The Tonka Report

Real News In A Changing World

Wall Street Banksters Blame Foreclosure Fiasco On US Homeowner

with 15 comments

October 15, 2010: Joe Rauch / Reuters via MSNBC – October 14, 2010

Charlotte, NC – Wall Street’s reaction to the allegations that some banks cut corners while foreclosing on three million homes since 2007: Pay your mortgage in the first place.

The building furor over whether the largest U.S. mortgage lenders used so-called robo-signers and incomplete paperwork to force delinquent borrowers from their homes has mushroomed into a probe by the attorneys general in all 50 states, with U.S. Congressional hearings not far behind. Story: States’ probe of foreclosures could force reforms

Those on Wall Street, however, are largely unsympathetic, insisting that possible errors in the foreclosure process are beside the point, that the process begins only when a borrower starts missing mortgage payments. “If you didn’t pay your mortgage, you shouldn’t be in your house. Period. People are getting upset about something that’s just procedural,” said Walter Todd, portfolio manager at Greenwood Capital Associates.

Some said the issue is one of personal responsibility for one’s own debts. “Everyone’s responsible for following the law. If we all don’t have to pay our mortgage, should we just stop paying taxes, too?” said Anton Schutz, president of Mendon Capital Advisers. “Your mortgage didn’t get to a robo-signer by accident, it’s because you’re not paying.”

Robo-signers is the term for bank employees who signed hundreds of foreclosure documents daily without reviewing them. The lack of review is why officials investigating the issue say that some homeowners may actually have been unfairly evicted from their homes. Lawmakers in California, in a letter to federal authorities last week, said reports from thousands of homeowners in their congressional districts show an “apparent pattern” of practices that led to foreclosures that could have been avoided.

Thousands of people reported that despite efforts to seek loan modifications or other relief many financial institutions “routinely fail to respond in a timely manner, misplace requested documents, and send mixed signals” about what is required to avoid foreclosures, the lawmakers said.

Who’s To Blame?

Homeowners and consumer advocates also disagree with Wall Street’s characterization of who is to blame. “We think this is the smoking gun that illustrates widespread problems in the process,” said Kathleen Day, spokeswoman for the Center for Responsible Lending, a Durham, North Carolina-based consumer advocate. “No one’s saying that foreclosures should stop forever, but lenders need to be abiding by the law.”

The executives for the largest lenders and others on Wall Street have downplayed the worries over foreclosures as nothing more than a technical speed-bump in a process that’s still accomplishing its main objective of removing delinquent borrowers from their homes. “We’re not evicting people who deserve to stay in their house,” Jamie Dimon, JPMorgan Chase chief executive, said on a conference call with analysts on the company’s third-quarter earnings on Wednesday.

JPMorgan, the second-largest U.S. bank by assets, said it is reviewing 115,000 foreclosure cases, after suspending foreclosure sales in 23 states last week, and expects the review to be completed in a few weeks. Dimon said he ultimately expects the review will have little impact on pending foreclosures sales, though JPMorgan’s chief financial officer said during the call the bank amended some of its processes.

On Friday, the chief executive of Bank of America Corp, the largest U.S. bank by assets, described the process as clearing the air around the bank’s foreclosures, and the lender stood by its work. “We’ll go back and check over our homework one more time,” CEO Brian Moynihan said after a speech at the National Press Club in Washington on Friday.

BofA has temporarily suspended foreclosures and sales of foreclosed properties in all 50 U.S. states, pending a similar review. Finance executives conceded that while mistakes are being made in the foreclosure process, borrowers are often delinquent for years before being removed from their homes.

In announcing its nationwide foreclosure halt, Bank of America disclosed the average borrower missed payments for 18 months before their home was repossessed.

JPMorgan, in its third-quarter earnings presentation, disclosed that the average delinquency at foreclosure was 448 days, with as many as 40 percent of foreclosed homes vacant at the time of the seizure. In New York and Florida, the bank disclosed, foreclosures can take as long as two years.

The Tonka Report Editor’s Note: They steal over $23.7 trillion of our hard earned dollars through bankster bailouts, then they stop lending to further implode the economy, now they’re illegally confiscating millions of American’s homes and they still have the audacity to blame it on the homeowners?!

Is it really any wonder now that they’ve been training our troops for riots and martial law in this country? The people are pissed off as they wake up and realize who the actual enemy is… Finally!  Read this gem…

The Vampire Bankers Host The Invisible Siren Chorus

http://smokingmirrors.blogspot.com/2010/10/vampire-bankers-host-invisible-siren.html  

Now watch this…

Network 1976

Our lives are only “utterly valueless” if we continue to act as if we are utterly powerless! – SJH

Link to original article with video below…

http://www.msnbc.msn.com/id/39674290/ns/business-real_estate

15 Responses

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  1. Die Banker Die – My Tribute to Wall Street Banksters – http://www.youtube.com/watch?v=YGFZ1Jj3ui8

    J Glenn Lowe

    October 23, 2010 at 11:39 pm

  2. J Glenn Lowe,

    Thanks for your obviously original music video, I enjoyed it…

    – SJH

    Steven John Hibbs

    October 24, 2010 at 12:09 am

    • Thank Steven, I don’t actually want anyone to die, but it would be nice to strip them of all of their money and give it to the children in streets and then have the Banksters move into the empty cardboard boxes that are already there waiting for them.

