fraud

Why Does Congress Hate America?

Michael Collins

Oh, it’s just that Collins guy mouthing off again.

Actually, I was far too easy on Congress yesterday in Lawless Nation – Congress.

Here’s why:  HR 3808 The Interstate Recognition of Notarizations Act of 2010

The bill is the response to the events outlined in a story that  Numerian scooped on foreclosure problems.  The banks are in big trouble.  They failed to follow the law and rules in handling mortgages.  Instead of foreclosing on home owners, those upside down and under water can consider strategic defaults on the mishandled notes.  Legal efforts have reached a point where there’s a “tsunami of legal action against mortgage servicers” as Tyler Durden calls it.

A clever Mandarin somewhere figured out that by changing the law on notarizations, after the fact, Congress could stop the tsunami by “making it more difficult for homeowners to challenge foreclosure proceedings against them.”  (See Ellen Brown)

HR 3808 passed both houses of Congress with ease.  How? (See “Major Actions”) On April 27, it passed the House by a voice vote.  On September 27, it passed the Senate unanimously.   It took just minutes for the bill to pass in both chambers.  Things move right along when there’s no debate.

It was more important for Congress to fix things for the bankers than to keep constituents in their homes in the midst of a relentless financial crisis, as a cold winter approaches.  Congress has inherent contempt for the people.   We’re probably not even important enough to hate.
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H.R. 3808 Interstate Recognition of Notarizations Act of 2010

The Library of Congress    THOMAS

Bill Summary & Status
111th Congress (2009 – 2010)
H.R.3808
Major Congressional Actions


H.R. 3808  Title: Interstate Recognition of Notarizations Act of 2010
Sponsor: Rep Aderholt, Robert B. [AL-4] (introduced 10/14/2009)      Cosponsors (3)
Latest Major Action: 9/30/2010 Presented to President (who killed the bill)

MAJOR ACTIONS

10/14/2009 Introduced in House
4/27/2010 Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.
9/27/2010 Senate Committee on the Judiciary discharged by Unanimous Consent.
9/27/2010 Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
9/27/2010 Cleared for White House.
9/30/2010 Presented to President. (President Obama refuses to sign the bill  It dies…for now.)

From: govtrack.us  a civic project to track Congress

H.R.3808

One Hundred Eleventh Congress

of the

United States of America

AT THE SECOND SESSION

Begun and held at the City of Washington on Tuesday,

the fifth day of January, two thousand and ten

An Act

To require any Federal or State court to recognize any notarization made by a notary public licensed by a State other than the State where the court is located when such notarization occurs in or affects interstate commerce.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Interstate Recognition of Notarizations Act of 2010’.

SEC. 2. RECOGNITION OF NOTARIZATIONS IN FEDERAL COURTS.

Each Federal court shall recognize any lawful notarization made by a notary public licensed or commissioned under the laws of a State other than the State where the Federal court is located if–

(1) such notarization occurs in or affects interstate commerce; and

(2)(A) a seal of office, as symbol of the notary public’s authority, is used in the notarization; or

(B) in the case of an electronic record, the seal information is securely attached to, or logically associated with, the electronic record so as to render the record tamper-resistant.

SEC. 3. RECOGNITION OF NOTARIZATIONS IN STATE COURTS.

Each court that operates under the jurisdiction of a State shall recognize any lawful notarization made by a notary public licensed or commissioned under the laws of a State other than the State where the court is located if–

(1) such notarization occurs in or affects interstate commerce; and

(2)(A) a seal of office, as symbol of the notary public’s authority, is used in the notarization; or

(B) in the case of an electronic record, the seal information is securely attached to, or logically associated with, the electronic record so as to render the record tamper-resistant.

SEC. 4. DEFINITIONS.

In this Act:

(1) ELECTRONIC RECORD- The term ‘electronic record’ has the meaning given that term in section 106 of the Electronic Signatures in Global and National Commerce Act (15 U.S.C. 7006).

(2) LOGICALLY ASSOCIATED WITH- Seal information is ‘logically associated with’ an electronic record if the seal information is securely bound to the electronic record in such a manner as to make it impracticable to falsify or alter, without detection, either the record or the seal information.

Speaker of the House of Representatives.

Vice President of the United States and

President of the Senate.

Lawless Nation – Congress

By Michael Collins
Part II of III (Part I)


WASHINGTON – Placed in office through legalized  bribery, supported by public funding for their every need, protected against the laws that we’re expected to obey, Congress represents the epitome of lawlessness; lawmakers who have no regard for the law.  (Image)

Members of Congress are different.  They get to retire at age 62 with lifetime pensions and health benefits.  To qualify, they need just five years of service.   They get free phone, mail, and other communications plus paid domestic and foreign travel.   Supposedly, they’re not allowed to take gifts but the list of exceptions offers plenty of room for luxurious appreciation.

The biggest gift of all – a six to seven figure job with a major corporation or lobbying firm right after retirement – is still fair game for any member.  The revolving door never stops. (more…)

The Devil’s in the Details – Foreclosure

By Numerian Posted by Michael Collins

It seems, therefore, that millions of foreclosures that have occurred in the past two years may be invalid. Investors who were part of the $8,000 tax credit program may not have valid mortgages and may not legally have the right to live in their home. Title insurance companies have stopped accepting mortgage titles from GMAC and other financial firms implicated in this situation. Numerian
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“Show Me the Money!” – Waste and Fraud in Iraq from the Start

Michael Collins

The Associated Press ran an article Sunday that focused on the wasted funds during the US reconstruction efforts in Iraq.  There were stories of an unused children’s hospital, a prison for 3,600 that will never open, and the diversion of reconstruction funds to pay off Sunni fighters to turn on al Qaeda.

