What’s really going On?

. . .

Where Did The Crisis Start? It Started With JP Morgan Chase Creating Credit Default Swaps and Bill Clinton!

Written by John Wright

May 4th, 2012

I finally found some time to watch the Frontline special titled: “Global Economic Crisis — Money, Power and Wall Street.” It was pretty good too. It explained who, what, when, where, and why Credit Default Swaps were created. Basically Credit Default Swaps are a financial swap agreement that the seller of the CDS will compensate the buyer in the event of a loan default or other credit event. The buyer of the CDS makes a series of payments to the seller and, in exchange, receives a payoff if the loan defaults. This is what drove banks like Countrywide Home Loans to give loans to people for homes that people could not afford. This was because basically there would always be an investor interested in buying the loan if it was insured — because it meant they could not lose any money. Yet banks like Countrywide were basically committing an insurance scam. This is because they knew they were giving mortgages to people who could not afford them but did not care because they were interested in the insurance money. It was also why insurance giants like AIG would end up having to get a bailout when the bottom fell out of the housing market. This is because AIG did not have enough money on hand to pay out all these instant insurance claims all at once – and neither did any insurance company or bank for that matter.

Frontline goes on to explain that Credit Default Swaps were created by a few 20 something year olds from JP Morgan Chase at a retreat in Florida in Boca Raton at some hotel. They were trying to eliminate risk on these loans for the bank. That is when they came up with finding companies that would insure the loans. Frontline points out that the very first Credit Default Swap loan to be given was to Exxon because they needed money after the Exon Valdez oil spill. Yet the creators of the Credit Default Swap industry had no idea that the other banks would start using this process for home loans years down the line. That is why these young 20 something year old banking Credit Default Swap inventors much have felt much like Oppenheimer felt when he watched the world use his findings to create a weapon of massive destruction called the nuclear bomb — which incidentally — is not a bad comparison after you consider that Credit Default Swaps might be responsible for collapsing the entire world’s economy.

The Frontline piece goes on to explain that United States Treasury Secretary Paulson FORCED THE BANKS TO TAKE THE BAILOUT MONEY by threatening to have the regulators shut them down if they did not take it. This would be done in a way that Communist China might have been saying - “What’s the matter America? Free unregulated market Capitalism not working for you?” Either way, if our government was going to turn into a dictatorship that was planning on interfering with the everyday business of private companies — I only wish they would have done it before Credit Default Swaps were created. This is because the simple fact is that this crisis would have never happened if the regulators were not asleep at the wheel when Credit Default Swaps were being created and used for home loans.

Welcome to the American Nightmare — brought to you by the banks!

My name is John Wright AND I AM FIGHTING BACK!

All Rise! The Honorable Judge John Wright has left The Courtroom of Public Opinion!

.
Please donate if you can.

I need it more than ever right now.

President Clinton’s Tomorrow Is Our Today

Written by John Wright

So yesterday I posted something in my blog that sort of showed a time line of where the great mortgage crisis all started, in which I concluded that it was the Clinton administration that is to blame, but only after they repealed the Glass-Steagall Act. The Glass-Steagall Act was basically put in place to keep the banks from “improper banking activity”, or what was considered overzealous commercial bank involvement in the stock market. This was because it was this kind of activity that they believed was the main culprit of the financialcrash, which led to the great depression. However, President Bill Clinton would achieve removing that protection, by getting the Glass-Steagle Act repealed. This would of course allow the banks to begin selling our mortgages on Wall Street, but would not really take effect until the year 1999.

Look at the chart below to see how immediately the price of homes would start to go up, but only because the banks were now beginning to flood market with new homeowners. As you already know, less inventory of homes on the market will drive the price of homes up.

When President Bush took office, the subprime lending market was in its infancy, and most borrowers got conventional or “prime” loans. But within a few years, the subprime mortgage market exploded as commercial and investment banks competed fiercely to originate more and more home mortgages by dropping their lending standards lower and lower. Many mortgage lenders, such as Countrywide, laid the groundwork for the home foreclosure crisis by using misleading business practices to entice millions of home buyers into unaffordable adjustable-rate mortgages. The greed-driven explosion in subprime mortgage lending was accompanied by the growth of a massive market in risky new financial products that no one really understood. – original article

President Clinton’s decision to have theGlass-Steagall Act repealed might have been a decision that would end up hurting people, simply because that decision would end up sacrificing future Americans. Having the Glass-Steagle Act repealed could only serve the greedy intentions of the banks, but President Clinton might have had the Glass-Steagle Act repealed, just so he could go down in history for creating one of our nation’s largest economic boom times. However, it was a blueprint for disaster, because we already know that the Glass-Steagall Act was put in place, simply because it was activity like this that caused the great depression. It damn near almost caused it again, but the Bush administration would end up cleaning up Clintons mess, much like the Reagan administration would end up having to clean up President Carter’s mess. However, I am not so sure that President Reagan would have allowed our home mortgages to be sold to overseas countries, such as the Bush administration allowed. Nevertheless, let history show that President Clinton’s decision almost destroyed the United States of America, while President Bush made a decision that might have saved us from another great depression.

