Comments on: Uncle Sam And The Housing Crisis http://housingdoom.com/2009/09/26/uncle-sam-and-the-housing-crisis/ Sat, 11 Feb 2012 07:12:54 +0000 hourly 1 http://wordpress.org/?v= By: John M. http://housingdoom.com/2009/09/26/uncle-sam-and-the-housing-crisis/#comment-17452 John M. Mon, 28 Sep 2009 00:15:02 +0000 http://housingdoom.com/?p=4603#comment-17452 desert rat - I briefly had that story on the sidebar (it may have originally been an Implode-O-Find). <a href="http://www.opednews.com/articles/LANDMARK-DECISION-PROMISES-by-Ellen-Brown-090921-894.html" rel="nofollow">"LANDMARK DECISION PROMISES MASSIVE RELIEF FOR HOMEOWNERS AND TROUBLE FOR BANKS"</a>, by Ellen Brown, <em>OpEdNews</em>, September 21, 2009. FWIW Ms Brown has posted some pretty good stuff in the past. desert rat -

I briefly had that story on the sidebar (it may have originally been an Implode-O-Find).

“LANDMARK DECISION PROMISES MASSIVE RELIEF FOR HOMEOWNERS AND TROUBLE FOR BANKS”, by Ellen Brown, OpEdNews, September 21, 2009.

FWIW Ms Brown has posted some pretty good stuff in the past.

]]> By: desert rat http://housingdoom.com/2009/09/26/uncle-sam-and-the-housing-crisis/#comment-17451 desert rat Sun, 27 Sep 2009 23:11:23 +0000 http://housingdoom.com/?p=4603#comment-17451 I do not remember this being discussed. I ran across this friday the 25th on Chuck Butlers blog "The Daily Phennig". About half way down the page is a paragraph that starts "A landmark ruling.....". It has to do with a way to avoid foreclosure by stating that MERS ( Mortgage Electronic Regristration Systems) has no legal standing. If upheld in other states it could stop foreclurures on half the houses in the US as over half of the mortgages in the country are registured with MERS. Just another way to delay the inevitable correction of housing prices. I do not remember this being discussed. I ran across this friday the 25th on Chuck Butlers blog “The Daily Phennig”. About half way down the page is a paragraph that starts “A landmark ruling…..”. It has to do with a way to avoid foreclosure by stating that MERS ( Mortgage Electronic Regristration Systems) has no legal standing. If upheld in other states it could stop foreclurures on half the houses in the US as over half of the mortgages in the country are registured with MERS. Just another way to delay the inevitable correction of housing prices.

]]> By: MichaelSBlomquist http://housingdoom.com/2009/09/26/uncle-sam-and-the-housing-crisis/#comment-17450 MichaelSBlomquist Sat, 26 Sep 2009 22:59:55 +0000 http://housingdoom.com/?p=4603#comment-17450 Perhaps no single entity, but definitely a conspiracy. Congress and the Executive branch may have completely failed to oversee these finacial terrorists, but they I don't believe they promoted loan fraud to increase home ownership. The bottom line is all the derivatives, job losses, investment losses, etc. have all spawned from funding debt that consumers, businesses and governments could never afford to pay back. Who knows when things would have run their course, but the executives in charge of the lenders, investment banks and rating agencies made sure they were going to be the ones who capitalized on it during their watch. Allowing and encouraging wage earners (W2 employees) with marginal credit to take out 90-100% financing based on stated income guidelines is not "laxed" lending guidelines it is felony loan fraud. Nearly every loan file had IRS form 4506T within that could have been used for a quick and easy verification of income associated with the applicant's SSN, but they all purposely avoided the truth. Clearly, there was no other reason to alter decades of prudent, proven, regulated, safe and sound guidelines other than to grossly, fraudulently and intentionally inflate home values. Regardless if they were the ones signing on the dotted lines or the "fiduciaries" who were encouraging that behavior they were the only ones who could alter the guidelines that set the wheels in motion. By their silence alone the lenders, investment banks and rating agencies are guilty of conspiracy to commit loan fraud, bank fraud, and to defraud the United States of America. Essentially they broke every one of these laws and then some: http://www.michaelblomquist.com/Papers/MortgageFraud.pdf Perhaps no single entity, but definitely a conspiracy.

Congress and the Executive branch may have completely failed to oversee these finacial terrorists, but they I don’t believe they promoted loan fraud to increase home ownership.

The bottom line is all the derivatives, job losses, investment losses, etc. have all spawned from funding debt that consumers, businesses and governments could never afford to pay back.

Who knows when things would have run their course, but the executives in charge of the lenders, investment banks and rating agencies made sure they were going to be the ones who capitalized on it during their watch.

Allowing and encouraging wage earners (W2 employees) with marginal credit to take out 90-100% financing based on stated income guidelines is not “laxed” lending guidelines it is felony loan fraud. Nearly every loan file had IRS form 4506T within that could have been used for a quick and easy verification of income associated with the applicant’s SSN, but they all purposely avoided the truth.

Clearly, there was no other reason to alter decades of prudent, proven, regulated, safe and sound guidelines other than to grossly, fraudulently and intentionally inflate home values.

Regardless if they were the ones signing on the dotted lines or the “fiduciaries” who were encouraging that behavior they were the only ones who could alter the guidelines that set the wheels in motion.

By their silence alone the lenders, investment banks and rating agencies are guilty of conspiracy to commit loan fraud, bank fraud, and to defraud the United States of America.

Essentially they broke every one of these laws and then some:
http://www.michaelblomquist.com/Papers/MortgageFraud.pdf

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