The Tonka Report

Real News In A Changing World

Chicago Sheriff ‘Will Not Enforce Foreclosure Evictions’ By Bankers

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October 21, 2010: Reuters Editors / Reuters via CNBC Chicago – October 19, 2010

CHICAGO – Two of the largest U.S. mortgage servicers have said they will resume home foreclosures, but a big-city sheriff has news for them: he won’t enforce their foreclosure evictions.

The sheriff for Cook County, Illinois, which includes the city of Chicago, said on Tuesday he will not enforce foreclosure evictions for Bank of America Corp, JPMorgan Chase and Co. and GMAC Mortgage/Ally Financial until they prove those foreclosures were handled “properly and legally.” Bank of America, the largest U.S. mortgage servicer, and GMAC, on Monday both announced rollbacks from their foreclosure moratoriums.

The announcement by Cook County Sheriff Thomas Dart comes after weeks of damaging accusations of shoddy paperwork that may have caused some people to be illegally evicted from their homes. “I can’t possibly be expected to evict people from their homes when the banks themselves can’t say for sure everything was done properly,” Dart said in the statement.

“I need some kind of assurance that we aren’t evicting families based on fraudulent behavior by the banks. Until that happens, I can’t in good conscience keep carrying out evictions involving these banks,” he added. Bank of America, GMAC and JPMorgan Chase along with their subsidiaries, make up around a third of the roughly 3,700 eviction orders filed at the Cook County sheriff’s office, the statement said.

The foreclosure controversy, which has drawn public outrage and sparked government probes, has threatened bank earnings and the health of the fragile housing market. Two years ago Dart refused to carry out foreclosure evictions in cases where renters apparently had not been informed that they were about to be evicted from buildings in which their landlords had fallen into foreclosure. Some 20 Cook County sheriff’s deputies execute around 14,000 foreclosure and rental eviction notices every year.

The Producers: Part 3/14

The Tonka Report Editor’s Note: This video was posted by Michael Rivero of What Really Happened.com with the following commentary in response after this article was posted on his website. I defer to Mike

That may deal with the symptoms, but not the disease. There would not be a firestorm of foreclosures at all had the bankers not engaged in a scheme to over-sell mortgage backed securities for billions, then crashed the housing market to cover their tracks! All the poverty, debt, homelessness, and starvation Americans are dealing with every day was caused by the criminal bankers. Stopping the foreclosures does not even begin to redress the wrongs done to the nation by the bankers!

This is the scene in the show “The Producers” in which the accountant tells the producer that it might be possible to make more money by over-subscribing a show designed to fail then by actually working to produce a hit. All very funny in the stage play and the film until you realize that this is exactly what the nation’s financial corporations have done to us all! They over-subscribed the mortgage backed securities, making billions by re-selling the same mortgages over and over again up to 20 times, then foreclosed on the properties to cover the over-subscription!

And Congress, themselves invested in the firms that owned those mortgage backed securities, went along with the scam!

The housing market is being intentionally crashed by the banks and the US Government! – Mike Rivero

Albeit I agree with Mike, I think he understates the importance of a County Sheriff making this statement. Your County Sheriff is the most powerful elected official that trumps even your city Mayor… This is huge! – SJH

Link to original article below…

http://www.cnbc.com/id/39745284

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