The Banks still have judges in their pocket.  Recon Trust doesn't not have to prove anything as to whether they even have the right to foreclose or have followed the service agreement rules over the past several years.  A judge ruled today after just a few days that the challenge to Recon Trust was a weak argument.  So Banks still running the show. 

If  lawyer actually makes a case as to whether BofA even has the note they might have a winner but sounds like this case was just to get a refile because the homeowner was saying that Recon didn't own the mortgage at the time of foreclosure.  This seems like a legitimate claim to me but evidently this judge disagreed. 

The banks likely will just continue to roll over property rights just as they have in the past. 



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Pending Massachusetts Supreme Court Ruling May Invalidate Securitization Mortgage Transfers « naked capitalism

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Pending Massachusetts Suprem Court Ruling
From Naked Capitalism

• Pending Massachusetts Supreme Court Ruling May Invalidate Securitization Mortgage Transfers « naked capitalism: "The fight between homeowners and banks before the Supreme Judicial Court in Boston turns on whether a mortgage can be transferred without naming the recipient, a common securitization practice. Also at issue is whether the right to a mortgage follows the promissory note it secures when the note is sold, as the industry argues"

This will be interesting. It seems like the law is against the banks but as we have seen that doesn't always mean ruling will be against the banks.


Anyone think it is likely that their will be some legal changes to allow for issues that arise tying up real property?

If the ruling is against the banks, the issue will then be how to unwind all the sales occurred to purchasers of the home from the banks or in short sales etc.....All home buyers would all then have clouded title.

I am having trouble seeing the bank run state and government allowing it to go this far. I think it should but I the economy shows any signs of life it will be full steam ahead to push this issues under the rug and to only slap the banks on the wrist.

Securities Fraud: Detection, Prevention and Control (Wiley Finance)

Mortgage Wars: How You Can Fight Fraud and Reverse ForeclosureRenters, Beware Rental Fraud in this Foreclosure Crisis (Rental Fraud and Protecting Yourself)

Banking and mortgage industry has not changed, regulators hide out afraid to cross the TBTF companies

Image by Getty Images via @daylifeThese two stories are evidence that nothing has changed in the banking world and the bankers are walking away with bonuses in hand ready to gamble another day.  We have seen months of criminal activity that can be uncontested for the most part yet the bankers are living the high life. 

It has been a long few years of investigation and discovery for the those interested in finding the out the true cause of the housing meltdown.  Brilliant bloggers at nakedcapitalism, credit slips, 4clousurehamlet, Washington's blog, the big picture and many other excellent blogs that should also be given credit for uncovering the root causes of the massive wealth transfer from middle class America, have uncovered the depth of the fraud and malfeasance but it appears to be viewed as a pesky Nat zipping around the head of bank executives.  Find links to the above mentioned blogs here.


At least the truth is out for all to see even if many are making the choice to look the other way in order to not bite the hand that feeds them or because they hope to take advantage of others misfortune whether the banks behaved illegally or by the letter of the law. 

http://www.huffingtonpost.com/arianna-huffington/why-are-bankers-still-bei_b_194242.html

http://www.huffingtonpost.com/ann-pettifor/america-the-bank-owned-st_b_189043.html

Related articles

• C&L Opening Bell: Legalizing fraud (crooksandliars.com)
• Bankers Expect a 7% Drop in Bonuses (dailyfinance.com)

Government likely to change more laws to favor the banking industry

From the Huffington Post and Mary Bottari
With a $4.7 trillion bailout under their belts and no harm done to their billion-dollar bonuses, don't expect Wall Street bankers to be chastened by the 2008 financial crisis. Below we list eight things to watch out for in 2011 that threaten to rock the financial system and undermine any recovery.
1) The Demise of Bank of America WikiLeaks founder Julian Assange is promising to unleash a cache of secret documents from the troubled Bank of America (BofA). BofA is already under the gun, defending itself from multiple lawsuits demanding that the bank buy back billions worth of toxic mortgages it peddled to investors. The firm is also at the heart of the robo-signing scandal, having wrongfully kicked many American families to the curb. If Assange has emails showing that Countrywide or BofA knew they were recklessly abandoning underwriting standards and/or peddling toxic dreck to investors, the damage to the firm could be irreparable.

You can read the full article by clicking here Eight things to watch out for in 2011  and here

This article covers a lot of things that are in motion going foreword to 2011. Read this article here from October 2010 that made similar predictions to give the banks the upper hand on homeowners as government will cave to whims of the banks. There likely will be some law change or rule change that will let the banks off the hook.

Here is a quote from the 2009 article "You can already here the spinning of the bank spokespeople as they once again collude with politicians to try and buy votes in the upcoming election. After Obama vetoed bill that would have given the banks a free pass out of the mortgage fraud quagmire, White House staff was already laying the ground work for another change of the rules to allow banks to steam roll borrowers. They are already working out a deal with a wink and a nod that will lead to another outrageous effort to change the rules of the game in favor of the banks. It should not be any surprise though because the banks have always gotten what they want in the long run. The perfect example was when banks were allowed to move to mark to model to keep them from being insolvent at the beginning of the crisis. The were allowed to "pretend" they were not bankrupt because they no longer had to mark their assets to market. The banks are getting over on everyone. " read more here