Bloggers broke foreclosure-gate while MSM snoozed

This precisely echoes how it was bloggers who broke the subprime story, while the mainstream media initially mocked them while doing nothing. Then finally managed to stumble across the story after bloggers did the hard work for them.

WaPo profiles the bloggers at whose determination and research ignited foreclosure-gate. But, as it too typical with MSM, they wait until the end of the article to list the name and URL of the site when it should be in the first paragraph. Isn’t it a basic tenet of journalism that the important facts, like names, come first? But then, maybe they’re afraid of the competition.

Forclosure and mortgage fraud news

BofA denial over foreclosure-gate

Pimco, NY Fed wants to force BofA to repurchase garbage mortgages. Pimco manages hundreds of billions in bonds and is a very big dog indeed

Chicago sheriff says no to enforcing foreclosures. This is the same sheriff who a while back refused to evict renters who were in homes that were foreclosed without their knowledge. We need more sheriffs like him.

Pass me a hanky. Haters won’t pipe down and let foreclosure king of Florida enjoy all the money he’s making off this mess.

Did mortgage giants intentionally sell mortgages which would default, to generate huge credit default swap and synthetic CDO payouts?

Foreclosures, fraud, corruption. The news keeps coming

It’s happening: The Right is turning against Wall Street. Specifically Tea Partiers, and in opposition to the Republican Party too. More, please.

Smoking gun: New evidence of How Wall Street shafted pension funds by misrepresenting mortgages; Rep Miller calls for full audit of Fannie Mae

Calculated Risk details how foreclosure mills were pumping out thousands of signed docs without looking at them but Naked Capitalism says the problem is much deeper than robo-signing firms. Specifically, we need to ask why were there so many incorrect docs. Sounds like control fraud to me.

The mortgage fiasco in simple terms, from Global Guerrillas, who thinks this will be yet another major financial crisis with a government bailout.

Republican operatives in Michigan may challenge voting credentials for those in foreclosure, based on residency requirements. They are ignoring that 1) a homeowner can still be living in a foreclosed home and 2) Republicans lose their homes in foreclosure too but I guess all that pond scum they’re covered with is confusing their thought processes.

Are bankers rushing mortgage mods now so they can make the paperwork legit?

And so it begins – GMAC, Jeffrey Stephan Sued by vindictive homeowner

The little Maine house that triggered foreclosure-gate

NY Times photo

The foreclosure docs were robo-signed by an ethics-challenged drone at GMAC who said he ‘signed’ 400 a day and never reviewed any of them. GMAC calls this a “technicality” as does the Obama Administration. The stock markets would beg to differ, as banking stocks got clobbered today as everyone realizes just how serious this fraud and corruption is.

And it all started because a volunteer lawyer at a legal assistance nonprofit spotted the robo-signed docs for the house in Maine and deposed the GMAC employee.

Krugman. Do we still have rule of law?

The mortgage mess is making nonsense of claims that we have effective contract enforcement — in fact, the question is whether our economy is governed by any kind of rule of law.

The fix is in, and at a very high level indeed. One set of laws for the banksters (i.e. no law at all) and actual enforcement for the rest of us.

For one thing, it’s a near certainty that significant numbers of borrowers are being defrauded — charged fees they don’t actually owe, declared in default when, by the terms of their loan agreements, they aren’t.

Oh, that’s just a technical bookkeeping error, and the banksters will fix that ASAP. Just you wait.

True to form, the Obama administration’s response has been to oppose any action that might upset the banks, like a temporary moratorium on foreclosures while some of the issues are resolved. Instead, it is asking the banks, very nicely, to behave better and clean up their act. I mean, that’s worked so well in the past, right?

Obama virtually always does the bidding of the banksters. Liberals and progressives who think he will do otherwise once presented with the real facts (and a pox upon devious advisers, they are the one’s poisoning his judgement, right?) are living in a dream world.