I've been saying it for years, and it sounded as if my words were falling on deaf ears!
No more:
Every Bank Mortgage in America is a Fraud!, page 1 privacy Pages: ATS Members have
flagged this thread 10 times Topic started
on 19-2-2011 @ 02:00 AM by hawkiye This is what the majority do not understand about their mortgage. Here is how it works and
how you are defrauded. Step One: “Borrower� signs the Promissory Note to borrow money from the Lender?.
Step Two: “ Supposed Borrower� signs the Mortgage Contract to “secure� the Promissory Note and the “Lender’s� interest, by pledging the property as collateral. What the Borrower doesn't know is the Promissory note is payment in full and the contract conveys the property to the you forever and then when you sign the mortgage contract you "re-convey" the the property to the bank "for monies received". But you never received any monies. You can't convey something you do not own. In a matter of minutes you owned your home free and clear and gave it away to the bank. Here is a good audio that explains it even better. www.freedomsphoenix.com...
The National Debt Nor The Federal Deficit Ever will be balanced. The US Deficit Only will grow due to Massive Mortgage and Pension Benefit Fraud by Congress, The US Treasury, other Federal Agencies, and the Mortgage Industry!
Hiding the Enforcement Fraud At the Heart of the Mortgage Settlement
By Abigail Caplovitz Field | April 10, 2012 86Share Update: When reading about how “our” government sold us the servicing standards as the big prize in the deal (along with the $25 billion that isn’t) even as they agreed the standards wouldn’t be meaningfully implemented or enforced, remember that the Consumer Financial Protection Bureau will be rulemaking on servicing during the settlement’s duration, with its rules set to take effect in 2013 and 2014, well before the 2015 expiration date of the deal. So the “standards” in this deal are even more useless than they otherwise appear.
On Thursday, April 5th U.S. District Court Judge Rosemary M. Collyer announced she had decided to sign off on the ”$25 billion” Mortgage Settlement. By “announced”, I mean she signed the consent orders all our major law enforcers and the biggest bankers had agreed to, and entered them into the record. Judge Collyer didn’t actually say anything about the deal.
She didn’t let anyone else say anything, either: she didn’t hold a public hearing on the deal. In acting silently, Judge Collyer not only okayed the deal’s lousy terms, which institutionalize servicer theft and foreclosure fraud, she reinforced the incredibly poor public process that’s kept the enforcement fraud at the heart of the deal hidden. Deliberately hidden.
Magical Misdirection To understand just how deceptive “our” government and “our” law enforcers have been with us, imagine them as a Shakespearean magician, confessing his thoughts to us as he tries to trick an audience seated just off stage. Hear the magician, as he secretly pleads for his misdirection to work: ‘Please, keep focused on this hand, the one with the wand waiving above the shiny new servicing “standards.”
Pay no attention to what I’m doing with my other hand. Please don’t notice me transforming the “standards” into empty promises through the ‘magic’ of metrics. I must succeed at controlling and guiding your attention, so you fall for my trick! Otherwise, my trick is obvious-my ‘magic’ is all there in black and white, in Exhibits E and E-1. So don’t look there…stay with me, stay focused on the new servicing “standards” and that big sounding “$25 billion”… Think I’m overstating the deliberate deception in selling the Mortgage Settlement as something other than the enforcement fraud it is?
Let’s review the history.
Keeping People Focused on the Servicing “Standards” From the very beginning, the initial deal announcement a year ago, the government tried to sell the premise of the sleight-of-hand to come: Tough law enforcers, banding together, would force the bankers (wearing their mortgage servicing hats) to transform their abusive and illegal standard operating procedures into the basic, ‘thou shalt follow the law and deal fairly, in good faith’ standards ultimately embodied in Exhibit A.
Here’s how the Washington Post presented what was happening on March 7, 2011: “The state attorneys general investigating abuses in the mortgage servicing industry said Monday that as they hammer out details of a massive settlement with banks, their main objective remains fixing a system that has subjected consumers to confusion and financial strife.”
What we’re really trying to do is change a dysfunctional system,” said Iowa Attorney General Tom Miller, the point man for a 50-state effort.” (bold mine) Fixing servicing, folks, that’s what we’re doing, fixing servicing.
But the Post reported that people wanted more. At the same time Miller was making those statements, protesters organized by the National People’s Action network were telling law enforcers to “stiffen their backs”, “do justice”, and “make Wall Street pay.” But the AGs kept guiding everyone’s attention back: “Illinois Attorney General Lisa Madigan sought to comfort the protesters. ‘For those consumer advocates who are rallying, we hear you,’ she said. ‘Laws are not being followed by the servicers.
That absolutely has to change.’“Keep your eyes on those shiny new servicing standards we already leaked, folks. At the start, it wasn’t clear the misdirection would work. Here’s my coverage of those initial leaks. Yves Smith also wasn’t buying. We weren’t alone; skepticism abounded. But still the misdirection efforts continued.
Throughout the year of negotiations leaks regarding servicing, the “$25″ billion, principal reduction, and vague statements of strong enforcement provisions dripped out. We skeptics knew the banks’ word is no good, so we hammered on the enforcement issue, confident that at least some of the AGs understood. Heck, Nevada’s Catherine Cortez Masto sued BofA for breaking its word, and Massachusetts’s Martha Coakley sued all five bailed out banks, because they weren’t negotiating in good faith.
Naive us; in the end all the AGs took the deal, except Oklahoma’s, who rejected this enforcement fraud as too harsh. Worst, our demands for transparency and accountability were so ineffective that when the deal was announced on February 9th, with great fanfare and consumer group support, the enforcement terms, particularly the metrics, hadn’t seen the light of day.
“Our” government’s magical misdirection machine was that powerful. On February 9 the government also launched a slick website,
www.NationalMortgageSettlement.com that, for the month between deal announcement and deal submission to Judge Collyer, had only an “Executive Summary“, a “Fact Sheet“, a “Benefits to Servicemembers and Veterans“, a “Servicing Standards Highlights” and some “FAQ“.
That is, only the ‘good’ stuff–nowhere on the website were the metrics or any other meaningful discussion of the enforcement terms. Servicing Abuses Institutionalized, Not Ended Can you imagine the brouhaha if people had a month to really look at and consider the enforcement terms? The flaws aren’t limited to how pathetically weak the compliance metrics are.
To recap: no one yet knows which servicing “standards” will take effect when, or if the deadlines will be extended as the deal allows. Until a standard is in effect, there’s nothing to measure compliance with. Worse, the the measuring process itself still has to be negotiated, so standards may take effect without a compliance process to verify implementation.
Worst, the metrics let the servicers systematically steal from you and defraud the courts without risk of consequence. Heck, even if all servicing standards take effect before the deal expires, and all the work plans are finalized so that all the metrics are being computed, and banker theft rises to the level that a bank fails a metric, no penalty kicks in unless it’s the second quarter in a row that the bank failed that metric.
How’s that for a show of brute law enforcement power by our big bad government? ”Our” Justice Department, “our” federal regulators, and “our” attorneys general really transformed the servicers business practices, right? Ironically, on the day that Judge Collyer silently sent the deal into the public record, Bankruptcy Judge Elizabeth Magner issued a stunning indictment of both Wells Fargo’s systematic theft from borrowers and its bad faith in negotiations. See Yves Smith on Magner’s opinion here, and David Dayen here.
One judge wrung more out of Wells for stealing from a single homeowner–$3+ million in punitive damages–than Wells faces for a whole quarter of similarly stealing from many of its borrowers. But let’s not get caught up in how bad the deal is; I want to stay focused on the magician’s telling us to where to focus our attention so we think he really did pull a bankers-will-obey-the-law rabbit out of his hat. Four days after the deal was announced, the Wall Street Journal published drafts of some of the deal documents.
Notably a draft of the metrics or any other part of the enforcement section was missing. The Journal only linked to the deal parts it was given, the ones the power structure magicians wanted us to see: the “Servicing Standards,” the “Borrower Relief”, and the “Menu of Credits.” That is, promises the banks would follow the law going forward, that homeowners would be helped, and for the sophisticated, that the help would be even greater than $25 billion.
Just one sentence on enforcement– “Also included in the final deal: terms spelling out what powers are given to the independent monitor overseeing the deal, and rights of action for states if banks are found to run afoul of the terms.” No sneak peek at what that the magician’s other hand was up to.
The very first time that the public had a chance to see that the promise of banker law-abiding going forward was a lie was March 9, 2012, the day the deal documents were filed in court. Even then the misdirection continued. Hiding In Plain Sight Even though the text of Exhibits E and E-1 were now available for viewing, the government steered attention elsewhere, toward the complaint.
The complaint is the easiest to read, and it is featured most prominently on lead “negotiator” Iowa Attorney General Tom Miller’s website of deal documents. See? “Complaint (PDF)” is in bold, and perhaps larger font, than all the other linked documents below it. Similarly, now that the mortgage deal website is updated to reflect the Judge Collyer-okayed deal, this is how the information is presented to the public: SETTLEMENT DOCUMENTS USDOJ Filing News Release (pdf) Complaint (pdf) Ally/GMAC Consent Judgment (pdf) Bank of America Consent Judgment (pdf) Citi Consent Judgment (pdf) JPMorgan Chase Consent Judgment (pdf) (Note, I can’t find JPMorgan Chase’s signature on it–the other banks signed on the last pages of theirs, but hey, Judge Collyer signed it and it’s uploaded on the official site as JPMorgan’s Consent Judgment, so it must be so.) Wells Fargo Consent Judgment (pdf) Consent Judgment Exhibits A-I (pdf) Self-congratulatory press release, the complaint, the bare seven page agreements to the deal (followed by tons of signature pages) and then, at bottom, the no-content labelled “Consent Judgment Exhibits A-I (pdf)”. ‘What are Exhibits A-I?’ someone might wonder.
Doesn’t sound like important reading. How likely do you think it is that someone will click through, scroll down, find Exhibits E and E-1 and read them? AG Miller’s site, complaint highlighting aside, is much better on this point, breaking out each exhibit by bank with labels that tell you what they are.
The Justice Department’s presentation is in the middle; the complaint tops the list of documents, but isn’t bolded; however, the critical exhibits aren’t identified in any way. They’re simply included with each consent judgment. Since the audience is being steered to the complaint, what do they get if they read it? Well, here’s my take, which is basically that the complaint’s so harsh sounding it’s impossible to understand why we haven’t seen a single indictment of a big banker.
The harsh language is part of the misdirection: boy do they sound tough on the banks, so surely the deal struck is tough right? Some facts, besides enforcement, were apparently so risky to let the audience see, they weren’t included in the complaint though naturally they would have been. That is, the complaint says only something vague about all the origination fraud the banks committed, though it details other kinds of wrongdoing: “67.
In the course of their origination of mortgage loans in the Plaintiff States, the Banks have engaged in a pattern of unfair and deceptive practices.” (see page 28 at B) To understand how badly the bankers abused consumers when making loans, you need to read the relevant section of the federal release … “D.
The United States further contends that it has certain civil claims based on the … following conduct: … [lists 13 different kinds of bad stuff] Why is detailing origination fraud in the document the public is most likely to read risky? Well, consider origination fraud type (e): (e) Valuing the properties used as collateral for such loans… (e) is talking about appraisal fraud, a topic that deserves much pointed attention at a time when so many borrowers are deeply underwater.
But for the rampant, lender controlled appraisal fraud inflating the original principal balances, fewer people would be underwater, and those that are would be closer to the surface. …I mean, it might be very difficult to maintain the irresponsible borrower stereotype if millions of people started focusing on origination fraud. And solving the underwater problem doesn’t pose such a moral hazard if all those balances were fraudulently inflated by the lenders, does it?
Sticking all the origination fraud detail in the release instead of the complaint looks like an effort to hide truth that could impact policy if only people knew it. So there it is–for over the last year, “our” government has carefully steered your attention where it wants it, maintaining its tough on bankers, fair to the public illusion.
Now Judge Rosemary Collyer has played magician’s assistant, signing off quietly, not risking redirecting the public’s carefully guided attention. So here’s the bottom line: will the media and grass roots groups let the trick work all the way through election day? Or will they snap the public out it, break the spell?
I mean, just imagine how angry voters would be if the enforcement fraud is seen clearly for what it is. And then the big question is: will the new servicing standards promulgated by the Consumer Financial Protection Bureau be yet another exercise in misdirection and enforcement fraud? Or will Americans finally get some change we can believe in?
20 comments • Uncategorized Share on Twitter, Facebook, Delicious, Digg, Reddit, LinkedIn, «Previous Post Next Post » 20 Comments Pingback: Proof the AG Settlement Failed « Foreclosure Defense & Strategic Default Pingback: Field on Foreclosure Fraud Settlement Mike Dillon on April 10, 2012 at 10:24 am. Part of what gets me is everyone’s assertions that “We acted as quickly as we could.” to address this “crisis.” Bovine scatology, as Judge Roy Bean says. Being in possession of multiple complaints involving Fairbanks Capital Corp, n/k/a Select Portfolio Servicing, to 27 state Attorneys General (including Tom Miller’s office) going back to at least 2002 ( http://www.getdshirtz.com/index.php?option=com_rokdownloads&view=folder&Itemid=135 )
I would venture to say that ALL 50 AGs knew of Mortgage Servicing Fraud practices. Everyone knew this was happening. No one cared. I put NH AG Michael Delaney’s office on notice in 2009 shortly after he took office. Never heard peep one. That same year, I requested a GAO review of the Federal Trade Commission and Cc’d 40+ members of the House and Senate ( http://www.getdshirtz.com/index.php?option=com_k2&view=item&id=100:gao-request ) because USA/Curry v Fairbanks, FTC v. EMC.Bear Stearns and FTC v Countrywide/BACHLS simply did not do enough to protect homeowners. This song and dance has been going on for more than a decade.
Both HUD and the FTC were aware of problems with force placed insurance back in at least 2003 when HUD-OIG interviewed several then Fairbanks employees who outlined kickbacks both in the industry, in general, and to Fairbanks specifically. Yes, those documents can be found as Exhibits T-V of the GAO Review request. Since the state of New York, at least, is finally getting around conducting some form of investigation into force placed insurance, I put a call in to Deputy Joy Feigenbaum’s office last week to see if they would be interested in the documents. Since no one has returned the call, maybe they’ll find the link to them here.
This “settlement” is an amalgamation of every settlement that has gone before it. And like every settlement before it, it screeches woefully short of ACTUALLY helping homeowners. Part of the excuse I received as to why more severe action wasn’t taken against then Fairbanks, in 2004, was that Fairbanks was severely under-capitalized. A year after the USA/Curry settlement was announced, and two years BEFORE the settlement was revisited and restructured to, by then, Select Portfolio Servicing’s benefit Fairbanks/SPS was sold to Credit Suisse First Boston (now simply Credit Suisse) at which point SPS immediately inherited a $6 Billion servicing platform.
And yet, no mention of any increased penalty was made during the re-negotiation of the settlement. As you point out, Ms. Field, Judge Magner most likely had a more direct effect on the future servicing actions of at least Wells Fargo than this entire settlement will.
I still like Richard Zombeck’s quote of, “If I’m robbing houses and I get caught, and all they say is “You’ve got to pay back 10% of what you stole.” not only am I going to continue to rob houses, but I’m going to hire a crew.” I’ve been saying, for years now, that the ONLY thing that is going to actually FIX the various problems and frauds that make up Mortgage Servicing Fraud is individual case law.
Every homeowner is on their own to fight for themselves. And I can find little better evidence of that when programs like Neighborworks Greater Manchester “Free Foreclosure Prevention and Intervention Workshop” is sponsored by Bank of America ( http://www.nwgm.org/home-buyer-education-assistance/free-foreclosure-intervention-and-prevention-workshop.asp ) and politicians like US Senators Kelley Ayotte and Jeanne Shaheen attend events sponsored by Bank of America ( http://www.portsmouthchamber.org/cwi/calendar/calendar_display.cfm?eventID=3550 )
At first glance, the over/under for people going to jail as a result of the S&L crisis appears to have been 1000. I believe Prof. William Black has pegged this current “crisis” as 70x larger. So far, ZERO people jailed. No one is watching “our” backs, we’re on our own – especially if we don’t clean house in Washington.
Reply lvent on April 10, 2012 at 1:41 pm. Right on Abigail! I would like to know how these liars live with themselves? The judges are not following the rule of law and they also think they are above the law. I saw it firsthand today in Cook County foreclosure court. The bank attorney lied through her teeth and said she did not receiving my response to their strike of my affirmative defenses even though my response was in their latest filing!
he judge would not even let me speak on my behalf. He gave me 28 days to re-enter and set a hearing date about the matter for June. He advised me to get an attorney. I have a name for those attorneys. I call them “the fixers.”
They are all liars and they are all full of shift.
Can they truly show you how to save your home from foreclosure? They Swear by their position!
Four Steps to Stop Foreclosure Fraud
RightToCancel.com
TO: Wendell Harper
Message flagged Thursday, April 26, 2012 12:13 PM Hi Wendell, If you are (ANY) of the following, this is for you:
1. A Homeowner Behind on Mortgage Payments.
2. A Homeowner in a Foreclosure.
3. A Homeowner with an Adjustable Rate Mortgage.
4. A Homeowner Worried About Losing Home to Banks.
5. A Victim of Predatory Lending Practices.
On Monday, April 30th at 4:30PM EASTERN time, We'll holding a free LIVE call where Rick and Justin will reveal... (4) FOUR STEPS that you can do to STOP FORECLOSURE FRAUD from real people who have beat the Banks!
We are not going to hold anything back, so if you are timid or scared about fighting back to protect your home from being stolen by the banksters that have destroyed the US economy, then this is NOT for you.
So, if your ready to put your (Big Boy) or (Big Girl) pants on and start taking action to keep you and your family safe in your home, then CALL US right now and mention this email.
RightToCancel Help-Line: (813) 448-2108 READ THIS: Space is limited to *50* callers and the spots for this LIVE CALL will fill up fast, so call now to get your 1-TIME FREE-ACCESS CODES. ------------------------------------------------- ...And if you don't already know what RightToCancel offers, then please read a few of the benefits as a member.
*EZ Document Templates that include an proprietary Administrative Remedy Demand to force the Banks or their Attorneys to Prove their claim!
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*Instant access to hundreds of self-help videos, audios and resources you can use to learn exactly how to fight back and defend your home against the banks.
We've got a bunch of dum asses bound to convince homeowners that the regulators of this government have the power to make settlements when they're involved in criminal activity themselves.
The corrupt cannot excuse the corrupt! Shut up, or put up.
jeff said... More Fraud: The mortgage company maintains two sets of books regarding your mortgage payments. The local set of books is a record that they loaned you money and that you agreed to repay that money, with interest, each month. The second set of books is maintained in another State office, usually a bank because the mortgage companies usually sell your loan contract to a bank and agree to monitor the monthly payments in order to conceal the fraud. In the second set of books, your monthly mortgage payment is recorded by the bank as a savings deposit because there is no real loan. When you pay off the fraudulent mortgage, the bank waits 90 days and then submits a request to the IRS. The request states that: “Someone, unknown to this facility, deposited this money into our facility and has abandoned it. May we keep the deposit?” The IRS always gives their permission to the bank to keep the deposit and your hard-earned money just feathered the nest of the Rockefellers, Rothschilds and eleven other wealthy families in the world! www.stopthepirates.blogspot.com
These guys are going to be exposed, and we will insist that Obama be the subject of impeachment, that regulators individually engaged in wrongdoing be tried and convicted.
President Bush meets with Congressional members, including presidential candidates John McCain and Barack Obama, at the White House to discuss the bailout, September 25, 2008.[24]
Correction: Replace former President Jimmy Carter on this picture with former and late President Ronald Reagan. He essentially started this economic downturn with his "Reaganomics".
None of the Presidents involved in this should go unpunished. They must be impeached, or tried as civilians.
More...
The Obama and Bush Administrations Are Complicit in Bankers’ Massive Foreclosure Scheme
A Black Agenda Radio commentary by Glen Ford A new report shows the Obama administration has been just as protective as its Republican predecessor of bank robo-signing: forging the signatures of millions of homeowners in order to foreclose their homes. “Theft and fraud were standard practice on Wall Street, and both the Bush and Obama administrations knew it, and protected the criminals.” Obama didn't just “inherit” Bush's entanglement with Wall Street robo-gangsters. He joined the criminal enterprise. Obama and Bush Administrations Complicit With Bankers’ in Massive Foreclosure Scheme A Black Agenda Radio commentary by Glen Ford “The robo-signers kept stealing as a matter of routine, while the Obama administration pretended it was on the side of the people.” Both the Bush and the Obama administrations are complicit in the gargantuan and ongoing corporate conspiracy to unlawfully foreclose on the homes of millions of Americans. The U.S. government, through its quasi-private housing corporation Fannie Mae and the Federal Housing Finance Agency, which is supposed to oversee the millions of mortgages guaranteed by Fannie Mae, collaborated in the so-called “robo-signing” scheme that has allowed banks to repossess homes without proof they own the mortgages to the houses. That’s the scenario that emerges from a new report by the Inspector General of the Federal Housing Agency. It is an indictment of the clear complicity of two administrations – one Republican, the other Democratic – in the total abrogation of the rule of law as it pertains to Wall Street. The report shows that the Bush administration was made aware, back in 2003 that banks were engaged in wholesale fraud and theft of properties of American homeowners. The housing bubble had not yet burst, but the banks were gobbling up properties, especially defaulted sub-prime mortgages that had been targeted at Blacks and Latinos. But, because of the banks own practices of bundling mortgages into securities and then immediately passing them on to suckers down the line, the banks did not have clear title to the properties. They sold them anyway by forging signatures by the millions. Theft and fraud were standard practice on Wall Street, and both the Bush and Obama administrations knew it, and protected the bankster criminals. Law firms did much of the criminal dirty work. At least one legal outfit in Florida processed 75,000 robo-signed signatures a year for Fannie Mae.
Mr. Kudlow has a point: Tarp and its government oversees are a criminal enterprise!
. . . Kudlow’s Money Politic$ Larry Kudlow’s daily web log of matters political and financial.
TARP, the Criminal Enterprise?
By Larry Kudlow
April 22, 2009 4:20 P.M. Comments 1 Is the whole TARP plan a criminal enterprise? Sounds farfetched, I suppose. But after reading about Special Inspector General Neil Barofsky’s report, it may well be that TARP is just one big criminal problem. Listen to this: Barofsky’s investigators reported Monday that they have opened 20 criminal probes into possible securities fraud, tax-law violations, insider-trading, and mortgage-modification fraud related to TARP. Yup, those are criminal probes. Barofsky is the special IG overseeing the bailout program. And for some reason the mainstream media refuses to report this on the front pages where it belongs. Barofsky’s report spans 247 pages. And it says that the very character of the bailout program makes it “inherently vulnerable to fraud, waste and abuse, including significant issues related to conflicts of interest facing fund managers, collusion between participants and vulnerabilities to money laundering.” By the way, one of Barofsky’s recommendations is for Treasury to abandon its whole plan of buying toxic assets from banks and investors. The IG’s report also notes that what started last October as a single-purpose $750 billion effort to buy toxic securities has morphed into twelve separate programs that cover up to $3 trillion in direct spending, loans, and loan guarantees. In other words, TARP is nearly equal in size to the entire federal budget. Now, Geithner & Co. has said very little about this. Even in yesterday’s TARP oversight hearing, very little was said about the Barofsky critique. That’s too bad, because this is a crucial area of investigation. TARP is badly in need of reform — or maybe better yet, badly in need of termination. Think about this: TARP, which is now linked to substantial criminal activity, has ballooned to the size of a second federal budget and represents the biggest government-directed intrusion into the economy in history — vastly bigger than the New Deal. And not only is there TARP for banks, insurance companies, and non-bank financial institutions, but also for GM, Chrysler, and various auto suppliers, and perhaps soon enough for credit cards, newspapers, and other sectors of the economy. This is why I believe the era of democratic free-market capitalism is coming to an end. It is being replaced by state-directed corporatism on a grand scale. This is central planning that goes way beyond the American tradition. Now we will wait and see if the investigative process for TARP
. . . Kudlow’s Money Politic$ Larry Kudlow’s daily web log of matters political and financial. About This Blog Archive E-Mail RSS Send Print | Text TARP, the Criminal Enterprise? By Larry Kudlow April 22, 2009 4:20 P.M. Comments 1 Is the whole TARP plan a criminal enterprise? Sounds farfetched, I suppose. But after reading about Special Inspector General Neil Barofsky’s report, it may well be that TARP is just one big criminal problem. Listen to this: Barofsky’s investigators reported Monday that they have opened 20 criminal probes into possible securities fraud, tax-law violations, insider-trading, and mortgage-modification fraud related to TARP. Yup, those are criminal probes. Barofsky is the special IG overseeing the bailout program. And for some reason the mainstream media refuses to report this on the front pages where it belongs. Barofsky’s report spans 247 pages. And it says that the very character of the bailout program makes it “inherently vulnerable to fraud, waste and abuse, including significant issues related to conflicts of interest facing fund managers, collusion between participants and vulnerabilities to money laundering.” By the way, one of Barofsky’s recommendations is for Treasury to abandon its whole plan of buying toxic assets from banks and investors. The IG’s report also notes that what started last October as a single-purpose $750 billion effort to buy toxic securities has morphed into twelve separate programs that cover up to $3 trillion in direct spending, loans, and loan guarantees. In other words, TARP is nearly equal in size to the entire federal budget. Now, Geithner & Co. has said very little about this. Even in yesterday’s TARP oversight hearing, very little was said about the Barofsky critique. That’s too bad, because this is a crucial area of investigation. TARP is badly in need of reform — or maybe better yet, badly in need of termination. Think about this: TARP, which is now linked to substantial criminal activity, has ballooned to the size of a second federal budget and represents the biggest government-directed intrusion into the economy in history — vastly bigger than the New Deal. And not only is there TARP for banks, insurance companies, and non-bank financial institutions, but also for GM, Chrysler, and various auto suppliers, and perhaps soon enough for credit cards, newspapers, and other sectors of the economy. This is why I believe the era of democratic free-market capitalism is coming to an end. It is being replaced by state-directed corporatism on a grand scale. This is central planning that goes way beyond the American tradition. Now we will wait and see if the investigative process for TARP turns into a judicial process, and whether this criminal enterprise puts the long arm of the law onto specific, individual criminals.
http://www.nationalreview.com/kudlows-money-politics/2111/tarp-criminal-enterprise
View more videos at: http://nbcnewyork.com.
Well now, whatdayya know! The Mortgage Fraud Giant Chickens are coming home to roost!
Counties Seek Millions From Mortgage Giant
Most Americans have never heard of it, but this mortgage industry holds interests in 50 percent of all U.S. home loans. No, not Fannie Mae, or Freddie Mac either. Mortgage Electronic Registration Systems, otherwise known as MERS, is a private firm that tracks ownership in hundreds of thousands of home loans. The computerized network allows banks to buy and sell mortgages without having to record the transfers at the county level. An added bonus for the banks is the avoidance of county fees. When MERS is used to turn a regular mortgage into an investment, financial institutions don’t pay “recording fees,” which are usually small charges of between $50 and $100, to the counties where the underlying properties are physically located. This has some county clerks upset. PHOTOS AND VIDEOS PHOTOS Top New York News Photos of 2011 More Photos and Videos “The average Joe who comes into my building, hard working people, have to pay the fees,” said John O’Brien, register of deeds in Southern Essex, Massachusetts. “Why in God’s name can’t banks and Wall Street lenders do the same thing? Play by the same rules!” O’Brien has officially requested that Massachusetts Attorney General Martha Coakley file suit against MERS, seeking $22 million in unpaid recording fees associated with home loans that were bought, sold, and securitized since 1998. “I have challenged them to open their books and show me how many times they have moved people’s mortgages around,” O’Brien said. In Suffolk County, former county clerk Ed Romaine is making a similar request. Now serving as a county legislator, Romaine has asked the Suffolk County attorney explore a lawsuit against MERS that he says would claw back more than $100 million for taxpayers. Romaine unsuccessfully tried to block MERS from doing business in Suffolk County back in 2001. “I saw a problem because we would not know who would be the owner of these mortgage notes because they would be sold in a private system and not recorded in a public system,” Romaine said. The prediction wasn’t far off. Mortgage industry insiders say a major reason many of the nation’s foreclosures are stalled or progressing at a slow pace is the inability of MERS to identify what parties actually hold title to distressed mortgage loans. The problem has led housing advocates to begin demanding foreclosure agents show proof of which investors actually hold legal claim on properties.
http://www.nbcnewyork.com/news/local/County-Clerks-Seek-Millions-From-Mortgage-Giant-117559673.html
They're not mortgage lenders, they're claim jumpers! whether banks, savings and loans, brokers. or US Government Officials.
So your home is all paid for.....or so you think, and you may rest easy now that you don't have to worry about payments.
you're dealing with wholesale fraud, and there are no good
guys!
"Over the past several years, the real estate industry in the United States has undergone a near collapse. House prices have been reduced by 25% nationwide due to the bursting of the real estate bubble. Alaskans have thus far largely avoided a big dive in their home values and hope to continue to do so. Foreclosures in Alaska are nowhere near as numerous as they are in the Lower-48. However, there is one aspect of the home mortgage disaster that no State will be able to avoid. This involves the mismanagement and fraud relating to mortgage loans that largely occurred after the loan closed and was recorded in the local courthouse as a lien on the property along with the new deed of ownership. This unlawful activity may affect in some substantial way the validity of the great majority of mortgages issued over the past 20-years throughout the country, whether the loan payments are current or delinquent!
THE NATIONAL MORTGAGE CRISIS:
As I have been repeating all along, there are no good guys. The Felons are across the board.
Now, what I've been saying for years about government knowledge, complicity and ensuing conflict of interest involving fraud, no agency is sterilel.
"The Wall Street investment banks, beginning in the late 1980s, initiated and bought millions of home mortgage loans to be repackaged as Mortgage Backed Securities (MBS) and sold to investors across the country and the world.
In order to have their investment offerings certified as safe by the investment ratings agencies, the Wall Street banks used almost exclusively Fannie Mae/Freddie Mac qualified mortgages on the assumption such loans have already undergone a serious scrutiny under federal regulations.
In reality, the two quasi-government agencies did little to oversee the quality of the of the mortgage loans they were qualifying, buying and selling.
The MBS marketing effort worked. The ratings agencies, paid huge fees solely by the investment banks, certified the Wall Street MBS offerings as mostly prime-grade investments. Congress, Fannie Mae and the Security and Exchange Commission greatly encouraged the MBS trade.
Now, millions upon millions of these same mortgage loans are delinquent, some for longer than two years. Millionsupon millions more American households still paying their mortgage have a property that is worth far less now than the mortgage loan balance.
It has been discovered that most of the loans in the Wall Street MBS packages and those held by Fannie Mae/Freddie Mac, in fact, did not meet federal regulatory standards, not even close.
Just about every player in the realestate industry had a large hand in this fraud: mortgage lenders, banks, sellers, buyers, brokers, appraisers, lawyers, middlemen, federal and state agencies, Congress and the last five Presidents.
The result is a home foreclosure rate that is unheard of already and looking likely to accelerate .
But the same Wall Street banks that bought off the ratings agencies and the government in order to cheat their customers and got away with it, could not stop themselves from also committing massive tax evasion and the blatant violation of state laws across the nation with almost all of their MBS offerings. This is the fraud that might place the majority of Alaska homeownership titles into serious question".
####
The way it works, the Internal Revenue Service looks the other way while these frauds start tranferring your "loan" (which you made credible through your signature on the promissory note', from fraudulent mortgage schemer to fraudulent mortgage schemer, and the courts almost routinely rubber stamp these fraud factories because they're in bed with the thieves. Many of them share in the ownership and investment towards these so-called "securitized loans".
What they really mean is "claim jumping' of mortgage loans. You sign the papers and multiple beneficiaries get
a full check while you get the debt. It's not your monthly mortgage payment that determines this; it is your annual percentage rate of interest, which is much higher. As a result, a $112,000 loan, such as that of my spouse and I, can skyrocket from that sale price to five times as much. Over the life of the loan, you'll pay enough to make threemillionaires, as did we. Read on.....the full mess...
file://localhost/Users/mary/Downloads/NATIONAL%20MORTGAGE%20CRISIS.html
Wake Up America! Tommy sums it up for you!
The elephant in the room is that what we’re facing in this country today is not just a foreclosure crisis, what we’re dealing with with is much better described as a
http://timothymccandless.wordpress.com/
Homeowners, Listen Up. We can't afford Barack Obama, nor any of the candiates for President.
Growth of Income Inequality Is Worse Under Obama than Bush
Matt Stoller is a fellow at the Roosevelt Institute. You can follow him on twitter at http://www.twitter.com/matthewstoller Yesterday, the President gave a speech in which he demanded that Congress raise taxes on millionaires, as a way to somewhat recalibrate the nation’s wealth distribution. His advisors, like Gene Sperling, are giving speeches talking about the need for manufacturing.
A common question in DC is whether this populist pose will help him win the election. Perhaps it will.
Perhaps not. Romney is a weak candidate, cartoonishly wealthy and from what I’ve seen, pretty inept. But on policy, there’s a more interesting question.
A better puzzle to wrestle with is why President Obama is able to continue to speak as if his administration has not presided over a significant expansion of income redistribution upward.
The data on inequality shows that his policies are not incrementally better than those of his predecessor, or that we’re making progress too slowly, as liberal Democrats like to argue.
It doesn’t even show that the outcome is the same as Bush’s. No, look at this table, from Emmanuel Saez (h/t Ian Welsh). Check out those two red circles I added.
Yup, under Bush, the 1% captured a disproportionate share of the income gains from the Bush boom of 2002-2007. They got 65 cents of every dollar created in that boom, up 20 cents from when Clinton was President. Under Obama, the 1% got 93 cents of every dollar created in that boom. That’s not only more than under Bush, up 28 cents. In the transition from Bush to Obama, inequality got worse, faster, than under the transition from Clinton to Bush. Obama accelerated the growth of inequality. The data set is excellent, it’s from the IRS and it’s extremely detailed. This yawing gap of inequality isn’t an accident, and it’s not just because of Republicans. It’s a set of policy choices, as Saez makes clear in his paper. Looking further ahead, based on the US historical record, falls in income concentration due to economic downturns are temporary unless drastic regulation and tax policy changes are implemented and prevent income concentration from bouncing back. Such policy changes took place after the Great Depression during the New Deal and permanently reduced income concentration until the 1970s.
Even worse, not one politician has proved to be a breath of fresh airin this host's book. Isn 't it about time you stopped being a shrinking violet, waiting for lawyers to rescue us from criminal lenders and servicers. It is time to junk thelending process and remove the "regulators". All of them who are complicit need to go to Jail! How to make it happen? Read on.......
Barack Obama, unlike Bush, Clinton, or George Senior, is weak, spineless. He cons Blacks into thinking he's one of
of us.....and he takes out any negative actions on Blacks first and foremost. Then, when he does address us, we keep hearing about how we have to be accountable, stay out of trouble, strive to get better. We've been getting that father-to-child lecture all the way back to the Civil Rights Movement and beyond. Always someone who either pretends to be Black, or who plays the good guy until the time comes to put up or shut up. Want more....consider this:
FOR IMMEDIATE RELEASE: Thursday, April 12 CONTACT: Rachel Tardiff, rachel@fitzgibbonmedia.com,
202-746-1507 REPORT: TAX HAVEN ABUSE BY U.S. CORPORATIONS SHORTS U.S. TREASURY OF
REVENUES TO TUNE OF $2,116 FOR EVERY SMALL BUSINESS IN AMERICA Main Street Alliance joins U.S.
PIRG, Rep. Van Hollen, Business for Shared Prosperity to release report highlighting cost of tax haven abuse to
small businesses
“When big corporations use loopholes and tax havens to avoid paying taxes, they’re robbing our country of the revenues we need to invest in our future and support small businesses,” said Aimee McQuilkin, owner of Betty’s Divine, an independent clothing boutique in Missoula, Montana and a leader with the Montana Small Business Alliance and Main Street Alliance. “If you want to fly the American flag outside your corporate headquarters, you should pay your way.”
