Ex-Lehman CEO Has ‘No Regrets’ Over Collapse

Posted on May 30, 2015 by Deadly Clear

Dick is still delusional.

The former head of Lehman Brothers has insisted it was “not a bankrupt company” at the time of its collapse in 2008.

In one of his first public appearances since the firm’s demise – where it filed for the largest bankruptcy in US history – Dick Fuld claimed that the US Federal Reserve could have saved Lehman Brothers.

The 69-year-old said the bank was “mandated into bankruptcy”, and went on to blame the 2008 global financial crisis on a “perfect storm” of factors – including rising unemployment and higher interest rates, which made mortgages unaffordable for many homeowners.

Mr Fuld also defended his decision-making in the run up to the financial crisis, adding: “Hindsight is 20-20. There is no ‘if this’ or ‘woulda, coulda, shoulda’. You make a decision with the best information you think you have.”

However, the financier admitted that “not a day goes by when I don’t think…

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Judge tosses Ocwen home inspection lawsuit

Posted on May 30, 2015 by Deadly Clear

Sounds like Plaintiffs would have been in a better position if they had used the National Mortgage Settlement Consent Judgment rather than Fannie guidelines. What is even more interesting…it appears this judge was smart enough to completely divest himself of Wall Street – at least in his 2013 financial disclosure statement. See http://www.judicialwatch.org/wp-content/uploads/2014/05/Otis_D_Wright-2012.pdf?D=1

Justice League

A federal judge dismissed a class action lawsuit accusingOcwen Financial (OCN) of fraudulently billing hundreds of thousands of homeowners for needless property inspections. Per Reuters:

The order by U.S. District Judge Otis Wright in Los Angeles on Thursday ends one of several lawsuits across the country accusing mortgage servicers of charging excessive fees after homeowners miss mortgage payments, pushing them further into debt.

According to the article, while the lawsuit said Ocwen decided to “game the system” by charging borrowers unreasonable fees for property inspections, the judge said the homeowners had no right to enforce the Fannie Mae guidelines because they were not a party to them.

Homeowners’ entire theory of wrongdoing depended on the servicing guidelines, and without them they had no case, he said.

“We are pleased and agree with the decision of the court,” Ocwen spokesman John Lovallo told HousingWire.

Ocwen continues to make…

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If you ain’t cheating…

Posted on May 30, 2015 by Deadly Clear

Justice League

“If you ain’t cheating, you ain’t trying,”‘ says a Barclay Bank trader!

This last week a consortium of the six biggest national and international banks were fined $5.6 billion for manipulating global currency and interest rates, going back to 2007. The six banks were Bank of America, Barclays, Citigroup, JP Morgan Chase, Royal Bank of Scotland and UBS. All but UBS admitted to criminal guilt, as well.

The guilty verdicts were the result of a long investigation into the actions of about twenty employees, who refer to themselves as “the cartel” or “the Mafia.” Using coded communication in an online chat room, they rigged the exchange rate between the dollar and the euro, violating the rules on market manipulation and collusion.

Typically, one trader would build a huge position in a particular currency, unload it at just the critical moment hoping to move prices. Traders at the various other banks…

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