In todays installment of WTF!

[dj-chefron]

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/

[bkny11203]

Lawyers should be disbarred. Jail time should be handed out this. Lawsuits need to be in place.

[SIPA46]

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

[dj-chefron]

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/

[Dolemite73]

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.

[dj-chefron]

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.

[Dolemite73]

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.

[Dolemite73]

This article here explains the entire sordid deal very plainly:

http://www.thepeoplesvoice.org/TPV3/...eclosurecrisis

[dj-chefron]

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.

[Dolemite73]

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.

[dj-chefron]

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.

[Dolemite73]

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.