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Buffett's Pet Bank Joins The Fraudclosure Circus: Wells Caught Lying About Affidavit Practices After Clerk Admits She RoboSigned
The last bank, and arguably the one that has the most to lose, Wells Fargo, which up until now has fervently denied it engaged in robosigning and thus refused to halt foreclosures, has just been caught red-handed by the FT. In a sworn deposition, which will certainly lead to a foreclosure halt by Warren Buffett's pet bank, and confirmation that WFC was merely lying like everyone else on Wall Street, the Financial Times has obtained legal documents that prove Wells was merely one of many. Per the FT: "Legal documents obtained by the Financial Times suggest that Wells Fargo, the second-largest US mortgage servicer, also used a “robo signer”. Unlike its rivals, Wells Fargo has not halted foreclosures. The San Francisco-based bank said on Tuesday it was reviewing some pending cases, but it has maintained that it has checks and balances designed to prevent serious procedural lapses." Now that Wells' checks and balances end up neither checking nor balancing, perhaps it is time for Charlie Munger to tell the shareholders of Wells to "suck it in", as the bank is about to be faced with a rather simple dilemma: beg for TARP 2 (and confirm that Munger, and his partner, are nothing but a bunch of pathetic senile hypocrites) and thus more taxpayer bailouts, or see a huge portion of its shareholder value (and thus Charlie Munger's precious, precious money) about to be wiped out.
In a sworn deposition on March 9 seen by the FT, Xee Moua, identified in court documents as a vice-president of loan documentation for Wells, said she signed as many as 500 foreclosure-related papers a day on behalf of the bank.
Ms Moua, who was deposed as part of a foreclosure lawsuit in Palm Beach County, Florida, said that the only information she verified was whether her name and title appeared correctly, according to the document.
Asked whether she checked the accuracy of the principal and interest that Wells claimed the borrower owed – a crucial step in banks’ legal actions to repossess homes – Ms Moua said: “I do not.”
Ms Moua nevertheless signed affidavits that said she had “personal knowledge of the facts regarding the sums of money which are due and owing to Wells Fargo”. The affidavits were used by the bank in foreclosure proceedings.
Ms Moua added that before reaching her desk, it was her understanding that the foreclosure documents had been reviewed by outside lawyers.
Wells declined to comment on the deposition but said its records show its “foreclosure affidavits are accurate”. The bank added: “When we find team members who do not follow procedure, we fix what is done incorrectly. Until this case is resolved, we should keep in mind that a deposition does not suggest a wrongful foreclosure.”
And with that, the foreclosure moratorium which TurboTaxing Tim so had hoped to avoid, becomes a self-imposed reality...Or is it: to our big surprise we read in the News-Press.com, that despite the banks' self-imposed moratorium, the foreclosures are, in fact, continuing:
But in Lee County, court records show both of those banks have continued to get court judgments allowing the sale of mortgages on foreclosed houses at public auction.
That’s despite statements from both banks that they stopped doing that about two weeks ago.
April Charney, a Jacksonville-area legal aid attorney who’s an expert on foreclosure issues, said she’s hearing similar reports from around the country.
She scoffed at the banks’ protests that they didn’t intend for the judgments to be issued.“It’s a farce,” she said. “We’re all being played.”
JP Morgan spokesman Tom Kelly said Tuesday he didn’t know the bank’s attorneys were continuing to get judgments allowing them to go forward with auctions.
Twelve judgments have been issued in Lee for JPMorgan since Oct. 2, the latest on Tuesday, according to court records.
“We reached out to our local foreclosure counsel and asked them to ask the courts not to enter judgments,” Kelly said. “I don’t know what happened there.”
At this point we wonder: will Wall Street ever stop lying to the American public (no), and even when it pretends to do so, will it at least be true to its word for at least a few days. Ultimately, these two questions are far more imporant than whether or not a bunch of documents were filed properly and reside where needed. If 99% of the American population can not have any faith and trust in those who truly rule the country (Wall Street for those who may be confused) then America is one food crisis away (and thanks to Bernanke's liquidity laxatives we give that a few months at most) from outright social unrest.
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Ha HA HA!! Suck a big one Charlie and Warren! Just get over it!
hot poker > Charlie Munger
Lean Forward
^- hates wells fargo.
Meanwhile, in other news, the USD is collapsing against the Yen and EURO in evening trading and Dow futures are now up 40 points and ramping.
Brian Sack, insomniac, continues to buy any and all bad news hand over fist. So if a few hundred million trees fall in the forest and nobody hears them, does anybody really give a fucking rat's ass anymore?
No, nobody gives a rat's ass anymore....except everyone on ZH.
Although I am not really sure at all what you point is...but I be drinkin'...so....
checks and balances ! I love it. Checks and balances are constitutional language for the simple reason that no-one with pricing power, no-one with a scam to prosecute, ever, ever, instituted any check or balance. Nice try. But the Judge wont buy it.
It was Buffett who said you don't know who is swimming naked until the tide goes out.
Well, I guess not!!
mister buffet is a eugenicist. he is scum. as for wells fargo, look at how arrogant they are. they are perfect. their robosigners are team members who do everything right. hubris comes before the fall. mister b's other pet bank is u.s. bank, and they have been off the grid but i have a feeling that will change soon. at least jamie d said that jp morgan made some mistakes and will have to pay fines to the states. so the shareholders have been put on notice that they will be paying for the banks fukups.
