October 25, 2006 journal, those 4 horsemen are riding from the prophecy of Revelation Chapter 6-The White horse of Antichrist were Christ condemns those claiming to be Jews in Revelation Chapter 3. The red horse of war on the world made possible through United States aggression with characters like Dick Cheney and his gang operating under the so-called Republican George W. Bush administration. The black horse of hunger and gray horse of disease and death at the time of the great Apocalypse in end time prophecy of us. They are expecting the big one in California which could dump up to half the state in the Pacific Ocean and they give good reasons why we can expect this catastrophic event. The politicians on both sides are pushing guns and prayer in their advertisements and it means something. This country seems to be headed for revolution to renew this evil government. A website entitled body count calculates 160,000 Iraqi civilians have been killed since the war began in 2003 while I believe there is over a million Iraqi dead and more than 4,500 Americans with more than 30,000 American soldiers crippled for life from this evil war. Tomorrow I will recite a writer describing in revealing of the deplorable conditions by which banks foreclosed on mortgages dumping millions of people into the street using unqualified personnel to prepare and execute foreclosures and evictions like gangsters would do. They have said these people could not even answer basic questions and were employed at Wal-Mart and some were street people with no bank training whatsoever. This is certainly coming back to haunt the entire banking industry that was in such a hurry to grab those homes from the people living in them and struggling to make the payments. I say this is God's way of turning the tables on a wicked banking industry years of abuse. You must see the movie documentary From Freedom to Fascism but fortunately the man that made it died suddenly with cancer. The tea party seems to be a mixed bag promoted by Fox unscrupulous news which is an agent of the Illuminati although I want Harry Reid to be defeated I know Sharon Ankle will be all for continuing foreclosures. The leading Republicans are agents of the banks. The Zionist crypto J-e-ws sons of Esau from Russia own the Federal Reserve and they own the entire media. Here we have Randolph Hearst television and newspaper. We have a full blooded Indian from India running for governor Republican Niki Haley and she is winning. Fascism is already here because we are slaves to the foreign Federal Reserve. They control Washington and all politics is rotten. People are now becoming quite concerned that so much money is coming them from out-of-state if facts are is going to the Republicans' side although scumbag Rove say Democrats do it. Next will be cap and trade and a 30% increase in your utilities. We have national health mandated now but it can never work. A black family was shown on CNN Almighty Debt where the father had lost his job of 18 years & the mother still has a good job but they are falling $2,000 per month short on their budget without considering their teenage daughter college ambitions. They are nailed to the wall economically and barely surviving without making their mortgage payments. Real-estate agents are raring and tearing to resell those homes and pocket the commission's. The heyday for them is over but quick resale houses. This government could collapse in a minutes time as the Book of Revelation says it will "Such great wealth in one hours time is Nil and void". They all scream and holler against socialism but we already have socialism and the Zionist Edomites imposed it on Russia along with communism in 1917 and killed millions of Christians. We actually have a drop in natural gas prices here this week about 30 percent. The Fed chairman is trying to force inflation to keep the GDP figures up high but they are shrinking as fiat money fails. North Carolina is putting their small businesses under a property decoration where a barber has to declare his scissors or else they will confiscate them. It's coming to homes. Governments will become increasingly desperate for money until they take every last thing you have for taxes. We have a hundred years of history that will be repeated. I am tired of hearing that 19 Arabs flew planes into the twin towers when we all know that is impossible. Planes were flown into the twin towers remotely by satellite control. A black announcer was fired from PBS because he said he was afraid to fly with Arab people and I am also but is that not a freedom of speech issue and I doubt if they get by with it. While I am concerned that so many Arabs have emigrated here and some now being appointed to high level government positions, I am more afraid of the crypto Jewish Zionist communist from the tribe of Esau that settled in southern Russia and converted to Judaism because they are more powerful and deadly than the Arabs as they control our money & our government, our war policy & our Department of Education & everything. Jack Van Impe tonight on his worldwide prophecy propaganda show was chasing it still. These awfully powerful evangelists are all agents of Edomite Israel on a mission to wipe Iran off the map. The Pentagon papers released