We have plenty of class actions across the nation....but the class actions are not universal. "Attorneys are repre-
senting different homeowners in various class actions. What I say is that all of these classes should merge, and
call for more than just an even break. Let's break the bank, demand our homes back, and the years of damages
built up by fraudulent mortgage companies.
http://us.mg4.mail.yahoo.com/neo/launch
Politicians are slaves to fundraising and campaign financing. If you truly believe that your ballot being cast
makes a difference, then you're asleep at the wheel; you've got the brains of a church mouse. Anyone who can
name one positive difference Barack Obama has made for middle class, low income, disabled people or seniors,
I'm all ears. This is not a referendum on Obama, mind you, as his partner in crime, Dianne Feinstein, Nancy Pelosi,
and all the other fakes in congress, are as bad if not worse. Black folks who refuse to believe Obama is a fraud,
don't care; they're just happy to have a President they may call Black, even though he isn't.
The hits against us just keep on coming. Until we take matters into our hands. I'm not about to wait for others to
act, as I have been doing so far years. First, as a consumer investigator, then as a journlist, reporter and talk-show
host, and now, as host of "www.harperenterprize.com". On my "Special Reports page, you'll find more about frauds
and foreclosures. Just remember. Behind all the recent foreclosures is Obama.
Welcome to our new readers from the FCIC. Lender Processing Services, a crucial player in the residential mortgage servicing arena, has been hit with two suits seeking national class action status (see here and here for the court filings). If the plaintiffs prevail, the disgorgement of fees by LPS could easily run into the billions of dollars (we have received a more precise estimate from plaintiffs’ counsel). To give a sense of proportion, LPS’s 2009 revenues were $2.4 billion and its net income that year was $276 million. These suits, one of which was filed late last week, the other Monday, appear to be the proximate cause for the sharp drop in LPS stock, which fell 5% on Friday and 8% Monday (trading was halted just prior to the close of the trading day). Those close to the foreclosure process have lodged many complaints against LPS. But the two suits we highlight here level the most serious and wideranging allegations thus far.
Rebellion: Could 62 Million Homes Be Foreclosure-Proof?
Hi Wendell, I just read a very good news article about the financial juggling that helped cause the 2008 crisis may be coming back to haunt banks--and help homeowners. "Over 62 million mortgages are now held in the name of MERS, an electronic recording system devised by and for the convenience of the mortgage industry."
A California bankruptcy court, following landmark cases in other jurisdictions, recently held that this electronic shortcut makes it impossible for banks to establish their ownership of property titles--and therefore to foreclose on mortgaged properties. The logical result could be 62 million homes that are foreclosure-proof. Read the full story from this link... http://www.yesmagazine.org/new-economy/homeowners-rebellion-could-62-million-homes-be-foreclosure-proof
Informal Dispute resolution leads to conflict of interest.
The biggest gangsters? Federal Regulators!
They're joined at the hip with the frauds of the private sector, specifically the mortgage machine. . They're the Hidden Owners of foreclosed homes, buying the homes we lose, and selling them back
to us!
to
These are the foundation perpetuators of Economic trauma
Insight:The Wall Street gold rush in foreclosed homes
Host: So it's the Federal Government that makes deals with lenders to steal our homes. Then....they allow these guys to not pay the taxes or to report the money they make from excessive fees, interest rates, prepayment riders, an unlawful prepayment penalty and a host of other loan-sharking adventures. These guys are as bad, if not much worse, than any broker, lender or loan shark. From congress on down, these guys should be in prison. We should be clamoring for their political heads, their titles, salaries, jobs. These folks should be fired, unemployed, and not allowed to claim benefits. It 's clear now to me, exactly why the Internal Revenue Service, The Federal Trade Commission, The SEC and The Federal Reserve, look the other way when these thieves are at work, and they focus only on the victims to harass, intimdate and to steal from them. Thievery, fraud, etc.
"Critics, meanwhile, contend the federal government is fostering a transfer of wealth of sorts by selling big pools of foreclosed homes to big fund investors and high-net-worth individuals. There's also concern that some of the players who helped create the housing crisis will now benefit by buying foreclosed homes at a steep discount. Between them, Fannie and Freddie Mac own more than 200,000 foreclosed homes.
The nation's banks own more than 600,000 single-family homes, according to RealtyTrac, a housing tracking service. Housing experts expect the foreclosure machinery to crank up again now that regulators and banks have agreed to a $25 billion settlement to deal with earlier foreclosure abuses. Some of the high-profile institutional investors who are committing money to buying foreclosed homes - or seriously considering jumping in - include private equity firm TPG Capital, investment firm Oaktree Capital Management, Warren Buffett's Berkshire Hathaway Inc., Starwood Capital, Och-Ziff Capital Management and bond fund manager TCW, say people familiar with the fast-growing market.
PILOT PROJECT
The Federal Housing Finance Agency, which regulates Fannie and Freddie Mac, expects it will receive a considerable number of bids in April for the initial round of 2,500 Fannie-owned homes in cities like Atlanta, Chicago, Los Angeles and Phoenix. "This is really a test and we don't know what the results will be," says Meg Burns, senior associate director for housing and regulatory policy for the FHFA. "But the beauty of this pilot is we are going out with properties that are largely rented already, so people know what the cash flows look like and we know it is far preferable to have people living in the homes rather than the properties sitting vacant." In August, when the FHFA first announced its intention to conduct bulk sales for Fannie and Freddie properties, it received expressions of interest from more than 4,000 investor groups, not-for-profits and other organizations.
If the pilot is successful, the FHFA is also considering selling off pools of distressed mortgages held by Fannie and Freddie, according to people familiar with discussions about that. On the Internet, the gold rush mentality clearly has taken hold with some small investment firms. Wong Diversified International Investments of Austin, Texas, for example, offers a fund to invest in foreclosed homes, boasting on its website that it is pursuing the Fannie bulk sale. "It is clearly over-hyped, but I think this is real and it's going to happen," said Magder, who about a week ago left Lone Star, where he had focused on distressed banks and financial services firms. "There is definitely room for people who have a well-thought-out operational plan and are careful about putting the pieces together." Magder has formed Rock Creek Capital Group, based in Washington, D.C., and intends to raise money from investors and submit a bid for some of the foreclosed homes Fannie is selling in Los Angeles and Phoenix and across Florida. RETURN ON INVESTMENT One of the most bullish investors is Carrington Capital Management, which has teamed up with Los Angeles-based OakTree Capital. They have created a $450 million fund to buy foreclosed homes in bulk and rent them out. In a marketing document for one of its funds, Carrington claims that without using leverage or borrowed money it can generate an annual yield of 7 percent from rental income alone. Its long-term strategy is to package the fund into a publicly traded real estate investment trust. If that strategy is successful, Carrington projects investors can see an internal rate of return of 25 percent over three years.
Rick Sharga, an executive vice president with Carrington, says the firm is optimistic that if the Fannie auction attracts a lot of bidders, then banks will begin holding their own bulk sales of foreclosed homes. Other investors looking at the foreclosed home market say Carrington's projections seem too rosy and they are projecting a return on investment of between 8 percent and 15 percent. That said, in an environment where U.S. Treasuries are yielding less than 2.5 percent on a 10-year Treasury note, those kind of returns are piquing the interest of wealthy individuals. Miami-based Carlos Guajardo, who is considering bidding for some of the Fannie properties being sold in bulk in Florida, says he is seeking to raise about $50 million, largely from wealthy individuals and small family offices. To date, his firm Maynada Capital Advisors has acquired about 70 foreclosed homes in southeast Florida, which he has fixed up and is in the process of renting out. In Las Vegas, Laus Abdo is doing something similar and he's trying to expand his potential reach by partnering with a hedge fund or private equity firm to back him. "I think the majority of your return in this portfolio comes in the form of cash flow from renting, not capital appreciation, unless you buy properties at a huge discount," says Abdo, executive director at TriArchic Advisors, a Las Vegas-based real estate advisory and management firm. Even as some investors are getting into the market, others are looking at getting out because they fear the presence of big institutional players will drive up prices.
New York hedge fund manager Jason Ader says he and a business partner in Phoenix are looking at selling someof the more than 100 homes they acquired at foreclosure auctions over the past year. Ader, founder of Ader Investment Management, said the market in Phoenix for foreclosed homes began getting more competitive this year. He expects institutional money will start to crowd out smaller investors bidding for the Fannie properties. PR NIGHTMARE Some hedge fund managers say they're staying out of the market largely for fear of getting vilified as being a bad landlord if the need comes to evict a tenant. One manager who did not want to be identified said while there's a lot of money to be made from investing in foreclosed homes, "it is a potential PR nightmare."
In February, Phil Angelides, the former chairman of a federal commission set up to look into the causes of the financial crisis, stepped down as executive chairman of Mortgage Resolution Partners one month after Reuters reported on his involvement in the company which aimed to turn a profit from buying distressed mortgages. Angelides' involvement had drawn scrutiny on Capitol Hill, where one congressman sent a letter warning about potential political influence peddling. Already, some liberal economists are questioning the wisdom of the federal government pushing to sell homes owned by Fannie and Freddie to institutional investors at a potential 20-30 percent discount to prevailing market price. "This is actually moving the underlying physical assets, or homes, to the top 1 percent," says L. Randall Wray, a professor of economics at the University of Missouri-Kansas City and a senior scholar with Bard College's Levy Economics Institute. Laus, the Las Vegas housing entrepreneur, says there could be a "potential backlash" if some of the buyers are subsidiaries of the big banks that got bailed out by the federal government. But many more public policy experts say the bulk sales by the government are worth trying, given the huge stockpile of foreclosed homes controlled by Fannie and Freddie. "We have a shortage of rental housing already and I think this is a win-win situation," says Kenneth Rosen, chairman of Rosen Consulting Group, which advises on urban planning and real estate management. In February, Rosen co-authored a report with mortgage-backed securities guru Lewis Ranieri, which advocated the need for a private sector solution to the foreclosure crisis.
A Ranieri-backed hedge fund, Selene Finance, has been investing in distressed mortgages for the past few years and is now eyeing foreclosed homes. "I don't think the money to do this is the problem," says Rosen. "It's the execution." (Reporting By Matthew Goldstein and Jennifer Ablan; Editing by Claudia Parsons) Money Housing Market Special Reports Related Quotes and News Company Price Related News Berkshire Hathaway IncBRKa.N $122,130.00 +651.00+0.54% BRIEF-Moody's affirms Berkshire Hathaway's senior debt rating at Aa2 Lawsuit against Berkshire over Sokol affair dismissed More BRKa.N News » Och-Ziff Capital Management Group LLCOZM.N $9.55 +0.07+0.74% Och-Ziff profit off as performance fees shrunk Ex-Morgan Stanley property exec Fancy sets up S'pore firm More OZM.N News » Tweet this Link this Share this Digg this Email Reprints After reading this article, people also read: Home sales show strength, prices riseMar 21, 2012 Buffett millionaires tax to raise $47 billion: reportMar 21, 2012 Analysis: Turning point in the currency warMar 21, 2012 Wall Street mostly slips, but tech keeps S&P near 4-year highsMar 21, 2012 Bernanke says gold standard wouldn't solve problemsMar 20, 2012 Sponsored links by Taboola Videos you may like: Large housing inventory suggests more downside i…Wed, Mar 21 2012 Wall St. spooked by China forecastMon, Mar 05 2012 Stock market forecasts for 2012Sat, Dec 31 2011 From around the web: First-time homebuying regrets (Bankrate.com) 10 U.S. Cities With the Cheapest Cost of Living (Kiplinger) Buy or Rent? You'd Be Surprised (Daily Finance) [?] We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters.
For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (2) Harry079 wrote:
“They have created a $450 million fund to buy foreclosed homes in bulk and rent them out.” Carrington Capital Management is just one of many investor groups that are “Carpet Bagging” the property of millions of families that lost their homes due to what investor groups and banks were doing that caused the crisis in the first place. Bank “A” packages and sells subprime mortgages to investor groups and then places their bets(hedges) against the mortgage packages. The investor groups buy insurance(CDS)to protect their investments that they bought from Bank “A”. When the crisis hits Bank “A” wins because they placed their bets against the mortgages they sold. The investor groups wins because they had insurance on the motgages they bought from Bank “A”. Mar 21, 2012 11:05am EDT -- Report as abuse Josorr wrote: This looks like a case of the wise and greedy (wealthy, heartless and educated with an eye on the future) taking advantage of the stupid and shortsighted (homebuyers during the housing boom who signed adjustable rate mortgages without first reading the fine print or considering a worse case scenario). This sort of thing has been going on forever, and it will continue to go on.
Our only defense is to NOT BE STUPID. You can say “shame on the rich for being greedy and heartless” or “shame on the foreclosed for being shortsighted and stupid.” It works both ways. In the middle are those of us who are not stupid enough to sign a variable interest rate mortgage that could become beyond our means to pay and not rich enough to take advantage of the stupidity of those who did. Mar 21, 2012 12:10pm EDT -- Report as abuse See All Comments » Add Your Comment Ads by Marchex Image Ad RBCC is Through The Roof! Signed Deal with n3D Sets RBCC to Go Global, Buy Your Shares Today! www.TopMicroCapStock.com Image Ad I Wish I Were Wrong, But . . . Prophetic Economist Laments His Eerie Predictions for 2012. See Shocking Video www.newsmax.com Image Ad 7% Annual Annuity Return Get guaranteed lifetime income and reduced risks to retirees all here. AdvisorWorld.com/CompareAnnuities Image Ad Financial Planning Advice Find A CFP® Professional To Help You Prepare For Your Future. letsmakeaplan.org More From Reuters Soldier in Afghan killings charged with 17 counts of murder KABUL - A U.S. Army staff sergeant was charged on Friday with 17 counts of premeditated murder and six counts of attempted murder over a shooting spree in the southern Afghan province of Kandahar, U.S. military forces in Afghanistan said in a statement.
Shouldn't legislators who voted for "TARP" be jailed? I say YES
The "Hit Men" of the Mortgage Syndication:
"Together with having to cover the credit default swaps sold with those mortgage backed securities, it is estimated that the swindle has cost the nation $27 trillion, at least $16 trillion admitted to by the Federal Reserve in "loans" and "bailouts" (actually buy-backs) from foreign investors such as Credit Suisse, Deutchebank, the Bank of Libya (boy, did THEY get hosed; 98% of their sovereign wealth fund destroyed by Goldman Sachs aka Gold In My Sacks!), etc. Globalism took a major swindle in the US financial system and turned it into a global cataclysm from which we are all still reeling".
"The whole scam started to unravel in 2008 and here is where things took a dark turn. Because Congress had their own fortunes invested in the companies at the heart of the fraud, Congress decided to prop up the scam with taxpayer money and block any efforts to investigate or prosecute. That is why TARP was passed by the Congress despite 90% popular opposition. Congress were saving themselves at the expense of the taxpayers. The phrase "toxic asset" was DC-speak for the fraudulent mortgages backed securities, which were being repurchased in order to avoid investors seeking to jail the Wall Street criminals, which would have brought all of Wall Street down. Despite claims that the US taxpayer would be refunded when the "Toxic Assets" were resold at some point in the future, the reality is that none of those assets will ever see a penny of repayment, because they are all the product of the biggest financial swindle in history. Bigger than Tulip mania. Bigger than the Great South Seas Company disaster".
Mortgage Servicing Fraud A relatively new term, but rapidly becoming standard, Mortgage Servicing Fraud refers to a variety of abusive servicing practices that may occur individually or collectively to a loan after it has closed. Mortgage servicers are usually a third-party company hired/contracted by the lender/note holder to perform the day-to-day tasks associated with collecting loan payments. Some of these practices include, but are not limited to:
"Many people wonder why would a bank do this to a borrower? The first thing you have to understand is that it's NOT a bank/lender doing this to the borrower, it's the entity they have hired/contracted to service the loans. However, in some cases, the bank/lender literally paves the way for the servicer to conduct business in this manner. At the very least there is no excuse for the bank/lender to allow the servicer to harm the borrower, which many have done over the years. There are many resources for the bank/lender to avail themselves of to make sure they are not hiring a bad/crooked/troubled servicer to handle their loans".
What we are really affrming is that Banks have created a profit-making, tax evading, safe haven for screwing homeowners who are too inexperienced, legally astute, or just plain stupid, to realize that these services have no legal standing; and, even the banks they represent probably don't own the property they're "servicing". Regulatory agencies are the olive oil that greases their skillet. The IRS lets these frauds write off your foreclosed home, after selling the home illegally, and then pursuing you in court for the "balance" of what you don't owe. Let the Treasury tell it, the credibility of these frauds is golden. What's golden, is how the lies light up lately, each time a servicer tells one.
"Unfortunately, usually no amount of arguing with the servicing company results in a positive outcome. Getting a servicer to admit making such a mistake may reveal that this is a standard operating procedure, and these companies do not want to be caught in a court of law stealing homes to maximize profits. Typically, they will deny, threaten, or stonewall homeowners to avoid dealing directly with the charges on the loan. Even more unfortunate is that many local court judges go along with the servicer, because the borrowers are behind in payments, after all. This is what makes the scam so devious -- the company will add thousands of dollars of fees, but not act on it until the borrowers miss a payment. When they fall behind a few months, the thousands of dollars of fees, plus interest, plus foreclosure costs will immediately make it prohibitively expensive to get back on track or qualify for a mortgage modification or other solution". Article Source: http://EzineArticles.com/1388666
I finally figured out how they do it Special Report Will the Government Regulators Let Them Get away with this latest fraud Swindle? Trading places to avoid paying taxes and reporting mortgage loan income.....read on..
You Bet, If We let these "Regulators" get away with it!
Lenders have swindled homeowners out of their homes, and are in the process of pi,[omg up the volume. All this as dimwit lawyers file worthless class action suits which take forever, in order to gain a loan modification, a financial trap in itself!
Morgan Stanley Will Sell Saxon Mortgage-Servicing Unit to Ocwen Financial
BankOwnedForclosureHomeSaleMortgage.jpgMorgan Stanley said late Monday it would sell its Saxon Mortgage Services Inc. unit to Ocwen Financial Corp. for $59.3 million as the investment bank continues its retreat from the mortgage business. Terms of the transaction call for Atlanta-based Ocwen, a large servicing firm, also to provide about $1.4 billion for servicing advance receivables outstanding. Ocwen said the deal includes $26.6 billion in servicing rights, of which it already has subcontracts to service about $10.9 billion. Morgan Stanley bought the operation in August 2006 for $706 million in a bid to broaden its mortgage business.
The purchase looked like a bargain at the time. Saxon, like many lenders, had been battered by rising interest rates and the purchase price was 40% below Glen Allen, Va.-based Saxon's 2004 initial public offering price. But the unit has been plagued by complaints during the recession, with Saxon named in allegations concerning lenders foreclosing on military personnel serving in the Middle East and mentioned in lawsuits involving mortgage fraud. Morgan Stanley said it expects the deal to close in the first quarter and not to have a material impact on financial results. Read more: Morgan Stanley sells Saxon to Ocwen - The Deal http://www.thedeal.com/content/restructuring/morgan-stanley-sells-saxon-to-ocwen-1.php#ixzz1phn3T8ik
http://www.rollingstone.com/politics/news/why-isnt-wall-street-in-jail-20110216?print=trueWhy Isn't Wall Street in Jail?
Financial crooks brought down the world's economy — but the feds are doing more to protect them than to prosecute them by: Matt Taibbi
Over drinks at a bar on a dreary, snowy night in Washington this past month, a former Senate investigator laughed as he polished off his beer. "Everything's fucked up, and nobody goes to jail," he said. "That's your whole story right there. Hell, you don't even have to write the rest of it. Just write that." I put down my notebook. "Just that?" "That's right," he said, signaling to the waitress for the check. "Everything's fucked up, and nobody goes to jail. You can end the piece right there." Nobody goes to jail. This is the mantra of the financial-crisis era, one that saw virtually every major bank and financial company on Wall Street embroiled in obscene criminal scandals that impoverished millions and collectively destroyed hundreds of billions, in fact, trillions of dollars of the world's wealth — and nobody went to jail. Nobody, that is, except Bernie Madoff, a flamboyant and pathological celebrity con artist, whose victims happened to be other rich and famous people.
Most Homeowners Never Learn a Damn Thing! We have a foolproof method of keeping our homes and forcing the lender to pay for it, if we refinanced our home or took out a loan. Pay Attention: You can write off your loan, and get the lender sued and/or prosecuted at the same time!
4 Tax Benefits of a Mortgage Refinance
By: JR Hevron - MortgageLoan.com
Planning to refinance your mortgage in the upcoming year? Be sure to schedule some big savings when it comes time to do your 2011 taxes. When most homeowners consider the savings that will result from a mortgage refinance, they don’t take into account the tax savings. They usually just figure out the “break even” point, or the number of months that it will take for the monthly savings to add up to the cost of the refinance. While figuring out the “break even” point can give you a good, general idea of whether a refinance is worth it to you, it’s not the whole picture.
Potential refinancers seem to stick to that calculation because it’s relatively easy math to do. Determining the tax benefits of a refinance is much trickier—and may require the help of an accountant—but just as important, if not more. Here are four ways that your taxes can benefit from a refinance: 1.) General tax benefits With a refinance, you are generally going to be able to deduct more money off of your taxes right off the bat. As you probably know, for the most part, mortgage interest is completely tax deductible. At the beginning of a mortgage, you are paying more for the interest than you are for the principal. With a refinance you will automatically have a lower tax liability—the amount that you owe— because it is a new loan and you will be paying more interest in those first years. 2.) Home Acquisition Debt: When refinancing your mortgage, there are two kinds of debt that you can acquire as far as the IRS is concerned. The first is home acquisition debt, which is the amount that is used to pay off your old mortgage. For the most part, homeowners are allowed to deduct any interest paid towards this home acquisition debt. 3.) Home Equity Debt: In the eyes of the IRS, the second type of debt that you can rack up in a refinance is home equity debt. This is the amount of your loan that is in excess of what was necessary to pay off your old mortgage. Interest on home equity debt is generally only deductible for the first $100,000 if it is for credit card debt, purchases, or a vacation and up to $1million if it is used for home renovations. 4.) Points: You were probably able to deduct the money that you spent on points from your first mortgage. Deducting the cost of points for a refinance is trickier. Instead of deducting all of the cost of points at once, you have to spread out the deductions out over the life of the loan. So, if you have a 20-year mortgage, you can only deduct 1/20th of the cost of the points per year. That is, unless you sell or refinance again, at which point you will be able to fully take advantage of the unused fraction of points. A mortgage refinance can have a big influence on your finances, especially on your taxes. If you are considering going through the refinance process, be sure to stop by your accountant’s office before you get started to figure out the best way to take advantage of the tax benefits available to you.
They're Playing Poker with our pensions: Mortgage backed securities bought and sold with your savings! WAKE UP STUPID!
file:///Users/mary/Downloads/MORTGAGE-BACKED%20SECURITES%20FRAUD%204%20DUMMIES!%20(aka%20the%20Cliff%20Notes%20version)%20%20%20WHAT%20REALLY%20HAPPENED.html
$865 billion in state pension fund losses are resulting in reduced benefits for new hires
Because state governments have accrued about $865.1 billion in state pension fund losses, new hires are ending up with reduced benefits. The losses not only exceed the $700 billion Troubled Asset Relief Program that Congress approved last year, but they are accompanied by $42 billion in state budget deficits. In a letter to US Treasury Secretary Henry Paulson, the mayors of Atlanta, Philadelphia, and Phoenix asked for help for their financially beleaguered cities and noted growing pension costs and investment ...........www.stockbrokerfraudblog.com
I warned you, but you didn't listen...But Alas, you can get a reprieve......or so says "Right to Cancel":
Privacy Policy
Mortgage Fraud
Learn How You Can Stop Foreclosure And Mortgage Fraud! Creating a legal document is a must if someone is a victim of foreclosure fraud or struggling with mortgage litigation against a lender or bank. Did you know that you can fight back against foreclosure and predatorylending by challenging your bank by simply asking them questions about your home loan, which they are required to answer?
lf From Mortgage Fraud Mortgage Fraud If you have previously been a victim of mortgage fraud and are seeking refuge or simply want to protect yourself from any potential damage, you are on the right path. Realization of the extensive damage mortgage fraud can cause and the will to take steps against it, whether alone or with the help of law, [...]
Structural causes of the global financial crisis: a critical assessment of the ‘new financial architecture’ Abstract
Global Financial Crisis Financial Crisis –
The Global Aspects A serious economic crisis, huge national debts, announcement of bankruptcy, collapse of the strongest world economy, natural disasters, forecasts of weakening and abolition of national currencies – the world’s currency, only is the harsh reality of today’s global economy. Sitting quietly, be hesitant, waiting for someone else to solve our financial problems, is not a good choice. What is happening to us today and what will happen to us tomorrow, OUR DECISION AND OUR CHOICE
We are in the midst of the worst financial crisis since the Great Depression. This crisis is the latest phase of the evolution of financial markets under the radical financial deregulation process that began in the late 1970s.
This evolution has taken the form of cycles in which deregulation accompanied by rapid financial innovation stimulates powerful financial booms that end in crises. Governments respond to crises with bailouts that allow new expansions to begin. As a result, financial markets have become ever larger and financial crises have become more threatening to society, which forces governments to enact ever larger bailouts. This process culminated in the current global financial crisis, which is so deeply rooted that even unprecedented interventions by affected governments have, thus far, failed to contain it. In this paper we analyse the structural flaws in the financial system that helped bring on the current crisis and discuss prospects for financial reform.
Report
The Commission's final report was initially due to Congress on December 15, 2010, but was not released until January 27, 2011.[10] The Commission concluded that "the crisis was avoidable and was caused by:
Widespread failures in financial regulation, including the Federal Reserve’s failure to stem the tide of toxic mortgages; Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; Key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels.“[4][11] A dissent by Peter Wallison of the American Enterprise Institute claimed that the crisis was caused by government affordable housing policies rather than market forces. However, Wallison's views have not been supported by subsequent detailed analyses of mortgage market data.[12]
Car Title Held Hostage?
Car Title Lenders are not Prosecute proof. They can commit fraud just the same as mortgage lenders. They too, have to be truthful about their contracts. Remember, the lender has to give you a contract. When they do, you can figure out yourself how much you owe by totaling all the payments. When the contract is agreed upon, the lender is just as obligated as are you. Not abiding by the terms of the contract, or using any terms they please is bull shit, and anyone who says so has a lender's lips.
This legislator at least appears to get the gravity of the fraud that these out of contro,l double-talking liars, even it is in Texas.
Tarrant lawmaker submits legislation on payday, title loans
By Dave Montgomery dmontgomery@star-telegram.com Davis targets legalized 'loan-sharking' in Texas Related story PoliTex blog: From North Texas to D.C., our insiders take you beyond the usual rhetoric More Texas Legislature news
AUSTIN The chairwoman of the House Pensions, Investments and Financial Services Committee says she is entering the legislative dispute over payday lenders in an effort to seek a middle ground that will preserve the industry while driving out "bad actors" who prey on consumers. Read more here: http://www.star-telegram.com/2011/03/09/2907524/tarrant-lawmaker-submits-legislation.html#storylink=cpy
They don't have to tell you how much you'll owe. Your contract with them has to make sense. Many articles you read would have us believe that no law prevents high interest rates, which might be true. What they do prevent is extortion, or the abuse of your privilege as a lender. Noone has to right to lie, cheat, steal, misrepresent or to defraud. Anyone who says otherwise should be investigated right along with them and prosecuted.
State Regulation of Car Title Lending In 2011,
a federal regulator will be created with jurisdiction over car title loans. Meanwhile, it is up to the states to regulate them. High-priced title loans are illegal in more than half of the states. In victories for consumers in 2008, New Hampshire capped car title loans at 36% APR, and Iowa closed loopholes to cap car title loan rates at 35% or less. Oregon has also lowered the maximum allowable cost of a car title loan. In 2007 lenders were banned from making car title loans or any other loans with APRs greater than 36% to members of the military and their families.
On the other hand, car title lenders are generous campaign contributors, and industry-friendly laws have been adopted in some states. Car title lending companies have grown rapidly over the last several years in states that do not protect consumers. For example, there are over 900 storefronts in Alabama, over 272 in Mississippi, over 230 in Missouri, 150 in Virginia, and 111 in just one county in Tennessee. Even worse, in states where car title lending is illegal, title lenders have sought to hide the true nature of their products in order to exploit loopholes in existing laws – pretending, for example, that their abusive loans are “sales and leasebacks,” “pawns,” or “motor vehicle equity lines of credit.”
Legislators who block bills designed to control these ambiguous mothers should be investigated for connection to lenders, to see if they're receiving campaign money, kickbacks, or have an interest in such businesses. We will force these regulatory agencies to take a hard stance against frauds, who think they can set their own rules. If those designed to regulate, fail to do so, their jobs and titles should be deleted, just like that. What do we need with legislators who pass bills that are never enforced, or who lets the tail wag the dog(regulators running amuck without checks and balances).
If we start dismantling agencies that can't justify their budgets, at the very least, more money will be the subject of debate. But don't listen to this online propaganda about how these guys can do just about anything. Yes they can if you let them. No they can't if you keep applying the pressure. Really, what choice have we but to make the pay
Tuesday, February 21, 2012 Looking for Someone to Blame? Congress is a Good Place to Start
While we here are committed to exposing the actions of Goldman Sachs - many of which helped, if not directly, created our economic problems - we often over look and under report on those who have and had the power to prevent the actions of Goldman Sachs and their band of merry banksters (including The Fed). Charlie Reese says it in plain and simple language. A report that he began in the 1980's and modified several times. The version below was the one from 1995, long before anyone could have ever imagined the mess we would be in at the beginning of the 21st century. In the midst of this political year and all the BS we are hearing from all candidates and would be candidates, "We, The People" need to read Charlies column and make our decisions based on the knowledge he reminds us of. Pass this one around. The country needs this reminder reminding us that we have the power by our vote to right the wrongs.
Journalist Charley Reese (now retired) was part of the Orlando Sentinels staff for three decades between 1970-2001, during which time he (among other duties) penned a thrice=weekly column which was distributed to other newspapers nationwide by King Features Syndicate. During the 1980’s Reese wrote the first version of an editorial opining that 545 people (i.e., the President of the United States, plus all the members of Congress and the Supreme Court) “are directly, legally, morally and individually responsible for the domestic problems that plague this country,” and he has amended, updated and republished that piece several times since then. The version cited below is taken from the 7 March, 1995 edition of the Orlando Sentinel, where it ran under the title “Looking for Someone to Blame? Congress is a Good Place to Start.”
The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes. Who is the speaker of the House now? He is the leader of the majority party. He and fellow House members, not the President, can approve any budget they want. If the President vetoes it, they can pass it over his veto if they agree to. It seems inconceivable to me that a nation of 300 million cannot replace 545 people who stand convicted -- by present facts -- of incompetence and irresponsibility. I can't think of a single domestic problem that is not traceable directly to those 545 people. When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist. If the tax code is unfair, it's because they want it unfair. If the budget is in the red, it's because they want it in the red. If the Army & Marines are in Iraq and Afghanistan it's because they want them in Iraq and Afghanistan ... If they do not receive social security but are on an elite retirement plan not available to the people, it's because they want it that way. There are no insoluble government problems.
Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish; to lobbyists, whose gifts and advice they can reject; to regulators, to whom they give the power to regulate and from whom they can take this power. Above all, do not let them con you into the belief that there exists disembodied mystical forces like "the economy," "inflation," or "politics" that prevent them from doing what they take an oath to do. Those 545 people, and they alone, are responsible. They, and they alone, have the power. They, and they alone, should be held accountable by the people who are their bosses. Provided the voters have the gumption to manage their own employees... We should vote all of them out of office and clean up their mess! What you do with this article now that you have read it... is up to you.
This might be funny if it weren't so true. Be sure to read all the way to the end:
Tax his land, Tax his bed, Tax the table, At which he's fed.
Tax his tractor, Tax his mule, Teach him taxes Are the rule.
Tax his work, Tax his pay, He works for peanuts anyway!
Tax his cow, Tax his goat, Tax his pants, Tax his coat.
Tax his ties, Tax his shirt, Tax his work, Tax his dirt.
Tax his tobacco, Tax his drink, Tax him if he Tries to think.
Tax his cigars, Tax his beers, If he cries Tax his tears.
Tax his car, Tax his gas, Find other ways To tax his ass.
Tax all he has Then let him know That you won't be done Till he has no dough.
When he screams and hollers; Then tax him some more, Tax him till He's good and sore.
Then tax his coffin, Tax his grave, Tax the sod in Which he's laid... Put these words Upon his tomb, 'Taxes drove me to my doom...' When he's gone, Do not relax, Its time to apply The inheritance tax.
Accounts Receivable Tax
Building Permit Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Excise Taxes
Federal Income Tax
Federal Unemployment Tax
(FUTA) Fishing License Tax
Food License Tax
Fuel Permit Tax Gasoline
Tax (currently 44.75 cents per gallon)
Gross Receipts Tax
Hunting License Tax
Inheritance Tax Inventory Tax
IRS Interest Charges
IRS Penalties (tax on top of tax)
Liquor Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Personal Property Tax
Property Tax
Real Estate Tax
Service Charge Tax
Social Security Tax
Road Usage Tax
Recreational Vehicle Tax
Sales Tax School Tax
State Income Tax
State Unemployment Tax
(SUTA) Telephone Federal Excise Tax
Telephone Federal Universal Service Fee Tax
Telephone Federal, State and Local Surcharge Taxes
Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Nonrecurring Charges Tax
Telephone State and Local Tax
Telephone Usage Charge Tax
Utility Taxes Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax
STILL THINK THIS IS FUNNY?Not one of these taxes existed 100 years ago, & our nation was the most prosperous in the world. We had absolutely no national debt, had the largest middle class in the world, and Mom, if agreed, stayed home to raise the kids. What in the heck happened? Can you spell 'politicians?' I hope this goes around THE USA at least 545 times!!! YOU can help it get there!!!
THE FALL OF THE AMERICAN EMPIRE
http://imageshack.us/photo/my-images/836/denverconfronts.jpg/
© 1993 Slawek Wojtowicz
Isaac Asimov wrote his Foundation stories to show that every Empire, even the most powerful one, has to fall eventually. Everyone knows that America achieved its' peak power and world influence in the twentieth century. But how much longer is it going to last? It is hard to predict while it is still alive and reasonably well. But, as Asimov observed, there are certain signs that may give early hints that the end is approaching. One of them is a loss of technological knowledge. Couple of years ago I have learned from one of NASA's engineers that the know-how to build the rockets that took people to the Moon was lost. Repeated attempts brought failure after failure in spite of closely following blueprints. I knew that this time the funeral march is being played for the
I thought that it might be worthwhile to look at other great powers of the past, that were similar to the United States and see how and why did they vanish. Long, long time ago - hundreds of years before America was discovered, there was a huge country in the heart of Europe. It was known as the Republic of Both Nations. Between fifteen and eighteen century Republic was the largest country in Europe - extending from the Baltic Sea all the way across the Continent to the Black Sea. It was very different from its' neighbors. Unlike other kingdoms, ruthlessly ruled by royal despots, it was a democratic monarchy, where personal freedoms were respected and enforced by the law. For over six hundred years it was the safe haven for all people persecuted for religious or political reasons elsewhere. It was the first country in modern Europe to open public libraries, to establish the ministry of education and culture, to assure a freedom of religion and to adopt a modern democratic constitution. Citizens were not only allowed but obliged by the law to revolt against the King/Queen if he/she was not fulfilling his/her duties towards the Nation. Every citizen had a chance to become a King in popular elections. It became the second home for Jews - allowing for flourishment of Jewish culture and science unprecedented in the previous history of the Israel. It is not a science-fiction story. But it would cost you some time and effort to find it in history books - it doesn't belong to the official version of the history taught in the Western World.
