ΩΩAll banking systems depend on very ancient practices and principles which developed often hundreds of years ago. One very, very, very important element is face to face identification of all parties so they know exactly who each is and what they do in real life. This verification process is due to fears of fraud. Protecting the banks from fraud is the #1 duty of any bank representative who represents SAVERS who are the ‘investors’ who want their excess profits to grow but not vanish due to cheats and frauds and never do wells.
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ΩΩThis is highly important: all the paperwork associated with any lending is based on experiences dating back to Venice in 1300. Each system that was added to this process was done so to avoid cheats, frauds and never-do-wells from scamming bankers. This is called ‘due diligence’ and if a banker failed in this action, he was literally drawn and quartered by outraged investors and savers. That is, killed. The fear of death haunted bankers who had to be very, very careful to not screw up the lending process.
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ΩΩNaturally, today, this fear is gone. Since bankers run our government and since many of them also belong to various secret organizations like the Bilderberg gang and since a huge number of them also belong to a specific tribe and thus, protect each other from the law, a sense of lawlessness has infiltrated throughout the system.
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ΩΩThat is, to make money, they all conspired to screw up very, very old verification and identification systems and created a faux system that aped the elements of the older system but were not really operational since they skipped out of the most important element of all: actual, physical verification of the status and identity of people signing documents!
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ΩΩAs the housing bubble catastrophe continues to unfold, it gets uglier and uglier. Not only did lenders give money to illegal aliens, people with no documentable incomes, criminals in prison and assorted home owners seeking to turn their houses into ATM machines, the people signing all the documents turned out to be outright frauds, that is, using forged signatures. Banks Ignored Signs of Trouble in Foreclosures – NYTimes.com
And even when banks did begin hiring to deal with the avalanche of defaults, they often turned to workers with minimal qualifications or work experience, employees a former JPMorgan executive characterized as the “Burger King kids.” In many cases, the banks outsourced their foreclosure operations to law firms like that of David J. Stern, of Florida, which served clients like Citigroup, GMAC and others. Mr. Stern hired outsourcing firms in Guam and the Philippines to help.
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The result was chaos, said Tammie Lou Kapusta, a former employee of Mr. Stern’s who was deposed by the Florida attorney general’s office last month. “The girls would come out on the floor not knowing what they were doing,” she said. “Mortgages would get placed in different files. They would get thrown out. There was just no real organization when it came to the original documents.”
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ΩΩAnd here is the REAL CLUE: Mr. Stern, a Jewish lawyer, thought it was a cute operation to move this vital part of the documentation business which requires face to face contact, OVERSEAS. Using cheap foreign labor, he reaped huge profits while circumventing important systems set up to prevent fraud. He then lied about this and presented these documents as proper and thus, needs to be sent to prison with Madoff.
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ΩΩThis outsourcing/offshoring of all our office systems is a total, complete and utter catastrophe from top to bottom and is the true rot in the system from beginning to end. All stories end up in this ugly place: important production, service and business and even government systems are being systematically shifted out of our nation and thus, beyond the legal system and into foreign hands, often, to people who want us to die!
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ΩΩOn top of this, our entire banking system has been systematically sucked into pirate operations run by protectorates owned by the Queen of England and other assorted depraved royals in Europe and the Middle East. These places, in turn, do not supervise the bankers at all and lets them run riot which they do if they are not kept on a very, very short leash.
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ΩΩDue to the US offshoring all of our office, production and government business to foreigners, we run a huge trade deficit which causes trillions of US dollars and debts to flow overseas and this, in turn, fuels the lending frenzy from our goofy bankers. This ugly round robin robbing circle has to stop and the location to stop this is to reverse free trade and heavily tax goods AND services performed overseas. This will force jobs to be relocated where we can supervise, control and regulate them again.
