Fed: "No Wrongful Foreclosures" in [Market-Ticker]

http://market-ticker.org/post=182085

Fed: "No Wrongful Foreclosures"

The Market Ticker - Commentary on The Capital Markets

Fed: "No Wrongful Foreclosures"

Posted 2011-03-11 12:39 by Karl Denninger in Federal Reserve

Is anyone not ready to consider these mendacious snakes entirely-discredited? (http://www.huffingtonpost.com/2011/03/10/fed-reports-findsno-wron_n_834010.html)

WASHINGTON, D.C. -- A months-long internal investigation into abusive mortgage practices by the Federal Reserve found no wrongful foreclosures, members of the Fed's Consumer Advisory Council (http://www.ofr.gov/(S(4g5bbtcpefgjorghelvdeiym)) /OFRUpload/OFRData/2011-03843_PI.pdf) said Thursday. Kirsten Keefe, a member of the Fed consumer panel and an attorney at the Empire Justice Center in Albany, New York, said the Fed's report defined "wrongful foreclosures" as repossessions of borrowers' homes who were not significantly behind on their payments. Uh huh. So let's see if I get this right - none of the following are "wrongful foreclosures": The institution that forecloses doesn't actually own the paper. They submit a robosigned or otherwise fraudulent set of documents to cover for the fact that they are not actually holders of the debt they claim to have. That is, they foreclosed but legally you don't owe them the money. The institution that forecloses caused the foreclosure through its own wrongful acts. They force-placed insurance on a house that had insurance (or an available policy which they failed to pay from escrow, thereby causing the cancellation) and that began the spiral. They placed a payment off by a couple of cents into a suspense account, refused further payments and foreclosed. They told homeowners to stop paying to qualify for a modification but never intended to actually provide one, or the owner didn't qualify. They were offering a modification but "lost" documents repeatedly and then foreclosed. Or anyone of a number of other wrongful acts - all of their hand, not the homeowners. Yeah. The problem with this alleged "study" is obvious - it has nothing to do with reality. 150,000 withdrawn affidavits that were (admittedly) filed as acts of perjury would not have been withdrawn unless they had to be. Well, they had to be. We have myriad reports of homeowners who are told to intentionally default by servicers, a clear act of bad faith. We have documented instances of banks breaking into homes that are occupied, an apparent serious state felony. We have documented instances of banks playing games with forced-placed insurance, escrow accounts and similar acts leading to foreclosure. Oh, and The Fed looked at just 500 loan files. Where did they get the files and how were they chosen? Let me guess - did the banks provide them to The Fed at their election? It wouldn't surprise me a bit, and given that somewhere close to 3 million homes got a foreclosured-related filing last year, 500 files is hardly a representative sample. The Fed's credibility on this point, as with inflation and other similar claims, has long-since expired.

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Posts: 190

Fed: " o Wrongful Foreclosures" in forum [Market-Ticker]

Custodialmoney At what point do we stop considering this incompetence and believe it is a conspiracy?

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3/15/2011 12:26 AM

Fed: "No Wrongful Foreclosures" in [Market-Ticker]

http://market-ticker.org/post=182085

Incept: 2009-09-19 The 'invisible hand' is in your pocket.

---------"There is no way to fix it because it is not *broken*, this is how it works." -127001 "The USD not backed by gold; it is based on its fair market value"
2011-03-11 12:48:55 Permalink

Saschaefer
Posts: 32 Incept: 2009-06-29

Why the Fed will not even release this "report" to the public: From NakedCapitalism: "Kirsten Keefe, a member of the Fed consumer panel and an attorney at the Empire Justice Center in Albany, New York, said the Feds report defined wrongful foreclosures as repossessions of borrowers homes who were not significantly behind on their payments." I assume no one even bothered to ask Ms. Keefe how the Fed defined "significantly behind".
2011-03-11 12:51:30 Permalink

Onchaos
Posts: 104 Incept: 2008-10-09 Virginia

Quote:

At what point do we stop considering this incompetence and believe it is a conspiracy?

This isn't a conspiracy, it is a criminal enterprise. ---------Freedom is chaos - give it to me anyway!