have revealed many American atrocities in Iraq even shooting of Iraqis that were trying to surrender. John Ashcroft is on the hook for falsely arresting an American citizen and torturing him when he was actually innocent so now he is suing former Attorney General John Ashcroft for kidnapping & false arrest. If Cheney the terrible survives that mechanical heart he may be sued by a million people. Over the past decade or 10 year period the mortgage industry has run wild knowing that a Republican administration would never curb banking-institutions for their fraud crimes & would keep giving them money to bail them out because it is what Republicans do to protect the rich and powerful. To some degree Democrats do also but there is an awfully inconsistency wherein this president is installing Moslem Arabs to high level jobs which is something Zionists would never do and never allow their puppets on their strings to do. This is a wall the mortgage industry cannot rig and the courts cannot ignore because it is surrounded like the Chile copper miners. The rules would be the same for credit cards. A transfer document known as an assignment is required between buyer and seller of your mortgage and they must "show you the note" to be legal in foreclosing of any real-estate. By John Carney-0ct 11, "Bank of America announced that it was halting foreclosures in all its fifty-states while it reviewed its foreclosure process for defects. Now several law makers on Capitol Hill are calling for other banks to initiate nationwide Bank foreclosure freezes-a move which the Obama administration is currently opposing. (That is due to the Zionist alliance) So what's going on here? Why is the foreclosure machinery of our nation's largest banks suddenly grinding to a halt? What does this mean for the financial sector and the economy? Let's start with the most basic questions first. Then I'll explain some of the possible implications for homeowners, banks, and the economy. How did this thing get started? Ever since the housing bubble burst, there have been signs that there are serious problems with foreclosure practices. In some cases, the financial institution claiming it owns the mortgage has not been able to produce the underlying loan documents. In 2007, a federal judge held that Deutsche Bank lacked standing to foreclose in 14 cases because it could not produce the documents proving that it had been assigned the rights in the mortgages when they were securitized. This decision was followed by similar rulings in other states stopping foreclosure proceedings. Typically the judges would find that the banks that were servicing mortgages pooled into bonds weren't able to prove they owned the mortgages. Why can't they prove they own the mortgages? Every time a mortgages changes hands, the new owners are supposed to receive an "assignment" of the mortgage notes from the buyers. The assignment is typically a short little document signed by both the seller and buyer of the mortgage acknowledging the sale, which is then attached to the mortgage documents themselves and delivered to the new owner. When a mortgage is securitized it is typically sold to a Wall Street firm, which pools the mortgage with thousands of others. Investors buy slices of the pool, entitling them to cash-flows from the mortgage payments. The actual mortgages are assigned to a newly created investment vehicle. A servicer is tasked with ensuring the payments to borrowers get divided up properly and that delinquent borrowers get foreclosed upon. Here's where things get tricky. When a mortgage is securitized, the investors in the mortgage bonds don't get assignments or notes. The investment vehicle doesn't get the assignments or notes either. Instead, the physical notes are typically sent to a document repository company. The transfer of interests is noted in an electronic database. But during the height of the housing bubble, investment banks were churning out mortgage bonds in such a frenzy, sometimes the assignments never got executed and mortgage notes never got delivered. Keep in mind that this was during the years when lenders were giving out low-doc and no-doc mortgages. It was inevitable that the fast and loose and slightly documented culture would not stop at the mortgage originator but stretch all the way through the process. (For more on this, see RortyBomb's excellent discussion of the securitization process , complete with nifty and highly informative charts.) For most mortgages, the note probably still exists somewhere. One problem that has arisen, however, is that some of the original mortgage lenders have gone under or been acquired by a larger bank. This can make tracking down the notes difficult, if not impossible. Why am I just learning about this mess now? This issue has been quietly simmering in the background of the housing crisis for quite some time. Gretchen Mortgenson of the New York Times wrote about it back in 2007. It gave rise to a "show me the note" movement of people contesting foreclosure proceedings . But what really kicked off the latest developments was the deposition of a GMAC loan officer named Jeffrey Stephan , which revealed deep and perhaps pervasive flaws in the foreclosure practices of our largest banks. Stephan admitted in a sworn