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Foreclosuregate

By   Follow Me on Twitter     Message Richard Clark       (Page 1 of 4 pages)     Permalink    (# of views)   5 comments

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Here's an abridgment of the first part of a new article by Ellen Brown writing at http://www.truth-out.org:

Wall Street banks are voluntarily suspending foreclosure proceedings in 23 states.

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It would appear that the voluntary suspension of foreclosures is underway to review simple, careless, procedural errors -- errors which the conscientious banks are hastening to correct.

However, those errors go far deeper than mere sloppiness; they are concealing a massive fraud. They cannot be corrected with legitimate paperwork, and that was the reason the servicers had to hire "foreclosure mills" to fabricate the documents in the first place. These errors involve perjury and forgery -- fabricating documents that never existed and swearing to the accuracy of "facts" that were fiction.

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Karl Denninger at MarketTicker is calling it "Foreclosuregate." Diana Ollick of CNBC calls it "the RoboSigning Scandal." On Monday, Ollick reported rumors that the government is planning a 90-day foreclosure moratorium to deal with the problem.

Three large mortgage issuers -- JPMorgan Chase, Bank of America and GMAC -- have voluntarily suspended thousands of foreclosures, and a number of calls have been made for investigations.

Ohio Attorney General Richard Cordray announced on Wednesday that he is filing suit against Ally Financial and GMAC for civil penalties up to $25,000 per violation and there have been thousands of violations -- for fraud in hundreds of foreclosure suits.

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These problems cannot be swept under the rug as mere technicalities. They go to the heart of the securitization process itself. And this snowball has just started to roll.

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Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've (more...)
 

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