Monday, November 22, 2010

Obama... Think He Works Just Too Hard For La Raza and His Banksters?

THE BANKSTER PRESIDENT & HIS BANKSTER DONORS

The White House and the US mortgage racket
15 October 2010
The Obama administration has rejected calls for a moratorium on home foreclosures despite revelations that banks illegally processed mortgage documents to speed up the eviction of families and seizure of their homes.
Nothing could more clearly demonstrate the class interests served by the White House. Major banks have systematically broken the law, victimizing an unknown number of families, and the Obama administration responds by shielding the criminals.
The fraudulent practices that have come to light include bank employees and those of contractors falsely attesting that they had personal knowledge of cases, forging signatures, falsifying notary stamps and altering documents, as well as banks falsely asserting ownership of homes on which they had no legal claim.
Each day brings new revelations. The New York Times reported Thursday that outsourced loan workers at Citigroup and GMAC were sometimes so “frazzled” they simply threw paperwork into the garbage, while contract workers for Goldman Sachs processed foreclosure documents so quickly they “barely had time to see what they were signing.”
Every major bank is implicated, and hundreds of thousands, if not millions, of homeowners facing foreclosure have been affected. There are numerous known cases of evictions of families who were not behind on their mortgage payments at all.
The attorneys general in all 50 states have launched a coordinated investigation and several have urged a moratorium on foreclosures, calling the falsified paperwork a “fraud on the courts.” Senate Majority leader Harry Reid of Nevada, facing a tight election race in the state with the highest foreclosure rate in the country, has also called for a moratorium.
Elementary due process dictates that a moratorium be imposed. No one knows at this point how many homes have been illegally foreclosed or repossessed. The bank records are in disarray. Logic and the law demand that no more families be foreclosed on until a thorough investigation is conducted.
But the Obama administration has once again sided with the banks against the people. Federal regulators have merely urged the banks to voluntarily review their own practices while they “continue with foreclosures as quickly as possible,” according to the Washington Post.
In a press conference this week, White House spokesman Robert Gibbs exhibited not the slightest concern for the fate of those harmed by the banks’ fraud. Speaking unabashedly on behalf of the banks, he said, “If there’s an empty house in the neighborhood that somebody has a contract on and their closing date is next week and there is a moratorium, that closing doesn’t happen, right? That sale doesn’t happen. That recovery doesn’t take place.”
The Obama administration’s housing policy, in other words, is to push millions of people out of their homes.
Even if one were to accept the dubious claim made by the bankers and their mouthpieces in the government that a moratorium would destroy the housing market and precipitate another financial panic—a self-serving argument which they do not bother to substantiate—that would only confirm the rapacious and socially destructive character of the existing economic system. The fact that Wall Street all but admits that the profit system is dependent on the spread of homelessness and social misery underscores the necessity for the system’s overthrow.
The falsification of mortgage documents is the latest phase in a vast crime against the population.
Before the financial crisis of 2008, the banks lured millions of Americans into overpriced sub-prime mortgages, often involving low “teaser” interest rates that jumped sharply after a set time. The money-mad pyromaniacs on Wall Street knew full well that the loans could not be repaid, but like all Ponzi schemers they were intent on milking the racket for as long as possible, confident that, in the end, the government would step in to cover their losses.
The resulting toxic loans were bundled, securitized and sold, creating a massive structure of debt resting on fraudulent and legally dubious foundations—from which bank executives and top shareholders secured dizzying levels of personal wealth.
When the Ponzi scheme collapsed, the federal government bailed out the banks to the tune of trillions of dollars. As a result, the banks are now flush with cash and their executives are shattering pay records in both 2009 and 2010.
But for millions of American families, whose homes were their major source of wealth, the impact has been devastating. The Obama administration’s so-called “housing rescue,” based on the voluntary participation of the banks, has had virtually zero effect, resulting in the permanent modification of fewer than 5,000 loans by the end of May.
The result is a vast and cascading crisis. In the third quarter, nearly one million US homes, one in every 139, received a foreclosure filing, and over 100,000 homes were repossessed by banks. About 2.5 million homes have been taken by banks since December 2007. How many of these were the result of fraudulent and illegal bank practices is not known.
It is abundantly clear that there can be no solution to the housing crisis outside of a struggle against the finance industry and its servants in both political parties. The Wall Street criminals responsible for the mortgage racket should be investigated and tried, their ill-gotten fortunes seized and the money put toward the creation of affordable housing for working people.
The working class has to break from the Democratic Party. Obama’s opposition to a moratorium on foreclosures should clear up any confusion. The Democratic Party is not and never has been a party of the “people” or the “middle class.” It is a party, like its Republican counterpart, of the ruling class, pursuing policies antithetical to the needs of the population: good-paying jobs, a secure retirement, education, health care, quality housing.
The Socialist Equality Party is the only party that fights for a break with the Democrats and the building of a mass movement of the working class to throw off the stranglehold of the financial aristocracy and reorganize the economy to serve social needs, not corporate profit.
In our recently adopted program, the SEP insists that access to decent housing is a social right. The SEP program demands “an immediate halt to all foreclosures and evictions” and the restructuring of all mortgages “to affordable levels, indexed to income and employment status.”
“The right to decent housing for all can be assured only by placing the home-building and financing industry under public ownership,” the program continues, “and pouring hundreds of billions of dollars in public funds into the construction of new homes and apartments and the renovation of existing buildings.”
We urge all readers of the World Socialist Web Site to study our program and make the decision to join and build the SEP.
Tom Eley
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OBAMA AND THE WELLS FARGO CRIME TIDAL WAVE:
WellsFargoFraudVictim

