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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

Sunday, March 3, 2013

Goldman Sachs: Justice is "Expensive and Slow-Moving"

Originally, regulators in April 2011 had asked Goldman Sachs to find errors and mistakes in their foreclosure process for years 2009-2010 using an independent consulting firm.  The consultants were not so independent but that no longer matters.  The investigative process proved to be too time consuming and too expensive.  (Really, the search for justice for homeowners must be stopped when it is too expensive and too slow-moving!)

So the independent review process was stopped and new rules are being applied.  Rather than investigate individual homeowners improperly treated in foreclosure, the new rule just puts a monetary value on the process and Goldman Sachs will pay $135 million to borrowers and offer $195 million worth of relief.  Thus is fraud and illegal activity interpreted as being solved by means of a cash payment.  Goldman does not have to admit or deny wrongdoing or worry about a civil monetary penalty

That is how fraud and corruption is papered over by the Federal Reserve and the Federal Reserve Bank of New York and no one is investigated or prosecuted for control fraud.  Individuals who caused the crisis continue in their roles.  The bank becomes the "person" responsible by paying a token fine decided upon by the regulators.  The individual homeowners who were mistreated are not given their day in court.

Justice is now construed as  throwing money at the problems caused by the control fraud committed by the banks.  Only Injustice is Being Served!
Amendments to Consent Orders Memorialize $9.3 billion Foreclosure Agreement
By 4closurefraud

WASHINGTON — The Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board today released amendments to their enforcement actions against 13 mortgage servicers for deficient practices in mortgage loan servicing and foreclosure processing.  The amendments require the servicers to provide $9.3 billion in payments and other assistance to borrowers.

The amendments memorialize agreements in principle announced in January with Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.  The amount includes $3.6 billion in cash payments and $5.7 billion in other assistance to borrowers such as loan modifications and forgiveness of deficiency judgments.

Borrowers covered by the amendments include 4.2 million people whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the companies listed above.  These borrowers are expected to be contacted by the Paying Agent—Rust Consulting, Inc.—by the end of March 2013 with payment details.  The Paying Agent will send payments and correspondence.
Borrowers covered by the amendments are expected to receive compensation ranging from hundreds of dollars up to $125,000.  Borrowers are not required to take any additional steps to receive the payments.  In addition, borrowers will not be required to execute a waiver of any legal claims they may have against their servicer as a condition for receiving payment.

Borrowers can call the Paying Agent at 1-888-952-9105 to update their contact information or to verify that they are covered by the amendments.

In providing the $5.7 billion in assistance, the 13 servicers are expected to undertake well-structured loss mitigation efforts focused on foreclosure prevention, with preference given to activities designed to keep borrowers in their homes through affordable, sustainable, and meaningful home preservation actions.
Borrowers seeking assistance should work directly with their servicer or a counselor approved by the U.S. Department of Housing and Urban Development (HUD).  Borrowers can reach HUD-approved counselors by calling 888-995-HOPE (4673).

OCC and Federal Reserve examiners continue to monitor the servicers’ implementation of corrective actions required by the original enforcement actions to address unsafe and unsound mortgage servicing and foreclosure practices.

For the 13 servicers, these amendments to the enforcement actions replace the requirements related to the Independent Foreclosure Review.  For GMAC Mortgage, Everbank, and OneWest, which did not enter agreements in principle with federal regulators, the Independent Foreclosure Review process continues.   Regulators expect the reviews for these servicers to be completed over the course of the coming year. These companies service 457,000 mortgages that were in some stage of foreclosure in 2009 or 2010.

Read the article here
Read the Goldman Sachs Amendment of Consent Order here 


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