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Thursday, September 30, 2010

Admission of Guilt With No Consequences...We Need Justice For All


Maybe my prayers are being somewhat answered.  That legal guru in the sky must have been reading my posts and rained some bad mojo down on a couple of offending lenders.

We have read in days past of GMAC's voluntary suspension of foreclosures in 23 states and had heard that JPMorgan was contemplating suspensions of foreclosures as well.  Today we learn that JPMorgan is in fact suspending over 56,000 foreclosures pending reviews of documentation - specifically Affidavits - provided to the courts, many of which may be fraudulent.
In GMAC's case, there is definitely admission of guilt under oath by two offenders who did in fact lie and commit fraud when they signed the Affidavits attesting to personal knowledge of the accounts in question.

But it still mystifies me that knowing fraud on the court has been committed, there seems to be no consequence to these illegal actions.  As one of our readers, Grady,  wrote in a recent comment,
So now we have two major lenders admitting that their employees and the fraudsters that represent them, have quite possibly and probably, (actually have as we all know) committed fraud on the Court and perjured themselves. (emphasis added)

Where are the criminal prosecutions? Where are the dismissals with prejudice? Where are the sanctions? (emphasis added) LR Note:  I agree with all of these questions.  If it were you or I who committed these frauds, we would have been arrested and prosecuted immediately.  Again, there is a separate set of laws for those we call Too Big To Fail. 

We all know that they will just withdraw the fraudulent documents and refile new ones and it will all blow over, business as usual in the kangaroo courts.
  Grady is right, it will be business as usual as they will just withdraw any fraud documents and refile new ones.  It is like robbing a bank then returning the money in exchange for not being prosecuted.  More legal precedence being set?

However, there is some sunlight here as well.  The recognition from chief judge of the Sixth Judicial Circuit in Florida - which includes Clearwater and St. Petersburg - that there are legal issue problems here and despite the Florida legislature's push on "Rocket Docket" efforts to clear the dockets of foreclosures, that a slow down and more careful examination of each case must be made.

According to the New York Times report today, JP Morgan Suspending Foreclosures,
Judge McGrady predicted that the foreclosure process in Florida, which the Legislature has been trying to speed up, would have to slow down.
“Everyone is going to have to look at these cases more closely,” said Judge McGrady, whose circuit includes St. Petersburg.
Says Judge J. Thomas McGrady,
“I don’t want to say that every one of these cases is wrong and a fraud on the court, but it is a big concern for us,”
"Fraud on the court" he says, the first time I have seen that term used outside a very few specific cases.  The fact that he says "it is a big concern for us" tells me that the fraud on the courts is widespread and they (judges) can no longer just look the other way as they have been doing.
It will be interesting to see how judges in the 6th Circuit handle each case now.

It will be especially interesting to see how the newly rehired, retired judges - whose mandate it is to clear the dockets of foreclosures - will rule.  It will be difficult for any layperson to evaluate since once open and public hearings are often closed to the  public (another injustice and violation of public rights).

It remains to be seen how this new evidence is handled in Judicial foreclosure states around the country.  This is not an isolated problem involving just two lenders.  It is widespread throughout the servicing companies and foreclosure mills (attorneys representing lenders) who initiate and handle these foreclosures.  Fraudulent documents, forged documents, back dated documents or many times no documents such as Assignments or Endorsements proving transfer of ownership to the entity taking the action.

We have admission and plenty of evidence of fraud on the courts from around the country.  Remember, Judge Boyco, the Federal Judge in Ohio who dismissed 17 foreclosure cases in one day against one lender back in 2007 for not having the proper paperwork proving the standing of the plaintiffs to take the action?  There was also Judge Shack, the Superior Court Judge from New York who dismissed cases for improper paperwork and for failure to prove standing.  This was back in 2008.  There are other judges who have taken the same actions of upholding the laws against the banks as well.  Now it is time for all judges around the country in all courts hearing foreclosure cases to uphold the law as written and to punish those who would openly abuse the laws.

As I asked in yesterday's post - Let's Ramp Up The Fight Against Illegal Foreclosures and Fraud By Banks - where is everyone who has the authority to take action against what is and has been obvious illegal activity from lenders, servicers and attorneys?  Should not the Bar Association take action against any and all lawyers who have been complicit in these frauds?  Should not the Attorneys General of at least all judicial states take legal action and bring charges against the lenders/banks or servicers as well as their attorneys?  After all, these practices are illegal and the law is the law for everyone regardless their economic standing.

Let's see how all of this plays out.  It is a beginning. It opens the door even further to the illegal practices of banks and their attorneys which is seemingly  condoned by our government and our courts.  How much longer will this be tolerated by us? 

Editors Note:  This article was written for publication in TheForeclosoureDetonatorFORUM but will be simultaneously be published in JPMorgan666.com, BarackObama666.com, GoldmanSachs666.com and TheMortgageCornerFORUM
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