Editor’s Comment: “Reckless?” No, it was intentional. And THAT lies at the heart of the media and government perception of this entire securitization scam. The worse the loan, the more money they made. By insuring it for 100 cents on the dollar they received total payback, plus they probably got the honor of foreclosing on the home, when they never funded or purchased the loan in the fist place. Since they were not the creditor, they were neither entitled to foreclose nor to receive insurance proceeds which should have gone to investors. But the investors are probably long gone having settled their claims with the investment banker that sold them bogus mortgage bonds.
On a side note, I have read the Master contract with Fannie and Freddie several times and I cannot tell if the agency was giving a guarantee of the bond given to investors or the loan, or both. But I do know that once it went into the secondary market, the bond was sold and resold multiple times, using the federal guarantee as an incentive to purchase the bond with a perception of no risk.
The negligence being asserted in these lawsuits from investors and government agencies is merely a cover-up for intentional fraud. The investors put up a sum of money expecting a varying return based upon LIBOR, which we all know was also bogus. The return was relatively small since the risk appeared to be non-existent and the bonds were rated Triple A.
But here is the trick. If you get $1 billion with the investor expecting a 5% return, and you add to the prospectus that the investor’s money can be used to pay the expected return (PONZI Scheme), then the only way for the scheme to continue is if people continue to buy the bogus mortgage bonds. But the real issue is the money. By lending the money out with a fair distribution of interest rates between 6%-12%, you don’t need to lend out the full $1 billion you received from the investors.
The investor is looking for $50 million per year in interest return. So if you lend out $500 million at 10% you get the nominal rate that WOULD produce the expected $50 million per year to the investor if it was ever paid. But in order to get 10% you have to loan to people who are likely NOT to be able to pay.
The remaining $500 million that was NOT loaned is kept by the Bank and they have never been required to account for this money. They call it proprietary trading. Explain how proprietary means trading with investor money!
wells-fargo-sued-by-us-government.html
The U.S. government sued Wells Fargo on Tuesday, claiming the San Francisco-based bank committed fraud by recklessly approving government-backed mortgages and then seeking government insurance when those loans flopped.
Officials with the U.S. Attorney’s office and the Department of Housing and Urban Development (HUD) made the announcement Tuesday. They contend in the lawsuit, filed in U.S. District court in Manhattan, that the Federal Housing Administration (FHA) has wrongfully paid millions of dollars in insurance claims on loans that defaulted.
“As the complaint alleges, yet another major bank has engaged in a longstanding and reckless trifecta of deficient training, deficient underwriting and deficient disclosure, all while relying on the convenient backstop of government insurance,” U.S. Attorney Preet Bharara said. “As also alleged, Wells Fargo’s bonus incentive plan – rewarding employees based on the sheer number of loans approved – was an accelerant to a fire already burning, as quality repeatedly took a back seat to quantity.”
89 thoughts on “Wells Fargo Sued For Intentionally Underwriting and Submitting Bad Mortgages on Insurance Claims”
That’s what they want you to believe Stephen……Don’t believe them…!
Well the truth is the LARGE INSTITUTIONAL INVESTORS were part of the scam….They did’t mind being shorted on the scam…they were heavily insured & the re-investing via buybacks……the repurchasing of the banks insolvent debt and RE-INVESTING IN THE ORIGINATION FRAUD…….via refis, fraudclosures, short sales, loan mods….the next phase of their scam that will bankrupt US……IS MORE LUCRATIVE FOR THE INVESTORS THAN THE ORIGINATION FRAUD…..! RE-INVESTMENT FRAUD BY THE INVESTORS CREATED BY FASCISM……IT’S WHATS FOR DINNER…..BREAKFAST & LUNCH……!
Stephen, THINK OUTSIDE OF THE CAGE……& don’t let them make you a victim. Stand up for your rights. They love victims. They call them cowards.
I did for years, and I learned private citizens have no rights.
The bottom line is that while it’s good that the Govt. is pursuing the perpetrators of this financial crisis, No reparations will be made to the millions whose lives have been destroyed, particularly the seniors, like me, whose retirement was stolen, and have no chance of getting it back and living out the “Golden Years” in anger, fear, squalor and disillusionment.
So the old saying goes……if you can’t take the heat, stay out of the kitchen…..
I am going to stop reading the comment part of this web site. It is to off subject for me. I wish you all the best. Jme of San Jose Ca
The only way to flush this lake is by seizing our stolen wealth, taking back our hijacked Treasury Dept….issuing our own currency, abolish the FED & arresting these crooks..!
