Angelo Mozilo | FORECLOSURE FRAUD | by DinSFLA

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Joe Nocera: The Mortgage Fraud Fraud

Joe Nocera: The Mortgage Fraud Fraud


This isn’t about a banker going to jail, this is about a homeowner going to jail.


NYT-

I got an e-mail the other day from Richard Engle telling me that his son Charlie would be getting out of prison this month. I was happy to hear it.

Charlie’s ordeal isn’t over yet, of course. When he leaves prison on June 20, Charlie, 49, will move temporarily to a halfway house, after which he will be on probation for another five years. And unless he can get the verdict overturned, he will have to spend the rest of his life with a felony on his record.

Perhaps you remember Charlie Engle. I wrote about him not long after he entered a minimum-security facility in Beaver, W.Va., 16 months ago. He’s the poor guy who went to jail for lying on a liar loan during the housing bubble.

[NEW YORK TIMES]

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Ex-Countrywide/ IndyMac Angelo Mozilo Puts Up House For Sale For $3.4 Million

Ex-Countrywide/ IndyMac Angelo Mozilo Puts Up House For Sale For $3.4 Million


The Real Estalker is one of my favorite blogs and actually was one of a few that inspired me to create this site. Please check it out!

And Yes, we know Mr. Mozilo, this is just one of a few hundred you call “primary residence”. If walls could only talk in this house.

The Real Estalker-

mansion located behind the guarded gates of the well-heeled Sherwood County Clubowned as per property records–and much to our pearl clutching flabbergast–by the vastly-loathed and utterly disgraced former Countrywide Financial CEO and COB Angelo Mozilo who has the architecturally conventional (mc)mansion listed on the open market with an asking price of $3,400,000.

Mister Mozilo, a mortgage industry maverick who co-founded Countrywide in 1969 and nearly 30 years later co-founded the dramatically collapsed IndyMac Bank (now OneWest Bank), is widely regarded as one of the more Machiavellian sub-mortgage-men who helped march the U.S. (and global) economy straight off the cliff in the mid-Noughts. While Mister Mozilo and his mortgage-making army pushed and pedaled sub-prime home loans he talked up the then-flourishing company’s stock price, earned hundreds of millions in compensation, and cashed out more than $400,000,000 worth of Countrywide stock, a large portion of it during the last couple of years of his tattered tenure as the king of Countrywide.

[THE REAL ESTALKER]

listing photo: Prudential California Realty

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Prosecuting Wall Street, pt. 2 – 60 Minutes – CBS News

Prosecuting Wall Street, pt. 2 – 60 Minutes – CBS News


Two high-ranking financial whistleblowers say they tried to warn their superiors about defective and even fraudulent mortgages. So why haven’t the companies or their executives been prosecuted? Steve Kroft reports.

Read Story: Prosecuting Wall Street

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Prosecuting Wall Street, pt. 1 – 60 Minutes – CBS News

Prosecuting Wall Street, pt. 1 – 60 Minutes – CBS News


Two high-ranking financial whistleblowers say they tried to warn their superiors about defective and even fraudulent mortgages. So why haven’t the companies or their executives been prosecuted? Steve Kroft reports.

Read Story: Prosecuting Wall Street

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California reportedly subpoenas BofA over toxic securities

California reportedly subpoenas BofA over toxic securities


Me thinks this just sunk the Foreclosure Fraud Settlement ship!

California is trying to determine whether BofA and its Countrywide Financial subsidiary sold investments backed by risky mortgages to investors in California under false pretenses, a source says.

Oh Hella Yeah…they did & They everyone knows this!

La Times-

Investigators with the state attorney general’s office have subpoenaed Bank of America Corp. in connection with the sale and marketing of troubled mortgage-backed securities to California investors, according to a person familiar with the probe.

The state is trying to determine whether the bank and its Countrywide Financial subsidiary sold investments backed by risky mortgages to institutional and private investors in California under false pretenses, according to the person, who was not authorized to speak publicly and requested confidentiality.

The subpoenas, which were served Tuesday…

[LA TIMES]

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BofA May Face HUD Fraud Claims for Soured Loans, Read REPORT

BofA May Face HUD Fraud Claims for Soured Loans, Read REPORT


What will happen to Angelo Mozilo?

AG’s have no idea what they are allowing to proceed in the courts, I urge them to Halt, Seize, Stop these illegal foreclosures. Bank of America is in a mad rush to get these through the court systems. Pages are missing from the filed documents to further hide the endorsed pages.

Whistle-blowers best you blow the “whistle” now!

AP-

Bank of America Corp. (BAC) should face fraud proceedings after its Countrywide unit submitted faulty data to back up claims for reimbursement on federally insured mortgages, according to an audit by a U.S. watchdog.

