Mass. AG sues five major banks over foreclosures
By Patrick Rizzo

Massachusetts' top law enforcement official has sued five top U.S.
banks, charging they foreclosed illegally on homes in the state and used
deceptive loan servicing practices, including robo-signing.

Attorney General Martha Coakley filed suit against Bank of America,
Wells Fargo, JP Morgan Chase, Citigroup and GMAC.

“The single most important thing we can do to return to a healthy
economy is to address this foreclosure crisis,” Coakley said in a
statement. “Our suit alleges that the banks have charted a destructive
path by cutting corners and rushing to foreclose on homeowners without
following the rule of law. Our action today seeks real accountability
for the banks illegal behavior and real relief for homeowners.”

Coakley's 59-page complaint alleges that the five banks violated
Massachusetts law by using fraudulent documentation, including
"robo-signing," foreclosing without holding the actual mortgage and
failing to uphold loan modification promises to homeowners in the state.
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These banker and their co-conspirators on Wall Street need to be
subjects of criminal, not civil, prosecution. Indict and arrest a few
hundred bankers and their buddies.

On 01/12/2011 1:21 PM, X ` Man wrote:
Mass. AG sues five major banks over foreclosures
By Patrick Rizzo

Massachusetts' top law enforcement official has sued five top U.S.
banks, charging they foreclosed illegally on homes in the state and used
deceptive loan servicing practices, including robo-signing.

Attorney General Martha Coakley filed suit against Bank of America,
Wells Fargo, JP Morgan Chase, Citigroup and GMAC.

“The single most important thing we can do to return to a healthy
economy is to address this foreclosure crisis,” Coakley said in a
statement. “Our suit alleges that the banks have charted a destructive
path by cutting corners and rushing to foreclose on homeowners without
following the rule of law. Our action today seeks real accountability
for the banks illegal behavior and real relief for homeowners.”

Coakley's 59-page complaint alleges that the five banks violated
Massachusetts law by using fraudulent documentation, including
"robo-signing," foreclosing without holding the actual mortgage and
failing to uphold loan modification promises to homeowners in the state.

It is actually part of a huge fraud on the taxpayers.

Corrupt banks hold paper for pension funds and clients not insured. So
they lose the paperwork identifying the original lender, then create new
paperwork that shows he lender to be a source that 0bama will bailout.
In this, they often forget the mortgage was cleared or paid up while
they do this. I think it was ABC that had a documentary on this with
forged notary public signatures and all.

But the idea is to get the mortgage paperwork in a spot it can get DC
bailouts. Paper usually ends up being accumulated in Freddie Mac or
Fannie Mae, and 0bama has declared their financial a national secret.
Just corruption gone mad.

Just a way of ****ing working tax slaves, our kids and grand kids with
more government debt and corruption. Criminal really. Even Venezuela
and Libya didn't have these problems. In technical point of economics,
Chavez and Gaddafi had more honor and integrity with economics than does
anyone in DC.
--
All successful people have one thing in common, if even for a moment
they think rationally.

On Thu, 01 Dec 2011 20:22:25 -0500, wrote:

The problem is not that the people bought the house or that they were
in default, it is only that they are not sure exactly who is actually
holding the paper. The way these loans were consolidate and sold,
there is no real paper trail.

===

I think it's shocking, absolutely shocking, that some banks actually
expected borrowers to pay back their loans.

On 01/12/2011 7:48 PM, Wayne.B wrote:
On Thu, 01 Dec 2011 20:22:25 -0500, wrote:

The problem is not that the people bought the house or that they were
in default, it is only that they are not sure exactly who is actually
holding the paper. The way these loans were consolidate and sold,
there is no real paper trail.

===

I think it's shocking, absolutely shocking, that some banks actually
expected borrowers to pay back their loans.


What should shock you more is how many don't have have honor, integrity
to pay their bills and are so far in debt, they can't get ahead.

Cant build a nation on unpaid debts and bull****.
--
All successful people have one thing in common, if even for a moment
they think rationally.

On 12/2/11 3:50 PM, Canuck57 wrote:
On 01/12/2011 7:48 PM, Wayne.B wrote:
On Thu, 01 Dec 2011 20:22:25 -0500, wrote:

The problem is not that the people bought the house or that they were
in default, it is only that they are not sure exactly who is actually
holding the paper. The way these loans were consolidate and sold,
there is no real paper trail.

===

I think it's shocking, absolutely shocking, that some banks actually
expected borrowers to pay back their loans.


What should shock you more is how many don't have have honor, integrity
to pay their bills and are so far in debt, they can't get ahead.

Cant build a nation on unpaid debts and bull****.



Yawn.
--
http://flickr.com/gp/hakr/8272ug