'Foreclosure Mill' Employees Got Gifts For Altering Documents, Witness Says.

'Foreclosure Mill' Employees Got Gifts For Altering Documents, Witness Says.

www.huffingtonpost.com

The perks for good performance were considerable, according to Scott's statement. Tampa Bay Online notes office employees were lavished with gifts:

"As a perk of Samons' [sic.] job, Stern's office would routinely pay her personal mortgage, a car payment, her electric bills and her cell phone bill, according to Scott, who told investigators Stern also bought Samons [sic.] a new BMW sport utility vehicle every year and gave her and other employees jewelry. Additionally, Stern purchased employee David Vargas a house, a car and a cell phone, Scott claims in her statement."

(visit the link for the full news article)

So they were signing over 1000 documents a day without review or witnesses...
This is outrageous!!!

When are our elected officials going to actually DO something to these places and the banks?

Of course, they would have to sell their stocks. Hmmm.

Anyone who votes for an incumbent in the upcoming elections are nothing better than an accomplice to these duplicious, scheming people and places.

One in seven Americans are living in poverty now. However, the banks earnings for the year have soared!!

It's almost to the point that I don't even want to read these articles anymore... all I can feel is helpless frustration.

Nothing will be done to effectively bring about change. All we hear is a bunch of BS.

I feel hamstrung and powerless, sharing in the anger of millions of Americans who realize that this robbery will continue unpunished and no real "change" will ever be enacted. Why do they bother reporting it???

www.huffingtonpost.com
(visit the link for the full news article)

At a large Florida "foreclosure mill," a manager signed up to 1,000 documents a day without reading them and employees were given gifts to speed up foreclosure paperwork, according to depositions released today by the Florida Attorney General's Office.

The news, also reported by Tampa Bay Online, comes as Bank of America, the nation's largest bank by assets, announcement that it would resume more than 100,000 foreclosures in 23 states after an internal investigation of its practices.

Florida authorities are investigating the law offices of David J. Stern over how it handled foreclosure paperwork. As the AP notes, Cheryl Salmons, an office manager at the law offices of David Stern, "would sign 500 files in the morning and another 500 files in the afternoon without reviewing them and with no witnesses," according to Kelly Scott, a former assistant at the firm.

More from the article above....

Grrr....

Bank of America is the satan in the banking world, with Citibank running a close second.

Yes, I feel so much better knowing that BOA did an "internal review" of their practices.

reply to post by thegoodearth


It was all part of the plan. Before the housing crisis the bulk of US property was, at least in theory, in public hands. Now, with each foreclosure, another tiny bit of this country falls into corporate hands.

A nation of "owners" will become a nation of "tenants".

When you drive through some areas and see most of the homes vacant, with "for sale" signs on them it's hard not to realize that there has to be an agenda behind it. Banks are about greed and profits and empty properties certainly don't generate money. So, why let them sit empty? Because it guts the value of the other properties in that area creating enmity and frustration for those who remain in ownership of their land... to know that their mortgages are for much higher dollar amounts than their property value currently is.

It tempts people to default, or to sell. And selling is a lost cause with the number of properties available and the low prices to be garnered.

The banks are going to win - eventually - one way or the other... Unless we do something quick the banks could quickly become equitable to feudal lordships, dictating all aspects of community through the universal ownership of the property.

The line in the sand has been crossed and this is a war for our futures. I honestly fear that our options may already be too limited to be effective. All we've really got left is to trust politicians, incumbent or opponent. I lack the faith to trust that anyone with the ability to run and win will be on the side of the people.

I guess time will tell.

~Heff

Originally posted by thegoodearth


So they were signing over 1000 documents a day without review or witnesses...
This is outrageous!!!

When are our elected officials going to actually DO something to these places and the banks?

Of course, they would have to sell their stocks. Hmmm.

Anyone who votes for an incumbent in the upcoming elections are nothing better than an accomplice to these duplicious, scheming people and places.

One in seven Americans are living in poverty now. However, the banks earnings for the year have soared!!

It's almost to the point that I don't even want to read these articles anymore... all I can feel is helpless frustration.

Nothing will be done to effectively bring about change. All we hear is a bunch of BS.

