Making homes affordable?
Just so no record of the absurdity gets disposed of, there’s a list of the squaliforme mortgage servicers who are getting money to allegedly modify loans – while they’re really doing little more than luring people into signing agreements that indemnify the servicer from ANY wrongdoing.
Here’s the breakdown of our tax dollars going to ensure these giant squaliformes can get away with covering their legal liabilities by allegedly modifying loans:
The amounts below are incentive payments for mortgage modifications as part of the administration's Making Home Affordable program.
B of A (Countrywide) $5.2 billion
Chase Home Finance $3.6 billion
Wells Fargo Bank, NA $2.4 billion
CitiMortgage $1.1 billion
GMAC Mortgage $1 billion
Bank of America, NA $804.4 million
Credit Suisse (Select Portfolio Servicing) $660.6 million
Morgan Stanley (Saxon Mortgage Servicing) $632 million
Ocwen Financial Corporation $553.4 million
Lehman Brothers (Aurora Loan Services) $459.6 million
Wilshire Credit Corporation $453.1 million
Home Loan Services, Inc. $447.3 million
So the administration would have us believe that these billions are actually keeping people in homes?
Sorry. Reality will eventually catch up to the media reporting. These alleged “modifications” are failing at disasterous levels.
Why? Because they're not really modifications. They're barely concealed forbearance agreements. The whole strategy is to conceal wrongdoing and indemnify the parties involved – and the government’s program is pouring BILLIONS of dollars into allowing predatory servicers to lure people into giving up their rights to sue the perpetrators of schemes.
Just another example of “change” you can believe in.
Nothing has changed except how more tax dollars are spread around to keep the right people in positions of power and influence.
The Honorable Judge Roy Bean
Thursday, June 25, 2009
Friday, May 29, 2009
Wednesday, May 27, 2009
So you decide to buy a Goverment Motors vehicle ... "Doh!"
Hey - want to take a chance?
Looking for a real bargain?
How 'bout ol' Bean offers you a truck deal you can't refuse? How 'bout you run right down to your (for now) local GM dealer and get in on a steal of a deal. Hey - how can you go wrong if you're buying a vehicle from none other than the United States Government?
You know, the people in Washington who can't find their ass with both hands? Hey - take advantage of the situation before the next election. They'll never find you if you do it right - but there are some things you might want to check into when you walk into a GM dealer.
First, when was the last time you bought anything from the United States Government?
Chances are if you're the average consumer looking for a vehicle you've never bought anything from Uncle Sam. There are good reasons for this. Uncle Sam isn't accustomed to being paid based on what something is really worth. In fact, Uncle Sam will take $5.00 dollars one day and $5,000.00 the next for the very same thing. It all depends on - well, no one really knows what it depends on.
So when you walk in to what used to be a General Motors dealership and want one of the cars on the lot that seems to be what you're looking for, you're going to be faced with some things that no other car buyer in the history of United States commerce has had to deal with.
First, you used to be able to rely on the warranty terms and conditions that were specified in the proposed sales agreement. Well, sorry, those might not really apply because the government may not even have to honor contracts that they didn't offer you. See, there's this really creative gibberish that will eventually override your purchase contract because the United States is about to become the majority stockholder in General Motors and will, of course, control the Board of Directors and guess what - you can't sue the United States without their permission. Wanna gamble on who loses in that game?
And let's not forget how the innumerable state "lemon law" statutes will soon become meaningless. After all, a federally-owned company cannot be subject to state laws.
I hate to say it, but current GM dealers should kiss the marque goodbye. Anyone who spends a dime on advertising the sale of Government Motors vehicles is tossing good money after bad. Not to mention anyone who accepts a dime of advertising - which means the next step from the administration will be to subsidize advertising of their brand so the media keeps the scam going.
The Honorable Judge Roy Bean
Looking for a real bargain?
How 'bout ol' Bean offers you a truck deal you can't refuse? How 'bout you run right down to your (for now) local GM dealer and get in on a steal of a deal. Hey - how can you go wrong if you're buying a vehicle from none other than the United States Government?
You know, the people in Washington who can't find their ass with both hands? Hey - take advantage of the situation before the next election. They'll never find you if you do it right - but there are some things you might want to check into when you walk into a GM dealer.
First, when was the last time you bought anything from the United States Government?
Chances are if you're the average consumer looking for a vehicle you've never bought anything from Uncle Sam. There are good reasons for this. Uncle Sam isn't accustomed to being paid based on what something is really worth. In fact, Uncle Sam will take $5.00 dollars one day and $5,000.00 the next for the very same thing. It all depends on - well, no one really knows what it depends on.
So when you walk in to what used to be a General Motors dealership and want one of the cars on the lot that seems to be what you're looking for, you're going to be faced with some things that no other car buyer in the history of United States commerce has had to deal with.
First, you used to be able to rely on the warranty terms and conditions that were specified in the proposed sales agreement. Well, sorry, those might not really apply because the government may not even have to honor contracts that they didn't offer you. See, there's this really creative gibberish that will eventually override your purchase contract because the United States is about to become the majority stockholder in General Motors and will, of course, control the Board of Directors and guess what - you can't sue the United States without their permission. Wanna gamble on who loses in that game?
