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03:06 PM on 09/01/2011
i'm not a lawyer, but this is the truth:

"...The Depositor owns the Trust -- and while the Trust was performing - the Depositor, on behalf of the Trust would be the party to bring the action. However, these Trusts have now been brought back on parent corp. (to Depositor) balance sheets because the Trusts as "off-balance sheet" SPVs --- have been effectively dissolved. The only tranche holders to remnants of the Trusts is the US Government or the Depositor (parent) itself. You should be preparing to demonstrate that the loan was not validly conveyed to any Trust (which they were not). Do this by requesting the Mortgage Schedule which should accompany the Mortgage Loan Purchase Agreement (MLPA) --- and the MLPA cannot be an "intent" to sell --- it must be validly executed and notarized (we know about those notaries). And, importantly, if MLPA and Mortgage Schedule can be proven, servicer must prove that all default payments have been paid to the trust on borrower's behalf. If not, loan has been removed from the Trust with collection rights sold/swapped to a Third Party. This is how you may win --- they can not prove anything."
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03:02 PM on 09/01/2011
Does this mean President Obama's Robo-signature concerning The Patriot Act be null and void since a government regulator found this practice questionable?
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Honest Babe
02:03 AM on 09/02/2011
Totally different issue. You are talking about technology. This is about people who pretended to be bank vice presidents when they signed documents that were found not to have been reviewed as required before making a loan. As a protection to the depositors in any bank, the bank is supposed to make a judgement that a person is a good credit risk before making loans. Instead, they pocketed big commissions and sold the shady mortgage to another company. When the companies then tried to foreclose on the mortgagee, they found out that they couldn't prove who actually owned the mortgage.
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CubnKira
03:02 PM on 09/01/2011
They donated almost a million to Obama's campaign last time. They got a bailout.

Wonder how much they will give to him this time?
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Honest Babe
02:04 AM on 09/02/2011
The bailouts came under TARP, pre-Obama.
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robear6987
oops ! did i offend you , my bad .
03:01 PM on 09/01/2011
is anyone going to jail for the illegal practice of forcloser? thats what i want to happen plus all this other stuff they are doing. responsible parties need to go to jail or they will do this again or somethig like this to scam the people again, they need to go to jail !!!! and fracking stay there and make mud pies with bubba !
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02:58 PM on 09/01/2011
"This possibility of epic reprisal may very well compel banks to come to the table around debt forgiveness to avoid violent backlash and criminal prosecution, even over preserving their gravy train companies. The bitter irony of these companies and their galloping greed is that they ended up victimizing each other by selling junk to each other and extracting all the real value in salary and bonuses. Their assets rest on notional values, that when unmasked would drive each into immediate insolvency. They have simply been scam artists, producing little value and extracting mountains of money."

http://www.zerohedge.com/news/guest-post-endgame-when-debt-fraud-debt-forgiveness-last-and-only-remedy
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bohol2528
of course I am a agitator, I design t shirts
02:54 PM on 09/01/2011
This doesn't go far enough. Every foreclosure that was based on "robo signing" should be declared null and void. And all banks should review all mortgages and should revalue homes at what they are really worth and thereby lower the loan payments by writing off the difference between the over inflated value of the original loan and the real value. Thus lowering the burden on the middle class and putting more money in circulation.
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chuckgoodcat
retired / disabled
02:41 PM on 09/01/2011
Agreed ? If you or I did something like that we would be agreeing to a plea bargain . I know the banks run the world and we are supposed to pretend they don't . OK . But at least show some surprise that they can do this and get away with it .Just for the kids ya know ?
Yes I know they own every home in the country every car every boat and every small business has to borrow money from them and they can legally charge 29 % interest on their credit cards , collect new bank fees when ever they want for any crazy thing they want . And yes they can get free money from the Federal reserve bank every Monday morning as soon as the ink dries . Heck they can even rape the mortgage business fake bankruptcy and get the Treasury to give then free money and call it a bailout and then miraculously become profitable again over night .
But jeez y looeeezy can't someone at least pretend they can't forge legal documents and take peoples homes with them ?
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Peanut Santiago
02:41 PM on 09/01/2011
They announce that they have decided to stop breaking the law (robo-signing) AND brag about it too?

Are more people as disgusted as I am?
02:57 PM on 09/01/2011
Yes
03:24 PM on 09/01/2011
Absotively posolutely!
02:36 PM on 09/01/2011
It's obvious that if you are helping out the politicians with money or votes it's not illegal. Where is the outcry for no deportation of the illegal immegrants as well. As I said it seems that they only cry foul when it doesn't go their way. This message includes both Dems and Reps.....If it's illegal it's a crime. Those who break the law need to be in jail if they are US citizens and deported if they are illegal.
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des946
Consultant
02:33 PM on 09/01/2011
To me, the big questions are:

1. Why isn't the government indicting and prosecuting them for the premeditated fruads of the robo signing procedures.

2. The government should have just gotten a court order to prevent them from using the fraudulent and defective Robo Signing procedures.

