In These New Times

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Posts Tagged ‘fight foreclosures’

Foreclosuregate: time to break up the too-big-to-fail-banks

Posted by seumasach on October 16, 2010

Ellen Brown

Web of Debt

15th October, 2010

Looming losses from the mortgage scandal dubbed “foreclosuregate” may qualify as the sort of systemic risk that, under the new financial reform bill, warrants the breakup of the too-big-to-fail banks. The Kanjorski amendment allows federal regulators to pre-emptively break up large financial institutions that—for any reason—pose a threat to U.S. financial or economic stability.

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Demand a Five-Year Freeze on All Home Foreclosures

Posted by seumasach on October 12, 2010

Webster Tarpley

Tarpley.net

11th October, 2010

In the last phase of the election campaign, an issue has emerged which allows voters to separate Wall Street stooges in both parties from real advocates of the middle class. The issue is the massive campaign of foreclosures against the American middle class being carried out by Wall Street zombie bankers who owe their very existence to taxpayer bailouts. Since the world derivatives panic began in 2007, millions of homes each year have been seized by the Wall Street predators, sometimes under the legal color provided by adjustable rate mortgages and, as has now been revealed, often using completely illegal paperwork to throw average Americans and their families out on the street and frequently into poverty and destitution.

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ForeclosureGate and Obama’s pocket veto

Posted by seumasach on October 11, 2010

Ellen Brown

Huffington Post

6th October, 2010

Amid a snowballing foreclosure fraud crisis, President Obama today blocked legislation that critics say could have made it more difficult for homeowners to challenge foreclosure proceedings against them.

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US banks fake documents to rush foreclosures

Posted by seumasach on October 11, 2010

Tom Eley

Global Research

9th October, 2010

Major US banks systematically faked documents in order to speed up foreclosures for hundreds of thousands of homeowners, a mounting body of evidence shows. It appears likely that federal and state laws were broken in the process.

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Axing the bankers’ money tree: homeowners’ rebellion against Wall Street

Posted by seumasach on August 29, 2010

Ellen Brown

Global Research

19th August, 2010

Over 62 million mortgages are now held in the name of MERS, an electronic recording system devised by and for the convenience of the mortgage industry.  A California bankruptcy court, following landmark cases in other jurisdictions, recently held that this electronic shortcut breaks the chain of title, voiding foreclosure.  The logical result could be 62 million homes that are foreclosure-proof.

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Landmark Decision: Massive Relief for Homeowners and Trouble for the Banks

Posted by smeddum on September 24, 2009

Landmark Decision: Massive Relief for Homeowners and Trouble for the Banks

by Ellen Brown

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Global Research,

September 21, 2009

A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action for foreclosure. MERS is an acronym for Mortgage Electronic Registration Systems, a private company that registers mortgages electronically and tracks changes in ownership. The significance of the holding is that if MERS has no standing to foreclose, then nobody has standing to foreclose – on 60 million mortgages. That is the number of American mortgages currently reported to be held by MERS. Over half of all new U.S. residential mortgage loans are registered with MERS and recorded in its name. Holdings of the Kansas Supreme Court are not binding on the rest of the country, but they are dicta of which other courts take note; and the reasoning behind the decision is sound. Read the rest of this entry »

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