THE TRUST FOR THE AMERICAN PEOPLES MONEY….THE U.S.TREASURY …….HAS BEEN HIJACKED BY GLOBALIST IMPOSTERS…….VIA THEIR PERPS THE FED & WALL STREET……THESE SO CALLED “INVESTORS” IN ALL OF OUR INALIENABLE RIGHTS ARE CRIMINALS…….
WE THE PEOPLE keep paying the foreign investors money they aren’t even owed. That will usher in complete communism…because the FED DEFAULTED ON THE MONEY THEY OWED THE U.S. TREASURY……..THEY STOLE ALL OF OUR WEALTH UNDER THE GUISE OF LENDING US SOMETHING OF VALUE………THEY DID NOT…….THE TRUTH IS…..THIS IS THE BIGGEST COUP DE TAT FRAUD OF OUR LIVELIHOODS, BUSINESSES, WEALTH, & PROPERTY IN U.S. HISTORY…..THE FED OWES THE AMERICAN PEOPLE GAZILLIONS…….WE ARE ALL PAYING FOR THAT FRAUD IN EVERY DIME WE PAY & SPEND IS GOING TO THESE FOREIGN INVESTORS…..
Cover of a college review from a “private” university in Chicago……..HELLO CHINA…EAST MEETS WEST AS OUR COLLEGE EXPANDS ENROLLMENT AND ALUMNI NETWORKS IN THE PEOPLES REPUBLIC OF CHINA……..Thanks F.D.R…… The entire college review promotes REINFORCING THE SOCIAL SAFETY NETS……RE-SOCIALISM OF INSOLVENT DEBT & GLOBALISM…..IT IS PROMOTING OBAMAS FAILURES AS MONUMENTAL SUCCESSES……..THAT IS COMPLETE COMMUNISM…….THATS WHAT THEY ARE PROMOTING TO OUR KIDS IN THE SO CALLED “PRIVATE” UNIVERSITIES AT LEAST.
Looks Like We Need to Flush the Lake…… Shhts Getting Deep.
When you realize the U.S. ECONOMY is the largest economy in the world then you get why these foreign investors want to communize US……It started with the FEDS (Rome) hijacking the U.S.TREASURY VIA THEIR FEDERAL RESERVE BANK……then FDR’s social policies they ushered in under the guise of “SOCIAL JUSTICE” & PROGRESSIVE TAXATION POLICIES BY THE STATE & THE FED……They used sneaky MARXIST LENINIST IDEAS & MANY METHODS TO HIJACK OUR WEALTH…The plan all along was what we are living right now….SNEAK IN COMPLETE COMMUNISM UNDER THE GUISE OF “SOCIAL JUSTICE”….BY RE-SOCIALIZING INSOLVENT DEBT……ALL MANUFACTURED BY MASSIVE FRAUD…..! This is why they created the Eurozone……to rob the whole of Europe and under the guise of “SOCIAL JUSTICE” they will “fix” this by a ONE WORLD TYRANNY…..! THEY ARE SICKOS…
Poppy…RE: the blue ink notes…..that’s because the true financial transaction never occurred. I am not disputing that the FED pocketed all of the money we invested and did not pay the Treasury back for the original loan…..AKA THE ORIGINATION FRAUD……THE FED DEFAULTED….NOT US…..It is was they are calling it that bugs me…..It was NOT A FALSE DEFAULT….it was a FED DEFAULT…..ON THEIR OBLIGATION TO PAY BACK THE TRUST FOR THE AMERICAN PEOPLES…..THE U.S. TREASURY DEPT……THIS FED DEFAULT IS THE ORIGINATION FRAUD & THAT FRAUD ALLOWED WALL STREET TO COMMIT A QUADRILLION DOLLARS WORTH OF FRAUD WITH OUR SIGNATURES…….THAT FED DEFAULT AKA THE ORIGINATION FRAUD CAUSED ALL DEBT TO BE UNSUSTAINABLE …..THERE IS WHY THERE IS NO LEGAL OR MONETARY FIX FOR THE ORIGINATION FRAUD…..THAT IS WHAT THEY ARE REALLY HIDING…..ALONG WITH WHERE ALL OF OUR MONEY THAT WE PAID THEM REALLY WENT….YOU WILL SEE THAT I AM RIGHT BECAUSE THE TROLLS WILL ATTACK ME ON THIS….JUST WATCH….IF THEY DON’T, IT WILL ONLY BE BECAUSE I HEADED THEM OFF AT THE PASS BY EXPOSING THEM……LAW ENFORCEMENT TOLD ME EARLY ON…..IT WAS THE ORIGINATION FRAUD & THE GSE’s WHO CAUSED THIS….RIGHT ON..HOWEVER….HIDING BEHIND THAT ARE THEIR INVESTORS…..THE REAL SHEISTER CROOKS….
