Results 1 to 12 of 12

Thread: In todays installment of WTF!

  1. #1
    Join Date
    Jul 2007
    Location
    Muskogee.Oklahoma
    Posts
    8,845

    In todays installment of WTF!

    Lawyer: Finance industry hired hair stylists, Walmart workers to approve foreclosures
    In an effort to rush through thousands of home foreclosures since 2007, financial institutions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in "foreclosure expert" jobs with no formal training, a Florida lawyer says.

    In depositions released Tuesday, many of those workers testified that they barely knew what a mortgage was. Some couldn't define the word "affidavit." Others didn't know what a complaint was, or even what was meant by personal property. Most troubling, several said they knew they were lying when they signed the foreclosure affidavits and that they agreed with the defense lawyers' accusations about document fraud
    Read More
    http://www.rawstory.com/rs/2010/10/l...-foreclosures/
    "On the sixth day, God created man. On the seventh day, man returned the favor."
    http://www.house-mixes.com/profile/djchefron

  2. #2
    Join Date
    Jun 2008
    Location
    From the streets of Brooklyn, living in the burbs of Maryland
    Posts
    5,995
    Lawyers should be disbarred. Jail time should be handed out this. Lawsuits need to be in place.
    The BK Show - Hosted by DJ Val Thursday's 8 PM www.DHPradio.com

    The BK Show - Hosted by DJ Val Monday's 8 PM (Bi-Weekly) www.CyberJamz.com


    http://djval-bkny11203.podOmatic.com

    http://soundcloud.com/djval_bkny11203

    2013 Deep House Fantasy Football Champion


  3. #3
    Join Date
    Apr 2008
    Location
    Henrico, VA
    Posts
    4,508
    Quote Originally Posted by dj-chefron View Post
    Lawyer: Finance industry hired hair stylists, Walmart workers to approve foreclosures
    In an effort to rush through thousands of home foreclosures since 2007, financial institutions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in "foreclosure expert" jobs with no formal training, a Florida lawyer says.

    In depositions released Tuesday, many of those workers testified that they barely knew what a mortgage was. Some couldn't define the word "affidavit." Others didn't know what a complaint was, or even what was meant by personal property. Most troubling, several said they knew they were lying when they signed the foreclosure affidavits and that they agreed with the defense lawyers' accusations about document fraud
    Read More
    http://www.rawstory.com/rs/2010/10/l...-foreclosures/

    http://woldcnews.com/

    The Joe Madison show, is talking about this right now..tune in

  4. #4
    Join Date
    Jul 2007
    Location
    Muskogee.Oklahoma
    Posts
    8,845
    At the Big Picture, Barry Ritholtz, takes a hard line on the subject, and explains why in considerable depth:
    Why Foreclosure Fraud Is So Dangerous to Property Rights
    http://www.ritholtz.com/blog/2010/10...operty-rights/
    "On the sixth day, God created man. On the seventh day, man returned the favor."
    http://www.house-mixes.com/profile/djchefron

  5. #5
    Join Date
    Apr 2001
    Location
    Silver Spring, MD
    Posts
    7,743
    No one realizes just how deep this thing goes. This is a scam of epic proportions. It is my premise that there are actually very few clear deeds/titles in the entire US. Why? Because almost ALL mortgages were securitized and sold as investment vehicles. The banks, financing companies, etc. got there money when they sold the mortgages off to Wall Street. So who actually owns the notes? The thousands of investors? And why are consumers paying banks mortgages that have already been paid off by Wall Street?

    When Wall Street sold these mortgage-backed investments to investors (insured by AIG), and our economy fell off the cliff, the investors (and AIG) were left holding the bag, right? Of course not! That is where TARP came into play. The investors were made whole and AIG was made whole. So again, who actually owns the mortgage notes? We do! The Taxpayers. This is what is trying to be swept under the rug here. Taxpayers own these mortgages and the banks are getting paid twice for already paid off mortgages. That is the crime here. Hopefully, it all will come out.
    "Bullshit is the glue that binds us as a nation."

    George Carlin

  6. #6
    Join Date
    Jul 2007
    Location
    Muskogee.Oklahoma
    Posts
    8,845
    Quote Originally Posted by Dolemite73 View Post
    No one realizes just how deep this thing goes. This is a scam of epic proportions. It is my premise that there are actually very few clear deeds/titles in the entire US. Why? Because almost ALL mortgages were securitized and sold as investment vehicles. The banks, financing companies, etc. got there money when they sold the mortgages off to Wall Street. So who actually owns the notes? The thousands of investors? And why are consumers paying banks mortgages that have already been paid off by Wall Street?

