Thank you Senator Franken, for fighting on behalf of Americans as the 'corruption' in the housing market continues and people are being illegally foreclosed upon nationwide.
In case you haven't heard, the 'foreclosure mills' that have popped up throughout our country are illegally providing false documents to the courts and the courts are ignoring the illegality and letting these 'foreclosure mills' and the Banks, once again, get away with economic terrorism.
It wasn't enough that Wall Street/the Banks completely ruined our national economy and millions have lost, and continue to lose their jobs and homes, and 'got away' with it. Now they are getting away with even more horrifying acts of financial warfare against struggling citizens, and making millions of dollars.
The biggest financial story which continues to get absolutely no mention on CNBC just got its latest multi-step escalation: Senator Al Franken has just blasted a letter to Tim Geithner, Shaun Donovan, Secretary of Housing and Urban Development, Eric Holder, John Walsh, Controller of the Currency, Sheila Bair, and, drumroll, Ben Bernanke, telling the recipients that "each of your agencies has an important role to play in addressing this egregious situation and holding all appropriate actors fully accountable. As such, I respectfully request that you collaborate to conduct a thorough investigation into the alleged misconduct. As part of this investigation, it is crucial that Ally and its employees are held fully accountable for any criminal misconduct." Since if this pervasive mortgage fraud is more than just alleged, the stink will reach to the very top of places like JP Morgan, Ally, and possibly every single bank that has been in the mortgage origination business, something tells us that Ben Bernanke, whose job is precisely to protect the banks' interests will not rush into any investigation for the duration of FASB's existence. It gets better: "Additionally, all homeowners who may have experienced illegitimate foreclosure sales, those who have been forced to defend against illegitimate foreclosure actions, and those who have been harmed must be identified. These individuals must received proper restitution and compensation, as provided for under the law." And the punchline: "It is critical to confirm that no loans provided through the FHA or in conjunction with the HAMP program were associated with Ally's misconduct." Yes, oddly enough the government is about to lose even more credibility once it is discovered that it worked in collaboration with the biggest mortgage fraud scheme in history.
To see the full letter written by Senator Franken go here (it is PDF):
http://www.zerohedge.com/...
The letter concludes:
"Concerns have been rasied that Ally's practices are not an anomaly in this industry, and that these bad practices are used by numerous other companies as well. Therefore, I request that you report on the actions your agencies are taking (and plan to take) to improve oversight of mortgage servicers overall. In particular please inform me of steps that you will take to ensure that similar misconduct is not currently occurring within other mortgage service companies and how future improper activity can best be prevented."
These 'illegal' foreclosure mills have been in operation for the past few years. The question, is why hasn't AG Holder, Timothy Geithner, Ben Bernanke and other officials lifted a finger to stop this and investigate? Why haven't there been Congressional hearings on his matter? Could it be the JP Morgan (one of Ben Bernanke's back room clients) is deeply involved in this continued FRAUD?
REFERRAL OF CHASE HOME MORTGAGE AND MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC. TO FEDERAL PROSECUTOR: Secretary Brunner, in two letters dated Aug. 11, 2010 and Sept. 1, 2010, referred matters of alleged notary abuse in thousands of home mortgage foreclosures by Chase Home Mortgage and the Mortgage Electronic Registration Systems, Inc. to U.S. District Attorney Steven Dettelbach in Cleveland
NOW the game is afoot.
Note that MERS was referred.
They go, this entire ****pile collapses on the heads of the banks and the entirety of this mess is FINALLY unraveled.
http://market-ticker.org/
The truth is the Banks and the Lenders cannot 'unravel' these crappy mortgage packages, because if they could then the shit would hit the fan because it would clearly show just how many 'liar loans' were allowed to happen 'under their watch,' and of course under Bernanke and Geithner.
And President Obama has the audacity to call Democrats out on being 'apathetic and irresponsible?' His administration expects us to all 'buck up' when he is allowing AG Holder, to turn a blind eye to the continued corruption and FRAUD, as honest, hardworking Americans are being illegally foreclosed upon Nationwide?
As I stated in a diary I did the other day, Congressman Alan Grayson, is also fighting these illegal foreclosure mills:
The state Supreme Court has declined a Florida Congressman's request to halt all foreclosures being handled by three South Florida law firms under investigation by the Attorney General, saying the high court has no jurisdiction. U.S. Rep Alan Grayson, D- Orlando, asked for the action to target the law offices of David J. Stern, Marshall C. Watson, and Shapiro & Fishman, which he said represent about 80 percent of the foreclosure proceedings in the state.
Florida Default Law Group of Tampa, a fourth firm also under state scrutiny , was not named in Grayson's Sept. 20 letter to Chief Justice Charles T. Canady. But Grayson spokesman Todd Jurkowski later said the congressman was "equally concerned" about that firm and "any other corporation that is under investigation for profiting from mass forgeries." And court rules did not give the Chief Justice authority to intercede in pending cases involving attorney misconduct, or to investigate allegations of fraud or misconduct in foreclosure cases. The fraud cases must first be ajudicated in trial courts, according to the response. While the Supreme Court does have jurisdiction over attorney discipline, misconduct investigations first must be handled by The Florida Bar, according to the response signed by Clerk of Court Thomas D. Hall. It suggested Grayson ask the bar to take action.
Grayson, U.S. Rep. Corrine Brown, D- Jacksonville, and House Financial Services Committee Chairman Barney Frank also have asked Fannie Mae to explain why the government-owned mortgage giant is retaining the services of four Florida law firms under investigation for allegedly "fabricating or backdating" documents in foreclosure cases. "We are disturbed by the increasing reports of predatory 'foreclosure mills' in Florida working for Fannie Mae servicers," Frank, D-Mass, wrote in a letter also signed by Grayson and Brown. "Why is Fannie Mae using lawyers that are accused of regularly engaging in fraud to kick people out of their homes?"
That's the trillion dollar question, isn't it Congressman Grayson and Senator Franken:
"Why is Fannie Mae using lawyers that are accused of regularly engaging in fraud to kick people out of their homes?"
At least we have one Senator, Franken, and one Congressman Grayson, who have the courage and 'guts' to stand up, and demand that the Obama Administration stop this insane FRAUD.
Thanks as always.