Kareem….I don’t believe it was a coincidence that CNBC reported yesterday that the Treasury is reporting a TRILLION DOLLAR DEFECIT…! WOW…..this is really filthy stuff…! What a bunch of slimy commie crooks….! Bob Chapman not only really gets it but is exposing who these crooks are. I sure hope these crooks are held to account.
A trillion in missing money from the Treasury is an absolute outrage when so many people are struggling.
“DEFECIT” IS ANOTHER WORD FOR THEFT OF OUR WEALTH BY THESE CROOKS..!
I agree about the white collar jobs poppy…..they don’t produce anything but debt for us. You can’t have an economy that produces wealth if you don’t manufacture anything of value. Not to say cops & teachers are not valuable but someone has to pay them…they don’t pay themselves…well…they kind of do actually…There needs to be a small business boom in this country….we need entraprenauers….& these GLOBALISTS via the politicians & the banks are holding ALL OF OUR WEALTH HOSTAGE…..That’s tyranny & that’s causing all of the oppression. It’s all manufactured & it’s evil.
Awesome Kareem…! I hope the good guys win…for the sake of all of us and our freedom. These Globalist traitors & IMPOSTERS need to be exposed & held to account. THIS IS OUR COUNTRY .. WE THE PEOPLE OWN THIS PLACE BECAUSE WE WORKED OUR ASSES OFF TO PAY FOR IT & WE THE PEOPLE DON’T WANT GLOBAL ANYTHING…!
Poppy…….I agree and I believe these people are seriously ill. That cartoon was from 2003 so that proves they have been planning this for along time. When I heard the character in the cartoon say OUR NATIONAL DEFENSE SOLDIERS I nearly choke on my coffee. No such thing was heard of by any of us in 2003. I agree about the home schooling as well. However, my kids do get what they are trying to do & they don’t like it or agree with it. Their brainwashing was not as efficient as they thought. Mainly because people love freedom. I went to visit a University recently & picked up a copy of the Nation from the school library… The cover said…WHY OBAMA? …..IF HE LOSES, WE CAN EXPECT A RUTHLESS EFFORT TO DISMANTLE THE SOCIAL CONTRACT AND DESIMATE SOURCES IF RESISTANCE……BY FRANCES FOX PIVEN…..THE COMMIE……..WHAAAAAT…? That’s all Obama has done is try do destroy ALL of the contracts & laws put in place to protect the people…..! There you have it…THE BIG LIE that Obama is trying to save THE SOCIAL CONTRACT…..B.S…IT’S QUITE THE OPPOSITE….IT’S the COMMIE AGENDA and it is in the colleges hiding under the guise of “SOCIAL” JUSTICE & GLOBALISM…it’s agenda is no such thing. Their agenda is COMPLETE COMMUNISM & believe me, THESE KIDS GET IT…& THEY DESPISE IT…They are certainly trying to sell that Communist ideology to college students quite deceptively but these kids are too smart…Thanks to us….their parents…!
If my children were younger they would be either home schooled or go to a private school. I’d find the money. Garbage-in-garbage out!
Poor educational systems are bad for everyone. Then the TV; a complete and total marketing tool, for social change, promoting poor health habits, pill popping for every ailment (everything is a syndrome now), up-selling everything, even the news…Crazy stuff, when I compare it to my generation. Even craftsmen are going extinct. I’d like to know where all the white-collar jobs are going to come from? Just me…don’t see the good in this for our society. All lies.
WOW…They do brainwash kids with cartoons. Ever see the cartoon Sonic X….? It happened to be on when I flipped on the Tv this morning. Sonix X was talking about “OUR NATIONAL DEFENSE SOLDIERS”….They used the eye identification and there were spy cameras everywhere that shoot lasers at the characters…Everythings controlled via the cameras. In the facility the characters were inside and they were on lockdown and the whole thing was being directed by scary men with what sounded like Russian accents….They said they were transported by chaos… This was Sonic X – S1Ep/02 from (2003). This is what they are teaching to our kids….!!!! .I would shut the Tv off and not let the children watch this garbage….!
@ Ivent
Just my humble opinion; but, the mainstream media is not giving honest information about this “theft”and how all encompassing it is. It is fine to copy and paste STORIES, which is what they are, but if you check places like Pacer, ABI, KPMG reports, Missal, Scribd, Bankruptcy courts files, etc…this is where you find so much information and much of it is contradictory, from the mouths of these people. They lie so much they forget what they say.
The real information is out here and usable in court. All of the stories are fine, but you MUST dig deeper, use the links, cross reference and verify everything, right down to the phone numbers on your paperwork. There are surprises at every turn. They think homeowners are stupid. I disagree, we all just don’t have the time and resources…but you must try.
