State AGs settle with LPS for $113 million; Only Nobody Knew

cluelessIn an investigative post, MSFraud.org exposed an unknown state Attorneys General settlement with Lender Processing Services (LPS) for $113 million dollars in an El Paso district court.

One would wonder how, for example, the State of Hawaii (who received a pittance compared to the damage to titles LPS has caused) could even begin to agree to a settlement when they have NEVER even bothered to audit its own Hawaii Bureau of Conveyances! Hawaii is a mortgage lien state where the homeowner holds the deed, unlike a Deed of Trust state where the deed is held by a (fishy) beneficiary.

Millions of homeowners never knew that LPS fabricated and falsified documents that could still cloud their titles for years to come – even if they received a modification. The point here is that many states, including Hawaii where land rights are a very precious subject, have turned a blind eye to fraudulent assignments of mortgage or the fact that the mortgage   Continue reading

Yes, It’s Specifically Housing – Socialism for the Rich and Incompetent!

Econ4 Video on the Housing and Foreclosure Crisis

Yves Smith12-6-12NakedCapitalism’s Yves Smith is the strong voice of reality on the front lines of the foreclosure war. Posted on December 6, 2012 is a serious message that needs to circulate around the world.

The economy is on the fiscal cliff because of the failed policy decisions not to prosecute the banks in addition to how the unscrupulous securitized mortgage business has been handled.

Blaming borrowers for the frauds committed by the banks has eaten away at the core of our society. “Normally, in history,” said Yves, “when lenders were that incompetent, they went bust and that was capitalism. And now instead, we have a system where lenders who are so grossly incompetent that they should have gone bankrupt – are propped up – that’s socialism for the rich.” Continue reading