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Coming Soon: 300% Increase in Foreclosures. This is very bad!!

At Calculated Risk, Tom Lawler, a real estate economist and former risk policy veep at Fannie Mae, tries to figure out how many people have actually lost their homes to foreclosure, short sales or deed-in-lieu desertions. The answer: Not enough. Lawler (who is now living the life of Riley on a Virginia farm) says the number of foreclosures that have been completed so far is a drop in the bucket compared to the number of loans that have gone bad:
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Please click here to see the chart...and rest...Yikes..
http://reason.com/blog/2011/02/03/coming-soon-a-300-percent-...



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Foreclosure Proceedings and Judicial Impropriety

Whether or not anyone from Wall Street becomes prosecuted for financial frauds, certainly there needs to be jail time and reformation for the ELEPHANT in the room! The people who are responsible for tortious conduct, and deliberate engagement in manifest egregious Constitutional illegalities associated with foreclosures and mortgages need to required to pay $$$$$$$$$$$$$$$$$$$$.

Scores of people’s lives have been permanently damaged –courtesy of abhorrent illegal judicial tactics! It is IMPOSSIBLE to resolve fraudulent foreclosures without addressing blatant wrongs occurring inside nationwide courtrooms by lawyers who file foreclosure proceedings!!

At nakedcapitalism, @ http://t.co/9bXCrpF Yves Smith was correct to decry an Alabama foreclosure court ruling, and Attorney Paul Jackson’s commendation of it. Mr. Jackson’s housingwire website contains much applause for Alabama’s ruling which upheld blatant foreclosure fraud, as well as praise for foreclosure lawyers. However, praise for foreclosure illegalities and fraud is an affront to homeless families because of foreclosure fraud and greed.

Untrue to what Alabama and other courts, as well as Attorney Jackson (whose business is foreclosures) communicated, lenders are not always the ones who are foreclosing on their security interests! There are foreclosures that NEVER became returned to lenders or banks, but were fraudulently “credit bid” by “Straw Buyers” and judicial insiders. Thus, blight is a telltale sign! [example: "What happens when a bank begins to foreclose on a property, then changes its mind?" http://bit.ly/dUd0zi ]

Emphatically, foreclosure lawyers are catalysts for the goal of getting property deeds recorded out of homeowners’ names; or maneuvering homeowners to believing they’ve lost ownership of their homes, so they move out. If people don’t move –some an eviction writ will be filed in some lender’s name. For decades, use of courtrooms in furtherance of real estate fraud has been the means for various participants to get slices of the “foreclosure pie.”

Further, none other than lawyers who file foreclosures and record property deeds after purported foreclosures have capacity to defraud Bankruptcy Courtrooms and homeowners by filing FALSE “Lift Automatic Stay” motions and “Proof of Claims.”

It is an appallingly unfair when lawyers file fabricated Bankruptcy court motions to unlawfully and deceptively defeat Bankruptcy Law provisions. Often, on behalf of lenders that have NO “standing,” lawyers quickly, fraudulently file “lift stay” and “dismissal” motions that defeat a “debtor’s” bankruptcy case. Through “Adversary” proceedings “debtors”might uncover information about lenders and servicers; and possibly debtors have been cheated out of “unsecured” debt “avoidance” –but for some lawyer illegitimately utilizing courtrooms to get people cases dismissed!

COURTS HAVE NO JURISDICTION over pleadings which LACK “STANDING.” Lawyers should NEVER be granted “Lift Stay” or “dismissal” motions when courts have no authority to preside!

Also, due to foreclosure fraud, lenders are filing false IRS forms 1099-A’s in homeowners’ name and social security numbers; and mortgage default insurance proceeds become paid to the first so-called lender that submits a claim –and the game begins again after the homes become flipped to someone new who is expected to default. Thus result from those 1099's for distressed property owners: a tax bill.

IT IS NOT AGAINST THE LAW TO OWE A DEBT, BUT IT IS AGAINST THE LAW TO COLLECT THE DEBT VIA FRAUD AND EXTORTION. **Request for Congressional Foreclosure Panel to Examine Foreclosure Lawyers @ http://chn.ge/eU2zAm

I doubt it, the banks are too

I doubt it, the banks are too scared that their bad promisory note tracking and everyone owning their house outright when the truth comes out.

“One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors.” Plato