In closing, I remember that President Clinton’s theme song was “don’t stop thinking about tomorrow,” but his tomorrow would end up being our today. The simple fact is that we have not been able to stop thinking about his tomorrow, every since he was successful in getting the Glass-Steagall Act repealed.

The movie “Inside Job” describes accurately what caused the financial and mortgage crisis.

Inside Job yutubes: Click here

My name is John Wright AND I AM FIGHITNG BACK!

Comment by scrolling down to very bottom of page

We need your help.

If you liked today’s blog, please give piggybankblog a donation

The Government Is The Real Bank of America!

Written by John Wright

January 23rd, 2011 .

Comment on 01/22/11: “John you want to know why the president isn’t doing anything about the housing crisis. Have your followers goggle The Obama Deception. There they will find all the answers that we all have been searching for and the understanding of why our government is allowing the banks to screw over the American people. It’s a 2 hour documentary. After watching that it answered all of my questions. John you know who I am. And you know that I am a big supporter of Obama, but after watching this all I can say is that if we don’t get the people that are affiliated with the banks out of the White House we’re only at the beginning of the end and it’s only going to get worse.”

Listen, the reality is that every corporation has a President. With that being said, our President is nothing other than a CEO of a corporation called “The United States of America.” The owners of a corporation are called “share holders,” in which the owners of this company called “The United State of America” are the American people. Now, the President of a corporation must report to the share holders, which is exactly why the President of the United States is doing the “State of the Union” speech on Tuesday night. Don’t you get it? The United States of America is nothing other than a company that is going bankrupt and needs cash. What does a corporation do when it is about to go bankrupt? It barrows money from a bank. In this case, this company is called ” The United States of America,” and it barrows money from a PRIVATE BANK called The Federal Reserve. The FEDERAL RESERVE is a PRIVATE BANK, and is no more federal than Federal Express. It is important to mention that the Federal Reserve has never been audited, but might have been, if you voted for Ron Paul for President.

On Sunday, December 23, 1913, two days before Christmas, while most of Congress was on vacation, President Woodrow Wilson signed the Federal Reserve Act into law..

Wilson would later express profound regret over his tragic decision, stating:

“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world – no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.” -link

Nevertheless, he did sign it, so the real question is who owns the Federal Reserve? The answer is:

“The most powerful men in the United States were themselves answerable to another power, a foreign power, and a power which had been steadfastly seeking to extend its control over the young republic since its very inception. The power was the financial power of England, centered in the London Branch of the House of Rothschild. The fact was that in 1910, the United States was for all practical purposes being ruled from England, and so it is today.” - link

I was just going to say that the next best thing would be if the Queen of England was the biggest share holder, because then you would have to wonder who really won the revolutionary war? Maybe her picture should be on our money too (wink).

Abraham Lincoln worked valiantly to prevent the Rothschild’s attempts to involve themselves in financing the Civil War. John F. Kennedy and Abraham Lincoln had more in common than people realize, but On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Federal ReserveBank of its power to loan money to the United States Federal Government at interest. Five months later, On November 22, 1963, John F. Kennedy was killed. The rest is history.

What about Adolph Hitler? Well, he really was an evil man, but he was also their enemy, simply because he was taking Germany out of debt. This is why he would blame international bankers, which he had taken one step further and blamed on the Jews. For the record, that is not what I am saying (lol) One can never be too careful (lol). It was not the Jews that were dangerous, but maybe the international banking system itself, because actually the Jews would also be victims of it.

Now, if you were the owners of this Private Bank called the “Federal Reserve,” you might have great interest in keeping this company called the “United States of America” in debt. This is because the United States of America pays interest on these loans. Therefore, if you were the owner of this PRIVATE BANK called the FEDERAL RESERVE, you might use your private money to put your people in charge of this company called “The United States of America,” just so you could ensure that this company would continue to barrow money.

However, what if the tables had turned? What if this corporation called “The United States of America” actually decided to become the bank? What if the abused becomes the abuser? Well, then this bank called the “United States of America” would be loaning companies money, so it too could make interest off the money it loaned. What does this new bank called the USA do? It does exactly what the PRIVATE BANK called the FEDERAL RESERVE did, and seeks out companies that are in trouble and need a loan. This way it can loan money to them, while it collects interest on the money owed, but depends on other companies being in trouble. If nobody needs a loan, nobody really needs the banks, other than to keep their money in. However, this new bank called the “United States of America,” only depends on loaning money.

Now this is where it gets interesting, because do you remember what I suggested the Federal Reserve probably did to make sure that this company called “The United States of America” stayed in debt? I said the Federal Reserve might have had to make sure they put their people in office at this company, just so they can make sure that company called ” The United States of America” stays in debit. Just like the PRIVATE BANK called THE FEDERAL RESERVE, this new bank puts their people in the heads of these companies, just to make sure they stay in debt, so they can give them a loan with interest, which is called bailout money.

