Attorneys General Knob-Job Banks (Again)
The Market Ticker ® - Commentary on The Capital Markets
Posted 2011-05-11 08:57
by Karl Denninger
in Foreclosuregate
Ignore this thread
Attorneys General Knob-Job Banks (Again)
 

Instead of prosecuting, we have this....

Bank of America Corp. (BAC) and JPMorgan Chase & Co. (JPM), along with three other U.S. mortgage servicers, proposed paying $5 billion to settle a probe of their foreclosure practices by state and federal officials, two people familiar with the matter said.

Uh huh. 

Note that what the banks want is immunity from prosecution

They must also reach an agreement on the claims state officials and federal regulators will surrender as part of any settlement. Banks are less likely to sign off on any deal that doesn't provide a broad release of claims from state attorneys general in the most populous states.

Why would they need that?  Well, it might have something to do with this sort of thing:

Perhaps it's due to the sort of irregularity being discussed here?

Back to the assignment from First Meridian. First Meridian could not have provided instructions to MERS to convey a title they did not hold in 2010! Not only did First Meridian not exist in 2010, but they never filed bankruptcy either!! Instead they joined TRUMP FINANCIAL in 2007 and TRUMP FINANCIAL later ceased to operate!

Uh, you mean that MERS, as "nominee", is transferring rights in paper from an entity that doesn't exist, and therefore they can't have nominee status for that entity any longer?

There isn't anything wrong with that is there?  There isn't anything wrong with a firm that is being assigned to proffering and causing to be prepared an assignment to itself, right?

Wait a second.... how does the "to" (grantee or transferee, if you will) acquire the right to assign something from the transferOR?

Hmmmm......

Mr. AG..... Mr. AG your "have a few drinks and don't bother actually doing your job protecting the taxpayer and citizen" phone is ringing again.

Discussion below (registration required to post)
 

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Comments.......
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User Info Attorneys General Knob-Job Banks (Again) in forum [Market-Ticker]
Bagbalm
Posts: 4255
Incept: 2009-03-19
Green
Just North of Detroit
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License to steal.
Duc888
Posts: 7368
Incept: 2008-11-06
Gold
CT, the UNconstitution State
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Laws are for the "little people".

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...burp
Jstanley01
Posts: 8178
Incept: 2008-07-30
Silver A True American Patriot!
San Antonio, Texas
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Making your way in this country from any position of political authority has nothing to do with performing what your job was designed for. No no, it is all about, "Go along to get along."

For someone who finds him- or herself in the seat as a state prosecutor and wants to make his or her nut, that means what you use your authority for, is to make sure that the "in crowd" never has to face the music.

That's how you join their club.

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You can't cheat an honest man. ~P.T. Barnum
Curbyourrisk
Posts: 3590
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Farmingdale, NY
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KARL.........and others.

If this happens......

It is time.




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Time is up.

I hate to burst your bubble, but there is no Santa Claus, the tooth fairy does not exist and American justice does not involve the courts.
Tallystick
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Green
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Esq
Stillfishin
Posts: 159
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We truly do have a class of people in this country that are above the law. I really wonder just how long till they come to put a bullet in those who point it out, and without prosecution or fear of it either.
Docj
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Silver
Duck & Cover
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They're not only sluts, but they're cheap sluts.

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The preservation of liberty depends upon the intellectual and moral character of the people. As long as knowledge and virtue are diffused generally among the body of a nation it is impossible they should be enslaved. - John Adams
Captainkidd
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Pasadena, Texas
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Quote:
I really wonder just how long till they come to put a bullet in those who point it out, and without prosecution or fear of it either.


It probably won't be long. And most of us here are probably on the naughty list there.

My wife and I were kidding around this past weekend, and my son told her to be careful, or she'd end up on some government watch list.

She asked why they weren't giving me that warning, and he responded;
"Have you ever seen the stuff Dad reads on the Internet? He's already on there."

*******************************************

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A lawyer with a briefcase can steal more than a thousand men with guns. --Mario Puzo

It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. -- Henry Ford
Steph4liberty
Posts: 1683
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Gold
Raleigh, NC
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This absolutely nauseates me.