Wells Fargo committed prosecutable crime against us. We lost our home. Something is wrong
with this picture. Here are the facts.
1. it is illegal for Wells Fargo to make mortgage loan to us based on hugely inflated appraisal.
Fact: – Wells Fargo’s fraudulent appraisal valued our home at $718,000
- Wells Fargo’s own review appraisal valued our home at $475,000
- Nevada Attorney General’s office suspended the appraiser’s license for committing appraisal
fraud on our home.
- Nevada Appraiser Licensing Board mandated the appraiser to complete appraisal fraud course
before regaining his real estate appraiser license.
- Nevada Revised Statue NRS 205.372 states that it’s category C felony to make mortgage
loans based on fraudulent appraisal.
- Cases of Attorney General’s indictments against attorneys, loan brokers for teaming up make
fraudulent loans to defraud homeowners.
2. it is illegal for Wells Fargo to wrongfully foreclose our home based on fraudulent appraisal
and mortgage loan.
You can find all the facts on our website. http://www.wellsfargomortgagefraud.com.
8/18/2010 10:17:12
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WHEN OBAMA WAS RUNNING FOR THE WHITE HOUSE ON HIS hehehehe “change” PLATFORM, HE PROMISED HE WOULD REVERSE THE BANKSTERS’ “BANKRUPTCY REFORM” FRONTED BY OBAMA DONOR, BUSH WAR PROFITEER, AND RED CHINA’S AGENT, SEN. DIANNE FEINSTEIN!
OF COURSE OBAMA GOES LIMP WHEN TOLD!
AS HE HANDED OUT BILLIONS IN WELFARE, SPENT IMMEDIATELY BY HIS “BANKRUPT” BANKSTER DONORS TO ACQUIRE OTHER BANKSTERS. OBAMA MADE SURE THESE “BAILOUTS” WERE NO-STRINGS!
OBAMA NEVER KEPT HIS PROMISE TO REVERSE THE BANKRUPTCY COURT’S ABILITY TO REVISE THE OBSCENE MORTGAGES, THE KIND OF WHICH WELLS FARGO LOST THEIR CALIFORNIA MORTGAGE LICENSE OVER, BUT WENT ON TO PILLAGE A NATION WITH NONETHELESS!
BANKSTER RAPE AND PILLAGE HAS CONTINUED TO THIS DAY. BANKSTER PROFITS WAY UP! FORECLOSURES WAY UP, AND BANK REGULATION A FANTASY ONLY!
IN THE CENTRAL VALLEY OF CALIFORNIA, SACRAMENTO, STOCKTON, AND MODESTO, HOMES HAVE NOW LOST 75% OF VALUE!!!
YOU WON’T HEAR FEINSTEIN, WHO HAS LONG TAKEN MASSIVE BRIBES FROM WELLS FARGO AND BANK of AMERICA, OPEN HER BIG MOUTH ABOUT THAT. YOU CERTAINLY WON’T HEAR ANYTHING FROM THE BANKSTER OWNED PRESIDENT EITHER!
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WELLS FARGO LONG AGO HAD ITS CA MORTGAGE LICENSE REVOKED FOR MORTGAGE CRIMES! THIS BANKSTERS SIMPLY DECLARED ITSELF ABOVE THE LAW, AND WENT ON PLUNDERING COMMUNITIES ALL OVER THE COUNTRY WITH THE SAME PRACTICES. How’d that happen? THEY BOUGHT SEN. DIANNE FEINSTEIN.
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“Wells Fargo said last month that first-quarter profit jumped 53 percent from a year earlier as borrowers rushed to refinance mortgages amid record-low interest rates.”
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Lou Dobbs Tonight
Monday, November 12, 2007