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ΩΩOn top of all this, the modern offshoring of banking has also led to concentration of power in fewer and fewer hands. Just as 5 international banking houses hold 95% of all derivative contracts, it is increasingly the same with mortgages. According to the graphs at the Times, the market share of the top 5 mortgage servicers went from less than 30% in 1999 up to 60% today. Over all, the merging of many banks over the last 35 floating fiat currency years has reduced the banking sector’s variety and has concentrated more and more business in fewer and fewer hands.
ΩΩThe number of banks has collapsed ever since NAFTA and free trade took off.
ΩΩBasically, as ‘free trade’ took off, the loan losses declined slowly but greatly and nearly reached the level where they were at when we had a gold standard. But this was an illusion. That is, it was due entirely to the emergence of the Japanese carry trade which inflated more than one asset bubble here. So people could sell whatever they wished at a profit and thus, our stock market grew even as our job base eroded and our industrial base basically vanished outside of government-funded manufacturing.
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ΩΩWhen the bubble finally popped, our default rate soared and worse for everyone dependent on the Japanese carry trade, the US became the ZIRP center for carry trade lending and thus, reversed the Japanese monetary flow which was based on Japan’s 50 year trade surplus with the US.
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ΩΩBack to the NYT article, the lower half of their graph showing the default rates of the top 15 lenders is astonishing. The Bank of America, who is #1 in volume, has a 14%+ default rate. The #11 bank, American Home Mortgage Servicing, has a 36%+ default rate! And so does #15 bank, Morgan Stanley’s Saxon Mortgage. But Ocwen Financial has an astounding 42%+ rate of default which shows particularly irresponsible lending practices.
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ΩΩProvident funding which is #13 on the list, has a normal rate of 2.8% of borrowers going bankrupt which is well within ‘normal’ ranges. The entire reason we have the ‘reserve ratio rule’ is to force banks to be capitalized sufficiently to suck up any losses. Banks Ignored Signs of Trouble in Foreclosures – NYTimes.com
Other officials say as foreclosures were beginning to spike as early as 2007, no one could have imagined how rapidly they would reach their current level. About 11.5 percent of borrowers are in default today, up from 5.7 percent from two years earlier…..To make matters worse, the banks had few financial incentives to invest in their servicing operations, several former executives said. A mortgage generates an annual fee equal to only about 0.25 percent of the loan’s total value, or about $500 a year on a typical $200,000 mortgage. That revenue evaporates once a loan becomes delinquent, while the cost of a foreclosure can easily reach $2,500 and devour the meager profits generated from handling healthy loans.
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ΩΩThis is terribly simple: the bankers outsourced the holding of their own mortgages. They did keep a finger in the money pie so they could collect annual FEES which were viewed as ‘free money from heaven’. There was no responsibility for this money, it just poured in so long as people paid their mortgages. The actual paperwork was shipped out to others who passed it on to others and everyone hoped to collect their 2¢ on each passage and this is why the whole thing became terribly muddled.
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ΩΩThat is, no one was responsible for what happened next, everyone passed this on to others and all of them were basically looking to nickel and dime these documents while not holding them or being responsible for them.
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ΩΩThis, in turn, caused bankers to save money and keep most of the processing fees profits for themselves by giving many of these documents to a Jewish lawyer in Miami who then offshored these document processes and actively encouraged and engaged in open fraud that is, forging signatures. Washington’s Blog
Foreclosure attorney Lynn Szymoniak located numerous signatures of “Linda Green” from pleadings filed in various courts.
.StopForeclosureFraud.com has rounded up some examples of “Linda Green’s” signatures here. Szymoniak pointed out in July:.There are examples of the many different Linda Green signatures/forgeries. Green’s “signature” appears on HUNDREDS OF THOUSANDS of mortgage assignments – as an officer of at least 20 different banks and mortgage companies..…The total mortgage loan amount on 500 “Linda Green” Mortgage Assignments is $126,956,912, or approximately $125 million for each 500 Assignments. The average output of Assignments from the Docx office in Alpharetta [Green's actual employer], Georgia in 2009 was 2,000 Assignments per day..This would be equivalent to (4 x $125 million) or $500 million each day. Assuming that Docx operated 5 days a week for 51 weeks (allowing for holidays), the office was open, producing Assignments, 255 days. It is likely that the Linda Green/Docx crew prepared and filed Mortgage Assignments showing One Hundred Twenty-Seven Billion, Five Hundred Million ($127,500,000,000) in mortgages were Assigned in 2009.
