CNBC predicts Congress will retroactively legalize foreclosure fraud

CNBC predicts Congress will retroactively legalize foreclosure fraud

Congress will pass a bill to "forgive" banks the potentially criminal errors made in foreclosure proceedings, a senior CNBC editor predicts.

In a blog column Friday, John Carney argues that lawmakers in DC won't allow the country's largest issuers of mortgages to suffer financial losses following revelations of numerous mishandled foreclosure proceedings, especially when bailing them out this time "won't cost taxpayers a dime."

Here’s what is going to happen: Congress will pass a law called something like “The Financial Modernization and Stability Act of 2010” that will retroactively grant mortgage pools the rights in the underlying mortgages that people are worried about. All the screwed up paperwork, lost notes, unassigned security interests will be forgiven by a legislative act....

If this truly happens, you can morn the death of the rule of law and the end to this once great country.

It's the same everywhere.

Laws are for the sheeple, above that they call it a "flaw" of the system.

if they don't legitamize the illegal system that is was all running on (mers), it's will be like they are piling another layer of crap on the crap, smoothing it over, and hoping it will cover up the stench of the whole mess..
which of course it won't, not for long.... it will come back to us sometime in the near future....

if they do legitamize the mers system, the states can say goodbye to the idea that they have the right to regulate how real estate is transferred within their boundaries...
so much for states rights....

so much for homeowner rights, since we all don't have access to the giant data base god who is the only one who really knows who your payment is being sent to, who really owns the note, ect....and well.....who knows if the god tells the truth or not! without a paper trail, there is proof of nothing reallly...

and so much for the rights of the investors..since well, they are in about the same boat as the homeowners....who really knows just what is going on in that great god's cybermind!!

oh well, there's always hope that a giant solar flare will come along and wipe out the god's memory....
then well.....the trail of ownership will be completely lost!

DYLAN RATIGAN: FORECLOSURE FRAUD & $45 TRILLION DOLLARS
www.youtube.com...

I just mentioned your thread in one of my own.

www.abovetopsecret.com...

reply to post by the2ofusr1


If that is true, holy crap..... $45 trillion The estimates in my above thread are way off aand taxes owed on 45 trillion are going to be astronomical that they will not be able to recover and this will be the end.

My thread will break open a story so huge I may want to go into hiding.....

-Kdial1

reply to post by loam


It could be that it would push some people over the edge.. I know if I lost my house, then congress began protecting those illegal foreclosures.. well .. there's no telling what I would or would not do..

There are a lot of desperate people.. and telling them constantly don't worry, you can be a millionaire too! .. is loosing it's touche.. Middle class people are bankrupt, loosing their homes, people that are the backbone of this country and they are treated like crap.. Who's to blame them when one by one they go postal?

Forgiving illegal foreclosures is an act of war on the people.

My hope is that this one won't be swept under the rug. I believe it's a very real possibility this time because while J6P may look like the victim of this crime IMO he isn't really. If they are foreclosing, obviously this "homeowner" had purchased more home than he could afford.

The real victims this time are the investors, the IRS and local government entities. If I were an investor and had been sold a product with the promise that it was money good and I were in a position of being forced to take a write-down due to a foreclosure sale and I had evidence that I could force the bank to take the note back at full price, I'd be pushing for a takeback, not foreclosure. With this scam, the banks avoided a lot of taxes and fees.

Hopefully with the big pension funds and the IRS being the victims, something will be done. It was tax evasion that finally got Capone right?

loam
my sincerest apologies to you
I posted a thread same title
after you did

www.abovetopsecret.com...

dont have a clue as to why I didnt see
yours before I posted mine
pleading for your forgiveness

The federal government, through those fine institutions Fannie Mae and Freddie Mac. These entities, recently acquired under Treasury as part of their conservatorship, along with Ginnie Mae, control and own roughly 60 percent of the $10.6 trillion mortgage market. Read more: www.nypost.com...

I guess when you are 60% or the problem, ya, it might be a good idea to forgive yourself of your illegal deeds?

reply to post by boondock-saint


Actually, I'm glad there is some activity on the subject somewhere....

It's funny how an issue like this gets barely noticed.

Far from barely noticed my friend....

Frankly, I am so utterly beaten down by this that I am hard-pressed to say anything beyond what most people repeat again and again. One law for us, none for them.

As a member of the community who is 'losing' the only wealth I had nominal claim to, I am certain I can't be objective.

If you see someone on the street with a "Will work for food" sign, please be nice.... it could be me.