Mortgage giants Wells Fargo and Countrywide Financial are accused of slapping dubious fees on homeowners struggling to save their homes. With fewer new mortgages being written, these
companies appear to be leaning on these lucrative fees to stay profitable—with devastating consequences for homeowners. We’ll have that report.
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WHAT DID THE BANKSTERS KNOW ABOUT OUR ACTOR OBAMA THAT WE DIDN’T KNOW?
Records show that four out of Obama's top five contributors are employees of financial industry giants - Goldman Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase ($362,207) and Citigroup ($358,054).
BARACK OBAMA HAS COLLECTED NEARLY TWICE AS MUCH MONEY AS JOHN McCAIN
BY DAVID SALTONSTALL
DAILY NEWS SENIOR CORRESPONDENT
July 1st 2008
Wall Street firms have chipped in more than $9 million to Barack Obama. Zurga/Bloomberg
Wall Street is investing heavily in Barack Obama.

Although the Democratic presidential hopeful has vowed to raise capital gains and corporate taxes, financial industry bigs have contributed almost twice as much to Obama as to GOP rival John McCain, a Daily News analysis of campaign records shows.

"Wall Street wants change and wants a curtailment in spending. It wants someone who focuses on the domestic economy," said Jim Cramer, the boisterous host of CNBC's "Mad Money."

Cramer also does not discount nostalgia for the go-go 1990s, when Bill Clinton led the largest economic expansion in history.

"It wants a Clinton like in 1992, but not a Hillary Clinton," he said. "That's Barack Obama."

For both candidates, Wall Street's investment and banking sectors have become among their portliest cash cows, contributing $9.5 million to Obama and $5.3 million to McCain so far.

It's a haul that is already raising concerns that, as the nation's faltering economy has become issue No. 1, the two candidates may have a hard time playing tough on issues like market regulation or corporate-tax loopholes.

"No matter who wins in November, Wall Street will have a friend in the White House," said Massie Ritsch of the Center for Responsive Politics, which crunched the data for The News.

