Yet, you sit back and watch as the Federal Reserve and Megabanks holds us hostage. It has been stated that in mid September 2008 that Henry Paulson and members of the Treasury Department threatened that there would be Martial law unless the TARP Bill was passed in Congress. At the same time, we saw wild gyrations take place in the Stock Market. One such incident occurred when the TARP Bill failed to pass the House the first time and the Stock market went into the tank.
The forces in key positions of the Financial Structure of our country have been pulling strings and colluding with government entities to manipulate the financial markets and by doing so commit fraud, which has cost Americans trillions in real wealth from pension funds and other personal and public financial instruments.
From the New York Times - September 18, 2010 - The Bush administration on Saturday formally proposed a vast bailout of financial institutions in the United States, requesting unfettered authority for the Treasury Department to buy up to $700 billion in distressed mortgage-related assets from the private firms.
Then we saw a change in direction two months later, as reported in the New York Times - November 12, 2008 - Instead, Treasury will step up its program of injecting capital directly into banks and, for the first time, expand it to include financial companies that are not federally regulated banks or thrifts.
You see, the Congress gave the Executive Branch of our Government a blank slate of $700 billion to do with as they saw fit with no checks and balances in place to ensure accountability of money that in the end belongs to the citizens of this nation. The Congress and other members of the Federal government were unwilling to follow Constitutional procedures and Precedence of Law in the administration of governance. This is wrong, because this renders laws and structure meaningless and only empowers special interests who utilize money to consolidate power to elite power brokers.
In the end this creates the oligarchy that so many have spoken of. This is not a conspiracy theory. This is conspiracy fact. When I look at this debacle related to Real Property and mortgages, I see the same forces at work. Their is a rule of law that has formed around the Universal Commercial Code and Common Law that over centuries has laid out ground rules for a transfer of deed on real property. If you have bought a house and paid the slightest bit of attention, then you understand this.
You do not own your house until the mortgage is paid off, but the lender is supposed to physically hold the deed. The banks found that to be inconvenient in the era of securitization where they wanted to package loans into security instruments and sell them as derivatives. Financial Institutions have once again displayed their ineptitude and they are looking for others to remedy problems that they have created.
From a Maine House, a National Foreclosure Freeze - New York Times - October 14, 2010
Fannie Mae and GMAC, which serviced the loan for Fannie, have now most likely spent more to dislodge Mrs. Bradbury than her house is worth. Yet for all their efforts, they are not only losing this case, but also potentially laying the groundwork for foreclosure challenges nationwide.
“This ammunition will be front and center in thousands of foreclosure cases,” said Don Saunders of the National Legal Aid and Defender Association....
Mr. Cox vowed to a colleague that he would expose GMAC’s process and its limited signing officer, Jeffrey Stephan. A lawyer in another foreclosure case had already deposed Mr. Stephan, but Mr. Cox wanted to take the questioning much further. In June, he got his chance. A few weeks later, he spelled out in a court filing what he had learned from the robo-signer:
“When Stephan says in an affidavit that he has personal knowledge of the facts stated in his affidavits, he doesn’t. When he says that he has custody and control of the loan documents, he doesn’t. When he says that he is attaching ‘a true and accurate’ copy of a note or a mortgage, he has no idea if that is so, because he does not look at the exhibits. When he makes any other statement of fact, he has no idea if it is true. When the notary says that Stephan appeared before him or her, he didn’t.” ......
But Judge Powers went further than that, saying that GMAC had been admonished in a Florida court for using robo-signers four years ago but had persisted. “It is well past the time for such practices to end,” he wrote, adding that GMAC had acted “in bad faith” by submitting Mr. Stephan’s material:
“Filing such a document without significant regard for its accuracy, which the court in ordinary circumstances may never be able to investigate or otherwise verify, is a serious and troubling matter."
HR 3808 was a bill rushed through the House of Representatives and the Senate that would require any Federal or State court to recognize any notarization made by a notary public licensed by a State other than the State where the court is located when such notarization occurs in or affects interstate commerce.
This bill was sponsored by Robert Aderholdt, a Republican from Alabama and quickly passed the Senate without amendment. How many times does that happen and what was Representative Aderholt's intent?
This bill would force a State to accept notary public signatures of other States. That means if others States accept lower standards for Notary Public signings, then another State would be forced to accept those lower standards. If one State has a regulation that accepts electronic Notary Signings, then all other States would be forced to accept any document that comes from that state. This stems from the fact that many of these "Fraudclosure Loans" have been electronically signed and recorded through the "MERS" (Mortgage Electronic Registration System) system.
When it comes to loans, the banks don't mind using laws to come down hard on average citizens to kick them out of their houses instead of working with the people until they can get back on their feet. They don't mind displacing families. They enjoy packaging these loans as securities, leveraging them 10-fold and selling them around the globe. They enjoy the fees they earn every time they package these loans and resell them and the subsequent billions of dollars in bonuses accrued to top executives.
But when the law goes against them, then they want to retroactively change laws to serve whatever context they desire and their own personal interests. The law means nothing to these people and the Congress is complicit in all of this and may as well be the accomplice driving the car away from the bank, because they have helped these Financial Executives rob the Financial System and the American people. For the average person, we expect that throughout life sometimes we will win and sometimes we will lose. For the Banksters, they don't think they should ever lose and thanks to our corrupt government they probably never will.
Time to break the Banksters
2nd wave of the Banking Meltdown is here
How can the United States avoid Bankruptcy?
The Plunge Protection Team and the Ponzi Economy