Utah Has Had Enough: BofA / CFC Foreclosures in [Market-Ticker]

Posted 2011-05-25 15:19
by Karl Denninger
in Foreclosuregate

Utah Has Had Enough: BofA / CFC Foreclosures

ReconTrust Co. isn’t meeting requirements for carrying out foreclosures in the state, Utah Attorney General Mark Shurtleffsaid in a letter to Bank of America Chief Executive Officer Brian Moynihan. The letter, dated May 19, was released today by Shurtleff’s office.

“All real estate foreclosures conducted by ReconTrust in the state of Utah are not in compliance with Utah’s statutes, and are hence illegal,” Shurtleff wrote.

If you remember I wrote on this recently, on 3/12:

To the State of Utah: Where are your balls?

I want to know if you can find them with both hands and a flashlight, or if you're going to knob-job Bank of America and screw your citizens while making a lot of worthless noise.

The time to rattle sabers is over. Start revoking foreign corporate registrations (necessary to do business in a given state) and bringing indictments.

To Utah: Time for this sort of treatment of these jackals:

Discussion below (registration required to post)

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User Info	Utah Has Had Enough: BofA / CFC Foreclosures in forum [Market-Ticker]
Phantomace Posts: 6393 Incept: 2009-03-16 Las Vegas, NV, and your screen	As a side note, I had an attorney tell me recently that ReconTrust hasn't held a license or whatever permit they need to do business in NV for several years. Yet, amazingly, they're still representing BofA in foreclosures here. ---------- "That was a little trick I call math. Oops, now I'm not emotionally invested..." - Dilbert The only good thing I have to say about Barney Frank is at least he's not breeding... 2011-05-25 15:23:46 Permalink
Jduwaldt Posts: 499 Incept: 2010-06-10 Orange County, CA	If Utah keeps this up they'll start gaining population. Of course if Phantomace is right then the question becomes, were the past foreclosures illegal and what happens there? Counter suits? ---------- It's not an issue of "cooperation" vs "go it alone": it's a question of involuntary vs voluntary relationships. 2011-05-25 15:30:30 Permalink
Bezzle Posts: 15043 Incept: 2009-08-02 Banned	Quote: Corporate business charters are a State matter. If you're domiciled in a different state you still need to file as a foreign corporate and seek permission to operate in the State. The State can revoke that charter which would instantly render conducting business in the State (e.g. maintaining an office, employing people, etc.) unlawful. It can then close any in-state entity doing business as what is now an unlicensed and unlawful enterprise by force, literally chaining the doors closed if necessary. Show of hands: Who among you actually thinks that it's a good for a government to have de facto near-omnipotent power over your ability to run a business? Imagine if a state were "bad" (like California or New York), and used this law to crush people. -- If the problem is fraud then bust for fraud. ---------- El Sock-Puppeto exposed and killed by Tickerguy 2011-05-25 15:44:06 Permalink
Genesis Posts: 130663 Incept: 2007-06-26	Bezzle, the punishment for doing illegal things can be the revocation of your foreign corporate charter. Conducting business as a CORPORATION is a PRIVILEGE. That one's not in the Constitution. ---------- I don't care* if it makes sense -- only if it makes money. -- Me* Bank (n): See scam, fraud and theft. *Eat a bankster -- they're low-carb.* *What part of "shall not be infringed" was unclear?* 2011-05-25 15:45:21 Permalink
Punch_rockgroin Posts: 1920 Incept: 2008-12-31 Pacific NW USA	Think this needs another Capt. Kirk vid: ---------- Put the boots to him. Medium style. 2011-05-25 15:51:47 Permalink
Genesis Posts: 130663 Incept: 2007-06-26	Done. ---------- I don't care* if it makes sense -- only if it makes money. -- Me* Bank (n): See scam, fraud and theft. *Eat a bankster -- they're low-carb.* *What part of "shall not be infringed" was unclear?* 2011-05-25 15:53:52 Permalink
Bezzle Posts: 15043 Incept: 2009-08-02 Banned	Gen, I was not arguing that it's not possible for a government to command authority; I was suggesting that it's not a good idea in the first place. (I know, I know: I'm one of those crazy-eyed zealots who believe in complete separation of government and economy.) ---------- El Sock-Puppeto exposed and killed by Tickerguy 2011-05-25 15:58:36 Permalink
Genesis Posts: 130663 Incept: 2007-06-26	Then don't run as a corporation and do business under your own name with full liability for all acts. Corporations get PRIVILEGES in exchange for the state's control. They don't have to take the deal; it's optional. ---------- I don't care* if it makes sense -- only if it makes money. -- Me* Bank (n): See scam, fraud and theft. *Eat a bankster -- they're low-carb.* *What part of "shall not be infringed" was unclear?* 2011-05-25 16:00:25 Permalink