Republic has been also known as a "Defense Wall of Europe" since all barbarians invading from the East had to face it first. That responsibility started with Mongol invasions in the 12th century and did not end until the demise of the Republic. A good example of how it worked: in 1683 The Ottoman Empire was on the successful quest to conquer Europe. Southern Europe was already in Turkish hands. The Ottoman armies attacked Republic, but after a couple of bloody battles they were forced to back off. Then they looked for an easier target -and they have found one: Austria. Western armies were not a match for the enemy - they have been plagued by the lack of discipline, poor training and a shortage of talented leaders. Outnumbered and demoralized by a string of defeats in the war with Muslims they were not able to stop the progress of the enemy. Ottoman armies reached Vienna. Fall of that city would open the way to the heart of Europe and would mean the end of Christianity and the Western culture as we know it. Austria and other European countries begged Republic for assistance. King Jan III brought his armies to rescue Vienna and was offered the command of united European forces. In a spectacular battle, the coalition defeated the Ottoman armies. To this day one can admire Turkish flags, tents and jewels captured after the battle and donated to the Vatican. Republic's armies didn't return home until Hungary was also freed from Turkish invaders.
The death of Republic in eighteen century gave a rise to a huge emigration waves from the whole Continent - there was no place anymore in the Old World to hide from the terror of absolute rule, religious persecution, witch hunts and pogroms... Fortunately a new, democratic country was being born while Republic was dying: the United States of America. And America proudly carried on the legacy of the Old Republic.... at least for a while.
Why did the Republic of Both Nations fall? The answer can be found right now and right here: in Washington D.C. It is hard to overlook corruption of the rich, legalized bribery, (nicknamed "lobbying"), demoralization of politicians shamelessly selling American secrets to foreign governments as soon as they resign from their office. Anyone can see growing divisions between poor and rich, white and black, native and alien... as well as growing national debt, inadequacy and incompetence of politicians, loss of influence and power on the world arena, decline in quality of life of an average citizen, social unrest. The list can go on and on... That is only one side of the coin. The Republic had also one important legal flaw, that turned against its' creators. "Liberum veto" - a constitutional amendment that was designed originally to protect democracy and individual freedom. It was supposed to assure that no law could be passed in the parliament unless there is total consensus, i.e. each representative had a power of veto. As a result, there was no laws passed in the last two hundred years ofthe Republic.
America has also an equally lethal flaw: the design of the whole justice system. It was initially conceived to facilitate fair and speedy execution of the law. It ended up as a monstrosity allowing criminals to go unpunished, promoting the fall of the health system as well as rise of racism. America is the only place on this planet where one can sue and get sued for anything - and win, irrespectively of the truth, if one has a clever lawyer on his/her side. A new society, based on distrust and greed was born. Where can we escape in search of freedom and justice now? The Old Republic is gone forever, but its' story still lives in a memory of its' descendants. They live dispersed through the ten countries that cover vast areas of the central and eastern Europe. But you might meet one of these proud people right in your own neighborhood. And if you'd like to read more about the spiritual predecessor of America, look it up in history books under Polan
How The Rich Hide Their Wealth/How it hurts you!
"Barack Obama says that his tax plan will only affect the top 5% of working Americans who earn more than $250,000 a year, otherwise known as the “rich” or “wealthy Americans” according to him and the Democrats. However, what many Americans don’t realize is that the Rich know how to hide their wealth so that they are not forced to pay more taxes than the rest of working Americans. What they do is not illegal. They just use the tax code creatively to get as many deductions as possible, they segmentize their money, re-invest their money, park their money, and even move it away from the shores of the United States to avoid excess taxation".
Many of us are not part of the top 1 percent, but we, as taxpayers are as most Us taxpayers. Exploited, mistreated, cheated, the victims of lies, runaround by our employers and our creditors, while the "regulatory agencies" designed to protect us instead are throwing us to the predators, the frauds; and, they're joining in the fun. But these agencies, creditors and employers are made not of robots, but humans, indiividuals who are liable to answer for their misdeeds. If we are sued, penalized and prosecuted for being convicted of cheating or underpaying taxes, it is us to people such as I, to help ensure that these defrauders and their accomplices pay the piper.
In the matter of a few decades, the
income tax become increasingly more
complex and the BIR struggled to keep up.
FPG/Hulton Archive/Getty Images
Federal IRS Growth, Corruption and Reform
Ever since the beginning of the Internal Revenue Service (IRS), taxpayers have suspected it of abusing its power, showing favoritism and invading privacy. In some cases, these accusations have been well-founded. Arguably, however, many of these problems stemmed from the difficult and unprecedented responsibilities Congress put on its shoulders. file:///Users/mary/Downloads/irs2.htm
How the Rich Hide their wealth website: file:///Users/mary/Downloads/Barack%20Obama%20-%20How%20The%20Rich%20Hide%20Their%20Wealth%20%20%20Barack%20Obama%20Tax%20Plan.html
Decline and fall of the American Empire: Following the decline of Roman Empire!
We're next!
ARROYO GRANDE, Calif.
(MarketWatch) -- "One of the disturbing facts of history is that so many civilizations collapse," warns anthropologist Jared Diamond in "Collapse: How Societies Choose to Fail or Succeed." Many "civilizations share a sharp curve of decline. Indeed, a society's demise may begin only a decade or two after it reaches its peak population, wealth and power." Now, Harvard's Niall Ferguson, one of the world's leading financial historians, echoes Diamond's warning: "Imperial collapse may come much more suddenly than many historians imagine. A combination of fiscal deficits and military overstretch suggests that the United States may be the next empire on the precipice." Yes, America is on the edge. Dismiss his warning at your peril. Everything you learned, everything you believe and everything driving our political leaders is based on a misleading, outdated theory of history. The American Empire is at the edge of a dangerous precipice, at risk of a sudden, rapid collapse. Ferguson is brilliant, prolific and contrarian. His works include the recent "Ascent of Money: A Financial History of the World;" "The Cash Nexus: Money and Power in the Modern World;" "Colossus: The Rise and Fall of The American Empire;" and "The War of the World," a survey of the "savagery of the 20th century" where he highlights a profound "paradox that, though the 20th century was 'so bloody,' it was also 'a time of unparalleled progress.'" Why? Throughout history imperial leaders inevitably emerge and drive their nations into wars for greater glory and "economic progress," while inevitably leading their nation into collapse. And that happens suddenly and swiftly, within "a decade or two." You'll find Ferguson's latest work, "Collapse and Complexity: Empires on the Edge of Chaos," in Foreign Affairs, the journal of the Council of Foreign Relations, a nonpartisan think tank. His message negates all the happy talk you're hearing in today's news -- about economic recovery and new bull markets, about "hope," about a return to "American greatness" -- from Washington politicians and Wall Street bankers. 'Collapse of All Empires:' 5 stages repeating through the ages Ferguson opens with a fascinating metaphor: "There is no better illustration of the life cycle of a great power than 'The Course of Empire,' a series of five paintings by Thomas Cole that hangs in the New York Historical Society. Cole was a founder of the Hudson River School and one of the pioneers of nineteenth-century American landscape painting; in 'The Course of Empire,' he beautifully captured a theory of imperial rise and fall to which most people remain in thrall to this day. Each of the five imagined scenes depicts the mouth of a great river beneath a rocky outcrop."
How and why is in our research, news and uncovered gems. Here's how the rich hide their wealth and why the Internal Revenue Service and Congress honor their actions. It's called "foundation" and "offshore banking".
"Your typical American worker receives a paycheck, deposits that money in a bank account, and files a W-2 tax return every year based on the payment records from their employer. Because of this, the average American worker thinks that rich Americans do the same thing. However, nothing could be further from the truth. Rich Americans instead rely on a strategy of “asset protection,” in which not only their money, but everything they own is protected from both government taxation and lawsuits". How....read on...
Homeownerhsip and Pension Benefits Are Under Siege! The US Government and its regulators are complicit. Barack Obama and Congress have given away your pension rights. Get the money out now, or lose it!
The Decline and Fall of the American Empire December 22, 2011
"A soft landing for America 40 years from now? Don’t bet on it. The demise of the United States as the global superpower could come far more quickly than anyone imagines. If Washington is dreaming of 2040 or 2050 as the end of the American Century, a more realistic assessment of domestic and global trends suggests that in 2025, just 15 years from now, it could all be over except for the shouting".
Are we headed for a Bolshevik type resolution? This "one percent" we keep hearing about will never surrender their greed, ill-gotten wealth and debt driving mentality. Nonviolent protests are a joke; The greedy don't respect them. Takes a lot more than such protests! Federal, Local and State Governments are aiding and abetting mortgage crimnals to steal your homes. The Homes already foreclosed, it is being proposed, should be turned into rentals. If you walked away, you lost. or did you?
Pensions are toast, just as homeownership is fried.....unless you're above the financial fray!
David Stockman on Crony Capitalism from BillMoyers.com on Vimeo.
“Crony Capitalism” Has Killed the Free Market and Democracy April 25th, 2011 | Author: FedUpUSA
“I believe we no longer have free market capitalism and we no longer have a democracy,” says David Stockman, the blunt-talking former Michigan Congressman and Director of the OMB during the Reagan administration. What now exists at the heart of the U.S. economy, Stockman argues, is “crony capitalism” – a system that benefits and even rigs the system in favor of America’s banks and bankers at the cost of average Americans. It’s a system built on the back of government-issued bailouts and free money. “The Fed is the great enabler” through its free money policies, which “generate results the market wouldn’t otherwise provide for,” he says.
Here We Go Again!
another stunning year
January 7, 2012.
The system continues to crumble. "House prices have fallen an average of 33 percent from their 2006 peak, resulting in about $7 trillion in household wealth losses and an associated ratcheting down of aggregate consumption," according to a Federal Reserve White Paper that Fed Chairman Ben Bernanke provided to the chairmen and ranking members of the House and Senate banking committees on January 4, 2012. It states: "...the large inventory of foreclosed or surrendered properties is contributing to excess supply in the for-sale market, placing downward pressure on house prices and exacerbating the loss in aggregate housing wealth. At the same time, rental markets are strengthening in some areas of the country, reflecting in part a decline in the homeownership rate. Reducing some of the barriers to converting foreclosed properties to rental units will help redeploy the existing stock of houses in a more efficient way. Such conversions might also increase lenders' eventual recoveries on foreclosed and surrendered properties." Thank you, Chairman Bernanke, for those snappy remarks. Deploy means to move troops into position for action. Maybe your troops can establish base camps filled with barracks to deploy the millions of families who were marched out of the "existing stock of houses."
Guess who's making a killing on the loss of your home?....bank criminals, brokers, government regulators and government housing agencies. The congressional representatives are becoming millionares and billionaires by the path of private equity, fraudulent foreclosures, bankruptcy corruption, and tax fraud. All the while the government gets in bed with thes jackals in order to cheat us out of what's rightfully ours.
"Bank of America's CEO Brian Moynihan earned $2.26 million in 2011, while his bank's market value dropped 60%. Chase CEO Jamie Dimon took home $41.9 million — the most among bank CEOs — for steering a bank that lost 23% of its stock value in 2011. Goldman's Lloyd Blankfein pocketed nearly $22 million, while his investment bank lost more than 46% of its market value. You gotta pay top dollare to lose money at that rate. Compensation pools at seven of the biggest U.S. banks totalled about $156 billion (including salaries, benefits and bonuses) in 2011, which is 3.7% higher than the record breaking number set in 2010. Truthout January 2, 2012. Bankruptcy attorney Max Gardner's prediction for 2012: The number of homes in foreclosure will double or triple from 2011 levels and home values will drop by another 15% to 20% by the end of year. I do not expect to see any real recovery in the housing market until at least 2022. A massive number of bank-owned homes (Real Estate Owned or REO property) will be turned into rental properties by the banks and/or mortgage servicers and many more foreclosed on homes will be sold in bulk sales to investors for the same purpose. Bank of America will be forced into liquidation under the too big to fail provisions of the Dodd Frank Act. The FHFA as conservator of BoA may impose the Chapter 13 principal reduction program for all loans owned and serviced by the Bank. Santa Barbara has not escaped the housing collapse. Consider the Old Masini Adobe in Montecito. Almost 200 years old, this vintage piece of history is considered to be the oldest 2-story adobe. Built in 1820, this Monterey Colonial is a historical landmark situated on 3/4 acre on 129 Sheffield Drive. Originally listed at $3 million, then reduced to $2.5 million, it sold at the end of 2011 for $791,000. Notices of Trustee's Sale recorded in Santa Barbara County: 2007-2011: 10,946 2002-2006: 880 Foreclosures in Santa Barbara increased 12.4 times in the most recent five years compared to the previous five years".
We warned you, pleaded with you not to walk away from your home without being forced out. Had you not done so, you likely would still be there! If you still in your home, witness these homeowners who wouldn't budge..
"The system's broken" -Rich Sharga, Sr. Vice President, RealtyTrac
With the nation's foreclosure system all but paralyzed after an avalanche of loan failures and "robo-signing" scandals, many delinquent homeowners are defying lenders and staying put. Instead of packing up and slinking away, they're living for free, sometimes for years. They're hiring lawyers to challenge their cases, and many are winning reprieves or causing the process to stall even further. "They go into a perpetual state of limbo where nothing happens or the case goes very slowly," says attorney, Mark Stopa. The extraordinary delays are hampering hope of a housing market recovery and pushing this year's troubles into next year, says Rich Sharga, senior vice president at RealtyTrac, which tracks foreclosure data. The logjam also has kept thousands of new cases from being filed. "The system's broken," he says. The AARP article continues, "Often, banks are not pushing to go to foreclosure. They seem to be in no hurry to add to their swollen inventory of repossessed homes, which now stands at a near record 862,000 nationwide.
Banks Can't Prove They Own The Loan
With the nation's foreclosure system all but paralyzed after an avalanche of loan failures and "robo-signing" scandals, many delinquent homeowners are defying lenders and staying put. Instead of packing up and slinking away, they're living for free, sometimes for years. They're hiring lawyers to challenge their cases, and many are winning reprieves or causing the process to stall even further. "They go into a perpetual state of limbo where nothing happens or the case goes very slowly," says attorney, Mark Stopa. The extraordinary delays are hampering hope of a housing market recovery and pushing this year's troubles into next year, says Rich Sharga, senior vice president at RealtyTrac, which tracks foreclosure data. The logjam also has kept thousands of new cases from being filed. "The system's broken," he says. The AARP article continues, "Often, banks are not pushing to go to foreclosure. They seem to be in no hurry to add to their swollen inventory of repossessed homes, which now stands at a near record 862,000 nationwide. The People vs. Goldman Sachs
Ulysses S. Grant
Warren Harding
Richard Nixon
George W. Bush
Wendell Harper
Host Welcome To Your Breath of CRUCIAL, Fresh Answers
Far too often, the writers, bloggers, so-called financial analysts/professionals convince us that those who represent us in government have thepower to make new laws without new legislation. In our parlance, as part of my social circle, we would call that "bunk".
I cannot be sure whether these sources are for oragainst sound, honest, effective governmental operations. The authors, bloggers, analysts and officials keep telling us that this settlement the Obama Administration reached with the banks is binding. Horse shit!
You, clearly, are prepared to swallow this melancholy badger game of musical chairs, but I am not. I cannot and will not allow people to borrow money by using my signature on a promissory note, and stick me with the debt.
Don't mention the fact that these same thieves then are permitted, not by law, but by some who work in government, to hide their profits, and to sell worthless mortgages to our governmental system.
Public outcry, properly directed, can overcome the worst crimes. But homeowners first have to tune out these simple-minded, vanilla wafer sources of negative thinking, and put our power to the test.
We have rights we don't even know of, and unlike my spouse and I, many of you don't want to know or believe that we have a government infested with corrupt overseers. Too many of our representatives are financially involved in adventures and investment deals that takes away our property, real and personal, on a poker bet.
I've said it before. Greed will invited misdeed, unless with succeed in keeping the rats from the seed; and boy are we infested with rabid rats, out to get gravy with each ounce of beef they steal through our enslaved doings.
Harperenterprize.com is loaded with links that lead you to the answers for your questions, especially those involving how to acquire, maintain and keep your home. I believe in documentation, a balanced approach.
If I have something to say, it's backed by articles, affidavits, proverbs, lawsuits and notices that say exactly the same, with one exception. The strategies they offer are weak, slow, meely-mouthed and sniveling.
Check out the articles about ways to deduct your mortgage losses from your taxes, and be entitled to the same refund that benefits a lender when they file a 1099. Use your head, and don't listen to these dummies. The fraud they speak of is perpetual.
But the strategies they offer don't do the job.
Now it is the American Empire that is headed for a sure collapse, just like ancient civilizations. Mortgage and Pension Corruption are driving the cattle off the cliff. Read below carefully. A message is inherent within. A huge message. It's what happened leading up to the fall of Rome, Egypt, Greece, Meroe and other civilizations. Greed preceded them all.
"More dangerous to health than hypochondria is what I might call hyperchondria. This is the condition under which people are unshakeably sure that they are fine. They might sustain a severe physical injury and refuse medical treatment. They brush off any and all sensations of physical illness. They suffer from an interminable and unshakeable optimism. Government — or, at least, the public face of government — is littered with them. John McCain blustered that the economy was strong and robust — until he had to suspend his Presidential campaign to return to Washington to vote for TARP. Tim Geithner stressed there was “no chance of a downgrade” — until S&P downgraded U.S. debt. Such is politics — politicians like to exude the illusion of control. So too do economists, if they become too politically active. Ben Bernanke boasted he could stanch inflation in “15 minutes“. So, between outsiders like Ron Paul who have consistently warned of the possibility of economic disaster, and insiders like Ben Bernanke who refuse to conceive of such a thing, where can we get an accurate portrait of the shape of Western civilisation and the state of the American empire"
Could we be headed for a revolution. We had the fall of Rome, more than a thousand years ago...
The Jewish Role in the Bolshevik Revolution and Russia's Early Soviet Regime
Assessing the Grim Legacy of Soviet Communism
by Mark Weber In the night of July 16-17, 1918, a squad of Bolshevik secret police murdered Russia's last emperor, Tsar Nicholas II, along with his wife, Tsaritsa Alexandra, their 14-year-old son, Tsarevich Alexis, and their four daughters. They were cut down in a hail of gunfire in a half-cellar room of the house in Ekaterinburg, a city in the Ural mountain region, where they were being held prisoner. The daughters were finished off with bayonets. To prevent a cult for the dead Tsar, the bodies were carted away to the countryside and hastily buried in a secret grave. Bolshevik authorities at first reported that the Romanov emperor had been shot after the discovery of a plot to liberate him. For some time the deaths of the Empress and the children were kept secret. Soviet historians claimed for many years that local Bolsheviks had acted on their own in carrying out the killings, and that Lenin, founder of the Soviet state, had nothing to do with the crime.
So you love America, yes, but....does it love you? Recent news and information says "NO"!
Wall Street's Ride Compounds States' Pension Fears
If you've got your money in a public or private sector pension fund, neither has a guarantee of payoff. While we keep hearing that public employee pensions are safe, because of constitutional law, no money is safe from our departments and agencies, or would you care to argue that point?
Many of the articles on the matter of Economic Disaster would like to lay the blame squarely on President Barack Obama, but I won't. At the same time, I wouldn't support him either, and I could care less if he isn't re-elected. Barack Obama is doing things to the benefit of just about every racial or ethnic group, except Blacks. Check the record. The most he's done for Blacks in the US is to increase unemployment, paid criminals to steal our homes, and intends to mandate that we have national health care even though he knows damn well we can't afford it!
Why does Barack Obama treat Blacks so poorly? The same reason that Black Law Enforcement officials often attack or show much more aggression when dealing with Black civilians. It's easy, and we let him get away with it....but I won't. He knows that we'll protest only under our breaths when he screws us, and he counts the Black vote before the ballots are cast. Of course he has seldom, if ever been heard championing the cause of Blacks or African Americans, whether constituents, in his administration, or in the ministry.
Not to mention the fact that President Barack Obama is(that's beginning to sound silly) quick to take credit for killing Blacks and Arabs. But of course, we don't have white terrorists do we? No....when you consider we are the ones they fear. Blacks, Arabs, and perhaps Latinoes.
Let's be frank. Barack Obama rides the wave of being the first Black President, when that's not what he is at all. White women shall not bear Black Children. Any and everybody can't be Black because one of the parents happens to be so. Is it not an insult to assume automatically, that anyone who has a Black parent, is Black? Is it not an insult to Black mothers to make such an assumption?
At any rate, we have a President who suggests hes Black, but in truth he's bi-racial, and they should be the ones getting the credit for that. Blacks get the credit for voting to elect Obama, the way they never voted to elect any Black Candidate. I say that Blacks would have gotten much more from a Martin Luther King Jr. Presidency, or one held by the Reverend Jesse Jackson. But of course they were "too Black" to get elected, and please don't bother denying it.
Let's just say that if I had my druthers..Barack Obama would be a one-term President, and all the politicians in congress would serve one term or less. These guys, to the number and the letter, are much too expensive, much to vanilla, and way to corrupt. That's who they are..it's what they do, nothing to help or benefit the masses. If you aren't an executive or better, or rich to the guild, then your pension, your home, and all your assets are up for grabs. You'd better be a tough bastard, because you're dealing with Jesse James, Billy the Kid, the Hole in the Wall Gang and the Purple gang holding the purse strings over both pensions and mortgages. But the biggest leeches are in the Private Sector. If it says mortgage lender, the words spell fraud. When you hear the words loan, and low interest rates, just know that you'll be greater in debt, and on the road to detriment if not financial devastation.
To make my point, I seek help in making my case, by finding the facts, identifying other researchers and watchdog websites, to bring you all aspects of news and information. Here's another example.
By MICHAEL GORMLEY August 12, 2011 ALBANY, N.Y. (AP) —
Wall Street's volatility has hit state pension funds just as they were beginning to recover from the recession, turning what was merely a troubled forecast into a potentially stormy future for taxpayers who are on the hook for billions in unfunded liabilities for government retirees. As for the millions of government clerks, engineers, janitors, teachers and firefighters in the retirement systems, they are protected by law or, as in New York, by the state constitution, to be backed up by tax dollars if necessary. Their benefits remain safe for life in guaranteed "defined benefit" pension plans that are disappearing in the private sector, where most employees are left to fend for themselves with 401(k) plans that they mostly or entirely fund themselves. California's main public-employee pension fund, the nation's largest, has lost at least $18 billion off its stock portfolio since July 1, about 7.5 percent of its $237.5 billion total asset value on June 30. Florida's pension fund has lost $10.7 billion since June 30, a decline of 8.3 percent for a fund now valued at $117.7 billion. New York's state comptroller will not say how much the state pension fund has lost during the latest Wall Street roller coaster, but the fund was 5 percent below its pre-recession value before the recent losses and remained nearly $8 billion below its pre-recession value. And Kentucky, which has more than $20 billion in unfunded pension liabilities, has seen the value of its public pension fund decline $1.7 billion — or 15 percent — since July 1, falling to a total value of $9.7 billion. Nationwide, states have a combined $689.5 billion in unfunded pension liabilities and $418 billion in government retiree health care obligations, according to data collected earlier this year by The Associated Press. Those benefits are protected by state law or, as in New York, by the constitution. Pension fund managers say there is no risk current government retirees will miss a monthly check and that they are remaining calm and taking the long view in their investments. Some say the market plunge is even providing a great opportunity to buy stocks at fire-sale prices. Kentucky Retirement Systems Chief Investor T.J. Carlson said his fund has not made significant changes to its investments in response to the market turmoil. "We haven't changed our long-term strategy in any way," he said. Critics of the defined benefit plans, which guarantee pensions for life to public employees and are rarely found any longer in the private sector, say the recent stock market plunge underscores the need for fundamental change.
file:///Users/mary/Downloads/Wall%20Street's%20Ride%20Compounds%20States'%20Pension%20Fears.html
This is an election year folks, and Barack Obama is on his campaign platform.
For my money, not one of these politicians have given me any reason to vote for them, only to limit their terms, and cut back all terms to three years. When we witness the revolving door of employees and executives passing from public to private and back, we understand why so much corruption abounds:
JPMorgan Chase — Too Big Not To Fail
We got trouble right here in River City, with a capital T that rhymes with C and that stands for CHASE
JP Morgan Chasing Chase is like catching a wave
Capitalism is "Out of Whack"
The President Sends Bank Lawyers after the Banks U.S. Attorney General Eric Holder and Lanny Breuer, head of the Justice Department's criminal division, were partners for years at a Washington law firm that represented a Who's Who of big banks and other companies at the center of alleged foreclosure fraud, a Reuters investigation shows. While Holder and Breuer were partners at Covington, the firm's clients included the four largest U.S. banks - Bank of America, Citigroup, JP Morgan Chase and Wells Fargo. The traffic between the Justice Department and Covington & Burling has been non-stop. In 2010, Holder's deputy chief of staff, John Garland, returned to Covington. So did Steven Fagell, who was Breuer's deputy chief of staff in the criminal division. The revolving door between the Obama administration and Big Banks never stops turning. President Obama announced in his State of the Union address on January 24, 2012, that he was creating a special unit within the Financial Fraud Enforcement Taskforce to deal with mortgage origination and securitization abuses: And tonight, I am asking my Attorney General to create a special unit of federal prosecutors and leading state attorneys general to expand our investigations into the abusive lending and packaging of risky mortgages that led to the housing crisis. This new unit will hold accountable those who broke the law, speed assistance to homeowners, and help turn the page on an era of recklessness that hurt so many Americans.
The members of the new Mortgage Securitization Abuses Unit were identified as New York Attorney General Eric Schneiderman; Assistant U.S. Attorney General Lanny Breuer; Robert Khuzami, Director of Enforcement at the SEC; John Walsh, U.S. Attorney, District of Colorado; and Tony West, Assistant Attorney General, Civil Division, Department of Justice. New York Attorney General Schneiderman and Delaware Attorney General Beau Biden have been among the most outspoken regarding the prosecution of crimes relating to mortgage securitization. Schneiderman released a statement after the President's address: "In coordination with our federal partners, our office will continue its steadfast commitment to holding those responsible for the economic crisis accountable, providing meaningful relief for homeowners commensurate with the scale of the misconduct, and getting our economy moving again. The American people deserve a robust and comprehensive investigation into the global financial meltdown to ensure nothing like it ever happens again, and today's announcement is a major step in the right direction."
Abigail Caplovitz Field wrote in Reality Check on January 24, 2012, "Schneiderman isn't chairing anything. He's Co-Chairing. That's a huge difference. If he's Chair he's in charge. If he's Co-Chair he needs consensus. And who is he Co-Chairing with? Four people, starting with Lanny Breuer. That's unacceptable...Why has Breuer failed to go after the people who committed 'misconduct and illegalities that contributed to both the financial collapse and the mortgage crisis'? Is it because he's an ex- (and likely future) Covington & Burling partner? Doesn't matter. His track record speaks for itself. There is only one reason to have him co-chair with Schneiderman, and that's to rein Schneiderman in." On January 31, Bill Black wrote, "The federal government does not intend to prosecute criminally the large financial firms and their senior officers who committed hundreds of billions of dollars in fraudulent mortgage originations. That figure only counts the fraudulent liar's loans the five large banks made. The total amount of mortgage origination fraud through liar's loans exceeds $1 trillion. The five banks' civil liability for mortgage origination fraud is vastly larger than their civil liability for their endemic foreclosure fraud." "Capitalism is out of whack," said Klaus Schwab, founder and president of the World Economic Forum. "We have sinned," he said, adding that this year's forum in Davos, Switzerland, will place particular emphasis on ethics and resetting the moral compass of the world's business and political community. New Zealand Herald 1/26/2012.
Low and behold, we are told by this author that our chief executive officer has access personally to billions, and he's not spreading the wealth to us; but to Deutsche Bank, or "Murder Incorporated" and to other banks, "too big not to fail". Rich man, poor man, begger man, thief:
"Here is the whole article , yes many people are working hard to overcome this obstacle that he has presented if this has already been posted in full then i am sorry to repeat it. Thursday, July 28, 2011July 28, 2011
OBAMA OFFSHORE TRADING PROFITS EXCEED 3 BILLION DOLLARS OBAMA IGNORES WORLD COURT ORDERS; OBAMA MENTAL CONDITION IS OF CONCERN TO STAFFERS; OBAMA IMPEACHMENT INEVITABLE!
We have been informed once again that Obama has flipped and flopped on the World Global Settlements. Since our White Hats Report # 16 wherein we explain that President Obama had moved the funds from the Vatican Bank into a trading program with Josef Ackermann at Deutsche Bank, his trading profits have far exceeded 3 Billion Dollars according to Falcone’s investigators. At the present time, Obama has closed out his accounts at Deutsche Bank and is no longer trading directly with Josef Ackermann. It is still possible that Josef Ackermann may be assisting Obama with movement of his funds into other European banks in an attempt to obscure their relationship. We have been told that this latest series of moves by Obama is a reaction to the White Hat Reports and all of the ongoing investigations he is and is not, aware of".
PRESIDENT OBAMA HERE IS A SONG YOU NEED TO LISTEN TO :ALABAMA "SONG OF THE? SOUTH" AND AMEN.
Direct Network: Financial Clarity
Yellow Brick Road to Resolution: We follow the money, expose the corruption, radarize the criminals and outsource the crisis!
"Published on Monday, January 23, 2012 by Naked Capalitism
Obama to Use Pension Funds of Ordinary Americans to Pay for Bank Mortgage “Settlement”
by Yves Smith Obama’s latest housing market chicanery should come as no surprise. As we discuss below, he will use the State of the Union address to announce a mortgage “settlement” by Federal regulators, and at least some state attorneys general. It’s yet another gambit designed to generate a campaign talking point while making the underlying problem worse. The president seems to labor under the misapprehension that crimes by members of the elite must be swept under the rug because prosecuting them would destabilize the system. What he misses is that we are well past the point where coverups will work, and they may even blow up before the November elections. If nothing else, his settlement pact has a non-trivial Constitutional problem which the Republicans, if they are smart, will use to undermine the deal and discredit the Administration Mortgage Fraud and Foreclosure Crisis
Attention: Don't be fooled by the notion that you have to accept being kicked out of your house by thieves, and seeing it sanctioned by the biggest thief. Barack Obama. This is election time, and he's got some questions to answer. I am going to pose them repeatedly. Neither he or we, will be able to ignore them.
"Obama's mortgage fraud settlement announced in last nights SOTU appears to favor the speculative banks that hold second mortgages over pension funds that hold first mortgages. It also incentivizes banks to resist settling on terms more favorable to fraud victims where the state's attorney is pursuing a separate deal. Senator Sherrod Brown has publicly criticized Obama's new deal with the criminal mortgage bankers. The attached article discusses the current state of this development.
Not one of these mortgage frauds has paid a dime in taxes connected to the refinancing of mortgage loans. The Amended Returns that have been filed for Major mortgage interest are not being paid, at least not in the cases of those I know. Several of us have filed for Home Acquisition Debt, or have claimed losses on our homes allowed by the Internal Revenue Code. If you refinanced at any point, these guys owe you, and its way more than $2000.00. Barack Obama needs to know that we are not going to just stand by and allow him to preside over a royal screwing, which exactly is what he's doing. I've already filed for refunds of my mortgage loans my spouse and I refinanced all the way back to 2001. I am not going to let some scheme by a puppet ruin my day.
This economy is down the tubes; our pensions are being frozen, raided, stolen, while our "regulatory" agencies stand in for thieves and give the spin of private employers. The Private Equity thieves are pirating all of our pension money, while the government prepares to nationalize our pensions and continue to steal our homes. Are you listening Richard Blum and Dianne Feinstein? How many others are raking us over the financial coals?
This so-called settlement with Mortgage Frauds is in itself a fraud. Has Barack Obama broken the codes of the Internal Revenue Service, The US Code, stautes. Should he not be impeached.
a 25 billion dollar sell-out for what is a multi-trillion dollar con. Making deals with criminals is not constitutional. The Executive Branch of Government has no right to make or pass laws. The Congress has no authority to grandfather in laws that forgive tax fraud, failure by major mortgage schemers to pay taxes on the loan money they manipulated from homeowners. Obama must be challenged from pillar to post. If laws are broken, he should be impeached. Barack Obama has made no deal for my spouse or I, and he's made no deal for you either, unless you're heavy income and of the richer few.
"The financial crisis is deepening, with the risk of seriously disrupting the system of international payments. This crisis is far more serious than the Great Depression. All major sectors of the global economy are affected. Recent reports suggest that the system of Letters of Credit as well as international shipping, which constitute the lifeline of the international trading system, are potentially in jeopardy. The proposed bank "bailout" under the so-called
Economic Collapse Economic Collapse Many people are wondering if there is a total economic collapse in our near future, something equal to or greater than the great depression. Its no wonder with high unemployment and foreclosure rates, the devaluing of the US dollar, increase in commodities and the out of control national debt.
Many people are wondering if there is a total economic collapse in our near future, something equal to or greater than the great depression. Its no wonder with high unemployment and foreclosure rates, the devaluing of the US dollar, increase in commodities and the out of control national debt.
Troubled Asset Relief Program (TARP) is not a "solution" to the crisis but the "cause" of further collapse".
The Labor Secretary is acting in defiance of Federal Law and getting away with it. Even the Government Accountability Office says so! So does the firm that conducts audits of the agency.
Check out this video. This JP Morgan Funds Channel Representative sounds as if he's the key to the world's future.
We'd never know that he's full of it if we didn't see the financial world collapsing around us while this dude waxes ineloquently!
Judas Priest! What would make Senator Feinstein look like this when a picture is taken?
Plenty! or so say her detractors:
HolyToledo! The late Bill King might say!
Richard Blum is now on the Board of the Federal Reserve......Another piece in the Economic Collapse Pie!
Per Wikipedia: Blum's wife, Senator Dianne Feinstein, has received scrutiny due to her husband's government contracts and extensive business dealings with China and her past votes on trade issues with the country. Blum has denied any wrongdoing, however. Critics have argued that business contracts with the US government awarded to a company (Perini) controlled by Blum may raise a potential conflict-of-interest issue with the voting and policy activities of his wife. URS Corp, which Blum had a substantial stake in, bought EG&G, a leading provider of technical services and management to the U.S. military, from The Carlyle Group in 2002; EG&G subsequently won a $600m defense contract. In 2009 it was reported that Blum's wife Sen. Dianne Feinstein introduced legislation to provide $25 billion in taxpayer money to the Federal Deposit Insurance Corp, a government agency that had recently awarded her husband's real estate firm, CB Richard Ellis, what the Washington Times called "a lucrative contract to sell foreclosed properties at compensation rates higher than the industry norms." In 2009 the University of California Board of Regents, of which Blum is a member, voted to increase student registration fees (roughly the Univ. of California equivalent of tuition) by 32%. Shortly thereafter, Blum Capital Partners purchased additional stock in ITT Tech, a for-profit educational institution. These events suggest a conflict of interest on Blum's part.".............
I'm not a detractor, nor have I made an agenda of following her path since she left for Washington. I covered all her mayoral campaigns, including the election, interviewed Feinstein live each time we had a major election night at city hall, again in 1984 as the only live floor reporter at the Democratic Convention in San Francisco, and then at her office about four years ago. But this one was hard to take, in San Francisco, to Chevron headquarters, where I had gone many times. But this time was different.
Chevron Bans Pacifica From Press Conference
Chevron yesterday barred a credentialed Pacifica Radio news reporter from attending a public news conference with U.S. Senator Dianne Feinstein. Wendell Harper, a 20-year veteran in news reporting for Pacifica station KPFA in Berkeley, California, was denied access to the press conference at Chevron’s San Francisco headquarters. He was there to cover Chevron’s announcement that it was phasing out MTBE additives from its gasoline. Fred Gurrell of Chevron’s Public Affairs office told KPFA station manager Nicole Sawaya that "Pacifica does not report news" and hung up on her.