And let's not forget how the innumerable state "lemon law" statutes will soon become meaningless. After all, a federally-owned company cannot be subject to state laws.
I hate to say it, but current GM dealers should kiss the marque goodbye. Anyone who spends a dime on advertising the sale of Government Motors vehicles is tossing good money after bad. Not to mention anyone who accepts a dime of advertising - which means the next step from the administration will be to subsidize advertising of their brand so the media keeps the scam going.
The Honorable Judge Roy Bean
Tuesday, May 19, 2009
He Who Has the Gold isn't going to take it lying down
With all the cheering going on among the consumer advocates you'd think the new credit card law is the answer to borrower's prayers.
It is, but it isn't. Washington would love us to believe they're standing up to He Who Has the Gold but the reality of the current show of force is that we're all going to be paying for it, one way or the other.
In the first place, the law doesn't go into affect for nine months. The Squaliformes have plenty of time to slap consumers and Washington around a bit.
Consumers will be pounded with more and more fees, usurious interest and manufactured situations that punish even responsible customers. And why would they do that? Why would they try to drive off customers?
Because they're patient. It's their money and it will go elsewhere until their minions in Washington snap out of their giddy victory swoon.
See, a huge chunk of the US economy is retail driven. When He Who Has the Gold balks at retail credit under the new rules next year, all those retailers who have handed their highly profitable CC operations off to He Who Has the Gold are going to find armies of irate FORMER customers.
Here's a graphic of what's going to be happening:
We're going to be transitioning back to an economic model that requires more and more consumers to have the money to buy something before they actually acquire it. In a sense, that's a good thing - but not for the Squaliformes or the economy as a whole. But instead of letting the lenders suck huge percentages of the economy onto their balance sheets as receivables, consumers will accumulate (as in, save) their own funds to acquire things at a future date.
And what will the Squaliformes do in order to prevent this from lasting too long or letting it get too far out of their control?
Simple - hold their breath and stomp their feet. They'll continue to hold back credit for all kinds of commercial needs. They will toss back the TARP and PPIP money. The economy will stagnate further and eventually this new administration and the socialists on the hill will return to their rightful place at the feet of the Squaliformes or face being run out of office because of utter economic stupidity.
If we could ride this out to the point where there is actually competition among Squaliformes and they really need consumers to trust them, we'll regain the upper hand. But we'll need an entirely new set of faces in Washington to make that happen.
The Honorable Judge Roy Bean
It is, but it isn't. Washington would love us to believe they're standing up to He Who Has the Gold but the reality of the current show of force is that we're all going to be paying for it, one way or the other.
In the first place, the law doesn't go into affect for nine months. The Squaliformes have plenty of time to slap consumers and Washington around a bit.
Consumers will be pounded with more and more fees, usurious interest and manufactured situations that punish even responsible customers. And why would they do that? Why would they try to drive off customers?
Because they're patient. It's their money and it will go elsewhere until their minions in Washington snap out of their giddy victory swoon.
See, a huge chunk of the US economy is retail driven. When He Who Has the Gold balks at retail credit under the new rules next year, all those retailers who have handed their highly profitable CC operations off to He Who Has the Gold are going to find armies of irate FORMER customers.
Here's a graphic of what's going to be happening:
We're going to be transitioning back to an economic model that requires more and more consumers to have the money to buy something before they actually acquire it. In a sense, that's a good thing - but not for the Squaliformes or the economy as a whole. But instead of letting the lenders suck huge percentages of the economy onto their balance sheets as receivables, consumers will accumulate (as in, save) their own funds to acquire things at a future date.
And what will the Squaliformes do in order to prevent this from lasting too long or letting it get too far out of their control?
Simple - hold their breath and stomp their feet. They'll continue to hold back credit for all kinds of commercial needs. They will toss back the TARP and PPIP money. The economy will stagnate further and eventually this new administration and the socialists on the hill will return to their rightful place at the feet of the Squaliformes or face being run out of office because of utter economic stupidity.
If we could ride this out to the point where there is actually competition among Squaliformes and they really need consumers to trust them, we'll regain the upper hand. But we'll need an entirely new set of faces in Washington to make that happen.
The Honorable Judge Roy Bean
Tuesday, April 14, 2009
New York Squaliforme enabler faces criminal charges
Attorney's General have a tendency to take action on behalf of consumers when there is a political opportunity in the making, and New York's have been famous for it.
Andrew Cuomo is sure to be running for Governor of New York and he's decided to get tough with a company called American Legal Process and its CEO William Singler.
The process server was hired by debt collection mills in New York to serve summons and complaint papers to notify individuals that they were being sued. Problem is, a large number of those alleged servings were not performed, leaving the field ripe for law firms to obtain default judgments as fast as they could be processed.
Some victims didn't even know they had been sued until their wages were garnished or their bank accounts raided. Stories include victims suddenly not being able to get money out of their ATM or use their debit cards.
