Are You Kidding? AIG to Join Suit Against Goverment for Bailout Terms

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Editor’s Comment: It is a total farce. Companies that were supposedly saved from the brink of bankruptcy and shame, who played a part in defrauding investors and homeowners across the world are now suing their savior and protector. The people who sit on the Board of Directors of these companies are sitting in a bubble of pure fiction. Yet AIG is now considering the lawsuit as a channel by which they can get even more money from the U.S. Taxpayers and cause even more damage to the U.S. economy.

Greenberg, the head of AIG has had the lawsuit going on for a while now saying, on behalf of himself as a shareholders and on behalf of other shareholders that the onerous terms placed on AIG deprived shareholders of value without due process!

Now AIG itself is thinking of joining the lawsuit because if Greenberg wins then the Board could be liable for failure to act.

“Thank you America” has been advertised by AIG since the bailout. I would now add THANK YOU to Greenberg and AIG for bringing up the one thing that Judges don’t want to hear from investors or shareholders — due process under the 5th and 14th Amendment to the U.S. Constitution.

Besides being spectacularly hypocritical, ungrateful and greedy, Greenberg and AIG have become the new poster boy for Wall Street arrogance. They have also opened the door to consideration of non-judicial foreclosure, as applied, and judicial foreclosure, as applied, in the absence of any proof of payment and standing as a creditor with rights to submit a credit bid at auction.

In the non-judicial states the “private contract” has allowed actions of controlled trustees on deeds of trust appointed by non-creditors in a document common to all loans subject to false claims of securitization (substitution of trustee). The notice of default and notice of sale take the place of a judicial foreclosure — but they are false and we know they are false. The same parties filing a judicial foreclosure would lose.

In both judicial states and all judicial actions the courts have made the assumption that the debt is valid (not true as to the party filing) the default is real (not if the payment isn’t due to the actual creditor who continues receiving payments after notice of default), the note is proper and presumptive evidence of payment or funding of the loan by the payee (almost never true) and that an assignment is presumptive evidence of the sale without proof of payment. The requirement that the party seeking affirmative relief (the forecloser) actually prove a case rather proffer it has been discarded.

There is nothing wrong with the statutes in the judicial states but the non-judicial states have opened a hole of moral hazard the size of the Grand Canyon. And where moral hazard is present, the banks are not far behind. In this case AIG took advantage of the receipt of fees for insurance of bogus mortgage bonds; their failure to perform due diligence and verify the validity of the bonds and the non-existent mortgages that “backed” the bonds was either intentional or negligent. They had insured more than they were worth and that was either intentional or negligent. The government came in, paid off the insurance contracts, and then gave the company back to AIG shareholders when it was “healthy.”

AIG has already sued Goldman on the same facts. The insurance contracts expressly waived any right to go after the borrowers. In most insurance contracts subrogation it is expressly assumed and allowed. The reason for this anomaly was that the banks were able to get 100 cents on the dollar of a loss they never had and they refused to give up a penny of it to the investors they had defrauded or the borrowers whose loan balances would have and should have been correspondingly reduced. What a deal! The investors lose their money, the insurers lose their money, the borrowers don’t get credit for the pay-down of their loans and the bank, claiming the loss to be their own, get the insurance, federal bailout money and the proceeds of credit default swaps.

When I practiced law I learned the hard way that demanding and getting more than your client should get will get you reversed on appeal on the basis that the evidence doesn’t support the verdict or judgment. In lay language, if you are going to be a pig about it, expect to be cooked.

These developments are upside down. AIG should be thanking the American people for the next 100 years and perhaps learning a few things of the due diligence expected of them. Instead, in our litigious society, the lawyers think they have created a long shot of getting billions of dollars more FROM the American taxpayer instead of FOR the American taxpayer.

Many of us were taught as children that there is no free ride. Now we hear there will not be a free house for homeowners whose loan balance has been paid in full. The assumption is that debt is correctly stated and the creditor is correctly identified when neither assumption is true. But the bigger assumption is that all borrowers are either deadbeats or potential deadbeats and that just isn’t true either.

And worst of all, you have AIG et al tying up the government process with a discovery demand of 16 million documents — opening yet another door for those practicing under the rubric of Deny and Discover. Don’t shy away from asking for what you want and nail down the money trail with demands for canceled checks, wire transfer and ACH receipts. And where a judge accepts a proffer instead of proof, call him or her out on it. That’s where due process comes in. Due process doesn’t promise justice but it does promise a hearing in accordance with required notice and an opportunity to be heard. At that hearing the burden is always on the party seeking affirmative relief (foreclosure). Once it comes down to real proof instead of proffers, it is the banks who reveal themselves as pigs to be cooked.

Deny the whole transaction because there was no payment or funding alleged and no payment or funding proven. That is because investors supplied the money thinking that they were buying into REMICs. They didn’t. Investor money was commingled from all investors in accounts that were layered over with false documentation to give the investor the impression he was the owner of a bona fide mortgage backed bond issued by a REMIC trust. In fact the pension fund investor owned nothing and had merely loaned the money to the investment banker who played with it and created the appearance of trading profits and fees and expenses and then funding bad mortgages in REMIC tranches where the investment banker could torpedo the whole thing, collect insurance, CDS proceeds and federal bailouts.

The government has been reluctant to get into the complexity of these fictitious transactions. Now that they are being sued, they might well be forced to do the digging they should have done in the first place. So Thank You again Mr. Greenberg!

Rescued by a Bailout, A.I.G. May Sue Its Savior

By BEN PROTESS and MICHAEL J. DE LA MERCED
NY Times

Fresh from paying back a $182 billion bailout, the American International Group Inc. has been running a nationwide advertising campaign with the tagline “Thank you America.”

Behind the scenes, the restored insurance company is weighing whether to tell the government agencies that rescued it during the financial crisis: thanks, but you cheated our shareholders.

The board of A.I.G. will meet on Wednesday to consider joining a $25 billion shareholder lawsuit against the government, court records show. The lawsuit does not argue that government help was not needed. It contends that the onerous nature of the rescue — the taking of what became a 92 percent stake in the company, the deal’s high interest rates and the funneling of billions to the insurer’s Wall Street clients — deprived shareholders of tens of billions of dollars and violated the Fifth Amendment, which prohibits the taking of private property for “public use, without just compensation.”

