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HAWAII SENATE RESOLUTION DIRECTING THE AG TO INVESTIGATE FRAUDULENT TRANSFERS AND ASMTS OF MTG LOAN DOCS ARE ALLEGED.

HAWAII SENATE RESOLUTION DIRECTING THE AG TO INVESTIGATE FRAUDULENT TRANSFERS AND ASMTS OF MTG LOAN DOCS ARE ALLEGED.


HAWAII SENATE CONCURRENT RESOLUTION  S.C.R. NO. 39 – NEEDS YOUR SUPPORT AND TESTIMONY BEFORE MARCH 13, 2012 at 10:15 A.M.

Deadly Clear-

In an effort to get the Hawaii Attorney General’s focus on the fraudulent documents filed in the Hawaii Bureau of Conveyances, the Hawaii Senate drafted a Concurrent Resolution in cooperation with the House Representatives:

DIRECTING THE ATTORNEY GENERAL OF THE STATE OF HAWAII TO INVESTIGATE CASES WHERE FRAUDULENT TRANSFERS AND ASSIGNMENTS OF MORTGAGE LOAN DOCUMENTS ARE ALLEGED“…and just in time.

Read More [DEADLY CLEAR]

[ipaper docId=84993759 access_key=key-m3einqckc1g4q8kw2dm height=600 width=600 /]

 

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DEXIA vs. BEAR STEARNS, JPMORGAN CHASE, EMC MTG., WAMU, LONGBEACH ‘$1.7 Billion in Mortgage Backed Securities’

DEXIA vs. BEAR STEARNS, JPMORGAN CHASE, EMC MTG., WAMU, LONGBEACH ‘$1.7 Billion in Mortgage Backed Securities’


SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK

DEXIA SA/NV; DEXIA HOLDINGS, INC.;
FSA ASSET MANAGEMENT LLC; DEXIA
CRÉDIT LOCAL SA,
Plaintiffs,

v.

BEAR STEARNS & CO. INC., THE BEAR
STEARNS COMPANIES, INC., BEAR
STEARNS ASSET BACKED SECURITIES I
LLC, EMC MORTGAGE LLC (f/k/a EMC
MORTGAGE CORPORATION),
STRUCTURED ASSET MORTGAGE
INVESTMENTS II INC., J.P. MORGAN
ACCEPTANCE CORPORATION I, J.P.
MORGAN MORTGAGE ACQUISITION
CORPORATION., J.P. MORGAN
SECURITIES LLC (f/k/a J.P. MORGAN
SECURITIES INC.), WAMU ASSET
ACCEPTANCE CORP., WAMU CAPITAL
CORP., WASHINGTON MUTUAL
MORTGAGE SECURITIES CORP., LONG
BEACH SECURITIES CORP., JPMORGAN
CHASE & CO., and JPMORGAN CHASE
BANK, N.A.,
Defendants.

[ipaper docId=78942075 access_key=key-27bucn70rigsrqv9dex5 height=600 width=600 /]

 

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JPMorgan sued for $95 million over mortgage securities

JPMorgan sued for $95 million over mortgage securities


If investors were to open an investigation into each and every single one of the “trusts”, all hell would break!

Bloomberg-

JPMorgan Chase & Co has been sued for $95 million by the trustee for securities marketed in 2005 by the former Bear Stearns Cos over alleged misrepresentations regarding the underlying mortgage loans.

US Bank NA wants to force JPMorgan to buy back the mortgage loans because of alleged breaches of representations and warranties regarding the Bear Stearns Asset Backed Securities Trust 2005-4, for which it serves as trustee.

[BLOOMBERG]

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The Need for a Permanent Injunction Against Mortgage Servicers

The Need for a Permanent Injunction Against Mortgage Servicers


Mortgage Fraud

Bear Stearns
Lender Processing Services
Mortgage Electronic Registration Systems

Action Date: December 11, 2011
Location: Jacksonville, FL

There is substantial evidence that mortgage servicing companies and their lawyers are continuing to file fraudulent mortgage assignments in county recorders offices throughout the country. In April, 2011, the widespread abuses, including massive forgeries, were exposed in a 60 Minutes segment that focused on employees of Docx, a subsidiary of Lender Processing Services, who forged the name “Linda Green” to mortgage assignments used in foreclosures.

