Bank Fraud Edition: Fraud Fraud and More Fraud

Image via WikipediaBank of America announces it will halt all foreclosures and foreclosure sales beginning Saturday, October 9, 2010, in all 50 states  This is big.  (See story in The Huffington Post)

Just the other day they announced that they were halting their actions just in the 23 states where they must go to court in order to complete a foreclosure.  These states are referred to as judicial foreclosure states.  The other states, referred to as non judicial foreclosure states do not require that the lenders or banks go to court to foreclose.  They simply place a notice of sale on the door of the home indicating that the home will be sold at auction on a certain date.

What makes this new action by BofA so significant is that it lets everyone know that even in non judicial states the homeowner has a legal right to defend their foreclosure the same as if it were a judicial foreclosure state.  I say again, THIS IS BIG!

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Editor's Note:  This article first appeared in GoldmanSachs666.com

Big Bank Fraud Exposed...Finally! As Published in GoldmanSachs666.com

Ponzi is turning over in his grave!

To think that the scheme - named for him - of defrauding people has reached a level which can never and will never be reached again.

We have all been hearing and reading about the latest and greatest in foreclosure fraud committed by GMAC (Now Ally Bank), JP Morgan Chase and Bank of America who have voluntarily suspended foreclosure actions in 23 states which require the use of the court system to accomplish a foreclosure (these states are referred to as Judicial Foreclosure States.

A short summary of what  this is all about.


A law firm - ICE Legal - in Palm Beach County, Florida discovered in a deposition that an Affidavit attesting to personal knowledge of the mortgage account in foreclosure   was fraudulent.

The importance of this Affidavit is that it is a requirement by Florida Statute in order to request a Summary Judgment to foreclosure on a property.  It is apparently a requirement in in the other 22 Judicial Foreclosure States as well.

What the attorney from ICE Legal learned in the deposition (information given under oath) was that the person who signed the Affidavit attesting to having had personal knowledge of the account and case - in fact did not.  Even more disturbing in his deposition was the admission that  he and a team of others literally signed thousands of these Affidavits a month under the direction of the law firm representing GMAC.  This admission prompted GMAC to immediately halt all foreclosures in Florida and the other 22 Judicial Foreclosure states.

Within days JP Morgan and Bank of America also admitted to the same fraudulent activity and also suspended all foreclosure action in those 23 states.  Today, Wells Fargo also admitted to having done the same but has not as yet suspended forclosures.  They are simply looking into the situation.

Make no mistake here folks, this type of activity is pure and simple fraud and by submitting flatulent documents as evidence in a court of law it then becomes fraud on the court as well.

 The topic of fraudulent foreclosures by the banks has been my primary focus for the past 3 years when I first began writing about it as a Guest Writer in Flippingfrenzy.com, TheMortgageCornerFORUM and TheForeclosureDetonatorFORUM.

Few people believed me in the past when I said that the banks were committing fraud causing the mortgage meltdown which later turned into the worst financial crisis the world has ever seen - yes, worse then the Great Depression.  Few believed me when I said three years ago that the banks are committing fraud and foreclosing illegally in many if not most foreclosures.  Few believed me when I said that the banks were committing fraud on the courts providing forged, created or misrepresented documents.  And few believed me when I said that the parties acting as Plaintiffs in many of our foreclosures do not have the legal right to do so (this is called Standing) as they do not own the mortgage notes they are foreclosing on.

Of course, over the past three years many of my stories have been substantiated by people like Federal Judge Boyco of Ohio who dismissed 17 foreclosure cases against one bank in one day saying that they lacked Standing - they could not prove ownership of the notes therefore they could not foreclose.  Another such person was New York Superior Court Judge Arthur Shack who also denied banks their foreclosures for the same reason of not having Standing.

Other judges in Ohio, New York, Florida and a few other states have as well ruled the same way.  In addition, some of these judges found evidence of falsified documents and even sanctioned the law firm for attempting to commit fraud on the court.