Maurice R. Greenberg, A.I.G.’s former chief executive, who remains a major investor in the company, filed the lawsuit in 2011 on behalf of fellow shareholders. He has since urged A.I.G. to join the case, a move that could nudge the government into settlement talks.

The choice is not a simple one for the insurer. Its board members, most of whom joined after the bailout, owe a duty to shareholders to consider the lawsuit. If the board does not give careful consideration to the case, Mr. Greenberg could challenge its decision to abstain.

Should Mr. Greenberg snare a major settlement without A.I.G., the company could face additional lawsuits from other shareholders. Suing the government would not only placate the 87-year-old former chief, but would put A.I.G. in line for a potential payout.

Yet such a move would almost certainly be widely seen as an audacious display of ingratitude. The action would also threaten to inflame tensions in Washington, where the company has become a byword for excessive risk-taking on Wall Street.

Some government officials are already upset with the company for even seriously entertaining the lawsuit, people briefed on the matter said. The people, who spoke on the condition of anonymity, noted that without the bailout, A.I.G. shareholders would have fared far worse in bankruptcy.

“On the one hand, from a corporate governance perspective, it appears they’re being extra cautious and careful,” said Frank Partnoy, a former banker who is now a professor of law and finance at the University of San Diego School of Law. “On the other hand, it’s a slap in the face to the taxpayer and the government.”

For its part, A.I.G. has seized on the significance and complexity of the case, which is filed in both New York and Washington. A federal judge in New York dismissed the case, while the Washington court allowed it to proceed.

“The A.I.G. board of directors takes its fiduciary duties and business judgment responsibilities seriously,” said a spokesman, Jon Diat.

On Wednesday, the case will command the spotlight for several hours at A.I.G.’s Lower Manhattan headquarters.

Mr. Greenberg’s company, Starr International, will begin with a 45-minute presentation to the board, according to people briefed on the matter. Mr. Greenberg is expected to attend, they added.

It will be an unusual homecoming of sorts for Mr. Greenberg, who ran A.I.G. for nearly four decades until resigning amid investigations into an accounting scandal in 2005. For some years after his abrupt departure, there was bitterness and litigation between the company and its former chief.

After the Starr briefing on Wednesday, lawyers for the http://topics.nytimes.com/top/reference/timestopics/organizations/t/treasury_department/index.html?inline=nyt-org”>Treasury Department and the http://topics.nytimes.com/top/reference/timestopics/organizations/f/federal_reserve_bank_of_new_york/index.html?inline=nyt-org”>Federal Reserve Bank of New York — the architects of the bailout and defendants in the cases — will make their presentations. Each side will have a few minutes to rebut.

While the discussions are part of an already scheduled board meeting, securities lawyers say it is rare for an entire board to meet on a single piece of litigation.

“It makes eminent good sense in this case, but I’ve never heard of this kind of situation,” said Henry Hu, a former regulator who is now a professor at the University of Texas School of Law in Austin.

It is unclear whether the directors are leaning toward joining the case. The board said in a court filing that it would probably decide by the end of January.

Until now, the insurance giant has sat on the sidelines. But its delay in making a decision, some officials say, has drawn out the case, forcing the government to pay significant legal costs.

The presentations on Wednesday come on top of hundreds of pages of submissions that the government prepared last year, a time-consuming and costly process. The Justice Department, which assigned about a dozen lawyers to the case and hired outside experts, told a judge handling the matter that Starr was seeking 16 million pages in documents from the government.

“How many?” the startled judge, Thomas C. Wheeler, asked, according to a transcript.

Struck just days after the collapse of Lehman Brothers in September 2008, the bailout of A.I.G. proved to be among the biggest and thorniest of the financial crisis rescues. The company was on the brink of collapse because of deteriorating mortgage securities that it had insured through credit-default swaps.

Starting in 2010, the insurer embarked on a series of moves aimed at repaying its taxpayer-financed bailout, including selling major divisions. It also held a number of stock offerings for the government to reduce its stake, which eventually generated a roughly $22 billion profit.

Overseeing that comeback was a new chief executive, Robert H. Benmosche, a tough-talking longtime insurance executive. Mr. Benmosche has won plaudits, including from government officials, for his managing of A.I.G.’s public relations even as he helped nurse the company back to financial health.

But he and the rest of A.I.G.’s board must now confront an equally pugnacious predecessor in Mr. Greenberg.

In the case against the government, Mr. Greenberg, through his lead lawyer, David Boies, contends that the bailout plan extracted a “punitive” interest rate of more than 14 percent. The government’s huge stake in the company also diluted the holdings of existing shareholders like Starr, which at the time was A.I.G.’s largest investor.

“The government has been saying, ‘We’re your friend, we owned and controlled you and we let you go.’ But A.I.G. doesn’t owe loyalty to the government,” a person close to Mr. Greenberg said. “It owes loyalty to its shareholders.”

The government, Starr argues, used billions of dollars from A.I.G. to settle credit-default swaps the insurer had with banks like http://dealbook.on.nytimes.com/public/overview?symbol=GS&inline=nyt-org”>Goldman Sachs. The deal, according to the lawsuit, empowered the government to carry out a “backdoor bailout” of Wall Street.

Starr argued that the actions violated the Fifth Amendment. “The government is not empowered to trample shareholder and property rights even in the midst of a financial emergency,” the Starr complaint says.

The Treasury Department declined to comment. A spokesman for the Federal Reserve Bank of New York, Jack Gutt, said, “There is no merit to these allegations.” He noted that “A.I.G.’s board of directors had an alternative choice to borrowing from the Federal Reserve, and that choice was bankruptcy.”

A federal judge in Manhattan agreed, dismissing the case in November. In an 89-page opinion, Judge Paul A. Engelmayer wrote that while Starr’s complaint “paints a portrait of government treachery worthy of an Oliver Stone movie,” the company “voluntarily accepted the hard terms offered by the one and only rescuer that stood between it and imminent bankruptcy.”

