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The feds have announced if you file for foreclosure, they will examine your application from way back when to look for fraud. Driving though San Francisco Friday I heard an interesting news story.

The feds have announced if you file for foreclosure, they will examine your application from way back when to look for fraud.

“Federal, state, and local investigators who make up the 30-member task force have begun to probe as many as 11,000 cases involving people who may have committed fraud during the residential real estate frenzy, said Assistant O.S. Attorney Susan Badger. She heads the task force on behalf of the O.S. attorney's office in San Francisco.”

For whatever reason, the mainstream press is not covering this story.

Guess who the Feds are targeting?

“Some local mortgage agents say at least one-third — and perhaps one-half — of the home loans that were written in the East Bay at the height of the housing bubble were loans with fraudulent documentation about income and debt of borrowers.”

Of course, the “east bay” means the poor, and people of color.

“Borrowers who lied on their loan applications to obtain loans they couldn't afford by overstating their income or understating or hiding their debts.” ...

“What typically happened, executives said, is that an individual seeking a mortgage often could obtain a loan that obliged the borrower to simply state income or debt levels without any verification that the information was accurate. These were known as stated income, or limited documentation, or no documentation, loans.
"It was a pretty common practice at the time," said Don Morton, a broker with Danville-based Empire Realty Associates. "We used to call them liar's loans. People would do whatever it took to get the loans approved."”

Yes, everyone knew. so why wasn’t case number one prosecuted, 10 years ago, five years ago, three years ago... why wait until there are millions of such cases, and the economic damage done before making a first prosecution (and why pick black oakland california, for the first case?)

“"There are a lot of active investigations," Badger said. "Charges are imminent."”

Now, here is another way the banks will charge off their crimes to the taxpayers. This will certainly slow done people going into foreclosure. So now you have two options if you cannot afford your mortgage, and you face fed prosecution:

1. Join the military and there is no foreclosure (the community loses the good of your presence and participation in the community).

2. Turn to crime. What you take from the community in criminal activity will be given to the banks in payment on your loan.

This is a version of how the Hamiltonian USA operates around the world. Since we did not object when the system was benefitting us,it has now come back and turned on us.

Of course, those facing prosecution have a defense in 2 ways:

1 Estopple... the laws were on the books and never enforced, so they are not valid.

2. Selective enforcement. how come just east bay, and not every where in USA?

Neither defense will fly, but it is enough to cover some fed judge who wants to make supreme court in a Hillary administration by quashing these prosecutions. Who knows?

But note the raw politics here... the republican justice department will have the first cases in december. Dems will come in power in January. Poor blacks will be prosecuted. Will dems end the prosecutions? Will they let criminals go free?

TRADE LEAD, BUSINESS OPPORTUNITY, SERVICES

Match active duty military personnel with people in the east bay facing foreclosure. Out the active duty personnel on title, for say 1/100th of the value of the house. Now no foreclosure. Since the military personnel are not on the loan, they are not liable for the debt. Would it work? What’s in it for the soldier/ What do you, the broker make off it?

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