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Posts tagged ‘Mortgage loan’

Your mortgage documents are fake!


If you know about foreclosure fraud, the mass fabrication of mortgage documents in state courts by banks attempting to foreclose on homeowners, you may have one nagging question: Why did banks have to resort to this illegal scheme? Was it just cheaper to mock up the documents than to provide the real ones? Did banks figure they simply had enough power over regulators, politicians and the courts to get away with it? (They were probably right about that one.)

A newly unsealed lawsuit, which banks settled in 2012 for $95 million, actually offers a different reason, providing a key answer to one of the persistent riddles of the financial crisis and its aftermath. The lawsuit states that banks resorted to fake documents because they could not legally establish true ownership of the loans when trying to foreclose.

This reality, which banks did not contest but instead settled out of court, means that tens of millions of mortgages in America still lack a legitimate chain of ownership, with implications far into the future. And if Congress, supported by the Obama administration, goes back to the same housing finance system, with the same corrupt private entities who broke the nation’s private property system back in business packaging mortgages, then shame on all of us.

The 2011 lawsuit was filed in U.S. District Court in both North and South Carolina, by a white-collar fraud specialist named Lynn Szymoniak, on behalf of the federal government, 17 states and three cities. Twenty-eight banks, mortgage servicers and document processing companies are named in the lawsuit, including mega-banks like JPMorgan Chase, Wells Fargo, Citi and Bank of America………………………

full article at source: http://www.salon.com/2013/08/12/your_mortgage_documents_are_fake/



By Thomás Aengus O Cléirigh

To all mortgage holders in Ireland this article should inspire you to contact your bank and demand a total review of all you mortgage documents and If you are in trouble it would be advisable to have the conveyancing documentation checked, as a good solicitor pal of mine  has told me that quite a lot of mortgages do not have the proper paperwork  because the banks were in such a hurry to finalize the mortgage transactions and in many cases they took “undertakings” from the other side to send on the proper paperwork and in most cases this never happened because of holdups  from other parties engaged in other transactions !At the very least get your bank to prove that they are the owners of the debt!

So we have here a cascading effect, hence a lot of mortgages are in fact not legally binding! This doesn’t take into account the shady practices of the corrupt bankers themselves, knowingly pumping up property prices to gullible homebuyers and then the same banks now telling the same homebuyers that their homes are worth less than half what it was only a few years ago but the hapless mortgage holder must still pay the full price as the banks dismiss any share of responsibility! What a great system for the corrupt banks! Looking at the latest headlines in the property market in Dublin we are again been subjected to the spin that the property prices have turned a corner and we are on the Up and Up and |UP again,

“Happy days are here again”

and all is well so get on the property ladder now

Remember this!

Now who do you think is behind this engineered recent uptick in the Dublin property market?

There is no property market in Dublin or elsewhere the market is totally manipulated by the vested interests, stay away! With 65,000 people leaving the country every year who do you think is going to buy these overpriced shoeboxes again??

When are we going to see the gangsters in the Banks brought to justice and when are we going to see all their political backers exposed and brought to the people’s justice ?????

Why are we in Ireland still paying corrupt bankers who are laughing at us?

sent in to me again to-day (first video)Although I don’t agree with everything this guy is saying I do agree with what he is saying about the home mortgages forgiveness

What has changed ???

Nothing has changed in Ireland ! we now know the the bankers were laughing at us ,the poor smucks who are struggling to pay off their overpriced mortgage for shoe boxed sized homes .We the people should now demand immediate mortgage forgiveness on every home in the country ,I am saying every home (Not commercial mortgages or buy to let mortgages) and yes I have paid off my mortgage but I am in favour of forgiveness of home mortgages. All the politicians with their dirty fingers in this corrupt pie should be brought to book and put on the dole full stop!

We the people have paid already for this as we have bailed out the banks and we the people own these shit holes now so we own this money to ourselves


Wake up people of Ireland and see the crap we are putting up with!