I have the good fortune of knowing 5 other people in the same circumstances as I am with New Century and they share, quality information. The newspapers are owned, run by and advertised in by people who own banks, financial institutions, etc…and the ARE NOT unbiased or honest in their portrayal of the situation we now have. And that’s the way it really is! This is not paranoia, this is the reality of things. Felonies for financial gain are now LEGAL if you are a Wall St cat or a banker…PERIOD!
@ Ivent
My wiring instructions have notes in blue (on the original copy) dated 12/26/2006, that was 2 MONTHS BEFORE THE CLOSING ON FEB 27, 2007. This paperwork was faxed on 02/27/2007 and the notations were already there. Then I started getting invoices for late payments in April, when the first payment was due? This only means one thing…the loan was defaulted before the origination.
And I have had 3 lawyers; one took a retainer to work out a modification and every time I needed something he wanted $500, while when I called him he needed to refresh himself about my case, he was fired. Then I filed bankruptcy myself, got to the hearing of creditors and was told by the trustee to get an attorney, whom he recommended, so I voluntarily dismissed mine and hired this cat. He never finished the schedules so my case was dismissed and now was left naked. He had 10 people working in his office and I was without a staff, able to finish all the schedules myself…now go figure. The lawyers cannot be trusted for competency and standards of performance.
As far as the funding; 6 states filed cease and desist orders against New Century for just that. I have personally spoken with the AG of MA and O’ Brian’s deed office. You bet they did not fund millions of these loans and some where seized by non-lenders. You bet you have a case, the presentation is everything! Keep at it and don’t listen to many folks who really don’t get it. This has been the largest financial crime in the history of this country and everyone needs to get this!
The MBS purchases for 18 months is to keep the Federal pension system afloat. Again, for the few at the peril of everyone else.
Ivent: who are “they”? If you mean the justice system then check this out- http://seeker401.wordpress.com/2011/01/17/bob-chapman-newsletter-jan-152011-slush-fund-of-top-politicians-found-at-vatican-bank-obama-clinton-roberts-legatus-split/
Imbecile
Kareem…I hope they seize their overseas bank accounts and get back all of our stolen wealth in gold & silver bars… That is what is needed. We need our own currency..screw these crooks & their credit fraud…!
For the latest on the biggest theft of our livelihoods, wealth, property & freedom in history…….
http://electronzio.com/
USA v. Wells Fargo: http://kareemsalessi.files.wordpress.com/2010/04/us_v_wells_fargo_bank_na_case_no_12_cv_7527_usdc_sd_ny-filed-10-9-2012.pdf
Obama is an investor too…he is invested in Vanguard…one of the largest institutional investments firms on the planet. GOOGLE IT….He is also a member of the New Party….the Communist Party of America..These IMPOSTERS use proxies to hide their true identity…They are vampires.
Kudlow guest saying Obama is a FRENEMIE OF THE STATE….HE IS A CHICAGO MOBSTER…! LOL….He’s not that slick…he wishes..
The CIA AGENT says they were being evasive…well no k!dding…pfft..he laid an egg..but its what’s in the Center of that egg that controls the crime scene….ITS CALLED CONTROL FRAUD..
Can’t believe this….Kudlow has a CIA AGENT ON LOOKING FOR DEBATE LIES…SHEESE…..HE SHOULD BRING ON THOSE CORPORATE INVESTOR CROOKS….THE HEADS OF THE FED…THE TREAS…THE MEDIA TALKING HEADS….HOLDER….ETC..ALL THE CFR/TRILATERAL COMMISSION MEMBERS..
CNBC reporting Treasury defecit hits $1 trillion…! TELL THE FEDS INVESTORS TO PAY US BACK..THE HIDDEN CROOKS…..THE FED OWES THE TREASURY GAZILLIONS IN ORIGINATION FRAUD & THEY OWE THE AMERICAN PEOPLE GAZILLIONS IN USURY & OTHER FRAUDS…PAY US BACK CROOKS…!
Balil & his minions & cohorts are here from the dark side. Blaming the victims is the first clue. It is a tangled web they try and weave when they aim to deceive. Just remember, they are IMPOSTERS.
just finished reading ” Boomerang ” great book.
Imbeciles & Freeloaders ….. pffft!
Sorry shadowcat…all of that is just not true. You lie & deceive & TRY & discredit me but the truth is, I really don’t care what YOU think…I don’t value your opinions …and that is what really bugs you. Nice try….but like Obama & his minions & cohorts…you failed. Liars never win…
Enraged……You worry about your own health…I will be fine. You have a choice… you can skip my comments….but you can’t or won’t, for whatever reason…that’s o.k…bring it on….. because you can’t disprove a word I say ….that’s why you & a few others are waging personal attacks on me….that’s fine…I do not fear you…that’s what you really fear.
