International Bank Activities Reform Commission Adds GMAC to Pending Suit Alleging Trillions of $ in Fraud

The International Bank Activities Reform Commission, (IBARC) being funded by the world's first trillionaire whose net worth now exceeds four quadrillion dollars making him the world's first quadrillionaire, has added General Motors Acceptance Corporation aka GMAC as a defendant in IBARC's $500 Trillion lawsuit against the global banking industry's mortgage operations which encompasses all Mortgage Backed Securities (MBS) and publicly traded real estate secured operations. IBARC alleges that the entire real estate and mortgage industry is a sham with corrupt government support at all levels of every nation that participates in the MBS market. Gabor Sandor Acs, head of IBARC said, "You cannot draw an imaginary line, call it a legal property line, then sell "Deeds to Real Property", then mortgage those deeds, then convert them into securities, trading them on the global financial markets electronically like thousands of other currencies, without looking clearly at what it is - fiat money created out of thin air via the creation of a promissory note secured by an imaginary line in the sand." IBARC's lawsuit was started before the last "dip" in the mortgage markets, and information released publicly at the time by the Washington State Chapter of IBARC known as WABARC preceded the collapse of Washington Mutual by 18 months. The California Chapter of IBARC, CABARC, exposed the faulty and corrupt loan files underwritten by Countrywide, Merrill Lynch, and Indie Mac, two years before the general public became aware of the extent of the fraud that still threatens to collapse world financial markets unless reform is conducted in a globally coordinated fashion. The $500 Trillion lawsuit also names Fannie Mae, Freddie Mac, Wells Fargo, Citigroup, Berkshire Hathaway, Goldman Sachs, Bank of America, and tens of thousands of other commercial banks around the planet whom are alleged to have engaged in a massive Ponzi Scheme involving the sale and transfer of more than $500 trillion dollars worth of phony, fraudulent and fake securities whose prices have been monopolized by the Defendants. The Federal Reserve has been encouraged by IBARC to prosecute individual bankers and to force these too big to manage financial institutions into receivership and eventual liquidation which has caused stock prices in smaller community banks to rise over the past five years. On July 26, 2013 the Federal Reserve Board released an amendment to an enforcement action against GMAC Mortgage requiring approximately $230 million in cash payments to mortgage borrowers. This is like giving pennies to a person who has been defrauded int0 the millions. The amendment is similar to those announced in early 2013 between 13 mortgage servicing companies and the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board. Like the other institutions, GMAC Mortgage was subject to an enforcement action for deficient practices in mortgage loan servicing and foreclosure processing. The issues of Mortgage Loan Processing and Underwriting using false and misleading data leading to mortgage securities fraud by more than 1 million people in the real estate industry between 1967 through 2007 is not even being addressed by the Federal Reserve, thus they too have been named as a Major Defendant in the $500 Trillion Class Action Lawsuit which is being funded by the world's first quadrillionaire, Gabor Sandor Acs, a Hungarian whose father was born a Jew, whose mother turned him into a Protestant who later escaped communism in 1956, and whose father was a Nazi Air Force Mechanic directly under Hitler, assisting with the British Blitzkrieg and the Air Raids over London during World War II. More than 232,000 borrowers whose homes were in any stage of foreclosure in 2009 and 2010 with GMAC Mortgage will receive cash compensation under the amendment. That is less than ten thousand dollars per borrower, hardly enough to pay the closing costs on a new home. Information about payments to borrowers whose mortgages were serviced by GMAC Mortgage will be announced in the near future. The bankruptcy court that is overseeing the bankruptcy proceedings involving GMAC Mortgage approved GMAC Mortgage's entry into the amended enforcement action last week. As a result of this amendment, the independent foreclosure reviews will conclude for GMAC Mortgage borrowers. Previously, the OCC and the Federal Reserve entered into amendments with Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo. With the addition of GMAC Mortgage, approximately 4.4 million borrowers will receive a total of more than $3.8 billion in cash compensation while an additional $5.8 billion will be provided by the servicers in commitments for loss-mitigation assistance, such as loan modifications and forgiveness of deficiency judgments. The case does not address issues of persons who bought properties which were foreclosed on and whether such people's titles will be clouded in the future for having "overpaid" for properties which were falsely bid up due to almost infinite supplies of low interest mortgage money. The $230 million to be paid by GMAC Mortgage includes $32 million that will satisfy GMAC Mortgage's obligation to provide loss-mitigation assistance. GMAC Mortgage will satisfy its requirement for loss-mitigation assistance with direct borrower payments because it no longer owns a significant residential mortgaging portfolio. As is the case with the previous amendments, borrowers whose mortgages were serviced by GMAC Mortgage who accept a payment will not be prevented from taking any action related to their foreclosure. Borrowers who feel they were not adequately compensated can still add their names to the $500 Trillion Class Action which seeks to gradually wind down all the guilty corporate too big to manage banking parties, revoke their banking license's and liquidate their assets. Washington Mutual liquidated their $300 billion in assets for approximately one third of a penny on the dollar and remains in business as a bank holding company with huge tax loss carry forwards under current IRS Rules. Servicers are not permitted to ask borrowers to sign a waiver of any legal claims they may have against their servicer in connection with accepting these payments. In addition, the servicer's internal complaint process will remain available to borrowers. More than 50 million homes are still under water technically while Realtors and Brokers involved directly or indirectly in the money industry related to real estate continue to build the never-ending Ponzi scheme called mortgage banking. Federal Reserve examiners continue to closely monitor the servicers' implementation of plans required by the enforcement actions previously issued against the servicers to correct the unsafe and unsound mortgage servicing and foreclosure practices. Borrowers with all 14 servicers can call 1-888-952-9105 to update their contact information, verify that they are covered by the agreement, or to ask further questions.