Posts Tagged ‘fraud’

Another Nobel Economist Says We Have to Prosecute Fraud Or Else the Economy Won’t Recover

Thursday, November 4th, 2010

Full story here from ZeroHedge.

Washington’s Blog

As economists such as William Black and James Galbraith have repeatedly said, we cannot solve the economic crisis unless we throw the criminals who committed fraud in jail.

And Nobel prize winning economist George Akerlof has demonstrated that failure to punish white collar criminals – and instead bailing them out- creates incentives for more economic crimes and further destruction of the economy in the future. See this, this and this. (more…)

Debt collector fraud

Thursday, November 4th, 2010

Full story here.

A northwestern Pennsylvania debt collector has agreed to cease collection tactics the state says included a sham courtroom where customers would be summoned.

Unicredit America Inc. agreed Tuesday to stop sending letters to consumers threatening them with arrest if they failed to respond. Erie County Judge Michael Dunlavey also ordered the mock courtroom torn down within 30 days.

The state attorney general’s office says Unicredit used people appearing to be sheriff’s deputies to deliver hearing notices to consumers and used fake court proceedings to get money from them. Authorities say a person dressed in black would preside from behind a raised bench at the front of the room.

The state has also filed a civil suit against Unicredit alleging unfair trade practices. That suit seeks civil penalties for hundreds of affected consumers.

The Fed bought mortgage fraud

Monday, November 1st, 2010

Full story here.

In the wake of the financial meltdown of 2008, the Federal Reserve announced it would buy mortgage-backed securities, or MBS.  The January announcement by the Fed said it would buy MBS from failed mortgage giants Fannie Mae and Freddie Mac in the amount of $1.25 trillion.  At the time, the Fed said in a press release, “The goal of the program was to provide support to mortgage and housing markets and to foster improved conditions in financial markets more generally.” (Click here for the full Fed statement.)It did provide “support” to the mortgage market, but did it also buy fraud and cover the banks that sold it?  The evidence shows, at the very least, it bought massive amounts of fraud. (more…)

The tipping point has arrived

Thursday, October 28th, 2010

Full story here from ZeroHedge.

The Tipping Point has Arrived

Our age is retrospective.  It builds the sepulchres of the fathers.  It writes biographies, histories, and criticism.  The foregoing generations beheld God and nature face to face; we, through their eyes.  Why should not we also enjoy an original relation to the universe?  Why should not we have the a poetry and philosophy of insight and not of tradition, and a religion by revelation to us, and not the history of theirs?  Embosomed for a season in nature, whose floods of life stream around and through us, and invite us, by the powers they supply, to action proportioned to nature, why should we grope among the dry bones of the past, or put the living generation into masquerade out of its faded wardrobe?  The sun shines today also.  There is more wool and flax in the fields.  There are new lands, new men, new thoughts.  Let us demand out own works and laws and worship.

- Ralph Waldo Emerson, Nature (more…)

The robo-signing mess is just the tip of the iceberg

Tuesday, October 12th, 2010

Full story here from ZeroHedge.

Now that the Robo-Signing scandals have achieved full notoriety through the media, it is time to address the real issues facing investors in bank stocks. I also believe that the media is staring at the wrong target. Each major media outlet is copying what is popular or what the next outlet broke as a story versus where the true economic risks actually lie – which is essentially the real story and where the meat actually is. Here’s what’s truly at stake – the United States is now at risk of losing its hegemony as the financial capital of the world! Why? Because when we had the chance to put the injured banks to sleep and redirect resources to into new productivity, we instead allowed politics to shovel 100’s of billions in tax payer capital into zombie institutions as they turned around and paid much of it right back out as bonuses. As a result, significant capital has been destroyed, the original problem has metastized, and the banks are still in zombie status, but with share prices that are multiples of the actual values of the entities that they allegedly represent – a perfect storm for a market crash that will make 2008 look like a bull rally! For those who feel I am being sensationalist, I refer you to my track record in making such claims. (more…)

Janet Tavakoli: the biggest fraud in the history of capital markets

Friday, October 8th, 2010

Full story here from ZeroHedge.