2011-03-11 12:56:14 Permalink

Detersbb
Posts: 82 Incept: 2010-10-20

When you are a judge in your own case the chances are that even if the evidence impales you-you will not see it as such. Deaths that occur shortly after tazering 10-12 cycles are never seen as having a causal relationship beyond spurious. Complications shortly after the administration of vaccines are never seen as having a causal relationship beyond spurious. The standard of charging a police officer with assault & battery while on duty is so high because there is "neve"r any evidence that the officer acted in bad faith abusing his/her policing powers knowingly and therefore the threshold of the benefit of the doubt has not been meet and no charges will be filed. John T Williams in Seattle, WA was shot 4 times in the back for walking across an intersection with a 3.5 inch pocket knife and a chunk of wood which he was carving all in complicate with city, county, and state law/code /statute for threatening an officer at a distance of 20 feet when he was said to have turned around to see what all the hollering was about as the officer started shooting 7 seconds after he issued the command to drop the knife. The officer was found by a civilian/police commission to have fire in Unjustified and the coroner ruled the shooting a homicide, but the police/DA refused to charge him because there is no evidence that he acted unreasonable and he get the benefit of the doubt because the police/DA/State are a judge in their own case. Should we be surprised if they find that they committed no wrong actions? Would it not be more surprising to see that they found that they had in fact committed wrong actions?
2011-03-11 13:02:18 Permalink

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3/15/2011 12:26 AM

Fed: "No Wrongful Foreclosures" in [Market-Ticker]

http://market-ticker.org/post=182085

Custodialmoney
Posts: 190 Incept: 2009-09-19 The 'invisible hand' is in your pocket. Quote:

This isn't a conspiracy, it is a criminal enterprise.

Sorry I do not know the difference. I was thinking of a RICO action against different groups of people who coordinate their actions (collusion?). In any case the issue I was trying to get at was an intentional action which was coordinated by apparently disinterested groups.

---------"There is no way to fix it because it is not *broken*, this is how it works." -127001 "The USD not backed by gold; it is based on its fair market value"
Last modified: 2011-03-11 13:04:24 by custodialmoney Reason: formatting 2011-03-11 13:04:01 Permalink

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Bagbalm
Posts: 2644 Incept: 2009-03-19 Just North of Detroit

How is such a report from a private bank even relevant? How is this part of the Fed's mandate?
2011-03-11 13:04:08 Permalink

Jimg
Posts: 59 Incept: 2009-02-04 Dunedin, FL

How do they define foreclosures on homes with fully paid off mortgages or were bought with cash?
2011-03-11 13:19:46 Permalink

Winstonsmith2009 Simply more evidence (as if any were needed) that there is absolutely no rule of law for anyone but us peons.
Posts: 239 Incept: 2009-08-05

If citizens have respect for the work of their courts, their respect for law will survive the shortcomings of every other branch of government; but if they lose their respect for the work of the courts, their respect for law and order will vanish with it. Arthur T. Vanderbilt And what happens when cases never reach the courts or are badly hampered if they do because of the actions of supposed watchdogs that do what this council just did?
Last modified: 2011-03-11 13:44:01 by winstonsmith2009 2011-03-11 13:32:29 Permalink

Drench
Posts: 10518

Months to study 500 files? That's one person. Which one person did the study?

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Fed: "No Wrongful Foreclosures" in [Market-Ticker]

http://market-ticker.org/post=182085

Incept: 2009-11-10
2011-03-11 13:51:35 From PDA Permalink

Billy_ray_v
Posts: 163 Incept: 2010-10-08 east of the rockies

That is, they foreclosed but legally you don't own them the money. Own=Owe? Tell him what he's won Alex! ---------Fill the cracks in,...with Judicial granite. Because I don't say it don't mean I ain't thinking it!
2011-03-11 13:55:55 Permalink

Steph4liberty
Posts: 14 Incept: 2010-10-22 Raleigh, NC Quote:

the Fed's report defined "wrongful foreclosures" as repossessions of borrowers' homes who were not significantly behind on their payments.

Apparently, "wrongful" doesn't include foreclosing on someone when you can't prove in a court of law that you actually own that person's debt. Unbelievable.

2011-03-11 14:19:10 Permalink

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Geckolizard
Posts: 42 Incept: 2011-02-16 Midwest

Levitin called them on this BS last fall...

----------

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Fed: "No Wrongful Foreclosures" in [Market-Ticker]

http://market-ticker.org/post=182085

The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists. -Ernest Hemingway
2011-03-11 14:23:06 Permalink

Genesis
Posts: 97293 Incept: 2007-06-26

Except that Levitin then DEFE DED the so-called "settlement" document. Two faces of the same bull****. ---------QE2 - The largest tax ever levied on The entire world - and entirely illegal. There's no Bondzilla eh? Hmmm.... we'll see about that.
2011-03-11 14:26:46 Permalink

Chief Bottle Washer

Ct-hilltopper
Posts: 22 Incept: 2010-11-04 The Gold Coast. Fairfield County, CT.