…. Anyhows, I’m not the one in Court fighting a FC, and I’m not the one in BK court because I could not pay my bills. ( A row ahead of.. I will not pay my bills). You get moved back a Row. At least medical bills would be a legitimate reason for BK…. what your excuse? Oh Yea! Its somebody elses fault you took credit you could not afford to pay back ……. but you enjoyed those vacations, diamond rings and fantcy cars. Things I have never had. You go right ahead and talk about values, morals and sanity Sweetie!.
Ivent,
Keep working yourself up to a heart attack, cancer, mental illness (pretty far gone already, as everyone already noticed…) and whatever other misery you want to croak of. Your doom-and-gloom is your choice. Your fear is your choice. Leave me out of it. And as long as you keep posting nonsense, I’ll keep calling you on it.
Elaborated …. Your Dead in the Water!
Local news reporting…..Leon Panetta warning America is under a threat of a cyberattack to our utilities. Well, maybe it’s time to take a look at who the investors are before jumping to any conclusions…. …Remember ENRON & California….problem here are is on steroids…and it’s intentional…….you can’t pay if you aren’t being paid enough $$$$. A weeks worth of pay for a days worth of food is tyranny…and was predicted….We were warned to watch for the signs.
If you can’t have the guts to elaborate enraged than you are the imbecile. I don’t pull punches. I tell it like it is…Honesty is the best policy & all that moral kind of stuff … There is no valid reason why in the wealthiest nation on the planet, the American people have lost their livelihoods, are struggling or on food stamps, are in fraudclosure or can’t afford their basic needs like healthcare. It is happening because the politicians are traitors and are waging war on the American people on behalf of these commie control freaks. There is a giant monopoly of tyrants who have been allowed by the traitor politicians to invest in all of our inalienable rights and fraudulently control US. That was never agreed upon by the American people. They all need to be thrown out of here…or strung up. I prefer the latter..Treachery is not acceptable.
Imbecile
“That’s why the microchip is hidden in OBAMACARE”
Imbecile
I hope so shadowcat but, I just don’t trust them.. People are cash poor & that is a bad sign…
Speak for yourself enraged……they said it themselves. That’s why the microchip is hidden in OBAMACARE…..that’s why the massive cover up …They tried to offer to insert the microchip under guises like personal safety etc..& NO ONE went for it….That’s why the MAJORITY OF Americans don’t want OBAMACARE….People are waking up more & more to this scam to steal our freedom. There are some really horrible people running this world.
I never cared much for fake tatoos … or real ones either. (the needles, ya know) Anyhows …. Its Dead in the Water. The Mark of the Beast.
“They know we will never willingly accept the mark of the beast.”
Imbecile.
BTW ENRAGED….IF FALSE DEFAULTS MEANS …..THE FINANCIAL TRANSACTIONS NEVER OCCURRED…..THAN SAY THAT…..FORGET THE RIDDLES….PEOPLE NEED THE BOLD FACED TRUTH….IN BOLD FACED BLACK & WHITE…NOT THE B.S…..LIKE ROBOSIGNING…..AN ATTORNEY TOLD ME…..ROBOSIGNING…WHAT’S THAT…..? …*SNICKERS*……WHO THOUGHT UP THAT ONE….? WE ALL LAUGHED…..
You can’t prove anything so you personally attack me. Sorry, the bullshit train has pulled away from the station a long time ago for me. People should do their own research and pay attention more & they will find all evidence points to all of this being true. This is an evil plan and they want complete communism to come from this. Hard to believe it’s true ……but this evil plan has been in the works for America for many decades….this evil plan for mankind has been in the works since time began…if not for some really brave & honest human beings, they would have conquered us long ago. They know we will never willingly accept the mark of the beast. That is why there is a massive coverup & disinfo campaign nationwide. I won’t sit idly by and watch them destroy US because I have something MONEY CAN’T BUY…MORALS….
“False default? What the heck is that? In my life, I have never heard more contrived bullshit.”
If you read a little more and posted a little less, you would have an idea what that means.
DCB,
Pretty hard to ignore, huh? That’s why I’ve resorted to calling it like it is: she’s an imbecile. Probably born that way too. Bad genes, maybe… What we call “marginally intelligent” but really, really marginal.
