Lender Fraud

[alevin]

http://www.amazon.com/Monster-Predatory-Lenders-Bankers-America/dp/0805090460/ref=pd_rhf_p_t_1



Karl D. has read this book, talked about it's contents this morning. Non-fiction.

This is the part of the lending story that nobody wants to talk about. Wall Street securitized this paper, even though they knew they were securitizing trash. The original documents would prove the frauds - if they were ever produced in court.
So the key is to, of course, never produce original documents - that way they can't be challenged, there is no evidence, and the only focus we have is on the borrower, who of course isn't paying and thus we have an excuse to railroad him or her.
Never do we look into what he signed (or didn't), what was forged, what was gamed.
The W2 that isn't really his - oh, he submitted one, but the loan broker used a scanner and Photoshop, and the one in the file isn't the one that the customer submitted. The borrower has a fixed-rate disclosure document, but in the file is an adjustable-rate one that was at the bottom of the 3" stack of paper; the customer unwittingly signed that, and the fixed-rate one on the top was destroyed. The "GFE" - Good-Faith Estimate - that the customer has in his folder doesn't match the one in the file either, because that too was doctored - and we know for a fact the customer didn't change that piece of paper.
Why aren't we using the words "fraud", "felony", "prosecution", or "criminal"?

http://market-ticker.org/ Title of the article in case you don't read it today...."Two Sets of Books....."

 

[Steadygain]

Alevie,
Last night I thought about Buster asking me 'What's the solution'? and his question was more specifically addressing the parasites.

But last night I thought about so many other things to which 'solutions' are virtually impossible. There can't be 'solutions' when those in POWER (either gov't or corporations) are 'untouchable'. The ones who do the most widespread and irreparable 'damage' are the very ones that the population has no way of getting to. They are not accountable to 'us' but we are accountable to them.

All the more since shortly after Vietnam and getting China to join the WTO and open it's doors to a relationship like no other - things have changed tremendously. The 'global economy' has reshaped and defined everything that exists - and we can either 'accept what has happened' or ignore it.

The only 'Solution' we can possibly live for - and fully implement is how we live our own life - and all the more I would say living our life one day at a time. Most of the dynamics by which governments interact and by which corporate interests dominate our enviroment is 'Beyond us' and in the deepest sincereity there are simply too many factors that are impossible to change when the ones most responsible can not be 'touched'.

So I think of CB - who has decided 'Family' is more important than money. He would rather have the 'bonds' he has and live where he lives and enjoy the more sacred aspects of life.

Of our 'friend' who is making bonds with his father and was there for him.

Our focus needs to shift more inwardly my friend - especially when it comes to 'money' and how it has largely replaced the qualities and values and characteristics of what really makes all of us 'priceless' and 'irreplaceable'. We 'as a people' have largely forgotten who we are. We are measured -- by what we have -- not by 'who we are'.

The solution - is to make your own life stand out - as one that is grounded in LOVE and Beauty - that is 'open' and generous - vulnerable to all but committed to confronting hostility with peace - anger and intollerance with warmth and acceptance ---

The best we can do is live one day at a time.

 

[alevin]

Steady, I agree on the personal. But we need rule of law and due process or life becomes nearly unliveable, we are told we must live in the world, that means people need to know whats going on-the whole story, not just some of it.

Constitution guarantees due process of law, that applies to all individuals including people unable to make mortgage payments for whatever reason, not just companies. some courts are recognizing where the fraud started and holding the lenders accountable, some of the pension funds are as well. I hope it continues.

 

[tsptalk]

I'll bet that book is fascinating, if you can stay awake to finish it.

I'm reading a book about the next wave of the financial crisis. Very interesting, but so dry.

 

[Steadygain]

Steady, I agree on the personal. But we need rule of law and due process or life becomes nearly unliveable, we are told we must live in the world, that means people need to know whats going on-the whole story, not just some of it.

Constitution guarantees due process of law, that applies to all individuals including people unable to make mortgage payments for whatever reason, not just companies. some courts are recognizing where the fraud started and holding the lenders accountable, some of the pension funds are as well. I hope it continues.

I think we're saying the same thing - but you word it a million times better.

'The rule of law and due process' - has to extend across the board and all the more to those in power and control - or life for the general population does become increasingly difficult. If those most deeply responsible for the damage can not be 'touched' then they will rake in 'billions' at the same time the general population loses their jobs - homes - savings.

