http://market-ticker.org/
Is Karl on to something here? My opinion is yes he is,
And it's only just begun.
When people have no other recourse and have enough money this is the logical outcome.
I'm personally surprised that we haven't seen it sooner or perhaps we have on a smaller scale
Remember this
http://www.themorningsun.com/articles/2010/10/21/news/srv0000009728890.txt
A valid question, I believe....
The shooting was not random, police have concluded. Investigators have spent the day interviewing friends, family and business associates hoping to develop a motive for the killing. So far, they have none.
....
Davidson, who lives in Los Angeles, said the Sneidermans relocated to Atlanta about a decade ago. Rusty Sneiderman served as chief operating officer for Innovia Group and then as a financial consultant for the Atlanta division of JP Morgan Chase & Co. Private Bank, where, according to Davidson, he advised "high-end" clients with large estates.
What happened here?
If the police do not believe this was a random shooting, then the gunman had a reason to attack this individual. What was the reason?
Let's step back a moment.
Recall that virtually every day in America there are shootings by gang members over drug sale boundaries and other similar incidents. Someone gets "screwed" in a drug deal, and pulls out a gun. There's a dispute over who "owns" the street corner a pair of pimps want to use to parade their "wares", and someone pulls out a gun.
Why do they pull out guns?
Because they can't call the cops or file a lawsuit.
Showing posts with label JP Morgan Chase. Show all posts
Showing posts with label JP Morgan Chase. Show all posts
Monday, November 22, 2010
Monday, October 18, 2010
Mark Their Words To Use In The Dock
http://market-ticker.org/akcs-www?post=169481
Fix and review, now that's some kind of arrogance isn't it?
And isn't that same kind of attitude exactly what we've seen from all of the "Bad Boys"?
No regret, no remorse at having screwed the Nation into excessive poverty.
They were doing "Gods" work. So they had the right to lie, cheat, and steal. Hell, Congress paved the way for them in rolling out the red carpet of royalties
I guess it's time to ask, just who in the hell is it that they worship?
Because it certainly isn't God.
It's now time for them to get as good as they gave, because what went around has now come back around and the deception that they perpetrated onto this nation is being shown in the full light of day, for crimes they actually are.
There is no fix this time for their crime, except a life behind bars. It's only fitting that they also live out the nightmare sentence that they've imposed upon the rest of the country.
Isn't it time we froze their assets both personally as well as professionally?
Right now it does seem the right thing to do.
How does one deserve let alone justify a bonus benefit, when the realization is out there, that those huge profits are and never were theirs for the taking?
Remember, it is against the law - Sarbanes-Oxley - for a Bank Executive (or any other public company executive) to not know or the falsify any part of their public report.
Of course not one person has been indicted for this since SarBox was passed. Not even Dick Fuld, who said - in public - he was going to "burn the shorts." Nor was Mozilo even though there's a prima-facie case that he knew his company was imploding even as he was appearing on CNBS pumping it.
But Dimon said relating to Foreclosuregate:
Note what's not said - submitting a false affidavit or one where notarization was forged is perjury, a felony. Suborning perjury is also a felony.
Fix and review, now that's some kind of arrogance isn't it?
And isn't that same kind of attitude exactly what we've seen from all of the "Bad Boys"?
No regret, no remorse at having screwed the Nation into excessive poverty.
They were doing "Gods" work. So they had the right to lie, cheat, and steal. Hell, Congress paved the way for them in rolling out the red carpet of royalties
I guess it's time to ask, just who in the hell is it that they worship?
Because it certainly isn't God.
It's now time for them to get as good as they gave, because what went around has now come back around and the deception that they perpetrated onto this nation is being shown in the full light of day, for crimes they actually are.
There is no fix this time for their crime, except a life behind bars. It's only fitting that they also live out the nightmare sentence that they've imposed upon the rest of the country.
Isn't it time we froze their assets both personally as well as professionally?
Right now it does seem the right thing to do.
How does one deserve let alone justify a bonus benefit, when the realization is out there, that those huge profits are and never were theirs for the taking?
Remember, it is against the law - Sarbanes-Oxley - for a Bank Executive (or any other public company executive) to not know or the falsify any part of their public report.
Of course not one person has been indicted for this since SarBox was passed. Not even Dick Fuld, who said - in public - he was going to "burn the shorts." Nor was Mozilo even though there's a prima-facie case that he knew his company was imploding even as he was appearing on CNBS pumping it.
But Dimon said relating to Foreclosuregate:
JPMorgan Chief Executive Officer Jamie Dimon, 54, faced analysts¡¯ questions about foreclosures on the company¡¯s third- quarter conference call Oct. 13. Dimon said the New York-based lender probably will pay an ¡°incremental¡± sum to review and fix foreclosure documents."Fix and review."
Note what's not said - submitting a false affidavit or one where notarization was forged is perjury, a felony. Suborning perjury is also a felony.
Thursday, October 14, 2010
Bankers Ignored Signs of Trouble on Foreclosures
http://finance.yahoo.com/news/Bankers-Ignored-Signs-of-nytimes-2833356369.html?x=0&sec=topStories&pos=7&asset=&ccode=
So federal regulators knew to and never chose to question the legality of what the banks were doing?