Let me tell you another thing DC….I am sick of the coverup….and what is the matter with you that you are not….? Calling me a liar is completely inappropriate because if you are as brilliant as you claim….you would have verified that information before you made a personal attack on me…..I am in the trenches..I have done my homework….We need alot more honesty. You obviously have another agenda…What are you doing…..repping those whatchamacallit attorneys…..? That’s despicable because they are misleading & screwing people. I can’t sit idly by and allow that….IT’S TIME TO GET REAL..& STOP THE B.S. SYNDROME THAT HAS HIJACKED THIS COUNTRY…!
OH YOU WANT TO BET DC….? I AM NOT A LIAR …..IN FACT. I WOULD SWEAR….UNDER OATH…..ON A STACK OF BIBLES…..THIS IS ALL TRUE..AND THEY TOLD ME & MY HUSBAND ALOT MORE…..ALOT OF REALLY SEETHINGLY EVIL STUFF ABOUT THIS EVIL PLAN…FOR INSTANCE…..THEY WANT TO STEAL EVERY PROPERTY FROM THE PEOPLE BECAUSE THEY WANT COMPLETE COMMUNISM….THEY WANT ANARCHY…. GOD AS MY WITNESS..AND MY HUSBAND TOO….THIS HAS BEEN TOLD TO ME & COOBERATED BY SEVERAL ATTORNEYS…
I have met with several attorneys and law enforcement agencies. To be perfectly honest, in Illinois, the honest attorneys will tell you….this is illegal what the Government is doing, and they don’t want any part of this. The truth is, the judges are corrupt traitors, the banks are IMPOSTERS and the media are worthless traitors too. The attorneys are being asked to take sides in this war government has waged on the American people. This has really come down to fighting for your own rights. It is up to each of us as individuals to do that. This is a stark wake up call. Do not trust anyone….verify.
IVENT says:
“I have met with several attorneys and law enforcement agencies. To be perfectly honest, in Illinois, the honest attorneys will tell you….this is illegal what the Government is doing, and they don’t want any part of this. The truth is, the judges are corrupt traitors,”
BS–who have you met with –why? No atty in his right mind would speak to this nutcase and risk getting disbarred—–no atty is gonna get tangled up with this crap——this is outrageous lies—what is she suggesting in fact—go get your guns? no chance in cts—only thing i agree with is the statement dont trust–especiailly her
Lies…beware the attorneys. People really need to watch what these attorneys are doing or not doing. People are are way to trusting . For example, my brother in law got evicted from his townhouse by WELLS FARGO via the HOA because of REALLY BAD LEGAL ADVICE by an attorney…..My sister got fraudclosed by CHASE at a hearing because her attorney stood there & let the judge fraudclose with no docs. Now she is fighting eviction & being forced into a loan mod scenario that she can’t afford. They have little income because of the lousy job market. Some of these attorneys are secretly working for the Government. They are dual identity s.o.b.s….
Thats just great advice—tell all the people you get screwed if you hire an atty. Maybe the poor schmucks listened to your crap. I honestly cant imagine how much better a job you could do if you were working directly for Wells Fargo—which maybe you are.
Yeah sure everybody does just great stomping into the courtroom screaming “CONSPIRACY” The whole fucking world is out to get me –and you judge and the attys are part of the mass conspiracy to screw ivent and every person she knows—-well if true –better not know her—and if you are a reader here and you have a lick of sense you will ignore her like 90% of the declining nymber of old-timers here
Course with the masses of posts of BS shes throwing up in about 4 names now—-people cant see anybody else –hear one long windy piece of crap—that will help nobody but the collection agencies—put in for a bonus ivent –you are doing an outstanding job for the collectors
This is the worst form of abuse–to prey upon peoples fears to distract them from the normal recourse opportunities–to teach them there is a giant conspiracy that is going to crush you no matter what you do or who you hire–that is just great –just what somebody in trouble needs to hear
just remenber people this Ivent and the 3-4 aliases he/she is using–perhaps more than one persons now—-she is being paid by somebody to screw with your heads–to put you off trail—sure your house is at risk of being taken—whatever you do look up fed reserbe world bank etc etc —neo-nazis—–definitely do not call an atty and believe nothing of what legit posters say—think hard about disinformation people because iv never seenm it so forecfully played out
did this person who is telling you this actually describe what or how she/he reaced —what is her experience?—now weve got cousins brothers and everybody else in obvious hearsay
while she sits in her easy chair 18 hrs a day posting one sentence drivil redundant redundant redundant–do nothing do nothing do nothing –bitch bitch bitch conspiracy conspiracy conspriacy–think about it–is there anything here that she says that dos you any good at at all——-and now —dont go to attys
ill be 1st to admit attys are not all clarence darrows—but you cant even get a decent settlement w/o–if you listen to her–no mods–no defense—just pack bags and find a relative to move inwith—for invents motto is “misery loves company
if it gets worse the state bar is gonna move in to curtail this abuse——i would strongly suggest the feds look hard atthis as a potential bank fraud–designed to take away peoples rights to seek recourse–who is paying ivent to screw victims of fraud abuse
Thank You Ivent…
False default? What the heck is that? In my life, I have never heard more contrived bullshit. CNBC is using Lloyd Blankfein as a mouthpiece. It just gets weirder.