LISTEN WATCH
Senator FEINSTEIN is PROFITING FROM the BUILDING of the BAY BRIDGE, the HIGH SPEED RAIL, and SIX OTHER PROJECTS totaling 50 BILLION DOLLARS and her husband, the contractor, is nt.htmlbuilding all of those projects. By RICHARD TRAINOR
file:///Users/mary/Downloads/Catellus%20Development.html
"When governments or states have secrets, they almost always involve money. Greedy state politicians are on the take. They get into office by courting a coven of rich cronies. They stay in office to enrich those cronies and enter that Mt. Olympaen social circle. They are already so morally compromised by those two games that they begin using illegal tricks to enrich themselves a few million at a time, so that they too can enter the Olympean inner circle of the beautiful and famous and truly elite. When all those ambitious people get there, their character has dissolved into mud. They are locked into class hatred like you wouldn't believe. Beautiful girls who have penetrated that world on a rich man's arm, have told me what they saw. The oligarchs HATE us, fear us, despise us. Their most devout wish is to never fall back into this condition. They can justify any deal making of the illegal sort that they can do to get the money to stay in the UPPER CRUST and never go near the masses again. Connect the dots. That frightened headset of the oligarch is what has bankrupted us, the proletariat citizens because a terrified politician on the way up will do anything. In my state, California, Diane Feinstein is the queen of greed and theft. She has broken laws to MAKE laws, -- laws to get her projects passed. Laws to get bonds and contracts which enrich her contractor husband. She has Pork barrelled straight from the state coffers to her bank account. Study California, you'll see graft, theft, bribery on the grand scale. Sure, good ole boys clubs exist in all the states. You’ve heard about pork barreling. It’s when you are sent to Washington working for your state as an elected representative and you get beaucoup MOOLA from the FEDERAL GOV for your state, for your PEOPLE".
Corruption in the pension industry"
"Contact: Washington D.C. Office (202) 224-3553 Democratic Women Senators Announce Checklist for Change Washington, DC — The nine Democratic women of the Senate today joined together to launch Democratic Women for Change, an initiative that calls for a new direction for America, and for a change in tone and a change in agenda in the United States Senate. Meeting at the historic Sewall-Belmont House, Senators Barbara Mikulski, Dianne Feinstein, Barbara Boxer, Patty Murray, Mary Landrieu, Blanche Lincoln, Debbie Stabenow, Maria Cantwell, and Hillary Rodham Clinton unveiled their “Checklist for Change,” a list of nine issues Congress can immediately address to better the lives of the American people. Across the country, Americans are struggling with difficult issues in their lives. Whether it’s paying for healthcare or sending their kids to college, threats to homeland security or Social Security, job outsourcing or global warming, they face real problems that are not solved with partisan political divisions in Washington, D.C. Sadly, the American people see little attention to what really matters in their lives in the Republican Senate. They want a new direction.
“We, the Democratic women of the Senate, are writing to challenge you to change direction, change the tone, and change the agenda to match the priorities of the American people,” wrote the Senators in a letter to Senate Majority Leader Bill Frist. “There are approximately 50 days left in this legislative session--still plenty of time to change direction and focus instead on meeting the challenges that affect the American people in their daily lives.”
“The Checklist for Change” lists nine priorities for the American public that the Senate should address right now: SAFEGUARD AMERICA'S PENSIONS: Americans deserve to retire with dignity and financial security. We will continue to oppose any plan to privatize social security, because seniors deserve a guarantee rather than a gamble. Recent corporate corruption and mismanagement has shown us that we must also protect employee pension plans. The Republican Congress has stalled these efforts. For the good of all American workers, we challenge them to pass a clean pension bill."
Wake up Everybody...and watch the Rich Get Richer, The Poor Getting Poorer!
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But alas....When the Saints' Go Marching In....That's What we call Freedom!
You pose the questions, the challenges, I endeavor to answer the bell before it rings; uncover your kind of news, everyday word maps, down to earth...affirmative results = Confidence....character.....courage.....Try me. Spend a few seconds, learn a lot. I come at you several ways; audio(my program collages on mp3), insightful videos....entertaining visuals......articles, notices, warnings....Storytelling......reminiscing.......minstrels.......Dancing competition....ultimatums. information, and Vital Answers.
Near the end of World War 11, it was Hiroshima and Nagasaski; in 2001, this nation got a nasty taste of terror. But will the gravity of the Hiroshima devastation engulf the US. What goes around comes around! The way we're going with our fraud, intimidation and retaliation, it's an unsafe bet that the next such explosion or tragedy won't happen in the US!
New York: World Trade Center Towers: Were bombs planted, and who did so. Would you bet it could be the greedy?
Kaiser Fraud, Corruption & Cover Ups, Kaiser Retaliation
This isn’t the first time Kaiser Permanente has interfered with a union vote, which is why its Labor-Management Partnership is such a huge farce. We have been receiving complaints from Kaiser employees for years about the leaders of the SEIU working against labor for the benefit of management and their own wallets. Of course it was all over the news when NUHW lost to SEIU, but barely a whimper now that it has been brought to light that KP illegally helped them to win. BeyondChron has the full story:
Immigration: Do immigrants rate the same rights as citizens? Do they even have the right to a job? The Obama Administration says yes....and from all evidence, at the expense and exclusion of US Workers, Pensioners, Retirees and the Unemployed.
Thursday, September 1, 2011 Hilda Solis Saves The Illegal Laborers The Obama administration is entirely uninterested in protecting the rights of most Americans, but when it comes to protecting the rights of illegal immigrant workers, they're johnny-on-the-spot. In fact, last week Labor Secretary Hilda Solis signed partnership agreements with a number of Latin American ambassadors to make sure the "rights" of their expatriates in the illegal labor market are fully protected. Try the audio trailer below.....Mp3
Have You Heard the News?
You're forewarned. The US Government is finishing what the Bush and Clinton Administration started. Nationalizing employee pension benefits.
Thursday, March 4, 2010 Demand that Congress Pass the "Keep Your Hands Off My 401(k) Act of 2010"
As I wrote in January:
Last May, I wrote about the rumor that the Obama administration might seize funds from American's 401k and IRA accounts. Last week, Bloomberg pointed out: The Obama administration is weighing how the government can encourage workers to turn their savings into guaranteed income streams following a collapse in retiree accounts when the stock market plunged. The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort... There is “a tremendous amount of interest in the White House” in retirement-security initiatives, Borzi, who heads the Labor Department’s Employee Benefits Security Administration, said in an interview. In addition to annuities, the inquiry will cover other approaches to guaranteeing income, including longevity insurance that would provide an income stream for retirees living beyond a certain age, she said. “There’s been a fair amount of discussion in the literature taking the view that perhaps there ought to be more lifetime income,” Iwry, a senior adviser to Treasury Secretary Timothy Geithner, said in an interview... One proposal raised by Iwry as co-author of a paper while at the Retirement Security Project, before joining the administration, has reached Congress. A bill requiring employers to report 401(k) savings both as an account balance and as a stream of income based on an annuity was introduced on Dec. 3 by Senators Jeff Bingaman, a New Mexico Democrat, Johnny Isakson, a Georgia Republican, and Herb Kohl, a Wisconsin Democrat........more.....
The Office of the Inspector General sounded the alarm more than 15 years ago, October 01, 1996. The conflict of interest and corruption charges have gotten worse:
Semiannual Report to the Congress October 1, 1996 - March 31, 1997
DOL Needs to Measure the Long-Term Impact of Its Programs
Another issue that continues to require major departmental and congressional attention is that of ensuring the security of pension assets, which now total close to $3.5 trillion. Because of the nature of these assets -- large sums of dollars, entrusted for deposit and long-term investment for a future benefit -- the potential for serious abuses exists. My office’s most significant concerns in this area are that the Department effectively ensure that pension funds are deposited fully to workers’ accounts in a prompt manner and that funds be safe while held in trust. The Department has taken steps, through revamped regulations, to help ensure that pension funds are fully and appropriately deposited. However, while these regulations reduce the time in which someone could temporarily use the pension funds inappropriately and then deposit the funds without being detected, they will not prevent individuals inclined to do so from Ensuring Pension Assets are Safeguarded 6 Semiannual Report to the Congress October 1, 1996 - March 31, 1997 Ensuring Pension Assets converting funds for their own use.
That type of activity needs to are Safeguarded While Held in Trust be addressed through an aggressive criminal enforcement program. Therefore, enforcement and oversight of this area needs to remain a priority of the Department. Legislation Needed to The OIG also has long-standing concerns with respect to ensuring Improve Audits of that funds are safeguarded while they are held in trust by plan Pension Plans and Reporting of Violations administrators, service providers, or trustees. Chief among our recommendations in this area is the need to repeal ERISA’s limited scope audit provision, which results in inadequate auditing of pension plan assets. This provision exempts from audit all pension plan funds that have been invested in institutions such as savings and loans, banks or insurance companies alreadyregulatedbyFederalorStateGovernments. At the time ERISA was passed two decades ago, it was assumed that all of the funds invested in those regulated industries were being adequately reviewed. Unfortunately, as we have found from the savings and loan crisis, that is not always the case. Currently, because of this provision, independent public accountants (IPAs) conducting audits of pension plans cannot render an opinion on the plan’s financial statements in accordance with professional auditing standards.
It is important to note that the disclaimer of any opinion on the financial statements includes even those assets that are not held by financial institutions. These “no opinion”’ audits provide no substantive assurance of asset integrity to benefit participants or the Department. The OIG has also recommended that IPAs and plan administrators be required to report serious ERISA violations directly to the Department. This requirement will enhance oversight of pension plan assets, ensure the timely reporting of violations, and involve accountants in the kind of active role that they are supposed to play in the safeguarding of pension assets, by providing a first line of defense to plan participants through their timely and direct reporting of potential problems with employee benefit plans.
US Labor Secretary Hilda Solis: While workers at Pacifica Radio and Kaiser Permanente see their pensions raided, the Secretary either has no clue or doesn't care:
Labor Department and President Barack Obama Team Up
on behalf of undocumented workers. Some charge conflict of interest inherent in their actions.
Does the US Senate Support pay for people who are not certified legal? Here's your answer.
Immigration Stance
Find Out Where Your Congressional Representative Really Stands
Senator Dianne Feinstein's Record On Immigration Reform And Illegal Aliens
Senator Dianne Feinstein is a Democrat currently serving California and has served in the Senate from 1992-Present. Senator Dianne Feinstein has had a fairly good record when it comes to border security. There are currently at least 12 million (with estimates reaching as high as 30 million) illegal aliens in this country. The first line of defense is controlling our porous borders. Senator Dianne Feinstein seems very concerned about securing our borders........more.....
How about US Senator Barbara Boxer on Immigration Reform: It is clear that neither she or Feinstein are in agreement with the Labor Secretary that Immigrants should have the same rights as US Documented people, legal or not.
Senator Boxer on Comprehensive Immigration Reform Friday, July 1, 2011 Dear Friend: I am proud to co-sponsor a bill that Senator Robert Menendez (D-NJ) recently introduced to reform our nation’s broken immigration system. The Comprehensive Immigration Reform Act of 2011 (S.1258) would strengthen border security, enhance employee verification laws, and provide a pathway to citizenship for undocumented immigrants in the United States who pay taxes, learn English, pay a fine, pass a background check, and go to the back of the line. In one of her television interviews, Boxer's omission spoke volumes about granting rights to undocumented workers.
More Good News for Union Bosses: Department Of Labor Eliminated Conflict-of-Interest Disclosure by Don Loos
On the 26th of October, DOL rescinded the 2007 Form LM-30 (conflicts-of-interests reports) and ignored statutory language to eliminate thousands of union officials from disclosing potential conflicts-of-interests when it created the 2011 Form LM-30. DOL’s Office of Labor-Management Standards (OLMS) continued to lower standards by creating new exclusions and loopholes for ethically-challenged union officials to hide their activities.
As previously noted on BigGovernment.com, Obama’s OLMS Director John Lund has his own conflict-of-interest problems since he arrived at the U.S. Department of Labor regarding his Big Labor clients. Lund has teamed up with similarly-conflicted former AFL-CIO lawyer, and now DOL’s Deputy Solicitor of Labor Deborah Greenfield. (Greenfield was suing DOL to try to eliminate 2007 Form LM-30 disclosure reports, the one’s that the Solicitor of Labor’s office just approved eliminating.) It is not surprising with these two at DOL, that it has chosen to promulgate a rule that guts union officer conflicts-of-interest reporting. John Lund’s union clients and Deborah Greenfield’s AFL-CIO comrades will directly benefit from DOL’s new rule, and under their advice will accomplish what Greenfield’s AFL-CIO lawsuit couldn’t accomplish through the courts..........more....
Identify Theft = Document Doctoring x Mortgage Foreclosure
If you are a homeowner and still owe on your mortgage, you are bound to lose it!:
Proof that Regulators Knew of and Allowed Debt-Hiding Accounting Tricks Like Lehman’s Repo 10
How Washington Abetted the Bank Job
"How does one propose “sound practices” for practices that are inherently unsound? Yet that is what our regulatory guardians did. The statement is powerful evidence of the permissive approach bank regulators took toward the debt-dissolving financial products that our banks had been developing, hawking and using themselves for years. And it’s good reason for Americans to be outraged by the “who me, what, where?” reaction of Mr. Bernanke and the S.E.C. to the revelation of Lehman’s Repo 105 scam".
"Any minute now, expect to hear that the Treasury, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the Federal Deposit Insurance Corporation — our other federal bank regulators — were just as shocked that Lehman used make-believe sales to hide its ocean of red ink.
Well, the truth is this: The collapse of Enron back in 2001 revealed that the biggest financial institutions, here and abroad, were busy creating products whose sole purpose was to help companies magically transform their debt into capital or revenue. At the time, there were news reports about Merrill Lynch pretending to buy Nigerian barges from Enron, JPMorgan Chase dressing up its loans to Enron as commodity trades and Citigroup disguising Enron debt as profits from Treasury-bill swaps".
Warning: Relying on the US Department of Labor to help resolve your pension crisis is
dangerous, and may be hazardous to your health:
Elevated to cabinet-level status in 1913, the U.S. Department of Labor (DOL) exists to improve working conditions and expand employment opportunities for Americans. For fiscal year (FY) 2012, the President requests nearly $110 billion ($12.8 billion in discretionary) to support the efforts of the agency, which currently employs more than 17,200 workers. To better serve the American workforce and taxpayers, the Labor Department must limit and focus existing programs, as well as eliminate wasteful practices and programs. Improving Management to Control Costs and Identify and Prevent Waste and F raud. Taxpayers must have absolute confidence that federal agencies are not wasting their hard-earned dollars. The Labor Department, however, disagrees and recently failed to comply in an audit of its finances. For the first time in over a dozen years, the agency could not issue an "unqualified audit report - meaning it failed to produce sufficient information for independent auditors to make an informed judgment on its finances. 1 The inability of the Department to submit the requisite information stemmed from problems associated with its New Core Financial Management System, as well as ignoring warnings from its auditor. While KPMG, the auditor, warned the Department in late 2009 of a number of risks associated with implementation, the agency failed to address identified risks. As a result, KPMG found this contributed to DOL facing many significant challenges related to its financial reporting process".
2 While DOL re-submitted the necessary information to receive a qualified audit in March 2011, the final audit still found four material weaknesses and two significant deficiencies in the Labor department's financial management system, making it the only executive agency to have multiple new material weaknesses last year. According to the independent audit conducted by KPMG, and certified by the Office of Inspector General, DOL does not have sufficient controls over financial reporting and budgetary accounting, lacks adequate controls over access to key financial systems, and needs to improve how it prepares and reviews journal entries. In addition, the audit found the agency lacked sufficient control over its payroll and failed to prevent untimely and inaccurate processing of certain transactions. At the same time, DOL was also in violation of two federal laws intended to promote the integrity of financial management in the federal government. This type of mismanagement must be rectified, immediately. Congress should continue vigorous oversight of DOL's financial management system until all material weaknesses and deficiencies are fully resolved.
What's this, Employment insurance benefits for millionaires?
Ending Unemployment Subsidies for the Wealthy. Unemployment benefits should only go to people who need them. Yet, thousands of individuals with adjusted gross incomes exceeding $1 million are routinely receiving unemployment benefits. ? As many as 2,840 households who reported an income of $1 million or more on their tax returns were paid a total of $18.6 million in UI benefits in 2008, according to the Internal Revenue Service. ? This included more than 800 earning over $2 million and 17 with incomes exceeding $10 million. ? In all, multi-millionaires were paid $5.2 million in jobless benefits in 2008..
When the median income of working Americans is less than $50,000,10 it is illogical for the government to consider an individual earning millions of dollars eligible for UI. Why should someone struggling to make ends meet working full time, or two jobs, pay into a system that provides benefits to someone not working, yet earning millions of dollars a year? The U.S. Senate voted unanimously in April 2011 to end UI for millionaires and billionaires, a reform that would save $20 million annually. Congress should complete the work begun by the Senate and enact this legislation. Congress should also carefully consider ending federal unemployment subsidies below that level. For example, one estimate shows that ending subsidies for individuals with taxable incomes over $120,000 would save $3.3 billion over the next decade/
What!! Did you say "Program Mismanagement and Fraud?
Curb Improper Payments.
As more Americans rely on unemployment benefits during the economic downturn, program mismanagement and fraud have increased. According to the Office of Management and Budget (OMB), the UI program recorded $17.5 billion in improper payments in 2010, with an improper payment rate of 11.2 percent.12 The vast majority of these erroneous payments were to individuals who did not meet the active work search requirements. KMPG audit.
The Math Is Clear: We Cannot Afford to Lose Our Defined Benefit Pension
Kaiser is proposing to eliminate our defined benefit pension plan and replace it with a 401(k). Here’s an example that illustrates the impact of Kaiser’s proposal:
Let’s say an employee was hired on January 1, 2010 with a start rate of $39.47per hour and received wage increases of 3% in each year of his/her 18 years of employment, with the employee retiring at the end of 2027. What would the employee’s retirement benefit be under (1) our current plan versus (2) the one proposed by Kaiser? (1) OUR CURRENT “DEFINED BENEFIT” PENSION PLAN: The employee would receive a monthly payment of $2,784 for the rest of her life. VERSUS (2) KAISER’S PROPOSED “DEFINED CONTRIBUTION” 401(k) PLAN: If Kaiser contributed 5% of the employee’s annual income to a 401(k) account and the employee received a very generous return of 6% per year on his/her 401(k) investments, the employee’s 401(k) account would have only $157,602 when s/he retires. How long would that total last? If the employee withdraws $2,784 each month (which is the monthly payout guaranteed under our current pension plan), then his/her 401(k) account would last only 5.6 years. After that, nothing would be left. We Will Not Give Up Our Futures For more information contact an NUHW Bargaining Team member or visit www.kaiserunited.org.
George Zornick George Zornick | | Syndicate content RSS Feed Action and dysfunction in the Beltway swamp. Text Size A | A | A Why Hasn't the Government Gone After Mortgage Fraud?
George Zornick on December 5, 2011 - 12:45pm ET One of the most important questions to arise out of Washington over the past three years, and one that Democrats and defenders of the administration often dance around, is why big financial institutions haven’t been punished for their role in the mortgage crisis: for pushing bad loans beforehand and for engaging in shady foreclosure practices afterward. There has not been a single prosecution of a high-ranking executive nor Wall Street firm for playing a part in the meltdown. Much of the analysis about the administration’s response to the global financial crisis focuses on the Dodd-Frank reforms, but that was a process in which the administration didn’t have total control—the legislation was subject to massive lobbying campaigns and horse-trading between members of Congress. But the administration could have acted unilaterally to punish the big financial firms who helped create the crisis and push people out of their homes afterwards—and in large part, it hasn’t. We’ve noted before the pressure that the administration is placing on New York Attorney General Eric Schneiderman to join a wide-ranging settlement with major banks over dubious foreclosure practices—one that would ask the banks to pay the meager sum of $20 billion to homeowners and investors, while granting them immunity from further prosecution. (Schneiderman has not yet relented). On 60 Minutes last night, Steve Kroft had an outstanding two-part piece that questioned why the Department of Justice has not pursued cases against big banks for pushing bad mortgages onto people in the run-up to the crisis, and lying to investors about the strength of those loans. Lest the Department of Justice claim that it is doing its best and that there isn’t overwhelming proof of wrongdoing—which is actually just what Lanny Breuer, head of the Department’s criminal division, said during the piece last night—Kroft presented some awful damning evidence. First he spoke with Eileen Foster, a senior executive at Countrywide Financial, the largest mortgage lender in the country. Foster was in charge of monitoring fraud at Countrywide—and found a whole ton of it:
The Fraud Started At the Very Top: With Government Leaders
The government's entire strategy now - as during the S&L crisis - is to cover up how bad things are. But it is not only a matter of covering up fraud that has already happened. The government also created an environment which greatly encouraged fraud. Here are just a few of many potential examples: The government-sponsored rating agencies committed massive fraud (and see this) The Treasury department allowed banks to "cook their books" Business Week wrote on May 23, 2006: "President George W. Bush has bestowed on his intelligence czar, John Negroponte, broad authority, in the name of national security, to excuse publicly traded companies from their usual accounting and securities-disclosure obligations." Regulators knew of and allowed the use of debt-hiding accounting tricks by the big banks Tim Geithner was complicit in Lehman's accounting fraud, (and see this), and pushed to pay AIG's CDS counterparties at full value, and then to keep the deal secret. And as Robert Reich notes, Geithner was "very much in the center of the action" regarding the secret bail out of Bear Stearns without Congressional approval. William Black points out: "Mr. Geithner, as President of the Federal Reserve Bank of New York since October 2003, was one of those senior regulators who failed to take any effective regulatory action to prevent the crisis, but instead covered up its depth"...........
Corruption: The Entire Government Strategy Is To Cover Up Fraud August 19th, 2011
Washington’s Blog August 19, 2011 SEC Attorney Reveals that Agency Has Shredded Documents for Decades to Cover Up Wall Street Fraud What should we make of the new revelations by Securities and Exchange Commission attorney Darcy Flynn (background here, here and here) that the SEC has been shredding documents for decades? As many commentators have noted, the SEC did this to cover up fraud on Wall Street. The Entire Government Strategy Is To Cover Up Fraud
Gangsters are trading in their drug trafficking skills for a trade that's much safer: Mortgage Fraud:
Crooks posing as borrowers and lenders.
It's never a good sign when television's most popular crook targets your industry, but Home Box Office (HBO[R]) gangster Tony Soprano's real estate scams are just a case of art imitating life. In the real world, organized crime--including gangs and drug dealers--attracted by 2006's projected $2.46 trillion origination market (according to the Mortgage Bankers Association [MBA]), see mortgage fraud against lenders as a market ripe for expansion. [??] "Those numbers are targets for the bad guys," says Rhonda Heilig, supervisory special agent for the Federal Bureau of Investigation's (FBI's) financial institution fraud unit.......more...
Tough to tell loan borrowers from mortgage lenders: In fact, the lending is a fallacy. It's you who provides your own loan money when you refinance or take out a home equity loan:
OPERATION QUICK FLIP FBI Issues Press Release on Mortgage Fraud Operation At a FBI/HUD-OIG/USPIS/IRS/DOJ press conference held today, the agencies released information concerning Operation Quick Flip: Operation Quick Flip is designed to show that federal law enforcement recognizes the mortgage fraud threat. The Federal Bureau of Investigation (FBI) Criminal Investigative Division (CID), the Department of Housing and Urban Development (HUD) Office of the Inspector General (OIG), the United States Postal Inspection Service (USPS), the Internal Revenue Service (IRS), and the Department of Justice (DOJ) have participated in this case round-up to provide information to the public regarding the federal government's efforts to combat mortgage fraud. The federal agencies involved are targeting mortgage fraud groups in order to disrupt and dismantle them permanently. Mortgage Fraud is one of the fastest growing white collar crimes affecting the United States. Mortgage Fraud is defined as a material misstatement, misrepresentation, or omission relied upon by an underwriter or lender to fund, purchase, or insure a loan...........
Not only are civil rights groups pressuring President Barack Obama about holding banks accountable, they want a lot more. We update our coverage of housing and regulatory issues with this article from a former member of the Obama Administration who was forced to resign. Van Jones.
FOR IMMEDIATE PUBLICATION CONTACT: RAFAEL NOBOA Y RIVERA,
202-455-4673 JANUARY 22, 2012
Obama must choose on housing: A sweetheart deal for the 1% or a fair deal for the 99%
By Van Jones & George Goehl
Rumor has it that on Monday, after months of negotiation with big banks, the White House may announce a settlement that would let the banks off the hook for their role in the foreclosure crisis – paying a tiny fraction of what's needed in exchange for blanket immunity from future lawsuits. We hope these rumors are untrue. President Obama has the ability to stop and change the direction of this sweetheart deal. He should reject any deal that benefits the one percent and lets the big banks get away with their crimes. Instead, the President should stand with the 99 percent and push for real accountability and a solution that will help millions of people in this country. Here are the hard facts about the housing crisis we face: 3.5 million Americans are homeless. 18.5 million homes sit vacant. Since 2007, more than 7.5 million homes have been foreclosed. Default and foreclosure rates are now several times higher than at any time since the Great Depression. If President Obama is serious about solving this crisis, he must ensure three things: First: The banks must pay a minimum $300 billion in principal reduction for homeowners with underwater mortgages and/or restitution for foreclosed-on families.
This is essential. Every effort to date to reboot the housing market has failed because it has not done the most essential thing – actually reduce the massive debt load carried by homeowners. As it stands, the deal likely to be announced Monday would have the banks pay only $20 billion, an astonishingly small fraction of what’s needed. Add up all the underwater homes in America, and there’s an estimated $700 billion in negative equity in the country, according to a recent study.* If banks fix what they broke and write down principals for all underwater mortgages, this would free up millions of people to pump billions of dollars back into local economies, create jobs, and ultimately generate revenue to help invest in things that will help our economy grow. Second: There must be a full-fledged, full-blown investigation into Wall Street financial fraud by the Department of Justice. There should be a task force with the staff resources, the authority, and the explicit mission of seriously investigating fraudulent behavior in the way home mortgages were securitized. Reports of the current deal suggest banks could walk away without any actual investigation into their role in the housing crisis. Third: There should be no civil or criminal immunity for the banks from future lawsuits. That means there should be no broad release of claims in any current or future negotiation or settlement. The banks must pay to help solve the crisis they played such a big role in creating.
They can afford it. U.S. banks raked in $35 billion in profits last summer alone and are currently sitting on a historically high level of cash reserves of $1.64 trillion. The six biggest banks -- Bank of America, Wells Fargo, Citigroup, JP Morgan Chase, Goldman Sachs, and Morgan Stanley -- hold assets totaling $9.5 trillion; and together paid an income tax rate of only 11% in 2009 and 2010, far below the federally mandated 35% corporate tax rate.* And that’s not all. Despite their bleak performance this year, the nation’s top six banks paid out $144 billion in bonuses and compensation for 2011, second only to the record $147 billion they paid out in 2007 at the height of the economic boom.* While banks enjoy record profits and the prospect of total immunity, millions of Americans are drowning in underwater mortgages. Everyday people are already out front, fighting against the malfeasance of the banks; the White House should stand with them. Our national leaders need look no farther than Atlanta, GA, for an instructive profile in courage.
Earlier this month, a community church in Dr. Martin Luther King’s old neighborhood refused to be ignored. In 2008, a tornado devastated the historic, 108-year-old Higher Ground Empowerment Center church, and they were forced to take out a loan to cover repairs. The loan went underwater and became harder and harder to pay back. For nearly four years, the church asked the bank to modify their loan, but BB&T bank ignored them. Instead, last week, the bank started to evict the church. Sound familiar? Anyone with an underwater mortgage can tell you: banks these days just can't seem to treat their own customers with decency and manners. However, after Occupy Atlanta staged a high-profile press conference, and 65,000 people signed a national petition by Rebuild the Dream, the church got BB&T bank to agree to modify their loan to something affordable and reasonable. This happy ending is, unfortunately, the rare exception. BB&T, after being shaken to their senses (and shamed in the media), came to the table and did the right thing. But millions of homeowners have no way to stage protests and press conferences. Abuse, fraud, conflicts of interest, and lawlessness have been endemic at every stage of the mortgage origination and foreclosure process. This chain of misconduct by many of the nation’s largest financial companies is at the root of the foreclosure avalanche and it’s time to demand a course of action that will resolve the current crisis and create jobs in the future.
If these folks in Atlanta can show this level of courage in standing up to a big bank, then certainly Obama and state attorneys general can show the same courage. The banks got their bail-out. Now we need a strong and fair settlement to help Americans drowning in underwater mortgages. ----- * New Bottom Line, “Win-Win Solution,” http://www.newbottomline.com/download_report_the_win_win_solution Van Jones is the Co-Founder and President of Rebuild the Dream, a new national organization working to fix America’s economy and restore our democracy. George Goehl is the Executive Director of National People’s Action, a network of metropolitan and statewide membership organizations dedicated to advancing economic and racial justice. National People's Action is a leading organization within a national coalition called New Bottom Line that challenges established big bank interests on behalf of struggling and middle-class communities.
Civil Rights Group Calls on President Obama to Investigate Wall Street Banks
ColorOfChange.org Joins Coalition to Deliver More Than 360k Petitions to the Obama Administration Helps Lead Effort to Hold Banks Accountable New York, NY – On January 19, just days before President Obama’s State of the Union address, a coalition of advocacy and public interest organizations including ColorOfChange.org, MoveOn, CREDO Action, Progressives United and New Bottom Line will deliver more than 360,000 petition signatures to the Obama Administration. The petition calls for a full federal investigation of Wall Street banks and their role in the housing crisis. “Our members understand that an investigation is essential for real accountability and preventing future reckless behavior from the banking and mortgage industries,” said Rashad Robinson, executive director of ColorOfChange.org.......more...
But when we take them up on their invitation and file a complaint, we get this response from a paralegal in the San Francisco Antitrust Division of the US Department of Justice:
"Dear Mr. And Mrs. Harper:
Thank you for your fax on January 17, 2012. Our office has jurisdiction to look into only those matters that raise questions under the federal antitrust laws(of course a paralegal would be well-versed on antitrust laws). Having reviewed the information you provided in the fax, we have determined that the situation you described does not appear to raise any such questions. Consequently, we are unable to take any action in response to your request".
Now! below you'll notice the excerpt from a Department of Justice Press Release headlined: "
CALIFORNIA REAL ESTATE INVESTORS AGREE TO PLEAD GUILTY TO BID RIGGING AT PUBLIC FORECLOSURE AUCTIONS Investigation Yields Eight Plea Agreements
The investigation into fraud and bid rigging at certain real estate foreclosure auctions in Northern California is being conducted by the Antitrust Division’s San Francisco Office and the FBI’s San Francisco office. Anyone with information concerning bid rigging or fraud related to public real estate foreclosure auctions should contact the Antitrust Division’s San Francisco Office at 415-436-6660, visit www.justice.gov/atr/contact/newcase.htm, or call the FBI tip line at 415-553-7400. Today’s charges are part of efforts underway by President Barack Obama’s Financial Fraud Enforcement Task Force (FFETF)";
All these agencies talk a great game, but do very little. The US Department of Labor is loaded with Braggadocio, but it is weak in getting results. That comes from the Government accounting office, which conducted a study recently about the departments' handling of consumer complaints. We've got nothing but buck-passing, overpaid, good ole boy network bureaucratic junkies. They get paid for steering us off course, and deflecting our complaints and concerns to the backburner. When we filed a complaint with the Labor Department about Pension Mismanagement and fraud, we were provided a complaint page and a form on the Labor Department Website. When we filed the complaint more than three times, we got no response. Eventually, after a fourth try, we got this email:
"E-mail request from US Department of Labor
Dear Wendell Harper:
This is in response to your request for assistance concerning your complaint against your wife’s employer, Kaiser Foundation Health. You have repeatedly asked for an investigation of Kaiser Foundation Health to be conducted. The information you submitted to this Employee Benefits Security Administration (EBSA) office of the Department of Labor is not sufficient to determine whether violations of ERISA have occurred. Moreover, this office only provides technical assistance, and does not conduct investigations. We have, however, forwarded a copy of your inquiry to our EBSA San Francisco Regional Office, which has investigative jurisdiction over this situation.
The regional office is a joke. No complaint forum nor complaint form. No email address is provided. Responses usually go unanswered, at least in our case.
Low and behold, the hits just keep on coming. Witness an article about the SEC and its shenanigans:
SEC Suddenly Pulls Plug on Corruption Settlement October 15th, 2010
Steven Rattner Steven Rattner was on verge yesterday of settling charges for his role in a pension corruption scheme when the Securities and Exchange Commission suddenly postponed the vote to accept the settlement. Rattner, the former head of the U.S. Auto Task Force, was facing a $6 million settlement and a two-year disbarment from the securities industry when the vote of the five commissioners was dropped from the SEC’s calendar. Neither the reason for the postponement nor a new date for the vote are known. Rattner is still the target of a probe by New York Attorney General Andrew Cuomo for his role in a kickback scheme at private equity giant Quadrangle Group LLC. Rattner left the auto task force as Cuomo’s probe intensified. So far, Cuomo’s long-running investigation has prompted other states to begin similar probes and crackdown on placement agents, brokers who exploit political ties to reap millions of dollars of fees from investment companies that want to manage the public’s money.
Cuomo has recouped more than $100 million for the New York pension fund and captured seven guilty pleas, most recently from the former state comptroller Alan Hevesi. The former Democratic comptroller pleaded guilty to a felony for getting the benefit of hundreds of thousands of dollars of political donations and fees paid to a lobbyist and free luxury trips to Italy and Israel. New York’s comptrollers are the sole trustees of the state’s $132 billion pension fund. The SEC and Cuomo have suggested that Rattner improperly paid off a political operative to win the lucrative business of investing some of New York’s pension fund. The practice of making political contributions to pension fund officials to win investment contracts is also known as “pay-to-play.” Investigators alleged that Quadrangle won a $100 million investment from the state pension fund by engaging in improper “quid pro quo” arrangements.
They said this involved agreements to pay more than $1 million in “finder” fees to Henry “Hank” Morris, a former top adviser to Hevesi, and distribute a DVD of the film “Chooch,” produced by former Common Retirement Fund chief investment officer David Loglisci, who later plead guilty. In April, Quadrangle agreed to settle with the New York attorney general and the SEC. At the time, Quadrangle said: “We wholly disavow the conduct engaged in by Steve Rattner… That conduct was inappropriate, wrong and unethical.”
Your Pension Benefits are at great risk. Employers and outside private equity firms are scheming with state crooks nationwide to raid them and impose corporate buyouts, while taxpayers and private employees are on the hook for public pension benefits.
SPECIAL PAGE:
Tribune Editorial Lambastes Pension Corruption… Now It’s Time for A-Ville Leaders to Speak Out
It sounds like the Chicago Tribune is as sick of sleazy pension scams as we are. Today's above the fold editorial entitled "Yes, this is corrupt." calls for investigations into the pension rigging scams of politicians -- like that of 48th ward party boss Carol Ronen -- and union leaders who have been getting sweetheart pension deals. Th
'$1,400 bucks per household a year for 30 years'
As we learn in a piece by Veronique de Rugy, $1,400 bucks per household a year for 30 years is the amount that a new paper by Professor Jonathan Rauh of the Kellogg School of Business and Robert Nova-Max of Rochester University shows that states will need to be able to pay in full the pensions of members of local and state public employee unions: [...] Without policy changes, contributions to these systems would have to immediately increase by a factor of 2.5, reaching14.2% of the total own-revenue generated by state and local governments (taxes, fees and charges). This represents a tax increase of $1,398 per U.S. household per year, above and beyond revenue generated by expected economic growth. In thirteen states the necessary increases aremore than $1,500 per household per year, and in five states they are more than $2,000 per household per year. Shifting all new employees onto defined contribution plans and Social Security still leaves required increases at an average of $1,223 per household. Even with a hard freeze of all benefits at today's levels, contributions still have to rise by more than $800 per U.S. household to achieve full funding in 30 years. As for how we got here, blame it on politicians (especially Democrats) and elections: [...] Public sector unions function as a monopoly provider of labor within a bureaucratic-political realm. Public sector unionism introduces an unelected body into policy-making, thereby undermining the sovereignty of the state. Public sector employees are able to influence through political lobbying of their -- employer-sponsors or politicians, who may seek to enhance union employment as a means of expanding their constituency. [...] In addition, however, public sector unions are also able to increase demand for their labor through the political, legislative, or regulatory process, thus increasing wages further than private sector unions are able to.
