HSBC Bank USA fined $10,000 in home seizure - Business - The Buffalo News

 

An outspoken State Supreme Court justice in Brooklyn known for taking on banks and throwing out foreclosures has fined HSBC Bank USA $10,000 for “frivolous conduct” in trying to seize a home without proper paperwork.

Justice Arthur M. Schack sanctioned the U. S. subsidiary of London-based HSBC Holdings Plc last week, citing the bank’s “waste of judicial resources” in continuing a foreclosure action “with all of its defects.”

HSBC Bank USA fined $10,000 in home seizure - Business - The Buffalo News

Arizona foreclosure filings up in November

We told you - it was not stopped, despite what you hear on the news there are way more coming down the pike. We have nationwide about 10 million at risk of foreclosure. Legal issues have not helped homeowners who were victims of false filings and there are still NO CONVICTIONS of CEO's who allowed this to happen under their watch.

Arizona foreclosure filings up in November: "The number of filings climbed 3.7 percent from November 2010. It’s the first year-over-year increase in 13 months.

Arizona kept its spot as the state with the third-highest rate of foreclosure activity in the nation. One of every 256 Arizona properties had a foreclosure-related filing last month.

Banks are starting to get back into the foreclosure game in earnest after a yearlong series of delays caused by paperwork foul-ups that led to legal issues, Blomquist said.

“We’re coming out of this artificial trough of lower foreclosure activity that we’ve seen over the past year,” Blomquist said. “To be honest, it’s not surprising that Arizona is one of the first states to come out of that, because the foreclosure processing delays have impacted Arizona less than other states.”"

'via Blog this'

Alan Grayson: A $200K Mortgage for $2 a Month

Alan’s recent article excerpts:

If you do that math, you'll see that when the Fed gave Citigroup the money for a $200,000 mortgage, at 0.01 percent, Citigroup had to pay less than $2 each month for that money. Citigroup then lent that money to you -- if it deigned to lend you anything -- for maybe $1,000 a month, maybe more.

and

Citigroup fell into such a deep hole that it had to borrow a "term-adjusted" $58,000,000,000 from the Fed, according to Page 132 of the GAO's audit report.

And what would you get from the Fed, if you fell into a deep hole? Nothing. Nada. Zilch. Zip. Diddly-squat. Zero.

You wouldn't get jack

If you lose your home, you can sleep in your car. If you lose your car, you can sleep under a bridge. Unless, of course, you're a Wall Street banker.

Alan Grayson: A $200K Mortgage for $2 a Month

NOTE: Thank you ex-Congressman Alan Grayson. WE knew the bailouts were bad, but the way you broke this down has literally blown my mind. In addition to the havoc wrecked and monies spent to fix up the decay brought on by the recession and by banks fraud. We now have to live live with the knowledge that we really blew it.  OUR lack of PEOPLE running the government. the timidity of people stepping up to the plate to blow the whistle, of not holding leaders accountable, our weakness in not suing bankers and throwing corrupt judges in jail – has ruined our country in a way that may not be fixable. During the depression some threw bricks at officials when they came to evict. Today we are politically correct and leave our homes so as not to cause trouble. Likntry e weak little mice we have allowed our political leaders and BANKS to lead people further into enslavement of debt.

We have failed to address corruption out of fear. Oh it is popular to support the jailing of Maddoff but generally we don’t demand blood for fraud.  We ARE the government (supposedly) and the dollar hole is just too large to fathom. How can a bank borrow so much money, with the FRAUD that they wee participating in?  Forgive me, I need more coffee to handle reading about this in the morning light. Can someone send me 58 BILLION to cover the coffee costs needed to grapple with this information????