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4closureFraud Needs Your Help - IRS Form 938 – I Have No Idea If This Is Important But It Sure is Curious
Al Capone en route to prison for tax evasion
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So I get this info from a colleague of mine back in June 2010 in where they had it sent to them from a reader of their site ...
First up, from my colleague...
Sometimes
this all becomes a bit too overwhelming, trying to unravel this whole
foreclosure cataclysm. This is so far beyond the simple situation
where a borrower borrows money from a bank and doesn’t pay… that bank
is clearly entitled to their money back.
I’m
a fairly bright guy with a good education and a fair to ‘middlin
grasp on complex legal issues… I just boil down way complex stuff to
smaller parts and learn those complex issues piece by piece. The
problem we face in foreclosures today is no-one has any idea who’s
really owed money on these mortgages, who is entitled to collect
payments on the mortgages, what government money was used to bail out
mortgages.
Sophisticated attorneys
with years of complex litigation and legal experience are perplexed by
the inability of Plaintiffs to answer the most basic questions about
litigation.
Experienced circuit court
judges with decades of trial court, evidentiary and complex
litigation experience have started to ask real questions about the
millions of dollars in foreclosure judgments they’re signing every day
in their courtrooms to entities that they cannot identify.
Federal
judges with hundreds of years of experience are really starting to
dig into documents filed and representations made by the parties that
appear before them… There are real questions being raised in
bankruptcy courts and even bigger questions about fraud and collusion
and federal crimes at the highest levels of American businesses.
Thrown
into all these questions are some thought provoking comments and
research from a subscriber to this blog, like I said, it’s a bit
beyond me now, but consider his words…
From their reader...
The best way to prove this mess all got dissolved is to go to the IRS.gov website and
look for the publication # 938 for 2006 through the present. This
is where you will see that the gain on sale reporting etc all stopped
as the securitization machine was turned off temporarily in late
2007.
The trusts were all named and reporting until the end of 07 then 08 is missing??????
They
restart the reporting in 09 but it is down to only
Ginnie/Freddie/Fannie/JPM/Citi and random trusts that have been
created. The government absolutely knows what happened yet seems to
help cover this up thinking we are too dumb to catch it.
2009 reported in 2010
http://www.irs.gov/pub/irs-pdf/p938.pdf
2008? is missing and reverts to the 2009 file?? Don’t believe me. try it.
http://www.irs.gov/pub/irs-prior/p938–2009.pdf
2007 reported in 2008
http://www.irs.gov/pub/irs-prior/p938–2007.pdf
4closureFraud Note:
By taking a look at the IRS.gov index of /pub/irs-prior/ , which is completely open, http://www.irs.gov/pub/irs-prior/
it lists all of the #p938 publications from 1996 - 2009 (control f p938
to jump directly) and there is no 2008 to be found in the entire
directory...
Hmmm...
Back to my colleague's reader...
They
seriously think we are that stupid. What are they hiding from us?
Maybe that the banks have committed billions upon billions in tax
evasion. Follow what is happening in non-judicial states and you will
see the arrogance. They actually show us the blank note endorsement
from the original lender yet no recording of the interest through the
depositor to the trust. Lack of standing?
Then
when they are finished stealing the house they sell the loan from
the unlawful foreclosing party (trust) that had no standing to F/C
back to the trust through a POA to the servicer and effectively cover
their tracks that the loan was never in the trust, they still stole
the investors money, and they still claimed the tax exemptions under
REMIC.
All while the Govt and IRS watch.
Look
at the WAMU BK. They were found to have a 10.3 Billion dollar tax
claim filed against them that was reduced to 33M yet Chase got to
walk away with a 300 Billion dollar bank 200M in mortgages for
1.9Billion. The loans were shown to have been written down to $0 yet
they still want to collect?
Along with the Pub 938 you can review Pub 550 that explains the tax exemptions etc for the REMIC trusts.
No
assignments were done as required, no “true and absolute sales under
FASB 140″ were ever perfected, No standing has ever been established
for most or all of the securitization trusts.
This is the biggest RICO case on earth.
Oh, and maybe we should review who funded LPS… JPM/BOA/Wachovia when they split off of FIS in 2008.
4closureFraud here...
Some pretty deep stuff...
I have not been able to figure this all out since June even after asking all my contacts to help me out.
So up until now, I have come up with a big fat Zero on this.
So, since I ended up at zero, why not turn it over to the Zero Hedge readers to help me figure this out...