The critical problem and aspect of all of this is why should the government be concerned with whatever these large corporations "think". It is the government's responsibility to objectively and "equall" enforce the laws. Why is the government afraid of "stepping on their toes"?
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Peanut Santiago
02:42 PM on 09/01/2011
$$$$$$$

The politicians are bought and paid for by "you know who".......
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02:56 PM on 09/01/2011
Your mistake is to think that our "government" actually serves the American people. In fact it is an integral part of the endemic corruption of our "elite".

The Quiet Coup

The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time....

http://www.theatlantic.com/magazine/archive/2009/05/the-quiet-coup/7364/
02:28 PM on 09/01/2011
Americans, need I say it again? The only way to hurt these institutions and those driving them is to boycott the companies. We can no longer sit here posting negative remarks about Democrats and Republicans, we the people are to blame. We must stand together and unite as one people and help each other. We know these banks are in the pockets of those we sent to Washington. So as a people boycott the banks. If you do nothing then we as a people don't care for one another. We allow each other to be distroyed. So rather then post, ask your freinds and family to stand united and boycott the banks
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Honest Babe
02:08 AM on 09/02/2011
Put your money in credit unions. These are mutually owned banks that are frequently more consumer friendly and among the best sources for low cost loans.
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An Independent Woman
Honni soit qui mal y pense
02:28 PM on 09/01/2011
So let me get this straight. G-S agrees to stop breaking the law. In return for this noble deed, the Feds exacted 1) compensation for wrongful foreclosure (that's big of them. Compensating people for their loss because G-S played fast and loose with the law), 2) forgives 25% of the principal balance for mortgages 60 days overdue. How long will this forgiveness go on? Does it end with the sale?

What else does this "deal" do? Well, it allows G-S to sell its loan servicing unit. Oh! This punishment is awful! Aren't there laws against cruel and inhuman punishement?

The funniest line of this article, though, is the agreement stops robosigning "without reviewing cases as required by law." No penalties for this. Just a pat on the head and please don't do this again, will you?

No one is going to jail? Of course not! G-S has oodles of cash to pay this "settlement", cash garnered from you and me! It's a perfect circle. A perfect circlejerk for us .... sigh
02:24 PM on 09/01/2011
There is no prison for Banksters. Prison is for poor people only.
File a quiet title action on your home! Banks are in fear right now as they do not have standing to even collect payments. Look it up.
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robear6987
oops ! did i offend you , my bad .
03:06 PM on 09/01/2011
i hate to ask but where is your info source on banks that dont have the power to collect ?
03:43 PM on 09/01/2011
Glad you question me. OK....does the bank own your note and do they have it in their possession? Was the mortgage securitized? If the note has a MERS number than it was more than likely securitized. If so then the bank has to have followed their own representations and warranties. They had to do all of the assignments going into the security and if there is a foreclosure then the same assignments need to be there on the note as it comes out of the security. THAT IS WHERE ROBO-SIGNING COMES IN. No note? No assignments? No indorsements? (Yes with an "I") Then just make up the documents out of thin air! That is the crime that the banks are trying to negotiate away with a 25 billion dollar bribe.

I challenged the new servicer and got them to admit that they are just a debt collector. Under the Fair Debt Collection Practices Act the debt collector has to VALIDATE THE DEBT. Sorry, an old copy of my note that is unassigned and not properly indorsed does not validate the debt. Also I informed the bank that they can not call me at all as there is no debt! The bank agreed that that was true. So I wrote the bank a nice letter saying I dispute the debt totally and that until they provide proof that will hold up in court that I owe nothing as there is no debt.
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fineartgalaxy
Speaking from the heart, always.
02:20 PM on 09/01/2011
Something is not right when GS agrees to anything legal and ethical.
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bohol2528
of course I am a agitator, I design t shirts
02:57 PM on 09/01/2011
there trying to stave off a full investigation.
02:20 PM on 09/01/2011
Okay, great, they have agreed to stop breaking the law by robosigning foreclosure documents. So NOW what? Robosigning is the only way to foreclose on those homes, since all of the paper was destroyed years ago. They'll have to come up with another form of fraud to foreclose, or drop all the foreclosure cases and void all the notes. In fact, they should just void ALL the notes, whether foreclosed on or not, for this bank and every other bank. I've have just about enough from these thieves and con men. They don't have standing to foreclose. And that worthless 50-state AG group is about to give them a pass.