Having been to war with Wells myself, I can certainly say they are the worst of the worst. Never doing busines with them again - ever.
+ (every MBS re-purchase)
one Warren Buffett endorsement to rule them all
This appears to be SOP everywhere.
Warren still advocating billionaires give it away? The mortgage fraud is a good place to start.
"one food crisis" or water crisis.
"One question: where you gonna get your water? You can go weeks without food (in my case more like a year; in fact I’d probably be better off after starving for a year or so) but you need water every day. Let’s take California. Last I heard there were 24 million people in So Cal. You know where they get their water? From a tap, yeah; but when the taps stop flowing? Flick that ball socket faucet in your townhouse and a spider drops out? That’s what’d scare me, not armies of zombies or gangbangers.
There are no rivers in So Cal. Ever see the LA River? Sure you have; it’s in about a million movies. It’s where they stage those fake drag races, where T2 drove that semi. It’s a culvert with a trickle at the bottom. 23 million yuppies are going to go from worrying about hydrating every hour to slurping algae from the last puddle in that culvert."
http://exiledonline.com/war-nerd-apocalypse-never/
Peak water?
Peak potable water... corrected
Peak (potable) water is a very real issue, but people forget that it is completely solvable by technology -- we just have to dedicate resources to it. The world is 2/3 water, and desalination/purification is *not* difficult.
In the big picture of solvable/unsolvable "peaks" that we face -- peak (potable) water is deeply on the 'solvable' side of the meter.
Political willpower will come with necessity (and pain).
Unfortunately, that pain still lies ahead of us...
Wells has nothing to fear from a Wells or two but itself
A marvelous example of the creeping MS permeating every corner of every profession. Or supposed profession.
screw Warren Buffett and the bankers at the Too Big To Fail banks
I hope fucking Wells Fargo bleeds to death, right out its ass. When the time comes I will open my own, personal wound in the Wells body of assets. Timing is everything. Piling on, in football, gets you a penalty. In finance, it gets you a satisfied grin.
So I wonder what the value of those Mortgage Servicing Rights are worth now? You know, the ones they have been using to prop up their balance sheet and income statements. I am sure they have a robo signer hedge....
What was JPMs answer to that? That ought to choke BAC next week...
I am sure they have a robo signer hedge....
Evidently at least they thought they did. It might be too much in hoping, but maybe the judges appointed by these psycopaths are beginning to exercise the autonomy our constitution properly gave them.
Must...have...more...popcorn and beer
The nationwide foreclosure fraud problem is MUCH MORE onerous than ROBO-signers. Florida's Attorney General is correct to file his motion for rehearing that court ruling that prevents the AG from investigating foreclosure mill firms who CLEARLY fabricated foreclosure documents!!
It is imperative the MILLS are investigated for INTENTIONALLY FABRICATING court documents because certain lawyers are engaged in SELF-DEALING FORECLOSURES. Contrary to what the foreclosure mills announce, it is NOT A WASTE OF TAX PAYER MONEY to probe awful, underhanded illegalities surrounding foreclosures which have caused thousands of people to be UNLAWFULLY evicted and homeless –while unscrupulous lawyers became CRIMINALLY ENRICHED.
LONGSTANDING foreclosure frauds incorporate falsified CIVIL as well as BANKRUPTCY court pleadings; repetitive and illegal property flipping (thus blighted neighborhoods); “simulated auctions” and “straw buyers”; FALSE “lift stay” motions and FALSE “proof of claims;” and "fee-splitting." Certain lawyers achieve extra benefits from litigating against foreclosure defense lawsuits, as they MISREPRESENT to their mortgage-clients property owners are delaying foreclosures, but actually its continual deceptive foreclosure lawyers' activities while billing $$$$ to mortgage clients and actually committing MALPRACTICE + fraud upon the courts + fraud & illegal exploitation of homeowners!
Because fraudulent foreclosures include many facets, culmination can take years while arranging cash cow “PAWNS” needed for big pay-offs. [Super Future Equities Inc. v. Wells Fargo, et al., @ http://www.bankruptcy-lawnetwork.com/2007/05/11/what-are-those-mortgage-.... To repeat, LIKE AMERICA NEED JOBS, FORECLOSURE MILLS NEED INVESTIGATION. State Attorneys General everywhere need to recognize the ELEPHANT IN THE ROOM –which has been for a long time, hiding in plain sight: foreclosure mill fraud! http://www.lawgrace.org/2010/09/30/important-facts-about-foreclosure-and...
Wells Fargo is the TBTF turd of a bank that really should go down first.
Just as an incidental aside...
Could you please abreviate that as 2B2F rather than TBTF, as that is very similar to TPTB and can get rather confusing when I am speed reading.
Cheers :-)
Sure. We'll all change years of established procedures and terms that we understand completely in deference to your ability to breeze through your readings. No problem.
:-) back at ya
The sarcasm lamp is lit; smoke if you got em.
I love it when the captain puts the sarcasm light on. Makes the flight go so much faster.
Hey, did this guy train on a fucking Stuka or something?!
while we're at it, can we ditch: 'to wit' and 'kick the can down the road'
btw - captcha gets any tougher I'll be forced to break out the TI-89
TI-89??