deposition in Pennsylvania that he signed off on up to 10,000 foreclosure documents a month for five years. He said that he hadn't reviewed the mortgage or foreclosure documents thoroughly. He quickly became known by the pejorative "robo-signer" for this way of getting mortgages through. This prompted Ally, which owns the GMAC mortgage company, to halt foreclosures in 23 so-called "judicial states." mBecause Stephan also signed foreclosures for hundreds of other mortgage companies, including J.P. Morgan Chase [JPM 37.70 --- UNCH , the problem is not limited to GMAC. In fact, JP Morgan Chase also halted foreclosures in the judicial states. Wait, what's this about judicial states? The majority of states in the country allow banks to foreclose on defaulted mortgages without going to court. They simply deliver the borrower a notice of the foreclosure sale. This is the method of foreclosure preferred by banks, since it is much faster and easier to execute the foreclosure sale, and much more difficult for borrowers to contest. Twenty-three states, however, require banks to go to court to get a foreclosure order. These are the "judicial states." In these states, banks are typically required to produce a sworn and notarized affidavit of a loan officer and submit the mortgage documents. Often, however, judges will issue foreclosure orders without the mortgage documents so long as the borrower doesn't contest this point. Keep in mind that in both judicial and non-judicial states, there are strong legal presumptions that favor the banks. So long as they have the mortgage note and the loan is delinquent-or so long as no one argues that they aren't the owners of the mortgage or that borrower is not in default-the bank will almost always get the foreclosure. But as the "show me the note" movement took off, more and more homeowners began to contest foreclosures by demanding to see the notes and, if the loan had been transferred or securitized, the assignment agreements. This typically was not fatal to banks seeking foreclosures. They could make up for the lost notes with lost note affidavits and retro-actively build an assignment chain. The worst that would happen, from the bank's perspective, was that the foreclosure would be delayed. In some cases, however, banks seem to have not even been able to manage even this kind of corrective action. Evidence has been produced to show that notarizations have been faked, documents forged, and folks like Stephan have simply been operating as foreclosure bots. So is this just a concern for "judicial states?" Although banks first shut down foreclosures in judicial states, the lack of documentation is a problem in any jurisdiction. Homeowners contesting foreclosures in both non-judicial and judicial states can win if the bank cannot provide documents proving it owns the mortgage. In judicial states, however, the banks are especially exposed because they must initiate a lawsuit to get a foreclosure. If they have been submitting false documents to the court, they could be sanctioned and fined. Realizing that they had few internal controls over their own fore-closure practices, banks wisely shut down foreclosures in the states where they had the most exposure. In non-judicial states, banks aren't required to submit anything to the court until they are sued by a homeowner seeking to stop a foreclosure. That means that they are far less likely to submit fraudulent documents, since the process has already been slowed. Nonetheless, banks may still find themselves swamped by challenges. No one really knows how badly the missing documentation problem is at the banks. Our friends at the Wall Street Journal are seriously misguided on this issue. (Note: my brother, Brian Carney, is on the editorial board of the Journal.) (Wall Street Journal is owned by Fox) The requirement that banks be able to prove ownership of mortgages by producing notes and assignments reflects a long-settled view about the necessity of written contracts in real estate transactions. Long before the founding of our Republic, England adopted what is commonly called the "Statute of Frauds." It required that real estate conveyances be recorded in writing and signed. Similar laws apply in almost every state in the Union. Part of the point of the writing requirement is to allow the government the transparency it needs to enforce property rights, including the right to foreclose on a home. If courts were to treat this as mere "paperwork" that was irrelevant to the cases, both property rights and the rule-of-law would suffer. It is surprising that the Journal's editorial page would take this stance. The Wall Street Journal will most certainly always take the bank's position. Now, if the problem truly is just sloppy work on the part of robo-signers, banks can likely resume foreclosures before too long. But many suspect that the reason banks were falsifying their knowledge about the possession of loan documents is that the banks do not actually have the documents and don't know where to find them. This could permanently impair their ability to foreclose on some properties. What does this mean for the banks? In the first place, the slowdown in foreclosure sales might help the revenues of the banks. The defaulted loans aren't spinning