Politics in the Zeros

The mortgage fraud settlement for $25 billion is pennies on the dollar, ignores rampant criminality, and was pushed for hard by Obama.

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Dan Edstrom is an expert in charting such relationships and it took him a year to find out who actually owned his home. Note the “Black Hole” on the right side near the top. Apparently some details are unknowable, even to an expert. Such a deranged system of mortgage securitization is error-prone, obviously way too [...]

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How subprime mortgage processing works, via the fine folks at Zero Hedge

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Thousands of bank execs went to prison during the S&L crisis of the 1980′s. Not a single bankster has yet during this current debacle. In fact, virtually none have even been criminally charged. This is a disgrace, a subversion of justice, and an obvious corruption of the legal system. We need thousands of criminal prosecutions [...]

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Obama vetoed the odious save-the-banksters foreclosure bill. See Mr. President, it’s just not that hard to oppose the banksters. You should do it more often. Grayson sends letter to Geithner, Bernanke demanding foreclosure freeze, warns of systemic bank failure risk The bank failure could happen because the trusts supposedly holding the mortgages may not have [...]

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Naked Capitalism thinks not. Homes in Florida seized without Notice of Foreclosure: Suspiciously large number of “the dog ate my summons” filings What are the odds that these “lost” notices reflect legitimate lost documents, as opposed to failure to provide proper notice at all and lying to the court after the fact? The sheer volume [...]

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This is a smoking gun. There better be criminal prosecutions on this. 4closeurefraud broke the story and posted the the Docx price sheet on Scribd Naked Capitalism comments A bombshell has dropped in mortgage land. We finally have some concrete proof of how widespread document fabrication was. Not only are there prices up for creating, [...]

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A friend of mine notes the wave of fraudulent foreclosures, foreclosures where firms simply faked the paperwork needed to prove they have standing to foreclose (that they actually own the mortgage.) There have been some moves to stem the fraud, not the least of which is by Florida’s Attorney General Bill McCollum, but those who [...]

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Arrests could come as early as next week. Some folks will be having a mighty twitchy weekend.

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Sue is now associated with Forensic Financial Partners. Forensic Financial Partners, LLC provides financial advisory services to government agencies, financial institutions, and counsel. Our skills and background uniquely qualify us to manage large investigations while charting political minefields when pursuing claims against third parties, such as directors, officers, investors, and large builders. Services and expertise [...]

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