I had to ditch that for the TI-106. Not enough digits on the 89.
Buffet, The Great Beneficiary of all government rescues since 2007, is already on the phone to his buddies in Washington, busily cooking up the next phase of TARP or whatever the new global systemic rescue package will be called.
The giant, interdependent , self-referential debt matrix is once again in danger of crumbling as everything is interlinked through layers of derivatives and leveraged debt.
Rosebud, bitchez !
Why does RIMM come to mind ?
Ok, somewhat convoluted, obscure and definitely a little twisted. Not that there's anything wrong with that ;-)
Suck it up Wells Fargo shareholders!
" As you now know under the "Shared Losses Agreement" FDIC agrees to insure bank assets for up to 80% of the original face value. So on a short sale, where the assets were purchased at 80%, if a short sale agreement is reached, the FDIC makes up 80% of the difference- EVEN ON SECOND MORTGAGES. "
http://www.trulia.com/blog/AnnetteLawrence/2010/02/banks_making_big_mone...
And the backdoor funding by the FDIC slooooooowly gets unearthed...even as it dries up.
This is the fire behind the smoke.
Are the judges of Florida fucking braindead letting publicly avowed moratorium observers come into court to take a shit on that same moratorium? The court is public too.
A judge has wide enough discretion to put a stop to this shit now. Imagine what Judge Rakoff would've done to these fucking sociopaths.
There was a reason I took out all my money in good hard cash and buried it...somewhere along with any noble metals. Zuck you all those who would want to steal my hard earned wealth.
http://www.youtube.com/watch?v=oh8W8CsfK38
Crime
http://www.youtube.com/watch?v=R2ykq2KFVu4&feature=related
Her name is Xee Moua, ROBOSIGNER!
His name was Urban Roman. His name was Urban Roman. His name was Urban Roman.
ROBOSIGNER and VP of 72 different banks at the same time!
http://www.zerohedge.com/article/4closurefraud-exclusive-part-deux-%E2%8...
His name was Robo Roman. His name
This is one of the worst banks out there, but no one is doing the deep digging on these guys. IMO, they are in the worst shape of any of the majors.
Dont worry about ole Warren, he dumped all of his shares of WF last week...
ES just spiked over 1175 on this news.....
Gold just spiked over 1375 on the news.
Ag @ 24.23. Holy pasture raised beef! (which you can eat and is low in fat and delicious)
Market doesn't care about this. Market cares about QE2, Apple and whether earnings will look like they beat lowered expectations.
That's all the market cares about. Hell, market doesn't even care about whether or not it set the DVR for a new Glee episode.
The market doesn't care because it has been sabotaged by POMO and HFT's. News like this would have trashed a normally functioning market. I will always remember that 60 minutes expose on Tim Geithner and when asked if the market will crash again he made a grin ear to ear and said that would never happen. We now know why. Bloody crooks these people are. Quite the times we live in.
Let's not be dramatic now, if that was a spike, it plinged from 1182 a few hours earlier.
Sheeee-it, Robo. Just shoot me now.
Fuck, you're right. 1177.50. Never mind, I'll shoot myself.
Seriously, why is it every day 12 or 13 hours before the markets open, people get upset about the futures? Today is the perfect example. Last night futures were tanking only to have the market fly today.
Unless you're trading the /ES, why would you even care about it?
Perhaps it's just an interesting topic of discussion? We could just talk about aapl but that gets kind of old. Should we all just stay quiet and listen to you and Robo?
Good one. Of course, their topics are the only ones worth of discussion.
Of course...
Wrong. At 20.05 EST, market spiked up after singapore decided to tighten, following malaysia. Which is curious as simultaneously they announced Q3 GDP contracted nearly 20% qoq! Shows they are running out of money defending the inflows of toilet paper. They are quite desperate to tighten even when GDP contracts at alarming rate. Capital control will be next, following thailand.
I have an idea! Let's take all the POWs in the War on Drugs and set them free. Then we will have room for all the Bankers and Lawyers. I'm sure the sadistic, homicidal, homosexual psycopaths that run the interiors of our prisons could use a change of tail.
Umm, Umm, Banker butt, thats gots to be tight.
agreed! I might have been beat on a bad deal or two before.....but the bankstas have taken thousands more and will eventually leave me and you futureless!
Bankers became banksters when the rule of law is perverted to their benefit and the public's subjugation.
Politicians and Banksters become Oligarchs when they are no longer slaves but masters to the rule of law.
Judges are politicians with contributors in high places. Don't count on them to do the right thing. We are screwed
Many state court judges are elected, true. Not so for federal court judges, before whom a mushroom cloud of class action lawsuits predicated on mortgage fraud should appear soon.
How many foreclosure judgments from state and federal courts are flat out void? 500K? 2.5MM?
It's just a matter of time before a class action like that ends up before a Judge Rakoff or a Judge Boyko. That'll be a show.
Oh look the stock index futures are all ready rising, right on que, lift the offer and up up up and away. Make free money zero risk in this market zero nadda none.
it's the "Zero Hedge call" man. The more the truth is revealed the more equities say "right on, brother." KEEP IT COMIN' BOYZ.
