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Whoops there goes another rubber tree plant. Ker-plunk!
Douche Bank was also involved in massive shorting of airlines and insurance companies before 9/11.
And your tax dollars helped bailed them out.
A fine system we have here.
Not sure everyone catches your drift - especially anyone under 50 - so here's the vid from the 60's with an ebullient Frank Sinatra singing "High Hopes" with a bunch of kids.
Nobody could make that ram scram...
And, BTW, CD, it's ker-plop!
I have a Northeast accent. :>)
Fraud is everywhere you look in the financial industry
Apparently the government doesn't even bother to look, it relies on the institution to police itself (or not) -
One word to describe the narrative in the just-announced civil suit against Deutsche Bank’s mortgage unit: quaint. Though parts of it are still shocking.
The suit centres on alleged abuses of the US government’s mortgage insurance programme, which has the Federal Housing Administration (FHA) and the Department of Housing and Urban Development (HUD) assume the ultimate default risk on millions of American mortgages. Here’s how it works.
The FHA operates a Direct Endorsement Lender programme with lenders in the private sector — that would be firms like Deutsche Bank’s MortgageIT Inc — allowing them to endorse FHA insurance-qualified mortgages. But in selecting eligible mortgages the FHA and HUD have to maintain a fine balance between boosting the American homeownership dream and safeguarding taxpayers’ money.
To do this they rely on those participating Direct Endorsement Lenders (again, like MortgageIT Inc.) to review mortgages and make sure they meet HUD rules. The lenders have to meet certain quality control criteria, monitor something called early payment defaults, and conduct due diligence. They also have to make annual certifications of their compliance with FHA (via HUD rules).
Can you see where this is going?
The FHA/HUD programmes have a reliance on the declarations of the banks themselves that’s heart-wrenchingly naive given what we now know of their behavior in the years running up to the financial crisis. The start of the lawsuit talks of repeated lies given by Deutsche and MortgageIT to maintain the unit’s Direct Endorsement Lender status, but read the details further down.
entire article is free at:
i see it now...German response..."Fukkers...we'll show you what free energy really means"
My best guess is silver heads to low 30s before the slide is over. Remember, there is going to be no QE3, initially. This will mean EVERYTHING will fall, except a few things like Treasuries and Gold. Silver will retreat back to 40/45 to 1 ratio gold ratio.
There was no quick snap back, so my guess its headed down, a lot.
I didn't see any reference to silver in this article. Are you lost??
On a steel horse they ride, Sock Puppets all around, dead and alive.
No. Sadly, I agree with Robotrader. No one gives a shit about "mortgage fraud" or "financial fraud" which exists in nearly every trade in every market. Nothing will come out of this, just like nothing comes out of any fraudulent activity by the large financial institutions. It's all a big joke.
All markets have been relegated to new nadirs of morbid curiosity. In fact, there isn't really a market anymore, there are manipulated markets and then the grossly manipulated markets. Nothing else.
The person(s) who ratted out DB to collect the FFCA bounty disagree... they definitely think something positive will come of it...
You must not be a long-term holder of silver...
otherwise you would have understood the reference...
People could care less about mortgage fraud.
Mortgage fraud has enabled millions to be able to live "rent free" for over 2 years.
Ergo, they are now joining pyramid schemes and multi-level marketing scam programs like Herbalife.
HLF is now a 10-bagger off the lows, now trading near $100.
"Millions" living "rent free"?
Proof or shut up. Sounds like more FUD to me.
Special Thanks to Crimex & JP Morgue...I will be adding anywhere under $33 spot if I am presented with such a gift.
Hey, ingrates, be thankful that the highly competent government is protecting you from the likes of Goldman & JP Morgan (and CRIMEX & the CFTC):
JWN, TIF, SBUX, ANF now at new highs.
Thanks to "mortgage fraud".......
No LULU chart? No TZOO? lulz. You been IBD riverboated, momofader.
Why the scare quotes around "mortgage fraud"? Does any of the moral horror register with you?
He's amoral and just in it for the money Bob. You know, sociopathy for the little guy. Why swim against the tide when the flow from the sewer is so profitable?
It's not usually so bared. We all like money, but damn.
American banksters losing the battle for the hearts and minds of Americans, now shifting to a two-front war against a foreign enemy: Look, it's those damn Krauts!
Are we gonna see action against our own mobsters? Sure, and I've got some prime MBS you might be interested in, too . . .
Just don't mention the war...
Official: Mortgage fraud 'is a ticking time bomb’
News-Record - Tuesday, May 3, 2011 (Updated 9:56 am) By Joe Killian Staff Writer
GREENSBORO — Guilford County Register of Deeds Jeff Thigpen says he has found thousands of examples of apparent fraud in local mortgage documents from major banks such as Wells Fargo and Bank of America.
His ongoing investigation has so far turned up 4,500 “highly suspicious” mortgage and other loan documents. They feature apparently forged signatures from fictitious bank vice presidents, he said.
The signatures are produced in “mortgage mills” contracted by the banks, Thigpen said, where documents can be falsified by the hundreds.