Thomás o Cléirigh

Time to defuse the mortgage time-bomb

In the next few years, one of the biggest challenges faced by the domestic Irish economy will be what to do with the tens of thousands of people who are in mortgage arrears now, and the tens of thousands of people who will get into difficulties, but have yet to realise it. So when trying to quantify the problem, we need to have a stab at assessing the ‘known knowns’ as well as the ‘known unknowns’.
The known knowns are rising all the time. Latest Central Bank figures reveal that 128,000 mortgages are in arrears. This figure has been rising rapidly over the past few years, and is likely to keep rising as incomes fall, taxes rise and unemployment continues to grind slowly upwards. The domestic economy, where most of us work and live, is not getting any better – indeed, one of the biggest problems is the debt overhang itself, which is dragging investment and savings.
The picture at the moment shows that 128,416 – or 16.8 per cent – of all private residential mortgages are in arrears. Of those, 45,165 (5.9 per cent) of all private residential mortgages are in arrears of less than 90 days. Some 17,553 (2.35 per cent) are in arrears of between 90 days and 180 days, and 65,698 (8.6 per cent) are in arrears of more than 180 days. The total number of residential mortgages stands at 761,533, so nearly 17 per cent are in arrears already. These are the known knowns……………………

full article at source: http://www.davidmcwilliams.ie/2012/10/29/time-to-defuse-the-mortgage-time-bomb?utm_source=Website+Subscribers&utm_campaign=d200aed8cc-29102012&utm_medium=email

To all the children of Eire “We are being raped slowly and repeatedly”

By Thomás O Cléirigh

Fellow countrymen and woman we are being raped slowly and repeatedly and we are being held down by our own corrupt puppet politicians!

For the past four years I have been forced to pay subprime interest rates on my mortgage(6%) even though I have never failed to pay my mortgage “Ever” I have always had at least 3 months payments in advance my account. I am one of 80,000 customers of the Permanent TSB who are been forced to pay this penal interest rate to this corrupt and toxic bank stuffed full of gangsters! As a variable rate mortgage customer I am been forced to pay the gambling debts of this corrupt financial institution. Kenny and his co-Gombeens in Leinster house are as far as I am concerned ,they are just as corrupt and are lying Basta**s who should be taken out and Shot for their participation in the financial enslavement  of the Irish Nation.

We the Irish people collectively,  are been forced to service odious debt that are helping to keep  faceless gambling  bondholders in business ! These hidden money men are destroying our communities, they are enslaving our children and are robbing our countries natural resources and the current government are colluding with this hidden enemy! The time has come for all true patriots to come together and form “The resistance” We have no choice now but to take any and all action! The time for waffle is well past as every day more and more of our country is been stolen to enrich the Insider elite who have bought their way into the Dail. Ireland get up off your knees and stand up and fight back against the infested Dail and the hidden money men who are sucking us all dry!We must default ,we must send these leaches packing now!

JPM Had A Blowout Quarter – What & Who They Blew Is the Question At Hand!

By Reggie Middleton

You know, I don’t even bother to go over banking statements anymore. They are so steeped in bullshit, quasi-fraudulent fallacy and muppetology, that I’m simply waiting for Bernanke to slip up and true market pricing to come to the fore before I jump back into the game. ZeroHedge comments on JPM’s earnings as follows JPM Beats On Loan Loss Reserve Release Despite Drop In Trading Revenues And NIM, Surge In Non-Performing Loans:

There is a lot of verbiage in the official JPM Q3 Earnings press release which directs to a bottom line number of $1.40, or $5.7 billion on expectations of $1.24, with revenue of $25.9 billion on expectations of $24.53 billion. The primary reason for the lack of disappointment: no major losses in Corporate from CIO, with corporate generating $221 million in Q3, up from a loss of $(1.777) billion in Q2. And then come the adjustments:  $900 million pretax benefit ($0.14 per share after-tax increase in earnings) from reduced mortgage loan loss reserves in Real Estate ………………………………..