Read the whole thing.
And as for a little more detail on how we got to this point, Warner Todd Huston points out that all this has occurred because government unions have given millions to Democrats so that Democrats can write union-friendly laws and give union members outsized and unearned benefits with payscales higher than anyone's in the private sector. Then, when Democrats follow through with their union payoffs, unions give even more to the politicians for even more favors. It is a never-ending circle of favors and payoffs to each other in an incestuous system of which the voters have no influence. And as Huston goes on to aptly note, this destructive, anti-American cycle needs to be stopped. Remember, government unions never existed until about 1958. So they have not always been around. In fact, even the Left's patron saint, FDR, was wholly against government unions. follow-the-money.jpg
Mitt Romney’s presidential campaign is putting the spotlight on private equity, which public pension funds such as CalPERS and CalSTRS helped flourish and now need for better-than-average earnings. Romney became wealthy while leading Bain Capital, a private equity firm he said created “tens of thousands of jobs” by buying and then selling troubled or stagnant companies after making them efficient, better managed and able to grow and prosper. But conservative Republican candidates, Newt Gingrich and Rick Perry, accuse Romney of “looting” corporations and “vulture” capitalism, enriching a few while leaving a trail of layoffs, massive corporate debt and bankruptcies....more
Watch How Big a Role Do Private Equity Firms Play in U.S. Economy? on PBS. See more from PBS NewsHo
Public Pension Plans can play a key role in leverage buyouts
A private equity firm puts up a token amount, gets a larger down payment froma pension fund or other limited partner and borrows most of the money, using the takeover target’s assets as collateral. “Private equity owes its explosive growth largely to America’s pension funds,” a New York Times story said in April 2010. “Buyout funds raised $200 million in 1980 and $200 billion in 2007. According to Prequin, a financial data provider, public pension funds were the biggest contributors over that period and now have $115.9 billion invested in private equity.”.....more
If the US Government goes ahead with the settlement fiasco they're scheming to reach with mortgage and pension criminals, they're no different than the felons and no better. Why shouldn't they all go to jail. At the very least, these agencies ought to be disbanded, and the employees deleted. What do you and I need with millions of workers and directors telling us they can't represent us nor can they help us. Eliminate their budgets. Draft a referandum on their performances in office and get rid of all who don't measure up. Why do I say this....because these co-felons are making deals behind closed doors without our knowledge or consent:
"By MICHAEL GORMLEY August 12, 2011 ALBANY, N.Y. (AP) —
Wall Street's volatility has hit state pension funds just as they were beginning to recover from the recession, turning what was merely a troubled forecast into a potentially stormy future for taxpayers who are on the hook for billions in unfunded liabilities for government retirees. As for the millions of government clerks, engineers, janitors, teachers and firefighters in the retirement systems, they are protected by law or, as in New York, by the state constitution, to be backed up by tax dollars if necessary. Their benefits remain safe for life in guaranteed "defined benefit" pension plans that are disappearing in the private sector, where most employees are left to fend for themselves with 401(k) plans that they mostly or entirely fund themselves. California's main public-employee pension fund, the nation's largest, has lost at least $18 billion off its stock portfolio since July 1, about 7.5 percent of its $237.5 billion total asset value on June 30. Florida's pension fund has lost $10.7 billion since June 30, a decline of 8.3 percent for a fund now valued at $117.7 billion.
another excerpt:
As recently as last month, California's two public pension funds reported investment gains of more than 20 percent for the fiscal year ended June 30, largely driven by rising stock values. The increase came as both funds — one for teachers, the other for state and local government workers — were clawing their way back from losses in 2008 and 2009 that cost them up to one-third of their asset value. The recent losses are stoking fears again that taxpayers will have to bail them out at the expense of other programs that already have been subject to deep budget cuts. The state already faces an estimated $75 billion in unfunded public pension liabilities. "The stock market volatility just shows that the public budget should not be subject to the Dow Jones Industrial Average," said Dan Pellissier, president of California Pension Reform, a group that is preparing a ballot initiative to limit the amounts governments can spend for future pensions. Pellissier himself will qualify for a $5,000-a-month state pension when he turns 55 in five years after working in state government for two decades. Despite his own government pension, Pellissier said public employees should bear the investment risk for retirement benefits just as private-sector employees do through 401(k) plans.
As Government Nears Accord With Banks, Questions Swirl Over Scope Of Investigation
Shahien Nasiripour Shahien
Nasiripour shahien@huffingtonpost.com
Our legislators keep manufacturing bills that regulators keep on ignoring unless it is an easy to prosecute, high profile case. Plenty of legislation, no enforcement. Now we've got HR 567, perhaps by two legislators with good intentions, but they don't do the enforcement.
"Employee Pension Transparency H.R. 567 by News on February 9, 2011 in Government Employee Unions, Pensions, Pro Worker Legislation By Devin Nunes Congressman Devin Nunes (CA-21) and Senator Richard Burr (NC) announced the House introduction of the Public Employee Pension Transparency Act. (read the bill text) The legislation introduced in the House today was first introduced by Representative Nunes in December. It provides enhanced transparency for state and local pensions and establishes a clear federal prohibition on any future public pension bailouts by the federal government. http://nunes.house.gov/index.cfm?FuseAction=PressOffice.PressReleases&ContentRecord_id=0b23a5c8-19b9-b4b1-12a2-7b0322e740bd&Region_id=&Issue_id=B
Let me introduce you to one of the major violators of this act and ERISA: Introducing the Chief Executive officer of Kaiser Permanente, who is holding hostage, the pensions of many employees:
and here is the personality who talks a great game, but that's about it!
US Labor Secretary Hilda Solis
The Damage is Done.....we can't undo what's done....
The Wall Street Money Machine From Dodd-Frank to Dud:
How Financial Reform May Be Going Wrong
by Jesse Eisinger and Jake Bernstein ProPublica, June 3, 2011, 8:16 a.m.
President Barack Obama signs the Dodd-Frank Wall Street Reform and Consumer Protection Act alongside members of Congress and his administration in Washington, D.C., on July 21, 2010. (Rod Lamkey Jr/AFP/Getty Images)
Early last year, as they weighed whether to bar banks from speculative trading with their own money, congressional staffers turned to a key regulator for advice.
The response from Julie Williams, the chief counsel of the Office of the Comptroller of the Currency, was startling, according to people familiar with the conversations. Williams insisted new rules were unnecessary since this type of trading did not play a major role in the financial meltdown.
To some, the emerging roadblocks reinforce a fear that Dodd-Frank, which was intended to touch on almost every aspect of the American financial system, may never provide the sweeping reform it promised. "It was doomed at the outset and nothing can possibly salvage it. We might even have been better off without it," said Arthur Levitt, a former chairman of the Securities and Exchange Commission.
posted comment on ProPublica website
"DF Compliance Person June 3, 2011, 10:44 p.m. I’m working on implementing Dodd-Frank Title VII at a large financial institution. I can’t speak to the other parts of Dodd-Frank, but as far as derivatives go, this article is quite slanted. The CFTC (which is a new regulator of many derivatives) has charged out of the gate and issued a truckload of proposed regulations (see here: http://www.cftc.gov/LawRegulation/DoddFrankAct/Dodd-FrankProposedRules/index.htm"
"Wall Street and The Financial Crisis: The US Senate Anatomy of a Financial Collapse April 13, 2011
In the fall of 2008, America suffered a devastating economic collapse. Once valuable securities lost most or all of their value, debt markets froze, stock markets plunged, and storied financial firms went under. Millions of Americans lost their jobs; millions of families lost their homes; and good businesses shut down. These events cast the United States into an economic recession so deep that the country has yet to fully recover.
This Report is the product of a two-year bipartisan investigation by the U.S. Senate Permanent Subcommittee on Investigations into the origins of the 2008 financial crisis. The goals of this investigation were to construct a public record of the facts in order to deepen the understanding of what happened; identify some of the root causes of the crisis; and provide a factual foundation for the ongoing effort to fortify the country against the recurrence of a similar crisis in the future. Using internal documents, communications, and interviews, the Report attempts to provide the clearest picture yet of what took place inside the walls of some of the financial institutions and regulatory agencies that contributed to the crisis.
The investigation found that the crisis was not a natural disaster, but the result of high risk, complex financial products; undisclosed conflicts of interest; and the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street. While this Report does not attempt to examine every key moment, or analyze every important cause of the crisis, it provides new, detailed, and compelling evidence of what happened. In so doing, we hope the Report leads to solutions that prevent it from happening again".
The US Senate Permanent Submcommittee on Investigations/Committee on Homeland Security and Governmental Affairs
But what does jfk's death have to do with the federal reserve, lyndon johnson and e howardd hunt? What did Abe and John Kennedy have in common. Defiance of the Secret Society: The same warning to Kennedy as was given to Abraham Lincoln: "Expose the Fed, and you're dead"!
Don't blame Kennedy's death on Lee Harvey Oswald. Or so we are told. It is strongly implied that E. Howard Hunt did the dishonors.
The bankers understood the threat a government-issued currency represented to their wealth and power. The London Times wrote of Lincoln's move...
The Constitutional Bar - N - Grill The Federal Reserve with Lincoln and kennedy
“If that mischievous financial policy, which had its origin in the North American Republic, should become indurated down to a fixture, then that Government will furnish its own money without cost. It will pay off debts and be without a debt. It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedent in the history of the civilized governments of the world. The brains and the wealth of all countries will go to North America. That government must be destroyed, or it will destroy every monarchy on the globe.”
Following this editorial, the governments of Europe, as much under the control of the banks as the present US Government, offered to support the Confederacy, but had to quit when Lincoln issued the Emancipation Proclamation, as their own people refused to support the side in the war that favored slavery. After the Union won the civil war and it was obvious that Lincoln would keep his greenbacks in circulation, he was assassinated. Popularized history portrays the assassination as the work of John Wilkes Booth who we are told thought the outcome of the war would be reversed by Lincoln's death (along with simply wishing to be more famous than his father Edwin Booth).
But the historical truth is that 8 other conspirators were arrested and sentenced for the plot. Of the 8, one individual stands out. Samuel Arnold was convicted for being one of the core plotters, but was provided with a lawyer by no less a figure than Secretary of War Edwin Stanton, and then pardoned by President Andrew Johnson! Following Lincoln's death, Congress immediately repealed the Greenback law, celebrating the end of slavery by re-enslaving all America to the bankers! "The struggle that was to rid the country of human slavery of the black race, however, was also to fasten upon the whole nation an economic or money slavery, which has endured to the present time..."-- Dr. R.E. Search in Lincoln: Money Martyred Kennedy issued his US Notes for much the same reason. On June 4, 1963, Kennedy signed Executive Order 11110, which authorized the US Treasury to issue a new form of silver certificate.
Kennedy's Funeral Lincoln's Funeral Civil Rights Meeting
Kennedy issued $4,292,893,825 of cash money; free of debt and free of interest. It was a sufficient amount to allow the nation to operate without the private Federal Reserve. Just 5 months later, JFK was shot by the "crazed lone nut" Lee Harvey Oswald(wrong new confession: check out E. Howard Hunt on this page!). Almost immediately after Kennedy's death, the US Notes were pulled out of circulation and destroyed except for samples in the hands of collectors. Below: Kennedy's "big event" orchestator is behind him. He's wearing shades in the stadium.
"No man has a natural right to commit aggression on the equal rights of another, and this is all from which the laws ought to restrain him." -- Thomas Jefferson
Our government engages in a practice politely called "deficit spending". Other terms which would aptly describe the practice include "counterfeiting" and "check kiting", but it all comes down to the same thing; spending money one does not actually have. What would be a prison offense for a normal citizen was rendered legal for the government by the Federal Reserve Act. This was not a popular piece of legislation. In fact the Democrats had campaigned in 1912 on a platform of rejection of the creation of a private bank in charge of a fiat money system. Nevertheless, on December 23, 1913, taking advantage of the absence of congressmen opposed to the creation of a fiat monetary system during the Christmas break, the Federal Reserve Act was passed. Years later, during the great depression, Congressman Louis T. McFadden (who served twelve years as Chairman of the Committee on Banking and Currency) asked for congressional investigations of criminal conspiracy to establish the privately owned 'Federal Reserve System'.
He requested impeachment of Federal officers who had violated oaths of office both in establishing and directing the Federal Reserve -- imploring Congress to investigate an incredible scope of overt criminal acts by the Federal Reserve Board and Federal Reserve Banks. McFadden even suggested that the Federal Reserve deliberately triggered the great stock market crash of 1929, in order to eventually force the passage of the Emergency Banking Act of March 9, 1933, which suspended the gold standard. In describing the FED, McFadden remarked in the Congressional Record, House pages 1295 and 1296 on June 10, 1932: "Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal reserve banks. The Federal Reserve Board, a Government Board, has cheated the Government of the United States and the people of the United States out of enough money to pay the national debt. The depredations and the iniquities of the Federal Reserve Board and the Federal reserve banks acting together have cost this country enough money to pay the national debt several times over. This evil institution has impoverished and ruined the people of the United States; has bankrupted itself, and has practically bankrupted our Government. It has done this through the misadministration of that law by which the Federal Reserve Board, and through the corrupt practices of the moneyed vultures who control it". product of decades of government corruption, will become apparent to all.
Have you heard about the straw that broke the camel's back. Here's How "john f. kennedy.com" presents the scenario:
John F. Kennedy and Abraham Lincoln vs The Federal Reserve
With true patriotic courage, JFK boldly faced the two most successful vehicles that have ever been used to drive up debt: 1) war (Viet Nam); and, 2) the creation of money by a privately owned central bank. His efforts to have all U.S. troops out of Vietnam by 1965 combined with Executive Order 11110 would have destroyed the profits and control of the private Federal Reserve Bank.
Second excerpt:
President Kennedy was assassinated on November 22, 1963 and the United States Notes he had issued were immediately taken out of circulation. Federal Reserve Notes continued to serve as the legal currency of the nation. According to the United States Secret Service, 99% of all U.S. paper "currency" circulating in 1999 are Federal Reserve Notes.
If you think the above is a stinker, wait'll you see this author's analogy of how the Nation is in deep trouble. , "what happened.com shows us about how the phony farmer is akin to the phony government agents and corporate ceo's!
The United States Is In Deep Doodoo!
Michael Rivero
The following article was first written in 1998. I am relinking it here not so much as to say "I told you so", but to point out that the long term economic future of the United States was obvious, or should have been obvious, to the people who are awarded lofty degrees and paid huge salaries to comprehend such things. Instead, the economists persisted in explaining away the visible signs of gathering troubles and earned their salaries by justifying why the policies that robbed the poor to give to the rich should continue unabated.
"Our government engages in a practice politely called "deficit spending". Other terms which would aptly describe the practice include "counterfeiting" and "check kiting", but it all comes down to the same thing; spending money one does not actually have. What would be a prison offense for a normal citizen was rendered legal for the government by the Federal Reserve Act. This was not a popular piece of legislation. In fact the Democrats had campaigned in 1912 on a platform of rejection of the creation of a private bank in charge of a fiat money system. Nevertheless, on December 23, 1913, taking advantage of the absence of congressmen opposed to the creation of a fiat monetary system during the Christmas break, the Federal Reserve Act was passed".
"United States Congressional Record - March 17, 1993 - Vol. #33, page H-1303 - Speaker- Rep. James Traficant, Jr. (Ohio) addressing the House: "Mr. Speaker, we are here now in chapter 11. Members of Congress are official trustees presiding over the greatest reorganization of any Bankrupt entity in world history, the U.S. Government. We are setting forth hopefully, a blueprint for our future. There are some who say it is a coroner's report that will lead to our demise."
Federal Reserve Notes V United States Notes:
The Speech that may have killed JFK Who killed JFK? E. Howard Hunt makes a strong case as to who did it. ! confession of a killer? Did Satan and Hunt connect? Sounds as if they did.
Hear Hunt give this message in reverse. Gives one food for thought, and hopefully, for research. It's all connected to the events of
today, with all the fraud, greed, bribery and criminal enterprises in and out of government.
But what we can do is make the big banks pay and make the legislators and regulators face criminal penalties.
naked capitalism
IRS Likely to Expand Mortgage Industry Coverup by Whitewashing REMIC Violations
As established readers know, we’ve been writing since mid 2010 about the widespread, possibly pervasive, failure of mortgage securitization originators to convey the notes (the borrower IOU) to securitization trusts as stipulated in the deal documents, well before the robo signing scandal broke. This abuse matters because the transaction procedures were designed carefully to satisfy certain legal requirements, among them rules contained in the 1986 Tax Reform Act regarding REMICs, or real estate mortgage investment conduits, which required that the securitization trust receive all its assets by 90 days after closing and that all assets conveyed to the trust have to be “performing”, as in not in default. Failure to comply with the rules is a prohibited act and subject to taxation at a rate of 100%, and additional penalties may apply. Now, with the Federal government under enormous budget pressure, shouldn’t the authorities be keen to go after tax cheats? The headline of a Reuters article, “IRS weighs tax penalties on mortgage securities,” would suggest so. But don’t get your hopes up. The lesson is don’t jump to conclusions when big finance is involved.
An overview from the article:
An anti-prosecution Shelter for tax dodgers who create phony tax shelters. We could never work such a deal!
[edit]Deferred prosecution agreement Under a deferred prosecution agreement, KPMG LLP admitted criminal wrongdoing in creating fraudulent tax shelters to help wealthy clients dodge $2.5 billion in taxes and agreed to pay $456 million in penalties. KPMG LLP will not face criminal prosecution as long as it complies with the terms of its agreement with the government. On January 3, 2007, the criminal conspiracy charges against KPMG were dropped.[1] However, Federal Attorney Michael J. Garcia stated that the charges could be reinstated if KPMG does not continue to submit to continued monitorship through September 2008.[2]
What do the words, "fraud" "Greed" and "Deceit" mean to you? Maybe you don't know what they mean, but I do. Each time we mention these words....your finances are slipping away....your pension held hostage.....and your mortgage payments going to the "Greed", "Fraud", and "Deceit: Each page of this website contains information indigneous to you, my friend, but what you do with it is up to you. I know what I'm doing ab out these economic beasts. What about you?
Foreclosure Cemetery: Where Auctions come to die! The bridge from trauma to treasure!
Are you getting the point...the message! We're sending you a platform not only for fighting back, but keeping and winning ownership of your home: If you're employed or retired, and count on a pension benefit, beware: Your quality of life is seriously jeopardized! Are you reading, listening, taking action?
California’s real pension crisis!Private sector retirement
Securiy Time Bomb
By Yvonne R. Walker President, SEIU Local 1000
California is facing a retirement security crisis. Despite the headlines, the crisis is not the cost of public employee pensions.
Public employees across California, including the members of SEIU Local 1000, have shown a willingness to make adjustments at the bargaining table and in the legislature to ensure that CalPERS is adequately funded. The real pension crisis in California is among private sector employees. Half of all Californians will spend their retirement years in poverty, according to a recent UC Berkeley study, with most of these workers relying almost entirely on Social Security. This is wrong on several levels. It is morally wrong for our senior citizens to be forced to live in poverty after spending a lifetime working—or work
Don't be in despair, and don't for a minute trust attorneys, judges, prosecutors or regulatory agencies. None are siding with the consumer, taxpayer, mortgage borrower, debtor, or homeowner. They're compromised. The few good apples in the barrel are buried.
We are the source of their wealth and celebrity status. We are viewed as easy pickings. Just because the information I post is free of charge, you best not take for granted that it will remain that way. You will look up one day, needing to avail yourselves of this critical information and it won't be there! Watch out, because the clock is ticking.....ticking....ticking.
"Class Action vs Mortgage Electronic Registration Systems, Gmac, Deutsche Bank, Nation Star, Aurora, Bac, Citi, Us Bank, Lps, Et Al The link above is to a proposed class action Complaint that charges the servicers and MERS with fraud and consiracy to commit fraud and details how they did it. This explains all of the intricate maneuverings that were orchestrated by the pretender lenders, MERS and the servicers and ratings companies. All in bed together since the repeal of Glass-Steagall Act. Charged with RICO violations UCC violations SEC violations and/or IRS fraud. Download this Pleading and learn how the servicer does not have any rights to foreclose. Nor does the originator, nor does MERS. This is a must read!"
file:///Users/mary/Downloads/Economic%20Crisis%20Survival%20Guide%20Center%20-%20Case%20Studies.html
Unless you are vigilant, Big Banks will use their cons to steal your home, as they continue to do with the help of the judicial system, attorneys, regulatory agencies, city and county governments.
These guys are required by law to pay taxes on mortgage loans, and to report the hefty fees they charge, but they don't. They pawn bad loans to the government that wreak of fraud, and get paid double their efforts, and guess at whose expense?
Truth or Consequences.....or
Truth and Consequences? We all better pray
that former IRS
Watchdog Joe Bannister is way off, but I'm afraid he
isn't offline!
Is Joe Bannister wrong? Off his rocker? Or could he be on the mark with his allegations?
Joe Bannister explains in a interveiw the
2 year investigation he did, resulted in the
IRS forcing him to resign.
Why exactly was Bannister forced to resign? For my money, I am afraid he's right! Based on my experiences with the agency, I would believe any of their former employees who went whistleblower. We need more control, period, else we'll all be grist for the holocaust mill.
More than just the Federal Reserve. The Department of Justice, The US Department of Labor and The SEC. The Internal Revenue Service is sitting down on the job. But that doesn't make these actions of fraud legal or ethical. What should be happening is that those who are obliged to regulate and don't should be eliminated. The problem is that we hear the words "fraud" and "deceit" so often that they begin to become acceptable. Big tragedy!
"Foreclosuregate: Time to Break Up the Too-Big-to-Fail Banks
Looming losses from the mortgage scandal dubbed “foreclosuregate” may qualify as the sort of systemic risk that, under the new financial reform bill, warrants the breakup of the too-big-to-fail banks. The Kanjorski amendment allows federal regulators to pre-emptively break up large financial institutions that — for any reason — pose a threat to US financial or economic stability. Although downplayed by most media accounts and popular financial analysts, crippling bank losses from foreclosure flaws appear to be imminent and unavoidable.
The defects prompting the “RoboSigning Scandal” are not mere technicalities but are inherent to the securitization process. They cannot be cured. This deep-seated fraud is already explicitly outlined in publicly available lawsuits. There is, however, no need to panic, no need for TARP II, and no need for legislation to further conceal the fraud and push the inevitable failure of the too-big-to-fail banks into the future".
UNITED STATES DISTRICT COURT
WESTERN DISTRICT OF KENTUCKY LOUISVILLE DIVISION CASE NO. ____________________ CLASS ACTION COMPLAINT ELIZABETH FOSTER; JOHN R. FOSTER; REPRESENTATIVE CLASS PLAINTIFFS;CONNIE WELLS; ROYCE WELLS; on behalf of themselves and others so situated AUGUSTA MASON; as putative class members BRIAN MASON; SHERILL A. MOODY; MARK MOODY and; CHARLOTTE A. WOODWARD
v.
MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC. AND, MERSCORP, collectively as MERS; GMAC MORTGAGE LLC, RESIDENTIAL ACCREDIT LOANS, INC., AND RESIDENTIAL FUNDING COMPANY, LLC collectively as GMAC ; DEUTSCHE BANK NATIONAL TRUST COMPANY; NATIONSTAR MORTGAGE; AURORA LOAN SERVICES; BAC LOAN SERVICES; CITIMORTGAGE; US BANK;ROTHFUSS; MANLEY DEAS KOCHALSKI PLLC; DINSMORE & SHOHL LLP; REISENFELD & ASSOCIATES, LPA, and; MIDDLETON & REUTLINGER
DEFENDANTS ****************************
Come the Representative Plaintiffs, by counsel, on behalf of themselves and others so situated as putative class members pursuant to Fed. R. Civ. P. 23. and for their Class Action Complaint against the name Defendants and yet to be named Defendants, make their claim for treble and punitive damages, costs and attorneys fees under 18 U.S.C. 1962 and 1964, otherwise known as the “racketeer Influenced and Corrupt Organizations Act,” hereinafter (“RICO”) and for all violations of law heretofore claimed.
An ongoing criminal investigation has been in place in the state of Florida by both the Florida Attorney General and the Justice Department. Upon information and belief, a parallel investigation is ongoing in the state of Kentucky and at least three other states. In September 2010, the national press began reporting that one of the Defendants, GMAC, had placed a moratorium nationwide on foreclosures, based on the illegalities in the policies, practices and procedures of their own employees and the law firms representing their interest in foreclosures.
Judges who hand down rulings in favor of frauds should go to jail right with them. Politicians who take donations from these thieves are guilty of taking bribes. Here's an example of what they're doing in this article entitled: Are the big banks guilty of tax evasion: here' an excerpt:
"REMIC EVASION of TAXES AND FRAUD Neil Garfield
Receivable income consists or a complex maze designed to keep prying eyes from understanding what they are looking at. But it isn?t really that hard if you take a few hours (or months) to really analyze it.Under some twisted theory, most foreclosures are proceeding under the assumption that the receivable issue doesn?t matter. The fact that the principal balance of most loans were, if properly accounted for, paid off 10 times over, seems not to matter to Judges or even lawyers. ?You borrowedthe money didn?t you? How can you expect to get away with this?? A loaded question if I ever heard one. The borrower was a vehicle for the commission of a simple common law and statutory fraud.They lied to him and now they are trying to steal his house ? the same way they lied to the investor and stole all the money".
You may be one of those taxpaying consumers who refuses to believe what they're reading. If you do, then you're a fool. These facts are not created by me, but by the many figures who are doing the same as I. Researching the web to find the bad banksters and the mobsters who rule under the shield of jurisprudence. MORE:
"Receivable income is the income the investor expects. So for example if the deal is 7% and theinvestor puts up $1 million the investor is expecting $70,000 per year in receivable income PLUS of course the principal investment (which we all know never happened).
2. Receivable income from loans is nominal ? i.e., in name only. So if you have a $500,000 loan to a borrower who has an income of $12,000 per year, and the interest rate is stated as 16%, then the nominal receivable income is $80,000 per year, which everyone knows is a lie.
3. The Yield Spread premium is achieved exactly that way. The investment banker takes $1,000,000 from an investor and then buys a mortgage with a nominal income of $80,000 which would be enough to pay the investor the annual receivable income the investor expects, plus fees for servicing the loan. So in our little example here, the investment banker only had to commit $500,000 to the borrower even though he took $1 million from theinvestor. His yield spread premium fee is therefore the same amount as the loan itself. Wouldthe investor have parted with the money if the investor was told the truth? Certainly not. Would the borrower sign up for a deal where he was sure to be thrown out on the street? Certainly not. In legal lingo, we call that fraud. And it never could have happened without defrauding BOTH the investor and the borrower".
The borrower is you, my friend: wake up...everybody:
We often lynch politicians in effigy for taking the money and acquiescing to fraud, manipulation and intimidation. But what about the few who speak up and speak out? Do we support them? Well, this is our chance to do so, yours and mine. First of all, let's get one thing straight. There is no such thing as a lender, not if you're reading the information we're putting out. You'll notice that these loans are created by your signature, as the banks can't lend depositors money, and can't lend theirs. Second, we have a Senator in one state who, by asking a simple question, is treated thus by this "lender".
MICHELE REAGAN SENATE CANDIDATE GETS IT AND GETS SUED FOR HER TROUBLES WITHOUT DEFAULT!
Posted on April 6, 2010 by Neil Garfield
Finally a politician who puts principle ahead of politics!!
Michele Reagan, currently an Arizona legislator, deserves support not only for her campaign for Arizona State Senate, but for her battle with her lender. Her lender, Colonial Savings, decided to sue her for asking too many questions about how her loan was securitized. That’s right. She never missed a payment but she became concerned that her title and her money might be going the wrong way. So she did the only sensible thing — she asked. Enforcing her TILA and RESPA rights she asked a lot of questions about who holds her note, who owns her loan, who is the current beneficiary on her deed of trust, all of which seem to be different entities. Colonial did what you’d expect. Stonewalled. And when she pressed the point they sued the lawmaker who has sponsored dozens of bills dealing with finance, tax and other issues for her constituency and the State of Arizona. I don’t endorse candidates usually. This is the first time. Representative Reagan did the right thing — she went public with it and spoke for tens of thousands of Arizonians and Millions of Americans who have been treated the same way by their servicers, the parties they thought were lenders, the courts and the government in general".
Livingliesweblog
Oh....! Oooooooh, They're saying some bad things about banks and about the federal reserve. Boy the things people say, and do.
take this issue of creating money, for example. So you think the bank lends you its money do you...? Think again!
FROM THE BAR ASSOCIATION'S OFFICIAL WEB SITE :... ”this Court has the responsibility to assure itself that the foreclosure plaintiffs have standing and that subject matter jurisdiction requirements are met at the time the complaint is filed. Even without the concerns raised by the documents the plaintiffs have filed, there is reason to question the existence of standing and the jurisdictional amount”. Over 30 cases are covered by the BAR at: http://www.abanet.org/rpte/publications/ereport/2008/3/Ohioforeclosures.pdf
1. “A national bank has no power to lend its credit to any person or corporation . . . Bowen v. Needles Nat. Bank, 94 F 925 36 CCA 553, certiorari denied in 20 S.Ct 1024, 176 US 682, 44 LED 637.
2. Countrywide Home Loans, Inc. v Taylor - Mayer, J., Supreme Court, Suffolk County / 9/07
3. American Brokers Conduit v. ZAMALLOA - Judge SCHACK 28Jan2008 Aurora Loan Services v. MACPHERSON - Judge FARNETI 1 1Mar2008
4. “A bank may not lend its credit to another even though such a transaction turns out to have been of benefit to the bank, and in support of this a list of cases might be cited, which-would look like a catalog of ships.” [Emphasis added] Norton Grocery Co. v. Peoples Nat. Bank, 144 SE 505. 151 Va 195.
5. “In the federal courts, it is well established that a national bank has not power to lend its credit to another by becoming surety, indorser, or guarantor for him.”' Farmers and Miners Bank v. Bluefield Nat 'l Bank, 11 F 2d 83, 271 U.S. 669.
6. Bank of New York v. SINGH - Judge KURTZ 14Dec2007
7. Bank of New York v. TORRES - Judge COSTELLO 11Mar2008
8. Bank of New York v. OROSCO - Judge SCHACK 19Nov2007 Citi Mortgage Inc. v. BROWN - Judge FARNETI 13Mar2008 p-2 "The doctrine of ultra vires is a most powerful weapon to keep private corporations within their legitimate spheres and to punish them for violations of their corporate charters, and it probably is not invoked too often…. Zinc Carbonate Co. v. First National Bank, 103 Wis 125, 79 NW 229. American Express Co. v. Citizens State Bank, 194 NW 430. "It has been settled beyond controversy that a national bank, under federal Law being limited in its powers and capacity, cannot lend its credit by guaranteeing the debts of another.
All such contracts entered into by its officers are ultra vires . . ." Howard & Foster Co. v. Citizens Nat'l Bank of Union, 133 SC 202, 130 SE 759(1926). ". . . checks, drafts, money orders, and bank notes are not lawful money of the United States ..." State v. Neilon, 73 Pac 324, 43 Ore 168.
American Brokers Conduit v. ZAMALLOA - Judge SCHACK 11 Sep2007 Countrywide Mortgage v. BERLIUK - Judge COSTELLO 1 3Mar2008 Deutsche Bank v. Barnes-Judgment Entry
Deutsche Bank v. Barnes-Withdrawal of Objections and Motion to Dismiss Deutsche Bank v. ALEMANY Judge COSTELLO 07Jan2008
http://www.abanet.org/rpte/publications/ereport/2008
A Legal Basis for Debt Elimination!
This process is founded on the decisions of the United States Supreme Court, as they have ruled time and again against the legal authority for banking institutions to lend credit. Federal and state laws allow banks to lend money - not credit. Nor can they lend you their depositors money. They can't loan out nor risk any of their own assets because of Federal Reserve regulations. So they lend you credit. Credit is only created when you sign the application form for the credit. This means you created the money they are alleging they lent you, your signature and your future labor is what created the loan to yourself, they never gave you anything, you gave them a promise to repay the nothing they gave you and with interest on top of that. Where is the common sense in that? The laws state they can't lend you something they don't have, and they don't have any credit to start with, only you can create credit, and they can't charge you interest on something they didn't give you in the first place because it doesn't exist and they did not create it! It was created by your signature being monetized by the bank when they deposit your promissory note (signature) into their accounting system. When they create money this way it all adds up to a higher and higher inflation rate for all of us, which means money is becoming worth less and less all the time.
file:///Users/mary/Downloads/can't%20lend%20creditid33.htm
Version Number two: different headline, same sticky, fraudulent process!:
"Where did banks get this huge power to create money? In a nutshell,from their knowledge and our ignorance of the nature of money. They work overtime to keep up the deception. For example, why, if banks create the money they lend, do they have term deposits bearing interest? To help keep up the belief (deception) that banks lend depositor's funds. Money on term deposit is a tiny fraction of bank loans. Do banks have any moral right to create money? A resounding no! Do banks have a legal right to create money? No, but most politicians do not believe (or so they say) that banks actually create money, so they "believe" bank operations are above board. Abraham Lincoln, John Kennedy and Harold Holt all paid the price for trying to take away the power to create money from the people behind the banking system.
Banks not only create the money they put into circulation, they also extinguishmoney or take money out of circulation. Money in circulation enhances and simplifies the exchange of goods and services. Money is the common medium of exchange that simplifies bartering and allows commerce to flow. However. when a repayment of a loan is paid to a bank of principle and interest, the numbers go out of the borrower's account but do not come back into anybody else's account. That money has gone out of circulation or has been extinguished. Banks create the principle of a loan, but extinguish the principle and interest of repayments, and here lies the basis for Australia and every other country's economic problems- namely criminal entrapment".
file:///Users/mary/Downloads/Banks_the_truthB.html
The bleeding never ceases. All of our government agencies seem to suffer impaired vision when being called upon to root out the frauds and to take action. The banks, meanwhile, just keep on rolling, in complete unabated rhythm:
"Seventy times Over the recent years, the use of cheques or bookkeeping money has increased significantly, and the bankers can thus create a larger percentage of bookkeeping money. For instance, for the third quarter of 1995, the Canadian chartered banks held $3.1 billion in cash, and lent, for the same period, $216 billion (non-mortgage loans) - seventy times the amount of cash they actually held! Until a few years ago, according to the Canadian Bank Act, the minimum reserve required in cash was 4%, but in December, 1991, the Federal Government enacted a new version of the Bank Act, which stated that as of January, 1994, the primary reserve in the form of cash that a chartered bank has to maintain is nil, zero! In other words, chartered banks are no longer limited by law in creating credit. The only limit is the fact that some bank customers still want to be paid in cash. So, one can easily understand why banks do everything they can to eliminate the use of cash, by encouraging the use of debit cards, direct payment, to eventually eliminate all cash in circulation. They promote the existence of only one kind of money - electronic money. The citizens of our country must do their utmost to prevent the elimination of cash, for it the bankers' wish comes true and there is no more cash, it would be the greatest swindle in the history of our nation, and it would give the banks absolute control over the economy and every individual".
Maybe you're beginning to get the fact that if you have lived in your home for more than 10 years, and if your have refinanced, you have paid off the home twice over. But you'll never get this from the Susie Ormans of the world because they're too busy blaming the victims for the mortgage lender's crimes. Creating money as lenders, not banks, is what this maze has come to reflect. Con artists, with the backing of a con artist government that knows what is sees, and sees what it knows. Instead of nabbing those who perpetrate these crimes, the help perpetuate this thievery. Why shouldn't we impose referendums on these businesses, government agencies, and ask citizens for a "no vote of confidence". I don't mean just voting residents either. We possess much more than the power to vote, which doesn't amount to a hill of beans.
Voters know little more than a goat knows about pepper! Otherwise, why do our elections not even slow down this pedal-to-the-medal fraud?:
If you have refinanced your home, are you aware that each time you do it, somebody gets a check, and your home is paid off? Don't believe it. Observe.