Who do you work for Brian Moynihan? I mean, who do you really work for?

Let me help you:

You just do what your told, don’t you Brian? Can you wiggle your pinky finger and tell us?

So the youtube on the left mentioned Treasury Secretary Paulson and Federal Reserve Chairman Ben Bernanke. Two studs in the pool, just causing trouble for poor Bank of Abusing America. Now what the hell was a PRIVATE BANK called THE FEDERAL RESERVE doing at this meeting (wink) ? Look at all those hands fly up in the classroom.

If you consider that this bank called “The United States of America” needed these companies to barrow money, such as Bank of Destroying America, you now understand why there is no strings attached when they get the bailout money. This is because the government wanted them to barrow the money, which also now explains why they wanted them to buy all those troubled banks. This is how they would justify barrowing the money, and is why Brian Moynihan said BofAs troubles started when they bought Countrywide. This why this new bank called “The United States of America” protects its customer too, as well as why the customer named Bank of Defrauding America might have a snug little smile on their face. In some aspects, the government acted like the mafia, and just told Bank of Destroying America to consider it protection money. This bank called “The United States of America” will not only protect their job from the regulators, but will actually protect them from the American people, who might sue them. Therefore, the banks really did not have a choice, because just like Ken Lewis said, the United States government would fire him and the board (A Private Bank). However, why does the government protect the banks? Well, there is a shit load of money to be made there momma! And there is gold in them there hills! Now currently, Bank of Defrauding America has to barrow another2.8 Billion dollars , which you can anticipate there will be very little limits put on it again. I think the words they use are “incentive to barrrow.” The other incentive is that Bank of Abusing America gets to keep some of the interest it made off of just having the money, which makes it nothing other than an expensive whore (wink).

So see China, you were not the only one used to win the economic war, but so were the American people themselves. Nevertheless, I agree in the sacrafice of the American people, while it being for the greater good. I am simply suggesting that China might think the same of their people, who are maiking shoes for 2 cents a day (wink). What do I think about our government doing this? Well, I do not really care, I just want my fricken loan modification (wink).

Ladies and Gentleman of the jury, I suggest to you that the mortgage crisis was created with the intent of loaning the piggy banks money, while also selling these bad loans to China and other investors as part of the economic war. Don’t you get it? The piggy banks had to be in trouble, just so the new Bank of America (The U.S. Govt) could loan them money. It did not matter who the President was, because HAMP still would have come one way or another.

What is the decision of the piggybankblog council?

I do not feel sorry for Bank of Defrauding America though. This is because someone in Washington knew they would take the bait, simply because it used their greed to trick them. My problem is not with my government, but my problems is with how Bank of Abusing America told me that I was approved for a loan modification, but simply never delivered the goods.

Wow, I am really having to go through extraordinary lengths to get my modification (wink).

Have a nice day

New World Order Youtubes

Federal Reserve Youtubes

My name is John Wright AND I AM FIGHITNG BACK!

Me George Bush, me play joke, me go pee, pee in their coke!

December 20th, 2010

Written by John Wright

Many of you have been wondering who is responsible for causing this crisis with HAMP. As you probably already know, the Congressional Oversight Panel blamed the Treasury department (The Govt.) for not policing, but ultimately blamed the Servicers, such as Bank of Betraying America for taking advantage of the crisis. This is because Bank of Betraying America potentially concluded that they were not paid enough by the government, so they decided that they disserved more money, and began foreclosing on Americans homes. However, this does not reveal the greater conspiracy that used Americans to facilitate winning an economic war against China. This is what I would like to talk to you about next.

To understand the bigger picture of what is really going on, you must understand that the age of the nuclear bomb is gone. The new war that countries fight is an economic war. You see, Ronald Reagan collapsed Communist Russia, by not dropping one nuclear bomb, but rather making them spend more money on building more nuclear weapons. This is why Ronald Reagan would attempt to bring peace, by not getting rid of nuclear bombs, but rather building more. You see, back then everyone wanted PEACE when it was a nuclear war, but in an economic war everyone wants PIECE. Ronald Reagan won the cold war with Russia based on this theory, because this company called Communist Russia went bankrupt. The minute Ronald Reagan announced “Star Wars,” Russia could not afford to compete, thus Ronald Reagan won the cold war for us. However, In retrospect, the United States could not afford it either, but this is why Ronald Reagan would fight this war on the backs of the American people, by taking money from government supported programs, such social security. This made him very unpopular with the Democrats, who at the time did not know why he was doing it. Nevertheless, it made him the President who was responsible for bringing down Communist Russia. Considering that I am right that Reagan used this kind of thinking, might make more sense when you realize that Ronald Reagan majored in economics. This is why it might also make sense to vote in a President who is an economist, instead of an attorney (wink). However, at that time they warned President Reagan that he was causing a deficit, but Reagan figured that it was the next Presidents problem, because there was a bigger threat called Communist Russia. This s where the “spend now and worry later” blueprint would really start. In fact, President Reagan is what I like to refer to as the “Visa and Master Card President,” because that is when all of you preppies were receiving credit cards in the mail. This would make Americans spend money, while helping the American economy and making President Reagan look good for re-election. You all remember that right? That was when President Ronald Reagan’s campaign slogan became “Are you happier than you were before, ” or something like that. Nevertheless, it worked, and he was re-elected. However, the real question was “Were you still happy when you received the bill?” This is because now it put Americans deeper in debt.

