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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

Thursday, January 10, 2013

Goldman Sachs Gets Another Pass Over Frauds It Committed

Goldman Sachs made a deal with the Federal Reserve and the New York Banking Regulator in order to be able to sell its mortgage servicing unit, Litton Servicing, to Ocwen.  Goldman had already made billions selling toxic assets from securitized sub-prime mortgages bought from Litton and wanted to ditch the company.

So far Goldman has followed the inept regulators' instructions and paid penalties, answered civil claims, brought in consultants to review individaul foreclosures on which to write down loan principals and promised to be "good" and not forge any more documents while bringing forth foreclosures on homeowners.

Now Goldman is tired of having to look at individual foreclosures and has been given permission to settle claims en masse.  The article called these frauds "botched foreclosures" a euphemistic way of saying "what cannot be said."  We know that Goldman committed outright fraud:  fraud in making subprime mortgages, fraud in securitization, fraud in false ratings of securities, fraud in the treatment of foreclosed homeowners and fraudulent forgery.

We are being snowed under with the fraud perpetrated by Goldman Sachs!

Note that the $1.5 billion is being paid by four banks:  Goldman, Morgan Stanley, Ally and HSBC.  The total loans made by three of these four banks during a two-year period comes to 239,341 mortgages.  The figures for HSBC in the two-year period are not given.  Dividing the $1.5 billion amongst the 239,41 homeowners comes to $6,267.21 each!  You can be sure that there will be other expenses that are included in these transactions so that the homeowners will be lucky to get anything for the fraud committed by these horrible banks.

Goldman Sachs Said to Be Part of Fed-Led Foreclosure Deal
By Jesse Hamilton & Cheyenne Hopkins - Bloomberg

Goldman Sachs and Morgan Stanley entered the mortgage servicing business through acquisitions. Goldman Sachs bought Litton Loan Servicing LP in 2007 and Morgan Stanley bought Saxon Capital Inc. in 2006, before a housing market collapse that led to the worst financial crisis since the Great Depression. 
Goldman Sachs Group Inc., Morgan Stanley and two other banks may agree as soon as this week to settle claims over botched foreclosures in an accord similar to one reached with 10 other loan servicers, two people briefed on the discussions said.

The agreement, also involving HSBC Holdings Inc. and Ally Financial Inc., would end case-by-case reviews of foreclosures under earlier accords with the biggest mortgage servicers, said the people, who declined to be identified because the talks are private. The Federal Reserve-led discussions specified at least $1.5 billion in cash and assistance for borrowers, one of the people said.
Read the entire article here 


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