The Securitization Debacle – A U.S. Pension Shortfall: $3.4 Trillion+ [$3,400,000,000,000]

Posted on July 29, 2016 by Deadly Clear

By Sydney Sullivan

Shortfall. Unfunded. Underfunding. Sounds like a minimal pension issue – however, it is anything but that. You may have heard the words “shortfall” when your state refers to it’s government budget or pension plan; and, if you are young (say, under 40), you’ve probably not given it a second thought. Just so you know “shortfall” is defined as “a failure to come up to expectation or need” and at 40 it seems like there will be plenty of time and ways to make up a shortfall… not so much when you are 60.

If you’re like many Americans, you’re worried about retirement. Maybe before the new century securitization scheme was launched, a “shortfall” might have been more easily explained and handled. But after 2000, the Wall Street securities system ramped up and took deficits to a new high while lining the pockets of Wall Street traders. How did this happen?

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A Refreshingly Honest Email

Posted on July 21, 2016 by Deadly Clear

IMHO – This was a refreshingly honest email received from the Alan Grayson for U.S. Senate by the Committee to Elect Alan Grayson campaign today.

Dear Sydney,

You probably get the same nonsense e-mails from the Democratic Party as I do — touting nonexistent matching contributions, fake fundraising goals, feigned intimacy, faux indignation, etc. Until now, I could live with all that, because I always thought of the Democratic Party as a force for good. But now there is this whole new thing, this new Big Lie.

The dictators who have seized the machinery of the Democratic Party are raising money from Democrats and spending it to defeat a Democrat. Namely me.

Oh, they’ll screech in their e-mails about how much they’re concerned about Donald Trump’s election, or the Koch Brothers’ dirty money, or whatever. They beg relentlessly for us to contribute to them, lest we open the seventh seal and usher in the apocalypse.

Well, they’re bearing false witness. And if Judgment Day ever does come, they surely will go straight to hell.

One of these so-called Democratic groups, the Church of Senator Harry Reid (otherwise known as the Senate Majority PAC) is spending $1 million against our campaign, less than two months before our primary election. They are taking our blue money, under the false pretense of helping Democrats, and instead using it to defeat a member of our own party!

Why me? Because I am unbought, unbossed, and unwilling to worship their Wall Street idols. Because my flock is The People — citizens who believe in democratic government free from special interests and corruption, where our leaders are chosen by us, not dictated by the Establishment.

What’s at stake now in our election? Democracy itself. And an opportunity to take back our Party from the corrupt bag-men who have stolen it from us.

As long as YOU still believe that it’s possible for We, the People, to beat the liars, we can win. Will you lift up our campaign, with a contribution of $15 or whatever you can afford?

We’re not willing to pass the collection plate on Wall Street to fund this campaign. We’re leaving it to our opponents to collect their thirty pieces of silver. We’re counting on you, and thousands of other progressives, to come together — to fund our movement, and to fuel our political revolution. Whether I win or lose this election should be up to the voters, not the party autocrats.

It’s still possible for ordinary people to come together and take charge of our government and our lives, and defeat the un-Democratic Party oligarchs. Chip in $15, or whatever you can afford, to help us do just that >>

Courage,

Rep. Alan Grayson

CONTRIBUTE

This post is for information purposes only. It is not meant a a political advertisement.

SOL – “As the action is time-barred, it cannot be commenced again and the controversy therefore has reached an ultimate outcome.”

Posted on July 20, 2016 by Deadly Clear

A Sydney Sullivan Report

Source: Stopforeclosurefraud – HSBC v CLARK-MOORE | NY SC – As this action is time-barred, it cannot be commenced again and the controversy has therefore reached an ultimate outcome.

This is a most interesting case. Statutes of limitations exist for both civil and criminal causes of action, and begin to run from the date of the injury, or the date it was discovered, or the date on which it would have been discovered with reasonable efforts. In foreclosure cases there have been controversies stemming at times from the games the servicers play with “trial” payments and modifications.

Many statutes of limitations are actual legislative statutes, while others may come from judicial common law. Source: Cornell University Law School, Legal Information Institute. Both federal and state have various statutes and federal bankruptcy statutes of limitations that may even trump the others.

Here, in CLARK-MOORE, the Supreme Court of the State of New York clarified several controversies found in other circuits by specifying precisely when the SOL begins, “by the commencement of the first action” simply stating:

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Trump’s GOP Calls for Significant Changes to Housing in 2016 Platform

Posted on July 19, 2016 by Deadly Clear

HOUSINGWIRE says: Party platform blasts “corrupt business model” of Fannie Mae, Freddie Mac

Okay, think about this – Fannie and Freddie were collaborators, if not the actual architects, and helped set up and patent this corrupt housing scheme. If you haven’t watched THE BIG SHORT yet, the time is NOW (it’s on Netflix). Then watch it again – there were good guys on Wall Street. Not everyone was involved in the corruption, albeit it few and far between. In fact, for many years America had a moral and more ethical financial community. But shortly after President Reagan began deregulating the industry and President Clinton signed off on the whip cream and cherry topping by deregulating Glass-Steagall – Wall Street went to hell in a hand-basket.

According to the Republican Party platform, which can be read in full here, one of the GOP’s goals for 2016 and beyond is to “advance responsible homeownership while guarding against the abuses that led to the housing collapse.” Continue reading →

Win #Dinner With Trump

Posted on July 16, 2016 by Deadly Clear

Deadly Clear‏ @DeadlyClear
#DinnerWithTrump How do you view the use of American homeowners’ properties to back the debt & fiat currency rather than gold or silver?

Aloha, Virginia

If you enter – be prepared to tweet your question.

Chart: The Epic Collapse of Deutsche Bank

Posted on July 12, 2016 by Deadly Clear

Deutsche Bank on Verge of Collapse?

Posted on July 12, 2016 by Neil Garfield

“there is no such thing as a soft landing in a cornered marketplace…

Despite claiming $52 TRILLION “notional” value in derivatives (nearly all the money in the world) DB has posted a shattering loss and according to the IMF poses the most serious systemic loss to the financial system. Reports indicate that 29 DB employees were at the root of manipulating the LIBOR index which is used as the primary index for variable rate loans. Nobody has addressed the issue of whether adjusted payments should be scrutinized even while knowing that the index was rigged.”

See http://www.visualcapitalist.com/chart-epic-collapse-deutsche-bank/

Nothing equals nothing. The fact is that Deutsche Bank allowed itself to be window dressing on bogus REMIC Trusts as though the DB trust department was managing the money for investors. Other than ink on paper, the trusts did not exist and neither did any assets of the purported trusts. DB led the way as a principal party in creating the illusion of “something” when in fact there was nothing at all. READ MORE HERE

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The Bad CHOICE Act – Dodd-Frank Alternative

Posted on July 11, 2016 by Deadly Clear

The Bad CHOICE Act

posted by Adam Levitin

I’m testifying before House Financial Services tomorrow regarding the “CHOICE Act,” the Republican Dodd-Frank alternative. My testimony is here. It’s lengthy, but it doesn’t even cover everything in the CHOICE Act–there are just too many bad provisions, starting with the idea of letting megabanks out of Dodd-Frank’s heightened prudential standards in exchange for more capital, then moving on to a total gutting of consumer financial protection, and ending with a very poorly conceived good bank/bad bank resolution system executed through a new bankruptcy subchapter. The only good thing about the Bad CHOICE Act is that it has little chance of becoming law any time soon.

Reblogged from Credit Slips – Read More HERE.