If 99% of the American population can not have any faith and trust in those who truly rule the country (Wall Street for those who may be confused) then America is one food crisis away (and thanks to Bernanke's liquidity laxatives we give that a few months at most) from outright social unrest.
American population has no idea what this is or if it means anything other than what Fox News or CNN spins it into. Until they go to an ATM and can't pull money out, there will be no social unrest. Well, I guess if they canceled Dancing with the Stars, that could do it too.
rising prices at Taco Bell will do it too. Don't mess with the bread and circuses now.
Try the price of gas Harry. If Obama and Benny keep f**king with the currency and the nations credit, then our "friends" in the Middle East will get more for their oil.
Then you won't have to worry what's on O'Reilly and Oprah.
Stop acknowledging him, and he will go away.
The sellers have left the bldg, not a seller in sight, smooth sailing full steam ahead.
Wells only needs to say, "Mrs. Moua was not following the procedures laid out by Wells Fargo for signing affidavits. She in no way represents the fine team at Wells Fargo that follow the most stringent protocol in foreclosure affidavits."
End of story.
You're funny.
Of course. No employer is ever responsible for what its employees do in the name of the company. Never ever. I assume this is what you're saying.
You know Harry, I've decided that you are bi-polar or are suffering from some other emotional issue. I took a walk back through your comments over the past 9 months and you seem to have followed a sign wave pattern where you started at the emotional top, crested, flowed down to the bottom and are now climbing back up to the next peak.
You started out exactly where you are today. Then about 4 or 5 months ago, just a few weeks after the market top, over the next few months you became increasingly dismissive of the Ponzi with repeated remarks about how ridiculous it was, how it was manipulated, how the market couldn't be trusted, how the Fed was destroying the economic system etc etc etc. You commented less and less and based upon some of the comments I would say you became depressed at the bottom.
Then about 5 or 6 weeks ago, just when the market turned up this last time and the Fed signaled that it would begin pumping again, you once again became more and more arrogant until today, when you have returned to the old Harry we knew and loved. I think your emotional temperament is tied directly to your pocket book and your fears. It really is fascinating reading those old comments.
You're an open book Harry. I could rate each of your comment's emotional temperament and place that number on the vertical axis and the date on the horizontal. I would get a near perfect sign wave graph. Over the past week you have become almost manic in your comments as well as the number of them each day. Today alone you commented over 60 times.
Anyone else want to stroll down memory lane and read Harry's progression from the top of the world down into the swamps of hell and back out again?
Amazing that no one here understands sarcasm. You really thought I meant they shouldn't be held responsible. I am merely pointing out how easy it is for Corp USA to push the blame off. Which is probably what they'll do.
I was short most of the late spring into summer, if you recall. Got super busy with my business, as I pointed out the busiest September in our 9 year history.
I get the silliness of it all. Obviously, I hold precious metals for a reason. What I don't get is how people around here are so blinded with tunnel vision. Not every "breaking story" at ZH warrants an "end of world/this shit won't end well" response. Need I bring up endless vocano posts?
BTW: I recall giving you my email address for some book or study you were writing that I was more than willing to contribute. I guess it was a bluff on your part at the time that you didn't think I would call you on. What does that say about you, old man?
It was neither a book or study that I was doing at the time nor a bluff. I said I was interested in doing an article about how people are coping, how you were not liked by many here on ZH and I asked you if I could interview you about your positions and views. I also said I wasn't sure if I would do it nor when I would get to it since I was involved in a big project at that time.
I'll be happy to post the e-mails from that conversation if you like because I still have them.
And I was very busy, in that case working on the 5 part series, essentially a book, that I posted here on ZH beginning a few weeks later that spanned a months time. By then I saw that you were changing and that you weren't the same person as when I first contacted you. That is also very true and well documented. So I lost interest in doing the article. Many people commented at the time that you had changed dramatically, with several ZH regulars over those few months very surprised how different you were.
Now you're back to the old Harry Wanger. Say what you want Harry, but the change in your personality is like night and day. Would you like me to post some of your old comments? I don't know if you would recognize yourself.
Please post the emails to and from me since I don't recall ever receiving or replying to any.
Look, if you can't understand my position, which hasn't changed at all since May, then fine. I get that not all people understand cynicism and sarcasm. I suppose it's a sign of intelligence on some level.
Anyway, yes, please post some of my comments, even some from today, where I referred to how we're so dependent upon a "faddish gadget maker" for our economy to move forward.
I have no beef with you. My point here is to point out how people can get through this without resorting to guns, ammo and Costco surplus. If the market is going up, then go up with it. You don't have to like it - hell, you can even whine about it. But please don't whine about not making money on what you think the market should be doing.
You know what the fuckers are doing, so play their game until the game can't go any further. At least you'll have something instead of the "see I told you so" when the shit really does hit the fan.
In this corner .... In the blue tights & pink stockings ....
http://www.youtube.com/watch?v=WvufFwdqMzg
I don't know why, but this made me laugh!
Harry
sometimes when your witticism turns into sarcasm and borders on conceit, then I, speaking for the peons, my eyes just glaze over it and I take nothing personally.
If you could point out some engine(s) for the U.S. economy I could accept your thesis; until then it is all warm fuzzies, gambling and hoping, not investing.
