[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

[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.

[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......

[Moonman62]

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

[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.

[RobRoy]

>>Needless to say, this is a complete and total mess.<<

What happens if the people tasked to actually unwind each one of these millions of loans just throw up their hands and give up?

I can actually see this rolling into a complete collapse of everything with a single pressing of the reboot button.

Sometimes the most practical solution is to wipe the hard drive and re-install the operating system. As bad as that sounds, it may be better than the alternatives. It won’t be voluntary. We’ll see how it plays out.

[Gay State Conservative]

IMO,it's certainly possible that there have been dishonest/incompetent individuals...and companies...connected to the mortgage industry.but to me,the only important questions regarding a particular foreclosure are:

1) Did the "borrower" actually owe the money?

2) Assuming that he/she did,did the borrower fail to repay the loan in the way set out in the legal contract that he/she signed at the time of the loan's origination?

3) Assuming that he/she didn't,did the loan agreement stipulate that foreclosure was a possible consequence of having failed to do so?

If the answer to all three questions is "yes" then I have no problem with the foreclosure going forth...even if every "i" hasn't been dotted or every "t" hasn't been crossed.

If the answer to any of the three questions is "no" *then* I have a problem.A *big* problem.

[stephenjohnbanker]

If I wanted to type for an hour, I could give FReepers a real inside lesson on what transpired here, but suffice it to say that the major mortgage lenders like WAMU, and Countrywide figured out how to make a fortune on sub-prime mortgages, and Wall Street figured out how to make additional billions securitizing, selling and reselling near worthless mortgages. You and I were there to watch it all unfold, and we tried to warn many FReepers of the bubble which was about to burst.

Angelo Mozillo, whom I knew from my business back then, saw the writing on the wall, and dumped 100 million of his stock in the beginning of 2006. His company was writing mortgages for many illegal immigrants, and they were pocketing 15,000 on a 500,000 loan. I don’t mean to single out Countrywide, as this practice was rather commonplace with major lenders by 2005.

[smokingfrog]

added keyword MERS

[combat_boots]

George Soros & gang have targeted the US dollar and the destruction of the US. Their tentacles run deep and clear to the top of this Administration (as well as others, of course).

What they want and what they’ll get are not necessarily the same things.