Fannie and Freddie Alert

[palani]

http://4closurefraud.org/2010/11/02/fannie-freddie-storm-sterns-office-seize-foreclosure-files/


Fannie Mae and Freddie Mac have terminated their relationships with a top Florida foreclosure law firm and began taking possession of loan files on Monday afternoon from the firm, which processes evictions on behalf of the mortgage-finance giants.

Fannie and Freddie had previously suspended all foreclosures that had been referred to the law offices of David J. Stern in Plantation, Fla., a suburb of Fort Lauderdale.

Freddie Mac took the rare step of removing loan files after an internal review raised “concerns about some of the practices at the Stern firm,” a Freddie spokeswoman said.

“We have begun taking possessions of all files on Freddie Mac mortgages simply to protect our interest in those loans as well as those of the borrowers,” the Freddie spokeswoman said. A Fannie spokeswoman declined to elaborate.

Now the question is whether they want to use those files to correct a wrong or to keep a wrong from being detected.

[Filthy Keynes]

Who comes first, Freddie, or the borrowers? Oh... here's the answer:




“We have begun taking possessions of all files on Freddie Mac mortgages simply to protect our interest in those loans as well as those of the borrowers,” the Freddie spokeswoman said. A Fannie spokeswoman declined to elaborate.

[palani]

The topic of streamlined foreclosures is guaranteed to catch the interest of the younger generation. It has hit Rolling Stone magazine.


http://www.rollingstone.com/politics/news/17390/232611



Matt Taibbi: Courts Helping Banks Screw Over Homeowners
Retired judges are rushing through complex cases to speed foreclosures in Florida

The foreclosure lawyers down in Jacksonville had warned me, but I was skeptical. They told me the state of Florida had created a special super-high-speed housing court with a specific mandate to rubber-stamp the legally dicey foreclosures by corporate mortgage pushers like Deutsche Bank and JP Morgan Chase. This "rocket docket," as it is called in town, is presided over by retired judges who seem to have no clue about the insanely complex financial instruments they are ruling on — securitized mortgages and labyrinthine derivative deals of a type that didn't even exist when most of them were active members of the bench. Their stated mission isn't to decide right and wrong, but to clear cases and blast human beings out of their homes with ultimate velocity. They certainly have no incentive to penetrate the profound criminal mysteries of the great American mortgage bubble of the 2000s, perhaps the most complex Ponzi scheme in human history — an epic mountain range of corporate fraud in which Wall Street megabanks conspired first to collect huge numbers of subprime mortgages, then to unload them on unsuspecting third parties like pensions, trade unions and insurance companies (and, ultimately, you and me, as taxpayers) in the guise of AAA-rated investments. Selling lead as gold, sh*t as Chanel No. 5, was the essence of the booming international fraud scheme that created most all of these now-failing home mortgages.

The Real Reason America’s Cities and Towns Are Broke

The rocket docket wasn't created to investigate any of that. It exists to launder the crime and bury the evidence by speeding thousands of fraudulent and predatory loans to the ends of their life cycles, so that the houses attached to them can be sold again with clean paperwork. The judges, in fact, openly admit that their primary mission is not justice but speed. One Jacksonville judge, the Honorable A.C. Soud, even told a local newspaper that his goal is to resolve 25 cases per hour. Given the way the system is rigged, that means His Honor could well be throwing one ass on the street every 2.4 minutes.

Note the last statement ... justice is achieved every 2.4 minutes. You don't even get 15 minutes of fame.

When this steamroller gets moving it is going to stir up people in way that retired judges are not going to appreciate. At one eviction every 2.4 minutes the army of people who want to throw "his honor" into prison is growing by 600 per day (presumes a 24 hour court which isn't likely)