Several weeks later, Guilford County, NC County Recorder Jeff Thigpen came forward with a comprehensive study of the “Linda Green” forgeries in his county’s records – finding over 2000 documents signed by Linda Green with 4 – 15 significant signature variations. County Recorder John O’Brien in Massachusetts and Curtis Hertel in Michigan conducted similar comprehensive studies with similar results.

In November, 2011, the Nevada Attorney General’s office filed the first criminal charges against employees of Lender Processing Services for falsifying mortgage documents.

An examination of recent filings by mortgage servicers shows that these companies are exacerbating the problem of fraudulent documents.

Mortgage assignments are now being filed with the following language:

“This Assignment is to supplement and ratify that certain Assignment of Mortgage recorded in Original Records Book 19467 at Page 1710 Original Records Book 19888 at Page 1466 of Hillsborough County, Florida.” (Instrument #2011294512, Hillsborough County, Florida, filed September 12, 2011.)

An examination of the “ratified” Assignment shows that it is one of the Linda Green forged documents. It is very similar to the Linda Green forged signature demonstrated by LPS employee Chris Pendley on the 60 Minutes segment.

Instead of admissions that the documents are forgeries, the mortgage servicers are filing “ratifications.” These ratifications are signed by other employees of mortgage servicing companies, using titles of MERS officers.

The information continues to be false. In the first “Linda Green” Assignment, the mortgage is reported to have been transferred on September 9, 2009. In the “ratified” version, the mortgage is reported to have been transferred on July 13, 2011.

Both Assignments purport to transfer a mortgage made by American Brokers Conduit to a Bear Stearns trust (Bear Stearns ABS, Series 2006-3) that closed in 2006. U.S. Bank is the trustee for this trust. American Home Mortgage Servicing is the servicer. The first assignment was filed on September 16, 2009 – just two weeks before the date on the Lis Pendens (initial foreclosure filing) prepared by the foreclosure mill, Shapiro & Fishman, LLP.

If the 2009 Assignment from MERS to the trust were valid, MERS would have had nothing to transfer in 2011. In Latin, this concept is stated: Nemo dat quod non habet. Translation: one cannot give what one does not have.

The signers on the 2011 Assignment claim to be corporate officers of MERS, though they are not listed as such in the records of the Florida Secretary of State. (The 2011 Assignment was notarized in Duval County, FL.)

These “ratification” filings are a good indication that the Consent Order entered by the FDIC and the OCC on April 13, 2011, are not being adequately monitored.

Why would any trust or mortgage servicer ratify conduct that has been described as criminal conduct by attorneys general?

These filings are a wreck on a wreck.

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



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Assured Guaranty files new claims against JPMorgan

Assured Guaranty files new claims against JPMorgan


This will never end and the fraud will go on forever with no end in sight.

 

REUTERS-

Bond insurer Assured Guaranty Ltd filed new claims against JPMorgan Chase & Co over a mortgage-backed security sold by Bear Stearns, saying more than 35 witnesses have come forward to testify about how loans in the $337 million transaction were misrepresented.

The lawsuit contends Bear Stearns and its EMC mortgage arm, acquired by JPMorgan after their collapse in 2008, knew the pool of more than 6,000 home-equity lines of credit that served as collateral for the investment was filled with defective loans.

[REUTERS]

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Bank of America, JPMorgan Units Sued by Sealink Funding Ltd. in Mortgage-Backed Securities Cases

Bank of America, JPMorgan Units Sued by Sealink Funding Ltd. in Mortgage-Backed Securities Cases


Another day, Billions involved.

 

Bloomberg-

Bank of America Corp. (BAC)’s Countrywide unit was sued by Sealink Funding Ltd. in New York over $1.6 billion of residential mortgage-backed securities the fund purchased between 2005 and 2007.