"By the Federal Banking Laws, the banks cannot lend you their money, nor their depositors' account money, and they cannot lend you their their credit per the Federal Banking Law, so where did they get the money to lend you? YOU gave it to them with your signature on the promissory note as a {FREE LOAN}, when they changed your promissory note into a check or money and endorsed it, without your knowledge, authority, nor consent!!! 1RealEstateHomes.com.
This fraud is under the Federal Disclosure Law.
"Mortgage Debt Relief with a mortgage deduction elimination, cancellation of mortgage debt, and forgiven mortgage debt is the answer to most homeowner problems. Forget about mortgage loan "Switch and Bate" modifications, short sales, your home worth less than you owe, or facing foreclosure. With this Mortgage Debt Relief with a mortgage deduction elimination, cancellation of mortgage debt, and forgiven mortgage debt, you can have a free and clear home in no time with our proven educational program where we teach you HOW TO get Mortgage Debt Relief fast. This Notary Administrative Law Judgment cancellation of mortgage debt process works in every State; Yes, even California!" New Legal
Have You Heard About The 16 Trillion Dollar Bailout The Federal Reserve Handed To The Too Big To Fail Banks
The Looting Of America: 
The Federal Reserve Made $16 Trillion In Secret Loans To Their Bankster Friends And The Media Is Ignoring The Eye-Popping Corruption That Has Been Uncovered
The American people were absolutely outraged that the federal government spent 700 billion dollars bailing out the "too big to fail" banks. Well, that bailout was pocket change compared to what the Federal Reserve did.
As you will see documented below, the Federal Reserve actually handed more than 16 trillion dollars in nearly interest-free money to the "too big to fail" banks between 2007 and 2010. So have you heard about this on the nightly news? Probably not. Lately Bloomberg has been reporting on some of this, but even they are not giving people the whole picture. The American people need to be told about this 16 trillion dollar bailout, because it is a perfect example of why the Federal Reserve needs to be shut down. The Federal Reserve has been actively picking "winners" and "losers" in the financial system, and it turns out that the "friends" of the Fed always get bailed out and always end up among the "winners". This is not how a free market system is supposed to work:
Page 131 GAO-11-696 Federal Reserve System days. In contrast, a TAF loan of $10 billion extended over a 1-month period would appear as $10 billion. As a result, the total transaction amounts shown in table 8 for PDCF are not directly comparable to the total transaction amounts shown for TAF and other programs that made loans for periods longer than overnight.
Table 8: Institutions with Largest Total Transaction Amounts (Not Term-Adjusted) across Broad-Based Emergency Programs(Borrowing Aggregated by Parent Company and Includes Sponsored ABCP Conduits), December 1, 2007 through July 21,2010 Dollar in billions Borrowing Parent Company TAFPDCFTSLFCPFFSubtotal AMLF TALFTotal loans Citigroup Inc. $110 $2,020 $348 $33 $2,511 $1 - $ 2,513 Morgan Stanley - 1,913 115 4 2,032 - 9 2,041 Merrill Lynch & Co. 0 1,775 166 8 1,949 - - 1,949 Bank of America Corporation 280 947 10115 1,342 2 - 1,344 Barclays PLC (United Kingdom) 232 410 187 39 868 - - 868 Bear Stearns Companies, Inc. - 851 2 - 853 - - 853 Goldman Sachs Group Inc. - 589 225 0 814 - - 814 Royal Bank of Scotland Group PLC (UnitedKingdom) 212 - 291 39 541 - - 541
Deutsche Bank AG (Germany) 77 1 277 - 354 - - 354
UBS AG (Switzerland) 56 35 122 75 287 - - 287
JP Morgan Chase & Co. 9911268-279 111 - 391
Credit Suisse Group AG (Switzerland) 0 2 261 - 262 0 - 262
Lehman Brothers Holdings Inc. - 83 99 - 183 - - 183
Bank of Scotland PLC (United Kingdom) 181 - - - 181 - - 181
BNP Paribas SA (France) 64 66 41 3 175 - - 175
Wells Fargo & Co. 159 - - - 159 - - 159
Dexia SA (Belgium) 105 - - 53 159 - - 159
Wachovia Corporation 142 - - - 142 - - 142
Dresdner Bank AG (Germany) 1230110135 - - 135
Societe Generale SA (France) 124 - - - 124 - - 124
All other borrowers 1,854 146 14 460 2,475 103 62 2,639Total $3,818 $8,951 $2,319 $738 $15,826 $217 $71 $16,115 Source:
GAO analysis of Federal Reserve System data.
What is the current political climate in wake of the 2001 corporate scandals?
As it turns out, the corporate accounting scandals of 2001 were the tip of the iceberg in terms of the failure of the regulatory structure to adequately protect Americans and investors from economic hardship. The packaging of housing debt based on non-existent equity into securities which ultimately became worthless has caused a world wide economic collapse.
file:///Users/mary/Downloads/Corporate%20Responsibility.html
Loan Modification: Don't do it! You've got greater options, believe me! The problem? Even as lenders have become more willing to modify borrowers loans in the past year, many aren t offering deals that borrowers can afford over the long term, explains Austin King, national director of ACORN Financial Justice Center, a New Orleans-based consumer group. Here are five reasons why loan modifications fail.
Finally! Back in the online world of providing high quality, energy producing news, information and golden
entertainment! I offer nuggets of information that will provide you a major position of leverage; equilibrium, if you
will. Glad I am..... to recapture this vehicle of online communication, seeing as how I have so much information to
unleash. Information about Pension Mismanagement that could leave you void of a pension in just a few years.
Internal Revenue Service Highs and mostly lows; absolutely despicable actions by mortgage lenders in general.
Calling them lenders is a huge stretch. They're really nothing more than thieves and gangsters. I'll provide
documents, and evidence that will uncover some of the most egregious crimes and manipulations
one might imagine, all with the knowledge and complicity of our vaunted "regulatory" State and Federal Agencies
The great part about this? I have compiled so many articles, affidavits. sample civil complaints and true copie of lawsuits and
investigations in all aspects of government. This will be information you can use to correct your daily lives, your income,
finances, your home and your health and safety. Freedom! Freedom! Freedom:
This is not a sales pitch. This information won't
cost you a dime because Igive it freely. I am just vying for your attention and support. I get that, you get what you want and
what you need! Deal? ......Deal!
The latest fraud activity I show is what happens when you're dumb enough to walk away from your home or property before
an auction takes place and without seeing the process through to it's conclusion. As many times as you tell people about
effective ways to halt this sleazy practice, it seems to go in one ear and out the other. Homeowners think of themselves as
borrowers, when it is likely they paid off the home. If you've refinanced, that's exactly what you've done. More than likely, the
people whosell your home don't even own it; they don't have any promissory note that shows they own it. And get this,
somebody has been paid full price for it, thanks to yours and my loss! I've been just as stupid, but no more.
To show one example of what I'm talking about, check out this email, sent to me by this author:
Author: David Young Comment: By the Federal Banking Laws, the banks cannot lend you their money, nor their depositors' account money, and they cannot lend you their credit per the Federal Banking Law, so where did they get the money to lend you? YOU gave it to them with your signature on the promissory note as a FREE LOAN, when they changed your promissory note into a check or money and endorsed it, without your knowledge, authority, nor consent!!! This fraud is under the Federal Disclosure Law. The Allonge or Alteration against Federal Law changed your mortgage promissory note into money without your knowledge or consent; thus, your lender created money out of thin air with your unknowing promissory note debt signature since most of you are only a number and not a real person made in God's image anymore. Because this alteration changed your promissory note into a FREE loan for the Lender or Bank. This is how the bank's assets increased along with getting the interest that you are paying.
Our Mortgage Debt Relief Notary Presentment process with a mortgage deduction elimination, cancellation of mortgage debt, and forgiven mortgage debt works, because the lender/bank does not record this promissory note nor most assignments or transfers with your local county court recorder office in your courthouse like they are supposed to by all State Laws and Federal Law. The lender/bank cannot prove that you owe any money, because they don't have the original blue inked signed promissory note that they deposited into their U.S. Treasury account or sold your note to a Trust Group of investors that changed your promissory note check into a stock when they recorded it with the SEC and then no one knows where your mortgage note is nor the unrecorded assignment in 99% of all mortgages issued since the early 1990's.
Since the loan was securitized by being sold, pooled into a trust, and turned into a stock when recorded with the SEC, the alleged holder can no longer claim that it is a real party of interest, as the original lender has been paid in full as proven by the back of the last note page where your Lender/Bank endorced your FREE loan to them. This is why there are no original blue inked signed notes available for foreclosure, just a counterfeit copy of your note remains that these banks pawn off as the original to the judges and courts to start an illegal foreclosure action against you just on the bank's say so with no proof of mortgage debt. If your mortgage or deed of trust has been sold or assigned and you're paying another bank, or even the same bank, then your mortgage was securitized illegally and no one has the real, original promissory note. Without that note, no one can foreclose on your home if you confront the PRETENDER Lender or investor who claims they have the note with our proven Educational process on the Private side of the Unifoermed Commercizal Code of federal laws.
Now, consider what happens all over the country that causes these fraudulent foreclosures under the watchful eye and with the
complicity of the Internal Revenue Service, the Justice Department and the Obama Administration. Ever heard of bid rigging. With
the folks in the white house, this kind of sleaze will be supported fully:
FOR IMMEDIATE RELEASE THURSDAY,
JUNE 30, 2011
WWW.JUSTICE.GOV AT (202) 514-2007 TTY (866) 544-5309
CALIFORNIA REAL ESTATE INVESTORS AGREE TO PLEAD GUILTY TO BID RIGGING AT PUBLIC FORECLOSURE AUCTIONS
Investigation Yields Eight Plea Agreements WASHINGTON — Eight California real estate investors have agreed to plead guilty for their roles in two separate conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Northern California, the Department of Justice announced. Charges were filed today in U.S. District Court for the Northern District of California in Oakland, Calif., against Thomas Franciose of San Francisco; William Freeborn of Alamo, Calif.; Robert Kramer of Oakland, Calif.; Thomas Legault of Clayton, Calif.; David Margen of Berkeley, Calif.; Brian McKinzie of Hayward, Calif.; Jaime Wong of Dublin, Calif.; and Jorge Wong of San Leandro, Calif. According to the felony charges, the real estate investors participated in a conspiracy to rig bids by agreeing to refrain from bidding against one another at public real estate foreclosure auctions in Contra Costa County and Alameda County, Calif.
While some of the conspirators participated in the conspiracies in both Alameda and Contra Costa Counties, the collusive activity occurred independently in each county, and some individuals only participated in the conspiracy in one county. “While the country faces unprecedented home foreclosure rates, the collusion taking place at these auctions is artificially driving down foreclosed home prices and is lining the pockets of the colluding real estate investors,” said Christine Varney, Assistant Attorney General in charge of the Department of Justice’s Antitrust Division. “The Antitrust Division will vigorously pursue these kinds of collusive schemes that eliminate competition from the marketplace.” The department said that the primary purpose of the conspiracies was to suppress and restrain competition to obtain selected real estate offered at Alameda and Contra Costa County public foreclosure auctions at noncompetitive prices. When real estate properties are sold at these auctions, the proceeds are used to pay off the mortgage and other debt attached to the property, with remaining proceeds, if any, paid to the homeowner.
Need more convincing that these folks are scaring you out of a home that rightfully is yours? Here it is:
The Bank of America lawyer laid down a patented rhetorical move heard in courts across America.
Your Honor, this Orange County, N.Y., homeowner — a New York City police officer — didn’t make enough money to qualify for a mortgage modification. He didn’t send us the right documents.
Fred R. Conrad/The New York Times
Eric T. Schneiderman, New York State's attorney general, opposes the Obama administration's foreclosure deal. Related More Gotham Columns Follow @NYTMetro Connect with @NYTMetro on Twitter for New York breaking news and headlines. He didn’t, he didn’t, he didn’t, and so we should be allowed to foreclose. Justice Catherine M. Bartlett of New York State Supreme Court cut off the lawyer. You, she said, are telling me lies. “Bank of America got a bailout, and this is an outrage, how this man has been treated,” she said. “Hard-working, middle-class Americans are trying to make it, trying to refinance with your bank.” Either bank officials show up in person, the justice said, or I’m going to order them “here in handcuffs.” Rage has acquired a cleansing power. Patience as a virtue is a hard sell at the burnt end of a four-year economic collapse. Zuccotti Park shakes, rattles and rolls; television yakkers chat about inequality; and the federal judge Jed Rakoff all but heckled the Securities and Exchange Commission last week for going easy on Citigroup misbehavior.
Then there is Eric T. Schneiderman, New York’s attorney general, caught in Month 5 of a face-off with the White House. President Obama dearly wants to seal a deal in which the nation’s largest banks toss over a few bales of cash — $20 billion to help with foreclosure relief — and the state attorneys general agree not to pursue sprawling and explosive legal cases against the banks. Mr. Schneiderman and Attorney General Beau Biden of Delaware, joined by a few others, say no. Banks, they say, should disgorge more documents, testify more precisely and prove more completely that they own millions of mortgage notes. These rebel attorneys general want the banks to hand over more than $200 billion, which would enable the government to write down tens of millions of mortgages. But in the end, their argument is elemental: Wouldn’t the nation benefit from knowing the truth about the behavior of banks and bankers? “If you don’t air out the policies that led to the implosion of the economy, it will happen again,” says Mr. Schneiderman. “There’s not one sentence in the proposed agreement, not one period or comma about the stuff that blew up the economy.
We can’t let the banks rewrite history.” The desire to know precisely what happened during that give-a-mortgage-to-anyone-who-breathes, securitize-this frenzy has historical antecedents. In the Great Depression, the United States Senate hired another New York lawyer, Ferdinand Pecora, to write the report on its investigation of that collapse. Mr. Pecora found more questions than answers, and insisted on more subpoenas, more forensic investigators and more brokers testifying under oath. Like a man reaching into a barrel of dead fish, he found a great stink. Not least, he discovered that National City (the lineal ancestor of the same misbehaving Citigroup) had sold flawed investments and that its president engaged in something close to tax evasion. Seventy-eight years later, the Obama administration has Shaun Donovan, secretary of housing and urban development; the economic adviser Gene Sperling; and Attorney General Eric H. Holder Jr. dialing liberals, activists and bloggers, urging them to pressure the rebellious attorneys general to forgo emotionally satisfying inquiries and take the deal. Banks make money and find loopholes, the president noted last month. These actions aren’t “necessarily against the law.” That raises the question: How does he know? Mr. Schneiderman is chary of talking too much now about his investigation. A few years back, he wrote an article for The Nation magazine, arguing that Democrats had for too long forsaken transformational politics for transactional, cut-a-deal politics. At the time, Washington Democrats dismissed such arguments as idealistic silliness. Except that the cultural dial seems to be turning now.
Be sure to stay updated. This website will undergo continuous updating and upgrading. Pages will be added and deleted, as needed. The Master Pages will be edited and refined, but the content will be stable. I will use the home page to headline updated stories on corresponding pages. Remember former New York Mayor Ed Koch, so popular in the early 1980's during and after the Democrat Convention held in New York City. Well now, Koch has an issue much the same as I. With the Clinton, Bush and Obama Administrations.
Video: Former IRS Agent turned IRS watchdog: watch it!
This hybrid, or biracial President, who impersonates Black or White when it suits him, is acting invisible again. If anyone poor expected his help, remember: one half of Obama is a slave, bound to follow the mainstream. The other half will take risks, but not at his expense, at yours and mine. All Chief Justices, no matter their background succumb to the same powers.
We know that All those "terrorist" leaders who have been killed by Obama, the Bush's, Clinton, Reagan, et al, were murdered. Not one of them a risk to these leaders. Want to bet that the killings were performed and they found out afterward?
Whatever happened to prisoners of war, capture and interrogate, and conduct a trial. A Chief Presiding Officer is that of a Chief recipient of powerful orders. Their actions belie some of their words. Obama is a politician, whose primary goal is favor in the public ratings and support for reelection. If you poor, unemployed, senior, disabled, taxpaying debt bearing voters expect him to stick out his neck, then as Eric Braeden(who plays "Victor" on the soap, Young and Restless" would say, "ain't goona happen:!
Obama is bound to follow the master's lead. Doing nothing that goes against the political grain, and everything against people such as I. That has allowed Ed Koch to expose him...and those whom he follows in the presidency. In this case, I'm in total agreement, except for one thing. To buck the system as the Chief Presiding Officer takes guts. Obama is a politician and a slave. He'll not buck the system. In this case, however, he is acting willfully against homeowners, taxpayers, debtors, and consumers. He's helping the thieves rob the bank!
Ed Koch Former Mayor,
New York City
Mr. President, Stop the Great Bank Heist!
A New York Times editorial of November 9, 2011 sounded the alarm concerning what I would refer to as the Great Bank Heist. The robbery, however, is not of the banks, but by them, with the Obama administration, I regret to say, helping them, in effect, to rob the public. Banks and the government are intent on reducing the liability of the banks for their fraudulent and negligent conduct that led to the Great Recession. The two articles that best describe what is going on are the Times' editorial and a joint statement written by the attorneys general of New York and Delaware, Eric Schneiderman and Beau Biden, which appeared in Politico on November 6, 2011. The two attorneys general wrote:
At the time that Ed Koch was going strong, so was the Reverend Jesse Jackson, also a two-time candidate for the Presidency. It probably is Jackson who set the table for Obama to get into the white house. You see, white america can't countenance a Black man with no racial mixture being the "leader" of this troubled nation. With the restraints on slaves, Jackson would have his hands tied the same as Obama. But I don't believe he would be playing the role of Uncle Remus!:
Will banks be held accountable for fraud and misbehavior? Jesse Jackson May 23, 2011 11:14P
It isn’t clear what is worse: the housing crisis that keeps deepening or the reports of pervasive banking fraud that keep getting exposed. With the banks facing billions in potential damages, perhaps some measure of justice can be done to the homeowners who have been the victims of the crisis and the crimes. We’re still not at the bottom of the housing mess. Home prices continue to fall. Now nearly 30 percent of homes with mortgages are under water. Another 2 million in foreclosures are due to come. Banks are sitting on hundreds of thousands of foreclosed homes, a dead weight on any recovery in home prices. For millions of Americans, this is a calamity. The savings they thought they had in the value of their homes are gone. Many are paying on mortgages for homes that may never return to their original value. Millions are losing their homes to foreclosure, or choosing to walk away from investments that no longer make sense. This is the fallout from the housing bubble and bust that triggered the global recession, and has left nearly 25 million in need of full-time work, while generating crippling budget deficits at the local, state and national level. What is increasingly coming clear is that beneath this calamity is an extensive pattern of fraud, negligence and misbehavior by America’s biggest banks.
What to do about this corporate fraud, government complicity and coverup? Force these agencies to jail their peers, or make them understand that they'll go to jail instead. Demand that employees for the government justify their positions or be eliminated. Delete all governmental agencies and individuals who can't qualify and quantify their value to taxpayers, debtors, homeowners, etc.
"Federal housing policies illustrate some broader realities of federal intervention. When making decisions, policymakers usually have political and self-interested ends in mind, not the broad general interest of the public. Also, lofty interventionist visions—such as using the government to boost home ownership—often fail because of the imbalances they create in private markets. Housing was traditionally a private and local concern without federal involvement. The scandals and policy errors discussed here provide good reasons to start dismantling HUD and ending the housing subsidies that have caused so much damage".file:///Users/mary/Downloads/HUD%20Scandals%20%20%20Downsizing%20the%20Federal%20Government.html
According to sources familiar with the ongoing state and federal probes, state and federal officials have wasted months not digging into the details of the foreclosure crisis, yielding little of value in court and undercutting the lenders' incentive to strike a settlement of greater benefit to homeowners and taxpayers. The investigators have yet to gather many documents, conduct depositions or assemble tallies of aggrieved homeowners. They don't yet have a good handle on the number of wrongful foreclosures, the amount of fraudulent documents filed in local courts or the volume of legal instruments processed by so-called "robo-signers," the agents that lenders employed to process foreclosure filings en masse without examining the underlying paperwork. file:///Users/mary/Downloads/As%20Government%20Nears%20Accord%20With%20Banks,%20Questions%20Swirl%20Over%20Scope%20Of%20Investigation.html
The Securities Exchange Commission: Can't get out of its own way?
From a technologically backward process for reviewing corporate filings and an inability to detect fraud to an unwieldy management structure and a unionized, lawyer-heavy work force, the SEC has developed a reputation as an outdated bureaucracy unable to track its own finances and lacking in basic accountability and transparency.
We are a Debtor Nation: A Third World Economy, engineered by way Of Mortgage and Pension Fraud. Currency worth slightly more than the paper or the material upon which it is printed.
As the total meltdown progresses, we morons of the populace seem sightless to it all. We keep making deals with the same satans.
Mortgage lenders, who don't lend a damn penny, but con us into letting them use our signature as collateral to get loans for
themselves.
Meanwhile, our so-called regulators spend their time seeking out those of us they know will throw in the towel as soon as we can
reach the cloth.
3) Conspiracy – The banking industry conspired with the Federal Reserve and the Insurance industry and the mortgage servicing industry to swindle the homeowners and the investors while avoiding all jail time. 4) Tax Evasion – With every sale transaction of the loan note on a property, a 1099-A is to be filed and taxes paid to show that the said property is being carried on the books of the company. This is being ignored by IRS. We foot the bill in lost tax revenue by these major banking entities. 5) County Filing Fee Evasion – With every transaction, the counties are supposed to collect a fee from the Mortgage company. All these lost fees are then paid by the taxpayer in higher taxes. This is a 10 million a month loss in Tarrant County-Ft. Worth, Texas alone. State and countyGovernments are allowing this. 6) Illegal Foreclosures – without any paperwork to substantiate their claims, the courts and the Federal and State Governments are allowing the illegal foreclosure of American Homeowners
We have been invaded, are being conned, denigrated, downright robbed of our savings and our property investments with the
knowledge and complicity of federal agencies who make agreements with mortgage servicers to foreclose on us.
Taibbi, Matt. Invasion of the home snatchers:
how the courts are helping bankers screw over homeowners and get away with fraud. Rolling Stone. 2010 Nov 25; 1118:66–73. Internet version: 2010 Nov 10. Available from: http://www.rollingstone.com/politics/news/17390/232611. Taibbi reports on his observation of a “rocket docket” court instituted in Florida for very rapid disposition of foreclosure cases. Judge A. C. Soud had stated that he aimed for a resolution rate of 25 cases per hour. Taibbi documents outrageous bias in favor of the foreclosing plaintiffs, as well as flagrant violations of due process, including harassment of defendants and their attorneys by Judge Soud for communicating with Taibbi and bringing him into the courtroom to observe the proceedings. Taibbi also explains why missing or fraudulent paperwork has been so common in recent foreclosure cases. It is not a matter of carelessness. Instead, the foreclosed mortgages have been packaged into mortgage-backed securities (and larger units such as REMICs) and misrepresented to buyers, with the connivance of securities rating agencies, as far less risky than they actually were. In order to cover up this fraud, accurate records were almost never kept, and in some cases mortgage notes were deliberately shredded.............
Face it, the agencies that are obliged to regulate, abuse their obligations. Fraud and forgery are so prevalent,
that the courts and the worlld of law enforcement finds the weakest and the meek to harass, intimidate and
proscute.Federal Regulators Cherry-Pick Small Fry for Prosecutions
Say man, woman, you'd better take note: Mortgage Companies, the hitmen of major banks and lending
institutions are doing criminal, dirty work, clearly with the knowledge, complicity and help
of our financial regulators, if that's what you
call them.
In truth, they're a disgrace. I'll bet if you go down to your local county recorder and check
the file, you'll discover that human termites (banks and lending institutions) are filing
phony Deeds of Trust at a dime a dozen. They're all over the
county files. Recorded lies, told by Deutsche Bank, Homeside Lending, Bancplus Mortgage, and just about
any and every mortgage company you might imagine, has staked a claim to your home
and property.
RE: Fraudulent Release of Deed of Trust or Mortgage
[Revised 09-12-11] Dear Associates: Multiple schemes placing fraudulent releases of Deeds of Trust or Mortgages are occurring in many states. The perpetrator’s goal is often to make it appear that a Deed of Trust or Mortgage is already paid off so they can receive all of the proceeds of a sale or refinance. Scammers appear to be relying on modern title search methods using computer chain sheets to match up Deeds of Trust or Mortgages with releases without reviewing each document. Illustrations of Fraud Fraudulent Reconveyance Forged Reconveyances of Deeds of Trust are being signed and recorded by people perpetrating fraud to induce others, chiefly the title and lending industries, to rely on bogus releases of loans. In addition to Reconveyances, we’ve seen fraudulent Substitutions of Trustee, Assignments of Deed of Trust and Rescissions of Default recorded. Example in chronological order descending: A fraudulent conveyance deed is placed of record from Smith, as Grantor to Figment, LLC, as grantee. Figment, LLC then executes a fraudulent Deed of Trust to a fictitious lender. A month or so later, a fraudulent Substitution of Trustee and Deed of Reconveyance are recorded. This forgery appears to release Smith’s pre-existing loan. Soon thereafter, Figment, LLC enters into a sale agreement with a legitimate buyer. This sale is often a short sale. The title and escrow company handling this sale "pays off" Figment, LLC’s fictitious lender, but no payment is made to Smith’s lender because it appears their Deed of Trust was already reconveyed of record. Smith’s lender commences foreclosure and records a Notice of Default. The current homeowner, facing a foreclosure by his seller’s lender, files a claim against his title policy. Mortgage Elimination Company Schemes As discussed in prior Bulletins SLS00200 and SLS00247, illegitimate companies exist that con homeowners into conveying their property into a trust. That trust then records a fraudulent Substitution of Trustee that substitutes the trust in as Trustee which in turn records a counterfeit Reconveyance of the Deed of Trust. These companies are typically either getting fees to assist homeowners fraudulently clearing their loans or are operating under the guise of rescuing a distressed borrower from a foreclosure. Multiple variations of this scam exist but the constant danger for our industry is relying on invalidly released loans. Fraud Red Flags
Fully aware are they, that the average homeowner believes whatever is written on a loan document and they never go to
the county to check and see if what's written is recorded, or, of it is recorded, it matches the original loan
documents.
In our case, my spouse and I, phony deeds of trust are rampant, like termites staking out
a section of your home and eating away at it's foundation.
For that matter, if your're a victim of foreclosure, and your home has been sold, check the
date of the recorded deed.
You'll probably find as I did, that mortgage criminals I have never heard of are listed on my
recorded files as beneficiaries, or trustees, who claim an interest in your home.
You won't find a promissory note, because they're "not recordable". That is because
negotiable instruments(cash, checks, money orders, promissoy notes) are not recordable.
Why? So these criminals don't have to rep;ort
sales of the property or pay taxes. This is the purpose of all these deeds of trust. I have brought this issue
to the attention of the
Internal Revenue Service office of the Whistleblower, the Inspector General for Tax Administration, Collections, and the
IRS Commissioner, with no positive results. Instead, I have experienced retaliation in the form of three-date
notice to quit my property, an "Unlawful Detainer", and letters from many fraud attorneys
and property managers seeking to convince my sp;ouse and I
that our home has been sold, and we can do nothing but give up and move.
Bullshit! Fight we must, and win we will.
I have gone to the county recorder's office, found that a purported sale to a buyer of my
property at auction is not recorded.
as unlawful detainers also are to be recorded, that has not been done either.
http://search.yahoo.com/search?ei=UTF-8&fr=crmas&p=RE%3A++Fraudulent+Release+of+Deed+of+Trust+or+Mortgage+%5BRevised+09
What these thieves count on is the likelihood that you won't have the $225 dollar filing fee to answer the UD, that must ber
paid per person.
They hope that your spouse and you can't handle the multiple UDs they file against you
within the ridiculous five-day period that some suck-ass legislator fashioned on their
behalf. At some point, all of this will come to light. All of these so-called
regulators and mortgage companies will have questions to answer and charges to address. Fraud, forgery,
money launering complicity with criminal activity.
For the attorneys who engineer this systemic fraud, the violation of the Bar Association's
"Canon of Professional Ethics", will come into play.
Soon, we will sue the IRS, The FTB, and the Department of Labor for ass dragging and foot
dragging. For forging retaliatory actions by
their partners in crime. I ask you: How may mortgage frauds continually close loans,
refinance them, and never report the income they earn from the loans they close, nor pay
the taxes. That's because knowingly, the White House and their minions not only allow this, it's a
major racket. How else do you think investors have shares available? Because all of our homes have been bundled into securities.
Frankly, let's not demand that the current regulators do their jobs. Let's take that authority and privilege
away from them before we're all ruined.
None of these Mortgage companies have paid a dime in back taxes for the mortgage
loans they stole and the money they stole.
The IRS looks the other way, until it's our turn. All of the individuals in these regulatory agencies whose
names are attached to these exemptions, consent decrees and bailouts, should be in
prison. We will continue uprooting evidence of fraud until they are. Join us. Get down to the
county and check your records. You'll be shocked at what you find!
Phony Trust Deed Scam Uncovered : 10 Southland Homeowners' Rights to Property Clouded
At least 10 Los Angeles and Orange County homeowners have been victimized in what authorities say is a recurring Southland scheme involving phony trust deeds that cloud their rights of property ownership, making it impossible for them to sell or borrow against their property. The 10 forged trust deeds purport to document $219,000 in equity loans, but the loans were never made. Authorities say the deeds probably were sold at a discount by the forger to unwary investors who thought they were purchasing real loan securities.
The false deeds are causing major headaches for the victims, who must spend thousands of dollars and months of their time in a complicated legal procedure to regain clear title to their properties. Because they were recorded as part of county property records, the phony deeds are considered evidence of liens against the properties. The forged deeds, the latest in a continuing series of such scams, underscore the ease with which false documents can be filed. Several of the victims said they favor reviving a dormant campaign to reform the state's property records system. Forged trust deeds crop up regularly, according to officials at the Orange County recorder's office and at title insurance companies. And because of the huge volume of property transactions, steadily inflating property values and the acceptance of trust deeds as a marketable commodity, California is a favorite target of confidence artists who use bogus trust deeds as collateral for other loans or sell them to investors, said Jack Reed, publisher of Real Estate Investors Monthly, an investment newsletter. Property owners, as Tustin resident Wayne Overbeck discovered, have no real protection against fraudulent trust deeds because state law does not require notification of owners when the documents are filed. Overbeck, an attorney who teaches communications law at Cal State Fullerton, discovered that he was a deed scam victim when he received a letter late last month urging him to refinance the loan on his home in Manhattan Beach because interest rates were low. "I don't know what made me open the envelope and read the letter," he said. "I usually just throw that kind of mail away. But I'm glad I looked at this one." The property in question is the home in which Overbeck's mother has lived for 32 years. She deeded the property to Overbeck several years ago when he took over management of her financial affairs. While the solicitation from the mortgage firm referred to a loan on the property, Overbeck knew that the mortgage had been paid off nearly two decades ago and that the property was unencumbered.
file:///Users/mary/Downloads/Phony%20Trust%20Deed%20Scam%20Uncovered%20%20%2010%20Southland%20Homeowners'%20Rights%20to%20Property%20Clouded%20-%20Los%20Angeles%20Times.html
For University of California Basketball Coach Mike Montgomery, once wasn't enough!
Mortgage companies are destroying Promissory Notes in order to cover up mortgage fraud(below).
It's good that some writers are taking Cal Coach Mike Montgomery to task for "pushing" a player, if that's indeed
what it was. I've seen security personnel and cops use on protesters and demonstrators, a very
similar chest thump.
The look on his face, from this observer's vantage point, was one of absolute rage! Unfortunately, the push was but
one of two. When sending what appears to be the same player back into the game, Montgomery pushed him in the
back.
Coach Mike Montgomery than brazenly and arrogantly assured us all that pushing of shoving the
p;layer, "worked". He said he'd "do it
again'. Does that not mean his actions were premeditated. I wonder why? Because coaches feel free to abuse Black Ahletes, the same
way that Whites abused Blacks during Slavery and during the highest point of Jim Crow.
Many "writers" and talk show hosts are downplaying Montgomery's rant, saying that it worked. As long as what he
does gets the player to perform better, then whatever he does short of injuring he or she is fine.
Not only that, but Cal's Athletic Director comes across as if she has the power to rule, to decide
that Montgomery won't be disciplined. So did the Superintendent in Brentwood, who downplayed
the actions of a teacher who kicked a student! That student was disabled. This student of Call,
was Black.
The AD is just as arrogant and disrepectful as the coach she oversees.
Some reportersd would have us believe that the family of the player can't and wo't file criminal
charges against Montgomery. I would do it, if I didn't try to kick his ass first.
For the knuckelheads who cheer Montgomery's actions, they should take away your column, article, or broadcast
show. You're dangerous, cynical, and I think, racist! You're thinking of Blacks as if a heard of
livestock, young bucks who need "tough love" or hate, to round them into shape. Irresponsible, disrespectul overpaid, underskilled racists!
If Montgomery gets away with this, and the player continues to act as if a sniveling toadie, along with his family, it
could be worse, if worse already hasn't occurred.
####
Apologists are making excuses for University Of California Basketball Coach Mike Montgomery for "pushing' one of
his players. Are you surprised? I'm not. They know his actions are indefensible, so they accuse anyone who
complains of assault and battery being committed by Montgomery as "overblown".
What's underblown is their characterization of the incident as
if it were necessary to get the player in line. It's good these assholes don't decide what actually amounts to assault
and battery. They tell us that a little push isn't either assault or battery, that they player was taking one for the
team.
I ask you: What if that player had retaliated and kicked Montgomery's ass, as former Warrior Latrelle Sprewell was
accused of doing.
Montgomery would have had no retort, for it would have been self defense. In case you don't know what is assault
and battery, this legal definition might help:
" assault is any unlawful attempt or offer with force or violence to do bodily harm to another, whether from ill will or extreme carelessness; for example, by striking at or holding up the fist at a person in a threatening or insulting manner, or with other circumstances that evidence an intention, coupled with a present ability, of actual violence against the person, such as by pointing a weapon at him when he is within reach of it. When the injury is actually inflicted, it amounts to a battery. Assault and battery is the combination of the crimes of threat (assault) and actual beating (battery). An assault is: An unlawful attempt, coupled with apparent ability, to commit a violent injury on the person of another; or An intentional, unlawful threat by word or act to do violence to the person of another, coupled with an apparent ability to do so, and doing some act which creates a well-founded fear in such other person that such violence is imminent. A battery is any: Willful and unlawful use of force or violence upon the person of another; or Actual, intentional and unlawful touching or striking of another person against the will of the other; or Unlawfully and intentionally causing bodily harm to an individual. Violent offenses are overwhelmingly committed by males. There are a number of factors that are analyzed in studying offender characteristics and different studies use different characteristics as the basis of the study. Such characteristics include, among others, age, race, gender, location, parental involvement, education, past criminal history, drug/alcohol use, and mental illness".
What makes it easy to defend a coach against prosecution for assault and battery is if the coach is White and the player is Black.
How many White players do you think Mike Montgomery ever has pushed or assauted? I would wager none. But
Black Players get abused all the time.
That's when you get this moronic cavalcade of excuses that amount to nothing more than racist
horseshit.
The family of that student has at least a year to bring charges. What if they do? Do you think he
could go to jail? Hell
yes, and no number of excuses will protect him; nor will his Athletic Director be able to clear him.
If this were my son, I would be after his ass. And don't tell me, anyone knows why the coach did this. Maybe he
doesn't like the player.
Maybe he's anti-Black. How does anyone know what he's thinking.
To say it's different, because it is not in a normal clasroom. Sheep
dip. He's a student, that has to maintain a qualifying grade point average.
Keep making excuses, morons, because you're going to cause many coaches to do worse. Then you'll excuse that
too.
Promissory Notes are "not recordable". But Deeds of Trust are Recordable. I went down to the Clerk-Recorder's
Office in Martinez last week, to record our Promissory Note and was told that it was not
recordable. Why is that, I wondered.
