By Shelley Erickson
Foreclosures are traumatic. Many have become life-threatening, deadly weapons, creating disease, suicide, heart attacks and numerous other illnesses that have stemmed from fraudulent financial products issued by the banks and some with oversight by Fannie Mae.
UNJUSTICE
A Sydney Sullivan Story
“Although inspired in part by a true incident, the following story is fictional and does not depict any actual person or event.” Photos throughout the fiction are to assist with your own imagination.
John G. hesitated with a guilt-ridden stammer, “Louis Harding.” ‘Oh my God’ Ole thought, ‘there but for the grace of God go I.’
“You don’t mean “Saint” Louis Harding, do you?” questioned Carl. John G. raised his eyes, looked upward and nodded.
“I worked with him in the Public Defender’s office. His nick name was “Saint Louis” because he was so pure… so honorable, I mean he should have been appointed to a US District Court judge position. Is this really necessary, I mean, isn’t there another way?” Ole asked. “We’re elected, not appointed – if this gets out we could get creamed in an election.”
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See: Impact of Securitization and securitization-a-primer/
According to SEC rules student loans are supposed to be transferred into a trust; however they never actually deliver the note. If the note is NOT indorsed into the trust the note is void and uncollectable.
Continue readingIt’s no surprise that states with the highest number of foreclosures and evictions have overwhelming homeless problems – why can’t politicians figure this out?! Click HERE and sign this petition for a MORATORIUM on foreclosures and STOP the banks from using our properties to prop up their institutions.
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American Homeowners and GSE Shareholders – WAKE UP! The Treasury and GSEs hold the toxic MBS with inflated appraisals, flawed/fraudulent financial products, forged paperwork – and its what’s backing the Federal Reserve. Your property is their Gold Standard. #AuditTheFed
Is it any wonder why HAMP was a scam when you realize this? Now you can understand why you could never get a modification – when the servicers told you to miss 3-4 payments in order to qualify. Sounds like they intended to put you into default, doesn’t it? Is this why nobody wants to talk about wrongful foreclosures and toxic (worthless) property assets – would that bring down the Fed?
Alan Greenspan, Former Presidential Adviser & Federal Reserve Chair… in an Apple computer commercial in 1985.
OneWest “is not above the law,” said Helen Kelly, a 67-year-old former Minnesota state prosecutor that spoke out during a public hearing on a proposed merger with CIT Group and asserted she encountered difficulties with the lender when she wanted to modify the terms of her mortgage on her Pleasanton, Calif., house. She then compared bankers to an “Ebola virus” that had spread to contaminate homeowners.
The story of OneWest Bank illustrates the federal government’s dubious combination of regulatory indifference and corporate welfare in dealing with the banking industry.
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Release Date: July 7, 2014
The report released today provides information on the process for the review of the foreclosure files during the IFR and file review results, including servicer error rates during the IFR, up to the time the IFR was replaced. The report also contains updated information on direct borrower payments and other assistance from the Payment Agreement and discusses the Federal Reserve’s ongoing supervision of corrective actions the mortgage servicers are required to implement. The report focuses primarily on servicers regulated by the Federal Reserve. Continue reading
By Larry Doyle – Book Review: All The Presidents’ Bankers by Nomi Prins
While all too much of our analysis of market developments comes to us in the form of sound bites and snippets, leave it to the great writers of our time to provide real depth and study of the business and political relationships that ultimately impact all of us.
I recently completed reading just such a study, All The Presidents’ Bankers by Nomi Prins. The author is not only a Wall Street insider but also highly regarded for her prior books and well documented written and spoken commentaries.
I very much had the sensation of sitting in on a semester long tutorial in Financial and Political History while working my way through this book. Continue reading
By FLOYD NORRIS
It’s no fun to be a banker these days. It is not just the increased regulation. It’s the lack of trust.
“At what point does this stop?” asked Gary Lynch, the former director of enforcement for the Securities and Exchange Commission who has gone on to jobs with many leading Wall Street firms and is now global general counsel at Bank of America.
He was referring to the escalation in penalties being levied on banks, culminating in the $13 billion JPMorgan Chase was forced to pay for a series of transgressions. Continue reading
Deadly Clear 