But interviews with bank employees, executives and federal regulators suggest that this mess was years in the making and came as little surprise to industry insiders and government officials. The issue gained new urgency on Wednesday, when all 50 state attorneys general announced that they would investigate foreclosure practices. That news came on the same day that JPMorgan Chase acknowledged that it had not used the nation’s largest electronic mortgage tracking system, MERS, since 2008.
That system has been faulted for losing documents and other sloppy practices.
The root of today’s problems goes back to the boom years, when home prices were soaring and banks pursued profit while paying less attention to the business of mortgage servicing, or collecting and processing monthly payments from homeowners.
Banks spent billions of dollars in the good times to build vast mortgage machines
So federal regulators knew to and never chose to question the legality of what the banks were doing?
But interviews with bank employees, executives and federal regulators suggest that this mess was years in the making and came as little surprise to industry insiders and government officials. The issue gained new urgency on Wednesday, when all 50 state attorneys general announced that they would investigate foreclosure practices. That news came on the same day that JPMorgan Chase acknowledged that it had not used the nation’s largest electronic mortgage tracking system, MERS, since 2008.
That system has been faulted for losing documents and other sloppy practices.
The root of today’s problems goes back to the boom years, when home prices were soaring and banks pursued profit while paying less attention to the business of mortgage servicing, or collecting and processing monthly payments from homeowners.
Banks spent billions of dollars in the good times to build vast mortgage machines
Wednesday, October 13, 2010
J.P. Morgan Widens Mortgage Review to 41 States
http://online.wsj.com/article/SB10001424052748703673604575550030620196818.html
Here's the laugh for the day.
JP Morgan Chase only has 115,000 files to review for mistaken documents.
MERS requires no county or loan number. 115,000 reviews lol...Only in their wildest dreams.
Blank means they don't hold the right to foreclose and neither does the MBS investor that they stuck it with.
America in the old days they called this ...Jubilee
Your debt mortgage debt has been forgiven courtesy of the banks own penance for greed.
Greed kills
And when you live by the sword, you die by the sword!
J.P. Morgan Chase & Co. widened its review of foreclosures to 41 states and 115,000 loan files, the latest U.S. bank to take a more comprehensive look at its documentation to ensure all information is accurate
Here's the laugh for the day.
JP Morgan Chase only has 115,000 files to review for mistaken documents.
MERS requires no county or loan number. 115,000 reviews lol...Only in their wildest dreams.
Blank means they don't hold the right to foreclose and neither does the MBS investor that they stuck it with.
America in the old days they called this ...Jubilee
Your debt mortgage debt has been forgiven courtesy of the banks own penance for greed.
Greed kills
And when you live by the sword, you die by the sword!
J.P. Morgan Chase & Co. widened its review of foreclosures to 41 states and 115,000 loan files, the latest U.S. bank to take a more comprehensive look at its documentation to ensure all information is accurate
Monday, October 4, 2010
AMI Calls on RMBS Trustees to Step Up to Defend Pension and Retirement Investments
http://www.the-ami.org/2010/10/01/ami-pr....
Friday, Oct. 1, 2010
Damn the AMI is a little pissed, I'm pretty sure this means that they want the banks to buy back and eat their own crap.
MERS left no paper trail, so I'm going to assume the Banks are in big time trouble.
Quote:
Friday, Oct. 1, 2010
Damn the AMI is a little pissed, I'm pretty sure this means that they want the banks to buy back and eat their own crap.
MERS left no paper trail, so I'm going to assume the Banks are in big time trouble.
In all cases where underlying loan files do not have the legal documents required under RMBS pooling and servicing agreements (PSAs), servicers should immediately pursue the repurchase of these loans by party that originated the loans.
Quote:
Washington, D.C. – Today, the Association of Mortgage Investors (AMI) called upon residential mortgage-backed securities (RMBS) trustees to perform their fiduciary responsibilities and protect millions of American pensioners and retirees, in the wake of reports about serious irregularities in the processing of legal affidavits by the nation’s largest mortgage servicers.
Recent press reports detail how large mortgage servicers pursuing foreclosure actions have given courts inadequate and legally defective affidavits. This deficient approach undermines the integrity and the operational framework of the housing finance and mortgage system as it exists today. In all cases where underlying loan files do not have the legal documents required under RMBS pooling and servicing agreements (PSAs), servicers should immediately pursue the repurchase of these loans by party that originated the loans. To the extent that RMBS trusts were damaged by the defective operations of servicers, AMI calls on trustees to audit and review the resulting losses to hold servicers accountable for negligence in maintaining the assets of trusts. Trustees should publicly state to investors how they are responding to these problems and protecting the trusts for which they are responsible.
The reports concerning Ally Financial and JP Morgan Chase allege that key officers of each institution failed to verify critical borrower and property information which may lead to inaccurate legal filings regarding the mortgages and the underlying properties. In the case of JPMorgan Chase, 56,000 mortgages in at least 23 states are allegedly impacted. “The capacity constraints at our nation’s largest servicers continue to be an issue of great concern to investors. We urge Ally, JP Morgan Chase, and all other servicers to invest the time and resources necessary to improve their operational infrastructure and to avoid situations where efficient mortgage servicing and collection practices are compromised. Furthermore, investors are deeply concerned about possible documentation inconsistencies related to mortgages that banks are controlling. It is vital that trustees promptly address these matters,” explained Chris Katopis, Executive Director of the Association of Mortgage Investors (AMI).
