SEC Subpoenas Goldman Sachs, JP Morgan, Citi, BofA and Wells Fargo Over Foreclosures
by Katya Wachtel - Business Insider
GoldmanSachs666 Message Board
Fraud*
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
Saturday, December 18, 2010
If Only We Could See the Transparent Goldman Sachs
What a wondrous place this land would be if banks like Goldman Sachs could feel the freedom of being open and transparent with the citizens of the USA instead of living in the shadow world of derivatives. Goldman Sachs successfully took its bad assets in MBSs off its books before the financial meltdown; now we are waiting to see just how the securitization of mortgages at GS helped to bring down the system. Oh, shine the pure light of day on Goldman Sachs!
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Goldman Sachs Wants You To Die Soon
Now that Goldman Sachs has ruined the US economy and the lives of tens of millions of Americans, it is setting its sights on helping you die faster!!
Goldman is becoming heavily invested in the Life Settlements industry, recently partnering with industry giants AIG & Warren Buffet’s Berkshire Hathaway. (If you’re unfamiliar with life settlements, you may want to take a quick look here to read more about it. BEWARE: The wikipedia page is a fluff piece written by the industry so you will need to take the positives with a grain of salt…a very large grain of salt.)
http://bankoutrage.com/2010/12/15/goldman-sachs-wants-you-to-die-soon/
you think enough time has passed for goldman to extricate themselves from this?
Saturday, December 18, 2010
Arizona, Nevada Sue Bank of America Over Mortgage Fraud While Treasury Sits on Its Hands
The Administration’s po-faced insincerity on the mortgage crisis front is wearing thin now that other authorities are taking action against the worst abuses.
Yesterday, we had the sorry spectacle of Treasury Secretary Timothy Geithner, under questioning by Congressional Oversight Panel commissioner Damon Silvers, maintain that the Treasury really had very little power to require banks to engage in certain types of behavior under the Treasury mortgage modification program, HAMP (see the testimony starting at 101). Silvers made it quite clear that he did not buy Geithner’s claim. If you think I am reading more into Geithner’s response than is warranted, he had a longer form discussion with a small group of bloggers last August and made a similar argument when asked why Treasury had done nothing when servicers were clearly gaming HAMP. I pointed out that there was a big difference between narrow authority and broad authority, and pointed out that Treasury had lots of leverage over banks, starting with REMIC violations. He pointedly ignored the REMIC issue.
http://www.nakedcapitalism.com/2010/12/arizona-nevada-sue-bank-of-america-over-mortgage-fraud-while-treasury-sits-on-its-hands.html
In Third World America, You Can't Buy a Ream of Paper on Minimum Wage
Meanwhile, the financial system has strangled U.S. growth by parasitically growing from 3% of GDP in 1965 to 7.5% of GDP currently. Money was diverted from capital investment, the most important stimulus generator for our economy, to save corrupt financial institutions. Financial services now account for 35-40% of all corporate profits in the U.S. That number should be less than 5% in an honest economy. CEOs of bailed-out banks earn more than they did before the bailout.
Yet, the lust for money and power by the financial elite knows no limits. Over 10 years, the top 2% of the wealthy in this country will get $700 billion in tax cuts. Meanwhile, the country chokes on a $13.7 trillion national debt.
Congress has blocked meaningful financial reform. It approved the Great Bailout, followed by the Great Cover-Up and the Great Recession. If Congress continues its sham investigations, culprits will never be brought to justice.
http://www.huffingtonpost.com/janet-tavakoli/in-third-world-america-yo_b_798598.html
Opening the Bag of Mortgage Tricks
After the company collapsed, a small firm called Compass Partners bought the servicing rights to these assets for $8 million. A short time later, Silar Advisors, a company overseen by Robert Leeds, a former Goldman Sachs executive, got involved by financing Compass. Compass/Silar began servicing the loans for the investors.