Half of 14 loans reviewed had “material underwriting deficiencies” concerning borrowers that resulted in more than $720,000 in losses, according to a Sept. 30 report from the Department of Housing and Urban Development’s inspector general. Kelly Anderson, a HUD regional inspector general, recommended the agency pursue legal remedies against Charlotte, North Carolina-based Bank of America, the biggest U.S. lender.

“Countrywide did not properly verify, analyze, or support borrowers’ employment and income, source of funds to close, liabilities and credit information,” Kelly wrote in the audit. “This noncompliance occurred because Countrywide’s underwriters did not exercise due diligence in underwriting the loans.”

The Federal Housing Administration, run by HUD, insures mortgages on loans to borrowers who can’t find traditional financing, such as those with low incomes. Lenders can ask the FHA to cover losses if borrowers default. The agency has stepped up scrutiny of those claims, and denials could be the next wave of expenses tied to faulty mortgages for lenders including Bank of America, FBR Capital Markets Corp. said on Oct. 3

[BLOOMBERG]

 

 

COUNTRYWIDE DID NOT COMPLY WITH HUD REPORT

 

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If Wall Street is not going to be held more accountable, we need to know why

If Wall Street is not going to be held more accountable, we need to know why


Don’t Let Go of the Anger


NYTimes- By WILLIAM D. COHAN

One of the most frustrating facts of the recently abated financial crisis is that those who might have been partly responsible for it have got off scot-free. The only two people prosecuted criminally — the Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin — were found not guilty by a jury in Brooklyn. Other potential culprits — Angelo Mozilo, chief executive of Countrywide Financial, Joseph Cassano, chief executive of AIG Financial Products, and Dick Fuld, the chief executive of Lehman Brothers — were either slapped with a small civil penalty, in the case of Mozilo, or the Justice Department made the decision not to prosecute after months of investigation.

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NY Times Joe Nocera Hits This One Out the Ball Park. A Must Read

NY Times Joe Nocera Hits This One Out the Ball Park. A Must Read


Joe’s article is a must read. It will leave you both furious and relieved that this story was told. Name says it all.


No Mortgage Lenders in Jail, but a Borrower Lands There.

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COUNTRYWIDE SUED FOR “MASSIVE FRAUD” MORTGAGE BACKED SECURITIES

COUNTRYWIDE SUED FOR “MASSIVE FRAUD” MORTGAGE BACKED SECURITIES


Countrywide Is Sued by TIAA-Cref, Investors in Mortgage-Backed Securities

Bank of America Inc.’s Countrywide Financial unit was sued by investors in mortgage-backed securities who alleged a “massive fraud” in a complaint filed today in New York state court.

TIAA-CREF Life Insurance Co., New York Life Insurance Co., and Dexia Holdings Inc. are among about a dozen plaintiff institutional investors in mortgage-backed securities issued by Countrywide’s subsidiaries, according to the complaint.

The investors claim they bought hundreds of millions of dollars of Countrywide mortgage-backed securities from 2005 to 2007 because they wanted conservative, low-risk investments and relied on term sheets, prospectuses and other materials provided by the firm that they say were recklessly or knowingly false, according to the complaint.

“In reality, Countrywide was an enterprise driven by only one purpose — to originate and securitize as many mortgage loans as possible into MBS to generate profits for the Countrywide defendants without regard to the investors that relied on the critical, false information provided to them with respect to the related certificates,” according to the complaint.

[ipaper docId=47510655 access_key=key-20yqediudgrrg9o6t0zh height=600 width=600 /]

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WaPO: First, the electronic mortgage superhighway. Then, the pileup.

WaPO: First, the electronic mortgage superhighway. Then, the pileup.


Washington Post Staff Writers
Sunday, January 2, 2011

In the early 1990s, the biggest names in the mortgage industry hatched a plan for a new electronic clearinghouse that would transform the home loan business – and unlock billions of dollars of new investments and profits.

At the time, mortgage documents were moved almost exclusively by hand and mail, a throwback to an era in which people kept stock certificates, too. That made it hard for banks to bundle home loans and sell them to investors. By contrast, a central electronic clearinghouse would allow the companies to transfer thousands of mortgages instantaneously, greasing the wheels of a system in which loans could be bought and sold repeatedly and quickly.

“Assignments are creatures of 17th-century real property law; they do not coexist easily with high-volume, late 20th-century secondary mortgage market transactions,” Phyllis K. Slesinger, then senior director of investor relations for the Mortgage Bankers Association, wrote in paper explaining the system.