Sealink filed the suit against Countrywide in New York State Supreme Court yesterday, seeking unspecified compensatory, rescissory and punitive damages. Sealink is a fund created to manage Landesbank Sachsen AG’s riskiest assets after the German lender almost collapsed.

“Countrywide was an entity driven by only one purpose — to originate and securitize as many mortgage loans as possible into” mortgage-backed securities “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,” lawyers for Sealink said in the lawsuit.

Sealink filed a similar suit yesterday in the same court against JPMorgan Chase & Co. (JPM) over $2.4 billion worth of residential mortgage-backed securities purchased between 2005 and 2007.

[BLOOMBERG]

image credit: mybanktracker

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Wells sues JPMorgan over 800 mortgage loans, EMC breached representations and warranties on 89 percent of a sample of 948 loans

Wells sues JPMorgan over 800 mortgage loans, EMC breached representations and warranties on 89 percent of a sample of 948 loans


Now that’s what you call a HIGH PERCENTAGE of “clear defects”!

REUTERS-

JPMorgan Chase & Co (JPM.N) was sued by Wells Fargo & Co (WFC.N), which seeks to force it to buy back more than 800 soured mortgage loans that it oversees as trustee.

In a complaint made public on Wednesday in the Delaware Chancery Court, Wells Fargo accused JPMorgan’s EMC Mortgage LLC unit of refusing its demands that EMC buy back the loans, which were contained in Bear Stearns Mortgage Funding Trust 2007-AR2.

JPMorgan bought Bear Stearns and its EMC unit in 2008.

[REUTERS]

 

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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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JPMorgan Said to Face SEC Subpoena Along With Credit Suisse

JPMorgan Said to Face SEC Subpoena Along With Credit Suisse


BLOOMBERG-

JPMorgan Chase & Co. (JPM) received a subpoena from the U.S. Securities and Exchange Commission over failed mortgages, a person familiar with the investigation said, as the agency probes banks including Credit Suisse Group AG (CS) for allegedly failing to share refunds from sellers of faulty debt.



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SEC Subpoenas Credit Suisse Over Mortgages: MBIA

SEC Subpoenas Credit Suisse Over Mortgages: MBIA


BLOOMBERG:

“Credit Suisse is now the subject of an investigation by the Securities and Exchange Commission, which issued a subpoena this week seeking the same types of documents as MBIA seeks with this motion,” the bond insurance unit of Armonk, New York-based MBIA Inc. (MBI), said in the filing in New York State Supreme Court. The document, dated April 29, was filed today.


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DailyFinance | COURT: Busted Securitization Prevents Foreclosure

DailyFinance | COURT: Busted Securitization Prevents Foreclosure


On March 30, an Alabama judge issued a short, conclusory order that stopped foreclosure on the home of a beleaguered family, and also prevents the same bank in the case from trying to foreclose against that couple, ever again. This may not seem like big news — but upon review of the underlying documents, the extraordinarily important nature of the decision and the case becomes obvious.

No Securitization, No Foreclosure



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



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READ ORDER | JPMorgan loses court ruling over ‘loan putbacks’ Syncora Guarantee Inc v. EMC Mortgage Corp

READ ORDER | JPMorgan loses court ruling over ‘loan putbacks’ Syncora Guarantee Inc v. EMC Mortgage Corp


You can read about this from REUTERS

* Syncora can pursue claims based on entire loan pool

* Insurer need not show breaches of individual loans

NEW YORK, March 28 (Reuters) – JPMorgan Chase & Co (JPM.N) could be forced to repurchase thousands of home equity loans, after a judge ruled in favor of a bond insurer that argued it could build its case based on a sampling of loans.

The ruling against EMC Mortgage Corp, once a unit of Bear Stearns Cos, comes amid many lawsuits seeking to force banks to buy back tens of billions of dollars of mortgage and other home loans that went sour. JPMorgan bought Bear Stearns in 2008.

