October 17, 2010
It was predictable. Obama and his Goldman Sachs insiders have sided with Bank of America and JP Morgan on the growing call for a national moratorium on foreclosures. Obama has sided with the banksters against the American people. No surprise there.
It’s all for our own good, of course. “Delays in foreclosures add cost and other burdens for communities, investors and taxpayers,” said the faceless bureaucrats at the Federal Housing Finance Agency.
In short, bring on the robo-signers.
Imagine my surprise. Banks signed thousands of documents authorizing foreclosures across the country, without actually having reviewed the loan documents, as required by law. In other words, they engaged in fraud in order to expedite the confiscation of property. Ohio Attorney General Richard Cordray sent letters to Wells Fargo & Co., Chase, Bank of America Corp., and CitiMortgage asking them to halt foreclosures in Ohio and meet with him to discuss how to solve the problem.
Law officers in California, Connecticut, Illinois, Iowa, Maryland, Massachusetts, North Carolina and Texas have done likewise, demanding answers and an end to foreclosures until the matter is resolved.
Last week, attorney generals in 40 states announced an investigation into the mortgage-servicing industry. “I think the mortgage-servicing firms need to understand that they face real exposure now, and they would be well advised to take this very seriously, to clean this up by doing loan workouts to keep people in their homes, which up till now they’ve just paid lip-service to,” said Cordray, reports the Wall Street Journal.
Corday’s outspoken effort is admirable. But the likelihood the “mortgage services industry” run by the mega-banks will be forced to shut down their foreclosure and property confiscation mill is slim to none.
On Friday, John Carney, writing for CNBC, said he thinks Congress will line up behind the banksters. “Here’s what is going to happen: Congress will pass a law called something like ‘The Financial Modernization and Stability Act of 2010′ that will retroactively grant mortgage pools the rights in the underlying mortgages that people are worried about. All the screwed up paperwork, lost notes, unassigned security interests will be forgiven by a legislative act,” writes Carney.
Carney notes that the 2008 “crisis” was about economics. The new one is about legal rights. If Congress manages to line up behind the banksters and pass such legislation, it will spell the end of property rights in America. “If you’re skeptical about the possibility that this will happen, you have greater faith than I do in the ability of the political system to resist doing favors for bankers,” writes Carney.
Favors? The banksters own Congress, as Sen. Dick Durbin admitted in May, 2009. “And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place,” he blurted out on a Chicago radio station.
Members of Congress do not do “favors” for Wall Street and the banksters. They follow orders.
Millions of Americans are about to wake up homeless on the continent their fathers conquered, as Thomas Jefferson warned. Gouverneur Morris, who represented Pennsylvania in the Constitutional Convention of 1787 and signed the Constitution, said the “rich will strive to establish their dominion and enslave the rest… if we do not, by the power of government, keep them in their proper spheres.”
Government is now owned by the international bankers and their mega-corporations. A Republican compromised Tea Party movement will not change the situation. It will work for the bankers too, albeit while sporting patriotic plumage as camouflage.
It may take another election cycle before the people realize the trademark Tea Party will not save them. Nobody will be safe until the Federal Reserve is abolished and the banksters are sent packing.
This article was posted: Sunday, October 17, 2010 at 8:14 am