Carmen Reinhart: “No Doubt. Our Pensions Are Screwed.”
Editor’s Comment: It is nothing less than an insult to our intelligence. As the walls crumble around the myth of securitization, the banks are stepping up efforts — in concert with the agencies that are supposed to regulate them — to prevent people from doing simple math. The truth is out. The attempt to sweep illegal mortgages under the t able failed with the foreclosure reviews and now they are trying to do it with a settlement that says if you lost your house and possessions and it was taken illegally you can have an average of $1,000 in damages.
In appearing before Congressional committees the Federal Reserve and the OCC admitted that most of the foreclosures were illegal — which means they never should have happened. Elizabeth Warren asked a simple question. If you found all this illegal activity and you have an actual list with actual homes and actual names on them why won’t you notify the homeowners of your findings. After all you are a public agency. And the AGENCY invoked claims of privacy on behalf of the banks.
If that doesn’t turn everything we know about our constitution and our laws on its head, I don’t know what would. We have a right to this information especially if we are the homeowners who were victims of the false scheme of securitization. But even even if we didn’t lose a home and we “only” paid TARP and other bailout dollars giving banks 100 cents on the dollar despite their obvious culpability in selling crap to institutional investors, undermining our pension and retirement system, and sticking the homeowners with homes worth less than half of the appraised value used at the so-called loan closing.
I think lawyers should file an action under FOIA (Freedom of Information Act) and get those reports and contact the homeowners to tell them that their lives were turned upside down by a foreclosure that was illegal, performed by an actor who merely pretended to be the creditor on a debt that no longer existed, in which the pretender received a free house on a false”Credit bid” without ever investing a penny into the house or the loan.
The damage claims from the existing list, which was cut short by the “Settlement” for $1,000 for each homeowner, are not curtailed at all by the actions of the OCC and the Federal Reserve. It is like a vein of gold miles wide and hundreds of feet thick sitting on the surface of the earth. Any PI or malpractice attorney would make ten times their current income if they investigated this opportunity. This is easy money once you start digging — which is exactly what stopped the OCC review and other programs like it.
Fed Argues that Mortgage Abuses are Trade Secrets, Meaning Institutionalized Fraud
Foreclosure Review Program’s Regulators Take Pounding From Elizabeth Warren, Sherrod Brown
Warren grills bank regulators over bungled foreclosure review
Foreclosure Review Report Shows That the OCC Continues to Bury Wall Street’s Bodies
–1 in 3 Foreclosures Have Bank Errors to Blame — AOL Real Estate
14 American Cities Getting Buried By Foreclosures
Filed under: CDO, Eviction, foreclosure, GARFIELD GWALTNEY KELLEY AND WHITE, GTC | Honor, Investor, Mortgage, securities fraud Tagged: | attorneys, damages, Elizabeth Warren, Federal reserve, FORECLOSURE REVIEW, OCC REVIEW, Privacy, sherrod brown