Livininabox Posted May 13, 2011 Share Posted May 13, 2011 I think this is a worthy enough story for me to make my annual post - I don't think this has been posted before - apologies if it has Mortgage company in US goes to court to foreclose a property - home owner says "where's the paperwork, prove that I owe 'you' the money" - Mortgage company produces paperwork - home owner is former fraud investigator specialising in forged documents - uncovers MASSIVE forgery operation - thousands and thousands of forged documents signed by people hired to knock out 350 signatures an hour for 10 bucks an hour in forged mortgage document sweat shop. Watch the 14 min video here - http://www.cbsnews.com/video/watch/?id=7361572n I wonder who will be prosecuted Quote Link to comment Share on other sites More sharing options...
leicestersq Posted May 13, 2011 Share Posted May 13, 2011 I think this is a worthy enough story for me to make my annual post - I don't think this has been posted before - apologies if it has Mortgage company in US goes to court to foreclose a property - home owner says "where's the paperwork, prove that I owe 'you' the money" - Mortgage company produces paperwork - home owner is former fraud investigator specialising in forged documents - uncovers MASSIVE forgery operation - thousands and thousands of forged documents signed by people hired to knock out 350 signatures an hour for 10 bucks an hour in forged mortgage document sweat shop. Watch the 14 min video here - http://www.cbsnews.com/video/watch/?id=7361572n I wonder who will be prosecuted I will have a watch later. If you read Karl Denninger, you will see that the fraud factories are only a part of the scam. Much more worrying is that some judges appear to be allowing foreclosure to go ahead on the basis of these documents or even no documents. The Attorney Generals in the states, who should be prosecuting all of this are instead looking to accept a tiny fine from the banks, in exchange for allowing this practice to continue. And meanwhile, house prices in the US continue to tank. And the reason for this is because of the legal mess, the failure to prosecute these crimes, means that the titles of the land and buildings, are not clear. They are therefore pretty much uninsurable, and unbuyable. This is the consequence of having crooked bankers, Attorney Generals and judges and politicians running your country, the banana republic of the US of A is on its way. I think that in the UK we have avoided this thanks to our land registry. I hope someone will correct me if I am wrong, but here you cannot be repossessed unless the land registry confirm that the bank going to court owns your mortgage. In other words only the record at the land registry counts. This simple rule would have stopped all of this crime in the US, and I am sorry for the western world when it appears that the state itself is committing most of the crimes. Quote Link to comment Share on other sites More sharing options...
Blue Peter Posted May 13, 2011 Share Posted May 13, 2011 This is the consequence of having crooked bankers, Attorney Generals and judges and politicians running your country, the banana republic of the US of A is on its way. This is an interesting article. I had no idea that things worked this way in the USA - the best legal system that money can buy, I guess: One of the great advantages of blogs is spurring informative debate. The debates also tend to morph as commentators develop their arguments. I want to address the initial and the morphed debate that Yves’ column kicked off: The Continued Stealth Takeover of the Courts. Yves warned that corporate CEOs are making concerted efforts to direct political contributions in a manner designed to elect judges that will champion CEOs’ interests. Note that I stress that the person that controls the corporation, typically the CEO, is the key actor and that the CEO commonly maximizes what he believes will be his interests at the expense of the corporation and its shareholders, creditors, and employees. This harms the nation. Yves’ blog prompted responses that eventually morphed into a debate about the role of law and economics in judicial decision making and discussion of what students are being taught in law and economics. Article continues Peter. Quote Link to comment Share on other sites More sharing options...
