banksters – but the media played another tune until they began to catch on … the homeowners were not the bad guys. Click here for The Reality of Mis-Perception – Bankster Brainwashing & Barack.
Banks used the modification scam to parallel the foreclosures and literally dragged people into foreclosure that were still paying their mortgages, telling them to get behind in order to qualify began to multiple in numbers. Everyone began repeating the same story that the banks told them to default in order to qualify which was false information. The homeowners did not have to default to qualify – it was a scam.
Now comes the $26 Billion settlement (sounds like a lot, yeah?) to get the banks off the hook again. This deal should be at the very least a couple of TRILLION dollar$ settlement and every unlawfully foreclosed home returned to the homeowner. And treble damages for economic crimes, along with CPA and FDCPA violations, only a few mentioned to start. Instead, this lousy settlement works out to about $2,000 per family – goofy and degrading!
The government never intended once again to help the homeowners. We are left in ruin and rubble. The independent review is botched as reported by a whistle-blower (thank you very much), by five hundred independent reviewers at $250.00 an hour being watched over by the bank inside the banks walls, by over 800 Chase Bank employees alone, and God only know how many from all the other banks.
Chase alone had one employee for every independent employee that was doing the review. Wonder how many BOA and the other banks had. Was this seventeen bank employees per every claims reviewer for the independent review company watching over the independent review? Bad, bad, bad banks. Some independent review!
It’s time for America to catch up on the real news – the non-partisan issues affecting everyone as dirty politics are played at the entire public’s expense. Take some time – please read the following articles, because you need to know this stuff – it will affect you for the next decade or longer, whether you are in or out of foreclosure.
Here are a few of my personal recommendations:
JPMORGAN CHASE LAYS OFF 839 EMPLOYEES IN FALLOUT FROM FORECLOSURE REVIEW SETTLEMENT
THE LETTER | In the Wake of Wrongful Foreclosures
Register John O’Brien Calls on the Court for Restitution on Behalf of Homeowners
U.S. Justice Department details guilty plea in UBS Libor rigging case
Read the Smoking Hot, banks intentionally and thoroughly violated the law complaint
More Whistleblower Leaks on Foreclosure Settlement Show Both Suppression of Evidence and Gross Incompetence – Read more at http://www.nakedcapitalism.com/2013/01/more-whistleblower-leaks-on-foreclosure-settlement-show-both-suppression-of-evidence-and-gross-incompetence.html#m7aM5FACevivJMRf.99
THE 49 STATE ATTORNEY GENERAL FORECLOSURE SCREW JOB – IT’S EVEN WORSE THAN REPORTED
SIGNED: SHELLEY ERICKSON, JUST MY OPINION AND NOT LEGAL ADVICE.
Shelley Erickson a small business owner of over 32 years, running a day spa and tanning parlor in the State of Washington. Shelley was the victim of a WaMu modification scheme and through her own research understands what American homeowners are experiencing. “We have a fight to fight and I am helping others fight it to the best of my knowledge,” she writes, “I am a homeowner and know the crimes committed against the American people, and I try to help others catch up on what I have learned so they know what hit them and what they are battling.”
Thank you Shelley Erickson for your submission.
The information is greatly appreciated. DeadlyClear