Originally posted by tobee43
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One of these crooked bankster games is slowly coming to light in St. Louis in the case of a golden boy of banking who is now being chased by multiple banks(See St. Louis Business Journal - keyword Shaun Hayes). It appears that the game was to set up asset-holding companies to buy up "foreclosed" property for pennies on the dollar. The schemers borrowed money from several St. Louis banks to make their purchases, but could not meet their payments when the banks called the notes.
To add to the schemes, the banksters and their foreclosure law firms apparently selected the most valuable properties for foreclosure when the most money had been loaned by the bankster's own bank, made false allegations and forced the developers into bankruptcy to keep them from being able to sue the bank, and used the banks' "at will" clauses to take the property. With the fraudclosure lawyer calling the shots, and the bank's money funding the law firm's every act, the schemers were able to prevent outsiders to make offers on the notes for a substantial period of time, then sell the notes to one of the insider-connected holding companies at next to nothing.
Once the holding company had the property, the fraudclosure lawyer's firm took over that company as its client and continued to pursue the total destruction of any and all parties who might have a way to get their money back. One of the scams they are now using is to nullify mechanics liens laws in the states where these actions took place. A recent circuit court decision where this occurred in Pittsburgh ruled for the subcontractors' mechanics lien rights in that state, but is now being appealed. In Missouri, and possibly in other states, these lawsuits are still in the courts. The results of these games if the fraudclosure lawyers win, will probably nullify mechanics' lien law and result in a real damper on private construction projects across the country.
BTW, the bank and its stockholders do not benefit from these schemes, and in fact end up losing a lot of money, taking a bath on the value of the property, spending a fortune in legal fees, and loss of stock value as the bank loses. The bank does pay the bills to cover up for the crooked banksters and fraudclosure lawyers lining their personal pockets.
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