What is important here is that this case of Affidavit fraud will open the door to all the other frauds committed by our banks - expecially our Too Big To Fail banks like Goldman Sachs.  Goldman is very much involved in much of the early frauds having to do with securitizations I  have written about here in the past.  .They also own mortgage lending companies that have been and probably still are involved in the most recent evidence of fraud.

Many of the frauds committed by GS and their Wall Street cronies have been written about, talked about and exposed yet little if anything has ever been done.  You all know I have been calling for justice on this issue.  So far they all have not only been deemed Too Big To Fail (GMAC was included in that if you remember and we own most of that company today) but have seemingly been granted some type of immunity against any prosecution for obvious illegal and fraudulent activities.  They seem to have been above the law as well.

Well, this may all finally be coming to an end and justice may yet be served even though I believe it will still be a slow painful process.

To explain all of this further, here is the article I posted yesterday on my sister site - TheForeclsoureDetonator.

Bank Fraud FINALLY In the Limelight

I have not been the first to report on this as I have been busy reading all of the other reports on this topic.  Pandora's Box has finally been opened.

This "robo- signer" fraud is only the tip of the iceberg that ICE Legal (no pun intended) in Royal Palm Beach, Florida (Palm Beach County) discovered during "discovery".  His deposition caused GMAC (ALLY Bank) to halt foreclosures in 23 states.  This action was then followed by JP Morgan Chase and as of this past

Friday, Bank of America.  I am sure we will see many other of our major banks follow suit as this practice of submitting fraudulent documents to the courts is wide-spread.

While this news is finally showing how banks are committing fraud in our courts by submitting fraudulent Affidavits attesting to personal knowledge of each foreclosure case and mortgage account, I believe, is only the beginning.

Back Door To Fraud

The banks and their attorneys - commonly called foreclosure mills - have been committing fraud on the court since the beginning of the once called "mortgage meltdown" and the current foreclosure crisis.  The fraud was committed when many loans were originated.

Mortgage brokers - who were accused by the big box banks of creating all of these "bad loans" - submitted deals to the banks.  It was the job of these banks/lenders to "underwrite" these loans then decide if they would approve them or not.  In many cases they approved loans knowing that there were fraudulent documents in the file or knowing that the ability to repay did not exist.  In other words, the banks
approved and funded loans they knew were foreclosures in the making.  They blamed the brokers when it was their job to make the decision to approve and fund or to deny.

FYI, Fannie and Freddie very much did the same.  You see, they created a computer underwriting engine that would automatically underwrite a loan input by any loan originator including the mortgage brokers.  They (F & F) frequently tweaked the system so that it would approve more loans. They sent teams of people out into the field to teach originators how to use their automated underwriting (AU) systems, called Desktop Underwriter (DU) for Fannie Mae and Loan Prospector (LP) for Freddie Mac's version.  In these "field" workshops they taught us how to manipulate the system to get approvals.  They taught us to keep changing the information such as income and assets until the system gave us an approval often not requiring any verification.  Once the system gave us the desired approval we were then told to hit the submit button which would give the official approval.

Read the Complete Article...click here


it is time that the people of this country get the justice they so deserve.  We can not allow our justice system to be hijacked by the banksters their politician buddies many of whom are their former employees.

Goldman Sachs was given a mere pittance of a fine for just one small illegal activity yet the bigger crimes still go unnoticed and unpunished.  I truly believe this is a new beginning for the people and perhaps even a new beginning for this blog.  These banksters must learn that they cannot rule us, take from us our Constitutional right of Due Process and trample over us at will for their own personal profit and gain.

For the first time in three years I feel somewhat encouraged.
As I have always said:

"The law is the law for everyone"

and as relates to the massive illegal foreclsures,

"Two wrongs don't make a right". 

You cannot lie and commit fraud in an attempt to correct a problem you created in the first place.

