For all the talk about a divided America (mostly political that we shy away from on the DC blog), there is a HUGE group of people that can collectively agree we were screwed, smeared, and denied due process in courts that failed to follow the Rule of Law. This is the massive population of American Homeowners.
The majority of over 84 MILLION families were unwittingly lured into a corrupt Wall Street securities scheme that cost them their clear title properties and in some cases their lives or the lives of their loved ones. American Homeowners can easily collaborate and identify with each other because the same crimes were committed over and over on each of them. Talk about a united, cohesive bunch of people – we are the American Homeowners!Continue reading →
This will be one of several posts on the future of Fannie Mae and Freddie Mac. Your thoughts and your owns stories are welcome in the comments section.
Nearly a decade ago, in September 2008, US Treasury Chief Hank Paulson unveiled his historic government takeover of twin mortgage buyers, putting the government in charge of the mortgage giants and the $5 trillion in home loans they back. The plan eliminated the top executives which were out and replaced with Wall Street titans.
The House Oversight and Government Reform Committee held a hearing on the financial collapse of Fannie Mae and Freddie Mac, their takeover by the federal government and their role in the financial crisis. The video below is a 4 hour review of a planned response to the crisis in the housing and mortgage markets at the time of the economic meltdown and crash of 2008.
The titans that replaced Freddie CEO Richard Syron and Fannie CEO Daniel Mudd were two Wall Street finance veterans and were charged with restoring the mortgage magnates to health. Herb Allison formerly served as president of Merrill Lynch was Continue reading →
United States District Court, E.D. California.
GENET HABTEMARIAM, Plaintiff,
VIDA CAPITAL GROUP, LLC; US MORTGAGE RESOLUTION; PNC BANK, NATIONAL ASSOCIATION; and DOES 1 to 50, inclusive, Defendants.
Some three years later, PNC notified Plaintiff by mail that its SDOT was discharged, apparently due to a settlement agreement PNC had reached with various agencies of the United States government. PNC effectuated that cancellation by sending a 1099-C form approved by the Internal Revenue Service for cancelling a debt. Plaintiff received the Form 1099-C on or about June 29, 2010. According to Plaintiff, because the 1099-C cancelled the amount she owed on the second mortgage, she believed it legally released her from any further obligation to pay Continue reading →
As I learned when reviewing an earlier draft, Fraud is meticulously researched and completely fascinating, with plenty of careful attention to law and regulatory structures. The book’s other virtues are well encapsulated by Kirkus:
“Balleisen casts a gimlet eye on the passing parade of hucksters and charlatans, peppering a narrative long on theory with juicy asides that build toward a comprehensive catalog of ‘Old Swindles in New Jargon’. . . . Ranging among the disciplines of history, economics, and psychology, Balleisen constructs a sturdy narrative of the many ways in which we have fallen prey to the swindler, and continue to do so, as well as of how American society and its institutions have tried to build protections against the con. But these protections eventually run up against accusations of violating ‘longstanding principles of due process,’ since the bigger the con, the more lawyers arrayed behind it.“—KirkusContinue reading →
HOUSINGWIRE says: Party platform blasts “corrupt business model” of Fannie Mae, Freddie Mac
Okay, think about this – Fannie and Freddie were collaborators, if not the actual architects, and helped set up and patent this corrupt housing scheme. If you haven’t watched THE BIG SHORT yet, the time is NOW (it’s on Netflix). Then watch it again – there were good guys on Wall Street. Not everyone was involved in the corruption, albeit it few and far between. In fact, for many years America had a moral and more ethical financial community. But shortly after President Reagan began deregulating the industry and President Clinton signed off on the whip cream and cherry topping by deregulating Glass-Steagall – Wall Street went to hell in a hand-basket.
According to the Republican Party platform, which can be read in full here, one of the GOP’s goals for 2016 and beyond is to “advance responsible homeownership while guarding against the abuses that led to the housing collapse.” Continue reading →
Attorney James “Randy” Ackley appeared on the Neil Garfield Radio Show. The show was a fascinating discussion about banks creating the illusion of standing when a bank is unable to demonstrate they have the right to foreclose.
Neil and Randy addressed why the courts were allowing loan servicers to present evidence that was hearsay, often fraudulent and did not comply with the rules of evidence. Ackley stated that, “The court is allowing evidence to be introduced that would not be admitted in any other type of case.” The discussion brought up the fact that courts are making erroneous presumptions in favor of the banks despite the fact that there is now a public record of banks fabricating evidence, robosigning documents, false notarizations and bank employees testifying under oath about facts they know nothing about.
The authors of In Defense of “Free Houses” – Yale Law students Megan Wachspress, Jessie Agatstein and Christian Mott have taken a surface view of an extremely deep and dark lake of fraud, criminal behavior and intent.
Understanding the depth of the mortgage securities related corruption would need several scuba dives to get behind the 1990’s intentionally orchestrated criminal behavior. Researchers like Ken Continue reading →
This video, as our colleague Steve shared, is relevant today. Yes, Steve, it is even more relevant today because in 2010 it had only been 4 years of criminal behavior with no action – in 2016, it has now been 10 years and its like a snowball from hell rolling out of control – TBTF. “Feed Me, Seymore!”
Georgetown law professor Adam Levitin testifies before Congress regarding the securitization disaster. Continue reading →
Four astounding men, Gary Aguirre, Bill Black, Richard Bowen, and Michael Winston, are the founding members of the Bank Whistleblowers United. These well-educated men have the moral integrity and intelligence to see the damage Wall Street has caused and have devised a plan to prevent or at least reduce the frequency and harm of future economic crises.
We, as American citizens, know we have not recovered from the 2008 economic crisis as our present administration and Congressional leaders would like for us to believe. Although lots of warriors have stepped up to battle the banks, none have been as united or noteworthy as these four financial fraud-busting astronauts, venturing into a red banking hole existing in cyberspace which has been an arduous climb up-Hill (pun intended) to penetrate, decipher …and even more difficult to correct. Continue reading →
The trailer for 99 Homes introduces a mother-son-grandson family unit, with Laura Dern and Andrew Garfield at the helm. After the family gets evicted in traumatic fashion and moves into a motel, Garfield makes, in Bahrani’s words, “a deal with the devil.” He goes to work for the man who evicted his family, played by Michael Shannon, for a chance at earning enough to get a more permanent roof back over their heads. Continue reading →