Florida AG's Presentation of Evidence - SHOCKING

It's good stuff. This is the flip side of sloppy securitization and underwriting. Banks are stuck with mortgages from companies that are not around anymore and forging signatures left and right. Somehow the argument that the process is efficient is trumping the argument that the law is being broken. Barry Ritholtz and Yves Smith have been writing about this for some time.

let's hope elizabeth warren doesn't get the brooksley born treatment as we seek to regulate these thug banks

The good news is the FDIC has been pushing for better rules in foreclosures. The Federal Reserve and The OCC are run by the banks for the banks. Huffington ran a story that the Fed has been backing away from some recent egregious changes that would've been very anti-borrower.

no clue what your blather above means...again

geithner/bernanke have been work sleazily to subvert elizabeth warren from day one

funny i dont see a link to this "story"---despite that you have linked 1000's here

The practical question here is, and I hate to say it, because I'd love to see some of the "criminal activity" here lead to prison time, what would happen to the overall RE market & economy if we really tried to prosecute everyone involved in this mess? Would it cause the banking system to fail since the fraud seems so widespread?

If the banking system only continues to function as the result of widespread criminal activity, it's time to blow it up. Having said that, I strongly suspect that it's not the case that the entire system would melt down if fraud like this were prosecuted, although it will likely result in significant losses to banks as they'll wind up with a bunch of worthless paper for loans that they can no longer prove they actually own.

Well you are following the Tim Geithner's line of reasoning here. Bac owed Freddie 11 billion dollars for giving it bum mortgages, but they settled on 2 billion (that's 9 billion being borne by us tax payers via Fannie/Freddie) for the supposed benefit of saving the banking system.

1. I just looked at a couple dozen of the on-line documents
2. naming fictitious John and Jane Does is standard lawsuit practice
3. it's done because actual names of necessary defendants are often initially unknown
4. there is also nothing wrong with assigning a mortgage after a lis pendens has been filed
5. means only that the owner wants to sell, and can be dealt with by changing name of plaintiff

6. as to assigning from extinct banks: that's most likely a clerical error resulting from preparing
documents based on the actual documents in a file

7. that much said, at least some of the other stuff is criminal
8. false notarization; false swearing under oath; filing a false instrument

9. the worst is filing a false affidavit of amount due since it affects ability to pay off the
loan before foreclosure

10. if the lender's original demand for payment was also false and overstated, the foreclosure
is a nullity, because the right to foreclosure doesnt mature until a proper demand for
payment has been served and not complied with

11. the government should identify all malfeasants and indict and disbar wherever possble.

ignoring the blather....

that we can ignore "laissez faire" consequences for the rich and powerful at money center and investment banks to "save the system" is a huge con--if bankers have done crime they should be prosecuted, and if they run their businesses to bankruptcy, they should be allowed to fail and put on the street, as any financially broken middle-class household is every day

forgery of government documents is a crime, no?

redblatherer, where's the link to the first "story" youve ever cited and not linked??

or were you just all lathered up blathering...again...stupid question i guess

redblatherer, where's the link to the first "story" youve ever cited and not linked??

or were you just all lathered up blathering...again...stupid question i guess

What we're saying is expediency trumps rule of law. The A.G'S cannot go along with this. It's a disgrace.

rb345--It's not entirely clear from the docs, but I assume the problem is that the assignment after the lis pendens is that the assignment is to the entity that filed the lis pendens (in other words, they didn't own the note at the time they filed the lis pendens).

The question relates to whether the mortgage note and lien can exist seperately. Also is it necessary to own the mortgage before foreclosing. The banks would argue , this is much to do about nothing since the borrower isn't paying anyway.

Jordyn:

I couldnt tell - actually didnt look to see - if the assignments were intended to vest
plaintiffs with title after suit was commenced in their names.

Even if that were the case, there is no real prejudice to a debtor from that being done
as long as the debtor acrtually and still owes the amount claimed by the lender.

Many of the other documents, however, pereptrated extremely serious frauds because they
concerned borrowers actual liabilities and debts, are were filed in violation of variuous
penal statutes, and in an ideal world all perpetrators would be prosecuted aggressively.

How long until angry mobs publicly execute bank executives?