The United States Court of Appeals for the Second Circuit recently agreed to review the case on an expedited timeline. The judge in the United States Court of Federal Claims in Washington, meanwhile, has declined to dismiss the case and continues to await A.I.G.’s decision.

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48 Responses

  1. My thoughts on balancing the pros and cons of the suit, as well as balancing the legal goals and public relations goals here: http://christopherneill.wordpress.com/2013/01/18/aig/

  2. ……..plus all the bailout money…..plus interest…

  3. AIG IS THE BANK OF CHINA IN DISGUISE…..THEY OWE THE AMERICAN PEOPLE $600 TRILLION DOLLARS…..

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  5. The very diabolical and maniacal crooks who robbed us of almost everything now want to take away all of our legal rights to defend ourselves not from each other, but our legal rights to defend ourselves from them, and the horrible economic and social conditions they themselves created. They want to license guns so they can pry into our personal lives. That is not only dangerous, but criminal, considering they fear all of us, and the Second Amendment makes no exceptions in regards to our legal right to keep and bear arms. We should never give up any of our rights but especially our right to keep and bear arms. Without that, we are all sitting ducks. If we allow that, these crooks will soon after, start labeling us and committing the most heinous acts upon us since the holocaust and the media will never report it for fear they will be severely punished.

  6. There comes a time when the corruption is so extreme that those who know the truth and refuse to speak the truth are more criminal than the criminals themselves. That is what Kudlow and many other well educated Americans are doing. Playing stupid when you know the truth is empowering and enabling the worst of mankind to do the worst things imaginable to EVERYONE…

  7. Kudlow tonight sounds like he may be going senile. He said Obama may use his Executive power to disarm our Second Amendment Rights & that Obama is wrong to ever do so because he believes in our Second Amendment Rights……HOWEVER….
    he also believes the Federal Government, who work for the biggest criminal psychopaths on the planet, should be allowed to evaluate our mental health before we purchase a firearm….and WE THE PEOPLE should allow the Government to invade our privacy every 5 years and “check up” on our mental health and re-register. I agree with Jesse Ventura & members of the military…we won’t register so they can criminalize our legal rights. Kudlow said he doesn’t believe in 100 round ammo, etc..semi automatic weapons…no one said Larry that you have to own one….but in a Constitutional Republic, I have a right to be armed as I feel necessary..The crooks are armed to the teeth while we are being disarmed…?

  8. 23/41

  9. Local cops out in force today warning people to renew their license plates. There used to be a window of time, you had until the end of the month to renew, the cops are saying ….that is not true anymore because the State of Illinois is broke (robbed) and the (tyrant traitor criminal politicians who robbed us) are cracking down on the citizenry….

  10. The Government Corp is slowly destroying anything of value or virtue in America by destroying moral values and poorly educating the masses. Time to exit their b.s. democracy and re establish our Constitutional Republic.

  11. Please allow me to correct my error below….I am having a sticky keys issue again…NO MLB PLAYERS WILL BE INDUCTED INTO THE HALL OF FAME…

  12. BREAKING NEWS… MLB players will be inducted into the HALL OF FAME this year. The steroid controversy is playing a major role here. As if this is suddenly the land of spotless virtue…I am not condoning drug abuse by the players, just stating a fact. What a shame our kids are such a mentally abused generation.

  13. CNBC Rick Santelli put it best….The U.S. TAXPAYERS pay for everything upfront, the FED borrows our wealth, prints the money and hands us their bills. As a result, the FED owes U.S. TAXPAYERS GAZILLIONS…GAZILLIONS meaning an innumerable amount of money.

    This is what I have been screaming about….The banking scam is outed…CNBC hosts also said…Wall Street DOES NOT OWN ANYTHING…THEREORE THEY ARE NOT SELLING ANYTHING….

    THE SELLING OF CREDIT & INVESTMENTS ARE NOT OWNERSHIP…OR AN ENTITLEMENT PROGRAM…THATS WHY SIGNATURE OR INDORSEMENT DOES NOT GUARANTEE A SECURITY ENTITLEMENT…..THESE ARE NOT SECURITY ENTITLEMENTS …
    BECAUSE THE ISSUER NEVER HAD POSSESSION…BY CONSIDERATION AND ACCEPTANCE….

    THE POLITCIANS ARE ALL LYING TO US….THE NATIIONAL DEBT IS A WORK OF FICTION…THE FED ARE IN DEFAULT TO THE U.S. TAXPAYERS FOR GAZILLIONS….THAT IS WHAT THE POLITICIANS ARE HIDING…THE TBTF BAILOUTS & THE FRAUDCLOSURES AS WELL AS THE NATIONAL DEBT ARE CONTROL FRAUD MACHINATIONS OF THE RICH….LIES AND FASCISM ARE BEING TOLD BY THE TRAITOR POLITICIANS TO MAKE US BELIEVE AMERICA IS BROKE….AMERICA IS NOT BROKE…AMERICA AND THE U.S. TREASURY DEPARTMENT ARE BEING HELD HOSTAGE AND ROBBED BY THE FEDSTERS AND THIS IS BEING ALLOWED BY THE POLITCIANS….THE TRAITORS FROM WITHIN..

  14. I read something about this a while back, here I believe. Just found this recent article with case law. Don’t know how that would serve any homeowner but who knows…

    “Whose money did they loan?

    Please read these cases, then open the gif for Title 62 Revised Statutes Chapter 4. Read section 37 real close and ask yourself, Who’s money did they loan?

    A national bank cannot lend its credit or become the guarantor of the obligation of another unless it owns or has an interest in the obligation guaranteed especially where it receives no benefits therefrom. Citizens’ Nat. Bank of Cameron v. Good Roads Gravel Co., Tex.Civ.App.1921, 236 S.W. 153, dismissed w.o.j.

    A national bank has no power to guarantee the performance of a contract made for the sole benefit of another. First Nat. Bank v. Crespi & Co., Tex.Civ.App.1920, 217 S.W. 705, dismissed w.o.j.

    National banks have no power to negotiate loans for others. Pollock v. Lumbermen’s Nat. Bank of Portland , Or.1917, 168 P. 616, 86 Or. 324.