Well, upon further investigation, I Learned that because it is a Negotiatlve Instrument, the same as a check, cash, an Allonge
Note or a Promissory Note is "not recordable".
The reasoning is simple. No Promissory Note on Record, so it can't be traced. The Note is the basis for reporting
income accrued from closing a first loan or a loan that has been refinanced.
The money earned by the seller is required to be reported
to the Internal Revenue Service.
But the original notes are being destroyed or hidden, so the Internal Revenue Service will have no record of
the refinancing or a new loan.
Thus, it will not be reported. But don't think the IRS officials don't know this. They're head over heels
involved with this rampant fraud.
Further, the so-callled buyer doesn't have to prove ownership, since all he needs is a Deed of Trust.
But if you do research, you will find that the Deed of Trust is a fraud, and not the original either.
County officials, Federal officials and State officials all know this and are
completely drenched in mortgage fraud.
The Treasury, The Courts, Mortgage Companies and Regulators strive to make all of us Renters! Wake up and watch the thieves and their supporters!
Issuing a court ordered approval of an auction sale does not render the process legal, nor exclude the presiding justice from accountability. Using an Unlawful Detainer trial to foreclose upon a homeowner is akin to utilizing
Traffic Courts to try Murder cases. True owners don't need to hide behind the notion that they're evicting what amounts to a renter, when in fact it is likey they're stealing a home from owners who have lived in the home and paid the mortgage long enough to own it; and let's not forget that these foreclosed homes are the object of back taxes based on loans refinanced and income accrued by mortgage companies as a result of the transaction. If a Judge decides to subvert, circumvent or defy the rule of law, the mere drafting and signing of a court order does not make he or she, any less a fraud themselves.
All Regulators need to be replaced, prosecuted and jailed, if any mortgage loans were passed without
requiring the full payment of taxes, reporting of income, and proof of ownership. Any regulator who oversees
the confiscation of property by use of unlawful foreclosures, sales and transfers should go to jail immediately.
Fraudulent mortgage loan pretenders are filing into superior courts nationwide and using unlawful detainers to
steal homes and property from homeowners who have been making payments, refinancing and
paying exhorbitant fees in a futile effort to keep what already belongs to them.
Date of Hearing: May 3, 2011
ASSEMBLY COMMITTEE ON JUDICIARY
Mike Feuer, Chair AB 1321 (Wieckowski)
- As Introduced: February 18, 2011
As Proposed to be Amended SUBJECT : Mortgages and Deeds of Trust: Recordation KEY ISSUES : 1)Should all assignments of a mortgage or deed of trust be recorded within 30 days of execution of the assignment? 2)Should a mortgagee, trustee, or beneficiary be prohibited from filing a notice of default until 45 days after it has recorded a mortgage, deed of trust, or assignment? FISCAL EFFECT : As currently in print this bill is keyed non-fiscal.
The California Labor Federation (CLF) claims that one of the most serious and systematic "failures of the foreclosure crisis has been the lack of accurate, public documents to establish title." CLF argues that the required recordings under this measure will "help consumers discover who owns their debt, potentially modify their loans with access to documentation, clean up the recording mess, and help prevent future robo-signing and servicing issues." CLF concludes that this is "a modest, but important measure to help end loan servicing abuses and promote transparency in the mortgage market." A broad coalition of religious, community, civil rights, and labor organizations support this bill because it will address problems created by questionable practices of securitizing, packaging, selling, and re-selling mortgages. This system, these supporters contend, creates a system that allowed banks, lenders, and investors to evade requirements to record mortgage ownership documents and pay fees for doing so. This practice, the supporters argue, "often Ýmakes it] impossible to determine who actually owns the mortgage note and has the authority to foreclose.
Frauds are using Unlawful Detainers to oust people from their homes by their being required to answer an Unlawful
Detainer Notice within five days. That is nothing but fraud, folks, and the justices who go along
with this are guilty of gross misconduct, fraud, and accessories to money laundering,
concealment and income tax evasion.
"There are district attorneys and United States attorneys out there every day squeezing ordinary citizens on sometimes very thin grounds and taking them to trial in order to make an example, as they put it. I'm really concerned that 'too big to fail' has become 'too big for trial,'" Warren said. A Warren constituent, open-Internet activist Aaron Swartz, recently committed suicide after being hounded by federal prosecutors who reportedly said they wanted to "make an example" of him. Warren had met and said she admired Swartz and, after he died, expressed her concern by attending his memorial in Washington".
Elizabeth Warren may be a breath of fresh air among the rotten stinch of foul "legislators, prosecutors and court justices,
but it is clear that she toes the line alone. The Dianne Feinsteins and Nancy Pelosi's of the world, along with all those
nasty Republican legislators, are nothing but deadweight to us, and a floating vessel of
fraud assistance for these unethical mortgage companies.
She'll get support from websites like this, for what that's worth.
With a President like Barack Obama, and George W. Bush, not to mention Bill Clinton,
homeowners have been robbed, cheated and bilked of their pensions, assets, homes and
self-respect. Hail the entrance of Elizabeth Warren:
By Alexander Reed Kelly
If banking industry lobbyists hadn’t helped block Elizabeth Warren’s nomination to head the Consumer Financial Protection Bureau in 2011, she wouldn’t have become a senator who exposed and shamed regulators for failing to prosecute the banks responsible for the 2008 financial crisis. After assuming office just a month and a half ago, Warren joined the chamber’s Democrat-dominated Committee on Banking, Housing and Urban Affairs. Newcomers to the Senate are traditionally expected to remain quiet, leaving it to senior members to lead hearings and investigations. But the resignation of fellow Massachusetts Sen. John Kerry last month left Warren as the senior representative of her state, giving her the leverage to do just what she wanted. At her first hearing on banking regulation Thursday, Warren interrogated officials whose job it is to oversee and regulate the nation’s finance industry. She had a simple question for them: When was the last time you took a Wall Street bank to trial? Thomas Curry, head of the Office of the Comptroller of the Currency, was the first to attempt an answer. “We do not have to bring people to trial,” Curry mumbled. “The primary motive for our enforcement actions,” he said, “is really to identify the problem and then demand a solution to it on an ongoing basis.” This mushy, technocratic language is the means by which officials wiggle their way out of answering tough, straightforward questions. To much of the public, the speaker appears serious and genuinely concerned because the common person doesn’t understand what the official said. The effect is magnified if the official drones on. Advertisement Warren cut Curry off after 20 seconds.
Meanwhile, we've got cases such as that of my spouse and I, in which we have maintained this property for 24 years,
making full payment for 20 of them, and refinancing five times; not to mention two loan modifications approved by
two fraudulent servicers who have no authority to approve them.
But none of that seems to matter if a "defendant" in an unlawful detainer suit doesn't answer
the notice within five days.
Your New Landlord Works on Wall Street
Hedge funds are snatching up rental homes at an alarming rate
BY DAVID DAYEN
"If you’ve signed a lease in the past year, there’s a good chance your landlord wears a tailored suit and works on Wall Street. One of the hottest trends in the financial sector is known as “REO-to-rental.” Over the past couple years, hedge funds, private equity firms and the biggest banks have raised massive amounts of capital to buy distressed or foreclosed single-family homes, often in bulk, at bargain prices. Their strategy is to convert them to rental units for a while before reselling them when prices appreciate. The Wall Street firms are scooping up properties in the hardest-hit areas, promising high returns for the rental revenue streams—up to 10 percent annually —and starting bidding wars that have driven up some prices well above national averages. It’s the next Wall Street gold rush, with all the warning signs of a renewed speculative bubble. The investment market for REO, which stands for real estate-owned properties (i.e. owned by the bank, typically after a foreclosure), really heated up in 2011. In that year, according to Wall Street analyst Graham Fisher & Co., investors made 27 percent of all home purchases, a number right in line with the housing bubble years of 2004 and 2005. Numbers for 2012 have not yet been released, but indications show it accelerated, particularly in areas with the highest foreclosure rates. Hedge funds and private equity firms seek out foreclosed properties at public auctions, or purchase them through short sales, where a bank agrees to let an underwater buyer sell the home for less than the balance of his or her mortgage. The cheap, often damaged homes usually cost between $100,000 and $150,000, and the investors pay in cash.
They routinely promise their backers annual returns from the rental revenue income of anywhere between 6-10 percent, and they typically offer a share of the profits when they eventually flip the homes. According to a recent JPMorgan Chase report, Wall Street has already raised or committed as much as $10 billion for REO-to-rental, enough to purchase 15 percent of all bank-owned homes. The hedge fund Blackstone, a market leader with at least $2.7 billion in purchases already, announced in November the intention to buy $100 million worth of homes every week, with $1 billion in homes just in the Tampa Bay area. JPMorgan Chase recently put money from wealthy clients into the purchase of 5,000 single-family homes for rent in Arizona, California, Nevada and Florida, the so-called “sand states” which saw the greatest collapse during the foreclosure crisis.
One study from the Urban Strategies Council showed that 42 percent of all homes that fell into foreclosure in Oakland, California between 2007 and 2011 have gone to investors. “Anybody here in Florida can see the rental signs; they’re everywhere,” said Michael Olenick, a housing data analyst based in the West Palm Beach area. Government policy has helped this along: Mortgage giants Fannie Mae and Freddie Mac have pilot programs to sell their foreclosed properties for rental conversion in bulk. But these programs have proven slow and unwieldy, so Wall Street firms have made the lion’s share of the purchases directly. And they have all begun to compete with one another for the rapidly dwindling inventory. “It’s hard to find a private equity firm on the planet that doesn’t have a strategy in this space,” said Gary Beasley in January at a conference of the American Securitization Forum. Beasley is chief executive of the Oakland, California-based Waypoint Homes, an early adopter of REO-to-rental, purchasing thousands of single-family homes since 2011".
http://www.newrepublic.com/article/112395/wall-street-hedge-funds-buy-rental-properties#
Frankly, these notices used to evict homeowners are done because the thieves who are filing them can't prove ownership and
expect that they won't have to prove it. In our case, they will, because we are tracing our mortgage note and deed
of trust back to the day we bought the property on February 01, 1989.
We've got bankers, servicers and "trustees" that are too big to jail, too big to fail, and too big to prosecute.
Regulators are too little and too corrupt to do their jobs, They're ruining us.
We need to change this:
MATT TAIBBI FEBRUARY 14, 2013 8:00 AM ET The deal was announced quietly, just before the holidays, almost like the government was hoping people were too busy hanging stockings by the fireplace to notice. Flooring politicians, lawyers and investigators all over the world, the U.S. Justice Department granted a total walk to executives of the British-based bank HSBC for the largest drug-and-terrorism money-laundering case ever. Yes, they issued a fine – $1.9 billion, or about five weeks' profit – but they didn't extract so much as one dollar or one day in jail from any individual, despite a decade of stupefying abuses. People may have outrage fatigue about Wall Street, and more stories about billionaire greedheads getting away with more stealing often cease to amaze. But the HSBC case went miles beyond the usual paper-pushing, keypad-punching sort-of crime, committed by geeks in ties, normally associated with Wall Street. In this case, the bank literally got away with murder – well, aiding and abetting it, anyway. Daily Beast: HSBC Report Should Result in Prosecutions, Not Just Fines, Say Critics For at least half a decade, the storied British colonial banking power helped to wash hundreds of millions of dollars for drug mobs, including Mexico's Sinaloa drug cartel, suspected in tens of thousands of murders just in the past 10 years – people so totally evil, jokes former New York Attorney General Eliot Spitzer, that "they make the guys on Wall Street look good." The bank also moved money for organizations linked to Al Qaeda and Hezbollah, and for Russian gangsters; helped countries like Iran, the Sudan and North Korea evade sanctions; and, in between helping murderers and terrorists and rogue states, aided countless common tax cheats in hiding their cash. "They violated every goddamn law in the book," says Jack Blum, an attorney and former Senate investigator who headed a major bribery investigation against Lockheed in the 1970s that led to the passage of the Foreign Corrupt Practices Act. "They took every imaginable form of illegal and illicit business."
From this great man.....who warned us of what we're facing. It gets worse by the second. We have few who confront, but many who are subservient, others who act without fear of reprisal, others who seek to stir the pot for the sake of profit
Did the US Government and its military produce a cartoon film of the Hiroshima Bombing to poke
fun or to minimize the devastating impact? Decide for yourself (see below).
Birds of a feather.......!
Watch out! Somebody better rein in and muzzle Bill Romanowski, or some Black Athlete could
get seriously injured....or worse:
He's already hit one Black teammate, spit on another, and now, he's screaming at Randy Moss on National TV with
fellow "panelists" egging him on.
Remember J. J. Stokes. Romanowski spit on him during a game between the San Francisco
Forty-Niners and the Denver Broncos.
Then came Marcus Williams, Romanowski's "teammate". Don't know what happened, so I'll refer back.
Expensive Punch
An Alameda County (Calif.) jury ordered Bill Romanowski to pay former Raiders teammate Marcus Williams $340,000 in damages March 22, 2005 for punching the tight end in the face during a 2003 preseason practice drill. The jury awarded Williams $300,000 in lost salary for the 2003 season and $40,000 in medical expenses. The verdict came after two days of deliberations in Alameda Superior Court in Oakland. Two months after the trial ended, the two sides reportedly announced May 27 that Romanowski agreed to pay Williams $415,000 to resolve the litigation. Williams, 27, had been seeking $3.8 million in damages for the Aug. 24, 2003 attack — claiming Romanowski’s punch broke Williams’ left eye socket, shortened his memory, gave him double vision and ended his NFL playing career after less than two seasons. “We are very pleased with the verdict because it establishes that there are limits to the violence in football,” Williams’ attorney, James Brosnahan, told reporters. The jury of six men and six women found Romanowski (right) committed battery on Williams, but said the former linebacker did not intentionally inflict emotional distress. During the three-week trial, former Raiders coach Bill Callahan told jurors in a videotaped testimony that Williams was on the verge of being cut when the incident occurred. An economist testified that Williams' financial losses ranged between $1.6 million and $8.7 million, depending on his longevity as an NFL player. “If Marcus Williams came to us a year and a half ago and said write us a check for $340,000, we would have done it in a heartbeat,” Romanowski’s attorney, Jeffrey Springer, told reporters. Williams told reporters that his objective in the civil suit wasn’t about money. Instead, the former Washington State star wanted to send a message to the NFL that Romanowski's actions went beyond an acceptable code of conduct. more.....
Now, the target is Randy Moss, who created the Cardinal Sin. A Black Man Bragging. God Forbid! Randy Moss had
the unmitigated gall to call himself, "the best" wide receiver ever to play the game. How dare he? Who does that
nigger think he is Emmett Till?
Randy Moss didn't use up his valuable time-out provisions; Randy Moss didn't give up 34 points. Randy Moss called
no plays as far as I know, even the ones that worked. No, it was not Randy Moss who went frady
cat near the end of the first half and at the beginning of the game.
It's Jim Harbaugh, Gregg Roman and Vick Fangio, who led this chorus of misplays.
So along comes the Super Bowl, and how Jim Harbaugh and his gang of keystone cops
(on this day at least) put it all on the shoulders of a young quarterback with about 10 games
experience. But of course, it was not their fault. It was Randy Moss who
cost the forty-niners the game. I wonder would he have a mutilated eye right now if Moss was close to him:
Who's next? Eric Davis? On Comcast Sports Net, where all these nigger haters nest, the host
eggs on the "guest". Anytime you don't like a Black Man, or woman, call on a hit man like This one.
Remember, or if you don''t recall or happened not to see it, on a "Chronicle Live" segment, Davis
called Romanowski, "an idiot", right to his face! I'm surprised nothing happened.
But this guy isn't on comcast and national TV for his good behavior. He's a loose cannon, and that's what
Comcast wants, a hitman to "go off" on Blacks they don't like.
By the way, I hear the word, "Jerk" attributed to Moss, Terrell Owens and Barry Bonds.
Do you suppose that's a euphemism for "nigger"?
You also need a bumbling whiner like 'Dwight Clark, a rebel who sat quietly by when
Blacks were lynched back south.
The fact that he "agrees" with the incredible hulk is no surprise. Racists back each other.
Rebel Clark, who caught little else after, "the catch", since Jerry Rice and John Taylor ran
him off the field. Let's not forget Rochester, Uncle Remus......er....Dennis Brown, former
Forty-niner, sitting therir grinning from ear to ear, just waiting for Romanowski to come
for Randy.
If a lynching is aimed at Black Athletes, anything goes. People all over Asia kill, cook and eat dogs. But who
gets conviced and lynched in public?
You guessed it, Michael Vick, A Black Man, Poster Child for racist "animal rights" advocates.
Interesting, since they probably consider us animals as well! Just ask Latrelle Sprewell.
We don't want to start listing the Black Athletes who've been subject to this vitriol forever,
while other Black athletes cower in silence.
But sooner than later, we're going to have a melee, just the same as on the Television program of Geraldo Rivera,
years back, when a chair, thrown by a guest, missed it's target and flattened Rivera's nose.
If that happens on comcast, it will be well deserved. Keep it up, comcast, irresponsible press and media.
Ask for trouble, and it usually obliges.
Today, we can't tell news, from gossip and wives tales. Phooey!
Please, let's give Uncle Remus the credit he justly is due. Dennis Brown, who can't decide
whether Colin Kaepernick deserves to start for the forty-niners, but quickly jumps on board against another
Black Man.
He's no better than the Blacks who sat by and allowed Emmett Till to be lynched.
Congratulations, Uncle Remus! You've earned it. I'll be watching to
see your next treacherous nonmove and report it.
You might ask how Blacks in the South dealt with terrorism by the world's greatest terrorists.
White Southerners. Al Quaida nor Hitler could match them Not today either. I can't speak for Blacks in
general; too many try doing that and sound miserable doing it as far as I am concerned.
For me, it was singing, dancing, comedy and athletics. Since we couldn't retaliate, dancing, singing and
playing sandlot sports were the only pastimes we were allowed without seeming a threat to whites. So,
that's what we did. It's how the North acquired so much Black talent doing the great migration. It's how
they got groups to perform.....such as the Whispers. They grew up in Los Angeles, I read, but I'll bet you
their parents did not grow up north of the mason-dixon line. The beat goes on:
Some matters we cannot divert, avoid, or dance around them. At least, not this nigger. I
have to meet them head on. It comes such a time, all the time. If I've got to be humble, then
you're all going to have similar moments. I plan to see to it. Sure as shooting, although I have
never owned a weapon, and don't ever plan to own one, so it's nothing more than an ole southern
sayin. I'm just sayin'! Ugliness occurs, and I ain't a duckin it boss! Nawsuh, cause ifn dey ass me
who don it, I never knowed nuttin evah.! Das what de man said, dat's what he said....he said dat!
Whites against whites!
What do Homeowners and Sharecroppers have in come?
Both are treated like renters. Neither ever may own the property they manage. Mortgage Companies are as Plantation owners who couldn't prove ownership, Dixiecrats were slave owners, and subsequently, overseers of sharecropping tenants. Today, borrowers have no promissory note. Back then, sharecroppers neither had lease nor mortgage note.
Answer: It is important to remember that the Civil War was not about freeing the slaves and how immoral it was to keep another man, woman or child inferior to another man, woman or child it was about the economy and what was best for the North - no slavery- was not good for the south - who was going to harvest all of those acres of land if there weren't any slaves?- After the Civil War the African American people did one of two things decided to migrate to the North, where hostility towards African Americans was less or stay in the South because that was all they knew. There was a new method of slavery that was called sharecropping. Basically the old land owners would rent land to the former slaves and the slaves would have to pay back with 95% or more of whatever they made. Obviously this would not be enough for anyone to be able to survive on and thus a new method of suppressing African Americans was created. In the North the former slaves tried looking for work. Men would try to work in the factories and women would try to work as maids. Most of them indoctrinated their children on how important it was (and arguably still is) to have an education to help them become well educated people in the future. Other ways in which they were affected after the civil war was by segregation and the Jim Crow laws that soon followed to further suppress blacks in the South. These laws were all abolished in the 1960s with the passage of the Civil Rights Act and
http://wiki.answers.com/Q/How_did_the_civil_war_affect_african-american_lives
Make no mistake: The process of evicting homeowners by using an unlawful detainer is deplorable, forgery and pure
unadulterated fraud, perpetuated by every regulator, judge, jury or Internal Revenue Service Representative who sit by on their sorry asses and allow this travesty of justice to happen. Why is an "Unlawful Detainer", unlawful? Because itcompels the homeowner to answer questions that are written for tenants; renters who don't own a damn asset. Homeowners have even fewer days than actual renters to answer a complaint for eviction, as the courts, the federal government, the states and localities all are bitten by the fraudulent "unlawful" detainer bug. Why else do they call it "unlawful detainer". Read the notice. It has nothing on the pages, nor any boxes to check that recognizes mortgage lenders versus renters. Instead, it's Landord versus tenant. Borrowers nor homeownwers can be substituted for tenants, folks. It's fraud. Don't fall for this money laundering document!
Mortgage lenders don't discriminate. White "homeowners are treated as renters, too. The vaunted, fraudulent paper scam called the "unlawful Detainer" is used illegally, and in the highest and most grotesque model of mortgage fraud, evicts homeowners as renters, anduses this unfair piece of shit to force you out of your home. Judges who endorse this forgery are nothing more than fraud themselves and should be sentenced to life imprisonment for my money. Wither sharecropper or borrower, you're nothing more than a renter!
Blackl Sharecroppers Homeowners White Sharecroppers*Homeowners)
Answer: It is important to remember that the Civil War was not about freeing the slaves and how immoral it was to keep another man, woman or child inferior to another man, woman or child it was about the economy and what was best for the North - no slavery- was not good for the south - who was going to harvest all of those acres of land if there weren't any slaves?- After the Civil War the African American people did one of two things decided to migrate to the North, where hostility towards African Americans was less or stay in the South because that was all they knew. There was a new method of slavery that was called sharecropping. Basically the old land owners would rent land to the former slaves and the slaves would have to pay back with 95% or more of whatever they made. Obviously this would not be enough for anyone to be able to survive on and thus a new method of suppressing African Americans was created. In the North the former slaves tried looking for work. Men would try to work in the factories and women would try to work as maids. Most of them indoctrinated their children on how important it was (and arguably still is) to have an education to help them become well educated people in the future. Other ways in which they were affected after the civil war was by segregation and the Jim Crow laws that soon followed to further suppress blacks in the South. These laws were all abolished in the 1960s with the passage of the Civil Rights Act and
Be forewarned. Don't get cozy Black Folks, you'll be next if you stand by and allow financial, real estate and mortgage criminals torch your quality of life
Much of which comes from keeping quiet, remaining ridiculously humble, and perservering to be "mainstream",
drawing no attention to you.
Well, if you are bound to be a slave or a sharecropper, which in many ways, we all are as Blacks,
you're it! Emmett Till made the big mistake. He counted on friends and relatives to have his back
when he went to Money, Mississippi to visit family on the plantation.
Anyone who grew up in the south during Jim Crow; they know that Blacks don't have
each other's back.
That's how Till
was the victim of kill. Right now, the way we're being stopped and frisked, racially profiled
and screwed by Mortgqge Lenders, Pension thieves and all levels of govermment, we are
no better off. We're being treated as if slaves....sharecroppers,
as lynchpins:
"Well, what else could we do? He was hopeless. I'm no bully; I never hurt a nigger in my life. I like niggers—in their place—I know how to work 'em. But I just decided it was time a few people got put on notice. As long as I live and can do anything about it, niggers are gonna stay in their place. Niggers ain't gonna vote where I live. If they did, they'd control the government. They ain't gonna go to school with my kids. And when a nigger gets close to mentioning sex with a white woman, he's tired o' livin'. I'm likely to kill him. Me and my folks fought for this country, and we got some rights. I stood there in that shed and listened to that nigger throw that poison at me, and I just made up my mind. 'Chicago boy,' I said, 'I'm tired of 'em sending your kind down here to stir up trouble. Goddam you, I'm going to make an example of you—just so everybody can know how me and my folks stand.'
J. W. Milam, Look magazine, 1956[12]
J.W. Milan Bryant Grant After a Racist Jury "Acquitted them" of the murder they committed.
When Roy Bryant, the husband of the woman from the store, returned to Money from his truck driving job, he and his half-brother J.W. Milan, 6' 2'' and weighing 235 lbs, drove over to Uncle Wright's house armed with pistols. They took “the boy” from his uncle and disappeared with Emmett into the night. The two men beat, pistol-whipped and tortured Emmett over the course of several hours. They finally shot him in the head. The men dumped Emmett in the Tallahatchie River with a 75-pound gin fan secured with barbed wire around his neck. Emmett's body was found in the river by some boys who were fishing. There was a rush to bury Emmett and hide the spectacle of his tortured body. But his mother, Mamie Till, transported her son's remains to Chicago. She held an open-casket funeral so the world could see her son's mutilated, bloated body.
"In the early morning hours—between 2:00 am and 3:30 am—on Sunday, August 28, 1955, Roy Bryant, Milam, and another man (who may have been black) drove to Mose Wright's house. Milam was armed with a pistol and a flashlight. He asked Wright if he had three boys in the house from Chicago. Till shared a bed with another cousin; there were eight people in the small two-bedroom cabin. Milam asked Wright to take them to "the nigger who did the talking". When they asked Till if it was him, he replied, "Yeah", for which they threatened to shoot him and told him to get dressed.[12][30] The men threatened to kill Wright if he reported what he had seen. Till's great-aunt offered the men money, but they did not respond. They put Till in the back of a pickup truck and drove to a barn at the Clint Shurden Plantation in Drew. Till was pistol-whipped and placed in the bed of the pickup truck again and covered with a tarpaulin. Throughout the course of the night, Bryant, Milam, and witnesses recall them being in several locations with Till. According to some witnesses, they took Till to a shed behind Milam's home in the nearby town of Glendora where they beat him again and tried to decide what to do. Witnesses recall between two and four white men and two and four black men who were either in or surrounding the pickup truck where Till was seated. Others passed by Milam's shed to the sounds of someone being beaten. Accounts differ as to when Till was shot; either in Milam's shed or by the Tallahatchie River. He was driven to Bryant's store where several people noticed blood pooling in the truck bed. Bryant explained he killed a deer, and in one instance showed the body to a black man who questioned him, saying "that's what happens to smart niggers".[31] read the rest....
Till's mother insisted on an open casket funeral.Images of Till's body, printed in The Chicago Defender and Jet magazine, made international news and directed attention to the rights of the blacks in the U.S. SouthFar right above: Ernest Withers defied the judge's orders prohibiting photography during the trial to document Mose Wright standing to identify . W. Milam, which "signified intimidation of Delta blacks was no longer as effective as the past"[61] and Wright had "crossed a line that no one could remember a black man ever crossing in Mississippi".[62]
Above Right: The remains of Bryant's Grocery and Meat Market as it appeared in 2009
Emmett Till in a photograph taken by his mother on Christmas Day 1954, about eight months before his murder. Scholars state that when the photo ran in the Jackson Daily News Emmett Till and his mother were given "a profound pathos in the flattering photograph" and that the photograph "humanized the Tills".[1]
The Executive, Judicial, and Legilsative Branches are like a
vehicle without steering wheel or without brakes. The gas pedal
is on full throttle, headed directly for a facial collision.
Who's going to suffer from this rampant criminal process. You, ole buddy, fancy gal. You're so trusting of the
politicians and legislators minding the economic, financial and legislative store, that
you've missed the fact that the engine is running without restraint, and the pedal is all the
way to the metal.
Whenever one of these so-called legal or financial experts tell you that none of us can do
a thing to stop or slow
inside trading, mortgage and pension fraud, you take their word, as if they may be trusted.
Insane, moronic, lacking in cerebral potential.
In other words, puppets, guinea pigs, slaves, prisoners.....taxpayers, debtors, homeowners,
employees.
Yet, this same group in this population continues to acquiesce, worship, idolize, trust and praise criminals; refusing
to consider the fact that you don't have to leave just because the sheriff shows up with an unlawful detainer. He or shee needs
a court order to evict a homeowner.
Meanwhile, you bonebrains drool and dream while these politicans and "regulators" allow
mortgage and pension fraud
criminals join with inside traders to rip us off. They should go to jail for such action, and
they must. Those who excuse them should go right along with them.
"We Watch Now As Funds Get Vaporized Bob Chapman The International Forecaster February 27, 2009 Since 1997, real inflation, as opposed to ridiculously understated official inflation, has raged at a minimum of 8% annually, and has soared as high as 14-16%. This means that you have lost a minimum of two thirds of your 1997 purchasing power. So, if you invested $10,000 in the Dow components in 1997, not only would you have no gain whatsoever, you would have losses on the stocks which were dropped from the index due to poor performance and, in addition, to add insult to injury, your purchasing power has been reduced from $10,000 to approximately $3,000 in terms of 1997 dollars. In other words, that $10,000 you invested in 1997 will today only buy what $3,000 would have bought in 1997. more
Meanwhile, we read about members of congress, trading on stock that is the result of confidential information, but
that while it is unethical, this practice of money laundering is "perfectly legal".
Nothing is "perfectly" legal.
That adjective is used to persuade us that what isn't legal is.
The laws didn't change; they still require arrests, charges, prosecution, conviction
and sentencing of these fraudulent pigs. The problem is that the regulators can't move on them
because they're in the same
pile of shit as their would-be regulatory targets.
Sleep with a pig, soon you'll be saying, "oink", when someone asks "why"?
I get bloggers who also give you all this hogwash about mortgage notes, loans, rates of interest
and mortgage lenders.
It's all nothing but pure, unadulterated fraud. Mortgage notes, promissory notes, allonge notes,
all are tools and documents of mortgage and pension fraud:
Invisible Hands Unrestrained
“Mother” of All Bank Frauds Shocks and Awes Regulators, As LIBOR Victims Seek Justice
By Jeffrey R. McCord of The Investor Advocate
August 28, 2012
Many wonder why Federal regulatory precincts are so quiet several weeks following discovery that the London Interbank Offered Rate (LIBOR), a key interest rate determining charges to and earnings by American borrowers, lenders, pension funds, retirees and consumers had been rigged for years to benefit a handful of the world’s largest banks. Experts estimate damages to the economy can be measured in multiples of trillions of dollars. Predictably, a relatively minor fine of $450 million – chump change in Jamie Dimon’s world – was levied by US and British regulators upon Barclays Bank, the most obvious of several likely perps in history’s biggest bank heist. Fortunately, the vigilant attorneys general of New York and Connecticut are issuing subpoenas to JPMorgan, Chase and Citigroup, among other banks too big to regulate federally. And, private class action lawsuits charging violations of securities and anti-trust laws have been launched. But, where are the expressions of horror and outrage, and other hot air emissions from the people’s elected representatives in Washington? We look in vain for a William Jennings Bryan, the Nebraska Congressman and 1896 presidential candidate who shouted at bankers: “You shall not crucify mankind on a cross of gold!” Time to Order Golden Crosses? Should middle-Americans use remaining credit on nearly maxed-out cards to buy life-sized gold-plated crosses at mall jewelry stores and report to their local mega-bank offices? Will bank “relationship managers” provide the nails, or will we need to pay for those as well?
The hits just keep coming, and you, as homeowner, taxpayer, debtor, borrower, customer or sucker, take your pick,
you're it. Taxes, tickets, moving violations, fees, penalties, pension rape, all are your parasites. It is we above, who
claim the pain, and try still to remain sane. Taint workin!
DAY, NOVEMBER 10,
2008 Rogue Traders at Public Pension Funds? Before I delve into my main topic, you might have noticed I changed the title of my last entry to better reflect the essence of the message I was trying to convey. I know pension fund managers are going to try finding refuge in alternative investments, but shoving billions of dollars in commercial real estate as we enter a global consumer recession is just ludicrous and it will ensure catastrophic losses. Of course, illiquid assets that compensate pension fund managers for taking undue risks using silly benchmarks may serve the purpose of senior managers, but not the beneficiaries of the pension plan. When I see various surveys about asset allocation, I am struck at how most pension funds have little understanding about proper asset allocation which includes alternative assets. They simply do not understand the correlations between alternative asset classes and traditional asset classes. Let's say you think public equities will underperform for the next ten years, why would you think that private equity will offer you past juicy premiums, or anything remotely close to the premiums that it offered you in the last bull market?"
Now we come to the "regulators". Or, should we say, matadors, swivel heads. They look the other way while we get robbed. Check that.
They help rob us, and then tax and penalize us for getting fleeced. Mortgage companies pay no taxes, get humongous tax
breaks, steal pension money, lie to terminated or retiring employees by telling them that the employer
suffered a huge loss and have no choice but to cut pensions and workers.
That's like stealing your car, wrecking it, and telling you they have no choice but to junk it at
your expense?
14 Jan 2013 at 6:33 PM
Regulators Close Aquarium Door Behind Escaped Whale
By Matt Levine
Once upon a time there was a whale, and he had a synthetic credit portfolio, and one day he did terrible terrible things with that synthetic credit portfolio, and the next day he woke up and realized he had lost $5.8 billion, and he was sad. The question for you is: was that a disaster? I think a sensible answer is: Well, for the whale, yes.1 For, like, the human race, nah.2 Having a sense of proportionality here is a good idea. For one trader, losing six billion dollars, give or take, really is in the far left tail of Worst Things You Can Do, and so the whale himself was fired in infamy, though an infamy mixed with a certain envy. For his direct manager and that manager’s manager, it is probably even worse, since failing to prevent your direct report’s $6 billion loss lacks the “wow-that-takes-balls” element of actually going out there and losing six billion dollars like a whale. So they were fired too. For the bank … meh. For the Second Bank of North-Central Indiana, I’m sure losing six billion dollars would be the sort of existential disaster that would require firing the CEO, tearing down the building, and salting the earth on which it stood, but there’s a reason this didn’t happen at the Second Bank of North-Central Indiana. It happened at JPMorgan. For which it wasn’t all that much of a disaster.3 What about for JPMorgan’s regulators? I go with, like, our financial system is still here, not really any the worse for wear, but others disagree, and regulators don’t have the same “well we were profitable for the quarter” defense that JPM had.4 And so today the Fed and OCC engaged in a well-lawyered barn-door-closing exercise, issuing consent orders to JPMorgan that basically say (1) you done fucked up, but (2) you fixed it, so (3) keep doing what you’re doing. Here is the Fed:
http://dealbreaker.com/2013/01/regulators-close-aquarium-door-behind-escaped-whale/
Do you know this man?
We all know this one!
President Barack Obama knows him, as they are partners in mortgage
and Pension crime!
January 19, 2013 Call: (800) 219-2359 U.S. Treasury takes money from pension funds to circumvent debt ceiling U.S. Treasury Secretary Timothy Geithner said Tuesday that the government has begun pulling money from the federal employee pension fun in order to keep the government operating, the Associated Press reported. The government reached its borrowing limit on the final day of 2012, and has been using bookkeeping methods and maneuvers to keep from surpassing it.
Some try to downplay this criminal act, such as one of the guest on this video.
He's not as alarmed as some, he says. Perhaps he's in bed with them.
Anyone who excuses this pilfering crime should be held with great disdain, and if in
conflict of interest, should be imprisosned!
Obama in many ways is a Bush Clone. Obama is continuing many of the citizen unfriendly,
criminal, decimating policies as his predecessor.
George W. Bush, who made his own legacy:
Puppet George W. Bush set the criminal table for Barack Obama. The Current Chief Presiding Officer is
passing on his and Bush's Legacy of lying, cheating and deceit, cloaked in the guise of a heroic fighter for
the justice of average citizens. Bunk. George W. Bush lives:
He lied about it then, and he lied about it later, just as in Mortgage bailouts and pension theft:
They staged murder and mayhem in order to distract homeowners and pension benefit plan participants from catching on to the disaster the criminals were cooking up!
If you are a "homeowner", and you are "paying off" a loan, join the club. You're a victim of the "got screwed" society.
We're being treated as renters, those of us who have taken out a mortgage, because the moeny we pay does not go to pay off the principal.