You may read the court Order below:

SYNCORA GUARANTEE INC., f/k/a XL Capital Assurance Inc.,
v.
EMC MORTGAGE CORP.,

No. 09 Civ. 3106 (PAC).

USDC, S.D. New York.

March 25, 2011.

OPINION & ORDER


HONORABLE PAUL A. CROTTY, United States District Judge.

This breach of contract lawsuit arises out of a securitization transaction (“Transaction”), involving 9,871 Home Equity Line of Credit (“HELOC”) residential mortgage loans, which were purchased and used as collateral for the issuance of $666 million in publicly offered securities (“Notes”). (Mem. in Supp. Mot. to Am. 3). Defendant EMC Mortgage Corp. (“EMC”) aggregated the HELOCs, sold the loan pool to the entity that issued the Notes, and contracted with Plaintiff Syncora Guarantee Inc., formerly known as XL Capital Assurance Inc., (“Syncora”) to provide a financial-guaranty insurance policy protecting the investors in the Note. (Id.) Syncora claims that EMC breached its representations regarding 85% of the loan pool. It now moves for partial summary judgment or, alternatively, a ruling in limine, that it was not required to comply with a repurchase protocol as the exclusive remedy for all such claims. The Court GRANTS the motion for partial summary judgment on the grounds that, in light of the broad rights and remedies for which Syncora contracted, any such remedial limitation would have to be expressly stated.

Continue below…

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IL Appeals Court Vacates Judgment, Quash Service of Summons

IL Appeals Court Vacates Judgment, Quash Service of Summons


LASALLE BANK NATIONAL ASSOCIATION,
as Trustee for Certificate holders of Bear Sterns
Asset Back Securities I LLC Asset Backed
Certificates, Series 2004-FR3,

v.

UNKNOWN HEIRS AND LEGATEES OF
CANDICE WILLIS, DECEASED, AVANTA R.
WILLIS, ENRICO D. WILLIS, MORTGAGE
ELECTRONIC REGISTRATION SYSTEMS,
INC., as nominee for Fremont Investment & Loan,
UNKNOWN OWNERS and NON-RECORD

Excerpt:

ORDER
Held: The trial court erred in finding defendant Avanta R. Willis waived the issue of personal jurisdiction by filing documents with the court after entry of a default judgment and therefore, the trial court improperly denied defendant’s motion to vacate judgment and to quash service of summons. The judgment of foreclosure
and confirmation of judicial sale are vacated. The cause is remanded to the trial court for further proceedings.

<SNIP>

The motion included defendant’s assertion that she was not a white woman as set forth in the proof of service, that she was not personally served with process in this case, and that a copy of the summons was “stuffed into her mail box.”

<SNIP>

On January 12, 2010, new counsel entered his appearance on defendant’s behalf, and the court continued the cause for hearing. On January 26, 2010, defendant’s new counsel filed a reply to plaintiffs’ response to defendant’s motion to vacate judgment and quash service. In the reply, defendant stated that Karen Crohan, listed as the special process server on plaintiffs’ affidavit of service, was not a licensed detective in the State and was not appointed by the court to serve defendant. According to the reply, Crohan was an employee of Proveset LLC, a licensed detective agency. Also according to the reply, defendant again claimed that she was not served with summons, that plaintiffs failed to rebut defendant’s affidavit that she was not served, and that the trial court’s ex parte order of default was void.

On February 18, 2010, the trial court conducted a hearing on defendant’s motion to vacate judgment and quash service. Defense counsel argued to the court that plaintiffs’ affidavit of service indicated that the process server served a white female, that defendant was African American, that no one else lived with defendant and that the special process server did not comply with the relevant statutes. Plaintiffs’ counsel responded that defendant had waived the issue because defendant filed two prior petitions to vacate and that neither petition attacked personal jurisdiction.

