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To Larry:

September 21, 2010

Ally Bank (formerly GMAC Bank) Acknowledges Fake Affidavits
An Editorial Comment by Larry Rubinoff
While our government is trying to convince us that the Recession is over (?!) bank fraud is still gong on.  Remember, it was bank fraud that caused this crisis and the Greatest Recession since the Great Depression.  It took 10 years to recover from the Great Depression and our government, including our President in his Town Hall meeting yesterday, is trying to tell us that it took just a little over a year to end this Great Recession.  They claim it ended in June, 2009.

To this I say "poppycock" (sorry Prince Poppycock of AGT fame).  A million more people have gone into the poverty ranks since last year.  The number of us living in poverty is over 43 million.  RECESSION NOT OVER FOR THOSE 43 MILLION.

Foreclosures still in the tens of thousands.  Last month over 95,000 homes foreclosured on.  RECESSION NOT OVER FOR THESE PEOPLE.

Unemployment official figures still over 9% with actual figures including unemployed off the unemployement rolls and the under employed totaling over 18%.  RECESSION NOT OVER FOR THESE PEOPLE.

There are many more facts and stats to support the fact that the Recession is not over.  Similarly, there are many more facts and stats that the banks have been and are still committing FRAUD.  Ally Bank is just one of them. They are all doing the same.

Law firms representing these banks and their service subsidiaries (non banks) are also committing fraud with plenty of evidence to support that, yet their frauds continue and the courts allow them.

The banks rule, the people are servants to them.  Our government is a sham controlled by the banks.  Wake Up America.
In a surprising move, Ally Bank says its mortgage division, GMAC Mortgage, "Mishandled Affidavits on Foreclosures" and as a result have halted proceedings in 23 states.

A GMAC employee testified in a deposition that he and a number of others in his department signed Affidavits attesting to the accuracy of the loan information as well as swearing that they had first hand knowledge of the facts.  The employee said they had signed as many as 10,000 of these a month.

Falsley signed Affidavits have recently become another defense in the fight against foreclosures.  It comes on the heals of other "illegal" actions by the so called banks and their foreclosure mill attorneys such as forged documents, fabricated documents such as assignments and more in an attempt to illegally prove that the Plaintiff's have proper standing to file these actions as they do actually own these mortgages.  FRAUD, FRAUD and MORE FRAUD, that the courts have been allowing all over this country and some - like in Florida - are now encouraging by hiring (another illegal action, I maintain) retired judges who will handle nothing but foreclosure cases under the mandate of 'CLEARING" THE DOCKETS. 

The courts have been hijacked by the banks as they have hijacked our entire financial system and country.  The banks own us, own the government and now own the courts.  They can do what ever they want with absolutely no consequence. 

(please forgive my yelling above but I am mad as hell).

Read the full Ally article in here

Here is as similar article published in the New York Times:
GMAC Halts Foreclosures in 23 States for Review
by David Steitfeld

GMAC Mortgage, one of the country’s largest and most troubled home lenders, said on Monday that it was imposing a moratorium on many of its foreclosures as it tried to ensure they were done correctly.

The lender, which specialized in subprime loans during the boom, when it was owned by General Motors, declined in an e-mail to secify how many loans would be affected or the “potential issue” it had identified with them.

GMAC said the suspension might be a few weeks or might last until the end of the year.
States where the moratorium is being carried out include New York, Connecticut, New Jersey, Illinois, Florida and 18 others, mostly on the East Coast and in the Midwest. All of the affected states are so-called judicial foreclosure states, where courts control the interactions of defaulting homeowners and their lenders.

Since the real estate collapse began, lawyers for homeowners have sparred with lenders in those states. The lawyers say that in many cases, the lenders are not in possession of the original promissory note, which is necessary for a foreclosure.

GMAC, which has been the recipient of billions of dollars of government aid, declined to provide any details or answer questions, but its actions suggest that it is concerned about potential liability in evicting families and selling houses to which it does not have clear title.

The lender said it was also reviewing completed foreclosures where the same unnamed procedure might have been used.

Matthew Weidner, a real estate lawyer in St. Petersburg, Fla., said he interpreted the lender’s actions as saying, “We have real liability here.”

Mr. Weidner said he recently received notices from the opposing counsel in two GMAC foreclosure cases that it was withdrawing an affidavit. In both cases, the document was signed by a GMAC executive who said in a deposition last year that he had routinely signed thousands of affidavits without verifying the mortgage holder.

“The Florida rules of civil procedure are explicit,” Mr. Weidner said. “If you enter an affidavit, it must be based on personal knowledge.”

