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posted on Oct, 11 2010 @ 08:48 PM
An exceptional, easy to understand, article on the Foreclosure diaster about to strike.

If you work in the mortgage industry or for a title insurer, you might not want to make any plans for the next six months. Foreclosuregate is about to explode. It is being alleged that many prominent mortgage lenders have been using materially flawed paperwork to evict homeowners. Apparently officials at quite a few of these firms have been signing thousands upon thousands of foreclosure documents without even looking at them. In addition, it is being alleged that much of the documentation for these mortgages that are being foreclosed upon is either “improper” or is actually “missing”.

*One GMAC Mortgage official admitted during a December 2009 deposition that his team of 13 people signed approximately 10,000 foreclosure documents a month without reading them.

posted on Oct, 11 2010 @ 09:24 PM
Good Post... Very informative. Makes me smile that I don't have a mortgage!!!

I feel for all those misplaced people.
edit on 11-10-2010 by ldyserenity because: SP

posted on Oct, 11 2010 @ 09:37 PM
Foreclosuregate does have a better ring to it than document gate or another massive fraud by the tbtfgate. I see it a a blatant disregard of black letter law by the TBTF and the institutions built up around them including MERS and the GSEs.

Anyone who has had a property transaction in the past ten years could potentially be affected. And I mean anyone.

With all that is going on with the robosigning, forgeries, fabrications and LIES, we decided to dig into this to see if something was there to help educate the masses on the issues that all of us as Americans face…
Guess what we found…

President Obama is a victim of the robosigning phenomenon that has taken the financial industry by storm…


If you're a link reader make sure you hit part two as well. The guy over at 4closure fraud found not one but two mortgages that the President paid off where the signature of the officer releasing the debt did not match other documents these officers supposedly signed.

Just remember that the people on the MSM saying this is nothing or a technicallity are the same people that said "home prices only go up", "get an ARM and we'll refinance you before the rates adjust", "the problems with subprime mortgages are contained. The implications of the fraud go beyond just people being foreclosed on and could affect anyone who's bought property over the last decade.

posted on Oct, 11 2010 @ 09:37 PM
I do too. And to think- nobody even bothered to check to see if it was legit. If I were one of them I wouldnt know what to do or where to start. And for the people who have purchased foreclosed homes, the prospect that the title to their home may be held by several other banks anywhere in the world, is frightening.

posted on Oct, 11 2010 @ 09:39 PM
I work for a REO bank own property out fit and yes my work has picked up
Im working in city's that I have never before.

posted on Oct, 12 2010 @ 12:35 AM
The huge issue with "foreclosuregate" is the massive breach of trust. Without explaining it all, there is a great danger of a total seizure of the housing markets and a widespread revolt against the banking industry. There are two major categories of people who are in danger of losing their homes. The first are people that aren't able to pay, and the second are people being affected by fraud. If foreclosures are halted, the people that can't pay will get a free ride. If foreclosures are continued, the people that are victimized by fraud, banker mistakes, Fannie or Freddie carelessness, or whatever, will lose their homes for no fault of their own. Then what about the people who recently bought a foreclosed home when the title is now discovered to be tainted?

This is a poopstorm of epic proportions. The housing market will once again seize or there will be massive attention being given to people who wrongly lost their homes. Either way the situation is crap.

One thing is for sure is that lending institutions and the government regulators have completely and obviously failed in trustworthiness.

So why stop at "foreclosuregate"?

If the government and their bank owners can constantly screw the American people, what if the American people decide not to take any crap?

What if people start walking away from car loans? Or credit cards? Or student loans? Hell why does it have to be loan liabilities? What will stop people from walking away from child support, taxes, or even from that $20 borrowed from someone's friend?

In the eyes of the law, we are all equal. For some reason though. corporation such as banks are also treated as individuals to protect their shareholders. If a real person were to commit such fraud in this "foreclosuregate" they would be thrown in jail. If a real person were to be as sloppy as banks when it comes to titles, they would be sued out of existence. If a real person went to the government for something as mundane as a drivers license but forgot or forged some documents, they would be denied at the very least or jailed for lying to the government. Yet these banks are protected. The banks commit fraud, use sloppy or incomplete documents, and go to the government with such in order to get special taxpayer funded "favors".

Well thanks to them, there is a danger of a total loss of trust within the economic system. No amount of money the Fed can print will help this. No bailout, no flowery Obama telepromter speech, no nothing. Economy is based on trust, starting with a shake of the hand. If the banks can breech such a trust, why can't I? Why can't everyone?

There are a lot of doomsdayers on ATS, but ever since this "foreclosuregate" broke, I am really tempted to join them.

posted on Oct, 12 2010 @ 12:42 AM
And I forgot to mention, what is going to happen to the trillions of derivatives that are derived from these mortgages when many have clouded titles?

We better start forgetting about lawsuits and just grab the guillotine.

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