Early Fraud vs. Current Foreclosures


Senator Grayson has put it, from Ground Zero of the Foreclosure Fraud State:
"So far, banks are claiming that the many forged documents uncovered by courts and attorneys represent a simple 'technical problem' with foreclosure processes. This is not true. What is happening is fraud to cover up fraud... The banks didn't keep good records, and there is good reason to believe in many if not virtually all cases during this period, failed to transfer the notes, which is the borrower IOUs in accordance with the requirements of their own pooling and servicing agreements. As a result, the notes may be put out of eligibility for the trust under New York law, which governs these securitizations. Potential cures for the note may, according to certain legal experts, be contrary to IRS rules governing REMICs. As a result, loan servicers and trusts simply lack standing to foreclose. The remedy has been foreclosure fraud, including the widespread fabrication of documents. There are now trillions of dollars of securitizations of these loans in the hands of investors. The trusts holding these loans are in a legal gray area, as the mortgage titles were never officially transferred to the trusts... The liability here for the major banks is potentially enormous, and can lead to a systemic risk."
Fraud in the financial industry is being covered up and abetted by the Fed, Fannie and Freddie, as well as the Foreclosure Mill legal firms involved in the documentation fraud. Add in the graft and corruption payola to the Senators and Congressman who have voted to keep the process from discovery and maintain the status quo - the whole thing reeks of criminal activity. All for greed and profits.

If Obama signs the bill that would ease the foreclosure process and in effect squash the investigation by legalizing the criminal activity, he should be impeached. If he sits on the bill until after the election, he should be impeached.

His post-2012 election defeat revolving door job into the financial industry is in jeopardy…methinks Goldman Sachs has just painted over his name on the office door waiting for him.

Will he side with the common folk being robbed. Or the elites doing the robbing. This bill HR-3803 will be the litmus test…

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