In the next few weeks, we'll begin to see news reports from the major media that the foreclosure paperwork mess is much worse than originally suspected. by Walt Thiessen
(libertarian)
Thursday, October 28, 2010
It's a new word in our national vocabulary: robosigner. Get used to it, folks, because it's about to get a whole lot worse and a whole lot more familiar to you. Before I tell you how and why, let me give you a little background story illustrating how I know.
I have a weekly radio show that I do on PRN, the Progressive Radio Network, each Thursday at 6 p.m. Eastern Time. My co-hosts are Jake Towne and Melinda Pillsbury-Foster, both of whom are columnists here at the Nolan Chart. We call our program "Freedom News Hour / Surviving Meltdown", and we established it to help educate America about the root causes of the financial crisis and about the entire monetary system mess. Lately, Melinda and Jake have had conflicts in their schedules, so columnist Gene Denardo has joined me as a fill-in co-host.
This week's show featured special guest Michael Redman, one of a team of four whistleblowers who blew the lid off the robosigning crisis. He and his fellow investigators, Lisa Epstein of Virginia and Thomas and Ariane Ice of Florida, have been struggling to be taken seriously with their allegations for the past two years. Up until the GMAC revelation last May, they were treated as lunatic fringe. Now, they're treated as mainstream by the major media.
Redman is not exactly the most verbose guest I've ever had on the program, but what he had to say may shock you. In essence, he claims that his investigations, and that of his teammates, in deposing witnesses and digging into the paperwork in over 10,000 mortgages have led to startling revelations. Redman says that, in addition to the sloppy signing practices, the major banks apparently resold the same mortgages in multiple derivative packages. A single mortgage was often wrapped into two, three, four, five, or more investment bundles. If this is true, and I have every reason to believe Mr. Redman's word, this is about to break as one of the greatest financial scandals of all time, and it will likely bring the financial system to its knees.
Combine this with the fact that mortgage resets are now increasing (despite the fact that the major media still isn't reporting this blatantly obvious fact) and that they're about to peak in late 2011, and we're now faced with a potential economic calamity...right now! We're talking about something which has international ramifications.
Mr. Redman also told my listeners (as well as Gene and I) that he has seen overwhelming evidence that banks have been destroying documents related to the chain of title ownership of properties. Given the extent of what he's seen, there is every reason to believe that millions of homes are affected. Ladies and gentlemen, we are likely just days away from receiving new revelations that a large portion of real estate property ownership in America can never be settled by the courts, because the chain of ownership documentation is gone. It's been destroyed by the banks themselves.
Redman said that he's been called to testify before the House on the subject, based on his investigations, and that his take on the politicians involved that he's talked to is that they really have no idea how to resolve the mess.
I expect that we won't hear about any of this until after Election Day. I look for revelations to come out around the second week of November. I don't know this for sure; it's just my guess. But I think it's a reasonable one.
I don't think there is any way to overstate the importance of Redman's claims, if they turn out to be true. I believe they will turn out to be true. We are now about to see the beginning of the Financial Crisis of 2011.
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Posted By: midayan
Date: April 19, 2011 12:08:45 AM
Federal authorities have required more than a dozen financial institutions to pay back property owners for wrongful foreclosures. This is the first step in settling the robosigning controversy, where some people were fraudulently foreclosed on. Those individuals that were foreclosed on without having deserved it could be compensated. I found this here:14 banks ordered to pay homeowners back for bad foreclosures