I may be totally off on this, and it may be a "nothing burger", but I think there is something here that is very significant.
Looks very suspicious to me, but again, this is way above my area of expertise.
If this is a "nothing burger" , and I am "overreacting", I am ready to take my lashings.
But if it isnt???
Thoughts?
~
4closureFraud.org
And as always, check out 4closureFraud.org for daily updates on the Foreclosure Fraud (global) crisis that affects everyone...
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Maybe TD could put it on the main page as a "Guest Post"?
It's on the main page right now, but one more contributor post will bump it off again. I also think it is an important issue that some here could possibly help with.
Ok, I have learned that there is Contributors page, but since I've been on ZH for months and am just learning that, perhaps there is a way to make it more obvious, or at least show some small set of links on the front page.
The point is there are only 4 comments on here, and none of them have to do with the topic, which suggests not many people have actually read the article. Perhaps this is in fact a big "nothingburger", but my interest is piqued, and I would like to see if some one in the readdership with more expertise could shed some light on the subject. As it is, there is a good chance that such an expertise would never even see the article.
and your point is? 'cause here's mine: "we're dealing with who is bailing out who." the assumption has always been "the government bailed out Wall Street." That was the mantra and BO's "finger waggin'." Unfortunately "this was an act." You know...like your kids. They LOVE to act. So now we have "the real deal." It is now Wall Street that is bailing out the government in the world not of "Too Big to Fail" but of "Never let a crisis go to waste." So what "assets" does Wall Street actually have in this task? Damn near none that I can see. In other words "that light at the end of the mortgage tunnel is a freight train" and doesn't have a darn thing to do with "this issue being resolved" so "let's get off topic and talk about nothing in particular" because "relative to this issue unless someone at Fannie and Fred gets arrested there's no story here."
Nonetheless, when lawyers get a whif of this, there will be millions of law suits and homedebtors may get a home for free and if not, they will be able to stay mortgage free for 5 years. 60m*$1500 (avg.)=90k. They can just buy it in cash from whoever the owner ends up to be.
This article isn't showing up on the ZH front page for some reason.
At the top of the ZH front page is a link that says contributors. Click on that link and you will get the Contributors front page - which is different from the ZH front page. This article is listed on the Contributors front page.
This article isn't showing up on the ZH front page for some reason. Only stumbled on it becuase I use Google reader.
It is showing up on the IRS Form 938, Year 2008 page
@ 4closurefraud
I can't believe your having such a hard time with this. Just ask yourself this simple question and you will be able to figure it out. What would a criminal do? Once you start thinking like a criminal banker, and get their mindset, you will know how they behaved. This probably applies to criminal hedge funds pretending to be investment banks too. all the same.
Oh, and who owns this company that is below the radar:
https://www.littonloan.com/index.asp
they have wonderful testimonials from prople who make payments to them. My personal favorite:
Your Default Department provided me with a Forbearance Agreement immediately, and it reflected exactly what the representative indicated by phone.
- J.L.
https://www.littonloan.com/customertestimonials.asp
Careless has it exactly correct.
What would a criminal do?
My father, a lawyer, before his death, had a case against a guy who stole about 600,000 from an estate (his aunt). Dad did manage to secure a $280,000 judgement, submitted for payment and waited... and waited... and waited, until I told him he'd never see a nickel until he went after the crook with gusto. After that ensued a long, drawn out court battle which I am sure contributed to my father's death.
But the point I'm making is that my dad, an upstanding citizen, WWII vet and long-standing member of the bar, had difficulty thinking like a criminal. I had to help him unravel the web of deceit and evasion by the crook, who, by the way, got away with the loot, scot free.
I seriously hope the same doesn't happen here. When dealing with these banks, be it in foreclosure, renegotiating the terms of a loan or seeking relief or damages, everyone should be on guard and not take the banks or their lawyers at their words. They are criminals through and through and will stop at nothing to separate honest people from their money and property.
I guess that's why they call all of these things "moral hazard." Because when there are breakdowns in the law or in governing, the immorality has a way of tricking down through all strata of society. If we all need to become criminals - which we might - in order to defeat this sick, pervasive enemy, then so be it. Prepare for the worst because it is surely coming.
The reason I am at this juncture is because I have learned to think like a criminal. Each and every step of the way reveals another crime that they are trying their damnedest to cover up...
One of my favorite posts from last year...
Advice From a Fraudster – White Collar Crime and Criminals“A common mistake made by victims of white collar crime is “unexamined acceptance.” No financial information received from any source should be taken for granted as being truthful and accurate without any critical analysis.”