Representatives of Wells Fargo and Bank of America didn’t return calls Monday but have said previously that any such fraud is the fault of contract companies such as DocX, a Georgia-based company that a number of banks hired to process loan documentation.
“When these loans and mortgages were being written and then sold off as mortgage-backed securities, these banks and institutions didn’t bother to really keep track of the documentation,” Thigpen said. “It was quicker for them to sell them off as fast as they could, extend the loans and charge more fees. So then (the banks) have people go back and draw up these documents. Then they say they weren’t aware of any fraud.”
Thigpen said there is now a national epidemic of foreclosures in which people can’t tell who actually owns their loan. Many homes are foreclosed on using the sort of suspicious documents he’s now turning up, Thigpen said.
“But there’s another problem, even for those who aren’t foreclosed,” Thigpen said. “When people try to get another loan or mortgage, what are the chances they’ll be approved when the fraud attached to a (borrower’s) previous loan comes out? It won’t be their fault, but they’ll pay for it.”
“This is a ticking time bomb,” Thigpen said.
Everyone in America who has paid off their mortgage obligation should inspect their original "Satisfaction of Mortgage" document. Everyone in America with an outstanding balance on their mortgage should send their alleged lender a Qualified Written Request as is their right per RESPA.
Nothing new... The question is whether the investigators decide to make all their discoveries public so that the foreclosed parties can benefit... a simple letter would do... maybe the municipalities can recoup some of the allegedly lost filing fees via a settlement or an award sharing agreement with the foreclosed parties... this has always been the battle to watch, municipalities v. national banks... smart money is on the former.
Have you followed the action in Michigan? Governor Snyder is taking over all lower units of government by fiat before they can push back on corporate interests by say voluntary debt restructuring or bankruptcy.
Especially when there's extra money in it for his patrons:
Sure... for the time being... as soon as the mob figures out the law is in its favor, the venue is in the mob's backyard, and the judges are homegrown and don't like the banks, then it's a recipe for disaster... sure, they can attempt to keep officials away from doing their jobs, but those are elected positions... and on a local level, the heat gets a helluva lot closer than national elections...
In the end, the banks will be thrown to the wolves to collect tax revenues... if the federal government cuts off states and municipalities from funding, the states and municipalities will force their hand on mark to myth accounting and refusal to prosecute securities fraud... simple as that. The citizenry of a locality won't give two shits about sticking it to them either.
How many QWRs would receive a response? Not many. Those that do receive a response would find it incomplete and vaguely described as a "fishing expedition".
Following that it only takes a few clicks to file an OCC complaint. I'd be delighted to see more people asking questions. That's all. If one were to travel the whole road they'd likely need to look up the term "subpoena duces tecum". lol
I hear there will be a 1:00 EST Press Conference in NY today regarding the Deutsche Bank misunderstanding.
All they'd have to do is file a complaint/petition/motion to set aside the foreclosure decree... attach the docs found by the municipality... and open up the lawn chair with a bag of popcorn... pretty simple process...
Wanna make a deal? I'll find someone where you practice to take on -- with material issues. Play it out here on ZH. Public records are public records.
I'll toss in a few bucks to start a retainer fund. Anybody else ready to pitch in? This could be very enlightening.
 Your choice -- uncirculated Maple Leafs -- or FRNs. lol
I'm game. But, the problem with prospective foreclosures is you have a client to which a jury/judge will be unsympathetic... if we're talking about foreclosures that have already occurred, the blueprint is already there... file motion to set aside decree, settle, buy some PMs with the FRNs... or, put them on a downpayment to another house you can't afford... either way.
Two good things could happen here. Someone could wind up with an attorney they could otherwise not afford and ZH readers could get a glimpse into the murky world of securitization and litigation in the trenches. Foreclosing parties will do anything in their power to avoid a jury trial or evidentiary hearing. Running the title on practically any loan originated in the last twenty years has long since left Bailey Building and Loan with the chain of title riddled with dubious assigmnents, endorsements in blank, wacky allonges, etc. Before any type of settlement could be reached standing must be established. That's the tricky part. To be square I'm not a rich philanthropist so I'd need some others to pitch in. chunga85athotmaildotcom
The End of the American/Roman Empire...
Why single out DB? They must be able to use the same form for about 50 different institutions? Heck, BofA, MER, and Countrywide suit can all be sent to Moynihan for ease of delivery.
Some get what they deserve!
Donations to PAC are strategic priorities for a reason. Idiots.
This isn't surprising since a lot of leaders, political or business, are putting themselves as a priority. I know that you know what I mean. Though, as ordinary citizens, we must be very cautious if we wanted to avoid such form of scam or fraud. In connection with properties and mortgage, the Federal Bureau of Investigation is currently warning customers and companies alike about the growing mortgage fraud epidemic in the nation. I read this here: FBI states cases of home loan fraud skyrocketing.
As reported, the greatest threat is from fraudulent mortgage applications. Troubled homeowners are also at risk for scams involving foreclosure prevention and home loan modification.
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