Singler also covered up his scheme by falsifying documents that were filed in courts across the state, swearing that proper legal notification had been duly served upon the victims. The AG's investigation uncovered instances where ALP's servers falsified dates and times, including being stupid enough to report serving papers at four different addresses at the same moment and having somehow traveled over 10,000 miles in a single day.
ALP and Singler now face civil and criminal charges including criminal possession of a forged instrument, offering a false instrument for filing, operating a scheme to defraud and committing fraud through being a notary public.
Better yet, Cuomo's office is also going after one of ALP’s largest customers, Forster & Garbus, who used ALP to serve over 28,000 summons and complaints even though it knew or should have known they hadn't been properly served.
All in all, Cuomo's office believes 98,000 people in New York were probably denied their right to respond to a suit against them between January of 2007 and October of 2008. No one knows at this point in time what percentage of those cases were utterly bogus. There's the smell of a class-action suit in the air.
Problem is, that's the tip of the iceberg; one state over a period of just twenty-two months.
The Honorable Judge Roy Bean
Tuesday, March 17, 2009
Stefancik / Beringer scam loses on appeal
John Stefancik's "Wealth Without Boundaries" book and his multi-thousand dollar training program on how to get rich in private real estate mortgage notes have taken another, perhaps final blow.
The FTC charged him with deceptive trade practices and last year obtained an injunction as well as a fine of over $17M. Stefancik appealed and as of this month the 9th Circuit has upheld the ruling of the lower court.
Stefancik, using a sales organization out of Salt Lake City, convinced nearly 8,000 people to buy the book. Some number of those were sold the additional training materials and engaged in trying the program. The investigator found that the notes showed 153 customers had submitted deals to potential paper buyers. Out of that total, 68 had their deals rejected, 77 did not have conclusive comments regarding either acceptance or rejection, and only 8 customers had successfully completed a deal.
Like so many of these kinds of businesses, the chances of success for anyone but the promoter are slim.
The Honorable Judge Roy Bean
The FTC charged him with deceptive trade practices and last year obtained an injunction as well as a fine of over $17M. Stefancik appealed and as of this month the 9th Circuit has upheld the ruling of the lower court.
Stefancik, using a sales organization out of Salt Lake City, convinced nearly 8,000 people to buy the book. Some number of those were sold the additional training materials and engaged in trying the program. The investigator found that the notes showed 153 customers had submitted deals to potential paper buyers. Out of that total, 68 had their deals rejected, 77 did not have conclusive comments regarding either acceptance or rejection, and only 8 customers had successfully completed a deal.
Like so many of these kinds of businesses, the chances of success for anyone but the promoter are slim.
The Honorable Judge Roy Bean
Thursday, March 05, 2009
Jim Cramer just doesn't get it.
Jim Cramer has come out and complained about the way he’s being assailed by the Obama faithful for his telling the truth on live morning television (NBC) about the administration’s advancement of wealth destruction as a lever to advance the socialist agenda.
The problem is, Cramer is a major Democrat supporter – including financially (until recent contract limitations precluded any further donations). He admits to six figure contributions. He voted for Obama and admits that he wants most of what Obama is all about, just not while the stock market is in such bad shape.
You can’t have it both ways, Jim. At the risk of using a catch phrase, elections have consequences, and your political mindset is ludicrous given your alleged dogmatic support for stockholders and their financial well-being.
Jim, what part of socialism do you believe contributes to accumulation of wealth for individuals? And why, if you support the Obama agenda would anyone believe what you have to say about stocks – other than you predicted the earlier declines? Given the realization on the part of investors that Obama was going to be the next President, the declines were a no-brainer. And right after the election there was another collapse. Then come the stories about just how far into a managed economy the Democrats are willing to let Obama take us and here we all are. Knowledgeable wealth has fled the stock market and regular folks, the ones you so adamantly claim to want to protect, are facing the consequences of not getting out or being agile enough to get out in time.
Methinks you doth protest too much.
The Honorable Judge Roy Bean
The problem is, Cramer is a major Democrat supporter – including financially (until recent contract limitations precluded any further donations). He admits to six figure contributions. He voted for Obama and admits that he wants most of what Obama is all about, just not while the stock market is in such bad shape.
You can’t have it both ways, Jim. At the risk of using a catch phrase, elections have consequences, and your political mindset is ludicrous given your alleged dogmatic support for stockholders and their financial well-being.
Jim, what part of socialism do you believe contributes to accumulation of wealth for individuals? And why, if you support the Obama agenda would anyone believe what you have to say about stocks – other than you predicted the earlier declines? Given the realization on the part of investors that Obama was going to be the next President, the declines were a no-brainer. And right after the election there was another collapse. Then come the stories about just how far into a managed economy the Democrats are willing to let Obama take us and here we all are. Knowledgeable wealth has fled the stock market and regular folks, the ones you so adamantly claim to want to protect, are facing the consequences of not getting out or being agile enough to get out in time.
Methinks you doth protest too much.
The Honorable Judge Roy Bean
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