    When Wall Street sold these mortgage-backed investments to investors (insured by AIG), and our economy fell off the cliff, the investors (and AIG) were left holding the bag, right? Of course not! That is where TARP came into play. The investors were made whole and AIG was made whole. So again, who actually owns the mortgage notes? We do! The Taxpayers. This is what is trying to be swept under the rug here. Taxpayers own these mortgages and the banks are getting paid twice for already paid off mortgages. That is the crime here. Hopefully, it all will come out.
    Whats funny (if you want to call it that is)there is no way to figure out who owns the title. The housing market will grind to a halt.No one will give loans if there is no clear title.Welcome to third world America.
    "On the sixth day, God created man. On the seventh day, man returned the favor."
    http://www.house-mixes.com/profile/djchefron

  7. #7
    Join Date
    Apr 2001
    Location
    Silver Spring, MD
    Posts
    7,743
    Quote Originally Posted by dj-chefron View Post
    Whats funny (if you want to call it that is)there is no way to figure out who owns the title. The housing market will grind to a halt.No one will give loans if there is no clear title.Welcome to third world America.
    I seriously believe an executive order will be forthcoming to legalize all of this illegal activity. Can you imagine the back taxes banks will have to pay if the whole MERS scam is found to violate state and federal RICO laws? Not to mention the note/deed clusterfuck. No way this is left to fester.
    "Bullshit is the glue that binds us as a nation."

    George Carlin

  8. #8
    Join Date
    Apr 2001
    Location
    Silver Spring, MD
    Posts
    7,743
    This article here explains the entire sordid deal very plainly:

    http://www.thepeoplesvoice.org/TPV3/...eclosurecrisis
    "Bullshit is the glue that binds us as a nation."

    George Carlin

  9. #9
    Join Date
    Jul 2007
    Location
    Muskogee.Oklahoma
    Posts
    8,845
    Quote Originally Posted by Dolemite73 View Post
    I seriously believe an executive order will be forthcoming to legalize all of this illegal activity. Can you imagine the back taxes banks will have to pay if the whole MERS scam is found to violate state and federal RICO laws? Not to mention the note/deed clusterfuck. No way this is left to fester.
    That will be President Obamas undoing.I dont care if they try to polish this shit turd with the excuse they are saving the economy.And if he cant see the political prize in holding these criminals to account for their actions then he deserve to lose.Because as craven and cynical as rethugs are being in bed with these crooks they will use it against him.
    "On the sixth day, God created man. On the seventh day, man returned the favor."
    http://www.house-mixes.com/profile/djchefron

  10. #10
    Join Date
    Apr 2001
    Location
    Silver Spring, MD
    Posts
    7,743
    Quote Originally Posted by dj-chefron View Post
    That will be President Obamas undoing.I dont care if they try to polish this shit turd with the excuse they are saving the economy.And if he cant see the political prize in holding these criminals to account for their actions then he deserve to lose.Because as craven and cynical as rethugs are being in bed with these crooks they will use it against him.
    Man, we are talking systemic risk to the US economy here. Now my inner anarchist would love to see this whole house of cards fall (banks). But the reasonable man in me would hate to see this happen. CEO's should be frogged-marched to the nearest federal prison, but the economy will not be allowed to crumble behimd this shit.
    "Bullshit is the glue that binds us as a nation."

    George Carlin

  11. #11
    Join Date
    Jul 2007
    Location
    Muskogee.Oklahoma
    Posts
    8,845
    Quote Originally Posted by Dolemite73 View Post
    Man, we are talking systemic risk to the US economy here. Now my inner anarchist would love to see this whole house of cards fall (banks). But the reasonable man in me would hate to see this happen. CEO's should be frogged-marched to the nearest federal prison, but the economy will not be allowed to crumble behimd this shit.
    I think we have crossed that rubicon.And we havent even talked about commercial real estate yet.I dont know what the answer is but the choices the President has,it will be like passing a camel thru the eye of a needle.
    "On the sixth day, God created man. On the seventh day, man returned the favor."
    http://www.house-mixes.com/profile/djchefron

  12. #12
    Join Date
    Apr 2001
    Location
    Silver Spring, MD
    Posts
    7,743
    Quote Originally Posted by dj-chefron View Post
    I think we have crossed that rubicon.And we havent even talked about commercial real estate yet.I dont know what the answer is but the choices the President has,it will be like passing a camel thru the eye of a needle.
    Read that link I posted in this thread. It breaks down exactly what happened, why it happened and the solutions to fix what happened.
    "Bullshit is the glue that binds us as a nation."

    George Carlin

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •