Editor's Note: While this is not directly related to Goldman Sachs, it is important in that it provides further evidence that banks can get away with criminal activities and have been. We have seen over the course of this blog that GS has committed offenses that for most others would have meant prosecution. Now we see that fraud committed by banks is an ongoing criminal activity that perhaps should be prosecuted under our RICO laws. Our courts are not only being abused by our TBTF banks but they have become willing accomplices against the very people they are empowered to protect.
The story of bank fraud, committed by the banks themselves is an ongoing story that has been on the side lines since the very beginning of the "meltdown" in 2007. Banks lied then to protect themselves, they continued to cheat and lie to protect themselves, they lied (along with our highest elected officials) to get our money so that they could steal from us even more.
The story of bank fraud, committed by the banks themselves is an ongoing story that has been on the side lines since the very beginning of the "meltdown" in 2007. Banks lied then to protect themselves, they continued to cheat and lie to protect themselves, they lied (along with our highest elected officials) to get our money so that they could steal from us even more.
This is a story of a financial system gone bad. It is a story of a government taken over by a financial system gone bad and it is a story of a once free people in a nation whose Constitution has gone bad. Everything we once had and stood for has been destroyed by our banks.
Maybe my prayers are being somewhat answered. That legal guru in the sky must have been reading my posts and rained some bad mojo down on a couple of offending lenders.
We have read in days past of GMAC's voluntary suspension of foreclosures in 23 states and had heard that JPMorgan was contemplating suspensions of foreclosures as well. Today we learn that JPMorgan is in fact suspending over 56,000 foreclosures pending reviews of documentation - specifically Affidavits - provided to the courts, many of which may be fraudulent.
In GMAC's case, there is definitely admission of guilt under oath by two offenders who did in fact lie and commit fraud when they signed the Affidavits attesting to personal knowledge of the accounts in question.
But it still mystifies me that knowing fraud on the court has been committed, there seems to be no consequence to these illegal actions. As one of our readers, Grady, wrote in a recent comment,
However, there is some sunlight here as well. The recognition from chief judge of the Sixth Judicial Circuit in Florida - which includes Clearwater and St. Petersburg - that there are legal issue problems here and despite the Florida legislature's push on "Rocket Docket" efforts to clear the dockets of foreclosures, that a slow down and more careful examination of each case must be made.
According to the New York Times report today, JP Morgan Suspending Foreclosures,
It will be interesting to see how judges in the 6th Circuit handle each case now. It will be especially interesting to see how the newly rehired, retired judges - whose mandate it is to clear the dockets of foreclosures - will rule. It will be difficult for any layperson to evaluate since once open and public hearings are often closed to the public (another injustice and violation of public rights).
It remains to be seen how this new evidence is handled in Judicial foreclosure states around the country. This is not an isolated problem involving just two lenders. It is widespread throughout the servicing companies and foreclosure mills (attorneys representing lenders) who initiate and handle these foreclosures. Fraudulent documents, forged documents, back dated documents or many times no documents such as Assignments or Endorsements proving transfer of ownership to the entity taking the action.
We have admission and plenty of evidence of fraud on the courts from around the country. Remember, Judge Boyco, the Federal Judge in Ohio who dismissed 17 foreclosure cases in one day against one lender back in 2007 for not having the proper paperwork proving the standing of the plaintiffs to take the action? There was also Judge Shack, the Superior Court Judge from New York who dismissed cases for improper paperwork and for failure to prove standing. This was back in 2008. There are other judges who have taken the same actions of upholding the laws against the banks as well. Now it is time for all judges around the country in all courts hearing foreclosure cases to uphold the law as written and to punish those who would openly abuse the laws.
As I asked in yesterday's post - Let's Ramp Up The Fight Against Illegal Foreclosures and Fraud By Banks - where is everyone who has the authority to take action against what is and has been obvious illegal activity from lenders, servicers and attorneys? Should not the Bar Association take action against any and all lawyers who have been complicit in these frauds? Should not the Attorneys General of at least all judicial states take legal action and bring charges against the lenders/banks or servicers as well as their attorneys? After all, these practices are illegal and the law is the law for everyone regardless their economic standing.
Let's see how all of this plays out. It is a beginning. It opens the door even further to the illegal practices of banks and their attorneys which is seemingly condoned by our government and our courts. How much longer will this be tolerated by us?
Editors Note: This article was written for publication in TheForeclosoureDetonatorFORUM but will be simultaneously be published in JPMorgan666.com, BarackObama666.com, GoldmanSachs666.com and TheMortgageCornerFORUM
We have read in days past of GMAC's voluntary suspension of foreclosures in 23 states and had heard that JPMorgan was contemplating suspensions of foreclosures as well. Today we learn that JPMorgan is in fact suspending over 56,000 foreclosures pending reviews of documentation - specifically Affidavits - provided to the courts, many of which may be fraudulent.
In GMAC's case, there is definitely admission of guilt under oath by two offenders who did in fact lie and commit fraud when they signed the Affidavits attesting to personal knowledge of the accounts in question.
But it still mystifies me that knowing fraud on the court has been committed, there seems to be no consequence to these illegal actions. As one of our readers, Grady, wrote in a recent comment,
So now we have two major lenders admitting that their employees and the fraudsters that represent them, have quite possibly and probably, (actually have as we all know) committed fraud on the Court and perjured themselves. (emphasis added)
Grady is right, it will be business as usual as they will just withdraw any fraud documents and refile new ones. It is like robbing a bank then returning the money in exchange for not being prosecuted. More legal precedence being set?
Where are the criminal prosecutions? Where are the dismissals with prejudice? Where are the sanctions? (emphasis added) LR Note: I agree with all of these questions. If it were you or I who committed these frauds, we would have been arrested and prosecuted immediately. Again, there is a separate set of laws for those we call Too Big To Fail.
We all know that they will just withdraw the fraudulent documents and refile new ones and it will all blow over, business as usual in the kangaroo courts.
However, there is some sunlight here as well. The recognition from chief judge of the Sixth Judicial Circuit in Florida - which includes Clearwater and St. Petersburg - that there are legal issue problems here and despite the Florida legislature's push on "Rocket Docket" efforts to clear the dockets of foreclosures, that a slow down and more careful examination of each case must be made.
According to the New York Times report today, JP Morgan Suspending Foreclosures,
Judge McGrady predicted that the foreclosure process in Florida, which the Legislature has been trying to speed up, would have to slow down.
“Everyone is going to have to look at these cases more closely,” said Judge McGrady, whose circuit includes St. Petersburg.Says Judge J. Thomas McGrady,
“I don’t want to say that every one of these cases is wrong and a fraud on the court, but it is a big concern for us,”"Fraud on the court" he says, the first time I have seen that term used outside a very few specific cases. The fact that he says "it is a big concern for us" tells me that the fraud on the courts is widespread and they (judges) can no longer just look the other way as they have been doing.
It will be interesting to see how judges in the 6th Circuit handle each case now. It will be especially interesting to see how the newly rehired, retired judges - whose mandate it is to clear the dockets of foreclosures - will rule. It will be difficult for any layperson to evaluate since once open and public hearings are often closed to the public (another injustice and violation of public rights).
It remains to be seen how this new evidence is handled in Judicial foreclosure states around the country. This is not an isolated problem involving just two lenders. It is widespread throughout the servicing companies and foreclosure mills (attorneys representing lenders) who initiate and handle these foreclosures. Fraudulent documents, forged documents, back dated documents or many times no documents such as Assignments or Endorsements proving transfer of ownership to the entity taking the action.
We have admission and plenty of evidence of fraud on the courts from around the country. Remember, Judge Boyco, the Federal Judge in Ohio who dismissed 17 foreclosure cases in one day against one lender back in 2007 for not having the proper paperwork proving the standing of the plaintiffs to take the action? There was also Judge Shack, the Superior Court Judge from New York who dismissed cases for improper paperwork and for failure to prove standing. This was back in 2008. There are other judges who have taken the same actions of upholding the laws against the banks as well. Now it is time for all judges around the country in all courts hearing foreclosure cases to uphold the law as written and to punish those who would openly abuse the laws.
As I asked in yesterday's post - Let's Ramp Up The Fight Against Illegal Foreclosures and Fraud By Banks - where is everyone who has the authority to take action against what is and has been obvious illegal activity from lenders, servicers and attorneys? Should not the Bar Association take action against any and all lawyers who have been complicit in these frauds? Should not the Attorneys General of at least all judicial states take legal action and bring charges against the lenders/banks or servicers as well as their attorneys? After all, these practices are illegal and the law is the law for everyone regardless their economic standing.
Let's see how all of this plays out. It is a beginning. It opens the door even further to the illegal practices of banks and their attorneys which is seemingly condoned by our government and our courts. How much longer will this be tolerated by us?
Editors Note: This article was written for publication in TheForeclosoureDetonatorFORUM but will be simultaneously be published in JPMorgan666.com, BarackObama666.com, GoldmanSachs666.com and TheMortgageCornerFORUM
Fraud Factories: Rep. Alan Grayson Explains the Foreclosure Fraud Crisis, Shows Examples of Forgeries and Fraud
ReplyDeletehttp://tinyurl.com/25l34yt
Maybe someone can donate a copy of Inside Job to the President?