What thesis? I told you I'm long precious metals for a reason. Do I think catastrophe is around the corner? No. Are we growing economically? A tiny bit. Will that change soon? Not until the Fed stops pumping.
I understand what they're trying to do but it's a difficult rope to walk. Obviously, they want to stimulate business investment which in turn stimulates job growth which in turn stimulates housing, etc. etc. I get that. Will it work? No. Not in the long run.
There's my thesis.
The perils of trusting big pharma.
"Obviously, they want to stimulate business investment which in turn stimulates job growth"
Reaganomics - trickle down. That will work............
Uhhhh .... CD.
Please back off with the- I will shoot you with a ball of your own shit-stuff. Tonight you are sounding a tad bit like my ex-wife.
The old CD always seemed a little above the fray- far from the madding crowd.
Cheers guys.
CD don't be a pussy .... ding,ding,ding.
sine wave
All bi-polar persons that I know have an advanced mastery of sarcasm.
Conceited? I don't even think that needs to be discussed in this case really:
by HarryWangeron Wed, 10/13/2010 - 09:09
#646371
I just did a re-fi on a property bought in 2006. Original mortgage on $1M place of $650,000.00. New mortgage, within conforming rates here, $500,000.00. Went very smooth with no hitches. And, even better, used some of the profits from AAPL trades to pay the difference to bring it within conforming levels.
So, I did what you said is impossible just 4 weeks ago.
by RichardP
on Wed, 10/13/2010 - 09:46
#646487
Sounds like you have a large difference between market value and amount refinanced. Which was Ripped's point.
by Ripped Chunk
on Thu, 10/14/2010 - 08:06
#646687
You initially put down 35%, bravo for you. But you paid down balance to restructure (not refi) because the value of the property has apparently dropped significantly.
Not many can afford to bring cash to the table at a refi. And if they could, why not deploy that money to purchase other productive assets or pay down more costly debt? Unless of course the bank was pressuring you to put more skin in?
Your boast is a different scenario all together from the one I posted. Especially if the original loan was 90% - 95% LTV.
"End of story."
FAIL. Beginning of story.
Whether that dupe followed corporate policy or not can't eradicate the fraud she's now a part of. Any foreclosure predicated on her signature is now prima facie void.
She's the plaintiff's bar's wet dream. The class actions are the just the beginning.
Yep. That is how it works. I had a VP that directed a whole corp of officers throughout the SW.
'That's not the way it should be done. Next.'
All this disocvery and the courts still defer to the pro-bank precidents. Even if you win, appeal, refuse to pay, etc.
There is no such thing as "justice." Payback yes. Justice no.
Suck it up, Charlie!!!!!
And they continue to foreclose anyway.
At this rate, I eventually expect Warren himself to be shown to be Madoff X a million.
Smells Fartgo
Smells like chit.
http://www.youtube.com/watch?v=vRp7tYWnJJs&feature=related
Bad Banks and Bad Government a real recipe for disaster as we are now seeing.Neither fit to look after peoples present,savings or futures.Neither fit to run themselves let alone the finances of a nation and as for the worlds reserve currency nuff said.Depends now on how far the people let this go
Who's your DADDY Wall Street! Can you spell H....S....B....C. I hear the folks in London have been known lay down a wager from time to time, too! 4-6 weeks? Congratulations: "you're on the clock"?
The magic futures are hard at work, big gap up in SPY then sideways in a 3 point range for 5 hours. Buy the close sell the open. Stock index futures rise overnight 90% of the time.
Well, well, well. The USDX just crashed thru 77. We are getting close to a full-fledged currency crisis. Watch the BoJ overnight. Going to be another interesting day tomorrow.
http://finviz.com/futures_charts.ashx?t=DX&p=w1
Why would'nt the dollar test 75 plus or minus / then rally or at least have a good bounce?... with everybody so bearish the dollar and bullish QE.
Maye the "riggers" will knock that boat over next?
Weren't we just at 74 and change last year around November? Remember the "crazy" rise of the stock market that no one would believe in or could understand.
Hell, we're not even below 77 yet. Tells me, when looking at the eerie similarities of last Fall, we still go some rally left in stocks.
Wake me if the dollar goes below 70. Then, there will be some real excitement.
Actually, Harry, the # is 72. When the usdx goes under 72...well, let's just say it ain't gonna be pretty. 76.55 last.
Ok. 72 it is. Hasn't been there since way back in 2008 so we'll have to see if we can get there again. Until then, it just means the market moves higher on currencies.
Hey, Harry, I'm not arguing with you.
The plunging dollar means that all dollar-denominated assets are going much higher. Yes, even AAPL.
Not arguing here either. I agree, 70ish is going to be a crazy time for all of us if we get there.
check this out, Harry...updated a few minutes ago:
http://market-ticker.org/
Wow - no shit that looks scary!
The offers are so light, someone with a 100k account could manipulate the index futures overnight.
Hey Charlie--
Even if robosigning does work, if you robosign, you're a JERK!
Dear Bank dudes,
Amon Amarth - Death In Fire
http://www.youtube.com/watch?v=e-UbViuK4fY
Making money in the stock market is so easy a cave man can do it.
So JPM continues.. I said it out loud and i think as a comment here... volunteering to quit foreclosure processing was a lie. I bet they are all continuing. Why should they when the president of the USA himself says they shouldn't quit?