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



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“Not a single executive has gone to jail” – Charles Ferguson @ The Oscars 2011 – Best Documentary ‘INSIDE JOB’

“Not a single executive has gone to jail” – Charles Ferguson @ The Oscars 2011 – Best Documentary ‘INSIDE JOB’


Forgive me, I must start by pointing out that three years after a horrific financial crisis caused by massive fraud, not a single financial executive has gone to jail and that’s wrong.” – Charles Ferguson 2011

From Academy Award® nominated filmmaker, Charles Ferguson (“No End In Sight”), comes INSIDE JOB, the first film to expose the shocking truth behind the economic crisis of 2008. The global financial meltdown, at a cost of over $20 trillion, resulted in millions of people losing their homes and jobs. Through extensive research and interviews with major financial insiders, politicians and journalists, INSIDE JOB traces the rise of a rogue industry and unveils the corrosive relationships which have corrupted politics, regulation and academia.

Narrated by Academy Award® winner Matt Damon, INSIDE JOB was made on location in the United States, Iceland, England, France, Singapore, and China.

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



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Full Complaint | AMBAC v. EMC, JPMORGAN CHASE for “SACK OF SHIT” MBS

Full Complaint | AMBAC v. EMC, JPMORGAN CHASE for “SACK OF SHIT” MBS


NATURE OF THE ACTION

1. In mid-2006, Bear Stearns induced investors to purchase, and Ambac as a financial guarantor to insure, securities that were backed by a pool of mortgage loans that – in the words of the Bear Stearns deal manager – was a “SACK OF SHIT.”1 Within the walls of its sparkling new office tower, Bear Stearns executives knew this derogatory and distasteful characterization aptly described the transaction. Indeed, Bear Stearns had deliberately and secretly altered its policies and neglected its controls to increase the volume of mortgage loans available for its “securitizations” made in patent disregard for the borrowers’ ability to repay those loans. After the market collapse exposed its scheme to sell defective loans to investors through these transactions, JP Morgan executives assumed control over Bear Stearns and implemented an across-the-board strategy to improperly bar EMC from honoring its contractual promises to disclose and repurchase defective loans through a series of deceptive practices. In what amounts to accounting fraud, JP Morgan’s bad-faith strategy was designed to avoid and has avoided recognition of the vast off-balance sheet exposure relating to its contractual repurchase obligations – thereby enabling JPMorgan Chase & Co. to manipulate its accounting reserves and allowing its senior executives to continue to reap tens of millions of dollars in compensation
following the taxpayer-financed acquisition of Bear Stearns.

continue to the complaint below…

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COMPLAINT | ALLSTATE SUES JPMORGAN CHASE OVER FRAUD & MISREPRESENTATION OF RMBS CERTIFICATES

COMPLAINT | ALLSTATE SUES JPMORGAN CHASE OVER FRAUD & MISREPRESENTATION OF RMBS CERTIFICATES


ALLSTATE BANK, ALLSTATE
INSURANCE COMPANY, ALLSTATE
LIFE INSURANCE COMPANY,
ALLSTATE NEW JERSEY INSURANCE
COMPANY, ALLSTATE LIFE
INSURANCE COMPANY OF NEW YORK,
AGENTS PENSION PLAN, and ALLSTATE
RETIREMENT PLAN,
Plaintiffs,

-against-

JPMORGAN CHASE BANK, N.A.; J.P.
MORGAN ACQUISITION CORPORATION;
J.P. MORGAN SECURITIES INC.; J.P.
MORGAN ACCEPTANCE CORPORATION
I; WM ASSET HOLDINGS
CORPORATION; WAMU ASSET
ACCEPTANCE CORPORATION; WAMU
CAPITAL CORPORATION;
WASHINGTON MUTUAL MORTGAGE
SECURITIES CORPORATION; LONG
BEACH SECURITIES CORPORATION;
DAVID BECK; DIANE NOVAK; THOMAS
LEHMANN; EMC MORTGAGE
CORPORATION; STRUCTURED ASSET
MORTGAGE INVESTMENTS II INC.;
BEAR STEARNS ASSET BACKED
SECURITIES I LLC; and SACO I INC.
Defendants.

excerpt:

NATURE OF ACTION

1. This action arises out of Defendants’ fraudulent sale of residential mortgage-backed
securities in the form of pass-through certificates (the “Certificates”) to Allstate.
Whereas Allstate was made to believe it was buying highly-rated, safe securities backed by pools
of loans with specifically-represented risk profiles, in fact, Defendants knew the pool was a toxic
mix of loans given to borrowers that could not afford the properties, and thus were highly likely
to default.