    A national bank cannot act as broker in lending its depositors’ money to third persons. Byron v. First Nat. Bank of Roseburg , Or.1915, 146 P. 516, 75 Or. 296.

    A national bank is not authorized to act as a broker in loaning the money of others. Grow v. Cockrill, Ark.1897, 39 S.W. 60, 63 Ark. 418. See, also, Keyser v. Hitz, D ist.Col.1883, 2 Mackey, 513.

    Officers of national bank in handling its funds are acting in a fiduciary capacity, and cannot make loans and furnish money contrary to law or in such improvident manner as to imperil its funds. First Nat. Bank v. Humphreys, Okla.1917, 168 P. 410, 66 Okla. 186.

    Representations made by bank president to proposed surety as to borrower’s assets, in connection with proposed loan by bank, held binding on bank. Young v. Goetting, C.C.A.5 ( Tex. ) 1926, 16 F.2d 248.

    Bank is liable for its vice president’s participation in scheme to defraud depositor by facilitating prompt withdrawal of his money. National City Bank v. Carter, C.C.A.6 ( Tenn. ) 1926, 14 F.2d 940.

    A national bank receiving the proceeds of a customer’s note and mortgage with authority to pay out the same upon a first mortgage lien upon real estate is acting intra vires and liable for breach of its duty. Brandenburg v. First Nat. Bank of Casselton, N. D .1921, 183 N.W. 643, 48 N. D . 176.

    It has been held that the right to discount and negotiate notes, etc., goes no further than to authorize the taking of them in return for a loan of money made on the strength of the promises contained in them, and does not contemplate a purchase in the market. Lazear v. National Union Bank, Md.1879, 52 Md. 78, 36 Am.Rep. 355. See, also, Rochester First Nat. Bank v. Pierson, 1877, 24 Minn. 140, 31 Am.Rep. 341.

    National bank is not authorized under national banking laws to lend deposited money on depositor’s behalf. Carr v. Weiser State Bank of Weiser, Idaho 1937, 66 P.2d 1116, 57 Idaho 599.

    Under this section, a national bank had no authority to enter into a contract for loaning money of a depositor kept in a deposit account through its cashier authorized by the depositor to draw thereon to make loans. Holmes v. Uvalde Nat. Bank, Tex.Civ.App.1920, 222 S.W. 640, error refused.

    A bank has no right to loan the money of other persons. Grow v. Cockrill, Ark.1897, 39 S.W. 60, 63 Ark. 418.

    A “deposit for a specified purpose” is one in the making of which a trust fund is constituted with respect to which a special duty as to its application is assumed by the bank. Cooper v. National Bank of Savannah , Ga.App.1917, 94 S.E. 611, 21 Ga.App. 356, certiorari granted 38 S.Ct. 423, 246 U.S. 670, 62 L.Ed. 931, affirmed 40 S.Ct. 58, 251 U.S. 108, 64 L.Ed. 171.

    Fund, deposited in bank for special purpose subject to depositor’s check, remains property of depositor. U.S. Shipping Board Emergency Fleet Corporation v. Atlantic Corporation, D .C.Mass.1925, 5 F.2d 529, error dismissed 16 F.2d 27.

    ‘In the case of a special deposit, the bank assumes merely the charge or custody of property, without authority to use it, and the depositor is entitled to receive back the identical money or thing deposited. In such case, the right of property remains in the depositor, and if the deposit is of money, the bank may not mingle it with its own funds. The relation created is that of bailor and bailee, and not that of debtor and creditor.’ 3 R.C.L. 522. Tuckerman v. Mearns, App. D .C.1919, 262 F. 607, 49 App. D .C. 153.

    National banks are liable for the loss of property held by them merely for the accommodation of their customers, without any consideration for the keeping of it except the profit derived from the banking business of such customers. Security Nat. Bank v. Home Nat. Bank, Kan.1920, 187 P. 697, 106 Kan. 303.”

  15. http://www.reuters.com/article/2013/01/09/us-aig-lawsuit-government-idUSBRE9080S720130109?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28Business+News%29

    “AIG board meets on possible lawsuit vs. government as public rages

    Wed Jan 9, 2013 10:59am EST

    (Editors: Note questionable language in fifth paragraph)

    By Ben Berkowitz

    (Reuters) – The board of American International Group Inc met on Wednesday to consider a lawsuit against the U.S. government over the terms of the company’s bailout, a discussion directors defended as their responsibility but one that critics condemned as the height of ingratitude.

    AIG is weighing whether to join a lawsuit filed by its former chief executive, Hank Greenberg, and his company Starr International, which owned 12 percent of the insurer before its rescue.

    Greenberg alleges the rescue was unfair to shareholders, and that the Federal Reserve Bank of New York charged an excessive interest rate on its initial loan. He has sought billions of dollars in damages.

    The idea AIG might sue the government struck a raw nerve with the public, which took to the Internet to vent its anger at what it views as the company’s audacity. The volume of AIG mentions on Twitter rose more than 50-fold Tuesday, according to Topsy Analytics.

    Former Obama administration adviser Austan Goolsbee said, “GO SCREW YOURSELVES” in a multi-tweet tirade. Comedian Andy Borowitz drafted a mock letter from the company to taxpayers, asking for more bailout money to pay for the cost of the lawsuit. Dozens of obscene comments were aimed at Chief Executive Robert Benmosche…”

    Click on the link for the entire article. In short, people are ready for the pitchforks. But just against AIG.

  16. Everybody is making side negotiations and settling but, as usual, no one knows where all that money is going… and homeowners are still being foreclosed on day in, day out.

    Goldman, Morgan Stanley to also settle on foreclosures -sources

    Tue Jan 8, 2013 6:42pm EST

    Jan 8 (Reuters) – Goldman Sachs Group Inc and Morgan Stanley are expected to agree as soon as this week to a $1.5 billion settlement with federal regulators over botched foreclosure claims, two sources familiar with the matter said on Tuesday.

    The accord would come on the heels of a separate $8.5 billion settlement announced on Monday with 10 bigger mortgage servicers, including America Corp, Citigroup Inc, JPMorgan Case & Co, Wells Fargo & Co.

