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.

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.

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.

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.

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.

Your plan puts the top 10 banks in the country out of business overnight, which I understand is fine with you… but that would also lead to an immediate depression in the economy because the ten largest banks are so large that the next 90 banks could not fill the void even if they tried.

What would not robosigning accomplish in your mind? 6 more months living rent free for non-payers? End result is still the same… the jobless still lose their houses. The people who pay their bills carry the costs of those who do not. Robosigning is a made up crisis.

We should never settle these cases or arrange for immunity.

My suggestion for rob-signing fraud: Any homeowner who lost a house to foreclosure that included robo-signing gets the house for FREE, paid for by the bank. Every house. Every foreclosure. No lawyer fees. Just summary judgment.

That will put the banks out of business,as they deserve.

http://www.nakedcapitalism.com/2011/08/c orrupt-obama-administration-pressuring-n ew-york-attorney-general-to-support-mort gage-whitewash.html