AP failed to mention that the main reason that we have to rebuild Iraq is that the United States government invaded it and destroyed everything it could in a display of shock and awe. Also unmentioned were the unique post invasion strategies of no security for sites like power plants that keep the country running and the dissolution of the 400,000 man army, the main institution that kept order in the country before the invasion.  But I digress.

Anyone paying attention should know that financial controls and accountability went out the window from the very first days following the defeat of Saddam Hussein’s military.
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Gibbs Outed as Republican Mole

Michael Collins
(Satire)

White House Press Secretary, Robert “the mole” Gibbs, was outed last night for his lead role in throwing the 2010 congressional election to the Republican Party. The White House refused to return calls to comment on the charge or verify the outline of the carefully orchestrated plot. But a variety of off the record sources spoke as one – the plot is real and has been going on long before the 2008 general election. The scope of the plot goes well beyond the upcoming congressional contests.

In a recent interview for The Hill newspaper, Gibbs used an entirely new technique in election tactics – offend and humiliate a key element of your voting block right before a critical election.  Gibbs ridiculed progressives as part of the “Professional Left” and said, “They will be satisfied when we have Canadian health care and we’ve eliminated the Pentagon. That’s not reality.” Research indicates that this approach has never been used within 90 days of a general election.

But the story goes much deeper than simple electoral politics. The planned outburst has a short term benefit for Republicans but, as we will see, Gibbs is reporting to a higher authority.
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What to do About the Banks

Those who should be leading this country, and contributing to its development, have spent the past 25 years joining the parade of looters and predators who have found ways to extract wealth from the middle class and the poor in this country. Numerian

By Numerian posted by Michael Collins

The whole history of civilization is strewn with creeds and institutions which were invaluable at first, and deadly afterwards. Journalist Walter Bagehot

Banking reform measures are moving rapidly through the U.S. House and Senate, so much so that bills may be voted on as early as next week. This is one reform effort where even President Obama is engaged from the start with ideas and recommendations. As with health care, the two chambers have different proposals they are looking at, so now is the time for interested citizens to put forth their own views.

The big U.S. banks were the source of the global financial crisis, in part because their bigness and their practices were copied by major banks around the world. What happens in this reform effort is being watched avidly in many countries, because it will say much about how global finance is to be conducted.

What is often missing in these discussions are the assumptions people make about banking and its role in a modern economy. We should begin therefore with some first principles.
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Fannie and Freddie Start Returning Fraudulent Mortgages to Banks, But Crime Goes Unpunished

By Numerian Posted by Michael Collins

Citizens bear the burden even when Wall Street gets caught.

In a February regulatory filing with the SEC, Fannie Mae and Freddie Mac, now owned by the federal government, say they intend to return $21 billion in home mortgages to banks in 2010. Four commercial banks now dominate the home mortgage market: Citigroup, JP Morgan Chase, Bank of America, and Wells Fargo, and they will receive the bulk of these repurchases. Since the banks sold these mortgages to these agencies for full value, they must buy them back at full value, but at least one bank, JP Morgan Chase, says these mortgages will then be immediately written down by 50%.
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Will Iceland “Just say NO” to Global Banking Cartel?

Will the citizens of Iceland sign up for a $65,000 per person debt to repay the deposites in a failed private bank in Iceland with deposits guaranteed by the government of Iceland. Not likely.

RTE NEWS
Iceland voting over Icesave repayments
Saturday, 6 March 2010 09:30

Around 230,000 people in Iceland are voting in a referendum today on whether to repay billions of pounds to Britain and the Netherlands.

The two governments are claiming the money after refunding savers in the collapsed internet bank, Icesave, in 2008.

Bailout Mutiny Looms With Iceland’s Taxpayer Vote Bloomberg, Mar 1
Iceland’s PM Calls Icesave Referendum “Pointless” Iceland Review, Mar 3
Ice News – News from the Nordics
Icesave Dispute – background on current crisis. Wikipedia
“Iceland Vote” Google

As Iceland resists paying our billions, let’s not forget just who is to blame: Icelandic bankers and British ‘rate tarts’ caused the Icesave folly, yet the two nations’ taxpayers will be footing the bill Faisal Islam, Guardian, Feb 28

Cuomo Takes On The Money Party

Bank of America Looks Like  First of Many

Michael Collins

“This merger (Bank of America and Merrill Lynch) is a classic example of how the actions of our nation’s largest financial institutions led to the near-collapse of our financial system,” said Attorney General Cuomo. “Bank of America, through its top management, engaged in a concerted effort to deceive shareholders and American taxpayers at large. This was an arrogant scheme hatched by the bank’s top executives who believed they could play by their own set of rules. In the end, they committed an enormous fraud and American taxpayers ended up paying billions for Bank of America’s misdeeds.” (Image)

New York State Attorney General Andrew Cuomo

Andrew Cuomo’s complaint filed in the New York Supreme Court, County of New York against the Bank of America and two former top executives has the potential to push that too big to fail entity off the edge of a very steep cliff. The charges of massive fraud are based on a compelling and exhaustive filing on February 4.

A trial will likely involve testimony by the current Bank of America CEO and President Brian Moynihan against defendants Kenneth Lewis, the bank’s former CEO and board chairman, former chief financial officer (CFO) Joseph L. Price, and the bank itself. Price is currently in charge of BofA’s credit card division.

The complaint charges fraud before, during and after the bank’s merger with struggling brokerage firm Merrill Lynch in late 2008. The fraud cost bank shareholders and citizens billions of dollars. This is the first major case brought against our nation’s largest financial institutions. These are the same financial institutions and executives that nearly destroyed the economy.
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