    HSBC Holdings Inc, Ally Financial Inc, EverBank Financial Corp and OneWest Bank FSB have also said they are in settlement discussions with the Federal Reserve and the Office of the Comptroller of the Currency.

    The two sources did not want to be identified because they were not authorized to speak publicly about the settlement.

    A spokeswoman for the Federal Reserve reiterated a previous statement that the Fed and the OCC continue to work with other parties outside of Monday’s accord to reach similar agreements. Representatives of the OCC did not immediately respond to a request for comment.

    The expected settlement for Goldman and Morgan Stanley stems from mortgage-servicing businesses that the two investment banks purchased in the run-up to the subprime mortgage crisis, and have since sold. Goldman had owned Litton Loan Servicing LP and Morgan Stanley owned Saxon Capital Inc.

    The Federal Reserve had ordered the two firms to conduct case-by-case reviews of foreclosures after widespread mistakes were discovered across the industry in the way U.S. banks had processed home seizures. The settlement would end those reviews and result in at least $1.5 billion in cash and assistance for borrowers.

  17. Everybody knows that signatures were “lifted” from one document onto another. Hence the need for anyone serious about fighting the banks to obtain a copy of the lenders’ documents allegedly retained at closing and compare them with the two copies homeowners are supposed to have received withing a few days of closing. That’s how i discovered that the lenders’ copies were not exactly the same as mine…

    http://www.msfraud.org/LAW/Lounge/Expert-Declaration-of-Forgery_Dr_Kelley_1-13.pdf

  18. CNBCs DIANA OLICK REPORTING THE BANKS “OWN” OUR PROPERTY AND RENTALS ARE BECOMING A “NEW ASSET CLASS”….. THERE YOU HAVE IT AMERICA….ALL THE PROOF YOU NEED THAT THE 08 FINANCIAL CRISIS WAS WELL DESIGNED BY THE FED SHAREHOLDERS AND THEIR INVESTORS TO STEAL OUR PROPERTY AND TURN US INTO A NATION OF RENTERS OF OUR OWN PROPERTY…TIME TO ARM OURSELVES AMERICA.

  19. I agree with your comment on Boehners remarks trespass.

    CNBC reporting Jack Lew to be named to replace Geithner at the Treasury. They interviewed former FDIC chair Sheila Baird on her opinion. She seems apprehensive to comment on much. She said any appointment to the Treasury is going to meet harsh opposition from the Senate. When asked is she wished more woman were appointed to positions of power she said yes and used Valerie Jarrett as an example of women in power. Yuck…!

    Diana Olick reporting the crooks and their NATION OF RENTERS dream is slowly coming true…..

  20. What I have learned out of this mess…never stop paying attention. Because the minute you do, these crooks will use that against you. The Illinois State Legislature has so far failed to pass draconian measures that would allow the cops to confiscate our weapons. The way they were going to do that is despicable. They were going to give registered gun owners a small window of time to turn in their weapons or you would face criminal prosecution. The crooked politicians are vowing to take away our second amendment rights by spring. This proves they intend to permanently harm us and this also proves how they will plan to use gun registration to confiscate our weapons and steal our rights under the guise of protecting us. You can never trust the Politicians …..NEVER…. To those who say shut off the mainstream media I say never…. It is up to all of us to educate ourselves and remain vigilant and watch every move they make because, what they are planning is so evil, so fascist and so criminal, NO ONE would want to live under it. It would make Stalin’s Russia look like a free country.

  21. I forgot to add this letter was sent in August of 1995 from the Cardinal of Portugal to the Cardinal of Rome regarding the evil in the Vatican. Anyone who does not believe religion has played a huge role in where the world is today, are being misled. Reading this letter is helpful to understand how trust under the guise of religion was used as a very deceptive tool to hide real evil. This is the same method they used in America to gain trust under the guise of corporatism….trusted names that sound American like Bank of America……names that sound Governmental like the FEDERAL Reserve Bank that is not FEDERAL…but is a private bank….controlled by 8 largesse families who are the same shareholders who are also the investors in the 4 largesse institutional investment companies who are invested in…OUR UTILITY COMPANIES………our property…..and trusted American names like….DOW…PROCTOR & GAMBLE, SHELL OIL…R.J. REYNOLDS, COKE, ROYAL CROWN COLA, PEPSI…ALL CONTROLLED BY THE FOREIGN MULTINATIONAL INVESTORS……all funded by all of us.

  22. Catholics who were brought up in the faith will appreciate reading this letter. This letter was sent to the Vatican hierarchy from the Cardinal who is utterly disgusted with them. This letter was sent to tell them off about what a miserable world they created and as a result, Gods fury will come upon them. This letter gives me hope that there are still a lot of honest and good people left in the world who have the guts to tell these jerks like it is ….
    http://www.mgr.org/gantin082995.html

  23. Lets add a motive to this modus operandi…..Who had something to gain from this…..?….The FED….THEIR ONLY SHAREHOLDERS & ISSUERS WHO ARE THE BANKS/WALL STREET….AND THEIR INVESTORS WHO WERE ALL INSURED TO THE HILT….TO THE TUNE OF $600 TRILLION TRILLION DOLLARS….

  24. Please allow me to rephrase that…..really good scam artists work under the radar…they gain your trust by first telling you some truth…so you believe the big lie they are about to sell you …. so you can’t see they are going to rob you…Then later ……much later… by the time you realize you were robbed, you will have a hard time proving it. This is especially true when many scam artists that you trust are all working as separate entities who are really one giant racket, disguised as separate, trustworthy entities. The more players that are involved, the less likely you will be believed that so many different players would work in concert to orchestrate a scenario that complex that would be aimed at you. The only reason why that scam would fail would be if there were millions of victims of that scam, all telling virtually the same story. Millions of cooberating stories by millions of victims is very incriminating evidence that proves…..a) this was intended to be deceptive and; b.) by that deception that can only mean this is a vast criminal conspiracy to defraud millions of Americans and; c.) by many entities engaging in that conspiracy is proof of intent to harm…

  25. I watch ALL of them tresspass…that is our job…to stay vigilant and see what they are up to. I know when they are lying. They would love nothing more than to see we are not paying attention to their scam….that is how scam artists work…UNDER THE RADAR…I EXPOSE THEIR LIES…..They don’t want that….CITZEN JOURNALISM…CITIZEN BLOGGERS WHO EXPOSE ALL OF THEIR LIES AND THEIR FRAUD….THEY ABSOLUTRLY HATE THAT… I agree we do need to go back to our Constitutional Republic and Democracy is a sham & a fraud these crooks used to try to take the power of the people out of our hands & they nearly succeeded..

