Comments on: Why the bank-settlement talks are likely to drag on indefinitely http://blogs.reuters.com/felix-salmon/2011/08/22/why-the-bank-settlement-talks-are-likely-to-drag-on-indefinitely/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: hsvkitty http://blogs.reuters.com/felix-salmon/2011/08/22/why-the-bank-settlement-talks-are-likely-to-drag-on-indefinitely/comment-page-1/#comment-30092 Thu, 25 Aug 2011 23:17:28 +0000 http://blogs.reuters.com/felix-salmon/?p=9469#comment-30092 Yes Danny Black, but Reuters won’t let me say you blow smoke out of your A$$ … sorry!

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By: Danny_Black http://blogs.reuters.com/felix-salmon/2011/08/22/why-the-bank-settlement-talks-are-likely-to-drag-on-indefinitely/comment-page-1/#comment-30066 Thu, 25 Aug 2011 19:23:35 +0000 http://blogs.reuters.com/felix-salmon/?p=9469#comment-30066 hsvkitty, do you actually know what the words you type actually mean?

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By: hsvkitty http://blogs.reuters.com/felix-salmon/2011/08/22/why-the-bank-settlement-talks-are-likely-to-drag-on-indefinitely/comment-page-1/#comment-30060 Thu, 25 Aug 2011 17:48:43 +0000 http://blogs.reuters.com/felix-salmon/?p=9469#comment-30060 Danny_Black, the bank apologist… making more smoke to blow out of his orifices to protect his former employers.

The banks had been told to cease and desist… and given the hand slap, yet they are STILL using forged documentation to foreclose. You think it is just fine for a person off the street to sign forged documents that says the bank owns the property? To falsely sign that they not only read the documentation and it is in order, but to forge they are a Bank President or other false position? Why? Because Danny_Black says the person being foreclosed upon deserved to be… of course! Why would he care what illegal acts the banks used in doing so!

Phony titles, phony signatures, phony documents are state and federal crimes, and should have been prosecuted long ago.

The United States Criminal Code has 45 different statues that cover frauds like forgery, so why have none been used is the question. The only answer is banks are being protected … They are too big to fail and too big to jail, even in the face of overwhelming evidence.

There is likely also collusion given the AGs have thrown up their hands and given up and the SEC is destroying documents rather than jailing the guilty. All that lobbying and those campaign donations was not for naught! And who knows what happened under the table and who got what new better paying position over this. We will read about it in the plethora of new books that will be spawned…

Meanwhile the Administration itself is also wishing to give banks a free pass from prosecution, even though the fraud is ongoing, which begs the question whether home titles will ever be actually “free and clear” given the new basis of fraud, rather than law, in the mortgage industry.

Banks and their agents have been guilty of Federal offenses such as:

*Antitrust violations: securities fraud …

*Financial fraud: insurance fraud, mortgage fraud, kickbacks …

*Judicial fraud: perjury, false statement…

It is high time that the banks and their agents are charged every penny it takes to resolve any issues relating to their sloppy and illegal acts.

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By: themikeuno http://blogs.reuters.com/felix-salmon/2011/08/22/why-the-bank-settlement-talks-are-likely-to-drag-on-indefinitely/comment-page-1/#comment-30050 Thu, 25 Aug 2011 14:17:17 +0000 http://blogs.reuters.com/felix-salmon/?p=9469#comment-30050 Danny, even if the guys doing the “robo-signing” were at outsourced companies, there were people at the banks that authorized those companies to “do what it takes” and had to know or should have known what those firms were doing. You can not outsource responsibility.

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By: Danny_Black http://blogs.reuters.com/felix-salmon/2011/08/22/why-the-bank-settlement-talks-are-likely-to-drag-on-indefinitely/comment-page-1/#comment-30044 Thu, 25 Aug 2011 12:28:30 +0000 http://blogs.reuters.com/felix-salmon/?p=9469#comment-30044 Anonymous, think you’ll find the guys who “robo-signed” are mostly lawyers at outsourced foreclosure mills not banks.

Homeowners already are protected. As far as I can tell there is not a single case of a completely up to date homeowner losing their home. There are cases of mistaken cases which are trivial in number relative to the number of outstanding cases. There was another post by Mr Salmon that had a Treasury study showing that up to 10% of the foreclosure docs had some sort of fault. I am pretty sure that a reporter who was flawless 90% of the time would be pretty happy with that hit rate.