Like Obama's "buy stocks" recommendation in March 2009 - good point.
September 2010
Buffett to taxpayers: Get over your anger
http://www.omaha.com/article/20100924/NEWS/309249942/1031
Oct 13 (Reuters) - China's Ministry of Land and Resources said on Wednesday it will fine BYD Co (1211.HK), the automaker backed by U.S. billionaire Warren Buffett, 2.9 million yuan ($434,600) and close several buildings on land the company used illegally in Shaanxi province.
http://www.reuters.com/article/idUSTOE69C02E20101013
This whole story reminds me of Soros and his Chery dream.
Chairman Mo, George Soros flunk on Chery
http://www.canadafreepress.com/2006/cover122606.htm
Meanwhile, the beat goes on.
http://www.cheryinternational.com/
Timmy got out his Ipad and printed 399 number for tomorrow.
Suck it up, Charlie!!!!!
And they continue to foreclose anyway.
At this rate, I eventually expect Warren himself to be shown to be Madoff X a million.
When Michelle (Antoinette) Obama was told 'the people are being forced from their homes'. She replied 'let them vacation in Spain'.
Gotta admit, that was one dumbass move on her part. Spain?
They better not take my $600/ Month basement apartment away.
LOL
classic
Any lender who continues to foreclose now is no different than a drunk running through a known minefield. Curious to see how CNBC blows this off.....move along folks, nothing to see here....move along.
Well, at least if the drunk is really drunk, they'll never even know there was a mine field. The banks don't have nearly that good of an excuse.
Curious to see how CNBC blows this off.....move along folks, nothing to see here....move along.
CNBC doesn't care about this. CNBC cares about the market moving up higher and higher every day. You ever hear them say earnings weren't good? No. I look at the earnings reports that were guided lower weeks earlier only to be "better than expected" and cock my head like a confused dog. CNBC then will gleefully keep a scorecard of how many companies "beat" which is usually around 75-80% according to them, and justify the market moving higher.
They do not care about this unless it actually turns into something they can understand. Sorta like a two by four across the faace. Until they get smacked by something completely obvious, it's all giggles and happiness, unicorns and rainbows for them.
Dragonforce - Through The Fire And Flames (Video)
http://www.youtube.com/watch?v=0jgrCKhxE1s
Even if you don't like metal, these guy's hands are faster than a coked up ferret. You should witness it at least once.
If that's the sort of thing what those damfool crazy young'uns are calling "metal" these days, I don't like it. That lead singer guzzles beer like a girl. You think those guys play Warcraft?
But yeah, ok, for sure the one guy can tap.
(Seeing stuff like that makes me feel old. I miss the second coming of Pantera. Might have to put on Vulgar Display... to shake off the creeps.)
Why should WF shareholders be worried? Benron has all of that POMO fiat to tide them over in the short term. They'll be just fine. Really.
like I said earlier today about those no good thieving bastards:
deny, delay, deflect
now make those fuckers burn
(we're gonna need some more lamp posts)
Mrs. Moua and her coworkers will probably be offered immunity in exchange for testimony against her supervisors. And her supervisors will be given immunity in exchange for testimony against their supervisors. And so on.
Hmm.I wonder whether Mr. Buffet and Mr. Munger make a habit of tape recording their conversations.
Warren Buffett the Oracle is now walking down a foggy dirt road, as he cleans off the condensation from his glasses. Warren is approached by the Architect.
<<Inserts music Warren Hears>>
http://www.youtube.com/watch?v=YUr4EilpyqY
Never sell yourself Warren, you have to live with your actions for the rest of your life. We know about the next funded war and expansion plans. History books will not be kind on you.
Become the Oracle you once were.
I have been thinking about the former Wells VP who was throwing beach parties in that REO Malibu beach house last year. Nice people.
And...up yours Charlie!
Fitting domain name for Wells Fargo propaganda.
http://www.trilliontitlepro.com/sitebuilder/images/WellsFargoLogo.gif
WB7 - something with horses is in order.
WB7...I consider your treatment of the subject here just.
I note you are featured more often...kudos dude!You rock hard!
Keep it up William...It is great watching you make "them" squirm!
The arrogance of these people is just unbelievable. I would not want to be a Wells Fargo executive in California. The shit could really hit the fan Mad Max style.
Wells Fargo Heat Map.
http://geocommons.com/maps/1643
That is Charlie in the lower left...
Thats it, show your true colors. Call out elderly rich guys and peg them as "pathetic senile hypocrites". Geez. Bill Gates, who has an underdeveloped world view but is pretty sharp once said Buffet had one of the most sophisticated world views he had run across. When you turn eighty what do you figure you'll be like? I think being a hypocrite is a prerequsite for being rich. Going senile at 80 is about par for the course. The pathetic part is perhaps trying to get other billionaire pathetic senile hypocrites to give away their wealth like you did. The American dream: become a pathetic senile hypocrite and own your home instead of borrowing it from a bank. TFF.
-profd
Who cares if he's senile?
'Pour encourager les autres'
Bitch.
+10
Come on now, I am sure Warren has dumped his shares before that little tidbit went public. Just like he did with his Moody's shares.