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ALLSTATE INSURANCE Co. v. COUNTRYWIDE, BANK OF AMERICA, MOZILO et al

ALLSTATE INSURANCE Co. v. COUNTRYWIDE, BANK OF AMERICA, MOZILO et al


Causes of Action:

Common law-fraud; aiding and abetting common-law fraud; negligent misrepresentation; and successor and vicarious liability

read the full complaint below…

[ipaper docId=46032654 access_key=key-1x8xbzdx6t2jo6fgkzy9 height=600 width=600 /]

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A European Lynch Mob Is Coming For Bank of America

A European Lynch Mob Is Coming For Bank of America


By Matt Schifrin FORBES
Oct. 25 2010 – 1:01 am

I pity CEO Brian Moynihan and the 284,000 other employees of Bank of America Corp (BAC).  That includes 15,000 Merrill Lynch brokers who are still recovering from the financial crisis and now have to explain to their clients why they work for a firm that is at the epicenter of America’s housing crisis.

Not only have they seen $80 billion in stock market value evaporate since April but they also have to suffer the humiliation of having a parent company bone-headed enough to pay $4 billion for Countrywide, the financial firm created by subprime mortgage pimp Angelo Mozilo. That mess could wind up costing BAC $50 billion, excluding legal fees and brand value deterioration. Remember Countrywide originated  $1.4 trillion in mortgages from 2005 to 2007 alone.

The latest ugly news for Bank of America is actually coming from Europe, where big institutional money managers and other mortgage securities buyers are now beginning to organize for an assault. This information comes from  John Mauldin’s, Thoughts from the Frontline Weekly Newsletter. His e-letter is a must-read for many money managers and serious investors.

.

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Countrywide’s Angelo Mozilo Must Face Trial in SEC Suit, U.S. Judge Rules

Countrywide’s Angelo Mozilo Must Face Trial in SEC Suit, U.S. Judge Rules


I’m really waiting to see who else will join Madoff with “Racketeering”?

By Edvard Pettersson – Sep 17, 2010 12:01 AM ET

Countrywide Financial Corp. former Chief Executive Officer Angelo Mozilo must face trial on regulators’ claims he misled investors about risks tied to subprime lending, a judge ruled.

U.S. District Judge John F. Walter in Los Angeles yesterday denied requests by Mozilo and two other former senior Countrywide executives, David Sambol and Eric Sieracki, for a ruling that there were no genuine issues to be tried. The case is now set for a jury trial in October.

“It remains to be seen whether the Securities and Exchange Commission will be able to convince a jury that defendants’ statements were indeed misleading and material,” Walter said in his decision. “At the summary judgment stage, the judge’s function is not himself to weigh the evidence and determine the truth of the matter.”

The SEC sued Mozilo, 71, in June 2009, saying he publicly reassured investors about the quality of Countrywide’s loans while he issued “dire” internal warnings and sold about $140 million of his own shares.

Mozilo is the most prominent executive targeted by U.S. regulators examining the subprime mortgage crisis. He co-founded Countrywide in 1969 and built it into the nation’s biggest mortgage lender, helping trigger the subprime bubble by offering loans to customers with below-average credit scores.

‘Flying Blind’

He wrote in an e-mail that Countrywide was “flying blind” and had “no way” to determine the risks of some adjustable- rate mortgages, according to the SEC complaint.

Continue reading…. BLOOMBERG

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Posted in bloomberg, concealment, CONTROL FRAUD, corruption, countrywide, foreclosure, foreclosure fraud, foreclosures, investigation, mbs, mozillo, rmbs, stopforeclosurefraud.com, sub-prime, trade secrets, Violations, Wall StreetComments (0)

The People of the State of California vs CountryWide Financial, Universal American Mortgage Company,

The People of the State of California vs CountryWide Financial, Universal American Mortgage Company,


Source: b.daviesmd6605

First Amended Complaint that lead to Countrywide Settlement. This is well written and shows the high pressure tactics without the ability to pay, over the top advertising.

The tactics are similar to the builder lenders who use the same tactics to create profits at the expense of the buyers. This was done with aggressive sales tactics, setting up homeowners to fail while collecting large fees at each level.

Universal American Mortgage the lender for Builder Lennar does the same, and it is mandatory to apply for their loan. There are restrictions of discounts only if their lender is used. Their loan advisors are real estate sales persons not financial lenders. It is steering at its best. Then the title company, insurance company, builder, lenders, escrow—all the same. It is really bad.

[ipaper docId=30868375 access_key=key-ntn5d3vhrh0i4gxlqel height=600 width=600 /]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in concealment, conspiracy, corruption, countrywide, foreclosure fraud, forensic mortgage investigation auditComments (0)


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