2. Defendants made numerous material misrepresentations and omissions regarding
the riskiness and credit quality of the Certificates in registration statements, prospectuses,
prospectus supplements, and other written materials (the “Offering Materials”).

continue below…

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BLOOMBERG | JPMorgan Faces Texas Sheriff in Showdown Over Eviction Case Fees

BLOOMBERG | JPMorgan Faces Texas Sheriff in Showdown Over Eviction Case Fees


By Prashant Gopal and Thom Weidlich - Feb 1, 2011 3:16 PM ET

A JPMorgan Chase & Co. branch in El Paso, Texas, may have furniture and computers seized by the sheriff unless the bank complies with a judge’s order to pay the legal bills of a single mother whose eviction case he dismissed.

The manager of the Chase branch was served on Jan. 26 with court papers that instructed the New York-based company to pay attorney Richard A. Roman’s $5,000 in fees, according to Detective Hector Lara, an El Paso County sheriff’s officer. The manager, Jose Gomez, told Lara that the branch’s gear is protected by the Federal Deposit Insurance Corp. and that he would contact the bank’s security staff and the Federal Bureau of Investigation, Lara said today in a telephone interview.

Lara said he’s waiting for an opinion from the county attorney on whether the bank’s property can be seized.

“They don’t have a problem putting my client out in the street,” Roman said. “But when somebody prevails against a bank, they pull every string in the book to avoid paying.”

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



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Former Texas Judge Gets Attorney Fees, TRO, Writ Of Execution Against Chase

Former Texas Judge Gets Attorney Fees, TRO, Writ Of Execution Against Chase


via: A. Campbell

Excerpt:

The Court has considered the pleadings, evidence and the arguments of the parties’ counsel and/or representative in this cause and is of the opinion that judgment should be rendered for defendants.

The Court makes the following findings:

A Temporary Restraining Order was signed by the Presiding Judge of the 448th Judicial District Court and was in effect at the time of the foreclosure sale; and

The Foreclosure sale was conducted irrespective of the Order of the 448th Judicial District Court and title is presently at issue.

It is accordingly ORDERED, ADJUDGED AND DECREED that:

Continue reading below…

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Usage of Federal Reserve Credit and Liquidity Facilities “BAILOUT FUNDS”

Usage of Federal Reserve Credit and Liquidity Facilities “BAILOUT FUNDS”


This section of the website provides detailed information about the liquidity and credit programs and other monetary policy tools that the Federal Reserve used to respond to the financial crisis that emerged in the summer of 2007. These programs fall into three broad categories–those aimed at addressing severe liquidity strains in key financial markets, those aimed at providing credit to troubled systemically important institutions, and those aimed at fostering economic recovery by lowering longer-term interest rates.

The emergency liquidity programs that the Federal Reserve set up provided secured and mostly short-term loans. Over time, these programs helped to alleviate the strains and to restore normal functioning in a number of key financial markets, supporting the flow of credit to businesses and households. As financial markets stabilized, the Federal Reserve closed most of these programs. Indeed, many of the programs were intentionally priced to be unattractive to borrowers when markets are functioning normally and, as a result, wound down as market conditions improved. The programs achieved their intended purposes with no loss to taxpayers.

The Federal Reserve also provided credit to several systemically important financial institutions. These actions were taken to avoid the disorderly failure of these institutions and the potential catastrophic consequences for the U.S. financial system and economy. All extensions of credit were fully secured and are in the process of being fully repaid.

Finally, the Federal Reserve provided economic stimulus by lowering interest rates. Over the course of the crisis, the Federal Open Market Committee (FOMC) reduced its target for the federal funds rate to a range of 0 to 1/4 percent. With the federal funds rate at its effective lower bound, the FOMC provided further monetary policy stimulus through large-scale purchases of longer-term Treasury debt, federal agency debt, and agency mortgage-backed securities (agency MBS). These asset purchases helped to lower longer-term interest rates and generally improved conditions in private credit markets.