The Subprime Shakeout ~ "RMBS"
http://subprimeshakeout.blogspot.com/
In an article from the Wall St. Journal today, Greenwich attorney David Grais, of the law firm Grais & Ellsworth is quoted as saying that, "We are reviewing the opinion and considering whether to file an appeal." However, given the facts as recounted in Judge Kapnick's Order, it would seem that Greenwich has a steep hill to climb to succeed on any appeal.
In its Motion to Dismiss, Countrywide, the servicer in the challenged RMBS deals, relied on Section 10.08 of the Pooling and Servicing Agreement ("PSA"), a provision that sets forth the procedural preconditions for bondholders wishing to initiate suit. Included in these preconditions, which are standard in most PSAs, are the requirements that the bondholders to first approach the Trustee with proof of ownership of 25% of the voting rights in the Trust and proof of some Event of Default, make a written demand on the Trustee to institute an action in its own name to remedy such Default within 60 days, and provide the Trustee reasonable indemnity against costs and liabilities arising from any such suit. There is no argument from Greenwich that it failed to comply with these preconditions before bringing its action.Instead, Greenwich argued in Opposition to the Motion to Dismiss that it was not required to comply with these preconditions for three reasons: 1) these preconditions apply only to actions that may unfairly benefit one class of bondholders over another, and Greenwich's suit would benefit all bondholders equally; 2) the preconditions only apply where there is an Event of Default, defined as the failure of the servicer to perform certain identified acts, and not including the failure to repurchase a modified mortgage; and 3) that compliance with the preconditions is excused because such a demand would have been futile. In support of the third point, Plaintiff argued that, soon after instituting suit, it served on the Trustee a request that it join in the suit, which the Trustee refused. Countrywide countered that this request did not comply with the procedural preconditions of Section 10.08.
Judge Kapnick rejected all of these arguments, essentially finding that the language of Section 10.08 applied broadly to all actions, and that Greenwich had failed to comply with any of these preconditions.
This result is surprising to me, given the experience of David Grais and Bill Frey, the principal of Greenwich Financial Services, in litigation surrounding RMBS deals (including Grais' lawsuits on behalf of the Federal Home Loan Banks and Frey's participation in the Syndicate of RMBS investors). These are sophisticated players familiar with the preconditions to suit found in nearly every PSA from this time period. It is also my understanding that Greenwich could have shown 25% ownership in at least some of the challenged deals, making it even more curious why they did not at least attempt to comply with Section 10.08 prior to filing suit. Of course, they were probably correct that such an attempt would have been futile, given that most investors have encountered general resistance from Trustees when they attempt to induce action on their behalf, but at least Greenwich would have then been able to make the argument that it attempted to comply but was rebuffed by the Trustee.
Perhaps there were other considerations at play that led Greenwich and Grais to file this suit prior to haggling with the Trustee and waiting the requisite 60 days to take action. Some readers will recall that this lawsuit was filed as a response to a broad settlement--to the tune of $8.4 billion dollars--by Countrywide with the Attorneys General of 15 states (dozens more signed on after the fact) regarding Countrywide's predatory lending practices in those states. The settlement stipulated that Countrywide would remedy these practices by agreeing to modify over 400,000 loans to allow borrowers to stay in their homes.
There were only two glitches in this settlement, which was hailed by Jerry Brown as a great success story. First, Countrywide no longer owned upwards of 80% of these loans it was agreeing to modify. Because any modification imposes some kind of cost on the ultimate holder of the loan--by either reducing principal, reducing interest rates, or prolonging the repayment period--the bulk of the $8.4 billion in loan modifications would have been borne by the bondholders. Second, the bondholders have favorable provisions in the PSAs and in the Stipulated Settlement between Countrywide and the AGs requiring the servicer to buy back any loan it agrees to modify. Maybe the rush to the courts for a declaratory action was an effort to halt these modifications prior to their institution.
And perhaps this tactic was successful. Countrywide and other servicers have been largely reluctant to carry out extensive loan modifications (see interesting stories here, here and here), in part because as reported in the Wall St. Journal, they fear being forced to repurchase those loans. And the filing set the wheels of politics in motion, resulting in a full blown lobbying effort by BofA/Countrywide to encourage the passage of a Servicer Safe Harbor to shield servicers from liability for modifying mortgages. This lobbying effort had the reciprocal effect of inducing bondholders to band together to form their own lobbying group, which group became the precursor to the Investor Syndicate gearing up to take on servicers over a broader range of originating and servicing defaults.
Still, regardless of the political motives that may have encouraged a premature filing of suit by Greenwich, Judge Kapnick's Order illustrates the difficulties facing all bondholders wishing to pursue claims against the servicers, originators or sponsors of their RMBS holdings for losses associated with their investments. Most PSAs require, first, proof of sufficient ownership--usually 25 to 50 percent--just to get the Trustees' attention. Aggregating enough RMBS holdings to meet this requirement was the primary reason the Investor Syndicate has formed. Second, bondholders must make a demand that the Trustee institute suit in its own name. Often, the Trustee will seek unreasonable indemnity from bondholders and require the execution of onerous confidentiality agreements prior to doing so. Then, the bondholders have to sit on their hands and wait for the Trustee to decide not to institute an action before they can do so on their own. Many investors appear unwilling to navigate the complexities or incur the expense of jumping through these procedural hurdles prior to taking action. Just last month, Bank of New York, one of the primary Trustees on 2005- to 2007-vintage RMBS deals, refused a demand to investigate by a group of investors, represented by Kathy Patrick of Houston law firm Gibbs & Bruns, because of a failure to comply with procedural preconditions. Sources indicate that this investor group failed to meet the peculiar obligation of the investigation provision under which it attempted to proceed, requiring 25% ownership in every class of securities, and that the group failed to identify particular Events of Default to trigger Bank of New York's obligations. In short, as the dismissal of Greenwich's suit against Countrywide and the rejection of Gibbs & Bruns' efforts illustrate vividly, procedure cannot be ignored, and it would behoove investors to get their ducks in a row before taking expensive legal action.