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ΩΩThis is grounds for prosecution. The bankers who OKed this business should be arrested for defrauding Fannie Mae and our government as well as their own shareholders! Further, there is NO EXCUSES at all. Here is the facts about ‘notarty documents’: What is a Notary Public? | National Notary Association
A Notary Public is a public servant appointed by state government to witness the signing of important documents and administer oaths. |
- Why are documents notarized?
Documents are notarized to deter fraud and to ensure they are properly executed. An impartial witness (the Notary) identifies signers to screen out impostors and to make sure they have entered into agreements knowingly and willingly.
- Is notarization required by law?
For many documents, yes. Certain affidavits, deeds and powers of attorney may not be legally binding unless they are properly notarized.
With other documents, no. Private entities and individuals may require notarization to strengthen the document and to protect it from fraud.
- Does notarization make a document “true” or “legal”?
No. A notarization typically means the signer acknowledged to the Notary that he or she signed the document or vouched under oath or affirmation that the contents of the document were true.
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ΩΩIf the signatures on these mortgages are forged then the notary who stamped these documents is a criminal. That is, they stamped forged signature documents not once or twice but ALWAYS and at a HIGH SPEED. The high speed of many of our systems today is destructive and should end. This childish idea that fast is good is wrong. We have to stop this madness now. Fannie Mae is now infested with millions of fraudulent documents that were not properly processed.
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ΩΩOn top of all of this, these mortgages were engineered to be as difficult to deal with as possible as all parties on the banking side were eager to insert all sorts of funny things designed to create FEES which would run all the time into the pockets of bankers while they do not hold the actual mortgage anymore! This is wrong on every possible level and should be outlawed totally.
Excellent roundup of the latest rot to surface. Dead bodies float unless they wear cement overshoes!
But to pull back to the broader view, and my contention that this entire finance mess is part and parcel of a more strategic US action, that is in the last 20 years and esp since 2000; with privatizations and lbo’s running wild. The US wanted to buy up/out the world essentially. With the UK minions in tow.
This article by Michael Hudson gives an overview.. and his first para. hits the nerve:
What is to stop U.S. banks and their customers from creating $1 trillion, $10 trillion or even $50 trillion on their computer keyboards to buy up all the bonds and stocks in the world, along with all the land and other assets for sale, in the hope of making capital gains and pocketing the arbitrage spreads by debt leveraging at less than 1% interest cost? This is the game that is being played today.
http://michael-hudson.com/2010/10/why-the-imf-meetings-failed/
The Bottom Feeds The Top
Oops I see the link was given to the Hudson art. in prior blog. Still valid. Buying up/out the world that is. Hubris run amok from the fall of the USSR. Which was of course the “national socialist” project of the post 1917 era, all along.
Which financiers of the AngloUS persuasion were fully involved, along with their German counterparts. I also recommend this site:
http://www.thedailybell.com/1443/Dreamtime-of-the-Baby-Boomers.html
And, if they try to change the rules they will have to overturn centuries of legal precident.
“This is a complete mess.”
http://www.creditwritedowns.com/2010/10/bank-holiday-is-best-solution-for-epidemic-of-mortgage-fraud.html
“And what we’ve got today is a complete mess.”
http://www.reuters.com/article/idUSTRE69E1Q520101015
Finally:
http://overthepeak.com/wordpress/archives/598
Reminds me of the Steve Bell cartoon in the Guardian of a few years ago, re: Bush and the UN in Iraq:
http://www.belltoons.co.uk/bellworks/index.php/leaders/2003/1905-4-4-03_SHITHOUSEBUSH
In Fact a lot of those cartoons presage this “mess” as “the fish rots from the head down”.