The links to the right provide detailed information about the programs that were established in response to the crisis. Details for each loan include: the borrower, the date that credit was extended, the interest rate, information about the collateral, and other relevant terms. Similar information is supplied for swap line draws and repayments. Details for each agency MBS purchase include: the counterparty to the transaction, the date of the transaction, the amount of the transaction, and the price at which each transaction was conducted. The transaction data are provided in compliance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Federal Reserve will revise the data to ensure that they are accurate and complete.

No rules about executive compensation or dividend payments were applied to borrowers using Federal Reserve facilities. Executive compensation restrictions were imposed by statute on firms receiving assistance through the U.S. Treasury’s Troubled Asset Relief Program (TARP). Dividend restrictions were the province of the appropriate supervisors and were imposed by the Federal Reserve on bank holding companies in that role, but not because of borrowing through the facilities discussed here.

Additional information about the Federal Reserve’s credit and liquidity programs is available on the Credit and Liquidity Programs and the Balance Sheet section.

Facilities and Programs

Source: federalreserve.gov

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MUST WATCH | ‘INSIDE JOB’ The Global Financial Meltdown

MUST WATCH | ‘INSIDE JOB’ The Global Financial Meltdown


From Academy Award® nominated filmmaker, Charles Ferguson (“No End In Sight”), comes INSIDE JOB, the first film to expose the shocking truth behind the economic crisis of 2008. The global financial meltdown, at a cost of over $20 trillion, resulted in millions of people losing their homes and jobs. Through extensive research and interviews with major financial insiders, politicians and journalists, INSIDE JOB traces the rise of a rogue industry and unveils the corrosive relationships which have corrupted politics, regulation and academia.

Narrated by Academy Award® winner Matt Damon, INSIDE JOB was made on location in the United States, Iceland, England, France, Singapore, and China.

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



Posted in bear stearns, conspiracy, CONTROL FRAUD, corruption, fannie mae, FED FRAUD, federal reserve board, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, geithner, goldman sachs, insider, investigation, jobless, lehman brothers, mbs, mortgage, Mortgage Foreclosure Fraud, note, racketeering, Real Estate, repossession, RICO, securitization, STOP FORECLOSURE FRAUD, sub-prime, trade secrets, Trusts, Wall StreetComments (0)

WHISTLE BLOWER | Report On Fraudulent & Forged Assignments Of Mortgages & Deeds In U.S. Foreclosures

WHISTLE BLOWER | Report On Fraudulent & Forged Assignments Of Mortgages & Deeds In U.S. Foreclosures


Pew family trusts which I am a beneficiary and/or remainderman have maintained
investments in various banks, mutual funds, and other entities that maintain
interests in various shares, mortgage backed securities and/or debt issuances and I
have been a shareholder in many mortgage companies including Fannie Mae,
Bear Stearns, JPMorganChase, Washington Mutual, MGIC, Ocwen and Radian,
many of which are members, owners and shareholders in Mortgage Electronic
Registration Systems, Inc. [MERS].

© 2010 Nye Lavalle, Pew Mortgage Institute
•10675 Pebble Cove Lane • Boca Raton, FL 33498
561/860-7632 • mortgagefrauds@aol.com

[ipaper docId=36753239 access_key=key-1xwnf3x33iwj6zod9965 height=600 width=600 /]

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CLASS ACTION Amended complaint against Countrywide et al Involving $350 Billion of Mortgage-Backed Securities

CLASS ACTION Amended complaint against Countrywide et al Involving $350 Billion of Mortgage-Backed Securities


Other defendants in the case, aside from Countrywide, several of its former top executives, and Bank of America, include 16 underwriters of more than $350 billion in Countrywide securities, among them J.P. Morgan, Deutsche Bank, Bear Stearns, UBS, Morgan Stanley, Edward Jones, Citigroup, Goldman Sachs and Credit Suisse.

