As a result of the recent investigation launched by the Florida Attorney General's office, Bank Of America, GMAC Bank, JP Morgan Chase, and others, have all been found guilty of foreclosure fraud.
Depositions by the banks employees revealed that the banks have been forging, falsifying, and fabricating documents in order to foreclose on millions of homes owned by unsuspecting American homeowners.
Additionally, Wells Fargo Bank has admitted to 55,000 counts of perjury in submitting false affidavits to the courts in its efforts to fraudulently foreclose on homeowners.
To add to this disgusting, and arrogant display of lawlessness by the banks, nothing has been done by the Justice Department, or any other federal officials in the way of civil or criminal charges against the banks, until now.
Recently, The Arizona and Nevada Attorney Generals have filed a civil lawsuit against Bank Of America for fraud against homeowners seeking loan modification, and hopefully there will be more lawsuits on the way, as the Obama Administration has also launched a Financial Fraud Enforcement Task Force to investigate and prosecute financial crimes in the lending and financial markets. As bank fraud has already proved to be pervasive, lets hope that this task force has the political will and integrity to prosecute the banks, and the corrupt attorneys who represent them.
These are essentially mortgages that the banks knew they did not own, but were willing to break the law in order to put homeowners out on the streets to satisfy their insatiable greed for even more money.
In spite of clear and convincing documented evidence, in the forms of deposition testimony by bank employees, the banks have been carrying on as if nothing ever happened, and federal officials have seemingly given them the green light to continue to break the law with impunity.
Until such time as the Department Of Justice, the SEC, and the Attorney Generals of each state decide to take action against these criminal banks, homeowners have no choice but to implement their own available legal strategies to fight to save their homes.
Because most of these foreclosure cases involve the banks inability to produce the promissory note in order to prove they have any legal rights to foreclosure; homeowners have several legal strategies available to them in order to stop the banks from fraudulently foreclosing on their homes.
One of the more popular strategies employed of late is the "Produce The Note" Strategy. As a large percentage of mortgage loans were securitized, and sold to investors all over the world, it has been difficult, if not impossible, for the banks to produce the required documents that would establish their right to foreclosure, as those documents have been lost in the Wall Street ether. This is why the banks have attempted to forge and falsify the documents, but have been recently caught, and found guilty of fraud.
Secondly, the homeowner can also file a civil suit against the banks for fraud, and make them prove they are the rightful owner of the note who is authorized to foreclose on the homeowner's property.
Last, but definitely not least, is the latest, and possibly most powerful strategy available, which does not require a homeowner to go to court at all. It is strictly an administrative process pursuant to The Administrative Procedures Act Of 1946, by which the homeowner is legally able to reconvey the property title back into his/her name, thereby revoking any authority by the bank to foreclose on the property, and taking the property back free & clear usually within 90 days.
This effectively puts the homeowner back in control, and forces the bank to deal with the homeowner, who now is negotiating from a position of strength, instead of begging the bank for help. The bank now has to go to the homeowner to resolve any title issues.
Until such time as our government officials decide that they will uphold, and enforce the rule of law, and the U.S Constitution, and not allow themselves to be bought by the banks lobbyist, the American homeowner must be willing to fight for their constitutional rights, and homes by any legal means necessary against the Federal Reserve, the banks, and the wealthy Wall Street barons, who created this mess with the full intention of fleecing the American citizens from all of their remaining wealth in the form of equity in their homes.