  26. While we all remain hopeful, most of us see this as most likely another deceptive way to control fraud. Obama said a while back, we don’t understand how the financial system works. Many don’t, but alot of us do know the truth is, the financial system runs on FRAUD…..and if they take FRAUD out of the equation, they are out of business…Most of us have lost our trust in these politicos who are complete liars becase they are completely invested in this scam to steal our wealth, property, livelihoods, and businesses and our right to bear arms, our last legal right to defend ourselves, which is what guarantees our freedom and independence. Guns are the only thing keeping their evil plan to steal it all from us from coming true. By the time this all ends I don’t believe they will ever be trusted again, at least not in our lifetimes. This lack of trust of the politicians and the banks was needed. We all need to be woken up and reminded from time to time….NEVER EVER TRUST A POLITICAN OR A BANK….

  27. Stripes, it may be the corporate US is going broke. The Constitutional US could be taking it’s place.

    It was the bankruptcy of the Constitutional US that allowed a corporate take over, so says the redemption community.

    I’m not astute in history, but many have traced the ownership of the United States, to someone outside of the United States, and they say the President is like a CEO of any corporation, he’s appointed.

    Rumor is, if they go broke, the People can vote in a President for the first time in a long time.

    We shall see how this plays out.
    I’d love to see those fed boys get a trillion dollar coin that can never be cashed. That would be cool for all the Money from nothing they put in our economic system and had us work for.

    They control the bills, US Mint controls coins, thank goodness that right never got taken away.

    Watch it play out. The news is distorted.

    Two horse race, my horse comes in second yours comes in first.
    News will say my horse came in second place and yours came in next to last.

    Do not believe anything you see on t.v. It’s High Definition, CGI is really good these days, and even if everyone around you is coughing don’t take their word it’s the flu, there could be excessive tree pollen released in your area to make you think the flu bug has gotten everyone.

    It’s all distortion. Believe it and fall for it, or keep your power and turn your back on them. They will notice the back turned.

    someone suggested people go see them speak and stand there with our backs to them.

    Tell me that won’t affect someone to know we don’t care to hear what is said because it’s not true.

    Waste our time, but it is their channel, their anchors, their news, their business and it generates revenue when they get you to come in and turn them on and watch them.

    Love.

    Trespass Unwanted.

  28. Full Text of Boehner’s speech.

    http://www.speaker.gov/video/full-text-speaker-boehner-addresses-opening-session-113th-congress

    Some terms that could mean admiralty or water or sea or docking or ship

    democracy’s great “port of call”
    reflection – (could mean the change in direction of a wavefront)
    refuse the pull of passing interests
    national debt is draining free enterprise
    and weakening the ship of state.
    American Dream is in peril
    weighed down by this anchor of debt
    Break its hold,

    Ships have a hold and an anchor. It’s an interesting speech.

    Lots of admiralty terms in it. It mentions Democracy once, but it also mentions Republic and I love the sentence. I felt by his statment alone he indicated we had transformed form a majority rule Democracy to a right of self government Republic.

    Now if everyone in the United States want tuna fish and I want Peanut Butter and Jelly, we can both have what we want without me feeling over powered by mob rule or majority rule and having my right to determine what is right for me usurped by a group that is not uniquely Me.

    Trespass Unwanted, Corporeal, Life, Free, Independent, State, People, In Jure Proprio, Jure Divino

  29. FOX so called news reporting….U.S. ABOUT TO GO BROKE…
    LIARS…!
    The TRUTH….WE THE PEOPLE ARE ABOUT TO BE DEFRAUDED AND CLEANED OUT BY THE POLITICIANS WHO ALLOWED THE FED AND THEIR INVESTORS TO ROB US INTO THE POOR HOUSE..!

  30. New Congress has a lot on their plate and so far the House bills to repeal things look promising.

    http://www.govtrack.us/congress/bills/113/hr24/text
    Contains text
    SEC. 3. AUDIT OF LOAN FILE REVIEWS REQUIRED BY ENFORCEMENT ACTIONS.

    (a) In General- The Comptroller General of the United States shall conduct an audit of the review of loan files of homeowners in foreclosure in 2009 or 2010, required as part of the enforcement actions taken by the Board of Governors of the Federal Reserve System against supervised financial institutions.

    So it seems their little settlements on the side is a quick way to close things up, but if this bill makes it’s way, it will find out how much influence the Board of Governors of the Federal Reserve had in getting those institutions to do the right thing, and also how much power those reviewers had to “verify, confirm, or rebut the assertions and representations made by supervised financial institutions regarding the contents of loan files and the extent of financial injury to homeowners.”

    Of course there is some distortion in my communication because I’m picking and choosing what parts of the bill to focus on. And this is hearsay. You won’t get the real truth until you view the bill for yourself.

    Someone did a search on the word “repeal” and selecting the “113th Congress” in a section on the right of the main page to get a nice list of other things the new congress wants to repeal including the 16th Amendment, the Federal Reserve, the Patient Protection Affordable Care Act, acts created against proposed terrorists who are non-citizens of the United States, things to do with Guantanamo Bay and alternative holding sites, repealing denying Ex-offenders right to food stamps, tax on coins, and so much more, oh, withdraw from the United Nations and not pay them and close up anything they had here and remove peace keepers off the soil, etc..

    Even if the Act introduced are passed, some have text in them and the bill text indicates it’ll take a year, to 18 months, to 2 years for some things to take effect.

    I like that the Office of the Comptroller of Currency is not the one to do the Audit above. I need to research the role of the Comptroller General of the United States. I am totally unaware of their responsibilities.

    We are effecting change.
    Two years ago I called Game over and it’s coming to fruition and it needs to.