Zappafan Posts: 1788 Incept: 2007-11-30 Atlanta	Well this pretty much spells the end for ReconTrust, at least in Utah. Deliberately ignoring this order will open them up to unlimited legal liability, including not just fines but possibly now criminal charges. If they don't back off we'll soon find out how big the Ag's balls are. I suggest that he find the highest ranking BoA executive and sends out a couple of squad cars to arrest him, preferably with all the local news media tipped off so they can tape the perp-walk. ---------- The alternative to not borrowing from a counterfeiting cartel is to be priced out by those who do 2011-05-25 16:09:41 Permalink
Genesis Posts: 130663 Incept: 2007-06-26	BofA doesn't have offices in Utah. RECON, however, has a problem now. Offices or not if they're "conducting business in" they just got themselves a nice handful of trouble. ---------- I don't care* if it makes sense -- only if it makes money. -- Me* Bank (n): See scam, fraud and theft. *Eat a bankster -- they're low-carb.* *What part of "shall not be infringed" was unclear?* 2011-05-25 16:12:28 Permalink
Steph4liberty Posts: 1676 Incept: 2010-10-22 Raleigh, NC	I'd so love to see a BOA perp walk! ---------- "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 2011-05-25 16:12:56 Permalink
Gantww Posts: 537 Incept: 2011-04-22 Nashville, TN	Kind of makes you wish they would keep going, doesn't it? AGs tend to grow balls once one of them gets noticed for growing balls. 2011-05-25 16:13:15 Permalink
Bohemian Posts: 9658 Incept: 2010-07-27 California	Lesson: Don't mess with Mormons? ---------- "The politicians are put there to give you the idea you have freedom of choice. You don't. You have no choice; you have owners. They own you. They own everything." - George Carlin 2011-05-25 16:16:25 Permalink
Mannfm11 Posts: 3533 Incept: 2009-02-28 DFW, Tx	I was thinking the same thing Bo. A corporate charter borders on title of nobility to start. If they were irrevocable, I would have to believe they would be. Like the Mish argument, it doesn't follow that they would have to obey the law. These outlaws were supposed to know the law before they made the deal, not make the deal then skirt the law. It is the customer that is clueless about the law. The last time we had a bunch of foreclosures, there wasn't a problem with robo signers, doubts about who own the paper, etc., because it was known in the business to keep all this stuff straight. Last time, there wasn't mass, national securities fraud either, just a few bad players. Even FNMA and FHA signed off on this MERS crap because I have seen FHA/FNMA/FHLMC DOT's adopted to the MERS form. ---------- The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith 2011-05-25 20:43:34 Permalink
Maybe-not Posts: 73 Incept: 2011-04-26	Be careful what you wish for! I'm a R. In an affluent area of the sunshine state. No, I do not tell my customers " everything will be ok " because it won't if you are an investor. I actually tell people that! Unless they are walk in's and one time customers. Few and far between. But, I have a family to feed. Flame away! Based on what I am seeing now. Prices are still falling. And falling Faster now than the previous years since 2007. Based on people in the foreclosure industry I have talked to. Things are about to get ugly. I promise this! People here will degrade me for my profession. OK. I promise there are people reading this that have no clue as to how bad things are about to get. They are about 50 something years old and want to buy the dip in RE. Please do! Please keep paying for the home you bought in 2004+ and think the value will come back. Good luck. I am certain that the trouble ahead is very bad. Every time some old customer calls me and tells me how bad they want to buy the RE dip while the property I am currently trying to sell for them is a $100K under water I want to throw up or reach through the phone and slap the **** out of them. Realtors are not the villains here. Maybe some but, not all! The villains are the people that don't know any better. Thanks to the gov. Who never let RE find it's true price. Amongst many other investments. Buy the dip bitches! Buy more AIG! BAC,! JPM! F!, GM! and it will alll be OK! Buy the dip Bitches!! 2011-05-25 23:01:50 Permalink
Maybe-not Posts: 73 Incept: 2011-04-26	I would like to add to my rant. There is no fixing this. People in the 50+ demographic have been taught to invest in RE, their 401K, that they will get health ins, and maybe a pension from their employer. Health care from the Gov when they retire. Depressing when you think about the disappointment ahead for the American people who are 50+ and retiring. 2011-05-25 23:14:56 Permalink
Genesis Posts: 130663 Incept: 2007-06-26	Oh, I'm VERY aware of how bad this is going to get. ---------- I don't care* if it makes sense -- only if it makes money. -- Me* Bank (n): See scam, fraud and theft. *Eat a bankster -- they're low-carb.* *What part of "shall not be infringed" was unclear?* 2011-05-25 23:16:15 Permalink