“We hope that servicers who operated in a manner inconsistent with generally accepted industry practices, whether intentionally or unintentionally, will do the right thing and immediately enforce any violations of representations and warranties in PSAs. The unfortunate and little-known consequence of these operational breakdowns is the destruction of capital needed to sustain fixed income investors reliant upon cash flow from pensions and retirement accounts,” said Katopis.
Saturday, October 2, 2010
Noterize this the brewing foreclosure storm
http://www.huffingtonpost.com/jennifer-brunner/notarize-this-the-brewing_b_747461.html
Another must read, by Ohio Secretary of State Jennifer Brunner
Under today's financial schemes, foreclosure documents are routinely created to demonstrate the transfer of the interest in the note so the right person brings the foreclosure lawsuit. In the case of Chase Home Finance, LLC, its Columbus, Ohio employee, Beth Cottrell, testified in her deposition that she helps create foreclosure documents by signing on behalf of the banks and financial institutions (including MERS) that have been involved. Then, a small group of notaries at Chase notarize her and others' signatures on various foreclosure documents (about 18,000 documents a month at Chase Home Finance, LLC).
While serving as a Chase Home Finance, LLC employee, Beth Cottrell's name has appeared in foreclosure affidavits from 2008 through 2010 in the Florida court system on documents showing mortgage amounts owed on behalf of Wells Fargo, U.S. Bank, Federal National Mortgage Association, HSBC, Deutsche Bank, People's Choice Home Loan, Wachovia and Citi, even though she was an employee of Chase Home Finance, LLC in Columbus.
In Ohio, I read two depositions of Beth Cottrell taken in Columbus, Ohio in May of this year, about a Florida foreclosure. I was frankly chagrined to read her description of the notary activity to process the 18,000 documents a month by the company she works for alone--using just eight notaries. In her deposition, Ms. Cottrell's stated that: no oath is administered for the signing of each document; notaries (not signers) are filling in numbers in the affidavits used in court ordered foreclosures; notarized documents are not verified by the person signing them, but rather, signers are relying on verification by others, and notaries know this at the time they notarize documents; and large numbers of documents are signed in bulk and notarized in bulk separately.
Another must read, by Ohio Secretary of State Jennifer Brunner
Under today's financial schemes, foreclosure documents are routinely created to demonstrate the transfer of the interest in the note so the right person brings the foreclosure lawsuit. In the case of Chase Home Finance, LLC, its Columbus, Ohio employee, Beth Cottrell, testified in her deposition that she helps create foreclosure documents by signing on behalf of the banks and financial institutions (including MERS) that have been involved. Then, a small group of notaries at Chase notarize her and others' signatures on various foreclosure documents (about 18,000 documents a month at Chase Home Finance, LLC).
While serving as a Chase Home Finance, LLC employee, Beth Cottrell's name has appeared in foreclosure affidavits from 2008 through 2010 in the Florida court system on documents showing mortgage amounts owed on behalf of Wells Fargo, U.S. Bank, Federal National Mortgage Association, HSBC, Deutsche Bank, People's Choice Home Loan, Wachovia and Citi, even though she was an employee of Chase Home Finance, LLC in Columbus.
In Ohio, I read two depositions of Beth Cottrell taken in Columbus, Ohio in May of this year, about a Florida foreclosure. I was frankly chagrined to read her description of the notary activity to process the 18,000 documents a month by the company she works for alone--using just eight notaries. In her deposition, Ms. Cottrell's stated that: no oath is administered for the signing of each document; notaries (not signers) are filling in numbers in the affidavits used in court ordered foreclosures; notarized documents are not verified by the person signing them, but rather, signers are relying on verification by others, and notaries know this at the time they notarize documents; and large numbers of documents are signed in bulk and notarized in bulk separately.
Shock Therapy For Wall Street
http://www.rense.com/general92/shock.htm
I knew the other states were sitting on the same 4 leaf clover.
MERS breaks the clear chain of title.
How much was your life worth within reason?
Punitive damages surely must apply.
The anxiety from the foreclosure experience alone holds a certain value.
Think suicide or divorce from the stress overload.
Restitution for personal pain and suffering is really not to much to ask for.
And the only corrective instrument can come from the original owner. That homeowner is sitting in the catbird seat and doesn't know it. Millions of people who THINK they have lost their homes still own them and if anyone wants a signature from those people to clear title, they are going to be required to pay dearly, which is at it should be.
What About the Non-judicial Foreclosure States?
Foreclosures have been suspended by JPMorgan, GMAC and BOA in 23 states, but what about the rest? The others are non-judicial foreclosure states, which means they allow foreclosure through a power of sale clause in a deed of trust without going to court. The presumption is that if the lender doesn't have to prove his standing to sue before a judge, he can proceed. State laws in non-judicial states allow the sale of a property to satisfy a foreclosure as long as the trustee follows the regulations concerning notice. That would seem to violate Constitutional due process, but the United States Constitution has held that due process protections apply only when the government is involved in the taking of property. When a deed of trust and promissory note are executed between two private parties (homeowners and lenders), there is no automatic due process protection. The homeowners agreed to it in writing; case closed.