Now, President Bush would use the same “Spend now and worry about it later” policy, while he would end up saying that he knew nothing about economics, which might equal to nothing else other than Ronald Reagan saying that he knew nothing about the Iran Contras (lol). This is because it is called “official denial,” which means it might be his way of making sure that he is not blamed for the current housing crisis that he might have created to win the economic war with China. Either way, President Bush would willingly admitted that he was leaning upon former Treasury Secretary Paulson and former Chairman of the Federal Reserve Ben Bernanke for how to deal with things concerning the economy. President Bush would have to fight this economic war with China on many fronts. One them would be in Iraq because there is a shit load of oil there mamma! This is also important when you consider that Saudi Arabia is running out of oil. Not to worry though, we had set up a guy there name Saddam Hussein to make sure that his country would sign oil contracts with us in the future. That is until he decided to think that America needed him so badly, that we would allow him to invade Kuwait. He was terribly wrong, but this now tells you why he began blowing up oil wells, as way to try and make America stop taking over his country.

Now you can imagine how Iran and China sat there smiling at that one another over this problem the United States was having with Iraq. They understood that the United States had set themselves up as the winning economic power in the end with Iraq, but it seemed that the United States was having problems now. This is when China reasoned with itself that they had an opportunity to stop America from winning the economic war, by putting stress on the oil market. They would do this by purchasing oil from Saudi Arabia. They were not building their military because they thought their military could beat the United States of America, but they were building their military because it would require oil.

Simultaneously, Iran would keep sending insurgencies into Iraq, while hoping that it made the new government too unstable to sign those oil contracts, while getting in the way of making America the dominant economic force in the world. If you remember, the Iranian President smiled, while he said that America should not worry about him building nuclear bombs, but maybe should worry more about how Iran could help them with our current economic crisis (smerk). It would add up to nothing more than extortion, but this really pissed off the Bush administration, because they could not allow Iran to have a nuclear bomb in the middle east. This is because Israel would never allow it, and possibly start world war three, which also gets in the way of America being the dominant economic force in the world. Iran knew that the American government was afraid of this scenario, so they began to say the holocaust never happened, which was equivalent to Saddam Hussein sending missals to Israel, during the Persian Gulf war.

All this was designed to get the United States out Iraq, but do you think China and Iran were friends during this time? You bet! An enemy of my enemy is our friend! Needless to say, President Bush was more stubborn than they realized, because he would not get out of Iraq. In fact, he would win the economic war with China, because the oil companies were able to finally sign those oil contracts. This is because new Iraq government was now stable enough to sign them. If you wondering when this happened, all you have to do is remember back to when your gas prices went down. For some reason, China also stopped building so much stuff in their military. Why? Well, this is because President Bush won the economic war on that front. However, President Bush had another trick up his sleeve.

China had been buying Americas debt at the time of the Iraq war. In fact, some say they even bought those Fannie and Freddie loans. Now, I have heard some of you worry about this fact, but the truth is that if you were to buy my debt right now, I am not sure you should consider yourself winning (lol). Anyway, it is my feeling that the Bush administration had timed the collapse of the American housing market, just in time for the Chinese to be holding the bag. So in the end, George Bush might be saying to China “Me not Chinese, me play joke, me go pee, pee in your coke! How?

Basically, China was the one left holding that exploding bomb in the end of the movie. It was nothing other than a game of musical chairs, but China was left standing when the music stopped playing.

China was so pissed off that they started testing rockets that would hit our satellites, which were part of the United States of America’s Star Wars program. There was only one problem. They missed! However, it was no mistake that soon after the American government announced that we have a satellite in orbit that was spinning out of control towards the earth, so we would need to knock it down with a rocket, in which we did. What was the message to China? The message is clear, and is that United States actually hits our target (wink). His name was President George Bush AND HE WAS FIGHTING BACK!

Now I theorized in the above that the Bush administration collapsed the American housing market on purpose, as a way to win the economic war with China. To achieve winning the economic war with China, the Bush administration would need a middle guy to create a bridge between the United States government and the bank. Who does choose to do this? Former Secretary Hank Paulson and former Federal Reserve chairman Ben Bernanke. Considering that Paulson used to be the CEO of Goldman Sachs, which incidentally benefited from the subprime crisis and then got a bailout, this would make him a perfect candidate for this position. This would now explain to you why there is this funny business involving Paulson (the government) telling former Bank of Defrauding America (Private Bank) CEO Ken Lewis, that he would be fired, unless he used Bank of Betraying America to purchase Merrill Lynch:

Right about now, some of you are wondering if it was right for the American government to use you and your homes as ponds to win this economic war with China, but I assure you that your homes would mean nothing to you, if China was the leading economic power in the world. Not to worry though, because the Federal Government also had a plan to help Americans keep their homes. This plan was called HAMP. Where would the government get the money to help fund HAMP? Well, they would not only use the money that they made off of all those investors they sold those bad loans too, but they would use the very same banks that they used to cause the crisis, by giving them a bailout that they did not need. In return, the bank and the government could both make interest, but the bank would have to agree to help homeowners. Which incidentally, didn’t any of you wonder why Bank of Betraying America was given a 45 Billion dollar bailout, when they actually did not lose a dime? Remember, they made money on it, while they sold those loans to the Fannie and Freddie (The Govt.) Either way, the banks knew that bailing out the American homeowner was part of the deal. After all, Bank of Betraying America must have been grateful to the American government, as well as show their patriotism, right? Wrong! You see, Bank of Betraying America figured out that they could potentially betray the American government, while they made more money foreclosing on American homes. Apparently, the billions they made were not enough. It is never enough! Unfortunately, the American government might find out that China was not the only economic threat, but also a bank in America that bares its name.

With all that being said, I think we are the United States of America, who won against Hitler, brought down communist Russia and won the economic war with China. Now who the hell do you think you are Bank of Betraying America? The American people will not rest until the ones responsible are prosecuted and LOCKED UP!

I am an American first and foremost, so I am willing to lose my home, if my government needed it to win the economic war with China, but I am not willing to lose my home to Bank of Betraying America’s potentially irregular, fraudulent and simply abusive greed, while they betray my country.

Ladies and Gentleman of the jury, I just presented to you my version of HAMPGATE, brought to you by BANK OF BETRAYING AMERICA! Does the committee find Bank of Betraying America guilty or not guilty of the charges outlined?

My name is John Wright AND I AM FIGHTING BACK!

__________________________________________________________________________

HAMP Is The Biggest Bait And Switch Scam In U.S. History! BofA Might Be Just An Evil Puppet.

By John Wright

What’s Really Going on?

“The bottom line is Freddie & Fannie are the Godfathers of the HAMP program and the mortgage industry.”

September 11, 2010-Think of Fannie & Freddie as the wicked witch from the Wizard of Oz. Bank of Abusing America is more like one of the evil monkeys the wicked witch dispatched to do her evil bidding. This is the story I would like to tell you about, but instead of following the yellow brick road, we are just going to follow the money. Oh how deep the rabbit hole goes!

For those of you who do not know who Fannie Mae & Freddie Mac is, they are the Federal National Mortgage Association (FNMA) (OTCBB: FNMA), commonly known as Fannie Mae, was set up as a stockholder-owned corporation chartered by Congress in 1968 as agovernment-sponsored enterprise (GSE), but founded in 1938 during the Great Depression. In retrospect, they are the government, but here are some other facts who Fannie Mae and Freddie Mac are about:

GSE means Freddie Mac, Fannie Mae
Hamp program was designed by Freddie, Fannie, and Treasury
This info on this link is from Freddie, Fannie, to the banks.
Freddie, Fannie was taken over by Gov. Sept. 2008 ( Freddie, Fannie means Government)
It says repeatedly that Hamp is for Non-GSE loans or documents say it is not for full recourse loans, which is just about all of them.
GSE loans, I think are 90-95% of mortgage loans.
That means only 5-10% can be modified under HAMP. (Hence all the problems)
In most cases, your bank that you think owns your loan, is actually a Servicer and they send the money on to GSE,s (gov.)who actually own the loan.
HAMP program I believe was a scam, to help them foreclose on GSE loans while you were in a trial period for a Mod. that you were never eligible for in the first place, because it was a GSE loan or a full recourse loan. What an easy way to foreclose while you are in the house and paying them money. GSE’s have total control of the HAMP program, not the banks, the banks are getting their arms twisted by the GSE’s (Gov.) to do exactly what the are told.
The few that do get modified are actually owned (very few) by the banks them-self.

Now that you have this info, Here is the link, you should find most of your answers here. Remember this link is for the SERVICIERS (Banks) not us.

https://www.hmpadmin.com/portal/prog…/servicer.html

So maybe President Ronald Reagan’s words ring true when he said: “The nine most terrifying words in the English language are: ‘I’m from the government and I’m here to help.” Basically, it was when the government decided to get involved that it all started to go wrong. The whole story sounds like nothing short of the government injecting itself into the private sector to influence the market. Who is ultimately responsible for the mortgage crisis? The government! The government created an environment with security back loans that would cause feeding frenzy among the piggy banks. The Real-estate business has always been like a game of musical chairs, but this time when the music stopped playing, the fat piggy banks were already sitting down.

The following information was based on facts that I received in an email:

From recent article: Fannie Mae and Freddie Mac took over a foreclosed home roughly every 90 seconds during the first three months of the year. They owned 163,828 houses at the end of March, a virtual city with more houses than Seattle. The mortgage finance companies, created by Congress to help Americans buy homes, have become two of the nation’s largest landlords.

