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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Wednesday, October 6, 2010

It Begins...Ohio Files Suit:

This Open Door Into Fraud Could Lead All Way Up The Ladder.
Even Goldman Sachs may not be immune from further investigations of fraud.  Goldman still owns mortgage companies but their real problem will come when fraud investigations into the securitization process and Credit Default Swaps begin as a result.  Isn't that how things usually happen.  One small item leads to much bigger ones.  The lid of Pandora's Box is officially open.

Thank you Sean for sending this link.  Here now the story from the Huff Post:

Ohio Attorney General Sues Ally Financial Over Alleged Foreclosure Fraud, First In A Possible Wave Of Lawsuits

WASHINGTON — Ohio's attorney general is suing Ally Financial Inc. and its GMAC Mortgage division, alleging the company violated state fraud laws in handling foreclosure cases.

The action could be the first in a wave of lawsuits by state regulators over what appear to be widespread problems in documents used by the nation's largest mortgage lenders.

Attorney General Richard Cordray said Wednesday the alleged fraud could involve hundreds of foreclosures in the state. The lawsuit claims the company's employees signed and filed false affidavits to mislead courts. Cordray called the alleged fraud the "tip of an iceberg of industrywide abuse of the foreclosure process."

A message left at Ally was not immediately returned.

Read the here 

Editor's Note:
We here at and all of our sister sites will follow this most important story as it unfolds. I believe this will have a major impact not only on the wrongful and massive amount of foreclosures but will finally begin to bring justice to the criminals that created this mess for us.
While this story is not specific to Goldman Sachs and it is a departure from presenting only GS information it is important. As I said at the beginning and in my earlier piece, this opens Pandora's Box and we know that GS and all the rest have quite a bit hidden in it.
The truth is finally coming out and our government and legal structure can no longer sweep this under the rug. Action will be taken and will have to be taken. Look for many of our Too Big To Fail friends to begin to fail. I don't believe there will be any more bailouts. Understand that Ally Financial 0 once GMAC - is still living and working under the bailout we gave them. How dare they use our money to commit more fraud.
Goldman specific stories will still be posted here and our Daily Links will return soon as well bringing you all the current events concerning GS.
These stories will also be simulposted on all of our sister sites.
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Anonymous said...

Read this...

HR 3808: You Must Veto It

President Obama has announced that he is accepting comments on this bill.

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