Sam E. Antar
(former Crazy Eddie CFO and a convicted felon)
White collar crime is a crime of persuasion and deceit. Since the white collar criminal uses persuasion and deceit to commit their crimes, it follows that such felons are artful liars.
People often ask me what characteristics I look for in other people that alert me to possible criminal activity or at least unethical and deceitful people.
Not all questionable conduct is illegal. A person can be unethical or deceitful (however they are defined) without committing any illegal acts as defined under the law.
However, most criminals use tools like spinning (see below) in the conduct of their crimes.
The Art of Spinning:
Sell people hope. My cousin ‘Crazy Eddie’ Antar taught me that “people live on hope” and their hopes and dreams must be fed through our spin and lies. In any situation, if possible, accentuate the positive.
Make excuses as long as you can. Try to have your excuses based on at least one truthful fact even if the fact is unrelated to your actions and argument.
When you cannot dispute the underlying facts, accept them as true but rationalize your actions. You are allowed to make mistakes as long as you have no wrongful intent. Being stupid is not a crime…
My advice to the accounting profession, antifraud professionals, and Wall Street:
Do not trust, just verify. Verify, verify, and verify.
White collar criminals build a wall of false integrity around them to gain the trust of their victims.
White collar criminals measure their effectiveness by the comfort level of their victims.
White collar criminals consider your humanity, ethics, and good intentions as a weakness to be exploited in the execution of their crimes.
White collar crime can be more brutal than violent crime, since white collar crime imposes a collective harm on society.
No criminal finds morality and stops committing crime simply because another criminal went to jail.
We created artificial wealth, then we borrowed against it, and finally we spent it. When the artificial wealth disappeared, we had an implosion.
Our late and great former President Ronald Reagan used to say:
“Trust, but verify.”
As a convicted felon, I advise you:
“Don’t trust, just verify.”
“Verify, verify, verify.”
As a criminal, I considered people’s humanity as a weakness to be exploited.
The inclination to trust first and then verify, gave me the upper hand.
The criminal always has the initiative.
While you initially trust us, we work on ways to solidify your trust before you verify.
Hopefully, you will never verify.
However, by the time you get around to verifying, your skepticism will be corroded by our charm.
Therefore, when you ask questions, you will accept our deceptive answers as fact.
A word of advice from this convicted felon to the capital markets, securities analysts, journalists, the accounting profession, investors, and others, “The word ‘trust’ is a professional hazard you must leave at home before you go to work.”
While you hope, criminals prey…
My cousin Crazy Eddie Antar taught me that “people live on hope.” As white collar criminals, we preyed on your hopes and dreams by feeding you our spin and lies.
Investors demand confident leadership and strong financial performance from company managements. They want to hear management exuding confidence about their company’s future business prospects. Eddie and I built an image of strong and confident leadership by promising investors a prosperous future backed up by our phony financial reports.
As criminals, we considered the humanity of investors as a weakness to be exploited in the cold-blooded execution of our crimes. We measured our effectiveness by the comfort level of our victims.
My cousin Eddie and I built walls of false integrity around us to gain the trust of our victims. We claimed that Crazy Eddie’s accounting policies were “conservative.” In addition, we gave huge sums of money to charity and were involved in many popular social causes in an effort to make investors comfortable with us. While we were in effect, “helping old ladies cross the street,” we were heartlessly executing a massive fraud that wiped out the life savings of thousands of investors and ultimately caused a few thousand people to lose their jobs.
Eddie Antar and I never had a single conversation about morality or right and wrong. We simply did not care about the victims of our crimes. Our conversations only focused on the successful execution of our cold-blooded schemes to defraud investors.
At Crazy Eddie, we committed our crimes simply because we thought we could execute them successfully. We took advantage of investor’s hopes, dreams, and aspirations for a better future. More importantly, we fully exploited investor’s lack of skepticism that resulted from the wall of false integrity we built around ourselves.
Hope is a fine human quality that motivates us to build a better future. Unfortunately, criminals consider your hope as an exploitable weakness to aid them in the successful execution of their crimes.
Do not get mesmerized by neatly packaged story lines and well researched sound bites written by professional high paid media consultants. Criminals know how to “talk the talk and walk the walk” as they inspire you with false promises of a prosperous future…
4closureFraud.org
Ditto
Same here.
I think finding out where that missing Form 938 went is a fair question.