This will show the Journey through HAMP HELL and that approx. 95% of the loans were not eligible in the first place due to tricky wording. Yes, this is the Big American Bait and Switch orchestrated byFannie & Freddie and using or tax money to do it! All Americans, African Americans, Whites, and Hispanics are all being deceived and defrauded once they enter the HAMP program.

Just a few of the key points are: Edward Pinto pointed out in a recent hearing that Fannie, Freddie and Genie Mae own, guarantee or control 95% of loans in U.S. right now. That leaves only 5% for the private banks own or control. Is this a coincidence that approx. 95% of modifications are being turned down?

Key timeline:

Aug. 2008- Fannie & Freddie restructure its attorney foreclosure process

Sept. 2008- Fannie & Freddie taken over (receivership) by Gov.

Oct. 2008- TARP approved

Nov. 2008- TARP changed, found different way to recover Toxic assets (HAMP)

Dec. 2008- Streamline Mod. Program started, had been in the works for little while and would have worked to help homeowners and preserve home values.

Jan. 2009- Streamline Mod. program replaced with HAMP

Feb. 2009- HAMP announced- foreclosures have skyrocketed ever since.
Key documents:

PSA agreements (Servicing Agreements)

Servicing Announcements (lots of these almost weekly)

Servicer Participation Agreements (For HAMP program)

Fannie Mae-August 6th 2008 New Foreclosure & Bankruptcy Attorney Network (this shows how Fannie are in total control of foreclosures, not the banks) excerpts from document below:

Diversification of Retained Attorneys: In order to limit risks arising from the concentration of the legal work relating to Fannie Mae’s delinquent loans in a single law firm in a jurisdiction, Fannie Mae urges servicers to diversify their referrals of Fannie Mae matters among two or more law firms in each jurisdiction. Fannie Mae will monitor the concentration of its legal work and reserves the right to suspend the referral of new cases to attorneys (or to reassign previously referred cases) in order to regulate concentration, capacity, performance, or for other reasons.

A little more from same document:In most cases, the retained attorney will also represent the servicer (and may have signed a separate engagement letter with the servicer). Fannie Mae’s engagement letter with the attorneywill provide that in the event a conflict of interest arises during the course of representing both the servicer and Fannie Mae, the attorney must notify both the servicer and Fannie Mae of the conflict, and Fannie Mae and the servicer will work together to resolve the conflict.

Provisions Applicable to All Fannie Mae Foreclosure and Bankruptcy Referrals

Key words in all documents: Read wording carefully, don’t assume

Non-GSE loans

GSE loans

Eligible loans

Ineligible loans

MBS (Mortgage Backed security pools) this is the main reason for HAMP design.

Portfolio loans

Deference between HAMP & HARP

Full recourse loans are Ineligible

This agreement does not apply to GSE loans

HAMP Trial period paper work homeowners are signing also have a few tricks in there. Clause inserted that takes away the MERS defense (they were having problems with that before they designed HAMP to take care of it) Also wording that I believe turns a loan that was non-recourse into a full recourse loan. Pretty handy papers they are having homeowners sign. HAMP was NOT designed for very many permanent modifications.

Net present value they supposedly use to qualify homeowners is just a distraction, a smoke screen ask most accountants or bankers, it is complicated to understand on purpose to keep you distracted. The real question is the LOAN (not the person) eligible for HAMP. They know this on the first day you call them.

I have given you a small percentage of the information, there is much more.

The bottom line is Freddie & Fannie are the Godfathers of the HAMP program and the mortgage industry. Try this, Google Fannie Mae Lawsuit and see how many HOMEOWNER MORTGAGE lawsuits there are or class action lawsuits against Fannie. I found one discrimination lawsuit, yet they own the vast majority of home loans, some say now 95%. If you Google any other big bank you find many lawsuits and they only privately own a very, small amount of mortgage loans compared to Fannie & Freddie, how can that be? Because Fannie & Freddie have all their Servicers (banks) sign an indemnification like this:

Indemnification: Servicer shall indemnify, hold harmless, and pay for the defense of Fannie Mae, the Treasury and Freddie Mac, and their respective officers, directors, employees, agents and affiliates against all claims, liabilities, costs, damages, judgments, suits, actions, losses and expenses, including reasonable attorneys’ fees and costs of suit, arising out of or resulting from: (a) Servicer’s breach of Section 5 (Representations, Warranties and Covenants) of this Financial Instrument; (b) Servicer’snegligence, willful misconduct or failure to perform its obligations under the Agreement; or (c) any injuries to persons (including death) or damages to property caused by the negligent or willful acts or omissions of Servicer or its contractors. Servicer shall not settle any suit or claim regarding any of the foregoing without Fannie Mae’s prior written consent if such settlement would be adverse to Fannie Mae’s interest, or the interests of the Treasury or Freddie Mac. Servicer agrees to pay or reimburse all costs that may be incurred by Fannie Mae and Freddie Mac in enforcing this indemnity, including attorneys’ fees.