Records show that four out of Obama's top five contributors are employees of financial industry giants - Goldman Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase ($362,207) and Citigroup ($358,054).
McCain's top five include Wall Street's Merrill Lynch ($230,310) and Citigroup ($219,551).
Obama's Wall Street haul is not the biggest ever. That distinction belongs to President Bush, who as an incumbent in 2004 raised $10,852,696 from Wall Street interests through April that year - about $1 million more than Obama.
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October 14, 2010
The Mortgage Morass
By PAUL KRUGMAN
American officials used to lecture other countries about their economic failings and tell them that they needed to emulate the U.S. model. The Asian financial crisis of the late 1990s, in particular, led to a lot of self-satisfied moralizing. Thus, in 2000, Lawrence Summers, then the Treasury secretary, declared that the keys to avoiding financial crisis were “well-capitalized and supervised banks, effective corporate governance and bankruptcy codes, and credible means of contract enforcement.” By implication, these were things the Asians lacked but we had.
We didn’t.
The accounting scandals at Enron and WorldCom dispelled the myth of effective corporate governance. These days, the idea that our banks were well capitalized and supervised sounds like a sick joke. And now the mortgage mess is making nonsense of claims that we have effective contract enforcement — in fact, the question is whether our economy is governed by any kind of rule of law.
The story so far: An epic housing bust and sustained high unemployment have led to an epidemic of default, with millions of homeowners falling behind on mortgage payments. So servicers — the companies that collect payments on behalf of mortgage owners — have been foreclosing on many mortgages, seizing many homes.
But do they actually have the right to seize these homes? Horror stories have been proliferating, like the case of the Florida man whose home was taken even though he had no mortgage. More significantly, certain players have been ignoring the law. Courts have been approving foreclosures without requiring that mortgage servicers produce appropriate documentation; instead, they have relied on affidavits asserting that the papers are in order. And these affidavits were often produced by “robo-signers,” or low-level employees who had no idea whether their assertions were true.
Now an awful truth is becoming apparent: In many cases, the documentation doesn’t exist. In the frenzy of the bubble, much home lending was undertaken by fly-by-night companies trying to generate as much volume as possible. These loans were sold off to mortgage “trusts,” which, in turn, sliced and diced them into mortgage-backed securities. The trusts were legally required to obtain and hold the mortgage notes that specified the borrowers’ obligations. But it’s now apparent that such niceties were frequently neglected. And this means that many of the foreclosures now taking place are, in fact, illegal.
This is very, very bad. For one thing, it’s a near certainty that significant numbers of borrowers are being defrauded — charged fees they don’t actually owe, declared in default when, by the terms of their loan agreements, they aren’t.
Beyond that, if trusts can’t produce proof that they actually own the mortgages against which they have been selling claims, the sponsors of these trusts will face lawsuits from investors who bought these claims — claims that are now, in many cases, worth only a small fraction of their face value.
And who are these sponsors? Major financial institutions — the same institutions supposedly rescued by government programs last year. So the mortgage mess threatens to produce another financial crisis.
What can be done?
True to form, the Obama administration’s response has been to oppose any action that might upset the banks, like a temporary moratorium on foreclosures while some of the issues are resolved. Instead, it is asking the banks, very nicely, to behave better and clean up their act. I mean, that’s worked so well in the past, right?
The response from the right is, however, even worse. Republicans in Congress are lying low, but conservative commentators like those at The Wall Street Journal’s editorial page have come out dismissing the lack of proper documents as a triviality. In effect, they’re saying that if a bank says it owns your house, we should just take its word. To me, this evokes the days when noblemen felt free to take whatever they wanted, knowing that peasants had no standing in the courts. But then, I suspect that some people regard those as the good old days.
What should be happening? The excesses of the bubble years have created a legal morass, in which property rights are ill defined because nobody has proper documentation. And where no clear property rights exist, it’s the government’s job to create them.
That won’t be easy, but there are good ideas out there. For example, the Center for American Progress has proposed giving mortgage counselors and other public entities the power to modify troubled loans directly, with their judgment standing unless appealed by the mortgage servicer. This would do a lot to clarify matters and help extract us from the morass.
One thing is for sure: What we’re doing now isn’t working. And pretending that things are O.K. won’t convince anyone.

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SFGATE.com

The biggest players in the servicing industry — Bank of America, Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. — all face litigation, some of which has led to settlements with homeowners
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AP IMPACT: Gov't mortgage partners sued for abuses
By DANIEL WAGNER, AP Business Writer
Wednesday, August 5, 2009
Billions of dollars the government is spending to help financially pressed homeowners avert foreclosure are passing through — and enriching — companies accused of preying on the people they're supposed to help, an Associated Press investigation has found.
The companies, known as mortgage servicers, are middlemen who collect monthly payments from homeowners and funnel the money to the banks or investors who hold the loans. As the only link between borrowers and lenders, they're in the best position to rework the terms of loans under the government's $50 billion mortgage-modification program. The servicers are paid by the government if the changes keep homeowners from falling behind on payments for at least three months.
But the industry has a checkered history. The AP found that at least 30 servicers have been accused in lawsuits of harassing borrowers, imposing illegal fees and charging for unnecessary insurance policies. More recently, the companies also have been criticized for not helping homeowners quickly enough — delays that lead to more fees for homeowners and profits for servicers.
The biggest players in the servicing industry — Bank of America, Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. — all face litigation, some of which has led to settlements with homeowners
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QUOTE FROM JOHN EDWARDS CAMPAIGN MANAGER
"Barack Obama's kind of change is where you sit down and you cut a deal with the corporate world," Edwards Campaign Manager David Bonior said during an interview with MSNBC’s Joe Scarborough. "If you look at his record in Illinois when he had a major — sponsored a major health bill that's what he did. He watered down with the help of the corporate lobbyist and they got a weak product out of that."
Scarborough asked: "Are you saying that Barack Obama is a sellout to corporate interests?"
Bonior replied: "He was four years ago in Illinois. All you have to do is look at the legislation I'm referring to."
Bonior was referring to health care legislation that Obama was instrumental in passing when he was an Illinois state senator five years ago, in part because he worked with insurance companies to make additions to the bill that would ensure their approval of the measure.