off revenue and now the foreclosures aren't producing revenue either. If the foreclosure freezes last long enough, this could hit the bottom lines of the banks. At the very least, banks should be adjusting the estimates on the likelihood of short-term recovery values for the mortgage portfolios. The fact that banks securitized loans but did not get proper assignments of the mortgage notes may find themselves liable to lawsuits from investors. A typical mortgage bond issuance includes representations and warranties that all the proper documentation has been obtained. Banks could find themselves liable for a breach of these warranties. This could also turn into a fight between investors of junior and senior tranches of mortgage bonds. Here's how the Journal describes this fight : When houses that have been packaged into a mortgage bond are liquidated at a foreclosure sale-the very end of the foreclosure process-the holders of the junior, or riskiest debt, would be the first investors to take losses. But if a foreclosure is delayed, the servicer must typically keep advancing payments that will go to all bondholders, including the junior debt holders, even though the home loan itself is producing no revenue stream. The latest events thus set up an odd circumstance where junior bondholders-typically at the bottom of the credit structure-could actually end up better off than they expected. Senior bondholders, typically at the top, could end up worse off. Not surprisingly, senior debt holders want banks to foreclose faster to reduce expenses. Junior bondholders are generally happy to stretch things out. What is more, it isn't entirely clear how the costs of re-processing tens of thousands of mortgages will be allocated. Those costs could be "significant" said Andrew Sandler, a Washington, D.C., attorney who represents mortgage companies. The most damaging thing that could happen to banks would be the discovery that they simply cannot prove they hold a mortgage on a house. In that case, the loan would probably have to be written down to near zero. Even for current loans, the regulatory reserve requirements would double as the loan would no longer be a functional mortgage but an ordinary consumer loan. Depending on the size of the "no docs" portion of the loan portfolio, this might be a minor blip or require a bank to raise new capital to fill the hole in the balance sheet. What does this mean for the housing market and the economy Get ready to hear the phrase "pig through the python" a lot. For example, "We need to get the pig through the python very quickly so that the market can be free of uncertainty. This is the favorite metaphor of bankers discussing the foreclosure crisis. The idea is that anything that slows down foreclosures will unsteady the housing market. There's a lot of truth to this. Buyers will hesitate to bid on foreclosure sales if they are not confident the foreclosure is legitimate. Other buyers may worry that the lack of foreclosure sales in an area is a false indicator of the health of the local housing market. Banks concerned about the recovery values of their mortgage portfolios and higher capital requirements, may pull back lending even further than they already have. In short, this could be the beginning of the second leg of the credit crunch." This is a mess the administration may not help out. "If you think about it, the world worships fictitious paper. "Money", mortgages, stocks, bonds, insurance polices, etc... are all simply paper with promises written on it. No substance, just paper, or as the Bible calls it, "dross" These things are what the world chases. When you suggest they put some of their paper into substance like gold, silver, food, ammo, etc... they say "You are crazy". Who is really crazy?." From: freedom308@windstream.net Subject: Fw: Pensions and mortgage fraud. From-Steve S "Yes, we are already slaves to the rich. I do want more government programs--such as medicare for all--because I believe if we take care of the basic necessities for those with less it will keep this country going in a good direction. Right now we are copying Mexico which has always had a huge poor population and a small elite group who owns everything. I don't understand rich and middle class people resenting welfare or other handouts to the less fortunate--the money always ends up back in the rich people's hands eventually since poor people and lower middle class--people like me--have to spend money. I know so many people who are angry at poor people getting welfare and food stamps as though they are getting away with something. I would hate to trade places with poor people needing support--especially healthy young men--because they are in an awful position having to receive hand-outs. I feel good if my tax money is keeping poor people going and those poor people who cheat the system are only hurting themselves. I think, finally, after many years of thinking this country can turn itself around that this country and the world really are going to decline and civilization will end. I think our inability to change our ways--the use of fossil fuel in particular which is an option, not a necessity--will finish us as the oceans die from too much absorbed carbon dioxide. We will mostly die with the oceans."