Mischeifmakers…? We aren’t the liars, these crooks are. Funny how technical this is getting all of a sudden. You need to take your argument up with Sheila Bair. She said it, not me.
Mortgages were “Set up to default”?
THEY WERE ALREADY FALSE DEFAULT DEBT—EVEN BEFORE YOU PURCHASED OR REFINANCED—THE DEBT WAS PUT INTO FALSE DEFAULT (by Fannie/Freddie) EVEN BEFORE THE SUBPRIME…
Guess again mischiefmakers…wrong . No mortgage exceeded 80 perecent combined loan to value and no first lien was over 60 percent exposure …so where is the willfull default ?
registerclaims@live.com
I just want to add..I wouldn’t wish this on my worst frenemies at this site. It’s grueling shit. They know that though. It was designed to destroy. But I have faith, in the end, the devils gonna get his butt kicked for this one.
Lies…maybe the crap is going to really hit the fan for once. I hope so for all of our sakes…and I mean every single American. This plan is almost too vast & evil to comprehend. We have to have faith…at least that’s what the cashier at the Jewel told me the other day. That inspired me. I liked his optimism. It was refreshing from the normal daily despair of what to do next. This b.s. truly does need to end. It’s no way to live.
sp what happens to all their pending lawsuits (like mine), cant the lawyers use this ???
I am so sorry to hear that Stephen. These people are evil. They blame the victims and they are despicable. You know I despise them. They deserve to suffer miserably for the rest of their days. I saw that Blankfein thing on CNBC today talking like a real arrogant s.o.b…just for having the balls to go on there and speak, he should have all of his assets seized and be locked up.
@carie….that was Sheila Bair’s take. At least she had the guts to say that much. More than I can say for any of the lying politicians who continue to keep the “people bought houses they couldn’t afford” blame the victims, Nazi rhetoric going. And telling us things are better…..accept the new normal bullshit….. Bottom line, we were all set up to fail…. TBTF is their most potent financial weapon of mass destruction. An attorney told me over a year ago, if the economy worsens, eventually, everyone will be in foreclosure. He told me they want to take every property away from the people because they want complete communism. He told me he doesn’t want to be here to see it. It will be anarchy. Well, so far, he is right on the money. Things are getting progressively worse. These politicians are quite criminally deceptive. Just like the banksters.
@Ivent
Mortgages were “Set up to default”?
THEY WERE ALREADY FALSE DEFAULT DEBT—EVEN BEFORE YOU PURCHASED OR REFINANCED—THE DEBT WAS PUT INTO FALSE DEFAULT (by Fannie/Freddie) EVEN BEFORE THE SUBPRIME…
4closed30kids…I am so sad to hear what they did to your family. They are heartless. The coverup can’t end soon enough for me. I hope they all hang.
Ivent, on the ruined lives, the suicide stats, I am in complete agreement with you! I am from one of the families lives they ruined. I was raising 6 foster children in my home at the time, we raised over 30 children there. I miss them, I cry wanting my family back. 14 yrs we paid our loan never late, then we refinanced, what a f…… piece of work. lost the home within a yr, Downey Savings and Loan. Ca AG says cant file cause over the time limit….out of business…
Time for everyone here to band together and demand from our AG’s every state to put these people in jail. please add our AG’s email, up so each one of us can send our voice loud and clear!
Yep, Guaranty Bank foreclosed on me, claiming I “Missed 5 payments”, laughed them off until the letters got really nasty and they finally said “that’s it, send in your keys”, sold the place in the 11th hour, sued the scumbags, got to court with copies of all payments in hand, the judge never looked at them and ruled, “It’s your own damned fault”, ended up homeless for 4 years, and retired penniless.
Can you guess what I wish on these people?
Stephen….then you saw first hand that this was not caused by dragging millions of bums off the street & giving them mortgages….you saw how they set all of us up to fail by first…OVERVALUING OUR PROPERTY …WITH FRAUDULENT APPRAISALS…..THAT IS HOW THEY EQUITY STRIPPED OUR PROPERTY…THEN INSTEAD OF GIVING US A CONVENTIONAL MORTGAGE….WE THOUGHT THEY WERE GIVING US….THEY GAVE US A 10 YEAR BOND…THEY STRUCTURED THE MORTGAGES AS BONDS & OVERSOLD INVESTMENTS IN THE NOTES…..
