Thursday, March 15, 2012

North Carolina's (Guilford County's!) Jeff Thigpen Sues Four Banks and MERS For Fraud As David Stockman Tells Bill Moyers That There Is No More Free-Market Capitalism, Only Crony Capitalism Left (And It's A Nation Killer)


From the no-longer illustrious (but Murdoch-generated, so there's that) Wall Street Journal:

North Carolina County Sues Bank of America, Wells Fargo, Citi, JPMorganChase, and MERS Over Robo-Signing

A North Carolina county on Tuesday sued four of the nation's largest banks and a private mortgage registration system over forged and falsified loan documents state official said have hurt property values and upended their own efforts at tracking records.

The lawsuit filed in a North Carolina court for Guilford County Register of Deeds Jeff Thigpen, names units of Bank of America Corp. (BAC), J.P. Morgan Chase & Co. (JPM), Wells Fargo & Co. (WFC) and Citigroup Inc. (C), and MERSCorp., which owns the Mortgage Electronic Registration Systems. It also names mortgage processing and analytics firm Lender Processing Services.

Thigpen's lawsuit alleging robo-signing, or the filing of mortgage documents signed without proper review, comes just a day after the four named banks and Ally Financial Inc. agreed with state attorneys general to a landmark $25 billion settlement of similar foreclosure abuses.

The banks neither admitted or denied guilt in the attorney general settlement, which doesn't protect them from certain other litigation. Thigpen said he wants the banks and MERS to "clean up the mess" they made and increase the transparency of the private registry that has resulted in fraudulent mortgage filings

And guess who's burning up Bill Moyers' ears (and his old (and I do mean old) Rethug friends as well as his new admirers)?

It's that boy wonder, David Stockman (again!). He just can't keep the outing of "crony capitalism" (his new book is entitled that) to himself anymore, and the disappearance of Democracy in the USA under that floodtide of money. He wants a new Constitutional amendment passed pronto to stop any corporate donations from being able to be used to fund political campaigns. He thinks a $100 limit might accomplish this goal.

Ha! Please listen to the whole video (only 30 minutes long, and it may be the best 30 minutes of straight talk you'll ever hear), friends. I guarantee you that if enough people do, the people at the bottom of the wealth pyramid, who are still being hurt by this "crony" phenomenon that has been allowed to enrich those at the top even more since the financial catastrophe of 2008, will take action.

No question about it.

Please read an excellent detailed report of this current rip-off here.

And disseminate it to all your friends!

I know I am to mine.


montag said...

Every county or registry should be doing the same. It is the only way they will recoup some part of their losses.

Suzan said...

Rightyo, M.

I've been saying the same thing for years now, and I can't help but be proud of my home county in NC for leading the way.

You cannot keep those Thigpens down on the farm when they perceive mistreatment of their fellow citizens!

Love ya,