But here's the catch: what if the lender signing the original documents is not the party foreclosing on the property? Then it becomes a question of fact whether the foreclosing party has authority to proceed, and that makes it a judicial issue a question of fact for the courts. If the foreclosing party can show a clear chain of title an assignment or progression of assignments from the original lender to himself he is home free. But courts have increasingly been holding that MERS breaks the chain of title. Foreclosure expert Neil Garfield argues that even in non-judicial foreclosure states, that means the investors have to go to court to prove their case. And when they do, they will run up against the brick wall of MERS. He concludes:
"There will be a head-slapping moment when title carriers, attorneys, judges and administrative agencies and clerks suddenly realize that the monster created on Wall Street has its equivalent in the public records of counties across the nation. I doubt if more than 6-7% of all the foreclosures in the past 10 years have resulted in clear title delivered to anyone. And the only corrective instrument can come from the original owner. That homeowner is sitting in the catbird seat and doesn't know it. Millions of people who THINK they have lost their homes still own them and if anyone wants a signature from those people to clear title, they are going to be required to pay dearly, which is at it should be. Eventually the purse gets returned to the victim from whom it was snatched."
I knew the other states were sitting on the same 4 leaf clover.
MERS breaks the clear chain of title.
How much was your life worth within reason?
Punitive damages surely must apply.
The anxiety from the foreclosure experience alone holds a certain value.
Think suicide or divorce from the stress overload.
Restitution for personal pain and suffering is really not to much to ask for.
And the only corrective instrument can come from the original owner. That homeowner is sitting in the catbird seat and doesn't know it. Millions of people who THINK they have lost their homes still own them and if anyone wants a signature from those people to clear title, they are going to be required to pay dearly, which is at it should be.
What About the Non-judicial Foreclosure States?
Foreclosures have been suspended by JPMorgan, GMAC and BOA in 23 states, but what about the rest? The others are non-judicial foreclosure states, which means they allow foreclosure through a power of sale clause in a deed of trust without going to court. The presumption is that if the lender doesn't have to prove his standing to sue before a judge, he can proceed. State laws in non-judicial states allow the sale of a property to satisfy a foreclosure as long as the trustee follows the regulations concerning notice. That would seem to violate Constitutional due process, but the United States Constitution has held that due process protections apply only when the government is involved in the taking of property. When a deed of trust and promissory note are executed between two private parties (homeowners and lenders), there is no automatic due process protection. The homeowners agreed to it in writing; case closed.
But here's the catch: what if the lender signing the original documents is not the party foreclosing on the property? Then it becomes a question of fact whether the foreclosing party has authority to proceed, and that makes it a judicial issue a question of fact for the courts. If the foreclosing party can show a clear chain of title an assignment or progression of assignments from the original lender to himself he is home free. But courts have increasingly been holding that MERS breaks the chain of title. Foreclosure expert Neil Garfield argues that even in non-judicial foreclosure states, that means the investors have to go to court to prove their case. And when they do, they will run up against the brick wall of MERS. He concludes:
"There will be a head-slapping moment when title carriers, attorneys, judges and administrative agencies and clerks suddenly realize that the monster created on Wall Street has its equivalent in the public records of counties across the nation. I doubt if more than 6-7% of all the foreclosures in the past 10 years have resulted in clear title delivered to anyone. And the only corrective instrument can come from the original owner. That homeowner is sitting in the catbird seat and doesn't know it. Millions of people who THINK they have lost their homes still own them and if anyone wants a signature from those people to clear title, they are going to be required to pay dearly, which is at it should be. Eventually the purse gets returned to the victim from whom it was snatched."
Fraud Factories Rep Alan Grayson Explains the Foreclosure Fraud Crisis
http://video.godlikeproductions.com/video/Fraud_Factories_Rep_Alan_Grayson_Explains_the_Foreclosure_Fraud_Crisis
You will not believe the 4 examples he gives for fraudulent foreclosure.
Apparently the MERS system was worked over time between 2005-2008.
If you bought or refinanced within that time period your mortgage was never physically recorded.
Listen very carefully he explains right off the bat your financial state has nothing to do with this problem. So whether your paying or not this
involves your mortgage.
If your mortgage company contacts you do not sign anything they put before you. They need a carbon footprint, don't give them yours.
Call a Real Estate lawyer if they make you an offer. The first council is always free.
By the way Alan Grayson informed the Attorney General (Eric Holder) of the United States about this and he ignored it.
Why because Freddie and Fannie are shareholders of MERS.
Can you see now how all of this is brought to you by Corporate America?
The bank bailouts now take on a whole new meaning don't they?
You will not believe the 4 examples he gives for fraudulent foreclosure.
Apparently the MERS system was worked over time between 2005-2008.
If you bought or refinanced within that time period your mortgage was never physically recorded.
Listen very carefully he explains right off the bat your financial state has nothing to do with this problem. So whether your paying or not this
involves your mortgage.
If your mortgage company contacts you do not sign anything they put before you. They need a carbon footprint, don't give them yours.
Call a Real Estate lawyer if they make you an offer. The first council is always free.
By the way Alan Grayson informed the Attorney General (Eric Holder) of the United States about this and he ignored it.
Why because Freddie and Fannie are shareholders of MERS.
Can you see now how all of this is brought to you by Corporate America?
The bank bailouts now take on a whole new meaning don't they?
Friday, October 1, 2010
APNewsBreak: BofA delays foreclosures in 23 states
http://finance.yahoo.com/news/APNewsBreak-BofA-delays-apf-3343207402.html?x=0&sec=topStories&pos=main&asset=&ccode=
And so, now Bank of America stops their foreclosure is 23 states.
And it's commonly know that MER was standard practice.
So all those millions of foreclosures are now null and void.
Whether your in foreclosure or not if you have bought a house or refinanced your house your Title to, is now involved, unless it's mortgage free.
This has nothing to do with whether you can make the payments or not.
It has to do with the bank you pay your payments to, they don't own your title to the property. They sold it in a CDO and millions of pensions cet... around the world bought them. So the bank doesn't legally own it and what you don't own ,you can't take. It's against the law and punishable by imprisonment.
Freddie and Frannie are also part of this. The government has guaranteed their loans and now the banks are going to be forced to take them back.
The FED is filled to capacity with this very same problem.
A lawyer for the homeowner in the case, James O'Connor of Fitchburg, Mass., said such problems are rampant throughout the industry.
"We have had thousands, maybe hundreds of thousands of foreclosures around the country by entities that did not have the right to foreclose," O'Connor said.
The disclosure comes two days after JPMorgan said it would temporarily stop foreclosing on more than 50,000 homes so it could review documents that might contain errors. Last week, GMAC halted certain evictions and sales of foreclosed homes in 23 states to review those cases after finding procedural errors in some foreclosure affidavits.
Consumer advocates say the problems are widespread across the lending industry.
"The general level of sloppiness is pervasive around the industry," said Diane Thompson, counsel at the National Consumer Law Center.
And so, now Bank of America stops their foreclosure is 23 states.
And it's commonly know that MER was standard practice.
So all those millions of foreclosures are now null and void.
Whether your in foreclosure or not if you have bought a house or refinanced your house your Title to, is now involved, unless it's mortgage free.
This has nothing to do with whether you can make the payments or not.
It has to do with the bank you pay your payments to, they don't own your title to the property. They sold it in a CDO and millions of pensions cet... around the world bought them. So the bank doesn't legally own it and what you don't own ,you can't take. It's against the law and punishable by imprisonment.
Freddie and Frannie are also part of this. The government has guaranteed their loans and now the banks are going to be forced to take them back.
The FED is filled to capacity with this very same problem.
A lawyer for the homeowner in the case, James O'Connor of Fitchburg, Mass., said such problems are rampant throughout the industry.
"We have had thousands, maybe hundreds of thousands of foreclosures around the country by entities that did not have the right to foreclose," O'Connor said.
The disclosure comes two days after JPMorgan said it would temporarily stop foreclosing on more than 50,000 homes so it could review documents that might contain errors. Last week, GMAC halted certain evictions and sales of foreclosed homes in 23 states to review those cases after finding procedural errors in some foreclosure affidavits.
Consumer advocates say the problems are widespread across the lending industry.
"The general level of sloppiness is pervasive around the industry," said Diane Thompson, counsel at the National Consumer Law Center.
Thursday, September 30, 2010
Senator Franken Sends Letter To Bernanke, Bair And Holder Demanding Criminal Charges For All Responsible For Biggest Alleged Mortgage Fraud In History
http://www.zerohedge.com/article/senator-franken-sends-letter-bernanke-bair-and-holder-demanding-criminal-charges-all-respons
No wonder they didn't want Al on board. He's fiesty that's for sure.
This was to good to be true, except it is lol.
He also sent a copy to Elizabeth Warren as well as Obama
The biggest financial story which continues to get absolutely no mention on CNBC just got its latest multi-step escalation: Senator Al Franken has just blasted a letter to Tim Geithner, Shaun Donovan, Secretary of Housing and Urban Development, Eric Holder, John Walsh, Controller of the Currency, Sheila Bair, and, drumroll, Ben Bernanke, telling the recipients that "each of your agencies has an important role to play in addressing this egregious situation and holding all appropriate actors fully accountable. As such, I respectfully request that you collaborate to conduct a thorough investigation into the alleged misconduct. As part of this investigation, it is crucial that Ally and its employees are held fully accountable for any criminal misconduct." Since if this pervasive mortgage fraud is more than just alleged, the stink will reach to the very top of places like JP Morgan, Ally, and possibly every single bank that has been in the mortgage origination business, something tells us that Ben Bernanke, whose job is precisely to protect the banks' interests will not rush into any investigation for the duration of FASB's existence. It gets better: "Additionally, all homeowners who may have experienced illegitimate foreclosure sales, those who have been forced to defend against illegitimate foreclosure actions, and those who have been harmed must be identified. These individuals must receive proper restitution and compensation, as provided for under the law." And the punchline: "It is critical to confirm that no loans provided through the FHA or in conjunction with the HAMP program were associated with Ally's misconduct." Yes, oddly enough the government is about to lose even more credibility once it is discovered that it worked in collaboration with the biggest mortgage fraud scheme in history.
The letter concludes:
No wonder they didn't want Al on board. He's fiesty that's for sure.
This was to good to be true, except it is lol.
He also sent a copy to Elizabeth Warren as well as Obama
The biggest financial story which continues to get absolutely no mention on CNBC just got its latest multi-step escalation: Senator Al Franken has just blasted a letter to Tim Geithner, Shaun Donovan, Secretary of Housing and Urban Development, Eric Holder, John Walsh, Controller of the Currency, Sheila Bair, and, drumroll, Ben Bernanke, telling the recipients that "each of your agencies has an important role to play in addressing this egregious situation and holding all appropriate actors fully accountable. As such, I respectfully request that you collaborate to conduct a thorough investigation into the alleged misconduct. As part of this investigation, it is crucial that Ally and its employees are held fully accountable for any criminal misconduct." Since if this pervasive mortgage fraud is more than just alleged, the stink will reach to the very top of places like JP Morgan, Ally, and possibly every single bank that has been in the mortgage origination business, something tells us that Ben Bernanke, whose job is precisely to protect the banks' interests will not rush into any investigation for the duration of FASB's existence. It gets better: "Additionally, all homeowners who may have experienced illegitimate foreclosure sales, those who have been forced to defend against illegitimate foreclosure actions, and those who have been harmed must be identified. These individuals must receive proper restitution and compensation, as provided for under the law." And the punchline: "It is critical to confirm that no loans provided through the FHA or in conjunction with the HAMP program were associated with Ally's misconduct." Yes, oddly enough the government is about to lose even more credibility once it is discovered that it worked in collaboration with the biggest mortgage fraud scheme in history.
The letter concludes:
JPMorgan Suspending Foreclosures
http://www.nytimes.com/2010/09/30/business/30mortgage.html?ref=business
So if they have been doing it wrong now, what have they been doing for the past 3 years?
It's called foreclosing on homes you don't hold a title for....in other words.....FRAUD.
There are millions of homes that have been processed for foreclosure in the past in this very same manner.
Ladies and Gentleman this is a very wide spread Corporate crime that entails millions of victims.
The punitive damages alone should bust this bank and many more like them.
It takes alot of audacity to take taxpayer funding to keep your doors open from the bad bets of gambling habits and the commit fraud against them to reap even more.
JPMorgan Suspending ForeclosuresBy DAVID STREITFELD
In a sign that the entire foreclosure process is coming under pressure, a second major mortgage lender said that it was suspending court cases against defaulting homeowners so it could review its legal procedures.
The lender, JPMorgan Chase, said on Wednesday that it was halting 56,000 foreclosures because some of its employees might have improperly prepared the necessary documents. All of the suspensions are in the 23 states where foreclosures must be approved by a court, including New York, New Jersey, Connecticut, Florida and Illinois.
So if they have been doing it wrong now, what have they been doing for the past 3 years?
It's called foreclosing on homes you don't hold a title for....in other words.....FRAUD.
There are millions of homes that have been processed for foreclosure in the past in this very same manner.
Ladies and Gentleman this is a very wide spread Corporate crime that entails millions of victims.
The punitive damages alone should bust this bank and many more like them.
It takes alot of audacity to take taxpayer funding to keep your doors open from the bad bets of gambling habits and the commit fraud against them to reap even more.
JPMorgan Suspending ForeclosuresBy DAVID STREITFELD
In a sign that the entire foreclosure process is coming under pressure, a second major mortgage lender said that it was suspending court cases against defaulting homeowners so it could review its legal procedures.
The lender, JPMorgan Chase, said on Wednesday that it was halting 56,000 foreclosures because some of its employees might have improperly prepared the necessary documents. All of the suspensions are in the 23 states where foreclosures must be approved by a court, including New York, New Jersey, Connecticut, Florida and Illinois.
Friday, August 6, 2010
Exotic Deals Put Denver Schools Deeper in Debt
http://www.cnbc.com/id/38590790
The enormity of the Bank dealt atrocities across this nation and the world for that matter are only just beginning to be shown in the full light of day for the damages that they have done.
Of course when confronted with the magnitude of the damages that they have intentionally created, one always hears the same 2 standard answers.
The first being "We didn't know", But you still have to pay us that 81 million in termination fees to unwind it because bonus bucks don't materialize out of thin air you know.
And the 2ND being "No Comment"
In the spring of 2008, the Denver public school system needed to plug a $400 million hole in its pension fund. Bankers at JPMorgan Chase offered what seemed to be a perfect solution.
The bankers said that the school system could raise $750 million in an exotic transaction that would eliminate the pension gap and save tens of millions of dollars annually in debt costs — money that could be plowed back into Denver’s classrooms, starved in recent years for funds.
To members of the Denver Board of Education, it sounded ideal. It was complex, involving several different financial institutions and transactions. But Michael F. Bennet, now a United States senator from Colorado who was superintendent of the school system at the time, and Thomas Boasberg, then the system’s chief operating officer, persuaded the seven-person board of the deal’s advantages, according to interviews with its members.
Rather than issue a plain-vanilla bond with a fixed interest rate, Denver followed its bankers’ suggestions and issued so-called pension certificates with a derivative attached; the debt carried a lower rate but it could also fluctuate if economic conditions changed.
Since it struck the deal, the school system has paid $115 million in interest and other fees, at least $25 million more than it originally anticipated.
