A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from October 14, 2010
Fraudclosure (fraud + foreclosure)

"Fraudclosure” (fraud + foreclosure) became a popular term in October 2010, when it was discovered that many banks starting the foreclosure process were doing so using fraudulent or incomplete documents. The name “foreclosure-gate” was also used.

The term “fraudclosure” has been cited in print since at least November 2008 and February 2010. A blog titled “Fraudclosure—Foreclosure and Fraud” began in May 2010.


Livinglies - Garfield Continuum
GOOD QUESTION ON WHO DO YOU OWE MONEY TO
Posted on November 23, 2008 by Neil Garfield
(...)
The presence of insurance, credit default swaps, bailouts from the U.S. Treasury and Federal reserve indicate that the only party who could possibly claim to be holder in due course has been paid in part or in full and yet they continue to foreclose on property — hence the term “Fraudclosure.”

Foreclosure Hamlet
We must file Civil Suits against these Gangster Law mills and the Bankster’s behind it all.
Posted by Luigie on February 19, 2010 at 6:00am
I have been in foreclosure since Jan.30,2008 when I rec. my Summons. . I was really ignorant of the foreclosure process and I answered the summons without any punching power . I knew I had a Mortgage Loan to Pay , but it didn’t occur to me why the lender foreclosing was another Banker .I just thought ..well these Banks sell to each other .. So I offered to pay the loan with a Reverse Mortgage .. That was my first and worst mistake I’ve made . The Plaintiff ran ahead ,by never answering , but did a Rocket Docket ...Final Summary judgement not bothering to give me notice of that Hearing . I was a no go because I wasn’t served notice . Court papers with the stamp and date seen on the documents ..revealed that the Plaintiff had requested only [ 5 ] Five minutes for the Judgment hearing. It’s 5 minutes to hear my answer in front of the Judge .or more likely the Plaintiff were sure I would not be present....The sleazy Florida Default “ Law “ Group fooled me ,fooled the Judge, and used the system for their enrichment. They were given my house and it was set it up for sale .

I filed Bankruptcy to stop the sale and to gain time to find legal help. I filed Motion To Vacate in Feb. 2009 and its been a long session of Bull , because the Judge would not see the real issues . A few days ago the Supreme Court and the Appeal decision interpreted the issue in my favor…

In these two years I’ve learned of this process of “ fraudclosure “ by reading Fl.Statutes and UCC and too many to detail here .

Fraudclosure—Foreclosure and Fraud
Banking fraud, Foreclosure Title Search, Qualified Written Request QWR,
Thursday, May 27, 2010
Impact of Tax Lien Foreclosure on the NY Mortgage Foreclosure Process (First blog post—ed.)

Zero Hedge
Fraud Exclusive – President Obama Falls Victim to Chase Robo-Signer
Submitted by 4closureFraud on 10/10/2010 23:24 -0500
(...)
(COMMENTS)
by Tyler Durden
on Mon, 10/11/2010 - 00:27
So the next question is just to what extent are the notaries public coopted by MERS in on the scam, and whether or not there is even one honest person who conducted their notary duties honestly during Fraudclosure.

Business Insider
4 Reasons Why Foreclosure-Gate Will Only Be BAD For Home Prices
Joe Weisenthal | Oct. 11, 2010, 11:51 AM
(...)
COMMENTS
charlottemom on Oct 11, 1:12 PM said:
Fraudclosure SHOULD make buyers nervous! (It’s made mortgage insurers positively terror-stricken because they will need to pay out if cannot guarantee clean title.and they can’t.) Anyone with a mortgage should review their contract. Do you know if you have a clean title (was your mortgage bundled and sold in tranches by banks?)?

I think govt knows a good deal of mortgages it guaranteed under freddie/fannie are tainted… why else have ity deliberately not audited its mortgage books.

Housing market will continue to drop—regardless of foreclosure-gate. This scandal is being supply as reason for upcoming downturn… a la Bailout’s unemployment armageddeon threat and subprime containment promise. How’d that turn out.

Liberal Eye
Fraudclosure and the American way
12 October 2010
The BBC has belatedly noticed that there is a problem with the foreclosure business in the US as I reported in my last post, but entirely fails to convey just how very big and very bad the problem is.

Zero Hedge
Buffett’s Pet Bank Joins The Fraudclosure Circus:
Wells Caught Lying About Affidavit Practices After Clerk Admits She RoboSigned

Submitted by Tyler Durden on 10/13/2010 18:42 -0500
The last bank, and arguably the one that has the most to lose, Wells Fargo, which up until now has fervently denied it engaged in robosigning and thus refused to halt foreclosures, has just been caught red-handed by the FT. In a sworn deposition, which will certainly lead to a foreclosure halt by Warren Buffett’s pet bank, and confirmation that WFC was merely lying like everyone else on Wall Street, the Financial Times has obtained legal documents that prove Wells was merely one of many. Per the FT: “Legal documents obtained by the Financial Times suggest that Wells Fargo, the second-largest US mortgage servicer, also used a “robo signer”. Unlike its rivals, Wells Fargo has not halted foreclosures.

Larry Levin’s Trading Advantage
Fraudclosure and Liars
Posted in October 14, 2010 ¬ 11:14
The latest housing debacle, now known as “Fraudclosure,” keeps growing and growing. Until this evening the hypocritical Charlie Munger and Warren Buffett, of Berkshire Hathaway fame, have denied any involvement in the Fraudclosure problems via their major ownership of Wells Fargo. Apparently, that is an in-your-face lie! Since our friends at ZeroHedge nailed this development, I have posted it below for your perusal.

Posted by Barry Popik
New York CityBanking/Finance/Insurance • (0) Comments • Thursday, October 14, 2010 • Permalink