Topic: Shut Them Down

[Pandora]

I've been trying to make sense of Duh Wun's announcement today of the "settlement" reached with a handful of banks up to their necks in mortgage foreclosure fraud.  Why would the banks just hand over $25 billion dollars, ala BP?

Then, I ran across this, written on February 4th:

One State attorney general has fired a legal broadside:

    Attorney General Eric T. Schneiderman today filed a lawsuit against several of the nation’s largest banks charging that the creation and use of a private national mortgage electronic registry system known as MERS has resulted in a wide range of deceptive and fraudulent foreclosure filings in New York state and federal courts, harming homeowners and undermining the integrity of the judicial foreclosure process. The lawsuit asserts that employees and agents of Bank of America, J.P. Morgan Chase, and Wells Fargo, acting as "MERS certifying officers," have repeatedly submitted court documents containing false and misleading information that made it appear that the foreclosing party had the authority to bring a case when in fact it may not have. The lawsuit names JPMorgan Chase Bank, N.A., Bank of America, N.A., Wells Fargo Bank, N.A., as well as Virginia-based MERSCORP, Inc. and its subsidiary, Mortgage Electronic Registration Systems, Inc.

    The lawsuit further asserts that the MERS System has effectively eliminated homeowners' and the public's ability to track property transfers through the traditional public records system. Instead, this information is now stored only in a private database – which is plagued with inaccuracies and errors – over which MERS and its financial institution members exercise sole control. Additional defendants include BAC Home Loans Servicing, LP, Chase Home Finance LLC, EMC Mortgage Corporation, and Wells Fargo Home Mortgage, Inc.

    “The banks created the MERS system as an end-run around the property recording system, to facilitate the rapid securitization and sale of mortgages. Once the mortgages went sour, these same banks brought foreclosure proceedings en masse based on deceptive and fraudulent court submissions, seeking to take homes away from people with little regard for basic legal requirements or the rule of law,” said Attorney General Schneiderman.

Not a bad start. Now it's time for the other 49 States to stop playing the White House's attempt to retroactively whitewash the giant system of fraud, drop the "settlement talks", and pin these criminal bastards to the wall for their attempt to destroy the private property system. MERS was always completely illegal and it is absolutely ridiculous that it wasn't shut down in the beginning.

However, so long as these cases remain civil, not criminal, it's very unlikely that any true justice will be served.

I now understand ....

http://www.foxnews.com/politics/2012/02/09/feds-announce-25b-settlement-over-foreclosure-abuse/

With this move, Duh Wun has just about eliminated the possibility that those responsible for this widespread criminality will ever be properly prosecuted.

[Weisshaupt]

With this move, Duh Wun has just about eliminated the possibility that those responsible for this widespread criminality will ever be properly prosecuted.

And given a wonderful bribe for irresponsible welching a-holes to vote for him. Oh it seems to help reliably blue  California a bit too .   RIP Rule of Law. RIP 1st, 4th, 5th, 6th, 9th and 10th Amendments.  

Meanwhile, for every action there is a reaction Of course since the goal is impoverished, frightened people willing to do anything,  this is all according to plan.

 

[charlesoakwood]

The court system.  Alabama administrative law judge and civil courts, it's not only Boehner's fault
it's all those in the house who are not calling for a new speaker.

[Libertas]

It was a big CYA by the Dem's who should have been caught red-handed in this, ZH reported on it with several postings, but it got little attention anywhere else.  I could swear we had a thread on this somewhere, but I could be mistaken.  Anyway, this is what you get when you have a lapdog opposition party and a lapdog industry willing to be the foil for these Ruling Class asshats!

[AlanS]

Anyway, this is what you get when you have a lapdog opposition party and a lapdog industry willing to be the foil for these Ruling Class asshats!

And I'm tired of both points.

[Libertas]

Yeah.

Hard to convince idiots they are willingly marching to their own execution until the noose is firmly placed around their neck, and by then it is too late.  All these idiots are dead men walking and their too stupid to know it!