    Trespass Unwanted, Corporeal, Life, Free, Independent, State, In Jure Proprio, Jure Divino

  31. CNNs Anderson Cooper posing the question how much could the gun control issue cost politicians ….? Guests say they are not sure. IMHO…ZERO. WHY…? WE THE PEOPLE don’t elect anybody…..never did. That is the real reason why we are here.

  32. WOW ….!!! REALLY 60 MINUTES ON CNBC…?….THE POOR INVESTORS WEREN’T PROTECTED…? OH BULLSHIT….THEY HAD CREDIT DEFAULT SWAP INSURANCE TOO……BOTH THE ISSUER & THE INVESTOR WERE OVERINSURED AGAINST ANY & ALL RISK…IT WAS THE STAKEHOLDERS ……ALL OF US FRAUDCLOSURE VICTIMS WHO WERE NOT PROTECTED AGAINST THE RISK WALL STREET WAS CREATING WITH OUR SIGNATURES WITHOUT OUR KNOWLEDGE…..WE WERE THE ONLY PARTY IN THIS RIGGED GAME WHO HAD ANY SKIN IN THE PROPERTY AND WERE NEVER TOLD OF THE RISK….AND THAT WAS INTENTIONAL …HOW CAN THAT BE PROVEN…..? AIG HAD $600 TRILLION DOLLARS IN CREDIT DEFAULT INSURANCE CLAIMS WITH NO COLLATERAL BACKING THAT UP…… THERE IS YOUR PROOF OF INTENT TO HARM….

  33. ILLINOIS DEMORATS LOSE BID TO PASS FIREARMS CONFISCATION BILL……Read all about it…. http://fourwinds10.net/

  34. Lanny Breuer says in order to use Sarbannes they have to prove intent…..but…..they can’t find it…..! Heres your proof jerkinheimer….There is a QUADILLION DOLLARS IN DERIVATIVES FRAUD WITH NO COLLATERAL BACKING THAT UP….. THEREFORE……THE FED & THEIR SHAREHOLDERS & INVESTORS DON’T OWN ANYTHING …& WHY WOULD WALL STREET DO THAT….? SO THE FED & THEIR INVESTORS CAN SAY………WE OWN YOUR PROPERTY ….YOUR CHILDREN ……..WE OWN EVERYTHING & WE OWN YOU….! OH HELL NO……!

  35. A NATION OF RENTERS IS THE ULTIMATE CONTROL FRAUD SOLUTION FOR THESE CROOKS TO TAKE THE COUNTRY OVER WITHOUT EVER FIRING A SHOT…..NO WALL STREET PROSECUTIONS BECAUSE WALL STREET DID EXACTLY WHAT THEY WERE TOLD TO DO……FORGET THE CUFFS….WE NEED TO CALL THE EXORCIST….

  36. EXCUSES…..EXCUSES……EXCUSES….60 minutes on CNBC says…. “Risky” lending practices.. and the Government can find no way to use Sarbanes-Oaxley to prosecute high level crooks…..SEC can’t jail em….Lanny Breuer can’t find any intention to commit fraud……Just wait until the day the people figure out what they really did & why they did it……that’s why they want to cause a civil war between us ….. to divert our attention away from what they really want……A NATION OF RENTERS……THE DAY THEY TRY TO TELL US WE HAVE OWNERS AND WE ARE ALL RENTERS NOW……THEN IT WILL BE ALL OUT WAR…

  37. Beware their FIX for a Quadrillion in credit & investment fraud. The day the Politicians tell us ……YES…. what Wall Street did WAS CRIMINAL….. AND WE THE POLITICIANS ARE GOING TO FIX IT….That will be the day they tell WE THE PEOPLE…..THE FED NOW OWNS US AS A RESULT OF (WHAT THE POLITCIANS ALLOWED) WHAT WALL STREET DID…..AND WE ARE ALL RENTERS NOW….. THAT IS THE DAY WE THE PEOPLE START LOADING OUR WEAPONS….

  38. What more proof do we need these are predators, they are crooks and are out to destroy us..? AIG was $600 trillion in the red at the time of the so called “collapse” … These are criminal felons. Who could be $600 trillion in the red and get bailed out….? That could only happen in a nation where the Politicians are worse criminals than the actual perpetraitors….How comical that CNBC is running an all new program tonite at 11 entitled “Prosecuting Wall Street”….Asking why no criminal prosecutions of Wall Street…? Easy answer..because the shareholders, the investors who would include the politicians would have to go to prison first….. and Obama would be guilty of conspiring with the crooks and lying to the world by saying what Wall Street did was “reckless, but not necessarily criminal”……. As if overissuing investments in nothing by counterfeiting and forgery in our names and creating a quadrillion dollars in credit & investment fraud is not criminal……… the truth is it was heinously criminal and intended to cause permanent harm….there is no other explanation for no audits of the TBTF or the Treasury…. All of their fraud is hidden in their electronic bank and all the soured crap is in their black pool the FED keeps repurchasing to sell investments in their WORLD TAX NATION OF RENTERS CROCK OF BULLSHIT… The FED and their investors need to be hung…

  39. neidermeyer

    I have the same situation, as far as I can see. I’m trying to figure this out too. Been looking for satisfactions of deeds in any place they may have recorded them, daunting, but I’ll keep at it until I can’t.

    I have been thinking, what would be the need to change the loan numbers? I think because the notes are paid-in-full. Nothing else makes sense.

  40. heres another example of the hypocrisy- indymac receivership, fdic sold “certain assets” to one west, (ex goldman) next fdic sues indymac execs, but we have that sweetheart deal that died a sudden death after youtube.
    i cant get info under FOIA from either fdic or one west, re particular assets transferred and other questions re remic status ect ect- well its worth a shot, but anyhoo, stone wall, ” you may pursue under judicial review” words to that effect, rest assured, i will darn well try.

  41. What would be the best course of action for someone with a note in one of the REMIC’s that AIG paid off on … the note is undoubtedly paid off in full (again) ..

  42. Deja vu all over again…

    I just post the beginning. Read the rest here:
    http://www.propublica.org/article/feds-replace-flawed-foreclosure-review-with-vague-8.5-billion-settlement

    Feds Replace Flawed Foreclosure Review With Vague $8.5 Billion Settlement

    The Independent Foreclosure Review was supposed to be a full and fair investigation of the big banks’ foreclosure abuses, and it was trumpeted as the government’s largest effort to compensate victimized homeowners. Federal regulators, who designed the review, forced banks to spend billions to carry it out. Millions of homeowners were eligible and hundreds of thousands submitted claims. But Monday morning, the very regulators who launched the program 18 months ago announced that it had all been a massive mistake and shut it down.

    Instead, 10 banks have agreed to pay a total of $3.3 billion in cash to the 3.8 million borrowers who had been eligible for the review. That’s an average of around $870 per borrower. But typical of a process that’s been characterized by confusion, delays and secrecy, regulators said the details of how the money will be doled out were not yet available.

    The headline number for the settlement is $8.5 billion, but that includes $5.2 billion in “credits” the banks will receive for actions they take to avoid foreclosures, such as providing loan modifications. That’s very similar to the separate $25 billion settlement reached last year between five banks, 49 states and the federal government. That settlement has been criticized for awarding credit to banks for things they were already doing.

  43. It’s coming down! It’s about a crooked sheriff, a few crooked magistrates and other public servant. I liked reading it.

    Cuyahoga County Sheriff Bob Reid is fired by County Executive Ed FitzGerald after claims of mortgage, foreclosure fraud involving Chase Bank, judges, foreclosures hurt Black communities like Cleveland, Maple Hts. most

    Friday, 04 January 2013 05:24

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    By Kathy Wray Coleman, Publisher and Editor-n-Chief

    CLEVELAND,Ohio- Cuyahoga County Sheriff Bob Reid (pictured) was fired by Cuyahoga County Executive Ed FitzGerald on Thursday but it won’t be effective until the end of the month, FitzGerald told reporters yesterday.

    A former Bedford, OH police chief and city manager, Reid has served as county sheriff since appointed by fellow Democrats in 2009. He was then retained by FitzGerald as an appointee pursuant to Issue 6, a county government reform measure that county voters approved in 2009 that replaced the elected offices of the three-member Cuyahoga County Board of Commissioners and the county auditor, sheriff, treasurer, engineer, coroner, and clerk of courts with an elected county executive and 11-member Cuyahoga County Council.

    The last elected county sheriff before Issue 6 was adopted was former sheriff Gerald McFaul, a Democrat who held the office for 32 years before resigning in disgrace in 2009 shortly before he was convicted of misdemeanor crimes in office.

    Frank Bova, a former Warrensville Hts, OH police chief who served as county sheriff briefly in between McFaul and Reid, will act as interim sheriff until FitzGerald names a replacement for the county council to approve.

    Reid’s firing comes on the heels of complaints of mortgage fraud and illegal foreclosure activity with help allegedly from some Cuyahoga County Court of Common Pleas judges and magistrates, including Judges John O’Donnell and Carolyn Friedland, and Chief Magistrate Stephen Bucha, who leads the Cuyahoga County Foreclosure Department.

    An investigation by Cleveland Urban News.Com reveals that such complaints fell on death ears when Bill Mason was county prosecutor, allegedly because he now works for the Columbus-based law firm of Bricker and Eckler, the firm with offices in Cleveland that has a contract with the county to assess employee malfeasance and represents mortgage companies such as Chase Home Finance Company of J.P. Mortgage Chase Babk, one of some five mortgage companies and banks that are part of a $1.5 billion national foreclosure settlement that includes Ohio and Cuyahoga County residents.

    That settlement is being administered in Ohio by Republican Ohio Attorney General Mike DeWine.

    Though the county prosecutor’s office has authority to investigate foreclosure fraud complaints, county mortgage fraud investigators like Tim Lea told Cleveland Urban News.Com that Chase and others are protected because Mason is now employed with the Cleveland office of Bricker and Eckler and that current county prosecutor Tim McGinty, who was elected last year, will allegedly follow suit too, the latter allegation of which remains to be seen.

    Reid has allegedly stolen homes in Cuyahoga County with the help of Judges Friedland and O’Donnell and other judges and magistrates, including Bucha. And data show that the beneficiaries are affiliates of both the Republican and Democratic parties of the county, some judges, Reid himself, and a host of mortgage companies and banks that have bankrupt a plethora of innocent homeowners victimized by the widespread county corruption.

    It’s long. Read the rest here.
    http://www.clevelandurbannews.com/index.php/component/content/article/1-latest-news/333-cuyahoga-county-sheriff-bill-reid-is-fired-by-county-executive-edfitzgerald-after-claims-of-mortgage-and-foreclosure-fraud-cleveland-suburban-communities-with-large-number-of-blacks-hit-hardest-by-foreclosure-crisis-alleged-impropriety-by-judges-etc

  44. Counterparty controversy ( from Wikipedia)

    AIG was required to post additional collateral with many creditors and counter-parties, touching off controversy when over $100 billion was paid out to major global financial institutions that had previously received TARP money. While this money was legally owed to the banks by AIG (under agreements made via credit default swaps purchased from AIG by the institutions), a number of Congressmen and media members expressed outrage that taxpayer money was going to these banks through AIG.[58] In January, 2010, a document known as “Schedule A – List of Derivative Transactions” was released to the public, against the wishes of the New York Fed. It listed many of the insurance deals that AIG had with various other parties, such as Goldman Sachs, Société Générale, Deutsche Bank, and Merrill Lynch

  45. What a joke. Theatre of the Absurd, anyone?

  46. “Greenberg, the head of AIG has had the lawsuit going on for a while now saying, on behalf of himself as a shareholders and on behalf of other shareholders that the onerous terms placed on AIG deprived shareholders of value without due process!”

    According to Reuters (which i posted on the previous page), Greenberg’s suit was dismissed. Wasn’t it?

  47. They are playing Hot Potatoes and/or musical chairs.
    NEVER AGAIN.

  48. In case everybody forgot, AIG is a mega insurance company. Insurance companies are part of the national problem, not the solution. They are just as bad as big pharma, big agriculture, big munitions manufacturing, etc. This should not be a surprise. The fascists are here.

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