full article at source:  http://boombustblog.com/blog/item/6193-jpm-had-a-blowout-quarter-what-they-blew-is-the-question-at-hand-though

AIB must explain what it did with the billions it was given to help distressed mortgage holders – Harris

Posted October 4th, 2012 in Dáil Work, Economy, Finance, News, Public Accounts Committee

Fine Gael TD for Wicklow, Simon Harris, today (Thursday) raised  the question as to what AIB has done with the billions it was given to  specifically help distressed mortgage holders. Speaking during today’s  meeting of the Public Accounts Committee (PAC), Deputy Harris requested  that the Committee write to the General Secretary of the Department of  Finance to get details of exactly how this money has been spent.

“AIB increased its variable mortgage rate this week, saying it had no choice if it was to return its mortgage business to a profitable  position. This move has left thousands of homeowners facing even larger  monthly mortgage repayments, and will push those struggling with debt  into further distress. What I can’t understand is, where have the  billions that AIB was given for the purpose of mortgage write down and  assisting struggling mortgage holders gone?

“PAC has agreed to write to the Department of Finance requesting a  full breakdown on how this money was spent on assisting mortgage holders in difficulty and whether or not the full amount has been spent for  this purpose. I have requested this in light of the real and genuine  worry that mortgage holders are struggling. We cannot have another  situation a few months down the line where further hikes will be  introduced pushing more and more people into arrears, as they simply  can’t make the increased repayments.

“I look forward to a comprehensive response to these issues being given to the Public Accounts Committee.”

Let’s Forgive Debt before the Unforgivab​le Happens – Update from David McWilliams

By David Mc Williams

The new chief economist of the Central Bank stated the obvious last week when he said that there would have to be debt forgiveness on many mortgages that simply can’t be paid. Someone who signed a contract in good faith during boom conditions, when income and the price of the house was rising, simply cannot honour that contract if his income has shrunk and the price of the asset has collapsed. Many tens of thousands of Irish people simply do not have the money to pay the mortgage now and certainly won’t have it when the next round of tax increases are signalled at the Budget.

full article at source: http://www.davidmcwilliams.ie/2012/09/06/lets-forgive-debt-before-the-unforgivable-happens


Most of these so called mortgages were in fact flawed at best or improperly sold to the gullible homebuyers in the first place .The Banks dismissed all caution to the wind and it would seem they had the backing of the financial regulators and the Minister of Finance. Our Banks were showered with cheep money from German and French Banks and Bondholders bought the bonds as they were assured that they were buying a “sure bet “. If everything went wallop they had Friends in Place who would work the magic and all their gambling debts would suddenly end up the problem of the hapless gullible citizens and taxpayers of Ireland I.E they get paid no matter what and so a no loss investment for them! The Irish government have an obligation to its citizens to remove this odious burden ,The Current government hasn’t got the balls to take on these Gangsters and fraudsters  at home or in the ECB.

Our people were been blackmailed and forced into paying bondholders gambling debts (see link  https://namawinelake.wordpress.com/2012/07/16/is-ireland-in-line-for-e100bn-refund-after-ecb-changes-stance-on-bondholders/)  Remember “not one red cent more “ was the cry from the liars now in power and the same puppets have betrayed their own promises and so we the people are saddled with self serving lying pampered Bas****s who have no difficulty in taking the last crumbs away the most vulnerable citizens ( The disabled, the poor, the  elderly, even our children’s education , the feature of our country .The saddest fact of all is that not one of the criminals responsible for the financial enslavement of our people has been brought to the courts and not one has come even close to a prison cell. Yet this government has presides over the imprisonment of 2,000 small fines defaulters : (see link http://www.independent.ie/breaking-news/national-news/2000-jailed-for-fines-nonpayment-3186120.html. and over 4000,people homeless .whilst corrupt bankers and developers still enjoy the lottery lifestyles at Irish taxpayers expense!