Almost immediately, the plaintiffs in the suit contended, Compass/Silar started siphoning off money owed to investors holding the loans. Among the servicer’s tactics, the plaintiffs said, were improperly charging default interest, late fees and loan origination fees that reduced amounts due to investors.
http://www.nytimes.com/2010/12/19/business/19gret.html?ref=business
Matt Taibbi's Great Squid Hunt
In Griftopia Matt Taibbi argues that America has been corrupted by the merger of government and finance.
When Taibbi quoted a hedge-fund operator as saying that Goldman's initiative to sell short on the same mortgage deals it systematically inflated in pitches to other investors was nothing less than "securities fraud," the same financial journalists derided Taibbi as an irresponsible naïf—until the SEC charged the bank with securities fraud for constructing just those kinds of deals, in a prosecution that eventually produced the largest civil settlement in the regulatory agency's history.
http://www.alternet.org/story/149161/matt_taibbi%27s_great_squid_hunt?page=entire
'A corporate coup d'état in slow motion'
Hedges said he attended the protest and planned to get arrested because he is against the corporate powers that have enveloped the nation.
"We've undergone a corporate coup d'état in slow motion," he said. "Our public education system has been gutted. Our infrastructure is corroding and collapsing. Unless we begin to physically resist, they are going to solidify neo-feudalism in this country."
"If we think that Obama is bad, watch the next two years because these corporate forces have turned their back on him," Hedges warned.
http://www.rawstory.com/rs/2010/12/untitled-chris-hedges-interview
Scores of homeowners do not contest foreclosures because:
1. They don't have knowledge of the law in order to recognize which aspects of foreclosure are legally challengeable or even fraudulent.
2. Even those who identify wrongdoing, lack funds to pay for attorneys to represent them.
3. Homeowners are told to come to foreclosure auctions with money that they do not have, so they stay away from foreclosure auctions.
These homeowners are oblivious about sometimes "straw buyers" and sometimes lawyers in charge of foreclosures, obtaining illegal ownership of people's homes, and pay literally nothing through "credit bids;" and that those recorded deeds from such auctions are Null! For these very reasons, there needs to be a probe of lawyers who file foreclosures.
Also, the average lay person doesn't know about legal requirements of "standing" that prevents their homes from being repossessed via non-existent lenders, or via lenders who have no ownership of promissory notes.
Yet, courts are supposed to enforce "standing" and compliance with established laws! Illegal, defective, fraudulent foreclosure causes useless deeds for property sales; title insurance denials –and more!
Further, after certain foreclosure auctions (via simulation) result in fraudulent –NOT lender acquisitions, by lawyers or straw buyers, the common scenario becomes property flipping, neighborhood blight, rodents, and so on!
*Sample of fraudulent foreclosure acts:
-Deliberately use defunct lenders, lenders without "standing" for false civil and bankruptcy foreclosure proceedings
-Create and conceal malpractice foreclosure delays and engineer billable litigation
-Orchestrate sham foreclosure auctions; property never acquired by lenders, but 'straw buyers'
-Commit actionable wrongs (unfair debt collection, fraud, various torts) that create lawsuits
- Foreclosures naming defunct lenders, illegally recorded property deeds, flipping, blighted communities
-Unconscionably create false deficiency judgments against property owners after straw buyers acquire homes for pennies on the dollar
-Intentionally false Bankruptcy court "Motion to Lift" and "Proof of Claim" on behalf of non-existent lenders which conceals fact of a "non-secured" mortgage debt
-Involved in fraudulent collection of property damage insurance, as well as mortgage-default insurance
- Fraudulent foreclosures abet loss of property taxes to city revenue, and invites rodents, vagrants
- Thousands of families made unlawfully homeless from null foreclosure proceedings
Foreclosure lawyers are officers of the court. Lawyers are required to know applicable laws and civil procedure. This knowledge is not required of mortgage lenders, nor loan servicers.
*more @ Request for Congressional Foreclosure Panel to Examine Foreclosure Lawyers
http://www.change.org/petitions/view/request_for_congressional_foreclosure_panel_to_examine_foreclosure_lawyers#
Thank you all, Anonymous 6, for the links provided in your comments. All articles noted are worth reading.
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