Florida Courts Screw Homeowners – $12.4 TRILLION FRAUD

Filed in Credit Repair, Loans, Florida, Tax, Savings by on November 12, 2010

A Plantation (Florida) attorney created an electronic registry for mortgages and related transfers. He eventually registered 62 million mortgages from many major banks. Yes, that is 62 million mortgages. With a $200,000 average, that is $12.4 TRILLION!

The attorney’s law practice went public based on 4,000 to 7,000 foreclosures a month. However, it is now closing or closed. Twenty-four states and localities sued, class action, over not getting mortgage transfer taxes on mortgage electronic or bearer bond transfers. Five state courts threw out mortgage foreclosures entirely when the registry prevented banks from showing appropriate transfer documents.

The Florida Attorney General and 48 others are investigating. Despite this, a November 25, 2010 prerelease Rolling Stone article shows Florida Courts Screw Homeowners (please forgive some appropriate language):

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. [This is] 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, shit 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.

Exclusive Excerpt: America on Sale, From Matt Taibbi’s Griftopia

Foreclosure lawyers told me one other thing about the rocket docket. The hearings, they said, aren’t exactly public. “The judges might give you a hard time about watching,” one lawyer warned. “They’re not exactly anxious for people to know about this stuff.” Inwardly, I laughed at this — it sounded like typical activist paranoia. The notion that a judge would try to prevent any citizen, much less a member of the media, from watching an open civil hearing sounded ridiculous. Fucked-up as everyone knows the state of Florida is, it couldn’t be that bad. It isn’t Indonesia. Right?

For 8 outstanding pages on Florida Courts Screw Homeowners click Florida Courts Screw Homeowners.

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