Read entire article (http://www.zerohedge.com/article/2-big-2-foreclose-end-game-approaching)

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THE MIDDLE GAME QUAGMIRE

After a bad opening, there is hope for the middle game. After a bad middle game, there is hope for the endgame. But once you are in the endgame, the moment of truth has arrived. - Edmar Mednis (Grandmaster)

I have one central thought of where this fraudclosure fiasco could lead, and this is why everyone should watch very carefully how the various players move their pieces in this subprime middle game.

Up until now, the banks have been making sweeping statements that this all reflects a "technical" glitch in foreclosure processes.

Well, having a posse of State AGs band together to commence a joint investigation is no longer a minor "technical" glitch. Allegations of masses of forged signatures, falsified or fabricated notarized documents, back dating etc., if true, collectively amount to an institutional pattern of criminal behavior. Having the Justice Department announce it is opening a preliminary investigation raises the stakes even higher.

Being forced to suspend all foreclosures has obvious "material" economic consequences to the CDO note holders.

But having title companies pull out of the residential real estate market because they no longer trust the veracity of bank provided documents presages claims by mortgagors who lost their properties as well as the subsequent purchasers of same. The only way to conclusively cure that kind of problem is to get waivers, and releases from the various claimants wherever they may be or pass retroactive curative laws or laws doing things like creating a bailout fund to indemnify those who are injured (yikes!). You cannot simply say this is immaterial, sprinkle in the word MERS and hope this will all go away.

The CDO note holders will have potential claims stemming from the interruption of non-performing loan processing. Think breaches of the trust servicing agreements and allegations of "gross negligence or willful misconduct", the latter being magical legal hurdle in these types of agreements. However, the much more troubling aspect, is the growing realization that the various pools of securitized mortgages may never have been properly assigned, transferred and recorded at inception. If this turns out to be the case, game over--the noteholders will have to be made whole (here we will be expanding into the universe of securities "underwriter" liability).

How these problems are all handled in public disclosure documents is another key area to watch. The standard for "materiality" is whether a reasonably prudent investor would consider an item of disclosure important in making an investment decision. What would you say is important?

Remember that RICO is what brought down Drexel. RICO claims can be brought by the state or by private parties. Private RICO actions have apparently already been filed by certain litigants. This is a securities and white collar crime litigators wet dream.

Over and above the criminal and civil liability issues, are the regulatory and reputational risks. The damage to the reputation of a bank caught defrauding its customers is serious indeed. However, think of all the regulatory detonators that can be potentially triggered by all of this.

The list goes on and on.

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Further on this: (http://4closurefraud.org/2010/10/10/4closurefraud-exclusive-president-obama-falls-victim-to-chase-robo-signer/)

President Obama Falls Victim to Chase Robo-Signer http://4closurefraud.org/2010/10/10/4closurefraud-exclusive-president-obama-falls-victim-to-chase-robo-signer/

Well well well…

Lookie what we have here folks…

Is this why they tried to sneak through H.R. 3808? (just kidding)

Just like we have been saying all along, this is so much bigger than “affidavits.”

Here is another piece of the puzzle, without bringing up the REMIC issues…

Now that YOU are affected personally in this, Mr. President, what are you going to do about it?

Let’s get off the whole CNN Axelrod signals White House opposition to foreclosure moratorium BS…

“The Obama administration opposes a moratorium on home foreclosures, but wants problems involving improper paperwork resolved as quickly as possible, senior adviser David Axelrod said Sunday.”I’m not sure about a national moratorium,”

Like my dear friend at the Hamlet puts it

It’s not the foreclosure affidavits only. Hello? It’s the whole kit-n-caboodle. it’s the fabricated assignments of mortgage, fake allonges, robo-stamped endorsements in blank, and satisfactions of mortgage, ignoring SEC and IRS regulations, disregard for the steps required by the REMIC rules. It’s all the top national banks and their servicing arms. The whole of it is a sham. Don’t believe the propaganda that insists otherwise.

Got it?

Now for the fireworks…

First we will start with a screen shot of one of Obama’s Release of Mortgage…

Marshe Craine of Chase signed off on their release of mortgage.

Now you ask, so what is wrong with that?

Nothing on it’s face, but you know how I roll…

With all that is going on with the robosigning, forgeries, fabrications and LIES, we decided to dig into this to see if something was there to help educate the masses on the issues that all of us as Americans face…

Guess what we found…

President Obama is a victim of the robosigning phenomenon that has taken the financial industry by storm…

How else would you explain this?

Check it out…

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So you see, this whole Foreclosure-Gate crisis has nothing to do with the “deadbeat” borrowers, it never has.

It has to do with the complete lack of the respect of the law by the banking industry.

They got away with it up until now and are trying their damnedest to paper over their crimes.

It is time to say no more…

Edit: "“Robo-signers,” a termed coined by Iowa assistant attorney general, Patrick Madigan, refer to bank employees or contractors who signed off on mortgage documents without reading or checking them."

As a long-time Dave Ramsey listener, I'm always shocked at how few people know how slimy the business practices of banks routinely are. Even more puzzling is how people can watch other people - their neighbors - being treated this way by one institution after another and never come to the conclusion that you don't want to do business with these people. They'll line back up to get another Big Gulp dose of the banker's product - debt - and be thankful to the bank for selling it to them.

Politicians from both parties were (and continue to be) led down the primrose path by the nose by bankers. Bankers made the mess - pushed by Congress without a doubt, but they knew what they were doing. Bankers insisted their own existence was vital to America - nay the whole world! economy and if we didn't do exactly what they said we should do to bail them out of the mess they created, all hell would break loose. Bankers want the economy to run to benefit - bankers. Our "normal" economic mindset has degenerated in this country to solely reflect the desires of - bankers. No business can be done without - bankers. No growth can take place without - bankers. Payroll will not be met without - bankers. You can't own a car without - bankers. You get the drift. So when we find they're behaving like crooks on a massive scale in order to make a really large amount of money, we shouldn't really be surprised. You can get ahead of the curve by resolving yourself to the fact that absolutely nothing is going to be done to them over this latest grotesquerie. Remember? The economy runs by and for bankers. They're just cutting a few corners to get the money they're owed. After all, someone owes them some money, so if you have to forge a few documents in order to "prove" who it is and how much, what's the difference?

Bankers couldn't care less how the economy works. They think they ARE the economy. And due to the success of their massive marketing campaign, too many people believe they're right.

^^ Good points, just more Hegelian dialect, they create the problem, the reaction is putting Pelosi and Dodd in charge of it, I don't wanna know the solution.

Another step towards Neo-Fuedalism that drives us all into serfdom........

I just came across this site (http://www.zerohedge.com/article/here-your-chance-check-if-you-are-victim-mortgage-fraud) where people can demand to see their original note, to see if they are a victim of mortgage fraud.

Wondering if you are one of those suckers paying a mortgage in limbo, with all the payments due to some non-existent mortgage noteholder getting retained at the servicer banks? Well, if you can spare 3 minutes then "Where's the Note" (http://action.seiu.org/page/speakout/wheresthenote?js=true) is for you. The website, which is on the verge of a viral break out, has a simple message:"Whether you are facing foreclosure, have an underwater mortgage, or are just a concerned homeowner, it’s important that you contact your bank and demand to see the original note on your mortgage. It only takes a few minutes using our free online tool." Quick, simple and easy. And in a few days your mortgage bank will have no choice but to tell you if they do in fact have your original mortgage note. And if not - welcome to cost-free living, courtesy of MERS and millions of rushed and fraudulent mortgage note assignments. Yes, it will mean the end of the GSEs, but it will also mean the accelerated write downs on thousands of MBS tranches which will rapidly collapse into insolvency (there is only so much Mark to Unicorn can cover up) and eventually take the insolvent TBTFs banks with them.


“There are two ways to conquer and enslave a nation. One is by sword. The other is by debt.”
-- John Adams