The law firm seeking to withdraw the affidavits is Florida Default Law Group, which is based in Tampa. Ronald R. Wolfe, a vice president at the firm, did not return calls. The firm is under investigation by the State of Florida, according to the attorney general’s Web site.

Real estate agents who work with GMAC to sell foreclosed properties were told to halt their activities late last week. The moratorium was first reported by Bloomberg News on Monday. Bloomberg said it had obtained a company memorandum dated Friday in which GMAC Mortgage instructed brokers to immediately stop evictions, cash-for-key transactions and sales.
Nerissa Spannos, a Fort Lauderdale agent, said GMAC represents about half of her business — 15 houses at the moment in various stages of foreclosure.

“It’s all coming to a halt,” she said. “I have so many nice listings and now I can’t sell them.”
The lender’s action, she said, was unprecedented in her experience. “Every once in a while you get a message saying, ‘Take this house off the market. We have to re-foreclose.’ But this is so much bigger,” she said.

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  1. “Lawlessness? You’re cutting a pretty big swath with that word.”

    I’d say it’s time someone cut a big swath through Wall Street. The fact that much of their crimes have been sanitized (legalized) through legislative bribery, with malice and cunning, does not exculpate them. In just this narrow case, there is compelling evidence of forgery; quoting from Rep. Alan Grayson’s letter to the Florida Supremes:

    “The New York Times and Mother Jones have both recently reported on the rampant and widespread practices of document fraud and forgery involved in mortgage assignments. My staff has spoken with multiple foreclosure specialists and attorneys in Florida who confirm these reports.”

    Where is the DOJ in any of this? Are there any significant investigations or indictments of mortgage and other financial fraud at the federal level? I don’t get it.

  2. Grayson Sends Letter To Fannie CEO Demanding Explanation To Company's Actions Vis-A-Vis Pervasive Mortgage Fraud

    Given that Fannie Mae is at this point a government entity, and it is the policy of the government that foreclosures are a costly situation best avoided if there are any lower cost alternatives, what steps is Fannie Mae taking to avoid the use of foreclosure mills? What additional steps is Fannie Mae going to take to ensure that foreclosures are done only when necessary and only in accordance with recognized law? How do your servicer guidelines take into account the incentives for fraud in the fee structure of foreclosure attorneys and others engage in the foreclosure process?

  3. What I find really amusing is that economists are now claiming that the recession was over a year ago!! What kind of thinking is that? Who has ever heard of a retroactive recession? No, folks, it isn't over yet and maybe the worst is still to come.

    "An economist's guess is liable to be as good as anybody else's"--Will Rogers

  4. Widespread Foreclosure Fraud; Forged Signatures

    Direct Personal Knowledge’

    The “error” was the failure to sign the documents in the presence of a notary public or signing them without “direct personal knowledge of all the information,” GMAC said.

    The U.S. government, which has been pressing lenders to reduce foreclosures as evictions hit record levels, owns 56 percent of Detroit-based Ally. The company, formerly known as GMAC Inc., has benefited from more than $17 billion of bailouts. Cerberus Capital Management LP, a New York-based buyout firm, holds about 15 percent of Ally.

  5. The common word for intentionally misleading someone about what you're selling them, when you know that if they knew they wouldn't buy, is FRAUD.

    Why do the banks get a pass on all this, when we now know for a fact that the scenario I put forward in April of 2007 is in fact true - that the banks willfully and intentionally sold loans to MBS buyers that were in direct violation of the representations and warranties in those offering circulars, and we also now know (through court filings) that the original paperwork was intentionally destroyed despite requirements in state law that original "wet ink signatures" and original documents be maintained. That, as well, is also a violation of the offering circulars, as all of them contained representations and warranties that the notes taken were in compliance with state law and in good recordable form.

    The scams must stop and those who committed them must be held to account.

  6. Didn't Obama and Biden tell everyone to stop whining? about you guys stop aiding and abetting the criminals?

    Senator Franken Sends Letter To Bernanke, Bair And Holder Demanding Criminal Charges For All Responsible For Biggest Alleged Mortgage Fraud In History

    The biggest financial story which continues to get absolutely no mention on CNBC just got its latest multi-step escalation: Senator Al Franken has just blasted a letter to Tim Geithner, Shaun Donovan, Secretary of Housing and Urban Development, Eric Holder, John Walsh, Controller of the Currency, Sheila Bair, and, drumroll, Ben Bernanke, telling the recipients that "each of your agencies has an important role to play in addressing this egregious situation and holding all appropriate actors fully accountable.