I WILL be letting the NC Attorney General Mr. Roy Cooper know EXACTLY where he should stand/vote on this issue. If we do not hold these banksters accountable under the rule of law, then there is no law. There is absolutely nothing special about BOA, JPM, and others that would preclude them from being incarcerated just like J6P if he were to commit the same crimes of fraud, etc. that seem to be so rampant in the mortgage/securitization industry.

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"Man will never be free until the last Banker is strangled with the entrails of the last Politician" - unknown

"This isn't a market anymore, it's a computer game." - Drench
Archivarix
Posts: 19
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Green
New Jersey
Banned
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>> We truly do have a class of people in this country that
>> are above the law. I really wonder just how long till they
>> come to put a bullet in those who point it out, and
>> without prosecution or fear of it either.
What's the point? In our "progressive" society, a number of less drastic but equally effective ways are available to stifle the undesired message.

Reason: uote tag didn't work
Halfbrite
Posts: 2459
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Green
Arizona via California
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Quote:
There is absolutely nothing special about BOA, JPM


smiley


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"That which cannot continue, will not continue. Brace for impact!"
Txin1880
Posts: 4737
Incept: 2009-02-25
Green A True American Patriot!
Texas
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"state attorneys general and federal officials offered revised settlement terms and a proposal for banks to fund principal writedowns for homeowners."

More skittles just in time for re-election cycle, that "Obama's gonna pay my mortgage!" bitch wasn't so crazy after all.

God****ingdamnit.

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Realization - Rage - Resolve - Rifles - Rope - Recovery - Rinse - Repeat
Bluebird
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Silver
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I have a sister who sees nothing wrong with any of the bankster shenanigans. She says that all of these guys lie to protect their interests, and she assumes her interests too are protected.

P.S. Before she retired, she was a VP at a major bank in Boston.

Ktrosper
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Silver
ft collins co
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Bagbalm wrote..
License to steal.
Yep, a $5 Billion dollar license to steal Trillions.

That's a kick ass resturn on their investment.

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The unexamined life is not worth living.-Socrates
The only stable state is the one in which all men are equal before the law.-Aristotle
Liberty exists now in the spaces government has not yet chosen to occupy.-Doc Zero
I anticipate that 10 Dallas Cowboys Cheerleaders will blow me this evening.-K.D
Wonderdawg
Posts: 158
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Southeast USA
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What a ****ing joke. Can't even consider it a slap on the wrist, because they won't even notice it. It's still amazing to me, the hubris of these guys, because they know they can get away with anything. The rule of law does not exist for the banksters and politicians. Big ****ing joke.
Throxxofvron
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Hyper-Speculative Psycho-Facsistic Parabolic Blow-Off
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$5B = only $5,000 per a Million Modifications/Settlements.

$5B = only $10,000 per 500,000 Modifications/Settlements.

$5B = only $20,000 per 250,000 Modifications/Settlements.

$5B = only $25,000 per 200,000 Modifications/Settlements.

IE: this is a paltry sum that in will in no way be sufficient in the least to solve the problems associated with the Fraud.

GS gave out MORE Money last year in Bonuses alone!!!

**** the AGs and this bull**** slap on the wrist: Let it ALL Go through the Courts; every case.







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DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell
Twainfan
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Minnesota
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my only question is if this goes thru and the AGs all sign off on it.. does that mean homeowners are completely screwed and can never sue the banks for stealing the house in a wrongful foreclosure? I would think this would raise a Constitutional issue... no ex post facto laws.. or whatever.
Halfbrite
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Arizona via California
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Twain said:
Quote:
does that mean homeowners are completely screwed and can never sue the banks for stealing the house in a wrongful foreclosure?


Sadly, that is already the defacto case. Practically every foreclosure that has occurred was illegal, and the courts have pretty much ignored 200 years of property law in America, since the foreclosing entity has no standing and doesn't have a right to the collateral. The A/G's will just rubber stamp the ongoing fraud and theft.

As for me, when I run out of money, I'm going to start robbing banks. It's the american way. When you f*** with the bull, you sometimes get the horns.

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"That which cannot continue, will not continue. Brace for impact!"
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