We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up

Saturday, October 9, 2010

Is A “Mortgage Meltdown” Foreclosure Moratorium Imminent As The RoboSigning Scandal Goes Mainstream?

by Tyler Durden from Wall St. Cheat Sheet

The securitization of mortgages scam is in the process of meltdown as more fraud is uncovered in foreclosures. It is a giant mess and who knows where this will end up. Some suggest that the banks will be looking for another bailout. Read this and other articles below to keep informed. 

Foreclosuregate and Obama's Pocket Veto by Ellen Brown 
By most reports, it would appear that the voluntary suspension of foreclosures is underway to review simple, careless procedural errors. Errors which the conscientious banks are hastening to correct. Even Gretchen Morgenson in the New York Times characterizes the problem as “flawed paperwork.”

But those errors go far deeper than mere sloppiness. They are concealing a massive fraud.

They cannot  be corrected with legitimate paperwork, and that was the reason the servicers had to hire “foreclosure mills” to fabricate the documents.

These errors involve perjury and forgery -- fabricating documents that never existed and swearing to the accuracy of facts not known.

US banks fake documents to rush foreclosures by Tom Eley

And if you really need to understand this mess more, read "Foreclosure Fraud For Dummies" from Rortybomb. 

 And to extract some humor out of it:
Jon Stewart on the Foreclosure Fiasco