Foreclosuregate is About to Explode

Black Listed News ^ | 10/11/2010 | Michael Snyder

[ex-Texan]

First the mortgage lenders created the housing bubble. Next they sliced and diced mortgages into very complex securities so they could peddle them on Wall Street. And made $$$ Hundreds of Millions in crooked bonuses for themselves.

Hundreds of thousands of innocent people were suckered into buying this worthless garbage in their 41(k)'s. Then Wall Street banksters decided to go "all in" and gambled that they could sell rotten subprime garbage to the whole world. Then these garbage securities were sliced and diced and bundled again and again and sold and resold again and again. In essence, $$$ Trillions in forged securities were sold to the entire world. And Banksters made $$$ Billions in crooked bonuses for themselves.

They created all sorts of exotic derivatives and used supercomputers to do automated transactions electronically. Quicker that a blink of an eye the bastards would do speedy transactions worldwide. Thereby again profiting with generous bonuses.

Greedy crooks like this famous former CEO of Countrywide made millions

Click the image . . .

Now the truth is finally coming out: Illegal foreclosures. Forged signatures. Bogus bookkeeping. Shredding millions of payment checks. Fake property recording documents. Foreclosure Mill law offices. And far worse including illegal break-ins, illegal wiretaps -- and an active conspiracy to cover it all up.

IMPO -- Any body who saw or had personal knowledge of mortgage lenders using these devices to create forgeries belongs in prison:

Click the image to learn more

It does not matter if you were not aware of the full scheme and all the multiple ramifications of fraud. If you knew about fraudulent activities and did not blow the whistle -- you are a co-conspirator. Far better to blow the whistle now or even years later. By taking that action you may help put the criminal bastards behind bars.

[ex-Texan]

*Ping*!

[RobRoy]

Is this our Black Swan?

I think this may be prove to be the biggest fraud in human history. If so, it will not merely go away harmlessly.

[ClearCase_guy]

The banking industry probably should have collapsed in Sept 2008. But it was all too big to fail, and they propped it up. Since then, Obama has continued to prop it up in a number of ways. QE2 appears to be coming along as another attempt at this.

One way or another, I think the banking industry is going to collapse. It appears to be riddled with disease.

[netmilsmom]

>>First the mortgage lenders created the housing bubble.<<

Did they?

http://www.youtube.com/watch?feature=iv&v=1RZVw3no2A4&annotation_id=annotation_918789

[bolobaby]

Truth is, the vast majority of these foreclosures ARE for deadbeat borrowers. They’re just going to use this loophole to screw the banks, which is BS.

[stephenjohnbanker]

” Lawmakers in both houses of the U.S. Congress, including Nancy Pelosi and Christopher Dodd, have called for an investigation to begin on the national level. “

Fox, meet henhouse LOL!!!!

[RobRoy]

Is this our Black Swan?

I think this may be prove to be the biggest fraud in human history. If so, it will not merely go away harmlessly.

Now that I think about it, this can NOT be a Black Swan. A black swan is unanticipated. This was brewing a couple years ago when a few foreclosures were thrown out because of missing paperwork. Even then there were lots of folks speculating that those were the equivalent of barely scratching the surface and this could be the fraud of the millennium.

[RobRoy]

Add this to the existing problems, and the republicans taking the congress and there could be some serious civil unrest this winter.

I’ve said that I feel like I am living in an equivalent of the world in August of 1939.

Is this September 1st of 1939?

[ntmxx]

Anyone notice the Mud Hen Barney Frank has not been heard from or seen lately; must be laying low in the weeds until safe to come out from the vault to run a new DNC scam.

[ltc8k6]

http://www.powerlineblog.com/archives/2010/10/027435.php

[netmilsmom]

>>Truth is, the vast majority of these foreclosures ARE for deadbeat borrowers.<<

I don’t know of a single person who is up to date or one payment off their mortgage who has been foreclosed on. In fact, I know of a man who lost his home but has all the latest gadgets and toys. I-Pad the whole lot. All gotten since his home went into foreclosure.

I’m tired of paying for my mortgage and the mortgage of those who remodeled their kitchens and went on vacation. We’re eating hot dogs for heaven’s sake!

[Gabrial]

“But for virtually everyone else this is really bad news.”

Chris Dodd and Franklin Raines have already snuck out the back door with their millions. I guess Barney Frank is just not smart enough to cut and run.

[Brookhaven]

Truth is, the vast majority of these foreclosures ARE for deadbeat borrowers. They’re just going to use this loophole to screw the banks, which is BS.

---

Everyone is equally entitled to the full protection of the law.

[rrrod]

I first read of this a couple of months ago and now its getting main stream. This will no doubt have a horrendous affect nationwide. To my knowledge Florida has all ready started to go after slimey title cos lawyers and realtors(redundant I know).

IIRC a judge had ordered a review for the last 5 yrs.

I have one home/condo I just bought from an estate...best way to buy...but my advice is not to buy anything in the entire state of Floriduh unless you really are knowledgeable.

Do not believe a word a realtor sez......

[RobRoy]

I just learned last week that a relative of mine has not made a mortgage payment in over two years. She’s still living there...

[Moonman62]

Banks will get the laws they need sometime after election day, and foreclosures will resume.

[justsaynomore]

I do not think it will go away, and I also don’t think banks will just hit the reset button with borrowers across the board.

I believe what will happen is that the government will step in and take over. If that happens, get ready to make your mortgage payments to uncle sam. Scary huh?

And I believe every bit of this was by design. You can’t get any more “cloward piven” than what is going on with the banks right now. Overwhelm the system and crash it...and the big banks were willing participants in this fraud.

[Future Snake Eater]

And yet we’re supposed to think that the “strategic defaulters” are scum-of-the-earth who take advantage of the poor little banks...

[IamConservative]

Makes you wonder if legitimate homeowners should immediately seek a refinance with a lender that guarantees not to sell your mortgage..??..

My lender stills holds my mortgage, but there is nothing in the agreement that says they can’t sell it.