The credit crisis was PLANNED by the Bush administration, Congress and the Regulators

[This is a DRAFT for a comprehensive page about the issues with many LINKS to the DOCUMENTATION for my allegations.]

Congress gave the FTC the MANDATE to enforce the Fair Credit Reporting Act (”FCRA”) and the Fair Debt Collection Act (”FDCPA”).

The FCRA requires credit bureaus to maintain reasonable procedures to ensure that only persons with a permissible purpose have access to consumer credit reports.

The FCRA requires credit bureaus to investigate consumer disputes and to implement reasonable procedures to ensure maximum accuracy of credit reports.

The FDCPA requires that collectors notify consumers of their rights and it prohibits many collection practices.

The FTC STOPPED investigating consumer complaints.

In the 90s, the FTC would attempt to resolve EACH consumer complaint, they contacted the companies about EACH complaint and often successfully assisted consumers.

The FTC also stopped issuing the very helpful opinion letters shortly after Bush became president. In the 90s, companies or attorneys could send questions to the FTC about the legality of certain procedures or whatever issues and the FTC would publish their opinion. 

I submitted several complaints about credit reporting to the FTC from 2001 to 2003, but their responses were limited to some reference number with totally MORONIC brochures, giving HORRIBLE advice. 

The FTC never recommends that consumers SUE the credit bureaus and it instead advises consumers to submit those up to 100-word statements when factual disputes with credit bureaus didn’t get results. 

The FTC does NOT disclose to consumers that just about NO creditor will read those statements (because they don’t see the credit reports, only a magical score number) and that the FICO scores will IGNORE those statements.

It’s all lies and deception. 

It’s so incredibly OBVIOUS that the regulators are PROTECTING the industry.

The regulators are so openly corrupt.  The occasional token investigation is an INSULT to any person with an IQ above room temperature.  Yet, I don’t see anyone else being outraged.

The FTC failed to comply with its mandate to enforce consumer protection laws. 

The FTC merely COLLECTS and FILES consumer complaints.  It FAILS to investigate consumer complaints and it limits enforcement action to the occasional investigation of a collector. 

The FTC decided that it is more important to stimulate the economy by allowing criminals to engage in illegal marketing, totally false advertising and allowing thugs to purchase consumer credit reports than to enforce the FCRA.

I am not aware of a SINGLE enforcement action by the FTC to prevent the sale of credit reports to persons without permissible purpose or ANY action against credit bureaus in the 21st century.

In 2006, credit bureau Experian even filed my entire UNREDACTED credit reports on PACER (internet) for download by anyone for 8 cents/page and federal judge Broomfield (Phoenix) REFUSED to remove my credit reports from public access until I DISMISSED all my claims — in exchange for NOTHING but removal of my credit reports.

I believe that Experian sells credit report data to companies who sell data on the web to anyone for a fee (I matched the addresses available for me with the Experian credit report addresses) and it sells credit reports to DEBT CONSOLIDATION companies for marketing.

According to the FCRA, credit data can be sold to companies who will make firm offers of credit, provided that the consumer did not opt out to receive such offers.  Debt consolidation is NOT a firm offer of credit.  They don’t offer ANY credit.  However, the regulators PROTECT the credit counseling and debt consolidation companies because they funnel many millions of dollars from suffering and abused consumers to banks.

In 2003, CONGRESS took away the consumers’ right to sue for these violations with the industry sponsored FACT ACT. 

Only REGULATORS can sue and they obviously are not doing anything.

In fact, LowerMyBills.com (Experian owned) CONTINUES its totally illegal mortgage advertising all over the web as of 11/08.

The credit bureaus are taking measures to ensure maximum INACCURACY of credit reports.

Trans Union, Equifax and Experian all routinely REFUSE to correct even the most obvious incorrect data, such as a current balance LOWER than the amount reported as “most amount.”

This type of incorrect reporting can seriously lower the FICO scores required for just about ALL mortgages.

FICO scores are based on INCORRECT credit data and BUGGY software.

Fair Isaac excelled in its quest to artificially lower the FICO scores by CREATING late payments that are NOT on the credit reports. 

I have documented many credit scoring bugs and I submitted my comments to the regulators.   

The credit crisis was PLANNED by the Bush administration, Congress, the FTC, the FRB, the OCC and even STATE regulators.

They CONSPIRED to ensure that many MILLIONS of consumers would apply for mortgages they could not repay, to ensure that the bankers could maximize their profits.

The credit crisis would never have been possible if they hadn’t ALL worked TOGETHER to ensure the housing bubble.

I sold my house near San Francisco in late 1998 and I wondered how long it would take until we would enter a recession.  Instead, even 9/11 caused only a minor slowdown.  And I just couldn’t believe how housing prices escalated. 

Consumers continually refinanced and got cash out to pay off their credit cards and to buy more crap they didn’t need and couldn’t afford.

Consumers kept spending BORROWED money, secured by mortgages based on absurd housing values.  It did NOT matter to regulators how many millions of people would lose their homes and how many thousands would die because they could no longer repay their mortgages.

I filed my complaints about illegal mortgage marketing and false advertising with Arizona and California regulators in 2004 and 2005. 

I had long given up on federal regulators, but I was shocked to have the state regulators REFUSE to investigate my complaints.

My blog posting:

8/26/05: Housing sales slowing down - house-poor Californians - mortgage fraud rampant

The “option” mortgage described in this post is probably the “1% loan” I was approved for after another Dana Capital associated criminal got my credit report in 3/07:

Exhibit 18) Trinity junk fax and Mutual Benefit loan approval at 1%

I really hope that no reader actually believes that there ever was a 1% mortgage.

Notably, federal judge Teilborg finds nothing wrong with the fact that I notified the credit bureaus in 2005 of the illegal access to credit reports through the Dana Capital (now bankrupt) and that the credit bureaus did NOTHING to investigate and they did NOT terminate Dana Capital’s access to credit reports.

In 2004, the California Department of Real Estate IGNORED my complaint about Dana Capital.

Companies like FDRS (Federal Debt Relief System) steal the consumers’ money with impunity. They give NOTHING to the creditors.  The FTC couldn’t care less.

The GOVERNMENT and the COURTS are GUILTY. 

If I wasn’t opposed to the death penalty, I’d call for the legislators, regulators and judges to be tried and executed for treason.

But they won’t even get jail time.  They won’t be tried.

Nothing will change.

Consumer complaints will CONTINUE to be ignored.    

If you believe that Obama is NOT owned by the industry and especially the bankers, PLEASE help me out.

Make Obama take action.  Have him order arrests.  Or at the very least an investigation.  Or just a little CHANGE?

Please let me know how it goes, preferably BEFORE I killed myself.