"It would be really nice if the ramblings of crazy people didn't in any way resemble how we actually talk to each other on TV. Let's at least make troubled individuals easier to spot."
Jon Stewart
THE DOJ IS NEVER GOING TO DO ANYTHING ABOUT THE MORTGAGE FRAUD BEHIND MILLIONS OF ILLEGAL FORECLOSURES
by Danny Hammond of The 3/4 Court Press
"DOJ CONFIRMS: THAT THE TRUE OWNERS OF HOME LOANS CANNOT BE FOUND"
This is the stupidest news story of all time. The Department of Justice can't find a bunch of original Promissory Notes.
We have known that for six years. In that time we have never seen even one truly legal original Promissory Note. Yet the Promissory Note is ESSENTIAL. The Mortgage (Deed of Trust, Security Deed, Security Instrument) is INCIDENTAL, and the assignment of the Security Instrument is a Nullity. (Carpenter vs Longan, US Supreme Ct. 1872)
But it sure does help me make my point.
Further....
In a filing unsealed on June 3, 2016, the Department of Justice (DOJ) confirms what many of us have
known for years. Nobody, not even the U.S. Government, with massive resources, can determine who
owns your loan and has the right to collect on your promissory. The information comes from case files
unsealed on June 3, 2016, by Federal Judge Yvonne Gonzalez Rogers of the Northern District of
California in the case of the United States v. Discovery Sales, Inc.
The case involves some 325 fraudulent loans originated by Discovery Sales, Inc. (DSI) between 2006 and
2008, many of which were then sold to Wells Fargo Bank and JP Morgan Chase to securitize.
The Discovery Sentencing document on page 9 states that:
"The originating lenders who made loans to purchase DSI properties, including Wells Fargo and J.P.
Morgan Chase, generally would not keep the mortgages and thus did not end up losing money as a
result of the DSI fraud scheme.
Instead, they would sell the mortgages to other banks who would package them in securities that were
sold to other investors. These securities failed when the underlying mortgages went into default.
It was impossible to trace the majority of the mortgage loans on the over 300 homes sold by DSI that
were the subject of the FBI investigation; it would have been harder yet to identify individual victims
of the fraud given that the mortgages were securitized and traded". (Emphasis added.)
To add more outrage to this case, while the government acknowledges the damages from the scheme
resulted in $75 million in damages, however illogically the amount being paid by DSI in restitution is
$3 million to Fannie Mae and Freddie Mac. That is all, of course except that along with an $8.5 million
fine that the government will pocket and "Abracadabra!", once again the government is taking all of the
money from a settlement with a fraudulent mortgage lender, and giving nothing to the people who
were damaged.
I guess that once again the "Sheriff of Nottingham" wins.
Oh, and one more thing.
The “preferred lenders,” Wells Fargo Bank and J.P. Morgan Chase, which were also involved in the
scheme, were not charged although the Discovery Sentencing Statement does say that both of the
banks knew about DSI’s horrifying "shenanigans" to inflate the value of these homes.
And as if this gang who couldn't shoot straight deserved any break at all, in the sentencing document
it was stated that, "The judge ruled all of that out."
Of course he did.
In conclusion, mercifully, even though Wells Fargo and JP Morgan Chase had the information that the
loans were fraudulent, as per what has become standard procedure, the DOJ brought no charges
against the banks.
There is nothing new about banks selling off defective, fraudulent loans to securitized trusts, and once
again the DOJ has found no reason to prosecute "too big to fail" banks for fraud. There is much more to
this story which we will not delve into at the moment, including the history of the Seeno family which
owns DSI and their connection before this and after to other funny business…
