Foreclosure Fraud Fallout
NEW YORK (TheStreet) -- As the most massive, systemic fraud in the history of human commerce continues to unfold before us, there is no lack of topics and issues -- while we poke through these cesspools of Wall Street slime.
By now, everyone has heard ad nauseum the announcements by U.S. fraud-factories that they were "suspending" foreclosure proceedings "in 23 states." An automatic question which arises from these announcements is: What about the other 27 states?
We have a situation where Wall Street banks (and the "foreclosure-mills" they hired to do their "dirty work") didn't just "cut corners" in processing these foreclosures, they threw the rule-book out the window and willfully committed millions of fraudulent acts -- any and every time it was convenient to do so.
Yet despite the severity of the acts of which we already know, most of these fraud-factories are still steaming ahead with getting corrupt judges to rubber-stamp these systemic acts of fraud, in more than half of all U.S. states. This begs another question: What sort of defective legal systems, and defective land-titles systems must these other states have -- so that even after this massive fraud is exposed, the bankers are still ramming through fraudulent foreclosures with impunity?Bear in mind that unlike countries which maintain honesty and integrity in their legal systems in general, and their land-title registries in particular, virtually none of the millions of foreclosures being rubber-stamped in the U.S. are "final" judgments. Thanks to greedy Wall Street bankers totally abandoning a legal process which was perfected over a period of two centuries (so they could boost profits by a few more percent), permanent defects have been created in (at least) millions of residential properties, and more likely tens of millions -- leaving all of these properties open to future legal challenges, indefinitely. In this respect, my own opinion is conservative. A recent edition of MSNBC's Dylan Ratigan Show provides a more extreme view of this issue. U.S. attorney, Michael Pines: "As bad as you think it is, it's probably a thousand times worse." Pines was responding to a question from Ratigan about Pine's clients: the Earl family. This middle-class family was trying to get caught up on its mortgage, and making payments to the bank. The Earls allege that even after large payments were made on their account (more than $100,000 in total), that there was no change in the balance owing. The moment the Earls requested an "accounting" on their mortgage (which is obviously within their rights), the bank refused to provide an accounting, and simply sent them a "notice of default" (foreclosure) instead.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV