There is No Systemic Mortgage Fraud and We Have the Proof

Econintersect:  It appears that the existence of mortgage fraud is a myth perpetrated by a few firebrand internet types called bloggers.  Econintersect has found irrefutable proof of this massive hoax perpetrated by a few reprobates who probably should be pursued for fraud, slander and debasement of commerce, the banking system and country.  On Friday morning (8 June 2012) a panel was convened by David Dayen to discuss foreclosure fraud at the Netroots Nation 2012 conference in Providence, RI.  The panel was comprised of Neil Barofsky, Lynn Szymoniak and Malcolm Chu.  The title of the session:  Foreclosure Fraud: How the Banks Broke the Housing Market and How We are Fighting Back.  It is because of this session that Econintersect has developed its proof that there is no fraud.

We have done a Google search (at 1:30 pm New York time, Sunday 10 June 2012) for the three names:  Lynn Szymoniak, Malcolm Chu,  Neil Barofsky in a group, with the commas and in that order.

The first page contained listings for eleven blogs with crazy names like FireDogLake, emptywheel, stopforeclosurefraud and Occupy Boston.  No reputable news sources were there.  (The screen shot for the top search response entries is shown below, click on display for larger image.)

On the second page nine more of the same, but Huffington Post was found near the bottom of the page.  We mention that for those who might think HP is a reputable news source.

On the third page there were eleven more listings with another Huffington Post article, next to last.

The fourth page had two hits for TV Guide, but opening them found nothing obviously related to the conference.  There were eight more of these crazy sounding blogs on this page.

For pages 5-7 there were 27 more entries but no “reputable” news sources such as The New York Times, Washington Post or Wall Street Journal.  The only news outlet found in the 67 listings from Google was the Huffington Post, and some may consider that an electronic media Johnny-Come-Lately.  These results came more than 48 hours after the panel discussion ended.  Obviously there was no news from this panel.

For those who wonder if it was lack of credentials of the panelists, here are brief resumes:

• Lynn Szymoniak has appeared on 60 Minutes (2011) and is a well-known mortgage fraud whistleblower.  She received an $18 million payment as her share of a settlement obtained by the justice department from major banks in settlement of charges of robo-signing abuses.  (Editor’s note: Aren’t whistleblowers simply opportunists?)

• Malcolm Chu is a community organizer from Springfield, MA who has been a leader locally and nationally in mobilizing tenants, homeowners and former homeowners to protect their rights in foreclosure proceedings and to end foreclosure abuse practices.  (Editor’s note: Okay, he’s a community organizer and that is a very suspicious activity.  How could it ever produce a national leader?)

• Neil Barofsky is a Senior Fellow at the NYU Law Center and an adjunct professor at NYU Law School.  Here is an excerpt from Wikipedia:

Barofsky, “[a] life-long Democrat who donated money to the Obama campaign,”^[2] was nominated for the job of overseeing the TARP by President George W. Bush on November 14, 2008^[3] and was confirmed by the United States Senate on December 8, 2008, after confirmation was delayed by an anonymous Republican Senator.^[4]

(Editor’s note: A life-long Democrat and Obama contributor?  Credibility shot!  At least one Republican senator was aware of how dangerous he was and had the courage to stand up anonymously.)

So Econintersect’s case is made. QED!! The main stream media has ignored this panel discussion by “experts.”  This is proof there is obviously no systemic mortgage fraud crisis, at least not as far as lenders are concerned.  It is all a hoax perpetrated by people with a special agenda.  The absence of coverage by those who “matter” is damning evidence of this fraudulent attempt to deflect attention from the millions of homeowners who forced the banks to issue them mortgages they couldn’t afford on real estate which was over-priced.

Disclaimer: This “news” article is a lame attempt by Econintersect to emulate the style of another publication we read quite often, The Onion.

John Lounsbury

Sources:

• Netroots Nation (Wikipedia)

• Netroots Nation website

• Whistleblower facing foreclosure wins $18 million (60 Minutes Overtime Staff, CBS, 14 March 2012)

• Wikipedia entry for Neil Barofsky