Unsealed court-settlement documents reveal banks stole $trillions’ worth of houses


Wow!  Is this the way Banks do business with Homeowners here in the United States?  I’m learning more and more about the mortgage banks and the different illegal activities they engage in.

Ed Reidhead

 

Unsealed court-settlement documents reveal banks stole $trillions’ worth of houses

Cory Doctorow at 8:46 am Mon, Aug 12, 2013
 
Back in 2012, the major US banks settled a federal mortgage-fraud lawsuit for $95,000,000. The suit was filed by Lynn Szymoniak, a white-collar fraud specialist, whose own house had been fraudulently foreclosed-upon. 

When the feds settled with the banks, the evidence detailing the scope of their fraud was sealed, but as of last week, those docs are unsealed, and Szymoniak is shouting them from the hills. The banks precipitated the subprime crash by “securitizing” mortgages — turning mortgages into bonds that could be sold to people looking for investment income — and the securitization process involved transferring title for homes several times over. This title-transfer has a formal legal procedure, and in the absence of that procedure, no sale had taken place. See where this is going?
The banks screwed up the title transfers. A lot. They sold bonds backed by houses they didn’t own. When it came time to foreclose on those homes, they realized that they didn’t actually own them, and so they committed felony after felony, forging the necessary documentation. They stole houses, by the neighborhood-load, and got away with it. The $1B settlement sounded like a big deal, back when the evidence was sealed. Now that Szymoniak’s gotten it into the public eye, it’s clear that $1B was a tiny slap on the wrist: the banks stole trillions of dollars’ worth of houses from you and people like you, paid less than one percent in fines, and got to keep the homes.
Now that it’s unsealed, Szymoniak, as the named plaintiff, can go forward and prove the case. Along with her legal team (which includes the law firm of Grant & Eisenhoffer, which has recovered more money under the False Claims Act than any firm in the country), Szymoniak can pursue discovery and go to trial against the rest of the named defendants, including HSBC, the Bank of New York Mellon, Deutsche Bank and US Bank.
The expenses of the case, previously borne by the government, now are borne by Szymoniak and her team, but the percentages of recovery funds are also higher. “I’m really glad I was part of collecting this money for the government, and I’m looking forward to going through discovery and collecting the rest of it,” Szymoniak told Salon.
It’s good that the case remains active, because the $95 million settlement was a pittance compared to the enormity of the crime. By the end of 2009, private mortgage-backed securities trusts held one-third of all residential mortgages in the U.S. That means that tens of millions of home mortgages worth trillions of dollars have no legitimate underlying owner that can establish the right to foreclose.

This hasn’t stopped banks from foreclosing anyway with false documents, and they are often successful, a testament to the breakdown of law in the judicial system. But to this day, the resulting chaos in disentangling ownership harms homeowners trying to sell these properties, as well as those trying to purchase them. And it renders some properties impossible to sell.

To this day, banks foreclose on borrowers using fraudulent mortgage assignments, a legacy of failing to prosecute this conduct and instead letting banks pay a fine to settle it. This disappoints Szymoniak, who told Salon the owner of these loans is now essentially “whoever lies the most convincingly and whoever gets the benefit of doubt from the judge.” Szymoniak used her share of the settlement to start the Housing Justice Foundation, a non-profit that attempts to raise awareness of the continuing corruption of the nation’s courts and land title system.

SOURCE: BoingBoing

Advertisements

New York Getting Ready to Prosecute Banks for Violations of Settlement


Good afternoon Family and Friends!
I get to share this excellent article from Livinglie’s Weblog on the law suit being filed by New York State Attorney General Eric Schneiderman. This site is an excellent source of information, with a reported over 8,200,000 visitors served. Take a look around and I’m sure you will learn something.
Enjoy,
Ed

Livinglies's Weblog

At the end of the day everyone knows everything. If you start with the premise that the securitization of debt was a farce and that the necessary element of the false securitization of mortgage loans was the foreclosure of those loans, then you move one step closer to understanding the mortgage and foreclosure mess and a giant step forward to understanding and implementing a solution. All the actions, statements and myths promulgated by the Wall Street banks become clear, including their violation of every consent decree,order and settlement they ever made with respect to mortgage loans.
Attorney General Schneiderman of New York seems to understand this and he is taking the mega banks to task for violating a settlement that looks like pennies on the dollar. He doesn’t care why they violated the $26 Billion settlement but he is taking action for their consistent violation of the settlement. But I…

View original post 555 more words

Change is on the Horizon Part 3 of 3 The Farmer Claims Program


 

Here is an excellent video on the “Farmers Claims” lawsuits. I will be sharing additional information on this topic. Ed

 

Change is on the Horizon is the epic story of how the world lost its soul and how it will gain it back. Directed and narrated by James Rink.

Part 1 Dawn of the Golden Age – Discuses how Saint Germain helped bring about the beginnings of a enlightened era which soon fell into darkness under the helms of the Illuminati and a corrupted masonic order.

Part 2 – The American Federal Empire. America was always meant to be always a shinning beacon of freedom and prosperity to the world. But the machinations of British bankers and the Rothschild’s soon destroyed all that was once good in this great land.

Part 3 – The Farmer Claim Program – Discuses how a class action lawsuit brought about in the early 1990’s lead to the creation of NESARA, the National Economic Security and Reformation Act which will ultimately tear apart the New World Order and bankers plans right out from under their feet.

%d bloggers like this: