4158 Brookale Av. #A
Oakland, CA 94619
February 17, 2014 was the five year anniversary of the "bailout." In addition to the money given to the banks by the "bailout", the banks have been given another $5 trillion in stimulus money from the Federal Reserve. Banks have prospered along with the 1% of the population who own the banks. Mainstreet has been given nothing!
The American people have been victims of extortion and government sanctioned racketeering. Prosecutions should have occured. People should still be indicted.
This will be a "Year of action." This was the theme of the President's State of the Union Address on 1/28/2014. The President, as usual, delivered a speech that hit on a number of issues that need to be addressed. He even addressed the issue of reforming the tax code. He threatened to bypass Congress if needed, to help the middle class and restore the, "ladder to prosparity", to what it once was. It was a feel good speech for Democrats, and it was intended to help Democrats in this election year.
In reality, without the cooperation of the banks, nothing will get done. The President had absolutely nothing to say with regard to bank reform. Had the bailout and the stimulus money been given to the people, in the form of grants, the President would have the 99% behind him. He would be the most powerfull President ever to hold office. However, the President wishes to maintain the status quote.
Nothing radical was proposed. Had grants been given to the people, rather than bailouts to the banks, the people would have spent, saved or invested the money. The banks still would have been bailed out, becasue the money would have gone back into the banks. As it is, the banks still hold the money. Banks have made more profit than they have ever made and the rich have increased their wealth by over 200%. The long term unemployed, who are over 40, will not recover.
Let there be no doubt, the President has been confronted by obstuctionism, born out of resentment because of his race. This would have been overcome if the President had put the people first, instead of the banks.
As a result of deregulation and "shadow banking" transactions, the banks have been allowed to set aside trillions of dollars for future litigation. This money was not taxed as it was being made, it is not being taxed now. Regulators will not pressure the banks into revealing the amount that they have at their disposal.
The money is available to resolve every socioeconomic problem that this country has. At the beginning of the President's first administration, had the banks been held accountable, there would be money in circulation and people would have jobs. The President allowed himself to be hoodwinked by Henry Paulson, Timothy Geithner, Ben Bernanke and the policies that were introduced by Larry Summers.
The President refered to those losing their homes as, "Greedy homeowners", using their homes as "piggy banks." He went on to say, "What the banks did was not illegal, just reckless." Since these statements were made by the President, the banks have been assessed over $200 billion in fines for illegal "shadow banking" activity.
Not one dime of this money has come back to main street and the homeowners, most of whom were minorities, have not been fairly compensated. Many of these people are now homeless or living with relatives which puts an additional burdon on society.
Larry Summers was being considered for the Treasury position. Mr. Summers was the one who instituted the policies that permitted the banks to commit the illegal activities which eventually lead to the economic crisis. Mr. Summers has declined the position.
Janet Yellen has been selected for the Treasury. Ms. Yellen has announced that the stimulus, started by Ben Bernanke, will continue. The stimulus has sent the stock markets to all time highs. Main street has still been left out.
Of the fines that have been imposed on the banks, (over $200 billion since 2010), none of this money has gone to homeowners who were the victims of the fraud and racketeering that was allowed to be conducted by lawyers and bankers from 06-09. The Office of the Comptrller of the Currency (OCC), formerly the Office of Thrift Supervision (OTS), is presiding over dispensing compensation checks to people who were the victims of bank fraud. The compensation checks have been insulting!
The concept of a guaranteed income has been proposed from time to time over the decades. The country is now in a position to give people a guranateed income and for those who have been left behind, this may be a much needed move. If the Fed can send the banks $85 billion per month, with no return on investment, it can give each person in the 99%, $500 per month as a guaranteed income which would result in an immediate return.
It's not who runs the Fed, but how they run it that counts. Banking practices have not changed and will not change, unless there is a Presidential mandate made that they do so.
This is suppose to be a consumer oriented economy. If the stimulus money and the money for the bank bailout, had gone directly to the people, the money would have wound up in the banks anyway.
I have been told that I'm crazy, "most of the people would spend the money and be broke, so what would be accomplished?" OK! So, when the people spend the money, it will be spent in American businesses. Once again, remember, this is a consumer oriented economy, isn't it?
The stimulus and the bailout have made rich people richer and put them right in the cross hairs of a potential situation comparable to the French Revolution. This is what they are worried about now in their discussions in Davos Switzerland.
The Federal Reserve has been sending $85 billion to the banks each month to purchase mortgage backed securities, this money is going to the same banks that were bailed out.
The issue of "shadow banking" has not been addressed. "Shadow banking", as the name implies, is done in the shadows. The transactions are unregulated. The profits that banks have made have not been audited or taxed. These transactions are commingled with the high frequency transactions that the banks do 24/7. The fines paid when the banks get caught are tax write offs and they get credit for "good banking practices", according to a committee formed by Senator Elizabeth Warren.
As a result of these "credits", the fines that the banks have paid amount to zero, when compaired to the profits that were made. All of this money goes back into the banking system.
Wells Fargo and Wachovia were caught in a "shadow banking" transaction, with a Mexican drug cartel, that generated $367 billion over an 18 month period. Banks make money on the money that they hold, by the day. How much did Wells make on this one transaction with this one Cartell?
Sixteen of the world's largest banks are under investigation for illegal Libor "shadow banking" transactions. Suppose that, since deregulation was made law in 04, each of these banks engaged in 2 transactions per day like the Wells/Wachovia transaction, that would amount to $367 billion x 2 x 16 x 365 x 10.
DO THE MATH!
Senator Bernie Sanders recently conducted an audit of the Fed. It was revealed that the Fed has given $16 trillion to banks, and financial institutions, in foreign countries, as bailout money. The American people have been told that the total bugit in this country is only $16 trillion.
KEEP DOING THE MATH!
Between 05-08 Bank of America paid $637 billion in fines. JP Morgan paid $460 billion. Goldman paid $121 billion. Morgan Stanley paid $96 billion. The President knew, before he was elected the first time, that the banks had been assessed over $1.5 trillion in fines. Mr. Obama proposed that the Office of Thrift Supervision should be abolished. He didn't follow through on this proposal.
During the time that these fines were assessed on the banks, Henry Paulson was the Secretary of the Treasury. The OTS was a division of the Teasury. The partnership that was orchestrated by Paulson, while he was Treasury Secretary, between, MERS, Lehman, HSBC, Deutshe, GMAC, and Ocwen Financial was fresh. The trail was hot.
The President is Black. The Atorney General is Black. There is a Black Caucus, who is suppose to be representing the areas that were to become the most affected. The President could have won that one. He punked out, and so did the Black Caucus.
In Oakland California, Barbara Lee's district was one of the hardest hit in the state, with regard to foreclosures. Congresswoman Lee was referring people to the Office of Thrift Supervision as well, knowing that the OTS would not respond.
When Jerry Brown was Mayor of Oakland, he was pumping money into the downtown area while in Ms. Lee's territory, the police and fire departments were neglected. There was no opposition from fellow Democrat Lee. Why?
Oakland had 1 out of 8 homes in default or foreclosure when Brown left. Much of this property was in Ms. Lee's territory, she said nothing, and has said nothing, that would implicte Mr. Brown in the matter. The media is complicit as well. Plutocrats have prevented investigative reporting that is contrary to their goals.
Indictments should have been forthcoming. Henry Paulson would have been number one on the list. Instead, the banks were bailed out and Henry became the hero. The rich got 200% richer. The 99% got the shaft!
The large banks have been engaging in the same, or like, "shadow transactions" before 2004, when deregulation was signed into law by President Bill Clinton.
The banks have had over a decade to set aside funds for litigation. Deregulation has been in effect since 2004. Once deregulation went into affect, Wall Street brokers and hedge fund managers took over Wall Street and the banks. They started being concerned more with profits than deposits from customers.
Cities, like Richmond California, are attempting to bring eminent domain cases to the courts. These cases will not win. They will not win because the banks will devide the cases into individual cases and tie them up in court for years.
The City of Irvington New Jersey has decided to follow Richmond. Hopefully Compton and El Monte California will follow suit. Chicago, LA, Miami, and New York have been watching as well. However, unless eminent domain is abandoned in favor of criminal prosecution on the grounds of fraud and racketeering, these cases will not succeed.
These cases will not be won unless they are taken to court un masse and voided un masse! Otherwise, the banks will tie the cities up in court for the rest of the century dealing with individual cases.
The banks could be let off the hook, regarding litgation, if they would release the trillions that they have set aside for future litigation. This money should be directed to the 99%. Banks must be made to agree not to engage in any future activity that would put the economy in jepordy. The release of the money could be a Presidential mandate, now that we are in "the year of action."
The same people who own these banks were allowed by the Fed, the Justice Department, the Treasury and the Internal Revenue service, to keep $35 trillion in offshore accounts, according to Congressional records. These same people are using this cash to buy up the "shadow inventory" that the banks they own created, by keeping properties off the market.
Ironically, $35 trillion is what it would cost to give each person in the 99% a one time grant for $100,000. The combination of the above mentioned funds that the banks have set aside and the $85 billion per month that the Fed is sending to the banks now, would be more than enough to solve all of the socioeconomic problems that this country faces, and have some change left over!
Henry Paulson was Secretary of the Treasury and the Chief Negotiator for Lehman Brothers, when they were facing bankruptcy. This should have been a conflict of interest.
The Office of Thrift Supervision was a division of the Treasury. The OTS did not respond to complaints of fraud. By turning a blind eye, the OTS facilitated the partnership, orchestrated by Paulson, between Lehman, Deutsche, HSBC, GMAC and Mortgage Electronic Registration Systems Inc. (MERS).
MERS , a privately held company, was permitted to gain control of more than two thirds of the mortgages due for registration on county records in the U.S. These sub-prime mortgages became a major part of what came to be know as the "shadow" inventory.
Bill Erbey is the owner of Ocwen Financial. Ocwen made money as a broker who handled non-performing mortgages. These mortgages were considered underwater, or had terms that could not be satisfied. The underwater mortgages were those where inflated appraisals had been made by appraisers under pressure to come back with a high value, "or else."
Other non-performing mortgagees came from "Pick-A-Pay" mortgages with unaffordable terms. Terms on transactions were altered after the original transactions were conducted. These mortgages could not be contested in non-judicial states like California. Every Attorney General, in every state, knew what was going on. Mr. Erbey conducted business without commercial offices and in many cases, no employees. Mr. Erbey made $2.3 billion with the complete knowledge of the Office of Thrift Supervision. Mr. Erbey has not been indicted, and not one dime of the money that he stole from people has been to given back to main street. Mr. Erbey would not have been in business if the note and the mortgages were not serperated by MERS. His dummy companies could not have been on title.
Nothing has been said about the poor in this country. Not by the Republicans or the Democrats. Both parties have participated in creating a new class of poor. The "working poor." People who work full time jobs but who still qualify for government assistance.
The elderly and the disabled who have been cheated out of their property will not recover. The banks have been let off the hook. Politicians are still expecting our votes! It's tragic!
Politicians would like for us to believe that the banks were clever enough to sneak into town and conduct business, for over a decade, without thier knowledge. This is the same thing that is happening in the real estate and banking sectors in the EU and the UK.
20 cities in the U.S. are facing bankruptcy. The City of Richmond is the first to stand up and threaten to file "eminent domain" against the banks. Hopefully many other cities will follow suit. This move will reveal the true nature of the so called "real estate crisis" if the move is made to introduce the criminal aspect of the sittuation. It all started with the collapse of Lehman and was made much worse by Paulson, Geithner, Bernanke, Brown and MERS.
In California, Fresno, Oakland, Compton, and El Monte, should follow Richmond's lead. They should bring the State of California to court for negligence and fraud as a group.
A "Whistle-blower complaint" was filed via fax on 7/17/2013 with the Securities and Exchange Commission(SEC). A list of the banks, that continued to generate mortgages illegally, was provided in the complaint. The City of Richmond was also sent the information.
The American economic system is being tested. Much will be revealed by the Libor investigations. Lehman Brothers used Libor to decieve the bankruptcy courts, ratings agencies and the regulators. They needed to make their balance sheets appear stong in court. JP Morgan had Lehman on the hook.
Paulson, had to ask HSBC for help while negotiating Lehman's bankruptcy. HSBC didn't want to assume all of the risk and inlisted Deutche Bank as a partner. These two aided Lehman in the use of Libor and were rewarded by being allowed to take over the sub-prime mortgages on Lehman's books. The largest bank in the UK and the largest bank in the EU were allowed entry into the U.S. subprime mortgage market.
Lehman didn't repay Chase with cash alone, sub-prime mortgages were in the deal as well. A "shadow inventory" was created. Lehman assumed the identity of it's subsidiary, Aurora, and along with HSBC, Deutsche, and GMAC, held properties that they stole from people off the market.
Now, the individuals and companies who have been allowed to keep $35 trillion in offshore accounts, are buying this property in cash transactions, using non-profit REIT's. These cash transactions are freezing out people in the middle class who were expecting to take advantage of the historically low interest rates.
The "quantitative easing", that the Federal Reserve has been engaged in, can be traced back to the collapse of Lehman Brothers. Henry Paulson orchestrated the partnership between HSBC, Deutsche, GMAC and Lehman. The Office of Thrift Supervision, under Paulson, allowed Lehman to assume the identity of it's subsidiary, Aurora. Mr. Paulson also presided over the creation of Mortgage Electronic Registration Systems Inc.(MERS).
Mortgage Electronic Registration Systems Inc.(MERS), Lehman Brothers (now Aurora) GMAC (now Ally Bank), Deutshe Bank, HSBC and GMAC were the perpetrators. Henry Paulson and Timothy Geithner allowed the Office of Thrift Supervision to be the facilitator, who would not respond to complaints as banks that had closed commercial operations put people onto mortgages that they could not get out of. Ocwen Financial made sure that dummy companies could not be contacted. Non-judicial states, like California, were affected the most.
California was the primary target. In California, foreclosures can't be contested in court. California is the largest state in terms of population and the property values are high. Success in California would justify losing in the states where foreclosures are contested.
The first audit of foreclosures was done in California in 2011 by the Treasure for the City and County of San Francisco. The audit revealed that the majority of foreclosures from January 2009 to November of 2011 were illegal.
All of the mortgages that were generated by GMAC, Wachovia, Homecoming Financial and any of the other companies that are on the list that was sent to the SEC should be voided. The list is found at, www.thetruthaboutmortgage.com, in the archive for February 2007. These companies continued to do business after closing commercial operations from 2006-2009. Ocwen Financial made sure that these companies could not be contacted by customers.
Loan servicers, in CA, Aurora Loans Services in this case, concealed the identities of the primary players. This was allowed by Mr. Paulson and Mr. Geithner's Office of Thrift Supervision.
Governor Jerry Brown was the Attorney General in California from 2007-2011. Mr. Brown was complicit. The "Homeowner's Bill of Rights" that Mr. Brown has introduced, was never presented to the voters and protects the banks from litigation for past transgressions and him from being indicted. The "bill" is the same as the bailout that Paulson, Geithner and Bernanke gave to the banks.
The President killed a bill, that had unanamous bipartisan support, for national regulations on electronic signatures. Had this bill been enacted, there would be a trail to follow which would allow mortgages to be modified and crooks to be caught. It's called standardization.
States were allowed to make their own rules, and as a result, more than one entity (in many cases a dummy company) was allowed on title because of MERS, the paperwork is all over the place, if paperwork ever existed in the first place.
Lawyers, as well as the AG's in every state, knew that loans couldn't be modified because the mortgages were generated by banks that had gone out of business and the documentation was passed to other banks that were also going out of business. Fees were collected from the borrower at each transfer between these front companies, but none of this money was ever paid to the cities or to the county. This contributes to the shortfall that cities, counties and states face as they try to retain services.
Mortgage Electronic Registration Systems Inc. (MERS) allowed numerous companies to be on title at the county recorder's office while they held the mortgage and installed themselves, HSBC and Aurora(formerly Lehman Brothers) as the benificiary.
The banks should be assessed fines equal to the money that they have set aside for litigation if they refuse to volutarily give it up. A whole industry was originated to modify loans that could not be modified. The lawyers should be fined along with the rating agencies, regulators and the EU banks that aided U.S. banks in the use of Libor.
Mr. Summers, Mr. Paulson, Mr. Geithner, Mr. Bernanke and Mr. Brown should be indicted.
The actions of Merscorp ( MERS) in conjunction with Deutsche, HSBC, GMAC, Lehman and Ocwen Financial, a lack of oversight by the Office of Thrift Supervision and the AG's office's across the country, compounded by deregulation, created a "perfect storm" for fraud nationwide.
Institute a VAT/Sales Tax. Elminate taxes on all forms of income from individuals and companies, including payroll tax, on individuals and companies. The VAT would cover luxury items. The sales tax would cover every thing else, including high frquency trading. Outlaw all offshore acounts for individuals and comapnies.Those who produce luxury items would still be competative because they wouldn't be paying income or payroll taxes.
The argument that was being made for the health care bill is the same argument that can be made for the VAT/Sales Tax. A broader base reduces the rate. Eliminating income tax on businesses and individuals would act as a subsidy that would encourage full employment.
Give a one time grant of $100,000 to everyone in the 99%. This would cost the crooks $35 trillion. If you only give the grants to the adults, it would cost less. There would be more than enough money left over for infrastructure, education and entitlement programs. The middlemen and bureaucrats, who depend on minority programs, will have to find something else to do. However, they will have $100,000 in their pockets.
This one time grant should not result in inflation. (To inform all cynical self serving ingrates out there.)This is not a salary increase.
Those who are already rich would get richer. Jails could be turned into schools. The positive energy and creativity that would be released would be staggering!
Let the politicians go on vacation for 6 months. When they return, the 99% will have solved all of the problems in society without their interferance. Laissez les bon temps roulez!
The "fat cat bankers" are making more money than they ever were before. The Office of Thrift Supervision, now the Office of the Comptroller of the Currency, allowed 500 banks that had stopped commercial operations from 2006-2009 to write mortgages. Mortgages can't be modified because of "robo-signing", fraud and because these banks could not be contacted by customers.
The securities that these mortgages were turned into were found to be defective because of the fraud that was committed. These same banks are being allowed to foreclose and they are on the Foreclosure Review Panel along with the servicers that originated the problem in the first place.These are the same people who own MERS. The same people who have been allowed to keep $35 trillion in offshore accounts. This is a violation of the Fair Trade Act.
Banks used dummy companies as lenders on the county records. Banks like GMAC, Wachovia and World Savings used mortgage brokers like BrokerSource and MortgageIt, their subsidiaries, to front as lenders while they were on title using other dummy companies to collect transfer fees and servicing fees. All of these companies were closing offices and going out of business in 06.
The servicing of the loans were done by companies like Aurora, formerly Lehman Brothers, who changed the terms of the loans and concealed who the true lender was. In 2006, default clauses and higher interest rates were put on these loans after the original documents had been signed. "PICK-A-PAY" loans were introduced and put into the documentation after the loan was transferred to the dummy company. The servicing company knew that the customer couldn't complain.
On 12/19/2011 the Justice Department said, on THE NEWS HOUR, that they had been investigating bank fraud since 2008. They never told the State's Attorney Generals about this investigation apparently, people were being referred to the OTS as late as 6/2011 by California's present Attorney General Kamala Harris. On 1/22/2013 the Justice Department told NIGHTLINE that they had never been told about real estate fraud from "whistle-blowers" in the industry.
On 10/06/2011 President Obama said in his speech that, "What the banks did was not illegal, just reckless." What the banks did is the same thing that was done by the savings and loan companies and ENRON. The President, the Senate and the Congress, as well as AG's in every state, refered complaints to the Office of Thrift Supervision. The Office of Thrift Supervision, along with Fannie Mae and Freddie Mac, allowed banks to continue to write mortgages even though they had closed commercial offices and could not be contacted by consumers.
All of these entities enjoy immunity from prosecution, this is why the President could truthfully say that what the banks did was not illegal. If it was illegal, he would have to go to jail for violating the RECO Act...www.ricoact.com/ricoact/nutshell.asp.
The banks have stolen $1 million of wealth from each American family since 2006. The banks have been bailed out, and stimulated, with taxpayer money. Homeowners who have lost their homes have been offered $125,000 to walk away. Most of these people will get a fraction of that amount. This is insulting! Give people the deeds to the property plus the money.
The New York courts and Judge Robert Grossman, have determined that there are 67 million illegal transactions in the system that were generated by Mortgage Electronic Registration Systems Inc.(MERS), HSBC and the gang. Many of these transactions are "ghost transactions."
MERS, a privately owned company, was allowed to control the registration of 2/3 of the loans on county records in the U.S. The issue here is that, according to the census there are only 75 million mortgages on the books in the U.S. This means that a lot of mortgages were generated for properties that don't exist, this is where the robo-signing comes in. This is also how the "shadow inventory" came about.
The purpose of this site is to explain how this GOVERNMENT SANCTIONED RACKETEERING was done and why. The information contained at this site has been sent to the President, the Justice Department, the Senate and the Congress and, as mentioned above, to the Securities and Exchange Commission (SEC).
No lawyer would present this in court. Even if they would, or could, in California, the law would not support a case. What makes the eminent domain cases so relevant is that homeowners in non-judicial states will get to present their evidence. They will not succeed however, unless they bring the mortgages to court un masse and introduce the criminal aspects of fraud and racketeering.
Jerry Brown was California's Secretary of State. Mr. Brown was also Mayor of Oakland, the seventh largest city in California. Oakland had one in eight homes in default or foreclosure when Brown left. Mr. Brown was Attorney General from 2007-2011. Banks were engaged in the most intense racketeering activity in American history, from 2006-2009, in California and across the country.
The majority of the people who were affected by unlawfull forclosures were elderly and minorities. Mr. Brown, Mr. Geithner, Mr. Paulson, Mr. Bernanke and Mr. Summers knew that these people could not afford to retain legal council. Ocwen Financial had to return $2.3 billion as a result of being found guilty of reverse redlining in minority communities in 49 states. None of the money that was returned was given to the victims. Why?
These people also knew that the statute of limitations would run out.
The objective of the bank bailout and the "HOMEOWNERS BILL OF RIGHTS" is to keep the banks and politicians from having to go to court. They also keep the individuals named above from having to explain to the Judge how all of these banks could continue to operate without opening commercial offices. And how is it that these same banks are allowed to foreclose on transactions that were originated illegally?
The people should get the deeds or be compensated accordingly.
This is GOVERNMENT SANCTIONED RACKETEERING!
The objective is to give the common man a voice. Even though there is email, FaceBook and Twitter there is still a disconnect between our elected officials and the man on the street.
We must restore logical and coherent communication that can be analyzed and verified.
Occupy Movements and Community Orginaizers must target the media. Let's get on it and expose these people!
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4158 Brookale Av. #A
Oakland, CA 94619