And for the umpteenth time... no, I did NOT reach for 'more house than I could afford' and I resent the knee-jerk meme that those of us in peril have only ourselves to blame.

reply to post by Maxmars


oh god, I hope you ain't the guy I pass coming home from work every day, the one with the very illegible sign that is kept hidden most of the time....
because well, if you are....
I'm sorry, reallly, I am, but you just look too scarey for me to stop, matter of fact, I am locking my doors and rolling my windows up as approach!!

but well, that's just one guy, and I am pretty sure it's not you...I mean your posts make you sound literate....

and well, at the moment, I think it could be any of us out there holding signs asking for help!
do you have a family, little ones?

reply to post by loam

If this truly happens, you can morn the death of the rule of law and the end to this once great country

What about the freeloaders who have not paid their mortgage for years? (Kowalski, the lawyer who started the whole "investigation" represents a couple who haven't paid a cent on their mortgage for over SIX YEARS!)

I guess we can truly mourn the death of integrity right now. The loused-up paperwork is already being corrected and re-filed in 10s of 1000s of cases.

There will be no need for any abandonment of rule of law; but we've already seen the abandonment of honesty, responsibility, and justice.

Why doesn't anyone complain about THAT "conspiracy?"

deny ignorance

jw

reply to post by jdub297


I find it odd for people to speak of the consumer's 'responsibility' when all they are doing is exercising a legal right afforded to them by the most basic principles of contract law.

Do you honestly think credit-grantors routinely don't exercise the fullest extent of those contract provisions or principles that fall in their favor?

Your point seems ridiculous to me in that context.

The reason this nation is failing and will continue to fail, is because we legalize big theft.

The phrase shouldn't be "too big to fail", rather it should be, "too big not to fail".

If something gets too big that if it fails it brings down the nation, then let it fail. To continue to let it exist is to just postpone the inevitable.

Congress is expressly forbidden from passing any Ex Post Facto laws:

No bill of attainder or ex post facto Law shall be passed.

~Article I, Section 9; Constitution for the United States of America~

An ex post facto law (from the Latin for "from after the action") or retroactive law, is a law that retroactively changes the legal consequences (or status) of actions committed or relationships that existed prior to the enactment of the law.

en.wikipedia.org...

The States are also forbidden from passing any ex post facto laws, found in Article I, Section 10. Even so, Congress has passed ex post facto laws. Most recently, Congress passed the Adam Walsh Child Protection Act which is, in effect, an ex post fact law. The Supreme Court ruled the law was Constitutional because forcing convicted sex offenders who were convicted after the passage of this legislation to register as sex offenders did not constitute any form of punishment, which gives some insight into how the Supreme Court views the ex post facto laws, and what precisely Congress, and the states are forbidden from passing.

Even before this ruling, and as early as 1798 the SCOTUS had held that ex post facto laws only apply to criminal laws and not to civil laws. However, in this context, Frederich Hayek has argued that laws need to be held to a certain standard, and that those considered to be "true law" must meet certain criteria; generality, certainty, and equality. Hayek argues that laws that do not meet this criteria are "objectionable laws". In short, what Hayek is arguing is that the law must be general, it must be known and certain, and it must apply to all equally. Given that this predicted legislation would only apply to a specific institution, and to only a handful of people comparatively speaking, it is hardly an equal law, and given its retroactive nature, it is hardly a known law that creates any certainty on what the law is, and for these reasons, it is hardly general in its nature.

No matter how you slice it, ex post facto laws are extremely problematic, and this is most likely why they are expressly forbidden by Constitution. But Hey, what has the Constitution to do with our government anyway, right?

reply to post by jdub297


if I paid my mortgage off tomorrow, would they be able to give me a clean deed, or would their failure to obey the laws the past few years have clouded the issue of ownership to the point where the title companies would refuse to insure it if I went to sell the house???

my mortgage is paid up, I haven't broken the contract, but if they cannot do that, then I see them as breaking the contract....thus the contract is null in void, they haven't taken proper care of the collateral (the title to the house)....

reply to post by loam

I find it odd for people to speak of the consumer's 'responsibility' when all they are doing is exercising a legal right afforded to them by the most basic principles of contract law.

A contract is a promise for a promise. If one party fails to perform their part of the promise, i.e., PAY OFF THE MORTGAGE, they have no right to insist on specific performance, i.e., deliver a release of lien, from the other.

Anticipatory breach of a contract is no defense if the other side is not yet obligated to perform and you have no proof of inability to perform.

Contract law does not relieve a borrower of her obligation to pay it off. Kowalski's clients (and most other deadbeats) DID NOT claim anticipatory breach, they just couldn't pay anymore. Get your facts straight.