erranta Posted May 13, 2011 Share Posted May 13, 2011 (edited) I will have a watch later. If you read Karl Denninger, you will see that the fraud factories are only a part of the scam. Much more worrying is that some judges appear to be allowing foreclosure to go ahead on the basis of these documents or even no documents. The Attorney Generals in the states, who should be prosecuting all of this are instead looking to accept a tiny fine from the banks, in exchange for allowing this practice to continue. And meanwhile, house prices in the US continue to tank. And the reason for this is because of the legal mess, the failure to prosecute these crimes, means that the titles of the land and buildings, are not clear. They are therefore pretty much uninsurable, and unbuyable. This is the consequence of having crooked bankers, Attorney Generals and judges and politicians running your country, the banana republic of the US of A is on its way. I think that in the UK we have avoided this thanks to our land registry. I hope someone will correct me if I am wrong, but here you cannot be repossessed unless the land registry confirm that the bank going to court owns your mortgage. In other words only the record at the land registry counts. This simple rule would have stopped all of this crime in the US, and I am sorry for the western world when it appears that the state itself is committing most of the crimes. 100's thousands of acres of, especially, Lord Percy's 'estates' are unregistered and have never been registered!. This is so they can hide that the land is held 'in trust' in an off shore company Cannibal Caribbean - so that it passes from generation to generation without paying any taxes or death duties (that's only for the common plebs) It also hides the income (benefits) they scrounge off the taxpayer (100's thousands per annum) thru Defra and the land management subsidy This info is all then kept well away from the media/press (under anti-terrorist laws) which is usually used by their chums to bash and stir up the uk proles - one against another! Edited May 13, 2011 by erranta Quote Link to comment Share on other sites More sharing options...
leicestersq Posted May 13, 2011 Share Posted May 13, 2011 100's thousands of acres of, especially, Lord Percy's 'estates' are unregistered and have never been registered!. This is so they can hide that the land is held 'in trust' in an off shore company Cannibal Caribbean - so that it passes from generation to generation without paying any taxes or death duties (that's only for the common plebs) It also hides the income (benefits) they scrounge off the taxpayer (100's thousands per annum) thru Defra and the land management subsidy This info is all then kept well away from the media/press (under anti-terrorist laws) which is usually used by their chums to bash and stir up the uk proles - one against another! erranta, I am sure you are right here. I have wondered how rich landlords can pass their land down generation after generation. A proper tax regime would take a lot of the land every time the land changes hands. Quote Link to comment Share on other sites More sharing options...
happy_renting Posted May 14, 2011 Share Posted May 14, 2011 100's thousands of acres of, especially, Lord Percy's 'estates' are unregistered and have never been registered!. This is so they can hide that the land is held 'in trust' in an off shore company Cannibal Caribbean - so that it passes from generation to generation without paying any taxes or death duties (that's only for the common plebs) It also hides the income (benefits) they scrounge off the taxpayer (100's thousands per annum) thru Defra and the land management subsidy This info is all then kept well away from the media/press (under anti-terrorist laws) which is usually used by their chums to bash and stir up the uk proles - one against another! Land that has not been sold since Land Registration was introduced will not be registered unless done so voluntarily. Not sure what the situation is if the land is inherited, transferred to a private or offshore busiess, or inherited. Quote Link to comment Share on other sites More sharing options...
thedude Posted May 14, 2011 Share Posted May 14, 2011 Not sure if this video has been posted before but it's well worth a watch, it's about the factories of people just signing mortgage documents on behalf of the big banks. One guy was meant to be a vice president, was on $10 an hour! Did this sort of thing happen here do you think? Thought Eric might get his red ink out for this one! http://www.cbsnews.com/video/watch/?id=7361572n Quote Link to comment Share on other sites More sharing options...
thedude Posted May 14, 2011 Share Posted May 14, 2011 Oops, I just posted the exact thing, sorry mods, delete mine if there is a thread going. Quote Link to comment Share on other sites More sharing options...
Giordano Bruno Posted May 14, 2011 Share Posted May 14, 2011 I think this is a worthy enough story for me to make my annual post - I don't think this has been posted before - apologies if it has Mortgage company in US goes to court to foreclose a property - home owner says "where's the paperwork, prove that I owe 'you' the money" - Mortgage company produces paperwork - home owner is former fraud investigator specialising in forged documents - uncovers MASSIVE forgery operation - thousands and thousands of forged documents signed by people hired to knock out 350 signatures an hour for 10 bucks an hour in forged mortgage document sweat shop. Watch the 14 min video here - http://www.cbsnews.com/video/watch/?id=7361572n I wonder who will be prosecuted 'White collar crime. Nothing happening here.' Quote Link to comment Share on other sites More sharing options...
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