Traumaboyy Posts: 201 Incept: 2011-05-20 Northwest Florida	Maybe-Not wrote..."I want to throw up or reach through the phone and slap the **** out of them." I have been following KD for about 18 months now.....and have absolutely given up on the 50+ croud. My father for instance....I have literally begged him to at least get some extra supplies and food for a manure slapping windmill event and he just looks at me like I am mad!! Today he was talking about doing some investing in Chrysler of all things!! The 30-40 crowd will listen to me...but the older folks generally simply refuse to even acknowledge that things could even change....much less get really bad........Hopefully I am well enough prepared to cover my entire family who are mostly retired from the state of Florida.....Nothing could ever happen to those retirement checks right??? If anyone has any ideas how we can reach these 50+ people....I am all ears!! 2011-05-26 01:50:12 Permalink
Bezzle Posts: 15043 Incept: 2009-08-02 Banned	Quote: A corporate charter borders on title of nobility to start. Oh, hardly. Look at this objectively: 1) A government sets up shop, and asserts authority by force to erect a monopoly on justice. 2) It then sells exemptions (of which there are hundreds of kinds to cover virtually every aspect of human affairs). -- Far from being a "privilege", a charter of incorporation is merely codified recognition of the fact that you (as a business) are subservient to a protection-racket scheme, and have duly paid your "insurance". It may seem like they're getting a far better deal than the raw deal the average peon citizen gets -- and they are -- but they're also being gouged all to hell for it (and many of them end up splitting to overseas, as well they ought to IMO). ---------- El Sock-Puppeto exposed and killed by Tickerguy Last modified: 2011-05-26 02:01:29 by bezzle 2011-05-26 02:00:30 Permalink
Bagbalm Posts: 4248 Incept: 2009-03-19 Just North of Detroit	Traumaboyy that is your experience. I'm 64 and despair of my younger friends who are so tied up in the day to day of family and working they don't even follow current events much less look into them deeper. 2011-05-26 06:48:42 Permalink
Rdgdawg Posts: 165 Incept: 2010-04-30 WI... but no brats or cheese...	Yesterday- spent 1 1/2 hours getting a $155.00 PENALTY from BofA fixed because the COMPUTER decided it didn't know how to apply my bi-weekly payment, and even though I've NEVER had a late payment, their debt collection dept called me TWICE in the last week wondering where my payment was... which was already logged in their system AND which is not considered late until JUNE 1st!! And when I inquired as to where in my mortgage note it stated I would be penalized by paying bi-weekly OR where it says I have to do anything special to pay bi-weekly, of course, there is NOTHING... just BofA trying to stick me to cover all their deliquencies/foreclosures... and EACH person I spoke with could not have been more rude and condescending... Anyone wanna place a bet on how quick I plan to re-fi and DUMP BofA???? :) ---------- I work hard because millions on welfare depend on me! 2011-05-26 07:35:00 Permalink
Tesla Posts: 15541 Incept: 2008-04-03 State of Disbelief	...what Bagbalm said... My 81 yo father follows a bit of the news and understands very well that the economy is in the ***ter and why, but the thing he says continually is "What are you going to DO ?" IOW, what action of mine will change the status quo ? I tell all my family and friends that if everyone would think their individual actions will eventually make a difference and act accordingly, the sooner the pain will stop, but they just can't sign on to that. And THAT is why I think people seem like ostriches - the .gov has gotten so big and out of control it seems to be out of anyone's power to fix. So, otherwise reasonable people are throwing up their hands and giving up. Which is why I say, until things get a lot worse, ordinary, reasonable non-FSA people will not take action. So, bring it ! ---------- "Even a dog knows the difference between being stumbled over and being kicked." -Justice Oliver Wendell Holmes "Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." -Samuel Adams Last modified: 2011-05-26 07:41:44 by tesla 2011-05-26 07:41:15 Permalink*
Degaston Posts: 2264 Incept: 2007-07-27	Rdgdawg, if this was on a mortgage in Utah you'd be able to go in-person to BoA's in-state trustee to talk to a real human being about this problem if BoA was following the law. Since BoA doesn't obey Utah state laws they're giving their Utah customers the extra runaround. Maybe they have a special office in a rough Kabul neighborhood which is the only place they want to have where Utah customers can seek redress. And that potential abuse is the whole reason why Utah has this law. ---------- 3/17/2013: Bullish on nothing - 100 percent in cash. 2011-05-26 14:34:56 Permalink
Degaston Posts: 2264 Incept: 2007-07-27	Tesla, we all just need to get ready for the day when the federal .gov might not be able to do anything for us anymore for a period of several years. At that point IMO we're going to see some state governments actually function very well as the grassroots of their states will empower them to fulfill whatever federal functions are no longer functioning. Others will function very poorly. Same goes for the municipal levels. ---------- 3/17/2013: Bullish on nothing - 100 percent in cash. 2011-05-26 14:50:28 Permalink

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