Anything to do with the Federal Reserve is to be considered to be of the banksters, by the banksters, and for the banksters. Anything that happens that is considered to be of a benefit to the common American people is purely coincidental. ---------I have certain rules I live by. My first rule: I don't believe anything the government tells me. I don't have pet peeves, I have major psychotic f-ing hatreds! And it makes the world a lot easier to sort out.
2011-03-11 14:51:45 Permalink

Themortgagedude
Posts: 5966 Incept: 2007-12-17 saint louis

Nothing to see here. Just let me finish sweeping it under the rug. Move along now. ---------I need my bat. I think better with my bat. Where's my bat?
2011-03-11 14:53:10 Permalink

Geckolizard
Posts: 42 Incept: 2011-02-16 Midwest

Karl- Levitin is like a broken clock- he is right once in a while. From your ticker a few days ago:

Quote:

Whats the record of the AGs thus far Adam? How many perjury indictments have been filed?

Wouldn't it be nice if he got back to you on that... ---------The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists. -Ernest Hemingway
Last modified: 2011-03-11 14:56:39 by geckolizard 2011-03-11 14:55:06 Permalink

Geckogm
Posts: 3140

Gen

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Fed: "No Wrongful Foreclosures" in [Market-Ticker]

http://market-ticker.org/post=182085

Incept: 2007-06-26 Canyon Lake Online

Do you think this report will have any bearing on the mass joinder litigation?

2011-03-11 14:55:23 Permalink

Wawawa
Posts: 186 Incept: 2009-03-18 San Diego, CA

It is like fox designing security system for a hen house. Out come is clear. ---------RAT RACE IS OVER, RATS WON :)
2011-03-11 14:57:17 Permalink

Genesis
Posts: 97293 Incept: 2007-06-26

Gecko: No. But I'm getting really, really bearish on that mass-joinder **** for a whole host of other reasons. I think there's a snake there but I'm losing hope that the snake-charmers are going to actually get the ****ing snake out of the box. ---------QE2 - The largest tax ever levied on The entire world - and entirely illegal. There's no Bondzilla eh? Hmmm.... we'll see about that.
2011-03-11 15:11:50 Permalink

Chief Bottle Washer

Asimov
Posts: 60176 Incept: 2007-08-26 east tennessee Online

I guess the "foreclosures" that have happened on people WHO DIDN'T HAVE A LOAN don't count as "wrongful" either? ---------It's justifiably immoral to deal morally with an immoral entity. When the enforcers of the laws show by action they have no respect for the law, why should you? If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente.
2011-03-11 15:48:53 Permalink

Capeman
Posts: 2602 Incept: 2007-07-12 San Diego

Too bad this doesn't set a judicial precedent or I'd be combing the nice neighborhoods looking for homes I want to foreclose on. All I have to do is find a MERS agent. ---------"I believe all God's creatures have a soul... except bears, bears are Godless killing machines!" - Steven Colbert
2011-03-11 15:58:09 Permalink

Fugitivekind
Posts: 784 Incept: 2007-08-20

The banking cartel (THE FED) finds nothing wrong with their members actions...BIG SURPRISE! ---------"I refuse to leave our children with a debt they cannot repay, and that means taking responsibility right now, in this administration, for getting our spending under control." Barack Obama, Feb. 29, 2009
2011-03-11 16:12:01 Permalink

Boston

Docj
Posts: 489 Incept: 2009-09-10

HuffPo wrote..

A months-long internal investigation into abusive mortgage practices by the Federal Reserve

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Fed: "No Wrongful Foreclosures" in [Market-Ticker]

http://market-ticker.org/post=182085

Suburban Boston

found no wrongful foreclosures...

So, an internal investigation by Da Fed into foreclosuregate found... nothing. Shocking. Pretty sure internal investigations conducted by the Gambino Family would similarly find many of the deaths that looked suspiciously like mob hits were actually, uh, accidents. Yeah, sure, that's it - they just slipped and fell on the ice pick. 9-10 times. Honest. Or, as was said best upthread vis-a-vis Da Fed...

Onchaos wrote..

This isn't a conspiracy, it is a criminal enterprise.

---------We've gone from a country who's population instinctively knew there was no free lunch to one who's population has convinced itself that the consumption of free lunches is a revenue generating activity.
2011-03-11 16:28:54 Permalink

Icanhasbailout
Posts: 5474 Incept: 2009-03-10

It's cool, everyone. Subprime is contained. BTFD. ---------One man with courage makes a majority. - President Andrew Jackson TF Creative Arts thread http://tickerforum.org/cgi-ticker/akcs-w.... (http://tickerforum.org/cgi-ticker/akcs-www?post=175798)
2011-03-11 16:34:11 Permalink

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