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San Francisco Audit Reveals 84% of Foreclosures Illegal; Experts Say Statistic Applies Nationwide. Just Lost Your House? Not to Worry – It was Most Likely Stolen From You.

23 Feb

As we watch the foreclosure mills continue to grind people out of homes at ever increasing rates, a new audit out of San Francisco finds that 84 percent fo the foreclosures being conducted are illegal.

And, futher, that this statistic is applicable nationwide.

So for all you homeowners finding that nothing has changed and that you are still being kicked to the curb in spite of ‘legal aid attorneys’ and ‘housing counselors’ and any and all of the other ‘apparoved’ soruces of ‘help’ you’ve discovered are as useless as doing nothing, it’s at least nice to know that the foreclosure which just cost you your home was 84% likely to have been illegal.

Now the government is going to give you 2grand and tell you it’s all okay.

Works for us, right? Sure. Lose a house to an illegal foreclosure and get a few happy days shopping, as Mandelman would say…

Good on ya, America.  Good on ya.  We can create massive homelessness for women and children across the land and do it illegally while doing absolutely nothing of value for the people and handing the bankers the rest of the money the FED is busy printing.

Just gotta love it.

San Francisco Foreclosure Audits Estimates 84 Percent Are Illegal

San Francisco recently carried out an audit on a number of foreclosures. Their findings were released in a report this week that shows just how rampant mortgage fraud has been. From Reuters:

The audit of almost 400 foreclosures in San Francisco found that 84 percent of them appeared to be illegal, according to the study released by the California city on Wednesday.

Similar studies around the country show comparable results. These numbers are astounding. And worse, they’ve essentially gotten away with it.

In many cases during the housing bubble that burst in 2008, original mortgages were repackaged and sold to so many investors that it is now unclear who actually holds the loans. O’Brien could only find the current owners of the mortgages he studied in 287 out of 473 cases.

In the San Francisco study, which studied properties subject to foreclosure sales between January 2009 to November 2011, 45 per cent were sold to entities improperly claiming to be the owner of the loan.

“It is not impossible that there are homeowners who are alleged to have defaulted on loans to which they never fully agreed to and, further, are being foreclosed upon by lenders that might not even own such loans,” the report stated.

 

Read the full article over at Crooks and Liars here

 

 

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