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A Wall Street Swamp

“Foreclosure King” Steve Mnuchin’s Billionaire Blonde Wife ‘Louise” Flaunts Purse in depressed Kentucky. A local Oregon critic of Show-offs got White House slam-down. (Mnuchin, now Trump’s Treasurer, made $50K for each homeowner foreclosed.  His bank, One West, Evicted Millions of Californians from their Homes.)

“The Warning” about Stock Mkt. Crash 2008, Frontline

Greenspan. Ruben, Summers & Clinton killed all

Regulation of $750 TRILLION Derivatives Market

FED is Raising RATES – But the Recession is still here!

Wall Street Bubble – Swaps – Derivatives – Crash Coming!

Prof. Richard Wolff on the Thom Hartmann Show

Wells Fargo Scandals – Bill Black former Regulator

First fraud M/C cards, 2nd Car Insurance You Don’t Need 

Abby Martin Interview with Paul Joseph on INEQUALITY as a necessary Condition of Capitalism – Zeitgeist

TEAMSTER Mid-West PENSIONS CUT up to 75%

Gov’t Bailed Out Wall St. Banks & many Foreign Banks

Gov’t must Bail Out Mid-West TEAMSTER PENSIONS

UNION PENSIONS at Risk in Wall Street Casinos

Frontline expose.  Fixed Income Now in Bank Gambles.

 

White Collar Crime NOT Prosecuted, 2008 Crash crushed Main Street businesses & homeowners. No Trials. No time.

Huge Fines are tax-deductible. Chase CEO promoted after Chase found Guilty of FRAUD.  Justice is Broken.

The Thom Hartmann Show – Pro Publica Part 1.

 

White Criminals Walk – Thom Hartmann Blames Corp. CEOs, Free Stock, High Pay. Dept. Justice Revolving Door with Rich Criminal Lawyers, Pro-Publica Jesse Eisinger Part 2.

NNU Nurses’ “Robin Hood Tax” on Stock Buys = 0.05% on Each Trade could yield $300 Billion for Poor, or Pensions

Trump Hires 100% Goldman – Chase Bank Jamie Dimond Rants on Wash. Gridlock, and after $2 Trillion from FED, says “It’s…an embarrassment being American.”

Samantha Bee on “Draining the Swamp”

Trump hires 5 Goldman Sachs Predators

Incl. “Foreclosure King” Steve Mnuchin (owned Indy Bank)

Truthout.org News – FORECLOSURE KINGS

FLIP HOMESTEADS for PROFIT

Tuesday, July 04, 2017 By Margie Burns, The Progressive Populist | Op-Ed

  • The United States has entered a new phase of residential foreclosure. The basic narrative is shocking: House-flippers are being allowed to push troubled homeowners out of their houses. As a neighbor of mine said, succinctly, “It’s cheaper for them.” 

In an ugly way, house flipping is a sweet deal in any area where the house market has rebounded, as in metropolitan Washington, DC, where I live, with eager buyers and reduced home inventory.

Instead of waiting for a house to come on the market and negotiating with a voluntary seller who could make decent terms for the sale, the house flippers enter the foreclosure pipeline. Once the homeowner is pushed out, the flipper gets the house for a song. The price tends to be even lower than the price of a house already foreclosed, and vacant, where the seller would be the bank. The flipping company is already in touch with the lender (see below), so the process is fairly red-tape-free, especially when the company makes hundreds of these foreclosures. Then the flippers can sell the house quickly, because they sell below market price. They still make a handsome profit. And the houses — having been lived in — tend to be in better shape than vacant properties; often there is good equity to boot, since reluctant sellers may have been living in their home for some time. Selling the houses at a below-market price then depresses local house values.

How does all this happen? In a hideous irony, house flippers are allowed into the foreclosure process as “substitute trustees.” The bank or lender holding the mortgage is often based out of state. When a homeowner falls into financial difficulties — such as job loss or medical bills — the lender may, in effect, turn the delinquent account over to an in-state firm. Whether advertising as law firms, real estate investment facilitators, “creditors’ rights” companies or foreclosure attorneys, the firms are in effect debt collectors — agencies that buy up delinquent credit-card accounts on the cheap, and then try to recoup from the small debtors.

They are also, in effect, house flippers. The national passion for “house-flipping” has been fueled by television, where it is entertainment as well as finance. (Disclosure — while I myself have not done any flipping, I support home renovation and/or home improvement, preferably keeping as much debris as possible out of landfill.) But this is a different process than going into a vacant, derelict house and fixing it up to sell.

The practice is national, with some variation by local real estate market. For me, it is also personal and local, direct from a sixtyish neighbor of mine, weeping in my living room. From a hard-working immigrant family, she has lived in her home since 1998. She has been trying to stave off foreclosure since 2014. I know her; I have seen and copied some of the legal documents; I’ve been in her house. She is the rightful owner; she has a relative who can make terms on the payments. But a house flipper wants the house, and once the bank turns over the mortgage to a “substitute trustee” there is little legal obligation for him to make terms. My neighbor is not even upside-down on her mortgage, so this flipper — if he wins in court — will get substantial equity as well as a house in a good neighborhood.

The process is toxic. 1.) The homeowner gets into trouble and falls behind on payments — like my neighbor, who paid many thousands in medical bills for her late parents instead of just defaulting on the bills. 2.) The bank turns the mortgage over to a real estate-flipping company as “substitute trustees.” 3.) The house flippers work first with the lender and then with some too-friendly judges to push out the homeowner via court action.

