Simply put, things are spinning out of the Fed's control. The Fed has been transferring the wealth of the nation to the banking cartel and the financial Power Elite for three long years, and the fraud at the heart of their claim to be "stimulating" the real economy is now in plain view.
-Charles Hugh Smith
Earlier this month, a law in Utah went into effect that gives homeowners incentives to sue if foreclosures are illegal. Today, news out of the Salt Lake state bode very ominous for the fraudclosure gangstas at Bank of America:
Attorney General Mark Shurtleff has sent a letter to Bank of America President Brian Moynihan saying his office intends to enforce a Utah foreclosure law it believes the bank is violating.
The letter is the latest salvo between the Utah Attorney General’s Office and the bank over thousands of home foreclosures being carried out in Utah by ReconTrust, a unit of the Charlotte, N.C.,-based, bank.
Under Utah law, only attorneys who are members of the Utah State Bar or title companies registered to do business in the state can legally carry out foreclosure proceedings.
But California-based ReconTrust has been foreclosing on thousands of Utah homes under its own name.
-Salt Lake Tribune
It is true that BofA is claiming that Federal law allows them to fraudclose on homes in any state, but apparently, Shurtleff ain’t feeling that. In his letter to BofA, he pointed out that federal law can not contravene state or local law. Fortunately, he isn’t alone in that sentiment.
The move to crack down on ReconTrust comes as federal officials and attorneys general in all 50 states are scrutinizing how the largest mortgage servicers, including Bank of America, handle home loans and conduct foreclosures. New York Attorney General Eric Schneiderman is investigating banks’ mortgage securitizations, and California Attorney General Kamala Harris has announced a mortgage fraud task force.
So even though Eric Holder and the DoJ are sitting on their hands with regards to corporate crime, at least his counterparts at the state level are up to the task. Even Kamala Harris out here in California has more balls than Holder and the entire Justice Dept.
While it is still true that this might all just be posturing by people with political aspirations, the fact is, fraudclosures are in the news. In a good way.
Things are spinning out of control. Trends are beyond the feeble grasp of central financial authorities. Power is based not just on controlling events in the real world but on the perception of having some control over the real world. Once the central banks' control over large-scale trends and systems is revealed as illusory, then the unraveling of the Status Quo's powers will gain momentum.
-Charles Hugh Smith