Regarding the above article all I can say is

“Wishful thinking David” There is not one realist amongst the current government! They are all career politicians and are hell bent is saving their own pensions, perks and above all their own seats in Lenster house! The stupid voters that voted this lot into power will no doubt vote the same codger back in again .We deserve all the crap we are getting from these codgers!

People of Ireland wake up and turf these gangsters out and take back our country from the banker led dictatorship.

Thomás O Cléirigh

AIB piles pressure on homeowners by raising variable mortgage rate

BAILED-out AIB is to hike its mortgage costs for customers on variable rates from September.

Its move was followed within hours yesterday by Bank of Ireland and its subsidiary ICS, both of which are increasing mortgage rates for new borrowers.

The AIB move to raise its variable rate for new and existing borrowers will mean additional payments of €60 a month for a homeowner with a €200,000 mortgage.

Around 70,000 will be affected by the rise of 0.5pc. Owner-occupiers will see their standard variable mortgage increase from 3pc to 3.5pc.

This comes despite the European Central Bank cutting its key lending rate to banks at the beginning of this month.

Every 0.25pc rate increase pushes up the monthly cost of repaying each €100,000 borrowed by about €15.


This means that a family with a €300,000 mortgage faces monthly increases of €90 from September 3. Over a full year this will cost an extra €1,080

full article at source: http://www.independent.ie/national-news/aib-piles-pressure-on-homeowners-by-raising-variable-mortgage-rate-3182231.html

Irish house prices to fall by another 20pc warns rating agency Moody’s via @independent_ie

Irish house prices to fall by another 20pc warns rating agency Moody’s via @independent_ie.

Ratings agency Moody’s has said Ireland’s rate of mortgage arrears could be as high as 13.99%, and that house prices will fall by a further 20%.
Last month, the Central Bank said that 10% of mortgages were in arrears.
However, Moody’s said today that this figure is already out of date and that 100,000 mortgage holders are now behind in their payments.
13.99% of mortgages are three months behind in their payments (from 11.98% in January) and 4.23% are in default.

see more at :http://www.irishexaminer.com/breakingnews/ireland/almost-14-of-mortgages-in-arrears-house-prices-due-to-drop-20-moodys-555466.html


Homeowners vent anger at PTSB’s ‘moral bankruptcy’

ANGER, frustration and utter despair. Those were the feelings amongst outraged Permanent TSB (PTSB) mortgage holders who gave the bank’s bosses a roasting at the annual general meeting yesterday.

Describing the bank as “morally bankrupt“, they lambasted management for their “extortionate” interest rates and described the hardship inflicted on their families as a result of the high charges.

The first 20 minutes of the AGM were dominated by tale after tale from put-upon mortgage holders, who described themselves as “prisoners” of the bank and urged fellow customers to pull their savings out of the “morally bankrupt” institution.

Chairman Alan Cook said he’d invited them to air their grievances at the start of the meeting

full article at source: http://www.independent.ie/business/personal-finance/property-mortgages/homeowners-vent-anger-at-ptsbs-moral-bankruptcy-3116958.html


Too little too late

Whilst I applaud the homeowners for going to the AGM I am disappointed that they did not take up my call to demonstrate outside the PTSB over 3 years ago when these gangsters started to squeeze their own customers (Mortgage holders) I set up a facebook group to try and put pressure on these crooks and to force the then CEO to resign but we only got about 12 people to supported the initiative. At the time thought the Mortgage holders are not hurting enough and it will be years before they get themselves organized .I decided to just refinance my mortgage and take my business elsewhere. Lucky for me I was able to do this; the current government is allowing this blatant robbery of citizens by this toxic and corrupt financial deadbeat .Let me again call on all the mortgage holders to unite and force these gangsters to not only reduce their outrageous interest rates but also to reimburse their customers in full .

The Homeowners Consumer Center Now Urges Any Homeowner in New Jersey Paying More Than 5% To Refinance Now With American Interbanc Because Rates Really Have Hit New Lows (prweb.com)

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