Foreclosuregate

[Joanne98]

For OpEdNews: Richard Clark - Writer

Here's an abridgment of the first part of a new article by Ellen Brown writing at http://www.truth-out.org:

Wall Street banks are voluntarily suspending foreclosure proceedings in 23 states.

It would appear that the voluntary suspension of foreclosures is underway to review simple, careless, procedural errors -- errors which the conscientious banks are hastening to correct.

However, those errors go far deeper than mere sloppiness; they are concealing a massive fraud. They cannot be corrected with legitimate paperwork, and that was the reason the servicers had to hire "foreclosure mills" to fabricate the documents in the first place. These errors involve perjury and forgery -- fabricating documents that never existed and swearing to the accuracy of "facts" that were fiction.

Karl Denninger at MarketTicker is calling it "Foreclosuregate." Diana Ollick of CNBC calls it "the RoboSigning Scandal." On Monday, Ollick reported rumors that the government is planning a 90-day foreclosure moratorium to deal with the problem.

http://www.opednews.com/articles/Foreclosuregate-by-Richard-Clark-101008-685.html