This one is from the SERVICER PARTICIPATION AGREEMENT for HAMP and the banks have to follow this or be sued by Fannie and Freddie, so they have to protect them from lawsuits.

The banks are the henchman and they take the heat, collect the money and send it in while Fannie and Freddie set back unabated by lawsuits regarding their fraudulent actions.

Last minute note, just out today, Whistleblower at Fannie Mae files lawsuit regarding HAMP Program.http://www.publicintegrity.org/articles/entry/2305/

COMPLAINT FOR DECLARATORY, INJUNCTIVE, AND MONETARY RELIEF AND JURY DEMAND

Police investigating death of Freddie Mac official

Preliminary Statement

1. Plaintiff, Caroline Herron, files this action against her former employer, Fannie Mae, Fannie Mae officials, for terminating her because she raised criticisms about how Fannie Mae was (1) implementing its role to assist the Department of the Treasury (“Treasury”) in modifications of home mortgage loans, (2) engaging in a gross waste of public funds, and (3) violating its contract with Treasury. If Fannie Mae is considered a private employer, Ms. Herronhas claims for wrongful termination in violation of public policy and tortuous interference with prospectivebusinessadvantage. If, in the alternative, Fannie Mae is considered to be a government employer, Ms. Herron has a claim regarding the violation of her constitutional rights under the First Amendment.

Article written Dec. 17, 2008before HAMP showing that it would not work for Modifications before it was even announced and it was all about MBSs and PSAs. (Mandatory Retained and http://foreclosuredefensenationwide.com/?p=82http://foreclosuredefensenationwide.com/?p=82Servicer-Retained Referrals)

Jason Warner Commented on Article:“Great article. In nearly all cases, banks try to play themselves out to be lenders or servicers. In actuality, the real lender is – you mentioned their names in your article – Fannie Mae or Freddie Mac. Pursuant to UCC, they are also the enforcers of the notes in due course, but they try to use “servicers” as an excuse to make them the enforcers, but the reality is that this game and all the real decision-making is coming from Fannie Mae and Freddie Mac.

Fannie and Freddie must be brought into foreclosure lawsuits. You need to compel the Court to compel Fannie or Freddie (whoever owns the note) to be in the lawsuit as well per discovery in their production of the note. The back of the note will have their name in bold letters and an endorsement by one of their agents. Then, a Pooling and Servicing Agreement, upon production in discovery, will show that lender’s real relationship with the alleged servicer, which of course would result in significant damages for the homeowner.”

_________________________________

Who do we blame? Bank of America, or America The Bank?

Written by John Wright

“As the sand runs through the hour glass, so do the days of our HAMGATE lives.”

Tuesday, September 21st, 2010- I wrote in a previous article that: “HAMPGATE is like a puzzle, but they have hidden the pieces all over, in hopes that we would never find them all and put them together.” Considering this fact, one of the pieces of HAMPGATE might exist within the timeline itself.

The Federal Reserve-January 2009: According to a Mortgage News Daily Article,the Federal Reserve (a private company) would start buying Fannie & Freddie and Ginnie MBSs, in January 2009. According to another press release in the Mortgage News Daily, it would cost 1.25 Trillion dollars. In another press release, it stated that right after Fannie & Freddie were taken over, the United States Treasury announced the same day that it would start buying MBS (our homeloans) from the Federal Reserve. Did you hear that? ON THE SAME DAY!

There are two things that everyone must remember and understand:

MBS means: Mortgage-Backed-Securities. The security part is the investment that is backed up by our mortgages.
Freddie/ Fannie: Owns 90-95% of all mortgages, while being under the name of MBS.

So the Banks do not own our loans, but are just the Servicer of the loans. You can look at it as if Freddie & Fannie (The Govt.) contracted a servicing company (Bank of America) to service all the loans they bought from them. Out of 100 loans, the bank might actually only own 5-10 of the loans. Since Bank of America no longer owns the majority of the loans, they also have no authority over them. The only authority they have is what the owner Fannie & Freddie (The Govt.) gives them. Now that we understand who the boss is, the Servicer (The Banks) is told by Fannie & Freddie (The Govt.) to send out a HAMP offer to all the people who might qualify. Even though the Servicer (The Banks) know that they have not received the guidelines from Fannie & Freddie (The Govt.), they do what their boss told them to do. After all, they do not own the loans anymore, but just service them. Therefore, the servicer must do what the owner Fannie & Freddie (The Govt.) tells them to do, or the servicer is in breach of contract. This is when a problem starts for the servicer(The Banks), because they started to receive responses from all those HAMP offers they sent out, but they havenot received the guidelines from Fannie& Freddie (The Govt.) What might they decided to do? They will just tell everyone that they never received the paperwork, while hoping they would receive from Fannie & Freddie (The Govt.) what they need to process the people through HAMP. At first the servicer (The Banks) might have thought that it was not their problem because they are just the servicer of the loans. No pun intended, but they must have been laughing all the way to the bank when they got those bailouts. This is because they did not lose any money, but actually made money by selling those bad loans, which their greed played a part in starting the mortgage crisis. The piggy banks did not care about the fact that they were sticking the American people with the bill. That was until they read in their contract with Fannie & Freddie (The Govt.)that the servicer (The Banks) were responsible for any legal action brought against Fannie & Freddie (The Govt.). Checkmate!

