Quelle Surprise! San Francisco Assessor Finds Pervasive Fraud in Foreclosure Exam (and Paul Jackson Defends His Meal Tickets Yet Again) « naked capitalism

It is clear that there has been widespread abuse of mortgage recording procedures that are being ignored by everyone because no one is willing to stand up for the homeowners or to stand against the banks. It is tragic that the administration and the politicians of this country are unwilling to do the right thing. They are all turning their backs on the people every time a large dollar figure gets waved in front of their eyes as has been done with the bogus settlement with the banks and states AGs. Look at the information provide here from the New York Times and then commented on by Yves Smith of Naked Capitalism.
"So the latest report from San Francisco county should come as no surprise. From Gretchen Morgenson of the New York Times, emphasis ours:

An audit by San Francisco county officials of about 400 recent foreclosures there determined that almost all involved either legal violations or suspicious documentation, according to a report released Wednesday….
The improprieties range from the basic — a failure to warn borrowers that they were in default on their loans as required by law — to the arcane. For example, transfers of many loans in the foreclosure files were made by entities that had no right to assign them and institutions took back properties in auctions even though they had not proved ownership.

Yves here. I wish Morgenson had not deemed the latter abuses as “arcane”. They are actually pretty basic to lawyers – you can’t assign rights you don’t possess or sell what you don’t own. And these are concepts that laypeople can grasp readily. Back to the article, which makes clear the state attorney general Kamala Harris, who was doing a victory lap over the mortgage settlement, had nothing to do with this probe:
read the rest by following the link below Quelle Surprise! San Francisco Assessor Finds Pervasive Fraud in Foreclosure Exam (and Paul Jackson Defends His Meal Tickets Yet Again) « naked capitalism

Credit Slips also has another article on the same story about the abuses found in San Francisco.

Here's a bombshell: the San Francisco City Assessor commissioned a serious audit of foreclosure documentation filed in the past few years. The audit examined 400 foreclosures.  It found problems with 85% of them, often multiple problems. What's more, some of the problems are pretty serious as they implicate not only borrowers' rights, but the integrity of mortgage-backed securities and the property title system.
The San Francisco City Assessor's audit also serves as a benchmark for evaluating the Federal-State servicing settlement.  The San Francisco City Assessor managed to accomplish in a few months what the Federal government and state Attorneys General weren't able to do in nearly a year and a half with far greater resources at their disposal:  perform a credible investigation of foreclosure documentation with serious implications about the securitization process in general.  That's a lot of egg on the face of Shaun Donovan, Eric Holder, Tom Miller, et al.  The SF City Assessor report shows that it really wasn't so hard for a motivated party to undertake a serious investigation. And that raises the question of why the largest consumer fraud settlement in history proceeded with virtually no investigation.

Down Market more news of manipulation

Evidently the media can no longer deny the reality of our economy.  They have milked the so called recovery for as long as possible.  Now that the market is not being manipulated to the upside by large corporations any longer, the media has to get on the band wagon that is rolling out the economy sucks banner.  The reporting on the economic crisis has been nothing less than despicable the past few years.  A few have taken up the truth flag such as Dylan Radigan, but the reporting of the msm has been completely bought and paid for by corporate America and the  White House.

The middle class America has been wiped out and the burden on small businesses has been so onerous that they can not grow and hire.  The thought of running a small business is not longer the thought of growing and expanding.  Owning your own business in this day and age is just a way to trick people into thinking they have something more than a job.  Even worse, owning your small business has become just a way to have a job without any vacation or benefits.
 
The balance in our economy, if there ever was one, has been tilted completely in favor of the elites and those running the government.  Now we hear the media ringing the bell that the stock market is headed south but it has little to do with the economy. 

The stock market will go down because the institutional traders want it to go down so they can screw any one holding stock now that it has gone upward far enough for people regain some hope that they may be able to take a breath and relax. 
How could it be any clearer?  The Stock market went up with no growth in the economy.  It was a total manipulation by corporate American and the government.  The hope was that it would improve the attitude of the country and they would all start spending money, Even the ones that are still  unemployed.  The complete incompetence of the government has screwed the economy for years ahead.  People still talk crap that housing is not a large part of the economy.  Evidently they don't teach much in econ class at the ivy league institutions.  This is likely because economics is bull shit and it has been and always will be used to manipulate the American people.  Economics is not difficult to understand the government doesn't want people to question the Oligarchs running the country.  We have been divided into a two class society with the separation of rich and poor getting larger and larger. 

The truth of a down economy has never been told, other that Matt taibbi in his recent rolling stone piece, (this is a must read by everyone)   makes it clear we were raped by the likes of Goldman Sachs and their friends in the government. 







Investors may have to get used to down market - Business - Stocks & economy - msnbc.com
from MSNBC

After closing at its highest level in nearly three years on April 29, the S&P 500 has tumbled nearly 7 percent on the back of a barrage of soft economic data, sparking the debate over whether the economy is headed for a double-dip, or has merely hit a soft patch in its recovery.


The benchmark S&P 500 recorded its sixth straight weekly decline Friday and volume has picked up, as it typically does, on down days. Another week of selling will mark the longest stretch of weekly losses for the index since 2001.



Red flags, including ugliness in the junk bond market, options activity and the ease with which support levels have been broken, suggest more selling ahead.



"You have to be realistic. You've got to have some sort of correction to go into this marketplace just for the healthiness of the market," said Cliff Draughn, president and chief investment officer at Excelsia Investment Advisors in Savannah, Georgia.



As stocks have declined, both investment-grade and high-yield risk premiums in the bond market have slumped as investors sought safe-haven assets.



That's troublesome since the stock market often moves in sympathy with the junk bond market because rising borrowing costs crimp corporate profits.

Read more on the lack of a recovery here at Naked Capitalism (Dude where is my recovery)

Wells Fargo says no to more tarp money

Wells Fargo Reports Loss, Won’t Ask for More U.S. Aid Isn't that what Bank of America said before they visited the fed and left with a huge suitcase full of 100's?????? Maybe Wells Fargo only needed 25 Billion to keep above water. Sure glad they get to keep paying that dividend with tax payer funds.