In today's pages: Reagan Republicans, the FBI and predatory lenders
The editorial board wonders what happened to the Reagan Republicans it loved (err, OK, maybe "admired in principle" would be closer to the truth) in Sacramento:
There was a time, not too long ago, when the state's GOP lawmakers would engage with Democrats to craft sustainable spending plans that helped the state pay its bills without simply pushing its problems onto future generations. But as Republicans veer toward endangered-species status in the Capitol, in terms of raw numbers, those who remain appear to have rebranded themselves. The prior insistence on fiscal conservatism has been replaced by a willingness to accept fiscal chaos -- as long as taxes never go up.
Click here to post your angry comments while the steam is still pouring out of your ears. Elsewhere in the stack, the board urges state legislators and Gov. Arnold Schwarzenegger (who on fiscal issues does a pretty good imitation of a Reagan Republican) to support a compromise version of a bill to bar predatory lending practices. And it finds a silver lining for democracy in Pakistan amid the chaos likely to ensue now that Pervez Musharraf has stepped down as president.
Over on the op-ed page, columnist Tim Rutten urges the FBI to dispel the rumor and innuendo swirling around City Attorney (and occasional Times op-ed scribe) Rocky Delgadillo, whose wife reportedly has caught the bureau's interest. The editors compare 40-year-old snapshots that photographer Marketa Luskacova took during the Soviet invasion of her native Czechoslovakia with images from this month's Russian drubbing of Georgia. And author Andrew Meier, a former Moscow correspondent for Time magazine, defends the indefensible proposition of inviting Russia into the NATO fold. Who was it that said he wanted to keep his friends close and his enemies closer? Here's a snippet from Meier, on Russia's need for a group hug:
The end of the U.S.S.R. opened an era of unprecedented promise. But while Russians openly yearned for closer ties, the West only pushed back -- expanding NATO into former Warsaw Pact countries and former Soviet states.
Photo of Russian tanks rolling through Czechoslovakia Georgia by Marco Longari, AFP/Getty Images
re: Prolonged Lack of Mortgage Oversight, Lenders' Foreclosure and IRS Frauds
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Foreclosures are bonanzas for PREDATORY LENDERS because, among other things, these kinds of foreclosures enable UNLAWFUL PROPERTY FLIPPING, and enables Investors to be misled concerning housing market profits. FRAUDULENT foreclosures causes scores of people to unlawfully lose ownership of the properties, the IRS to be cheated, and abets Securities fraud. ((Irrefutable proof of two sample lenders / mortgage companies which fits this scenario are Freddie Mac and Wells Fargo.)
In fact, Congress needs to seek the whereabouts of perhaps billions of dollars and massive amounts of real estate that winds up in the collector attorneys' possession -as well as examine the scores of attorney bankruptcy court frauds. Despite many probes into factors of the mortgage crisis, there has been almost no investigation of the most lethal mortgage mess component: foreclosure attorneys debt collection abuses and judicial collusion.
Such attorneys deliberately file foreclosures naming defunct mortgage companies, or companies which no longer hold the notes; or affix collectors' fees exceeding "Acceleration Clauses." If homeowners sue for "Unfair Debt Collection Practices," collectors make more $$ through protracted litigations. Additionally, some collectors file in Bankruptcy Court falsified motions to "Lift Stay" pleadings for purposes of accomplishing SIMULATED AUCTIONS of real estate properties.
A rational look at overall results from use of debt collectors shows that neither agencies which hire them, nor the people from whom debts are collected are better off. Even the IRS's debt collection program wrought only $31 million of its projected $185 million. "IRS Tax Advocate Renews Criticism of Private Collectors" http://money.cnn.com/news/newsfeeds/articles/djf500/200803131508DOWJONESDJONLINE000968_FORTUNE5.htm
Furthermore, because in States like Louisiana, mortgage companies like Wells Fargo and Freddie Mac greatly benefit from fraudulent foreclosures, ANY representation about $$$ billion dollar losses because of people defaulting on mortgages SHOULD BE WEIGHED against what these mortgage companies pay in legal expenses to law firms which outmaneuver -and even persecute people who file court proceedings in opposition to fraudulent foreclosures and repossessions. Moreover, Freddie Mac's real estate racketeering was not only blatant, several years ago, former legislator, Rep. Richard Baker, R-La., said of Freddie Mac as "entering ENRON territory" for which there was reason to "be gravely concerned." See: http://www.cbsnews.com/stories/2003/06/09/national/main557688.shtml
Glaring proof of deliberate foreclosure fraud, and Securities fraud becomes clear when falsified IRS form 1099's become filed by lenders like Wells Fargo Bank, NA. For such reasons, the FEDS and Congress needs to investigate --and property owners need to be WARNED about mortgage lenders' practice of filing falsified IRS tax form 1099-A's or 1099-C's. Following is an excerpt about 1099 fraud, as well as a LINK to my entire actual statement posted at:
http://www.lawgrace.org/2008/08/08/my-august-8-2008-statement-to-the-louisiana-secretary-of-state-office-of-financial-institutions-concerning-wells-fargo-irs-and-mortgage-frauds-sham-foreclosures-and-judicial-collusion-and-national-app/
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. . .As your records show, GE Capital Mortgage Services, Inc., became defunct in year 2002 when it merged into GE Mortgage Services, LLC, its "successor." Therefore, it is impossible for foreclosure auction to have LAWFULLY been carried out in year 2005 on behalf of the non-existent GE Capital Mortgage Services, Inc. Also, it is NOT POSSIBLE in year 2005 for Wells Fargo to continue being the "mortgage servicer" for non-existent GE Capital Mortgage Services. Furthermore, if my property was (impossibly) ACQUIRED by GE Capital on May 19, 2005, there is NO LAWFUL REASON for the IRS form 1099-A to exhibit Wells Fargo's name.
Overwhelming evidence demonstrates that, using defunct GE Capital's identity, debt collector attorney Herschel A**** fraudulently seized and acquired more than $80,000 when he flipped my property. Also, contrary to the form 1099-A, the Fair Market Value was not $12,000.
A lot of displaced foreclosed former property owners will one day discover a 1099-A or a 1099-C in their names for which the IRS wants answers. If that 1099 is replete with false information, there could be severe tax effects and a lot of needless untangling to be burdened with.
Law & Grace, Inc
www.lawgrace.org
Posted by: Barbara Ann Jackson | September 09, 2008 at 10:15 PM