It goes without saying that the substitute trustees have better access to lawyers and courts than do the troubled homeowners. Legal aid for the indigent may not be available for someone who still owns her house — ironically. Help from friends and relatives, and the occasional pro bono legal work, may well be the only options. The option offered by advocacy groups or other realtors is too often only an unwanted “short sale,” i.e. loss of the house she is trying to keep.

Yet more ironically, the trustees are supposed to be assisting the courts and thus the public; hence the term “trustee.” Instead, as said, they have a direct pecuniary interest in getting persons out of their home instead of helping them stay in it. This process can involve illegal tactics as well as borderline legalities. But when the homeowner is already troubled, there is far too little redress even for open and apparent, documented illegality.

For the record, reducing the “foreclosure backlog” is not the same as reducing foreclosures. Cutting the Gordian knot is not always the best idea or in the public interest.

Tactics that this writer has seen and heard include posting a fake abandoned-property notice on the door of a house the owner is living in; filing fraudulent claims of ownership in courts which lack jurisdiction in foreclosure cases; getting court orders from courts which lack jurisdiction to grant foreclosure motions; and appearing in court claiming to be a third-party “intervenor” while actually a party (the house flipper) in the foreclosure.

Some foreclosure firms have become notorious, and on some there is information online. One source is attorney Neil Garfield’s website titled Living Lies (Livinglies.wordpress.com), which includes a list of known “foreclosure mills” (though somewhat outdated) by state. The non-profit Pro Publica (ProPublica.org) has also published information on foreclosure mills, as have the magazine American Prospect and the website Above the Law (AboveTheLaw.com). Some material has gone out of date, now that the immediate consequences of the 2008 mortgage-derivatives debacle are less feverish.

But the long-term consequences are still with us. One foreclosure group in Maryland is involved in hundreds of foreclosures, largely in Prince George’s County (DC suburbs). The county’s diverse population is officially “majority-minority” and the real estate market includes many immigrant families, first-time home buyers and members of historically excluded groups. And, as mentioned, this is a region where the real estate market is picking up and house hunters are eager to buy. All in all, it’s the perfect storm — houses easy to pick up, from a population easy to pick on, by judges who largely did not get picked by the public.

MARGIE BURNS

Margie Burns writes from Cheverly, Maryland. Email her: margie.burns@gmail.com.

____________________________________________________________________________

British Bank BARCLAYS Indicted for FRAUD

CEO & Pres. (UK charges top 4 Officers)

MORE on TOO BIG BANKS

Goldman Sachs, JP Morgan, Bank of America, Citibank, Chase Bank, Wells Fargo, et al (the convicted criminals) who fixed the Libor Rate, crashed the NY Stock Market to foreclose on 12 million homeowners.

COMMUNICATION WORKERS of AMERICA

The Communications Workers of America (CWA) is playing a leading role in the fight to Take On Wall Street because our members, like millions of working Americans, are angry. Working people across the political spectrum are fed up with Wall Street’s overwhelming power in our nation’s economy and politics, and with a system that’s rigged against ordinary Americans.

Today, 39,000 working men and women remain on strike at Verizon precisely because of Wall Street’s excesses. In every round of negotiations, we go head-to-head not only with that company’s management but with Wall Street’s definition of success that drives corporate behavior.

Corporations like Verizon look to move jobs overseas and to low-wage contractors, slash health care, trash retirement security and make ever more demands for concessions, all to satisfy Wall Street. The result is the expanding impoverishment of the middle class that provides a short-term benefit for corporations like Verizon and big Wall Street players but crushes working families and communities.

We’re a broad coalition of voices — workers, consumers, financial reformers, people of faith, elected officials who get it and many more — and we will lift up and mobilize Americans around our demand for a fair system and a fair economy.

Democrats are coming together — regardless of the outcome of the primary elections — to unite around a tough, concrete agenda that will reform Wall Street and the financial system to increase fairness.

Currently, CWA members are participating in training sessions to learn more about the issues and to take that message to others in their communities. Our goal is to get as many of our members as possible trained and engaged, and nearly 200 members already have gone through the training. Our model is the very successful work that CWA and allies have done around the Trans-Pacific Partnership, working through the issues, building effective community coalitions and taking that message to members of Congress and other officials.

We know that people are frustrated by a corrupt system that rewards the billionaire class over working people families. Working together and looking ahead to January 2017, we expect to win this fight against corporate greed.

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What’s So Bad About Big Banks?

 

Too-Big-to-Fail Banks IGNORE Dodd-Frank Regulators

 

BERNIE Plan to BREAK UP Too-Big to Fail BANKS

 

TOO BIG TO FAIL = Too Big to Jail ?   Bloomberg Reports

 

SEN. ELIZABETH WARREN (D-MA) 

Are Too-Big-to-Fail Banks also Too-Big-to-JAIL?

 

FEDERAL RESERVE SYSTEM – Biggest Hidden Secret

 

FEDERAL RESERVE SYSTEM – HISTORY  CorbettReport.com

FEDERAL RESERVE CONSPIRACY – 1913 creation, JP Morgan, Rothschilds, Illuminati, Woodrow Wilson, William Howard Taft, Teddy Roosevelt, Launch of Personal Income tax (Tariffs on Imports created the US, paid for wars, all.)

 

“How Capitalism is Killing Itself”

PROF. RICHARD WOLFF (Marxism 101)

 

 

 

 

 

 


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