'people need to know what's going on - the whole story - not just part of it'.

Usually we can't know the whole story - until many years later when so many key aspects that would have let us know what was really going on when it was happening were 'hidden'...

...and many years later they somehow come to light.

I would thoroughly enjoy seeing those 'most accountable' have to publicly deal with the consequences -- just like the rest of us. If that kind of stuff more made the news - wow would that be wonderful.

You've got a good heart.

 

[Birchtree]

I believe all this fraud talk is only a small parcel of the entire business - most employees are inherently honest no matter the business. The liberal press is trying to stigmatize business to support their own positions of free housing for all the roaches.

 

[Steadygain]

I believe all this fraud talk is only a small parcel of the entire business - most employees are inherently honest no matter the business. The liberal press is trying to stigmatize business to support their own positions of free housing for all the roaches.

Well on the first part -- I believe 'most employees are inherently honest no matter what the business' - and that's what makes us the USA.

I think the few in charge are out to keep profits up at all costs and that overwhelmingly has made 'people' largely worthless.


Now on the second part -- roaches should have free housing and however it's done -- we can never let that disappear. :toung:

 

[Birchtree]

The bottom line hasn't changed - the roaches can't pay or won't pay their mortgages. The only political solution for the NINAs (No INcome No Assets) is to increase their welfare checks so the rest of us can be held responsible.

 

[Steadygain]

The bottom line hasn't changed - the roaches can't pay or won't pay their mortgages. The only political solution for the NINAs (No INcome No Assets) is to increase their welfare checks so the rest of us can be held responsible.

Somehow I think you threw sugar bear off who in turn maybe swayed my thinking just a tag.

It's like Nnutt says: 'You'd got to take a stand'

First let's deal with the Liberal Press - Here we need to forget about the black and white stripes on the same zebra; which is why it went over my head yesterday.

Liberal Press - is a good term - to define the absolute 'waste' the government spends as painting the picture of being the good guys and doing the right thing. So here I'd have to say there really is bound to be substantial stories to convince us 'hard working tax payers' that these free loafers or 'roaches' deserve what they get.

The Bottom Line is NOT the 'roaches' - because they have increasingly found a way to have all 'we have' and more - largely tax free - simply by finding and taking advantage of loop holes and policies the Government rewards to all who have the will to abuse the System.

The 'roaches' won't pay - and if anything they are highly motivated NOT to make any effort to do their part - because 'It could threaten a reduction in their benefits'.

EASY SOLUTION - The Government strongly establishes a policy that getting 'Help from them' - in any form - is wholly dependent on the individual demonstrating their willingness and committment to do for them.

Look at 'Katrina' - most had nothing to begin with and what they did have was like cardboard boxes -- 'It's the government's fault some Cat 5 wipes out the place' -- All you hear is 'The gov't owes me' everything is expected for FREE and everyone demands the gov't do everything and they demand the biggest and the best - with lots of left overs.

I would say that the number of 'buyers' getting sucked into this BS where they didn't have the means to even remotely buy the house - and all of it was just total BS - that the same standard should apply across the board.

It should NOT be the government's responsibility to 'pay the debt they owe' - or to now supply them with 'FREE Housing' - but all the more we need to throw it back on the PEOPLE.

If it's a goverment by the people and for the people - then people need to learn to take responsibility for their lives - and it should be openly aired for everyone to see and know. That way I don't have to feel for the ones in the slums - with government supplied bare essentials - because these people have openly decided to NOT do anything.

Birch - I think I stand exactly where you do - BUT I don't blame the roaches. They have 'legally' found a way to get everything they could possibly want -- and more -- because the System not only gives them numerous avenues of getting things -- but all the more encourages and reinforces a LIFE free of responsiblity - worries - motivation -

It's like the 'roaches' have found the Ultimate Retirement Life when their just in their 20s and everything is GREAT.

The ONLY Political solution - is to do just the opposite of what you've suggested - so we can all be held 'accountable'

 

[alevin]

Hey guys, this thread is for recommending books to read, not to go into extended debates about topic (or the flip side of it either)-the topic of this particular book is institutional financial corruption. I moved the general/broader discussion yesterday over to the "this will open your eyes" thread in different section of the forum. Please follow me there if you want to continue the discussion, ok?

 

[Bullitt]

Looks like a good one. Thanks for the recommendation.