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A prime example of the United States government laying in bed with the Banks.
Cross-posted from DailyKos
Thu Mar 10, 2011
The Federal Reserve Finds No Wrongful Foreclosures by the Banks - the Coup is Complete. by Badabing
This is simply too stunning to even believe, especially in light of the fact that all 50 US State Attorney's are now in the process of playing 'let's make a deal of a measly $20 billion dollars with the Banks' to pay off those homeowners who were illegally foreclosed upon.
Ben Bernanke, you are a liar and crook and you and your pals should be subjected to a public stockade whereby you are put on display for the next several months with home owners, who have been literally screwed by the Banks, the illicit Foreclosure Mills et., al, as your 'guards,' that will keep a huge supply of rotted vegetables to be thrown at you daily. After said punishment, you should be subjected to the same treatment Bradly Manning is currently experiencing.
The 'month' long so called investigation by Ben and his pals is a joke. Worse than that it simply sanctions the Banks to 'keep on fleecing while the fleecing is good.' Take a good look people because this is corruption with a capital 'C.'
A months-long investigation into abusive mortgage practices by the Federal Reserve found no wrongful foreclosures, members of the Fed's Consumer Advisory Council said Thursday. During a public meeting attended by Fed chairman Ben Bernanke and other regulators, consumer advocates on the panel criticized federal bank regulators for narrowly defining what constitutes a "wrongful foreclosure." At least one member of the panel voiced concerns that the public would not take the Fed's findings of improper practices seriously, since the wide-ranging review did not find a single homeowner who was wrongfully foreclosed upon.
http://www.huffingtonpost.com/...
Ya think? OMG, one member of this panel is basically saying: Geeze guys, I don't think their gonna by this. Un-fucking believable.
Keep in mind this panel's way of doing a report: despite the fact that there have been approximately 4.2 million homes foreclosed upon since The Great Heist of 2008, the panel picked out (randomly, and I doubt that too) 500 of the foreclosures, to base their decision on.
The Fed's report will only further the disagreements between bank regulators, whose top priority is ensuring the safety and soundness of the banking system, and law enforcement officials, who are concerned with reportedly widespread violations of state and federal bankruptcy and consumer protection laws during foreclosures.Last year, foreclosure notices were filed on more than 3 million properties, according to data provider Realtytrac. More than one million homes were repossesed, a record. More than 11 million Americans currently owe more than their home is worth, according to CoreLogic, a real estate data provider. "That homeowners were delinquent has never been our contention," Rangan said. "Our contention is that many of these foreclosures were avoidable." Rangan said the report found numerous flaws in banks' procedures and internal mortgage operations, and that the Fed directed the firms to fix those problems. One firm was found to be using Microsoft DOS, an outdated computer operating system, to handle home mortgages, Rangan said. DOS was popular in the 1980s.
http://www.huffingtonpost.com/...
Why am I getting 'that feeling,' that this decision by the Federal Reserve is a prelude to making certain the MERS becomes a Federal Law, so as to let the 50 US Attorney's off the hook, and so that the Banks can 'Federalize' the destruction of basic property rights and contractual laws in our nation?
Countless homeowners are also pinning their hopes on the slim chance of a mortgage refinance or negotiation, reasoning that they will be able to get back on their financial feet if given a lower monthly payment or a short respite from payments. Unfortunately, these options are not panning out for most people, as evidenced by the steady increase in mortgage filings — an estimated 4.2 million homes are now being foreclosed upon or will be in the near future, with about 4 million more expected by the end of 2012. This is, of course, on top of the more than 6 million homes already foreclosed upon.Federal Government Programs — Too Little, Too Late?
The federal government has acted to try to turn an economic corner, though critics say that their efforts are too little, too late. Making Home Affordable (MAH), the Obama administration’s highly publicized loan modification program, has sadly helped less than 500,000 homeowners modify unmanageable mortgages and still keep their homes. Another government program, the Home Affordable Foreclosure Alternatives Program (HAMP), offers assistance to people who simply cannot continue to make payments and are seeking a short sale or deed-in-lieu of foreclosure to find a faster resolution to their pressing financial programs.
http://knowledgebase.findlaw.com/...
As William K. Black points out:The U.S. Department of the Treasury’s financial recordkeeping regulations (31 CFR 103.18) require federally supervised banking organizations to file a SAR when they detect a known or suspected violation of federal law meeting applicable reporting criteria.
Collectively, banks make massive numbers of SARS filings with regard to mortgage fraud, over 67,000 annually, but a mere 10 institutions file 72% of those referrals. The typical nonprime lender deliberately violates its legal requirement to file a criminal referral when it discovers mortgage fraud even though that practice would be irrational for an honest lender. The federal regulatory agencies have not taken any effective action against these pervasive violation of their rules despite an “epidemic” of mortgage fraud that drove the ongoing financial crises.
Mark this day on your calendars people, because this is the day, March 10, 2011, when the coup d'etat set forth to completely destroy the housing market in our nation, and fully give the Banks the rubber stamp of approval for more economic terrorism.
Just picture Bernanke dressed in a flight suit and helmet on the US Titanic with a huge MISSION ACCOMPLISHED sign behind him.
I'm disgusted beyond reason. Good thing we've got a Democrat in the White House.
Ms. B.
Updated by Badabing at Thu Mar 10, 2011, 03:09:15 PM
UPDATE: This story is now huge, it is the top headline on Huffington Post, whereas it was just an article when originally posted for you guys here. There are already over 1,000 comments on Huffington, and let me tell you people are steamed and really, really enraged at the Federal Reserve for yet another power grab that is nothing more than corruption.
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