I fully expect a WFC ramp on this news.
Unless America acts soon, all citizens will be tarred with the banksta reputation in the eyes of the world.
Not really. Banks and International circles will step up terrorism to keep the peasants at bay.
The FED is being squeezed out to be replaced by international laws aka IMF
Allow the FED to fail, we can coin our own currency under the Constitution.
The globalist forget we have new military tools never scene in the public eyes. Our boys work under the Constitution of the United States of America.
http://topics.law.cornell.edu/constitution/articlei
Don't ever fear your safety in this country, they fear your freedoms. The MSM is an enabler to create your fears. Ignore. Repeat, IGNORE the MSM.
I know good factions exist in the otherwise Orwellian disaster that is prevalent now.
I really hope they prevail....but currently, it looks grim indeed.
I fear it is like hoping for the unicorns and fairies to save us.....
Wish me well!
Most importantly, I would just like to say that after probably 14 years or so, seriously - every single day without fail, I've checked out and/or stared at CNBC (remember the early years w/Maria....pause). Tomorrow will be the fourth straight day I've not looked nor cared to look, at not even cleavage on that worthless, liberal, sunshine pumpin, "theres never been a better time to buy", channel. And yeah, I'm heavy into VXX so while not "short" and not gold (very little), I'm looking for some market reality. Harry, just keep those trailing stops and you'll be fine. Probably a week or so ahead of me. Let me know what your buyin then, 'cause I'll need a plan B. Hopefully soon.
I have finally removed CNBC from our channel line up. Now we have some peace and quiet yah?
About the pretty things, those are just the Illusion. The wife is what makes it all worth it. We constantly chase after things we cannot catch and touch. That is a failing sometimes in some people myself included.
Wall Street casts mass deception.
Spell fizzles.
Main Street casts cleanse.
It's super effective!!
the banks are backstopped by the Fed/Treasury. They simply cannot take a hit, it won't happen the guarantees are in place.
Another thing I fully expect is an angry quaterly missive from Jeremy Grantham on the latest asset bubble blown by the Fed. What bubble, you ask? Why, every stock correlated with the major indices (which is basically every stock except St Joe -- thanks David!).
I closed my Wells Fucko account several years ago after they fired the only personal banker who seemed motivated to help a customer. The others had become condescending little twits and nobody at the bank knew how to do an international wire transfer and, of course, they had added all types of fees and changed the rules on my account. May they rot in hell.
I confess to taking a loan for some work to be done by Wells Fargo. The smooth talking sales man had me sign two places. After the joy and euphoria of the fine workmanship and quality job has worn off, the reality of total grip that Wells Fargo has on our lives was not pleasant.
We paid them off the next day and demanded and got a letter showing it's all paid, closed and zero balance. Only weeks now these letters have FINALLY stopped flowing in.
I do confess to this because I was a fool then. No more.
Imagine when the entire Population of those beholden to Wells decide:
"Enough! No more of this bullshit."
and actually take appropriate action.
plough the piece of crap bank under and that pompous self important blow hard buffet with it...
"and confirm that Munger, and his partner, are nothing but a bunch of pathetic senile hypocrites"
Still LMAO!!!!!
Smells Fargo.
What bank do y'all use? Wachovia is switching to Wells Fargo and I want out.
You can start here:
http://moveyourmoney.info/find-a-bank
I hope there is a #uckin special place in hell for these #nob gobbling koksuckers and their ilk. If you don't #uckin think you are seeing the decline of a once great empire, then go bang your #uckin head on something hard until it falls off or you knock some sense into it.
One of the cardinal qualities that has always defined a great nation is the strength of its institutions. For example, a tiny island called Hong Kong has continued largely unchanged after the hand over to China. The main reason for business as usual is its well codified law and legal institutions. There are numerous examples the world over to support this notion.
We are seeing the decline of an empire. Not only the banking institutions are corrupt, even the judiciary is starting to smell like rot. Un#uckin believable.
BEHOLD. WE ARE SPECTATORS TO THE GREATEST WORK OF ALCHEMISTS EVER.
Ivy League geniuses have been drawn into the business of nothing more than modern alchemy. Convincing everyone that nothing is something and now the gig is up.
Apply that test to anything that is modern day finance fraud exercised through complexity that nobody can unravel.
If you are an alchemist, it's time to look in the mirror and ask where you want to be standing when the music stops. When the animal spirits are no longer consumed with your wizardry and only with seeking revenge with all that it has destroyed.
Hopefully, this will all unwind just at the same time as Orwell's Fargo's $1 trillion portfolio of worthless seconds explodes.