Homeowners Justice                                    Holding on to Home


Plan for Justice & Accountability - Financial Institutions
Because this proposal is for justice on the mortgage issue we are hosting it here.  Please read it carefully and sign the suggested petitions.  

Bernie Sanders has proposed a bill to be passed by Congress addressing the problem of the wrongful behavior exhibited by banks and Wall Street on the issue of securitized mortgages and the resulting foreclosure disasters. The bill is titled, ‘‘Too Big To Fail, Too Big To Exist Act’’. 

We really respect the sentiments Bernie expressed. However, we think ensuring by the financial industry are the priority. This includes both homeowners and taxpayers. We have, therefore, laid out an alternative and will be asking Bernie to sign on now and immediately take action when he is elected in November.  

The EcoAlert Plan for Corporate Accountability 
Or, how to make these entities smaller by providing restitution to their victims. 

Because the loans on our homes were converted into anonymous, securitized notes to be hawked by Wall Street financial institutions all ordinary Americans suffered losses from which we are still trying to recover. MERS and other substantial changes in how loans are handled have continued to cause problems for all of us. It was wrong. Congress acknowledged this, passing legislation intended which failed to prosecute these entities but was intended to keep people in their homes. It did not happen. Banks and financial institutions sucked in the bailout money but kept taking homes, providing a semblence with no substance.  

This should never have happened and, clearly, many entities were involved and cooperated in bringing this about.  

All of the individuals were legal professionals, financial specialists, and bankers who are well educated and understood the ramifications of their actions. They demonized homeowners as irresponsible spend-thrifts and continued to profit from their crimes.  

Here is how the scheme started.

First, the planners, which included the Bank of New York, an old and respected institution, who underwrote the scheme, needed to get approval from the Securities and Exchange Commission (SEC).  

The justification for getting this past the SEC was carried out by another old and prestigious institution, a law firm in New York, Cadwalader, Wickersham & Taft (CWT).

This process began in 1993 and was the focus of hundreds of those working at CWT for over a year. Their job, shrouded in great mystery and secrecy, was referred to as the Excel Mortgage Project. Litigation was not involved. In fact, most of the firm were working on just this one project, urged on by the firm's partners who wanted to keep every penny of the enormous retainer already paid.  

CWT was assigned the work for the “Structured Finance Department.” It was they who prepared the registration statement of Excel Mortgage, the first of this form of securitized financial instruments. The Bank of New York was underwriting the project. These were described by one of the most senior associates, now firm Chairman, Christopher White to a young associate who had asked, “Who will own the interests in these notes once they are securitized?” White grinned boyishly from ear-to-ear and responded, “we will, because everyone will have to pay us to tell them.” Did White see a stream of income to CWT pouring into their coffers forever? Perhaps he did.  

CWT was focused on getting every billable hour possible, not on the legality, from what this same associate at the firm during this process told us. This was done by accepting any hours billed and having attorneys spending time affixing labels to folders.  

It was a very hush, hush operation. No attorney or other employee was permitted to take anything home. This was assured by searching employees as they left.

Read, “The Foreclosure Meltdown was Planned - A Whistle blower Speaks Out,” it is long but worth the time.  

Here is one section of the article for you to ponder. 

“Issuing and selling securities, debt or equity, takes place when a company, or group of people who have control over assets they planned to use to make money, or with which they were already doing something generally profitable, or wanted to raise new capital and/or liquidate their ownership and interests in an ongoing and successful venture.

This did not come close to describing what Bank of New York had underwritten for Cadwalader to prepare for Excel Mortgage.

This SEC Registration Statement gave birth to new type of “debt-equity-derivative debt instrument” which had none of the elements or characteristics of a traditional enterprise at all. It was PAPER MADE FROM PAPER, SECURED BY PAPER.

Indeed, the Excel Mortgage Bond, which was soon to be popped onto the market with an SEC certification of Federal conformity was a creation of the lawyers, by the lawyers, for the lawyers.”

Knowing how this happened explains why we need to take action which ensure this will never happen again. Never, never never.  

Also, make sure you see, “The Big Short” Brad Pitt wanted it made to help inform Americans. Be informed and entertained simultaneously, then consider this.  

 When a home buyer signed the loan document three notes for that amount were created immediately. These were assembled into those securitized financial instruments CWT justified to the SEC, which Wall Street began selling.  

The customers who bought those 'securities' were also conned. All American taxpayers were forced to assume costs which benefited the guilty banks and financial entities. This includes, but is not limited to, paying for the bailout.  

The banks have admitted over and over again to breaking the law. They broke it originally, with the help of CWT, when they began making loans intended to default, and then after the bail outs, for which all Americans paid. This was like providing subsidies to Al Capone so he could continue operating.  

Remember, these same institutions were told to help homeowners keep their homes when they receive the bailouts from American Taxpayers. Were you helped if you lost your home after the bailouts? No, you weren't.  

The banks profited enormously. So did Wall Street. Those 'loans' were were also guaranteed by the Federal Reserve – which means we, American Taxpayers, are still paying for them. Some estimate that ten times the amount loaned had been collected already before you finally lost your home.  

Shouldn't people, the real people who planned this and profited, be held accountable? Shouldn't the entities who carried out this scheme stand trial in their own persons and not be allowed to crouch behind a corporate shield?  

We think so.  

Congress needs to rescind the bail outs and demand the funds be returned. Granting these was a real mistake.  

Then, the matter must be heard in court. These institutions will not prevail.  

Now, about restitution. 

Our solution is for the banks to pay for new homes for those they defrauded and compensate all taxpayers with a one time payment equal to the amount in taxes they paid in 2008. 

The homes provided would be different than the ones lost. Americans are angry and ready to see justice done. There is a reckoning on the way. We all want the punishment to fit the crime.  

So the banks and other entities must pay, but the work must be done by honest American businesses familiar with the technologies mandated. Using the funds paid out by the banks and other entities we will be able to rebuild America.  

Homeowners will sign up on line and send their papers, proving their loss. Taxpayers will start accounts as well, sending in their tax bill. Both Homeowners and taxpayers will receive a House Account. Homeowners and be able to design their new house online using the template provided. Then, they sign up for locations they want, available in their area. These will belong to them and it will also be possible for them to sell or exchange them with no tax accruing.  

Taxpayers will receive their one time payment online by Paypal, to their bank or as a check to the address they supply.  

Lots of jobs will be created along with new industries which will use only sustainable technologies.  

These homes will demonstrate how different our world can be and deliver justice for the victims of the Ponzi scheme while providing something of real, lasting value. These materials last. No more maintenance or homes that begin falling apart in three years. Heating and cooling will cost very little. The home will not burn or be impacted by flooding. Designs for areas subject to earthquakes, hurricaines, and tornados and floods will ensure optimum safety. Built from new, sustainable materials they will last for generations.  

Since the guilty institutions will pay for these there will be no taxpayer cost. This will provide enough capital to begin a new, green economy. Homeowners and taxpayers will also have the option of signing up for job training using these new technologies, if they like.  

Americans will experience what sustainable really means. And every one of these homes will be off the grid for electricity moving us a long way in the right direction.  

Since building all these homes will cost less than the bank took from Americans the guilty parties will not be bankrupt. And they will be left with a huge inventory of homes which have been steadily deteriorating. But no plan is perfect, is it?  

You can bet the only candidates who commit will also sign on to MovetoAmend.org, ending corporate personhood. Take a moment to visit their site and sign their petition.  

To speed up the process ask your preferred candidate for president to place this first on the priority list and commit to carrying out the plan if elected president. Ask your candidate to start the process on the day they are inaugurated. Send a letter to your Senators and your Congressman requesting they become co-sponsors.  

And support our Presidential Forum, to take place in Santa Barbara before the June Primary.  

And may your new home bring you and your family security, prosperity, and joy.