July 15, 2010, 8:00 a.m.

False and Misleading Offering Documents Detailed in Class Action Lawsuit Against Countrywide Financial

Cohen Milstein Files Amended Consolidated Complaint in Case Involving $350 Billion of Mortgage-Backed Securities

WASHINGTON, July 15, 2010 /PRNewswire via COMTEX/ — Cohen Milstein Sellers & Toll PLLC filed an Amended Consolidated Class Action Complaint this week in its landmark litigation against Countrywide Financial Corporation and other underwriter defendants who were prominently involved in the failure of mortgage-backed securities over the last several years.

Countrywide, since acquired by Bank of America, was one of the largest and most controversial institutions involved in mortgage-backed securities. Other defendants in the case, aside from Countrywide, several of its former top executives, and Bank of America, include 16 underwriters of more than $350 billion in Countrywide securities, among them J.P. Morgan, Deutsche Bank, Bear Stearns, UBS, Morgan Stanley, Edward Jones, Citigroup, Goldman Sachs and Credit Suisse.

Cohen Milstein is Lead Counsel for the Class and Counsel for the Lead Plaintiff, the Iowa Public Employees’ Retirement System, as well as the Oregon Public Employees’ Retirement System and Orange County Employees’ Retirement System. The General Board of Pension and Health Benefits of the United Methodist Church is also named as a plaintiff in the litigation.

“Amidst all this high finance, it’s too easy to lose sight of the fact that pension funds invested heavily in these mortgage-backed securities and so retirees are the real victims here,” commented Steve Toll, Managing Partner at Cohen Milstein and co-chair of its Securities Fraud/Investor Protection practice group.

In the amended complaint, the Plaintiffs further buttress their allegation that the defendants published false and misleading offering documents, including registration statements, prospectuses, and prospectus supplements. Specifically, these documents misrepresented or failed to disclose that underwriting guidelines for the mortgages backing the securities had been systematically disregarded.

According to the lawsuit, from 2005 through 2007 Countrywide was the nation’s largest residential mortgage lender, originating in excess of $850 billion in home loans throughout the United States in 2005 and 2006 alone. Countrywide’s ability to originate residential mortgages on such a massive scale was facilitated, in large part, by its ability to rapidly package or securitize those loans and then, through the activities of the underwriter defendants, sell them to investors as purportedly investment grade mortgage-backed securities.

In order to generate a steady flow of mortgage loans to sustain this mass production of mortgage-backed securities, Countrywide routinely issued loans to borrowers who otherwise would never have qualified for them – and indeed, did not qualify for the loans they received — through, for example, “low doc” and “no doc” loan programs, often with adjustable interest rates that had been designed for borrowers with higher incomes and better credit.

Upon pooling these mortgages and issuing them as MBS certificates, over 92% received the very highest, investment-grade ratings from rating agencies; ultimately, however, 87% were downgraded to junk. Tellingly, one year after the date of the certificate offerings, delinquency and default rates on the underlying mortgages had increased 2,525% from issuance. In explaining such an unprecedented collapse in ratings on these certificates in 2008 and 2009, the rating agencies noted that they were forced to change their models because of previously undisclosed and systematic “aggressive underwriting” practices used to originate the mortgage loan collateral. Along with the exponential increases in delinquency and default rates of the underlying mortgages and the collapse of the certificates’ ratings, the value of the certificates plummeted.

Plaintiffs’ complaint alleges that the Defendants’ actions violated Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, legislation, still on the books, originally enacted in response to similar abuses that led to the Great Depression.

The Countrywide case is pending before Judge Mariana R. Pfaelzer in the U.S. District Court for the Central District of California.

Cohen Milstein has been named lead or co-lead counsel by courts in eight of the most significant mortgage-backed securities cases currently being litigated, including Lehman Brothers, Bear Stearns and Washington Mutual as well as Countrywide.

Docket No. 2:10-CV-00302

SOURCE Cohen Milstein Sellers & Toll PLLC

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



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