ReplyDeleteDylan Ratigan With William Black: Pernicious FRAUD
http://fedupusa.org/2010/09/30/dylan-ratigan-with-william-black-pernicious-fraud/
The sin of many....all of our policies are built this way!
ReplyDeleteThe sin Ananias and Sapphira committed was not stinginess or holding back part of their money..
but....
trying to make themselves appear more generous than they really were.
http://tinyurl.com/35tbrtp
These are the kind of people that should be in government....the kind that are willing to sacrifice for others when the stakes are high and precious. They could have taken all of the winnings themselves..they did not. We don't have that spirit in Washington...it's always about more for them!
ReplyDeleteMUST READ: Doing the Right Thing Leads to TWO $20K Grants
I would like to thank you for the opportunity to participate in the Samsung Helmet of Hope. As parents fighting for their son’s life, watching another family fight for their daughter’s life makes this apparent victory bitter sweet for us. It is unfortunate that children’s charities, whose missions are often to fund much needed research and therapies for orphan diseases, must do so at all. The need is mainly due to our government’s lack of focus on children, and profit-focused pharmaceutical companies that pay too little attention to children’s issues because they don’t increase shareholder value.
Because winning to us is measured differently these days…through hope not just for our child but all, if we are named as the winner, Cookies is going to donate half of the $20,000 to the Gwendolyn Strong Foundation to be used for research for SMA. There are no winners and losers here…just parents fighting for what we all should fight endlessly for; our children and their future.
http://tinyurl.com/2bakoty
The Financial Times has a revealing piece tonight on the rather late recognition by the Administration that its efforts to depict the TARP as a success are getting no traction. The bizarre thing is the subtext , namely that Administration members themselves as having no choice and being victims:
ReplyDeleteAlthough it is too early to come up with a final estimate of the cost of the co-ordinated cleansing of the financial system, the US effort looks to have come comfortably below the average fiscal cost of resolving a systemic crisis – 12.8 per cent of gross domestic product, according to a World Bank study.
Yet no one is expecting political rewards for Democrats in the midterm elections next month. In a striking phrase, Mr Geithner acknowledged at a conference in Washington last week that “we saved the financial system, but lost the country doing it”.
Yves here. The 12.8% figure is wildly misleading. It does not include the damage of the crisis to the broader economy, such as the fact that the US is suffering lower growth and much higher unemployment as a result, and this lower output level is just about certain to produce a permanent reduction in the standard of living. The Bank of England, by contrast, has tried to measure the cost of the crisis using these broader considerations (which are admittedly very hard to measure) and has concluded the cost of the financial crisis was one to five times GLOBAL GDP.
http://tinyurl.com/3327xp9
I WONDER IF THE 23 STATES ARE ALL JUDICIAL STATES? IN CALIFORNIA, THEY HAVE NOT RECORDED ASSIGNMENTS, WHERE AS IF WE DID THAT THE COURTS WOULF LAUGH US OUT OF COURT.
ReplyDeleteHERE,WE ALL BAILED OUT FRAUDLENT BANKS, AND THEY ARE SHAFTING THE PUBLIC. IT IS NOW SEEN HOW THE MODIFICAN PROCESS WAS A SCAM, AS A CLIENT OF MINE WAS FORCLOSED ON, AND MOST PEOPLE ARE AS SOON AS THE LENDER CAN CHECK THE BOX SHOWING THEY TRIED TO MODIFY. IN MOST CASES, THE MODIFICATIONS HAVE HIGHER PAYMENTS THAN THE CURRENT PAYMENT.
WE ARE LOANING $$ TO MEXICO AMD BRAZIL IN THE TUNE OF 2 BILLION DOLLARS FOR THEM TO DRILL DEEPWATER OFFSHORE, WHILE OUR GUYS ARE GETTING THE SHAFT!
WISH SOMEONE WILL SHOW AVERAGE JOE THE AID WE GIV AND TO WHOM? WE SHOULD BE TAKING CARE OF OUR OWN TAXPAYERS AND MILITARY. TIMMER
http://4closurefraud.org/2010/10/05/well-hello-huffington-post-pelosi-calls-for-investigation-of-foreclosure-fraud/#comment-6603
To Steal a Dream: Anger Builds at World Stem Cell Summit
ReplyDeletehttp://www.huffingtonpost.com/don-c-reed/to-steal-a-dream-anger-bu_b_752203.html