Just look at all the article below.  This is massive fraud they can't hide or get around this time.

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• Bank of America's Review For Foreclosure Errors May Lead to Foreclosure Defense Lawyers Asking Courts to Set Aside Old Foreclosure Cases (prweb.com)
• Lawyers, Politicians Feed on Foreclosure Freeze (businesspundit.com)
• JPMorgan, Ally Face 'Hydra' of Foreclosure Probes (businessweek.com)
• Uproar over foreclosures in U.S. intensifies (theglobeandmail.com)
• Robo-signers (schott.blogs.nytimes.com)
• Foreclosure Furor Rises; Many Call for a Freeze (nytimes.com)
• Pelosi Calls For Investigation Of Foreclosure Fraud (huffingtonpost.com)
• Maine Homeowners Sue GMAC Over Foreclosure Fraud (news.firedoglake.com)
• "Bank Of America Joins JPMorgan And Ally In Admitting It Never Validated Foreclosures Docs" and related posts (zerohedge.com)
• Ray Brescia: Enough: Rampant Fraud in Foreclosures Means It's High Time for a National Foreclosure Moratorium (huffingtonpost.com)
• Foreclosure Fraud Caused By Lenders, Not Judges (news.firedoglake.com)
• Thousands in 23 states affected by foreclosure suspensions (hsh.com)
• Bank exec. signed, didn't read foreclosure papers (seattletimes.nwsource.com)
• Bank Of America Exec Signed, But Didn't Read Up To 8,000 Foreclosure Papers Per Month (huffingtonpost.com)
• Bank of America Joins the Foreclosure Delay Brigade (dailyfinance.com)
• The Big Boys are Scurrying.... (projectworldawareness.com)
• GMAC's 'Robo-Signers' Draw Concerns About Faulty Process, Mistaken Foreclosures (propublica.org)
• You: Bank of America Freezing Foreclosures (nytimes.com)
• JPMorgan Chase to Delay Some Foreclosures to Review Documents (dailyfinance.com)
• Banks Breaking Into Occupied Homes In Foreclosure To Change Locks (huffingtonpost.com)
• Bank of America: We Messed Up Foreclosures, Too (newser.com)
• Bank Of America Joins JPMorgan In Suspending Foreclosures (BAC) (businessinsider.com)
• Mysa.com: Texas AG suspends foreclosures (mysanantonio.com)
• Texas AG suspends foreclosures (mysanantonio.com)
• "Bank of America Foreclosures Stopped in 23 States" and related posts (mybanktracker.com)
• US Sen. Menendez raises foreclosure moratorium idea (reuters.com)

Next Up - WarrenBuffet666.com and HankPaulson666.com

I put out an email to our www.GoldmanSachs666.com followers this morning, and I thought it was worth sharing with everyone.

Why are we doing this? - Because I care. And after seeing every so outraged over the $165 million in bonsues being paid to AIG executives in 2009, I could not believe no one was talking about the $13 BILLION that Goldman Sachs was dragging out the back door. And that was just the start. We MUST take our country back from Goldman Sachs, their Bankster partners, and our politicians that are owned by the Banksters

So here is the email that went out September 20th, 2009. If you want to get on that mailing list go to www.GoldmanSachs666.com to sign up. It is a different list from this one.


Coming Soon:

www.HankPaulson666.com

www.WarrenBuffet666.com
It's been four months since my heart attack, and even though I recovered physically, within just a few weeks, my cognitive skills have been damaged from either a mini stroke or what they refer to as pump head, where there are bursts of blood clots from the heart lung machine into the brain.

This means I have had to cut out more than half of what I used to do. I no longer write very much and I spend almost no time on our 666 blogs or my Financial Blog. But we do have a few good volunteers.

Unfortunately, we don't have enough volunteers to email out the posts that are being posted daily. So if you are on this mailing list, the only way you will see the posts, is if you visit the website daily or set up an RSS. I would love to be able to get back to emailing out the posts.

