KEY: “The banks that are foreclosing on fraudulently originated mortgages frequently cannot produce legitimate documents. . . . Now, only fraud will let them take the homes. Many of the required documents do not exist, and those that do exist would provide proof of the fraud that was involved in loan origination, securitization, and marketing.”
It’s the ENRON Dominoes: They need to repossess – in order to cover the Total Fraud – and to keep the Fraudulent Cycle/Accounting going.
Foreclose on the Foreclosure Frauds?
(No Chance with President Obama.)
“HUD reviewed the ‘paperwork’ problem to see whether it threatened the banks – not the homeowners who were the victims of foreclosure fraud.” “[T]he Justice Department has not convicted a single senior officer of the large nonprime lenders who directed, committed, and profited enormously from the frauds.” “Note the language: ‘mistakes,’ ‘errors,’ ‘processes’ (following the initial use of ‘paperwork’). No mention of ‘fraud,’ ‘felony,’ ‘criminal investigations,’ or ‘prosecutions’ for the tens of thousands of felonies that representatives of the entities foreclosing on homes have admitted that they committed.”
In short/general: What about War Crimes, torture, and worldwide fraud as perpetuated from the Oval Office? “[T]he administration is focused on ensuring future compliance, rather than on looking back.”
But, aside from particular invasions, the torture (like the other War Crimes) was purposely directed and authorized under manipulated veils – documented memos written after-the-fact, for example – as a means to achieve political goals. Remember the Nuremberg Principles? “[W]e have not found any evidence at this point of systemic issues in the underlying legal or other documents that have been reviewed.”
There is a volume of undeniable proof! How could you be so acquiescent? Don’t you understand that these repercussions will reverberate throughout history – that others will take the abuses as a model? “When the word ‘systematic’ or ‘systemic’ is used in this context, [we are] not saying that there couldn’t be significant real problems that affect real people in a very, very real way.”
Aside from the utter lunacy and hypocrisy of those responses (which, again, undoubtedly leave us open to escalating future ramifications), will you at least do something to counter the resulting fascist state of our economy? “This is not a problem for [us] to fix. This is a problem for the banks and servicers to fix. They can fix it as fast as they feel like it.”
Too Pig to Jail? Exactly.
Update (2012): “And instead of really, at the heart of this, being about accountability and punishment it seems like frankly a political whitewash during an election year. So it makes the Department of Justice look good. It makes the attorneys general look good. The banks are happy because they are going to get all the credit for this settlement while receiving money from the taxpayers. Really the only big losers are the taxpayers and, of course, the homeowners.”
(“It wasn’t just one individual or two or three individuals, it was branches of individuals, it was regions of individuals.”)