Wednesday
Sep072011
Big Banks To Declare War On Fannie, Freddie Over Lawsuit
A rumor published by Politico yesterday about big banks declaring war on the FHFA and their Democratic supporters:
- BANKS CONSIDER TOTAL WAR - M.M. hears that instead of contemplating settlements of the FHFA mortgage-backed securities lawsuits, big banks and their attorneys are more likely to pursue what insiders describe as an all out war strategy in which they go after Fannie Mae and Freddie Mac (and by default their Democratic supporters) in a scorched earth strategy to show the GSE’s took an active role in creating the very securities they are now suing the banks over.
Sep 7, 2011 at 1:27 PM
Reader Comments (1)
When foreclosures become filed, mortgage lenders and bankers ARE NOT required to know the laws and procedures requisite for lawful foreclosures and recordation of property titles –lawyers are!!
When title companies refuse to ensure foreclosed properties, it is usually because the foreclosure was not lawfully executed. Moreover, irrespective of borrower default, NO lawyer should be allowed to SELF-DEAL and exploit circumstances and cause homelessness, and tens of thousands of dollars in losses to City Revenues. It would be ludicrous to exclude from the FHFA lawsuit, the Elephant in the Room –hiding in plain sight!
Further, Freddie Mac has (knowingly or unknowing) shelled out $$$$$$$$$$$$$$$$$$$$ toward real estate theft, criminal frauds, and social tyranny! This FHFA lawsuit, or some additional one needs investigation and recovery of those moneys. People who acted in furtherance of those financial frauds ought to be brought to justice! With our nation’s high unemployment, self-dealing and unscrupulous exploiting of people who owe debt is ravishing America.
An irrefutable instance of Freddie Mac’s involvement in foreclosure frauds (An Elephant depiction!): A defunct mortgage lender’s identity was utilized to place a “credit bid” at a sham foreclosure auction of my home (it is impossible for a non-existent lender to bid \ has no“standing”!) From the so-called auction, a deed was recorded into the defunct lender’s name. (void as a recorded Hibernia deed, rather than successor, Capital One.) Six weeks after the so-called auction, Freddie Mac paid an imposter $86,000 for the worthless property deed, which became put back on the market.
Such in-your-face fraud transactions have continued unaddressed for decades. Fraudulent flipping of real estate make the housing market appear thriving; impresses Investors. In our land of rules and laws, identity theft is criminal, and so is Freddie Mac buying stolen property. However, all that has really mattered were the benefits to be gained by defaulted mortgage loans –even jurists and their allies stand to become enriched from foreclosures. Moreover, acceptable practices include crippling property owners who interfere with foreclosure objectives!
HUNDREDS OF PEOPLE have experienced some form of abusive, illegal tactics associated with owing debt, and have signed this petition. Their names and pleas can be seen here: http://www.change.org/petitions/request-for-congressional-foreclosure-panel-to-examine-foreclosure-lawyers Equally as important to America as Investors, they are pleading for help –because they too are victims of the Feds’ failure to properly oversee, regulate, and rein in mortgage industries.
I continue speaking out because attention to this aspect of foreclosure crisis is vital, while the monster roams! A monster so brazen, it sets forth its asinine contentions about defaulted borrowers unentitled to know why they’re being forced to abet mortgage frauds, subjected to invaded privacy, Constitutional wrongs, threats, etc. –all directly associated with real estate frauds. These all the more make is essential to tell the facts of how egregious and far reaching is mortgage fraud.