I feel hamstrung and powerless, sharing in the anger of millions of Americans who realize that this robbery will continue unpunished and no real "change" will ever be enacted. Why do they bother reporting it???

www.huffingtonpost.com
(visit the link for the full news article)

They bother to report because there is money in the people who are interested in these events, frustrated or not. There will be action coming soon as the people are so disenfranchised with the country that they will have to make an example of a bank or two to lay a foundation for thei campaign promises.

" For very action is an opposite and equal reaction", expect them to go after the banks yes but also to cut funding for foreclosure aid in attempts to reallocate funds to "correct the economy". Also they will go after the middle class' wallets in some form just like they will go after the banks.

Obama will be reelected it seems right now since no one will place trust in republicans for at least another term, generally speaking. Whoever reaches out to technology will win this election. Also the bank that is going down first is bank of america.Then will see a whole investigation into the credit institution of america, followed by an overhaul and legislation to curb interest rates.

TPTB know what they are doing and all they want is a level playing field they can f up again and profit more from. "Another day another dollar".

People who are complaining that they got caught up in a sub prime mortgage have nothing to complain about.

They willingly signed paperwork, mostly without reading it as well, as soon as they found the first bank willing to lend them enough money to buy a house, despite the wisdom of such a large financial decision.

These people bought it upon themselves, they should quit blaming the banks. Without the will of the person signing the documents, any effort the bank made to sell the mortgages were useless.

Take some personal responsibility for the crappy financial decisions you made in your life.

Personally, I knew I wasn't financially able to buy a house, so I continue to make my rent payments, on time, every month.

Originally posted by Hefficide
reply to post by thegoodearth

 

The banks are going to win - eventually - one way or the other... Unless we do something quick the banks could quickly become equitable to feudal lordships, dictating all aspects of community through the universal ownership of the property.

The line in the sand has been crossed and this is a war for our futures. I honestly fear that our options may already be too limited to be effective. All we've really got left is to trust politicians, incumbent or opponent. I lack the faith to trust that anyone with the ability to run and win will be on the side of the people.

I guess time will tell.

~Heff

You are right. We will become a nation of tenants... it is disgusting.
One can't help but wonder if this has all been engineered in a way to sneak more and more of
the UN's "Agenda 21" into the country.

A nation of tenants would be much easier to contain in the "human settlements" that is in the plan.

reply to post by babybunnies


I can empathize with the attitude of "you reap what you sow". It certainly gives pause... who is more culpable?

However, this attitude is exactly what the banking industry wants the public to feel.

And millions of borrowers being flat out lied to just for the banks to further their agenda is
criminal.

Personal responsibility at what cost? And how can people be blamed for making decisions based on a tissue of lies?

reply to post by thegoodearth


Plus it gave the bankers low level scapegoats to throw to the wolves

reply to post by ..5..


Right?
I would feel vindication only if they prosecute the CEO's.
And their board of directors.

Then a civil suit brought by the people.

Originally posted by fonenyc

They bother to report because there is money in the people who are interested in these events, frustrated or not. There will be action coming soon as the people are so disenfranchised with the country that they will have to make an example of a bank or two to lay a foundation for thei campaign promises.

Agreed. They will have to make an example of one.
Guaranteed it will be some podunk place too.
Not BOA or Citibank.

Well, this is an interesting read.
market-ticker.org...

The game was to move money under a scheme of deceit and fraud. First sell the bonds and collect the money into a pool.
Second take your fees,
third take what’s left and get it committed into “loans” (which were in actuality securities) sold to homeowners under the same false pretenses as the bonds were sold to investors.

By controlling the flow of funds and documentation, the middlemen were able to sell, pledge and otherwise trade off the flow of receivables several times over — a necessary complexity not only for the profit it generated, but to make it far more difficult for anyone to track the footprints in the sand.

If the loans had actually been securitized, the issue would not arise.
They were not securitized.
This was a mass illusion or hallucination induced by Wall Street spiking the punch bowl.
The gap (second tier yield spread premium) created between the amount of money funded by investors and the amount of money actually deployed into “loans” was so large that it could not be justified as fees.
It was profit on sale from the aggregator to the “trust” (special purpose vehicle).
It was undisclosed, deceitful and fraudulent.

The system may implode, whether the banks are actually held accountable or not.