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EXCLUSIVE: Romney Profited From Mortgage Lenders Foreclosing On Thousands Of Floridians

EXCLUSIVE: Romney Profited From Mortgage Lenders Foreclosing On Thousands Of Floridians


They’re all connected to Wall Street and against us.

Go ahead and vote for this winner who was cashing in on you getting booted out your home!

ThinkProgress-

A ThinkProgress examination of Mitt Romney’s presidential personal financial disclosuresfrom May 2011 reveal that the former Massachusetts governor and his wife own or owned millions of dollars worth of a Goldman Sachs investment fund invested heavily in mortgage-backed obligations. And the current owners of those mortgage debts began foreclosure proceedings against thousands of Floridians.

Along with his investments in Bain Capital funds linked to offshore tax havens, the Romneys have large investments in the Goldman Sachs Strategic Income Fund (institutional class). The firm’s March 2011 annual report for the fund notes that about 8 percent of the fund is invested in banks and 24.5 percent is invested in mortgage-backed obligations. Romney’s form says he has invested between $1,000,001 and $5,000,000 in the fund and his wife Ann has invested an additional $1 million-plus. Since the 2008 economic meltdown and the enactment of the Troubled Asset Relief Fund, this fund has done quite well, growing 7.88 percent between April 2010 and March 2011.

[THINKPROGRESS]

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Posted in STOP FORECLOSURE FRAUDComments (1)

Securities and Investments: Fraud Digest

Securities and Investments: Fraud Digest


Securities and Investments 

Morgan Stanley

Action Date: May 12, 2010 
Location: New York, NY 

EDITORIAL: On May 12, 2010, Morgan Stanley’s Chief Executive announced in response to a Wall Street Journal article that he was unaware of any criminal investigation by the Justice Department that his firm, like Goldman Sachs, misled investors about mortgage-backed derivative deals. The WSJ had reported that Morgan Stanley was the subject of such an investigation. In addition to determining whether the firm was betting against the very products it was promoting to investors, the Justice Department COULD investigate whether Morgan Stanley and other securities firms exercised secret control over the rating agencies, causing risky investments to get the highest ratings by these firms. The Justice Department COULD also investigate whether the mortgage-backed trusts put together by Morgan Stanley were comprised of much riskier mortgages than represented to investors. Another investigation COULD be conducted regarding the pay-outs from the insurance policies behind the CDOs and whether the servicing companies working for the trusts are collecting twice – from the insurance and from the foreclosures – and then turning around, acquiring the foreclosed properties for $10 – and profiting yet a third time. Investigators COULD even determine whether foreclosure mills working for trusts created by Morgan Stanley are now using forged proof of ownership to foreclose because Morgan Stanley never acquired the mortgages, notes and assignments they claimed to have in their vaults, backing the mortgage-backed securities. In the battle between the Justice Department and Wall Street, Goliath is in New York, not D.C. 

Posted in cdo, concealment, conspiracy, foreclosure, foreclosure fraud, fraud digest, goldman sachs, Lynn Szymoniak ESQ, S.E.C., securitizationComments (0)

Los Angeles to Pull Investments from Foreclosure-Heavy Financial Firms…will others follow?

Los Angeles to Pull Investments from Foreclosure-Heavy Financial Firms…will others follow?


Los Angeles to Pull Investments from Foreclosure-Heavy Financial Firms
Monday, March 8th, 2010, 2:59 pm by JON PRIOR

As the distressed housing market in the City Of Angels continues to grow, the entity that oversees operations, the City of Los Angeles, is its pulling investments and deposits out of financial institutions it deems are not cooperating with local, state and national foreclosure prevention efforts.

The Los Angeles City Council instructed the city attorney to draft a new ordinance, called the Responsible Banking Initiative, that would require banks looking to do business with the city to submit a report on investments in local communities. The “report cards” would give insight to policy makers on the bank’s investment in the city. The city currently holds almost $30bn in investments, including savings and pension funds.

According to the real estate data provider, RealtyTrac, the Los Angeles metropolitan statistical area (MSA) had the 32nd highest foreclosure rate in the country in 2009 as foreclosures remained concentrated the sand states. There, one in every 25 homes received a foreclosure filing, a 37% increase from 2008. California leads all states with the most permanent modifications under the Home Affordable Modification Program (HAMP), according to the US Treasury Department.

The motion was introduced by Councilmember Richard Alarcón. His original proposal came in February 2009. It pertained to bank cooperation with foreclosure prevention, but after a hearing in September, the council widened the scope. Before the city makes an investment, it would examine bank location in the city, how many small business loans are offered and whether or not the bank re-negotiates on foreclosures.

“The City of Los Angeles has an obligation to ensure that not only are our taxpayers dollars spent properly, but that they are also invested in a way that gives the greatest benefit to our City, and the report card created by the Responsible Banking Initiative will give us the information we need so we can invest smarter,” said Councilmember Richard Alarcón. “A slightly lower interest rate isn’t much of a deal, if the same bank is taking advantage of homeowners, refusing to issue small business loans or not opening branches or ATMs in low-income areas.”

Los Angeles would be the biggest city in the US to create reporting requirements for banks looking to do business with the city.

Write to Jon Prior.

Source: HousingWire.com

Posted in Mortgage Foreclosure FraudComments (0)


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