The Foreclosure Fraud Fantasy

Posted | 09/02/2012 / Views | 1576
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As pressure mounts on hold-out states in the U.S. to ratify a shameful deal on Wall Street mortgage-fraud, the mainstream propaganda machine continues to circulate a Big Lie as justification for this despicable sham: that a deal would help to “fix” themassive, deliberate,– which will permanently cripple the U.S. housing market.the actualshould there be any talk of “making a deal” the Wall Street fraud-factories can only guess at the total amount of fraud involved. Understand that in the real world where an individual was in negotiations to “settle” some fraud which had been committed against them that no competent lawyer would scope of the damages was clearly apparent. Yet what do we see here? According to Bloomberg already agreed to a deal. 

Are we to believe that more than 40 U.S. state governments were unable to find a competent lawyer to represent them? Or, are we to believe this is yet another corrupt betrayal of the American people, solely for the benefit of the Wall Street crime syndicate? Not only does this deal permanently entrench 10’s of millions of acts of (systemic) Wall Street fraud in the U.S. land title registry (causing permanent damage to the U.S. housing market); not only does this sign away the legal rights of U.S. states for compensation at pennies on the dollar; but it doesn’t even rescue the Wall Street fraud-factories themselves. It is entirely an exercise in futility. It does mechanism of mortgage fraud Even the propagandists expect those lawsuits to importantly, it does nothing to negate the still-looming mountain of liability which these fraud-factories face from the swindled chumps who purchased their “mortgage-backed securities”. Liability there will almost certainly end up in the $trillions – particularly given the penchant in the U.S. civil system for large “punitive damage” awards. More generally, the private, bankster casino known as “the derivatives market” continues to lurk in the shadows: a $1+ quadrillion collection of insanely leveraged bets. The only reason that this financial abomination has not already imploded (and vaporized most of the Western financial system) is because the corrupt operators of this rigged casino are now binding, legal contracts known as credit default swaps. 

The government of Greece has defaulted on its massive debts. All that remains to be decided is the degree of the default: whether it will result in 50%, 70%, or 100% write-offs. Credit default swaps are (supposedly) “insurance” which protects the holders of Greek debt (and that of other nations) from the risk of default. Yet here Greece has clearly defaulted, but the corrupt administrators of the credit default swap market have refused to honour those contracts. Understand that the credit default swap Ponzi-scheme is so inherently unstable that even an implosion of a tiny debt market like that of Greece could cause the domino-like collapse of not only the entire credit default swap market, but the instant implosion of the entire derivatives market – along with the Wall Street fraudfactories who operate it. Let me briefly reiterate how flawed this process is, to illustrate the magnitude of this folly. A deal does not fix the housing market; it only makes things worse by ever allow his/her client to sign-away their right to compensation before the“more than 40 states” havenot address the endless/infinite lawsuits involving the banksters’ principal: MERS, and the fraud-filled database it concocted.total in the $billions. 

Much moreopenly refusing to honour some of those bets – i.e. the permanently entrenching all this systemic fraud into the U.S. legal system. It throws away the states’ right to compensation at a time when they still don’t have the slightest idea of the total extent of Wall Street fraud, and the total extent of the resultant damages. It doesn’t even save the fraud-factories themselves, since their reckless gambling and previous acts of fraud already guarantee their ultimate financial oblivion. This entire exercise has been a colossal waste of time, in addition to being yet another complete betrayal of the American people by their so-called leaders. As usual, the media propaganda machine is especially worthy of condemnation for hiding the issues, coddling the criminals, and presenting the absurd overall fantasy that a deal here would somehow put an end to the mortgage fraud nightmare of Wall Street. Copyright 1999 - 2012 Le Metropole Cafe. All rights reserved.   U.S. housing market. Not only is this wrong, but it is entirely opposite to the truth. What the media continues to deliberately obscure is what is actually being negotiated here. You can’t ‘negotiate away’ 10’s of millions of fraud-infected mortgage documents. 

All that is currently being done with this “deal” is to absolve the Wall Street fraud-factories of responsibility for the this systemic fraud Once a deal is done, all of the fraud will still be sitting in those mortgage documents: 10’s of millions of infected land titles, which can only be purged of their fraud through being litigated one at a time, through a U.S. court system which is already hopelessly clogged with Wall Street fraud. By simply “sweeping under the carpet” these countless millions of acts of systemic fraud, rather than helping to fix the U.S. housing market, it guarantees decades of massive uncertainty and insecurity regarding land titles in U.S. residential real estate. Put another way, it makes title security in the U.S. grossly inferior to any/every other reputable land title system on the planet. Until these 10’s of millions of acts of fraud are (eventually) purged from the U.S. land title registry – one by one – U.S. real estate will trade at a permanent discount in relation to all of those other real estate markets. What person in their right mind would pay full price for a piece of real estate where there is always a lingering doubt about actual, legal ownership of that piece of land? In fact, there has always been only one rational approach to the made-in-Wall Street mortgage fraud nightmare. 

First of all, all time/effort/expense that has been wasted (solely for the financial benefit of the Wall Street fraud-factories) in these negotiations should have been invested into a national audit of the entire U.S. land title system – to systematically (and efficiently) purge all of this fraud from the U.S. real estate market once and for all. Only after that had been done, and damages were finally visible/apparent with Wall Street. Indeed, there is no more damning indictment of the illegitimacy of these current negotiations than the fact that the parties seeking to sign-away their rights to sue

Jeff Nielson

http://www.lemetropolecafe.com