Too Pig to Jail? Ban Foreclosures Now

By Ted Rall

October 21, 2010 "Information Clearing House" -- SAN FRANCISCO--What would happen to you if you got caught forging a mortgage application? You'd go to jail. And rightly so.

In one case in Florida, an employee of GMAC Mortgage admitted under oath that he personally forged 10,000 foreclosure affidavits. This low-level schlub is the tip of the tip of a massive iceberg, one of countless "robo-signers" whom voracious banks including GMAC, Bank of America, Citibank and JPMorganChase hired in order to kick American families out of their homes as quickly as possible.

Ignoring state banking laws, which require bank officers to review each foreclosure document to make sure all the facts are correct, banks instead hired low-wage "Burger King kids," as B of A execs called them, to sign thousands of foreclosures they never looked at. Many were signed under someone else's name.

Hundreds of thousands of foreclosures--maybe millions--were processed illegally by these huge banks gone wild. "Behind the question of improper foreclosure documentation lies a more important issue of whether lenders even have legal standing to foreclose because they lack the original mortgage note as required by law," reports The New York Times.

One guy got evicted from his house in Florida despite the fact that his mortgage had been completely paid off years earlier. Thousands of people who purchased illegally foreclosed properties may not have legal title.

Prosecutors in Ohio, Florida and at least 20 other states are investigating one of the biggest acts of wholesale fraud in the history of American business.

When the scandal broke on October 8th the banks declared a temporary moratorium on foreclosures. Two weeks later, they declared the whole fuss a simple matter of paperwork and resumed their happy work of reducing millions of jobless Americans to homelessness.

Read the rest of this article on Information Clearing House

Views: 76

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Comment by Nikki on October 25, 2010 at 11:19pm
This couple was never late with a payment yet they were foreclosed on three times:
http://blog.cleveland.com/pdextra/2010/10/willoughby_couple_foreclo...

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega posted blog posts
12 hours ago
Burbia posted a video

A few reasons I don’t like jews. It’s not complicated.

These are the reasons I became antisemitic. It’s not complicated. Sure, I could go on for days, weeks, months outlining everything, but I don’t need to. This...
yesterday
Doc Vega commented on Doc Vega's blog post Unusual Discoveries and Headlines
"Less Prone, Thanks Buddy! I'd like to volunteer as a historical reconstructionist! "
yesterday
Less Prone left a comment for t.me/TheIntelligenceLibrary
"Welcome to a revolutionary concept in public communication, the truth."
yesterday
pohonemas33 team is now a member of 12160 Social Network
yesterday
Less Prone favorited cheeki kea's discussion Tartaria
yesterday
tjdavis's 2 blog posts were featured
yesterday
Doc Vega's 7 blog posts were featured
yesterday
Less Prone commented on Doc Vega's blog post Unusual Discoveries and Headlines
"Some incredible pieces of history!"
yesterday
Less Prone favorited Doc Vega's blog post Unusual Discoveries and Headlines
yesterday
tjdavis posted a blog post
Sunday
Doc Vega posted a blog post

First Week of July 1947 an Inflexion Point for Humanity!

The year is 1947 and sometime around July 4th the anniversary of the birth our nation, when a…See More
Saturday
Doc Vega commented on Doc Vega's blog post Government Issued Wearables? What’s Wrong With this Picture?
"cheeki kea Ha! Good one!"
Friday
tjdavis posted a video

This is Paris Now… You Won’t See This in the Tourist Brochures

In this video, I take you through Marché Barbès and its surrounding neighbourhoods — an area that reflects the modern, complex face of Paris most tourists ne...
Friday
Doc Vega posted a blog post

Trump's Big Beautiful Bill Passes Amidst Democrat Lies About a Tax cut for the Rich Being Averted

AP Photo/Rod Lamkey, Jr.It’s over, folks. President Trump and congressional Republicans aimed to…See More
Thursday
Doc Vega posted blog posts
Wednesday
cheeki kea commented on Doc Vega's blog post Government Issued Wearables? What’s Wrong With this Picture?
"I wonder what wearables must have been like before the last reset. "
Jul 2
Burbia commented on Burbia's video
Jul 1
Doc Vega commented on tjdavis's blog post National Blueprint For Biodefense
"Another scare tactic to push people into anew regime of vaccinations! Either that, or this is a…"
Jul 1
Doc Vega posted blog posts
Jul 1

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted