PBS FRONTLINE – Watch closely – click here.
“To hear some on Wall Street tell it, no one saw the financial crisis coming. As Jamie Dimon, the chairman and CEO of JPMorgan Chase, explained to the Financial Crisis Inquiry Commission, “In mortgage underwriting, somehow we just missed … that home prices don’t go up forever.” The program in its entirety can be viewed here. It is definitely a must watch!
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By Susie Madrak, January 18, 2013
‘Breaking The Law Should Not Be A Business Expense’
In the past, federal regulators have been known to include provisions that waived the ability of a company to write off the costs of a settlement. But since our banks are always considered Too Big To Fail, they are of course offered every consideration, and We the Continue reading
Econ4 Video on the Housing and Foreclosure Crisis
NakedCapitalism’s Yves Smith is the strong voice of reality on the front lines of the foreclosure war. Posted on December 6, 2012 is a serious message that needs to circulate around the world.
The economy is on the fiscal cliff because of the failed policy decisions not to prosecute the banks in addition to how the unscrupulous securitized mortgage business has been handled.
Blaming borrowers for the frauds committed by the banks has eaten away at the core of our society. “Normally, in history,” said Yves, “when lenders were that incompetent, they went bust and that was capitalism. And now instead, we have a system where lenders who are so grossly incompetent that they should have gone bankrupt – are propped up – that’s socialism for the rich.” Continue reading
Posted by Larry Doyle Sense on Cents on October 22, 2012
Although I am still not inclined to buy, rather than merely borrowing it from the library, Greg Smith’s book Why I Left Goldman Sachs, I did find his interview on CBS’ 60 Minutes last evening to be interesting. What interested me? Continue reading
Never let it be said that where there is big money invested, there won’t be crooks in the kitchen. It doesn’t matter how big you are there’s always a short cut that can that can potentially create more wealth – if you don’t get caught.
An investigator in the northwest uncovered just such a scam – so big that authorities claim it needs multi-state attention. It appears Green Tree Servicing has been flying under the radar and was hardly noticed until a recordation research team began uncovering similarly signed documents – yup, the old robo-signed Assignment of Mortgage trickery again… but this time new and improved via computer, maybe for speed and precision, ya think?
It appears the signatures are in the computer – no dummies needed to sign – just fill in the Continue reading
“Someday, it will go down in history as the first trial of the modern American mafia,” wrote Matt Taibbi in June 2012 in Rolling Stone’s The Scam Wall Street Learned From the Mafia – How America’s biggest banks took part in a nationwide bid-rigging conspiracy – until they were caught on tape. Add that to Neil Barofsky’s new book BAILOUT where he discusses how this behavior stems from the fact that the Wall Street banks control and manipulate the U.S. Treasury…
And we begin to understand why this seems to be a never-ending nightmare.
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The depression of losing your home and the disruption to the family as a unit leaves a scar of shame thinking how could we have not seen the scheme? Maybe the thought that famous celebrities, who have “handlers”, agents, lawyers, accountants, and money managers also got run over by the foreclosure fraud bus driven by Wall Street banksters with a giant securitization Ponzi scheme will help to ease some of the pain. The fact of the matter is – we’re not alone. There are over 84 million American homeowners Continue reading
“This is another case which is slowly convincing me that I am the judge in the “Sixth Sense” part of the Civil Court where, like characters in that film who only see dead people, I am relegated to seeing cases with “dead corporations” represented by “dead law firms,” citing Hon. Philip S. Straniere from CENTURION CAPITAL CORP., v. ANNA GUARINO.
Sounds a lot like mortgage foreclosure fraud, doesn’t it? Bankrupt mortgage lending companies resurrecting themselves as the ghost of the bank or pretender lender that exited years earlier – all of a sudden, without legal authority they appear in court trying to fool the homeowners, investors, state recordation offices and courts with fabricated (too late) assignments of mortgage to trusts that closed years earlier and are now rapidly depleting their assets – paid off likely with TARP funds – thank you very much. Continue reading
“The abuses and dishonesty and multiple breaches of contract within the shadow 
banking world of securitized trusts appear to have been endless, now with new revelations regarding the rigging of Libor rates, as well as constituting a litigation puzzle for borrowers and for their attorneys seeking to use those abuses and dishonesty to their advantage. But how?”
SECURITIZED DISTRUST PART TWO provides another outstanding synopsis of the banking foreclosure fraud and little known hidden secrets used by lenders to defraud the borrowers and the courts.
“Too Big to Manage, Too Big to Operate.” –U.S. Senator Sherrod Brown of Ohio.
Just in case no one in the United States Senate understands the difference between “risk” and “fraud” – below are the definitions. JPMorgan Chase Chief Executive Jamie Dimon tells the Senate Banking Committee what he has learned from the bank’s more than $2 billion trading loss. June 13, 2012
Deadly Clear 