My colleagues, we are being taken to the cleaners by Barack Obama, the US Senate, Major Banks and Lending Institutions and the Internal
Revenue Service. Your loan is based on wholesale, comprehensive fraud, perpetrated and maintained by people who don't own your home.
This includes our so-called Government: You call this a government. These employees and officials are nothing more than transients who
move forward and back from public sector to private sector, acquiescing and in many cases in full support of some of the most gangsterized
mafia infested "Bankers" and "Regulators in History:
Have you read that the Big Banks not only had pondered suing the federal government for the fallout from the 700 billion dollar gift of
tax and mortgage money, but they're figuring to write off the money they were required to pay for "restituion? If Regulators, the Whitehouse
and Congress allow these Mafiosoes to write off their weak penalty for their dirty deeds, Obama should be impeached and run out of office;
Congress members who allow this should go to jail, after being impeached, along with Obama. Regulators should be charged with a capital
crime for negligence and indirect cause of many lives, liberties and pursuit of a finer quality of life. The notion of petitioning the citizenry to
put these guys in prison, is on the money.
What's more, any so-called media flak had better report the facts, and stop pretending or ignoring the criminal acts of this gang of thieves, or
we'll run them out of a job. We don't need corporate yes-men to spin the facts, and end up with fabrications and lies. Guillotine, Electric Chair,
Gas Chamber, the Hangman's Noose. We should keep this option close by.
These guys are more dangerous than the Natiomal Rifle Association.
This rampant raping of our economy and our market is unforgivable. The detractors literally ought to be tarred and
fethered, and tied to a log going down river.
THE MORTGAGE FRAUD PROCESS If you have your original closing mortgage documents available, you’ll be able to flip through them and see what the mortgage company has done to defraud you. The two main documents that I will be referencing will be the ?Note and the ?Deed of Trust (or Mortgage). The note is commonly referred to as a promissory note. However, it is not a traditional promissory note. The first thing that I’ll tell you is that at the end of this mortgage fraud/settlement process, which takes two to four months to complete (Faster if need be), based upon your individual circumstances, you will have free-and-clear title to your home. The reason I say that with confidence is because you are the rightful owner of your home. Look at your Deed of Trust; your name is on it. You’ve already paid for your house. It was paid for in full before you even signed the papers at escrow, and you didn’t even know it; nor was it disclosed to you. The Promissory Note The promissory note starts out referring to you as the Borrower. It talks about the borrower’s promise to pay.
Following those words, it says, “In return for a loan that I have received.” After that it says, “I promise to pay,” and then the exact dollar figure is listed. Then the Promissory Note mentions the installment payments and interest. Then the Note says, “In return for a loan that I have received.” Then a date is listed on that note. The question is: When you went to the title company or escrow office and signed all the documents for your mortgage, had you already received a “loan”? That’s an important question. The note that you signed says at the very top, “In return for a loan that I have received.” What this is telling you is that you received a loan sometime before the date that you signed the note. Let’s say that you signed the note on February 12, 2004. What the words, “In return for a loan that I have received,” really means that at some time before February 12, 2004, I received a loan. The fact is, you did not actually receive a loan before that date; matter of fact, you never received ANY kind of a loan at all…at any time! There was no loan received or provided you. This whole “loaning you money to buy a house” is a complete and total fraud. There never was a REAL loan… The fact is, you did not receive a loan before the date that you signed a note. You didn’t see a cashier’s check in the mail a few days before you went and signed these papers, did you? You didn’t get any kind of an electronic transfer into your checking account before you signed either! When we go to the title company and sign the mortgage documents, we see the words at the top of the note, “In return for a loan that I have received,” we might think, “I’ll sign this and after I sign it, I guess I have received a loan.” But that is not what the document says.
]
If there is ever a legal controversy concerning whether you actually received a loan prior to signing or assumed you received a loan at the time of the signing; which side will win, the side that argues their assumptions or the side that argues the “exact words” on the pages you signed? You know the answer to that. It’s the words on the document that will win. When we see a document that states, “In return for a loan that I have received,” and we know for a fact that no loan was received, something odd is going on. When it says, “have received” in the past tense, as though a past event has already occurred (by the date you’re signing the note), we know that it has a meaning. Everything in legal terms and legalese means something. The meaning of the words “have received” is that some event already happened. If you know that it didn’t happen, something is wrong. Somebody is not telling the truth. Who is not telling the truth? As you take a close look at the note, something very interesting is taking place. Did you know that YOU created that note? Did you know that you created the deed of trust? If you closely examine the wording on the note and the deed of trust, it will begin to make sense to you. It says, “I will do this. I will do that. In return for a loan that I have received, I promise to pay. I understand this. I will do this, etc…” as it proceeds through the note.
You realize that these are statements that they have printed out for you, but you are the one who is signing the documents, so it looks like you have produced and provided these statements to them. In signing these documents you assert that, “in return for a loan that I received”, it looks like they are tricking you into signing a statement that isn’t true. You might think, “Hey, they are making me sign a statement that isn’t true, it’s a lie.” By doing this, the bank is putting that lie that you’ve received a loan into your mouth. You are the one signing it and saying it, and that gives them the privilege to say, “The borrower says and agrees that they’ve received a loan, so we’ll proceed on the basis of what they said and signed to. They signed the papers saying they’ve received a loan. We’ll go ahead and behave as though they did receive it, and we’ll require them to make payments.” That is not a fair transaction when no loan was provided to you in the transaction. No money was actually provided to you as a loan. In return for not providing a loan to you, you have to pay the bank a payment every month for the next 30 years. But the seller got paid money right? Where did the money come from?
The administration of George W. Bush, with the "Chief Presiding Officer" aloof at a Texas Elementary School, and no
guards or aircraft on alert, sacrificed the lives of thousands in order to take your attention off mortgage and pension fraud.
Then, in order to seal the deal, the Bush Administration then created a major conflict by dreaming up weapons of mass destruction
in a forlorn country like Iraq. If you thought this was payback, not yet, but we know that we either have conspirators in the administration
or dimwits who are a walking time bomb.
Without a single shot, the Bush Administration, Donald Rumsfeld and Dick Cheney did to the country, as much
damage as did the Japanese Pilots who bombed Pearl Harbor. They were not trying to distract their nation from the
dirty deeds of the Japanese Emperor, or if they were, we see no evidence of it. But their attacks used weapons, while the
results were not even as decimating.
What the Bush Administration pulled off with 9/11 matches the bombing of Pearl Habor. The fact that it chose to delete thousands of its
own citizens, as sacrificial lambs, is in many ways, worse. More appalling than the atomic bombing of Hiroshima, although not as quantitative
or as devastating.
Regulators, Congress, the Courts, the Whitehouse....Keep it up, this is where you're headed
for rubber stamping mortgage and pension Fraud!
The United States Government was so guilt-ridden, worried about sleeping dogs not being left alone, that they decided to
present the bombing as a cartoon. Or, were they making a joke, a mockery of the loss of human life. Maybe they felt the
Japanese were inhuman. After all, they commonly did refer to them as, "Japs".
Homeowners, Borrowers, Middle Class, no matter your class, race, income or ethnicity, this meltdown of mortgage and
pension fraud is a tidal wave on its way to you if you don't wake up!
Almost every homeowner isn't a homeowner. She or he, or jointly, are nothing more than
Tenants. Perennial and infinite renters. We all are duped by the federal government and the Private
Industry, mostly banks, mortgage companies, corporations and Health Care Maintenance Organizations
are raping our pension plan benefits and buying mortgage backed securites and other stock in which we
are credited with no investment return.
We sign a so-called "Promissory Note" that gets turned into a security the minute its presented to us for signing. In fact,
your signature alone often is enough to find a buyer or investor, as long as they're convinced they'll make a big profit. These mortgages
are security for pension investors and some in the public and private industry with shared payment plans that allow them to delve into
this stock and bond market.
That means your home and mine must be seized in order to sell shares and to provide a return on investment. Once your "loan" is closed,
the mortgage con artist on your loan tranfers it without assignment, and it continues to get transferred minus the Promissory Note. You're dead
you 'home" is no better than an apartment. If you can't pay the mortgage(rent), you're out, if you're stupid enough to oblige; and too many are
just that dumb. They're consigned to believe idiot bloggers, authors, writers, whomever, telling them that most of this fraud may or may not be
legal, but you can do nothing about it. Horseshit!
Once you join with other renters to reclaim your property and get clearance to the title, you can wreak havoc. These guys are liable for the taxes'
they never paid on the income made from mortgage loans refinanced that they never reported to the Internal Revenue Service. Of course, the
agency is like a matador to a bull, just wave them through. The Atomic Bomb of backlash and avengers is coming, just like the Bombing of
Hiroshshima, and the earthquake that shook the ocean and sparked a tidal wave as in "Poseidon Adventure". Watch out, regulators, you'll get
yours, right along with your partners in crime. And those who excuse you will get theirs. For you renters.....er...homeowners, a change is gonna
come! Sure as shooting. It'll rain like a cow pissing on a flat rock!
The clock of fraud from pension plans and from mortgages continues ticking....at your expense...unless and until you do something
to stop it. Cashing checks(allonge notes) illegally at your expense, out of your presence, and without your knowledge or approval. Inside
trading, pension funds using your money to invest in securities that make them rich and leave you holding the financial bag:
The Professions of Investment Banking and Security Analysis are Rotten to the Core Aided by CPA Auditors, Lawyers, Members of Congress and Other Leaders in Government
All the while these "legislators" above and throughout our congressional venue are intimidating ignorant, uninformed, gullible,
goofy taxpayers and homeowners, they're hiding information from us that they are obliged and bound by law, including their binding
oath of office, to be completely truthful and transparent. No information exists that members of Congress or the white house should be able
to keep secret when it comes to pensions, mortgages, medicare, social security and health care.
The 2011 bailout is a fraud, and the ones who participated in its transaction are felons and must go to jail. This includes President Barack Obama
and all of his regulatory cronies. They're got the milk of fraud all over their mouths:
We've beem fed bullshit by so-called financial experts, who try to convince us that insider trading is "perfectly legal". So then is murder,
if congress wants to write a law that exempts them from prosecution or from being arrested. You might have guessed that no such law exists,
nor may they create one. The closet they may come is a consent decree, and even that does not change the law, just suspends it during a natural
disaster, or a national emergency such as the 1989 earthquake in the San Francisco Bay Area. While the Association of Bay Area Governments
decided to forego abiding by the laws of affirmative action, they acknowledged that this was a consentual agreement with a sunshine clause.
The bailout has no such clause. The only natural disaster comes through the way the white house and congress are responding to wholesale,
massive, lethal fraud committed by mortgage companies and by investors(pension funds). The investors use your pension funds to play poker in
the Mortgage Backed Securities Market. The Mortgage Companies use the cash they get from robbing consumers with false promissory notes and
Allonge Notes:
"Most home owners don’t know that you Pre-Paid your mortgage when the Lender or Bank closed 2 to 3 days after your closing. The lender/bank added something called an allonge, an alteration, without your knowledge or consent which changed your Promissory Note into a check loan from you to the lender/bank to pay off the outstanding mortgage and the previous owner if there was equity. ”Alteration” means under UCC § 3-407(i) an unauthorized change in an instrument or promissory note that purports to modify in any respect the obligation of a party, or (ii) an unauthorized addition of words or numbers or other change to an incomplete instrument or promissory note relating to the obligation of a party.
Please see the promissory note allonge or alteration with the arrows on the last mortgage promissory note page below and then you will know it is true also. The endorsement where this new check was cashed would be on the front or back of this allonged page that shows that your mortgage was PAID-IN-FULL and you don’t owe any money when your promissory note was changed into a check (Money) and was endorsed or cashed by your lender with this allonge that was never disclosed to you under Federal UCC Laws!
Take your choice. Feast or Famine, your or them. We can't have it both ways. If we want power, we have only to realize that it's in
numbers and in action. One way or another, Legislators, Regulators, Corporate Boards and Chief Executive Officers run against the grain
of Life Enrichment. The Only enrichment they seek, is their own personal interest, but at yours and my expense. We've got options.. Impeach,
prosecute, Imprison, Strip of authority and privilege. Expose them publicly and make them pay back every penny they've stolen, in addition to
the time they serve and the punishment they suffer.
Start the petition drive, make these criminals take a major dive, like honey bears running from a beehive.
If you allow Congressional or State Legislators to raid your Social Security or
Medicare Entitlement you're a true moron. I don't care who you are!
Social Security is not a giveaway. This is money we all had taken from our salaries to fund
our retirement. It is not discretionary, and members of Congress who even suggests using it
should be prosecuted, fined and jailed, sent to prison, in some cases for life.
Each of us, without recourse, saw the goverment lodestone money from our pay checks to deposit into A Social Security Retirement Account.
The only reason they talk about doing this is because they want you to believe they have the power to do it by passing legislation. Nonsense, and they know it. You'd better know it too. The reason these criminals are bidding to steal your pension is to blackmail you. They want you to think that if you focus on the true problem, sealing of homes, inflating and defrauding of mortgages, you'll lose your pension. Congressmembers are not immune from prosecution, and they certainly are not aboveimpeachment. In fact, each and every member of congress, state legislature or local board, council or commission who votes for mortgage-backed securities should be put in jail, no questions asked, no mitigation, or deliberation. They know that if they spill the beans on the fraudsters, they'll be slaughtered along with the rest of those pigs. What are these so-called lenders doing. Nye Lavelle is a shareholder, investor in stocks and bonds under Ocwen Loan Servicing.
The author outlines exactly what Ocwen is doing, which also is precisely what all mortgage servicers do. You see, there is no such thing as a lender. Only traders, those who steal loan amounts using your signature. inflate fees, charge illegal fees, and launder
money from pillar to post:
Excerpts
- 29 - a. “My personal disdain are for ‘secret societies’ that exclude others andattempt to use their collective power for the advancement of the personaland collective agendas that tend to target, discriminate, and harm others. This is especially true of Wall Street and the mortgage industry andwill eventually end in its collapse, a calamity to which our generationhas never faced.” b. “In sport, skill, health, participation, teamwork and camaraderie arestressed as more important over the American value of winning at allcosts. The view that there are only winners and losers is one founded on a premise that there can only be rich or poor or placing a bet on black or redon the roulette wheel. However, is the future of this or any other nation, asimple red or black bet? Is this what we want in our banks, insurance,and Wall Street firms that are gambling away our money in thehouse-run casino of mortgage and asset backed securities, creditdefault swaps, and other derivatives in an ever escalating Ponzischeme? What happens when they crap out and people get wise to thefraud promulgated on all of us, borrowers, shareholders, investors,depositors, and public citizens alike?
:- 43 - 147. One foreclosure law firm in Florida (part of Shapiro’s attorney network) admittedto these facts in a motion 28 for rehearing before the Florida Supreme Court that itwas difficult for them and their clients to attest and verify the alleged factscontained in their pleadings as the Florida Supreme Court had recently mandatedin an order.148. The admissions and testimony I have reviewed as well as the over 20,000assignments I have reviewed of various servicers show that they are unable toverify and attest to which party (or client) can be held accountable for bringingmeritorious foreclosure actions and/or defenses and counterclaims to those actionsdue to not only the lack of transparency of the assignment and chain of title toeach note and loan, but to the intentional destruction and concealment of unrecorded assignments, bailee letters, note allonges, custodial receipts, trusteecertifications, loan schedules, and other custodial, transfer, sale, and assignmentrecords that are necessary for analysis
"THE ISSUE "JUSTICE ISN'T SERVED UNTIL CRIME VICTIMS ARE"
Kathryn Turman - Director of the FBI's Office for Victim Assistance What is mortgage servicing fraud? Mortgage Servicing Fraud occurs post-loan origination when mortgage servicers use false statements, book-keeping entries and/or false documents to take a homeowner's property and equity. This is accomplished by using one or more of the following tactics. The Swindler's List: Falsely claiming to be the owner/holder of the loan; Falsely claiming legal standing by use of names such as Trustee, Assignee, Nominee, Beneficiary, etc.; Using fraud, false statements and evidence to invoke the jurisdiction of the court; Preying on the ignorance of the court and homeowner; Deceptively convincing borrowers to agree to unfair and abusive loan terms, or systematically violating those terms in ways that make it difficult for the borrower to defend against; Took out forced-placed insurance on property they did not own; Altering/modifying loan terms without the legal authority to do so; Falsely claiming Pooling & Servicing Agreements, industry standards, rules, guidelines or other industry-authored writings supersede the law; Failing to follow PSA, SEC and regulatory guidelines; Using fraudulent means to obtain AAA-ratings on "crappy loans"; Robo-Signing legal documents without review or the legal authority to do so; Entering on-time payments as late, to exact illegal and unauthorized fees; Manipulating account records; Feloniously claimed REMIC tax-exempt status".
Super Bowl or Bust? For the San Francisco Forty-Niners, it's a big bust. They're not going to a Super Bowl anytime soon........Judicial Page
Want to know why?..................
Try this again: You don't have to fight to stay in your home by going to court....that is....if you take advantage of the leverage just hanging
there!
Income Tax Evasion, by every mortgage company, bank and lending institution in the US and probably, the world. These companies don't pay a
red penny in taxes, and they don't bother reporting income from mortgage loans, fees and refinancings because the Internal Revenue Service
itself violates the law. The IRS ignores or tunes out the fact that no taxes are being paid, not only by Mortgage Companies, but Employers,
both Public and Private, who underfund pension plans that belong to people who are still working and have years to go before retirement,
and, those who are forced to retire early, are laid off or terminated, but their pension plans are kept active and on the books.
While they use the funds from every pension plan to invest in stocks and bonds, most of them don't make up the difference, and lie to employees,
past and present, about the breadth of their assets.
If you check with the company's report 5500, which is submitted to the Department of Labor each year, you'll discover that between 2000
and 2007, pension fund managers made billions, even trillions, taking money from pension and retirement plans like yours and mine,
investing it, and telling us that the returns were not ours to claim because investments have no impact on our plans, which is a big fat,
fraudy lie!
Go to the Labor Department Website and look up The Employee Benefit Security Administration, which is supposed to be the legal watchdog
for guarding the assets of public and private pension and retirement plans. The Employment Retirement Income Security Act, ERISA, is the
written decree that commands all employers to be held accountable for mismanaging benefit plans and with making sure that they put back
the money they take out, and add the interest and profits that are reaped from each individual account. But...they do it only for executives, and
instead, lie to all others, while the weak-kneed union representatives cower in their presence.
Don't wait for the Labor Department to Investigate your claim, although you should file a complaint anyway if your employer doesn't keep
you posted at least once a year about the status of your account or plan. In Defined Benefit Plans, where the employee
does not get a say in how their moneye is invested, the ERISA requires that these accounts be balanced, profitable, accelerated and ensure that
any losses or underfunded years are compensated within seven years of the deficit.
Of course, while they wait, interest collects, meaning that if you have the fortitude and patience to file complaints for "failure to disclose" all
the aspects of your account, and that they're using your funds without adequate compensation to your account, you'll end up prevaling.
Much of the pension benefit investments made by employers were within the venue of Mortgage-Backed Securities. In 2003-2007. during
the housing boom, huge returns were made on these investments, but the employers got greedy and kept the lion's share. You can get it
back. We all can. But it will take a unified effort, with people from all walks of the spectrum, doing the same, and calling for the heads o
the employers, mortgage company CEOs and the Government Regulators who not only look the other way or fail to investigate, but who
often engage in much of the criminal activity they're supposed to regulate. Keep reading, you'll see what I mean right off!
\
TAXES Deutsche Bank raided for suspected tax fraud
Police have raided Deutsche Bank offices in several cities in search of evidence of tax evasion and money laundering. The bank is said to be involved in tax fraud related to Europe's carbon emissions trade.
Deutsche Bank properties in Frankfurt, Berlin and Düsseldorf were raided by 500 police on Wednesday, as 25 bank employees were suspected of tax fraud and money laundering, the general prosecutor's office said.
Five people were arrested for attempting to obstruct the criminal investigation, the office added.
In 2010, Germany's biggest private bank was already being investigated for participation in an international tax fraud ring, which allegedly sold carbon emissions through Deutsche Bank.
German police raid Deutsche Bank # 12.12.2012 15 Uhr # Journal Englisch bank14c
The ring bought emissions permits overseas without paying sales tax, also known as value-added tax, and then resold the permits among its members in Germany, enabling them to tax returns illegally.
The raid on Wednesday came as prosecutors suspect Deutsche Bank of hiding more evidence in connection with the fraud.
In December 2011, a German court jailed six men - three Britons, two Germans and a Frenchman - over the tax fraud estimated worth about 300 million euros ($390 million). At the time, the judge criticized Deutsche Bank for its role in the crime.
uhe/dr (dapd, Reuters, AFP, dpa)
Fraud: Tax evasion and money laundering … the new favourites By Aziz Rahman & Jonathan Lennon, from insidetime issue June 2010
In this short article we consider the law on tax evasion and money laundering – two separate types of offences which are often to be found on the same indictment. The Fraud Act 2006 abolished all the deception offences in the Theft Acts of 1968 and 1978 and created, by s1(1), one new offence of ‘fraud’ which could be committed in three different ways. However, the Act did not repeal any of the offences which can be described as offences against the revenue; e.g. s72 of the Value Added Tax Act 1974 on VAT frauds. Tax evasion cases are still generally prosecuted under the ‘old law’. Tax fraud The common law offence of cheating the public revenue is perhaps the easiest route for the Crown to take, as all the prosecution have to prove is that the defendant made a false statement with intent to defraud the revenue. This common-law offence is a very versatile tool in the prosecutor’s armoury. In fact in R v Mavji, 84 Cr. App. R 34 the Court of Appeal held that an actual act of deception is not necessary – the offender in that case did not complete a VAT return or pay his VAT bill – that was enough as he was found to have (not) done so with the necessary dishonest intent. Alternatively, in respect to specifically Income Tax, Customs have the option of the statutory offence under s144 of the Finance Act 2000 for those ‘knowingly concerned’ in the ‘fraudulent evasion’ of income tax. Where deliberately incorrect accounts are submitted, the Crown may also charge false accounting under s17 of the Theft Act 1968. Various governments over the years have made sure the gun-cupboard is full when it comes to attacking those alleged to have committed frauds against the public purse. In the end, whether the offence you are charged with is one of the statutory offences or the common law offence of cheating the revenue, the ultimate question will be whether there was any intent to defraud – i.e. was the defendant acting honestly or not? Typically, in any fraud case, there will be the highlights; that is key ‘facts’ that the Crown concentrates on, i.e. particular invoices, particular dates and the answers given in interview. Obviously the defence team has to identify the prosecution ‘highlights’ and know them well at an early stage, but often the answer will lie in drawing the jury’s attention to other aspects of the case and laying the groundwork for that well – aspects like the defendant’s character or business practices, or more technical aspects such as patterns in the invoices that tend to show a leaning towards late payment rather than non-payment, or material which shows that the suspect has declared monies that might have been missed, or not claimed against valid receipts etc etc, all going towards demonstrating a lack of dishonest intent. The crux of the defence may lie in showing documents to the jury which tend to support the defence case – documents which perhaps the defendant didn’t even know existed. In R v O [2007] EWCA Crim 3483 a Crown Court Judge was so exasperated by H.M. Custom’s failure to properly respond to the defence’s proper applications for disclosure he stayed the case as an abuse of process. The prosecution appealed and the Court of Appeal upheld the decision. The case was a VAT carousel fraud allegation where ‘O’ was simply asking for business documents held by Customs after they had searched his premises; this comprised of around 8,000 pages most of which was not disclosed to the defence, despite the material belonging to the defendant in the first place. Customs had been taking the line that most of the material neither assisted the defence or undermined the prosecution case and was therefore not disclosable and refused to even let the defence have sight of the documents. The defence were adamant that the business documents could show a line of legitimate trading and therefore support the defence’s case. The Judge was swayed by the obstructive nature of Customs, he did not even make a decision
Let's stop calling it "massive fraud" Call the these acts what we must:
Capital Crines Committed by Capital Felons, who should be
pay dearly.
Banks,lending institutions and employers who steal
mortgages, homes and rape pension benefits of public and
private employees should be labeled as what they are Unconvicted Felons: Capital Criminals, worthy of being charged with capital crime!
Calling fraud what it is was useful at the outset of the revelation, but we must put that term to partial rest. We don't want to ban use of the
term altogether, but just to make sure it is used in the appropriate context and in timely fashion. We must outline instances of criminal
activity, and felonious acts by members of congress when they buy and sell stocks and bonds with nonpublic information. We must come
down hard on the judicial system; start charging judges with misconduct, circulate petitions to have them removed, pass ballot intiatives
that condemn jurists, legislators and others for unethical, immoral acts and those that are simply illegal.
No legislator can escape punishment by using the process of making laws to benefit their self interest at the expense and penatly of the
people they are elected and sworn to serve. Let's focus in on the courts, which are allowing fraudulent companies to foreclose on properties bu
forging documents and cashing allonges as payoff checks and having them rubber stamped by the bankrtupcty trustee and the judge:
Allonges – Court Opinion August 10th, 2010 | Author: Matthew D. Weidner, Esq.
"The improper use of allonges and the failure to properly endorse or transfer the promissory note continues to be a significant issue in any foreclosure or bankruptcy case that deals with negotiable instruments. Many good courts will examine the documents closely to determine what evidence of transfer exists and, as in the case reported below, will order sanctions when it appears the proponent of a document has committed fraud on the court. bankuptcyarizona bankuptcyarizonasanctions
One Response to “Fake Allonges – Court Opinion” Tweets that mention Fake Allonges- Court Opinion |
Matt Weidner Blog -- Topsy.com: August 10, 2010 at 8:18 AM [...]
This post was mentioned on Twitter by ForeclosureHamlet, Matt Weidner. Matt Weidner said: blogged: Fake Allonges- Court Opinion –
Reply
Wendell Harper: December 17, 2012 at 3:16 PM
All allonges are fake. The complex explanations about when an allonge is valid, and “conveyance of the note”, is designed to confuse; providing layers of cover for fraud. Mortgage companies don’t loan money. They find people who will advance them a loan based upon your signature. At least three mortgage companies connected to our loan are forging allonge notes at our expense, cashing them as much as four years after we closed our “loan”. The Chapter 7 bankrutpcy court allowed them to do it, and covered up the money laundering fraud. Trustee John Kendall changed his telephone number so that we couldn’t reach him; when we wrote a letter of inquiry, it came back as “undeliverable”. What a fraud! Remember the words on promissory or adjustable rate notes: “In payment of a loan I have received’. The wording should read: “In payment for a loan I am about to receive”. Once you signature is on the document, the “lender” takes months to find a buyer or taker for your signature, gets more money than they give to the “borrower”, and keeps the rest. Plus, the IRS and the Treasury have assured them that they may cash allonges and issue fake promissory notes without reporting the transactions or pay taxes on them. That’s why regulators should be going to jail right along with mortgage companies and with every member of congress who invests in mortgage-backed securities and who become entrenched in “insider trading”.
It's time! Time to delete, decimate this neurotic, psychotic
system of vanilla regulators and highly charged, greedy mortgagees(fake lenders").
The IRS is characterized as powerful, ruthless, and takes no prisoners.
Well, they do take prisoners, but not the ones who should be going to
jail. I say it is time to clean house, from The Chief Executive, who fomented
this mortage and pension fraud, right down to the Department heads who
run these so-called, "Regulatory Agencies";
Name me one case in which CEOs and Board Directors of the major banks, lending institutions, and
mortgage companies have been prosecuted, even sued. None.
If it's a suit, the litigation deals only with minimal amounts.
As for homeowners and taxpayers, some are too dumb to know, and too afraid to find out, so not only will
I tell you, so will others, such as Neil Barofsky, Former Tax Inspector General.
He's not the only one spilling his guts, but Barofsky is the main whistleblower:
Check out this video:
"Treasury told the banks if you convert this into a permanent mod, you will have to waive all the fees. But if you foreclose and pull the rugout from under the homeowner, you actually get to keep all those fees and can cash them in during the foreclosure sale. We have been set upfor even more disasters".
As if conflict of interest, blatant regulator capture, as you just heard in the above video and sleeping with the enemy, check out this video in which a county official had to take the bull by the horns himself. The courts too often don't and he IRS and Franchise Tax Board, as other state tax agencies, won't.
Homeowners, Advocates Want BANK REPS and LAWYERS JAILED for FORECLOSURE CRIMES
"Our investigation finds many of those foreclosures didn't have to happen.
They were actually done ILLEGALLY. " _______________________________________________________ The average homeowner would be indicted. The five major banks - nothing happens. And you have to wonder why.
CBS Atlanta 46 Courts know about the problem, and so does law enforcement; but no one has been held criminally responsible for what some call "the largest fraud ever perpetrated on Americans." Banks and their lawyers used phony documents to force people out of their homes. The documents were created because banks lost the original documents, and they are swindling homeowners, taxpayers, judges and the banks' government to help them cover it up. Register John O'Brien's office no longer accepts assignments signed by known Robo-Signors. His staff returns them to the bank with an affidavit asking bank officials to swear to their authenticity. He says - no bank has ever done so. "These banks acted as a criminal enterprise. They crossed state lines, they recorded fraudulent documents, they committed forgery and they committed mail fraud. They used the United States Postal Service to mail these documents to Registries of Deeds." - John O'Brien Salem County, MA Register of Deeds
Fiscal Cliff Fraud: Sham, forgery, counterfeiting, money laundering
Don't be conned. The so'called "Fiscal Cliff" is a Fiscal scam,
perpetrated by our "legislators, most of them engaged in unhealthy, massive tax fraud
They're in bed with the likes of Al Capone, Bugsy Siegel, Joseph Akermann ofDeutsche Bank,
Oh and dont let us forget about Employers, most of whom are the ultimate Pension Fiduciaries, colluding with Mortgage company ceo's to
take pension money that belongs to the workers and use it to pay executives lavish payouts, benefits, and they use pension money to invest in
mortgage backed securities which now are proved to be worthless. If you've got your money invested in MBS' you are "up the creek" without a
boat.
"Hostess Loots Pension Funds For Operations, Deemed ‘Betrayal Without Remedy’
Read more at http://www.inquisitr.com/431851/hostess-loots-pension-funds-for-operations-deemed-betrayal-without-remedy/#x0JKQ0ta8UQ44OHq.99
"Hostess’ failure was at first blamed largely in the court of opinion on unions and increasing worker demands, but as the claim circulated the web following a message on the website for Hostess that the strike forced the Twinkie-maker to shutter, it was more closely examined by web users. Soon, we learned that despite a cry of poverty when it came to paying wages, the Hostess top execs were taking million-dollar payouts for their role in sinking the brand. And now that a judge has okayed the golden parachutes for those at the helm when more than 18,000 Hostess workers were given pink slips, we’ve learned that the employee pension contributions were lifted to pay bills and likely won’t be returned in the mire of bankruptcy. As the decision to loot pensions and walk away with million-dollar payouts is widely decried with little recourse for Hostess workers, the current and former CEO of the ailing brand both profess no knowledge of the decision, or refuse to talk. Former Hostess CEO Brian Driscoll told workers last year that the company would ”temporarily suspend” pension contributions in what was a “necessary bridge” to allow Hostess to recover — and as we now know, the brand began bankruptcy proceedings just s Read more at http://www.inquisitr.com/431851/hostess-loots-pension-funds-for-operations-deemed-betrayal-without-remedy/#x0JKQ0ta8UQ44OHq.99
I now can tell you that mortgage company sold mortgages they didn't own, and many of them in default, both in violation of law in every
governmental category: federal, state, municipal, county or local. It is proved that these securities have no value, but pension fund managers and
employers took the leap into this bottomless pit.
They knew or should have known this trek was too risky not to advise employees who's money
was used to invest in these bad bets, also used money on a safe gamble that certain stocks and bonds would fail along
with their product foundation.
Worthless: Mortgage-Backed Securities — Biggest Little Asset Class in the World
By YVES SMITH, NY Times Opinion 10-31.10 “The trap has closed — and unless the mortgage finance industry agrees to a sensible way out of it, the entire economy will be the victim.” “uncertainty in turn puts a cloud over the value of mortgage-backed securities, which are the biggest asset class in the world.“ “the International Monetary Fund found that the persistently high unemployment in the United States is largely the result of foreclosures and underwater mortgages, rather than widely cited causes like mismatches between job requirements and worker skills.” “banks who are challenged in many cases do not resume these foreclosures, indicating that their lapses go well beyond minor paperwork.” “the problems in the mortgage securitization market run much wider and deeper than robo-signing,…the rush to speed up the securitization process trampled traditional property rights protections for mortgages.” [LPS] “The firm even offered to create a “collateral file,” which contained all the documents needed to establish ownership of a particular real estate loan. Equipped with a collateral file, you could likely persuade a court that you were entitled to foreclose on a house even if you had never owned the loan…
EDITOR’S NOTE: This article is only a sampling of dozens of articles being published all over the world. The inescapable conclusion is that money was thrown around haphazardly and that the right to receive or even handle that money was never documented. People had access to the money because the of tacit understandings rather than proper documentation. The flows of money were divided in so many complex way to so many people and entities that the identification of a creditor in any loan is hopelessly obscured. The attempt by securitization intermediaries to fill that void with fabricated, forged documents has failed. Investors who advanced some $13 trillion now find themselves with no income and no right to receive income. Loan documents with borrowers failed to fulfill their purposes on even the simplest of levels. Obligations of borrowers were lost into an abyss created by the banks. Mortgages and Deeds of Trust are worth less than the fees paid to record them. BOTTOM LINE: The MBS bonds, synthetic securities and other exotic creatures have no value because they do not entitle anyone to receive anything. The promissory notes signed by borrowers are not, by themselves, enforceable even in courts of equity. The mortgages and deeds of trust, are not legal encumbrances on real property under any laws. The documents — bonds, notes, mortgages, deeds of trust, assignments, endorsements, allonges are all worthless.
"WALL STREET'S MORTGAGE-BACKED SECURITY FRAUD DESTROYED BOTH THE US AND EU ECONOMIES
As detailed in "Bankers Gone Wild", mortgages were cranked out by unscrupulous mortgage brokers, then bundled together into mortgage securities, which were in turn re-sold to investors as triple-A investments, even though the bundles included sub-prime mortgages already defaulting as US jobs were shipped overseas. These mortgage-backed securities are a Wall Street invention! And at first they appeared to be immensely profitable, so not only were US financial corporations, investment houses, and pension funds buying them, but so too were non financial corporations and major foreign banks including Deutsche Bank and Credit Suisse. But those early profits were a fiction, and we now know that many of the sellers of mortgage backed securities were engaging in Ponzi scheme activity, using proceeds from sales of mortgage backed securities to pay "earnings" to earlier investors, while the same SEC that had turned a blind eye to Bernie Madoff's $65 billion swindle looked the other way! Worse, we now know that individual mortgages were pledged as collateral to multiple security bundles, which is illegal! This is briefly mentioned at 3:48 in the next video.
Be aware that hostess is not the exception, but the rule. And another rule is the fact that bloggers who write about this quote or paraphrase lawyers
who say that taking penion money from employees and squandering it is "probably not illegal" because the money didn't come directly from
employee wages. I ask you, what Defined Benefit money comes directly from employee wages. Employers put money into an employees
defined benefit plan, and use the contributions to invest in stocks and bonds. That is exactly what Kaiser Permanente says it doesn, and Kaiser
also says they're not liable either because the money they invest in stocks and bonds does not direcly impact an employee's wages or benefits.
These guys make projects for contributions into the plan based on investments. When the investments bring in much more than they're allowed
to place into a participants plan, they keep the overstated amount instead of making sure the employee gets full return on investment.
Kaiser has not filed bankruptcy because, unlike hostess, it is a "not for profit" company and gets plenty of government subsidy through health
care contracts and favorable rulings and policies on their behalf provided by the US Department of Labor.
Two: The Forty-Niners depend too much on one player. We keep hearing about how Justin Smith makes everybody
Below is the criminal who should have been prosecuted years ago, and his banks assets seized by the IRS/DOJ.
Joseph Ackermann/outgoing
\ 
e
, get up, stand up for your rights.
fullest extent of the law.
Banks rewarded heavily by the US 