The banks should not worry though, because I am sure that Fannie & Freddie (The Govt.) will give them a solution around election time, but what about all those people who lost their homes during the “black hole” time? That would be just as bad as waiting until an election to bring the troops home from Iraq. Incidentally, I heard the other week that we are bringing the troops home from Iraq. It might just be a coincidence that it is during an election time, but you might have thought I was a psychic for telling everyone in January that they would do it during the elections. Either way, you will not think it is a coincidence if they all the sudden have a solution in October for HAMPGATE.

UPDATE ON OCTOBER 7TH 2010

Headlines read:

BofA Halts ALL U.S Foreclosures

President Obama today blocked legislation that critics say could have made it more difficult for homeowners to challenge foreclosure proceedings against them.

I told you that I was a psychic!

Considering the above, you should be asking why was the Federal Reserve was buying our homeloans? A better question than that is why did our government (The Treasury) would buy our homesloansfrom the Federal Reserve? Who owned our homeloansduring the fake modification process? Either way, we can be pretty confident that it was not the banks, while being totally confident that the Federal Reserve, Treasury and Fannie/Freddie know the answer. Even if you do know who owns your loan today, you might not know tomorrow. This is because they are now trying to get all those loans out from out underneath Fannie & Freddie (The Govt.), so now the question becomes who owns it tomorrow? God please bless America, please tell me that it is not some company in China that owns 95% of the home in America. Regardless of what we do not know, we do know that this whole thing revolves around MBS, Fannie/Freddie and the U.S. Treasury.

TREASURY SENIOR PREFERRED STOCK PURCHASE AGREEMENT- Fannie Mae and Freddie Mac debt and mortgage backed securities outstanding today amount to about $5 trillion, and are held by central banks and investors around the world. Investors have purchasedsecurities of these government sponsored enterprises in part because the ambiguities in their Congressional charters created a perception of government backing. These ambiguities fostered enormous growthin GSE debt outstanding, and the breadth of these holdings pose a systemic risk to our financial system, because the U.S. government created these ambiguities. – read press release

Now some of you might be confused about who you should bring a lawsuit against. Especially since you do not know who owns your loan. The funny thing is that Bank of America keeps telling you that your loan depends on what the “investors” say, but the reality is that they might not even know who owns your loan. I think there should be a law that stipulates that they have to tell us who the “investors” are, before they can threaten us with foreclosure. At any rate, this is why it is questionable if they have the right to even foreclose on you in the first place. I for my part, will sue the servicer, Bank of America. This is because their names were on the offer that was sent to me. They can sue Fannie & Freddie (The Govt.), if they want to. Oh that’s right, their contract with Fannie & Freddie (The Govt.) said they can’t sue them. Sucks to be them, but I have this question for them: “How does it feel Bank of Abusing America? I mean, how does it feel to be potentially tricked by the small print in the contract?” Bank of America will then point out to me that I signed in the original loan documents that I understood and agreed that Bank of America did not have to modify my loan during the any consideration of a modification. It is true though, you have all signed the original loan documents that stated that you agreed that Bank of America can refuse you a loan modification for any reason. The other thing they will tell the judge is that there is simply no contract in place, therefore you can not sue them for breach of contract. In my situation, the Judge agreed with the bank that they did not have modify my loan. However, he agreed with that there might be basis for my lawsuit in regards to the damages. What does that mean? Well, they may have the right to own the car, but they do not have the right to run me over with it, while causing damages.

In the end, you will have to ask yourselves who you blame. Considering that Fannie & Freddie (The Govt.) owns 95% of the homeloans in America, you might have to explain to your grandchildren someday that the United States Of America foreclosed on your home. However, who do YOU BLAME? Bank of America, or do you blame America The Bank?

My name is John Wright and I AM FIGHTING BACK!

______________________________________________________________________________________________________

On 12/19/10 a blogger wrote: “In addition to the two states suing BofA for fraud, BofA has a serious issue with the legitimacy of their foreclosures on most all Countrywide originated mortgages. 96% of the mortgages Countrywide closed were sold as mortgage backed securities on Wall Street. However, Countrywide never delivered the notes to the Trust which means that the securities issued were not technically or legally mortgage backed. Investors in those securities have potential legal claims. When BofA purchased Countrywide the notes that were supposed to have been used to back the securities sold by Wall Street once again remained in Countrywide’s possession. Therefore, BofA is still foreclosing on properties that they do not technically and legally own. This is going to come back to haunt hedge funds and individual investors who think that they are getting a great deal.”

On 09/21/10 Barbara Rose commented: “Thanks, John. Now I know why they keep saying the investor hasn’t approved the short sale yet. Heck, that’s all of us ………we are the owners of the debt so when do you think they will let us begin approving loan modifications and short sales? Quit laughing.- Barbara Rose”