      J Glenn Lowe

      October 24, 2010 at 7:33 pm

  3. J Glenn Lowe,

    Amen, brother!

    Although, I want to witness these bankster bastards being tried in a court of law, convicted of treason, and then duly sentenced for their horrific crimes against both the people of the United States and all of humanity, as is outlined in the US Constitution and Geneva Convention, be it life in prison or the death penalty!

    There is no other cadre of people on this earth that are more dangerous to the survival and freedom of the human race than these Zionist, satanic, murderous banksters and their diabolical warmongering minions.

    Peace and God bless…

    – SJH

    PS I will post your video in an appropriate article in the near future…🙂

    Steven John Hibbs

    October 24, 2010 at 7:55 pm

    • We don’t have enough prisons to deal with the magnitude of this situation. The amount of people involved is staggering. Bigger than any other crime we have ever experienced. That would just cost more than stripping them of all of their assets and making them shovel shit the rest of their lives. http://glenn.hersid.com/

      J Glenn Lowe

      October 24, 2010 at 8:01 pm

  4. J,

    Then let the death penalty reign as the sentence for treason as described in the US Constitution for those at the top of this Ponzi scheme.

    The rest, let them shovel shit and clean the sewers after we the people have stripped them all of their ill-begotten assets they illegally acquired through deception and theft.

    This is the greatest heist in the history of the world at the expense of generations to come. A price must be paid for these crimes if we are to restore our Republic!

    – SJH

    Steven John Hibbs

    October 24, 2010 at 8:14 pm

  5. Let’s start with the death penalty for the CEO of Bank of America. They own more Fraudulent Mortgages than any other entity. I would like to personally thank him for lying on National TV on 10-15-10 and giving the courage and inspiration to right the song Die Banker Die the very next day. That moment changed me into someone who is tired of just complaining. Now I am leading a movement that is getting my song featured on news articles all over the world. I also talk to Foreclosure victims daily now and I am helping to form what will likely be one of the biggest grassroots movements against the Wall Street Banksters, Bribed Judges, and Spineless Politicians that this county has ever seen.

    J Glenn Lowe

    October 24, 2010 at 8:27 pm

  6. J,

    Let me know what I can do to help. I’ve been in this game for over ten years now trying to awaken the masses…

    – SJH

    Steven John Hibbs

    October 24, 2010 at 8:34 pm

  7. By the way, I have been reading your articles for years. I am honored to be a part of this dialog now, and not just a bystander

    J Glenn Lowe

    October 24, 2010 at 8:37 pm

  8. J,

    Thankyou, sir. The honor is mine…

    – SJH

    Steven John Hibbs

    October 24, 2010 at 8:38 pm

  9. The movement seems to really be latching onto the song “Die Banker Die”. Please help me post it everywhere. Feature it, write about it, share on Twitter etc… This is not about my song. It is about a vehicle that is pushing the movement for justice. Anything you can do will get us that much closer to shutting down the Banksters that have created poverty on a massive scale in what used to be the most prosperous country on the planet.

    “DIE BANKER DIE” By J Glenn Lowe

    Saw the news today
    CEO from B of A
    Lyin’ his ass away
    American Dream it’s in has hands today

    Takin’ houses the legal way – he say
    Fixin’ everything his way
    Millions of people – they’ll just have to move away
    Trillion dollar games he play
    I think its time that he pay pay pay
    For the children in the streets today
    This is what I say

    Die Banker Die
    Die Banker Die
    Die Banker Die
    Die Die Die

    And the politicians too
    Can’t find a law to stop you
    Shame Shame Shame on all of you
    Guess there’s nothin’ left to do

    Die Banker Die
    Die Banker Die
    Die Banker Die
    Die Die Die

    There’s somethin’ we got to do
    And you know that they deserve it to
    Better run run away
    That’s what I got to say

    Die Banker Die
    Die Banker Die
    Die Banker Die
    Die Die Die

    J Glenn Lowe

    October 24, 2010 at 8:44 pm

  10. J,

    The next associated article I post concerning the international bankers, your video will be added.

    If, as you said, you’ve read my articles for awhile, you know that I cover a lot of material and diverse subject matter in the attempt to connect the dots for the reader.

    This is a complex world we live in for those walking in darkness. However, it is extremely transparent for those of us who are not.

    It is those people walking in the light of truth who can open the eyes of the blind, open the ears of the deaf, and open the mouths of the mute.

    That is our mission and responsibility in life…

    – SJH

    Steven John Hibbs

    October 24, 2010 at 8:53 pm

  11. J,

    On that note, I bid you farewell for the evening. Keep up with your passion, your music, your art, and your spirit and soul in the pursuit of truth.

    Peace and God bless… No Fear!!

    – SJH

    Steven John Hibbs

    October 24, 2010 at 9:06 pm

  12. Thank you Steven, I am sharing this article on Digg, Twitter, Facebook, and many other sites with my Share This button. Keep up the amazing work that you do and enough people will wake up and overthrow the Banksters that are killing our freedoms for power and profit.

    J Glenn Lowe

    October 24, 2010 at 9:22 pm


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