In the following interview with the WaPo’s Ezra Klein, Janet Tavakoli shares some more information on why every bank is about to shut down all foreclosures, in what she calls the “biggest fraud in the history of capital markets. Not very surprisingly, we are, so far, spot on in our 29th September projected timeline at this point: “We predict that within a week, all banks will halt every foreclosure currently in process. Within a month, all foreclosures executed within the past 2-3 years will be retried, and millions of existing home sales will be put in jeopardy.” (more…)

Add notary fraud to the mortgage party

Tuesday, October 5th, 2010

Full story here from ZeroHedge. Corpsie the Clown is getting more whiffy every day…

LINK – Scandalous – Substantiated Allegations of Foreclosure Fraud That Implicates the Florida Attorney General’s Office and The Florida Default Law Group

Originally posted LAST MARCH!

We have been sitting on this information for some time now due to ongoing investigations but since the cat is out of the bag here we go…

Over at Matt Weidner’s Blog

He reports on the transcript and motion from a hearing held in a Volusia County Courtroom from Ice Legal.

Bombshell- Substantiated Allegations of Foreclosure/Affidavit Fraud That Implicates the Florida Attorney General’s Office (more…)

Foreclosure fraud document forging

Monday, October 4th, 2010

Full story here from Naked Capitalism. Oooh, I see a large, stinking whale corpse of mortgage issues finally rising to the surface.

my sneaky preface here:

Isn’t Fidelity National Title affiliated LPS? So you have basically the same entity falsifying documents of title on properties whose titles it has insured?

==> Mr. Foley has been the Chairman of FNT, a majority-owned subsidiary of FNF since September 2005. He has been the Chairman of Fidelity National Financial, Inc., at Fidelity National Title Group, Inc. since October 2006. He served as an Executive Chairman of Lender Processing Services, Inc. from July 2008 to March 15, 2009. He served as the Chairman of Lender Processing Services, Inc. from May 2008 to July 2008 and Executive Chairman from July 2008 to March 15, 2009.

==>On Friday, Old Republic National Title Company announced it will no longer write policies on foreclosed GMAC or Chase properties.

Conversely, Fidelity National Title issued a statement on Friday that it did not believe the problems with the foreclosure process would have “a material adverse impact.”

Could it be that Fidelity knows that their company–LPS–has infiltrated and controls many of the county recorders’ offices? It will not be a problem because, not only can LPS create the forged affidavits and assignments, it can also retroactively insert them into the county records?

=======================

A bombshell has dropped in mortgage land.

We’ve said for some time that document fabrication is widespread in foreclosures. The reason is that the note, which is the borrower IOU, is the critical instrument to establishing the right to foreclose in 45 states (in those states, the mortgage, which is the lien on the property, is a mere “accessory” to the note). (more…)

More foreclosure fraud coming down the pipe

Monday, October 4th, 2010

More muck and madness from FireDogLake.

A Wells Fargo executive has acknowledged that he verified only the dates on up to 150 foreclosure documents he signed daily.

The executive made his admission in a May deposition involving a Washington state homeowner. He said he relied on co-workers to ensure that other information in the documents was correct.

Three other lenders, Ally Financial Inc.’s GMAC Mortgage unit, Bank of America Corp. and JPMorgan Chase & Co. have halted tens of thousands of foreclosures after similar practices became public. (more…)

Basel III: The Global Banks at The Edge of The Precipice

Tuesday, September 21st, 2010

Full story here from Global Research. Musical homage here, here, and here.

The Global Too Big To Fail Banks are so precarious that literally anything can trigger a collapse in the coming months.

I have read recent commentaries on Basel III posted to various renowned websites and financial publication, but they missed (or deliberately misled) the underlying message of the proposals, the implementation of which will be delayed till 2017 and some till 2019.

Basel III is pure spin and its timing was to assuage the deep-seated fears that there are no solutions in sight to save the fiat money system and fractional reserve banking. (more…)