Banks v. 99%: Rampant fraud
“More worrying is that the kinds of problems that Mr. Lavalle flagged so long ago, and that Fannie apparently ignored, have evicted people from their homes through improper or fraudulent foreclosures.”
http://www.nytimes.com/2012/02/05/business/mortgage-tornado-warning-unheeded.html
More significantly now is the fact that the entire mortgage business model is being questioned. MERS (Mortgage Electronic Registration Systems, Inc.) doesn't own the property, and the banks don't always have proper title to establish standing. (It should be noted that MERS says they no longer perform the foreclosure function for the banks).
This makes for a rather lengthy menu of potential reciprocal actions by borrowers when facing foreclosure. Most of the time, the victims just don't know the facts or their rights. Hopefully these articles and the following videos will help:
“Judges and lawmakers have questioned MERS’s legal authority to initiate foreclosures, and some judges have thrown out foreclosures brought in its name. On Friday, New York’s attorney general sued MERS, contending that its system led to fraudulent foreclosure filings. MERS refuted the claims and said it would fight.
“Mr. Lavalle warned Fannie years ago that MERS couldn’t legally foreclose because it didn’t actually own notes underlying properties.
“The report agreed. MERS’s approach of letting loan servicers foreclose in its own name, not in that of institutions owning the notes, 'is not accepted legal practice in all states,' the report said. Moreover, 'MERS’s counsel conceded false allegations are routinely made, and the practice should be ‘modified.’”
“”Hundreds of thousands of foreclosures in Florida and across America were knowingly conducted unlawfully, for which there are still severe liabilities and implications to come for many years,' he said.”
http://www.nytimes.com/2012/02/05/business/mortgage-tornado-warning-unheeded.html?pagewanted=3
Unenforceable debt: Pervasive fraud and forgeries
http://entrepreneurssociety.ning.com/
60 Minutes report: MBE 'trainwreck' and forged document mill
Again, the obvious questions revolve around this assumption that banks own us, our property, and anything they can get their hands on, anything they can grab, belongs to them whether or not their business practices are fraudulent. This speaks directly to enforcement. For too long, financial institutions have functioned beyond the law, and without responsible oversight or enforcement, their power continues to grow.
They have been trained to think that anything that benefits them is OK, even when fraud is apparent. They don't worry about criminal prosecution because they settle without admitting guilt. They engage in shoddy or illegal foreclosure because they know they can get away with it. At least most of the time. They scoff at the hardships caused by their frauds because they know their victims are powerless to fight back against their armies of attorneys and lobbyists.
And so they continue to grab and steal, disenfranchise and dispossess, while their profits and bonuses make a mockery of fairness or justice. People are getting wise. They don't like this shit. We will continue to follow this story using real-life examples of distressed homeowners that have fallen victim to the banking “industry” which isn't really an industry because it produces nothing except hardships for the 99%.
This is why protesters offered their support for Kamala Harris on Friday and presented a letter to her office. http://occupylosangeles.org/?q=node/7845. This is why the 99% will not be silenced or suppressed.
Phony foreclosures: Watch
No affidavit: Mortgage movies
Sign the petition:
The petition to save an occupy supporter from eviction needs your support. Ms. T has offered to help the movement and the foreclosure proceedings initiated by Wells Fargo appear to be flawed. Ms. T wants to make her payments. Wells Fargo has refused and seeks to evict her from her home. Call to action. Please sign her petition found at this link and look for updates here:
http://www.change.org/petitions/wells-fargo-bank-reinstate-borrower?share_id=iytujdcEoT&
More hacktivism: Update
“The FBI might be curious how we’re able to continuously read their internal comms for some time now.”
“Hours later, the group took responsibility for hacking the Web site of a law firm that had represented Staff Sgt. Frank Wuterich, who was accused of leading a group of Marines responsible for killing 24 unarmed civilians in Haditha, Iraq, in 2005. The group said it would soon make public 'mails, faxes, transcriptions' and other material related to the case, taken from the site of Puckett & Faraj, a Washington-area law firm. A voluminous 2.55 gigabyte file labeled as those files was later posted on a site often used by hackers, Pirate Bay.”
http://www.nytimes.com/2012/02/04/us/fbi-admits-hacker-groups-eavesdropping.html
“Later, it emerged Anonymous had also hacked the websites of US police forces and the Greek justice ministry.”
http://www.bbc.co.uk/news/world-us-canada-16881582
Thanks to the following blogger for the photo. http://www.vaughns-1-pagers.com/economics/wells-fargo-sucks.htm
Grumpy
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