Excerpt: “The CHOICE Act also has numerous provisions that make it difficult for the SEC to pursue enforcement actions and achieve meaningful relief. These provisions reduce the SEC’s deterrence ability and thereby embolden financial fraudsters whose malfeasance can reverberate throughout the financial system. Among other provisions, the CHOICE Act:

requires the SEC to make additional findings before levying civil monetary penalties against issuers.24 Thus, while the CHOICE Act increases financial fraud penalties with the one hand,25 with the other it ensures that those penalties will rarely be imposed.
repeals the SEC’s authority to issue officer and director bans.26 This means that even the worst fraudsters will continue to be able to participate in securities markets.
eliminates automatic bad actor disqualification from securities law exemptions even for firms that have been convicted of felonies. Apparently a convicted felon cannot be trusted with the right to vote, but can be trusted with pension funds and retirees’ savings. [CHOICE Act § 419]”

Not even the Federal Government Can Determine Who owns Your Loan

Posted on July 6, 2016 by Deadly Clear

Livinglies's Weblog

It was impossible to trace the majority of the mortgage loans on the over 300 homes sold by DSI that were the subject of the FBI investigation; it would have been harder yet to identify individual victims of the fraud given that the mortgages were securitized and traded.(Emphasis added.)

THE FOLLOWING ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.

—————-

Originally posted at http://mortgageflimflam.com
With additional edits by http://4closurefraud.org

“Counter-intuitive” is the way Reynaldo Reyes (Deutschbank VP Asset Management) described it in a taped telephone interview with a borrower who lived in Arizona. “we only look like the Trustee. The real power lies with the servicers.”

And THAT has been the problem since the beginning. That means “what you think you know is wrong.” This message has been delivered in thousands of courtrooms in millions of cases but Judges…

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Derivative Damage – What Can Go Wrong When Private Equity Takes Over a Public Service

Posted on June 26, 2016 by Deadly Clear

Whether you know it or not the derivative damage that caused the 2008 financial massacre and millions upon millions of foreclosures continues to plague America in ways that are unfathomable.

You can blame deregulation of the financial industry, too much dirty money in state and federal politics, outright bribery, a lack of moral and ethical behavior and a significant blur between the three branches of government that were originally designed to be oversight protection.

You may not know that the $700 TRILLION+ debt created on Wall Street took out (destroyed, eliminated, stole) billion$ of pension and retirement funds from nearly every aspect of government, trade unions and corporate 401ks to the point that severe cutbacks had to be made from furloughs to total haircuts… And now these lousy, corrupt and bribe-r-us bankster created investment vehicles have wiped out the futures of millions of American families – and many don’t even know it yet… but your politicians do.
See: The Sucker Punch – The Elite’s Attack on Pension and Retirement Funds Continue reading →

Ocwen’s William Erbey deserves a Passport to Prison- not Malta

Posted on June 16, 2016 by Deadly Clear

And don’t think the banks they service for shouldn’t be their roommates!

Millionaire facing US investment fraud suit is Malta’s newest citizen

MaltaToday – Matthew Vella – 16 June 2016, 8:10am

William Erbey was forced to resign chairmanship of US mortgage giant Ocwen over serious conflicts of interest related to foreclosures on homeowners

‘Citizen Bill’: William Erbey was forced to resign the chairmanship of mortgage giant Ocwen for using the company to funnel business to his companies

One of the multi-millionaires lining up for a Maltese passport has run into trouble back in the United States, having to face a securities fraud lawsuit.

William Charles Erbey was a billionaire worth $2.5 billion and a regular in Forbes’ list of the global rich, but his worth was drastically reduced to ‘just’ over $400 million when his mortgage giant Ocwen Financial was found responsible for serious conflicts in the way it carried out its business.

But far from the ‘talent’ that Prime Minister Joseph Muscat shills for in his international roadshows with Henley & Partners flogging off Malta’s golden €650,000 passport, William Erbey is accused by critics of having built an empire on mortgage misery, and who saves tax by sheltering his companies in the Virgin Islands, Luxembourg and the Caymans.

Earlier this month, US District Judge William Dimitrouleas said Erbey would have to face a securities fraud lawsuit, after the plaintiffs had successfully alleged that he and his company Home Loan Servicing Solutions had misrepresented to investors that the company had controls over Erbey’s conflicts of interest.

In 2011, Ocwen was investigated by New York’s Department for Financial Services for incomplete documentation and record-keeping, falsification of evidence through “robo-signing” and pursuit of foreclosures without legal standing.

Ocwen was found having pushed homeowners into foreclosure and profiting by funnelling default-related business to William Erbey’s associated companies. For example, one subsidiary hosted Ocwen’s online auctions; another handled post-foreclosure real estate transactions.

Mortgage servicers like Ocwen are essentially debt collectors, collecting monthly principal and interest from homeowners.

Prosecutor Benjamin Lawsky accused Ocwen of making decisions intended to benefit Erbey’s affiliated companies and their share price, “resulting in harm to borrowers, mortgage investors or Ocwen shareholders as a result.”

In addition to Ocwen Financial – which collected monthly mortgage payments – Erbey was also the chairman and the largest shareholder of four other real estate companies that step in when a lender has his property loan foreclosed. Altisource Portfolio Solutions ran the auction site Hubzu.com for foreclosed properties to go for a quick sale; Altisource Residential Corporation re-purposed a home as a rental property after acquiring it through a foreclosure auction; Altisource Asset Management offered reinsurance; and Home Loan Servicing Solutions was a holding company that purchases assets from… Ocwen.

In 2014, the New York Department of Financial Services reached a $150 million settlement with Ocwen, that included the resignation of executive chairman William Erbey from Ocwen and its four publicly traded affiliates.

Investors who own 25% in Ocwen-serviced trusts have now accused the company of forcing them to pay the cost of the settlements, saying Ocwen’s practices enriched its corporate affiliates while harming the trusts and their investors.

Ocwen has countered that its own independent investigation proves that those accusations hold no water.

Also in 2013, some 9,500 homeowners complained about how their mortgages had been serviced. The Consumer Financial Protection Board (CFPB) teamed up with authorities from 49 states to force Ocwen into a $2 billion settlement [a mere pittance] for use in loan reductions to homeowners struggling to stay afloat and $127.3 million in refunds for 185,000 people whose properties had already been foreclosed upon.

According to Richard Cordray, head of the CFPB, “Ocwen took advantage of borrowers at every stage of the process.”

In an interview with The New Republic in 2014, the former prosecutor Benjamin Lawsky said: “When a corporation does wrong, it has to be that individuals who work at the corporation have done wrong.”

Hey, somebody tell the foreclosure judges, would ya?! You know none of this is going to change until law enforcement confiscates the computer servicer software programs and the judiciary deems the software patents unlawful, invalid and dissolves or bans the use of this “seamless automation” of corruption.

Livinglies's Weblog

Erbey William Charles Erby- Ocwen’s Finest

http://www.maltatoday.com.mt/news/national/66489/millionaire_facing_us_investment_fraud_suit_is_maltas_newest_citizen#.V2MBeeYzZb0

Mortgage Titan and U.S. Citizen William Charles Erbey, who built Ocwen Financial into one of the country’s largest non-bank mortgage servicers, is having problems qualifying for a Maltese passport. Although there has been no reason provided for the holdup on William’s passport application, it could have something to do with the numerous securities violations Williams is accused of. William Erbey is accused by critics of having built an empire on foreclosure misery, and who saves tax by sheltering his companies in the Virgin Islands, Luxembourg and the Caymans. In 2012 he relocated to the U.S. Virgin Islands.

Erbey applied for Malta’s €650,000 “Golden Passport” program. Malta has become a gateway for wealthy investors — mainly from politically unstable parts of the world — to secure a base in London. While expensive, it promises a straightforward citizenship program that allows participants to operate throughout the…

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