HELP - After seeing the millions that turned out for the Tea Parties, I find it hard to believe we can't put together a few dozen solid volunteers, whether it is one hour a week or a day a week. Wake Up America - I've used that line quite a bit in the blogs and articles I was writing. Those three words sum it up. If you really want to sit back and tune into the TV instead of the reality of America falling apart, I guess you don't care about your kids or their kids.

Volunteers - We need a few people to proofread drafts, update blogs and general stuff that can be done whenever you have time. We also need a few volunteers to put out a daily email. It's easy . . . just cut and paste, then hit Send in our Constant Contact email program.

Contributors - If you can write, we would love to have a half a dozen or more people writing. If you can glean articles from newspapers and magazines, we need you to take excerpts and post them on our blogs, giving full credit to the original piece. It's easy and there are no time limits. If you have an hour a week, that's great. If you want to hire a volunteer or contributor, just let me know. We have dozens of college students that could use the extra money, and they would make great writers and volunteers.

Wake Up America - Go ahead and Google - Goldman Sachs, or Goldman Sachs Info, or Goldman Sachs Conspiracy or anything you would like. We now come up on the first page for just about any search you can do on Google. That means millions of people have seen and read our material. But we still only have a handful of volunteers. I can not longer do it, so if you are serious about doing something about the Raping of America by Goldman Sachs, Banksters and Politicians, either volunteer, contribute or donate.

We now have three 666 blogs and want to start a few more:

www.BarackObama666.com - new

www.GoldmanSachs666.com

www.JPMorgan666.com

www.WarrenBuffet666.com - coming soon

www.HankPaulson666.com - coming soon

www.BankofAmerica666.com - coming soon

www.WellsFargo666.com - coming soonSee Below for additional 666 websites we will be adding

Warren Buffet and King Henry - I really wish I had the energy to do both of these right now. There is so much that has gone on with these two bums, that it could easily fill volumes. Do you remember last year when it slipped out that King Henry called Warren Buffet at home on a Sunday afternoon? Did you ever stop to think about the best deals King Henry gave out were to Goldman Sachs, Wells Fargo, American Express and GE . . . all of these are Warren Buffet companies. And there is so much more of this dirty, criminal activity.

Wake Up America - I don't know what else to say. If you can't volunteer, then donate and hire a volunteer. I do not take a penny of any donated funds. In fact, none of these funds even go through me. You will directly hire a volunteer or pay for our email service, websites, etc. It's that easy.
Donations: If you're ready to wake up and do something, here are some ideas and you can pay for any part of the Team Support below whether it is a day or a month. Just email or call me Mike@Morgan7.com (772) 260-5448

1 - Pay for a month of our email service with Constant Contact - $50 a month

2 - Pay for a year of our domain names registered $140

3 - Pay for four hours of Web Designer time for updates and SEO at $200 for each four hour.

4 - Pay for a Hot Links volunteer who will put together related articles and email a links list out once a week. $400 a month for once a week $650 a month for twice a week or $900 a month for three times a week.

5 - Pay for a writer/contributor - $25 for each article that they glean from the media and assemble for our blog publication with an intro.

6 - Pay for editors to read and approve posts and comments. Right now we need one full time person. This would be $250 a week.

There are more needs, but let's see if we get any of those millions that were spending money and time at Tea Parties to help move our information along. Go ahead and Google - Goldman Sachs, and you will see how powerful our website it.

Mike Morgan - (772) 260-5448Mike@Morgan7.com


Additional 666 websites we will be adding to expose the Banksters and their Partners

www.BenBernanke666.com

www.TimGeithner666.com

www.PIMCO666.com

www.MorganStanley666.com

www.LarrySummers666.com

www.AlanGreenspakn666.com

www.BarneyFrank666.com

www.ChrisDodd666.com