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By: Anonymous http://blogs.reuters.com/felix-salmon/2011/08/22/why-the-bank-settlement-talks-are-likely-to-drag-on-indefinitely/comment-page-1/#comment-30041 Thu, 25 Aug 2011 11:58:40 +0000 http://blogs.reuters.com/felix-salmon/?p=9469#comment-30041 Individuals in these banks broke the law. Fraud and forgery are illegal and those who did so should be fined and jailed, including those who authorized the activities and corporate officers who were aware and failed to report or halt the illegal activities. Exempting people from prosecution will encourage similar behavior in the future. The banks themselves need not be put out of business, but there are many bankers who should be shut down.
This is a seperate issue from valid foreclosures, however banks should be required to follow the law here as well. If the right and legal documentation does not exist because of sloppy record keeping and fraudulent paperwork, then their are laws in place to deal with those situations already. Some people may keep homes they shouldn’t, but the laws are there to protect both parties, not just the banks investment.

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By: Danny_Black http://blogs.reuters.com/felix-salmon/2011/08/22/why-the-bank-settlement-talks-are-likely-to-drag-on-indefinitely/comment-page-1/#comment-29991 Wed, 24 Aug 2011 11:40:45 +0000 http://blogs.reuters.com/felix-salmon/?p=9469#comment-29991 MarkWolfinger, I don’t think you go far enough. Anyone who is not 100% up todate on their loan should be kicked out of their home immediately. Every house. Every default. No lawyer fees. Just summary judgment. Sound good to you?

ErnieD, think you’ll find the actual people who got caught robo-signing already have been dropped – and last i heard were going out of business. Also not sure robo-signing is a criminal offense as opposed to a civil one. I am sure you can post the exact code in federal law or state law where it posits jail time. As for securitisation, for all the hysteria about how it was going to be the end of securitisation, how many mortgages in how many trusts has this actually impacted? Will bet by value less than 1%.

hswkitty, to bankers the people being foreclosed on are people in default who have no chance whatsoever of remedying that default. You of course know this because you keep posting links on how people who are not up to date are getting foreclosed on, so you must have read it at least 100 times.

Naked Capitalism et al are probably desparate right now to fabricate some other end of the world scenario that will drive more traffic to their sites. I am sure all the so-called journalists who whipped this up will be happy to state that in the end it turned out to be a minor storm in a teacup.

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By: djfnyc http://blogs.reuters.com/felix-salmon/2011/08/22/why-the-bank-settlement-talks-are-likely-to-drag-on-indefinitely/comment-page-1/#comment-29980 Tue, 23 Aug 2011 23:50:32 +0000 http://blogs.reuters.com/felix-salmon/?p=9469#comment-29980 The only answer is to nationalize the servicers, to replace their management with new people who have no stake in protecting the fraud and the mistakes of the past. But that would contradict the right wing phobia against the government policing against fraud.

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By: hsvkitty http://blogs.reuters.com/felix-salmon/2011/08/22/why-the-bank-settlement-talks-are-likely-to-drag-on-indefinitely/comment-page-1/#comment-29963 Tue, 23 Aug 2011 19:21:19 +0000 http://blogs.reuters.com/felix-salmon/?p=9469#comment-29963 Thanks ErnieD, for saving me a lot of time replying. Fraud is fraud and it should be investigated and people thrown into jail. Of course now that we know the SEC has been in collusion with those who were let of scott free… everyone wants to throw in the towel.

Especially y2kurtus, the banker. To the bankers, those people being foreclosed upon are bad people and all those who are bankers need to be protected… even though they and their agents and lawyers acted criminally and broke the law.

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By: ErnieD http://blogs.reuters.com/felix-salmon/2011/08/22/why-the-bank-settlement-talks-are-likely-to-drag-on-indefinitely/comment-page-1/#comment-29934 Tue, 23 Aug 2011 13:13:44 +0000 http://blogs.reuters.com/felix-salmon/?p=9469#comment-29934 Robo-signing means that lawyers and attornies broke state laws on how they are to conduct their professional business, including perjury on court documents. At a minimum, they should lose their licenses and not be permitted to practice anymore. This was not a “negligent error or omission.” This was a deliberate voiding of the rules to increase fees while controlling costs. Significant perjury by attesting falsely in numerous affidavits should also mean jail time.

The banks that did not transfer the appropriate documents to the MBS trusts and the trusts that did not supervision their own documentation that would have accompanied the receipt of those documents either committed fraud or failed their fiduciary responsibility to their investors. Where they were simply negligent, they should be liable for investor losses due to the improper or missing transfers. Where they were fraudeulent, there should be jail time.

These issues impact potentially a trillion dollars or more of securities and foreclosures. Governments are very good at going after the people who embezzle $20k but appear to have sufficiently great admiration for the people who can embezzle $200B that they won’t even open up a serious investigation.

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