To avoid mounting expenses, the Denver schools are looking to renegotiate the deal. But to unwind it all, the schools would have to pay the banks $81 million in termination fees, or about 19 percent of its $420 million payroll.
A spokesman at JPMorgan, which led the Denver deal, declined to comment. Royal Bank of Canada, which acted as the school system’s independent adviser even though it participated in the debt transaction, declined to comment. Denver school officials said that they had agreed to sign a conflict waiver with Royal Bank of Canada.
Denver isn’t the only city confronted with budgetary woes aggravated by esoteric financial deals that Wall Street peddled in the years before the credit crisis. Banks have said the deals were appropriate for the issuers and that no one could have predicted the broad financial collapse that put pressure on the transactions.
The enormity of the Bank dealt atrocities across this nation and the world for that matter are only just beginning to be shown in the full light of day for the damages that they have done.
Of course when confronted with the magnitude of the damages that they have intentionally created, one always hears the same 2 standard answers.
The first being "We didn't know", But you still have to pay us that 81 million in termination fees to unwind it because bonus bucks don't materialize out of thin air you know.
And the 2ND being "No Comment"
In the spring of 2008, the Denver public school system needed to plug a $400 million hole in its pension fund. Bankers at JPMorgan Chase offered what seemed to be a perfect solution.
The bankers said that the school system could raise $750 million in an exotic transaction that would eliminate the pension gap and save tens of millions of dollars annually in debt costs — money that could be plowed back into Denver’s classrooms, starved in recent years for funds.
To members of the Denver Board of Education, it sounded ideal. It was complex, involving several different financial institutions and transactions. But Michael F. Bennet, now a United States senator from Colorado who was superintendent of the school system at the time, and Thomas Boasberg, then the system’s chief operating officer, persuaded the seven-person board of the deal’s advantages, according to interviews with its members.
Rather than issue a plain-vanilla bond with a fixed interest rate, Denver followed its bankers’ suggestions and issued so-called pension certificates with a derivative attached; the debt carried a lower rate but it could also fluctuate if economic conditions changed.
Since it struck the deal, the school system has paid $115 million in interest and other fees, at least $25 million more than it originally anticipated.
To avoid mounting expenses, the Denver schools are looking to renegotiate the deal. But to unwind it all, the schools would have to pay the banks $81 million in termination fees, or about 19 percent of its $420 million payroll.
A spokesman at JPMorgan, which led the Denver deal, declined to comment. Royal Bank of Canada, which acted as the school system’s independent adviser even though it participated in the debt transaction, declined to comment. Denver school officials said that they had agreed to sign a conflict waiver with Royal Bank of Canada.
Denver isn’t the only city confronted with budgetary woes aggravated by esoteric financial deals that Wall Street peddled in the years before the credit crisis. Banks have said the deals were appropriate for the issuers and that no one could have predicted the broad financial collapse that put pressure on the transactions.
Tuesday, May 11, 2010
4 Big Banks Score Perfect 61-Day Run
http://www.nytimes.com/2010/05/12/business/12bank.html?src=mv
Wow what are the odds of this happening to 1 bank let alone 4.
Lol, glad you asked because Karl has done a little of that odd figuring for us.
And his findings are rather odd to say the least, and throw an enormous spotlight
on what it takes to beat those odds.
http://market-ticker.denninger.net/archives/2305-More-On-Goldmans-Perfect-Record.html
It is the Wall Street equivalent of a perfect game of baseball — 27 up, 27 down, the final score measured in millions of dollars a day.
Despite the running unease in world markets, four giants of American finance managed to make money from trading every single day during the first three months of the year.
Their remarkable 61-day streak is one for the record books. Perfect trading quarters on Wall Street are about as rare as perfect games in Major League Baseball. On Sunday, Dallas Braden of the Oakland Athletics pitched what was only the 19th perfect game in baseball history.
But Bank of America, Citigroup, Goldman Sachs and JPMorgan Chase & Company produced the equivalent of four perfect games during the first quarter. Each one finished the period without losing money for even one day.
Wow what are the odds of this happening to 1 bank let alone 4.
Lol, glad you asked because Karl has done a little of that odd figuring for us.
And his findings are rather odd to say the least, and throw an enormous spotlight
on what it takes to beat those odds.
http://market-ticker.denninger.net/archives/2305-More-On-Goldmans-Perfect-Record.html
It is the Wall Street equivalent of a perfect game of baseball — 27 up, 27 down, the final score measured in millions of dollars a day.
Despite the running unease in world markets, four giants of American finance managed to make money from trading every single day during the first three months of the year.
Their remarkable 61-day streak is one for the record books. Perfect trading quarters on Wall Street are about as rare as perfect games in Major League Baseball. On Sunday, Dallas Braden of the Oakland Athletics pitched what was only the 19th perfect game in baseball history.
But Bank of America, Citigroup, Goldman Sachs and JPMorgan Chase & Company produced the equivalent of four perfect games during the first quarter. Each one finished the period without losing money for even one day.
Wednesday, February 17, 2010
Food Stamps Create Jobs… in India
http://abcnews.go.com/Business/Economy/story?id=7452561
It kinda makes ya sick don't it?
The banks just takin and makin...
Off "Our" country
Michele Brown has seen Americans' struggles with jobs first hand. She lives in hard-hit Florida, spent 20 years in the real estate business and recently had her days as a nanny cut back after her boss had his own hours reduced.
Several states with high unemployment rates are outsourcing their food stamp services to call centers in India, angering many residents. Michele Brown learned about Florida's outsourcing when she called regarding a problem with her benefits.
(ABC News Photo Illustration)But nothing prepared her for what happened one day when she called a toll-free line to inquire about her food stamps.
"The woman who answered the phone -- it's not like she wasn't nice or anything -- but it was kind of evident that she wasn't in the States," Brown said.
It turns out the woman was at a JP Morgan Chase call center in India.
"That really put me over the edge," said Brown, 52, of Jupiter, Fla. "It's not right because we need the work here. People are in a bad way here."
It kinda makes ya sick don't it?
The banks just takin and makin...
Off "Our" country
Michele Brown has seen Americans' struggles with jobs first hand. She lives in hard-hit Florida, spent 20 years in the real estate business and recently had her days as a nanny cut back after her boss had his own hours reduced.
Several states with high unemployment rates are outsourcing their food stamp services to call centers in India, angering many residents. Michele Brown learned about Florida's outsourcing when she called regarding a problem with her benefits.
(ABC News Photo Illustration)But nothing prepared her for what happened one day when she called a toll-free line to inquire about her food stamps.
"The woman who answered the phone -- it's not like she wasn't nice or anything -- but it was kind of evident that she wasn't in the States," Brown said.
It turns out the woman was at a JP Morgan Chase call center in India.
"That really put me over the edge," said Brown, 52, of Jupiter, Fla. "It's not right because we need the work here. People are in a bad way here."
Wednesday, November 4, 2009
JPMorgan settlement with SEC worth over $700M
http://finance.yahoo.com/news/JPMorgan-settlement-with-SEC-apf-3297524178.html?x=0&sec=topStories&pos=1&asset=&ccode=
How convenient, I believe if it was you or I who had done this jail time would have ensued. I stopped counting how many of these "pay off the problem" deals have been brokered.
JPMorgan Chase & Co. has agreed to a settlement worth more than $700 million over federal regulators' charges that it made unlawful payments to friends of public officials to win municipal bond business in Jefferson County, Ala.
The scandal over the county's $3.9 billion debt has pushed it to the brink of filing what would be the biggest municipal bankruptcy in U.S. history. The Securities and Exchange Commission on Wednesday announced the settlement with JPMorgan, which canceled interest-rate swap contracts with the county worth $700 million in March.
The Wall Street bank did not admit or deny the SEC allegations in agreeing to pay a $25 million civil fine, a $50 million payment to the county and to forfeit $647 million in termination fees it claims the county owes from the canceled swap agreements.
The SEC also accused two former managing directors of JPMorgan, Charles LeCroy and Douglas MacFaddin, of securities law violations. The agency is seeking unspecified restitution from them. MacFaddin will contest the charges.
The SEC alleged that JPMorgan, LeCroy and MacFaddin made about $8 million in undisclosed payments to close friends of several Jefferson County commissioners. Starting in July 2002, LeCroy and MacFaddin solicited the county for a $1.4 billion sewer bond deal.
Swayed by the payments, the county commissioners voted to select JPMorgan's securities division as managing underwriter of the bond offerings and its affiliated bank as swap provider for the transactions, the SEC said.
JPMorgan failed to disclose any of the unlawful payments or conflicts of interest in the bond offering documents, but passed on the cost of the payments by charging the county higher interest rates on the swap transactions, according to the SEC.
How convenient, I believe if it was you or I who had done this jail time would have ensued. I stopped counting how many of these "pay off the problem" deals have been brokered.
JPMorgan Chase & Co. has agreed to a settlement worth more than $700 million over federal regulators' charges that it made unlawful payments to friends of public officials to win municipal bond business in Jefferson County, Ala.
The scandal over the county's $3.9 billion debt has pushed it to the brink of filing what would be the biggest municipal bankruptcy in U.S. history. The Securities and Exchange Commission on Wednesday announced the settlement with JPMorgan, which canceled interest-rate swap contracts with the county worth $700 million in March.
The Wall Street bank did not admit or deny the SEC allegations in agreeing to pay a $25 million civil fine, a $50 million payment to the county and to forfeit $647 million in termination fees it claims the county owes from the canceled swap agreements.
The SEC also accused two former managing directors of JPMorgan, Charles LeCroy and Douglas MacFaddin, of securities law violations. The agency is seeking unspecified restitution from them. MacFaddin will contest the charges.
The SEC alleged that JPMorgan, LeCroy and MacFaddin made about $8 million in undisclosed payments to close friends of several Jefferson County commissioners. Starting in July 2002, LeCroy and MacFaddin solicited the county for a $1.4 billion sewer bond deal.
Swayed by the payments, the county commissioners voted to select JPMorgan's securities division as managing underwriter of the bond offerings and its affiliated bank as swap provider for the transactions, the SEC said.
JPMorgan failed to disclose any of the unlawful payments or conflicts of interest in the bond offering documents, but passed on the cost of the payments by charging the county higher interest rates on the swap transactions, according to the SEC.
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