Fannie, Freddie to Allow Debt Cuts for Some Borrowers

Deadly Clear:

Too bad the assholes couldn’t come to their senses in 2008 and saved 14 million American families from foreclosure, distress and death.

Originally posted on Justice League:

Great job Senator Warren for putting the pressure on FHFA head Mel Watt!

Fannie Mae (FNMA) and Freddie Mac will let borrowers who have gone through foreclosure buy back their homes at market prices under a policy shift announced by the regulator for the two U.S.-owned companies.

The change outlined by the Federal Housing Finance Agency in a statement today essentially gives some people who owe more than their homes are worth a way to cut mortgage debt. The step follows criticism consumer groups and some Democratic lawmakers who have called for broader principal reduction for homeowners.

“This is a targeted, but important policy change that should help reduce property vacancies and stabilize home values and neighborhoods,” FHFA Director Melvin L. Watt said in the agency’s statement.

Read on.

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This Publicly-Owned Bank Is Outperforming Wall Street

The Wall Street Journal reports on the impressive record of the Bank of North Dakota
by Ellen Brown

Bank of North DakotaWhile 49 state treasuries were submerged in red ink after the 2008 financial crash, one state’s bank outperformed all others and actually launched an economy-shifting new industry.  So reports the Wall Street Journal this week, discussing the Bank of North Dakota (BND) and its striking success in the midst of a national financial collapse led by the major banks. Chester Dawson begins his November 16th article:
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(GEORGETOWN, TEXAS) — The Williamson County Commissioners Court was presented with the final results of the real property records audit conducted in early October by DK Consultants LLC out of San Antonio.  The Commissioners were shocked at the findings, which you can access by clicking here for the full report.

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Shocking! Wells Fargo’s Foreclosure Fraud Handbook

Wells Fargo — the largest mortgage servicing company in the country — was recently busted for creating and sharing a handbook that instructed their employees on how to commit fraud. Ring of Fire guest host Farron Cousins discusses this with attorney Mike Burg. The WellsFargoForeclosureAttorneyManual on how to craft fraudulent foreclosure documents and its patent software program VendorScape are designed to defraud the homeowners and the courts. Shouldn’t the judges care?

Wall Street Stunned As Iceland Dares To Jail Banker Involved In 2008 Crash

Deadly Clear:

I’ll volunteer for jury duty here…

Originally posted on Justice League:

But not in the US!

Via ValueWalk,

Some thought it would never happen. But in Iceland, the former chief executive of one of the largest banks in the country which was involved in crashing the economy in 2008 has been sentenced to jail time.

Iceland banker the first to manipulate bank’s stock price

In receiving a one year prison sentence, Sigurjon Arnason officially became the first bank executive to be convicted of manipulating the bank’s stock price and deceiving investors, creditors and the authorities between Sept. 29 and Oct. 3, 2008, as the bank’s fortunes unwound, crashing the economy with it.  Landsbanki was one of three banks that had tallied nearly $75 billion in debt before the final curtain was drawn.

What, me guilty? was the bank executive’s response upon learning of his fate. “This sentence is a big surprise to me as I did not nothing wrong,” Arnason…

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The Buck Stops Here – But Apparently Nobody told the State Court Judges

bad judgeNothing is more depressing than a state court judge that obviously favors the bank’s attorneys – even when the evidence clearly says the trust bank claiming to hold the documents is not the real party in interest. How could a securitized trust not have to follow the UCC securities code, Articles 7-9?

How could an actively trading trust with certificates issues against a static financial asset become a “Holder” under UCC Article 3 when the financial instrument is supposed to be non-negotiable until it is purchased at face value from the trust (to pay off the certificate holders)?

Personally, every case that gets reviewed and every transcript that is read where the Assignment of Mortgages are plainly fabricated and the judge turns a blind eye when he knows the bank attorneys are defrauding the court, just smacks of judicial corruption. And in America – this is very, very sad. Continue reading

Chapter 8 “Foaming the Runway” – Hero Neil Barofsky’s BAILOUT

Deadly Clear:

How can state court judges not recognize the scams pulled on American homeowners?!

Originally posted on Deadly Clear:

Neil Barofsky is the author of the new book “BAILOUT: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street.”  If you read anything in Neil Barofsky’s new book – BAILOUT, you MUST read
Chapter 8 “Foaming the Runway”.  

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DOJ Called Mum on Deals with Bigwigs

Deadly Clear:

THey have no right to be “mum” when it comes to wrong doers. If the banks were innocent they should have stood their ground. Otherwise everything should be fair game.

Originally posted on Justice League:

WASHINGTON (CN) – The U.S. Justice Department refuses to release the details of deals struck between federal prosecutors and alleged corporate wrongdoers, a suit filed by a law school librarian claims.
Jonathan Ashley, a librarian at the University of Virginia School of Law, sued the agency in federal court, stating that the agency wrongfully withheld the records under the Freedom of Information Act.
According to the complaint, Ashley has been doing research on behalf of law professor Brandon Garrett, whose academic works focuses on the criminal justice system and the potential for prosecutorial abuse associated with the deals between prosecutors and big corporations.
Critics of such non-prosecution agreements (NPAs) and deferred-prosecution agreements (DPAs) contend they allow senior level management to escape prosecution on white collar crimes in exchange for a promise to beef up their compliance and pay a relatively nominal fine.
“Courts have been skeptical of both NPAs and…

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