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‘SHITTY BANK BANKS’ Might Go Belly UP After Foreclosure Mess Hit The Fan- Secrets Of Traders

‘SHITTY BANK BANKS’ Might Go Belly UP After Foreclosure Mess Hit The Fan- Secrets Of Traders


I can tell you there is MAJOR, MAJOR panic happening “behind the scenes” since I have started this site I have not seen this kind of activity! All I can say is don’t stop what ever you are doing GMAC or not…

Foreclosure Mess

By: Secrets Of Traders Wednesday, September 22, 2010 11:56 AM

I haven’t seen the following story get much national press (Ok, none. After all, isn’t Lindsey Lohan still in the news?) but if it continues to escalate, we will. The short & sweet of the matter is that it appears most banks do not have clear title to the homes they are foreclosing. In their mad rush to capitalize on the housing bubble, bankers skipped many of the legal steps necessary to have a clear title if things went badly, which is now, and the mortgages that were bundled then securitized as MBSs (mortgage backed securities) may actually belong to the homeowners.If this plays out as described below some banks will go belly-up, which should have happened a long time ago. Since the Treasury & the Federal Reserve will not let their buddies down, however, I am certain that it is already being sorted out in back room deals. “To hell with the LAW” they will say, Shitibank is on the brink of failure.

A member of Congress has already sent a letter to the Florida Supreme Court requesting it make an order to abate all foreclosure procedures until Florida can complete investigations into the matter. A portion of Representative Grayson’s letter is below.

I respectfully request that you abate all foreclosures involving these firms until the Attorney General of the state of Florida has finished his investigations of those firms for document fraud.

I have included a court order, in which Chase, WAMU, and Shapiro and Fishman are excoriated by a judge for document fraud on the court. In this case, Chase attempted to foreclose on a home, when the mortgage note was actually owned by Fannie Mae.

Taking someone’s home should not be done lightly. And it should certainly be done in accordance with the law.

This original post can be found here

Ok, we now appear to have a pattern of conduct here where organizations trying to foreclose on homeowners are in fact submitting forged (that is, willfully known to be false) affidavits to courts around the nation.

First we had GMAC, now it appears we have JPM/Chase. Everyone’s scrambling on this, of course.

But as I pointed out, the real panic is likely still to come, because I have reason to believe (but cannot yet prove) that many if not most of the non-agency securitizations were defective at the outset.

Worse, they’re now trying to cover it up. I am amassing more and more information on the mess, and what I’m seeing is increasingly looking like a pattern of conduct that may well go far beyond “innocent mistakes” or “accidents.”

So let’s take a close look at this problem, and how we can fix it.

There’s a real visceral outrage at letting people have a “free house.” But is it really a perversity of justice if that’s what happens in point of fact – or effect? Maybe not.

Look, if I want to write you a signature loan for $200,000, I have every right to do it. If you don’t pay I’m screwed in such a case, because I have no security interest.

Continue reading …iSTOCKANALYST

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Posted in assignment of mortgage, bifurcate, chain in title, conflict of interest, CONTROL FRAUD, corruption, deed of trust, Economy, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, forgery, jeffrey stephan, jpmorgan chase, MERS, MERSCORP, Moratorium, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., note, rmbs, robo signers, securitization, stopforeclosurefraud.com, sub-prime, trade secrets, trustee, TrustsComments (3)

Citigroup probing rumor of erroneous trade:

Citigroup probing rumor of erroneous trade:


International Business Times –
Citigroup is investigating a rumor that one of its traders entered a trade that helped precipitate a drop of almost 1,000 points in the Dow Jones Industrial Average, a spokesman for the bank said on Thursday. Citigroup, the third-largest US bank, currently has no evidence that an erroneous trade …

Citigroup probing rumour of erroneous NYSE trade Economic Times

How the major stock indexes fared on Thursday BusinessWeek

Dow   S&P 500   Nasdaq
Market Chart
10,520.32 -347.80 (-3.20%)
1,128.15 -37.72 (-3.24%)
2,319.64 -82.65 (-3.44%)

Citigroup probing rumour of erroneous NYSE trade

7 May 2010, 0338 hrs IST,REUTERS

NEW YORK: Citigroup is investigating a rumour that one of its traders entered a trade that helped precipitate a drop of almost 1,000 points in the

Dow Jones Industrial Average, a spokesman for the bank said on Thursday.

Citigroup, the third-largest US bank, currently has no evidence that an erroneous trade has been made, the spokesman said.

Earlier, sources told Reuters that the plunge in the Dow Jones Industrial average — its biggest intraday point drop ever — may have been caused by an erroneous trade entered by a person at a big Wall Street bank.

Market sources said the erroneous trade may have involved shares of the so-called E-Mini, a stock market index futures contract that trades on the Chicago Mercantile Exchange’s Globex trading platform. The composition of the E-Mini is similar to the stocks in the S&P 500.

A CME spokesman said it found no problems with its systems.

Other market sources said the erroneous trading involved the IWD exchange-traded fund or the S&P 500 Mini. A person close to BlackRock, which manages the IWD, said there was no unusual trading in the iShares product.

Amid the sell-off, Procter & Gamble shares plummeted nearly 37 per cent to $39.37 at 2:47 p.m. EDT (1847 GMT), prompting the company to investigate whether any erroneous trades had occurred. The shares are listed on the New York Stock Exchange, but the significantly lower share price was recorded on a different electronic trading venue.

“We don’t know what caused it,” said Procter & Gamble spokeswoman Jennifer Chelune. “We know that that was an electronic trade … and we’re looking into it with Nasdaq and the other major electronic exchanges.”

A different P&G spokesman had said earlier the company contacted the Securities and Exchange Commission, but Chelune said that he spoke in error.

One NYSE employee leaving the Big Board’s headquarters in lower Manhattan said the P&G share plunge lay at the center of whatever happened.

“I’ll give you a tip,” the employee said, speaking on condition of anonymity. “P&G. Check out the low sale of the day. Something screwed up with the system. It traded down $30 at one point.”

Nasdaq said it was working with other major markets to review the market activity that occurred between 2:00 p.m. and 3:00 p.m., when the market plunge happened.

The exchange later said it was investigating potentially erroneous transactions involving multiple securities executed between 2:40 and 3:00 p.m.

Nasdaq also said participants should review their trading activity for potentially erroneous trades.

Posted in naked short sellingComments (0)


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