An economy that is dependent on people buying things they don’t need, ever new gewgaws and gadgets, with money they don’t have, is not worth saving. An economy that has to grow just to cover its own debts is not worth saving. An economy dependent on the energy of fossil fuels to avoid collapse is not worth saving. Why is an economy where most of the profits go to one percent of the population worth saving?
Our current economic system, which might be called global corporatism, is based on growth fueled by IOUs. The IOUs are not only to banks, but to future decades; not merely financial debts, which could be cured by hyperinflation or default, but real debts—that is, debts to the land and the air and the water—that we can’t just buy our way out of. Skimping on maintenance is an IOU. Burning carbon is an IOU—a big one. Squeezing the middle classes into working more for less is an IOU. Increasing poverty and poor health is an IOU that society will have to pay—now and also later.
While it is true that the financial meltdown and the catastrophic gulf oil leak can be partly blamed on the lack of oversight by the government, especially during the Bush administration, the roots of the problems are in the structure of the economy itself. That is, an economy hooked on growth spurred by fossil fuel energy and controlled (if that is the right word) by global corporations whose sole purpose is amassing monetary profit. If a corporation can make money by shifting the cost of redeeming their IOUs onto the public, they generally do so, whether the corporations are in the business of extraction or merely playing financial games. What a coup! Let the public pay, then let’s all give ourselves another fat bonus. Greed is called a virtue. How can such a morally corrupt system be worth saving?
Dale Pendell
http://dalependell.com/the-retort/an-economy-not-worth-saving/
Obama himself is a victim of the system. My, my how the mighty have fallen.
http://tinyurl.com/2dbzpw4
SUBJECT: GOLDMAN SACHS EMBEZZLEMENT SCHEME – SECRET SECONDS
THE LATEST SCAM – ALERT!!! DO NOT WAIT FOR THE FORECLOUSRE MILLS, SERVICERS OR LENDERS TO GIVE YOU FORECLOSURE DOCUMENTS OR ASSIGNMENTS – THEY ARE NOT GIVING YOU EVERYTHING – ORDER A TITLE SEARCH OR GO TO YOUR COUNTY RECORDER TO SEE WHATS BEEN RECORDED ON YOUR PROPERTY – WE DID AND THIS IS WHAT WE FOUND:
In May 2005 we deposited and invested $200,000 in Real Property, where we recently found out that $118,800 was embezzled out of our property from Mortgage Lenders and Trust Brokerage Companies, namely Goldman Sachs through an escrow Transaction. The $118,800 in funds was paid to these embezzlers from the Investors unbeknownst that the securitization happened by encumbering our property and making up a fraudulent fake Promissory Note and Deed of Trust.
See the link for further information: https://fdaaccount.box.net/shared/a1pjz9sz5c
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Hello Elaine,
President Jefferson was correct:
“Banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.”
Today those Banking institutions are using original fraudulent mortgage paperwork and MBS documents to establish a chain of title to exactly whomever they want to enrich. Literally looting We The People of the entire continent [NAU] as Jefferson warned!
This can be accomplished in minutes. But disputing this “established” title will take years in court and millions of dollars and in the end will simply be preempted through the retroactive change or interpretation of law to provide that whomever first established a “clear” chain of title owns the property and everybody else has no standing.
This will effectively prevent anyone not in the chosen class from ever buying real estate again! Thus, the Banking institutions will simply own everything, having essentially looted or expropriated most of the nation’s real estate from We The People, hideously and contractually accomplished with the signatures of We The Sheeple all over the paper work!
Completing the revolution of a federal gulag by driving everyone from the status of “property owners” with a mortgage, or free and clear into renters without any rights–often a distinction without a difference.
Regards,
PFO