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Obamanomics: How Barack Obama Is Bankrupting You and Enriching His Wall Street Friends, Corporate Lobbyists, and Union Bosses

BY TIMOTHY P CARNEY


Editorial Reviews
Obama Is Making You Poorer—But Who’s Getting Rich?
Goldman Sachs, GE, Pfizer, the United Auto Workers—the same “special interests” Barack Obama was supposed to chase from the temple—are profiting handsomely from Obama’s Big Government policies that crush taxpayers, small businesses, and consumers. In Obamanomics, investigative reporter Timothy P. Carney digs up the dirt the mainstream media ignores and the White House wishes you wouldn’t see. Rather than Hope and Change, Obama is delivering corporate socialism to America, all while claiming he’s battling corporate America. It’s corporate welfare and regulatory robbery—it’s Obamanomics.
Congressman Ron Paul says, “Every libertarian and free-market conservative needs to read Obamanomics.” And Johan Goldberg, columnist and bestselling author says, “Obamanomics is conservative muckraking at its best and an indispensable field guide to the Obama years.”
If you’ve wondered what’s happening to America, as the federal government swallows up the financial sector, the auto industry, and healthcare, and enacts deficit exploding “stimulus packages,” this book makes it all clear—it’s a big scam. Ultimately, Obamanomics boils down to this: every time government gets bigger, somebody’s getting rich, and those somebodies are friends of Barack. This book names the names—and it will make your blood boil.
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Culture of Corruption: Obama and His Team of Tax Cheats, Crooks, and Cronies
by Michelle Malkin
Editorial Reviews
In her shocking new book, Malkin digs deep into the records of President Obama's staff, revealing corrupt dealings, questionable pasts, and abuses of power throughout his administration.
From the Inside Flap
The era of hope and change is dead....and it only took six months in office to kill it.
Never has an administration taken office with more inflated expectations of turning Washington around. Never have a media-anointed American Idol and his entourage fallen so fast and hard. In her latest investigative tour de force, New York Times bestselling author Michelle Malkin delivers a powerful, damning, and comprehensive indictment of the culture of corruption that surrounds Team Obama's brazen tax evaders, Wall Street cronies, petty crooks, slum lords, and business-as-usual influence peddlers. In Culture of Corruption, Malkin reveals:
* Why nepotism beneficiaries First Lady Michelle Obama and Vice President Joe Biden are Team Obama's biggest liberal hypocrites--bashing the corporate world and influence-peddling industries from which they and their relatives have benefited mightily
* What secrets the ethics-deficient members of Obama's cabinet--including Hillary Clinton--are trying to hide
* Why the Obama White House has more power-hungry, unaccountable "czars" than any other administration
* How Team Obama's first one hundred days of appointments became a litany of embarrassments as would-be appointee after would-be appointee was exposed as a tax cheat or had to withdraw for other reasons
* How Obama's old ACORN and union cronies have squandered millions of taxpayer dollars and dues money to enrich themselves and expand their power
* How Obama's Wall Street money men and corporate lobbyists are ruining the economy and helping their friends In Culture of Corruption, Michelle Malkin lays bare the Obama administration's seamy underside that the liberal media would rather keep hidden.

• Publisher: Regnery Publishing (July 27, 2009)
• Language: English
• ISBN-10: 1596981091
• ISBN-13: 978-1596981096

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