Correct typo…EX FDIC CHAIR SHEILA BAIR SAID…..ALL OF THE MORTGAGES WERE SET UP TO DEFAULT……
You know what Stephen…? This has nothing to do with the average bum on the street….the truth has been out for a long time now…the risk from those loans given to people who couldn’t afford them was not enough risk to collapse the Global economy…..in fact, financial experts say it was actually a healthy amount of risk. It was the quality & the structure of the mortgages that was hidden from the people.. Sheila Baird said ALL OF THE MORTGAGED were set up to default…
That’s precisely right….poor quality….high quantity… Mass produced garbage mortgages that they used to rob us of our wealth, ruined millions of small businesses and the livelihoods & lives of millions of Americans. I would like to see the suicide statistics from this manufactured crisis. These scumbags are very deceptive serial killers. They should get the death penalty for their arrogance alone.
Ivent, I’m know I’m right. I was an appraiser in ’04 and saw it firsthand.
The average bum on the street knows the banks told brokers to give them loans, any loans because they were just going to stuff them in a hot dog bun and sell them as lobster.
Now, Wells will settle for a few billion which will dissipate somewhere in the Washington skies and the bankers will have another cocktail and a giggle.
Carie, I understand as far as TBTF and TBTJ, but not when it comes to the sleazy local law mills that every town has that orchestrate the fraud and then hides behind the bank claiming that they were just doing the bank’s bidding. These are the criminals that need to be taken down, and just jailing a few in every city would so damage the bank’s foreclosure machine as to be like thousands of IEDs placed in their ivory towers.
To me, that’s why Barry’s law suit is so significant, if in fact it is able to plow forward. A ruling along those lines would be like planting a virus in their mothership, then it could be replicated until they’re all eviscerated. It would turn certain defeat into victory. Yeah – good guys. Let’s take these sons-o-bitches down! Cue ending credit roll music…..
They screwed too many people.
My kinda news… Monsanto ordered top pay $5 billion to Brazil, now this. Wealth redistribution at its best. Now those guys can clean up the damages left by Texaco.
http://www.bbc.co.uk/news/world-us-canada-19892561
Supreme Court denies Chevron $19bn Ecuador appeal
9 October 2012
Supreme Court denies Chevron $19bn Ecuador appeal
The US Supreme Court has declined to block a judgement from an Ecuadorean court that a US oil firm pay billions in damages for pollution in the Amazon.
Chevron was fighting a ruling that it must pay $18.2bn (£11.4bn) in damages, a sum increased to $19bn in July.
It is the latest move in a decades-long legal wrangle between Texaco, bought by Chevron in 2001, and the people of the Lago Agrio region of Ecuador.
The decision could affect other oil firms accused of pollution.
The high court did not explain why it decided to reject the appeal from Chevron.
The case claimed that Texaco contaminated land between 1964 and 1992, and has triggered several other lawsuits in courts within the US and elsewhere.
But Chevron has said it believes the judgement, handed down by a court in Ecuador in February 2011, is fraudulent and not enforceable under New York law.
In March 2011 a court in New York issued an injunction that blocked the judgement. But it was overturned in January this year by an appeals court, which said Chevron had challenged the judgement prematurely.
The appeals court also said the New York judge could not stop other, foreign courts from enforcing the judgement – something the Ecuadorean plaintiffs are working to do in Canada and Brazil.
The judgement originally ordered $8.6bn in environmental damages, but that was more than doubled because the oil company did not apologise publicly.
“While Chevron is disappointed that the court denied our petition, we will continue to defend against the plaintiffs’ lawyers’ attempts to enforce the fraudulent Ecuadorean judgment, and to further expose their misconduct,” Chevron said in an email statement.
The oil firm has also challenged the judgement under an international trade agreement between the US and Ecuador, due to begin in November.
@E.Tolle
That video I posted (watch it—it’s short) with Barofsky shows exactly WHY they aren’t being prosecuted! Too big to jail. Too much fraud. Ain’t gonna happen because the economy would totally collapse. Well—since the “economy” is built on total and complete systemic fraud—it’s going to collapse anyway—it’s just being kept on life support—but it is definitely DEAD.
Yes indeed, take them to the cleaners, then directly to the big house Barry. That’s an excellent piece of work there. One of the biggest issues coming out of this heist is the fact that this kind of criminality occurs in all of the foreclosure cases going down, and has for years, and yet the perps are able to settle when caught, with absolutely no ramifications from their criminality.
My AG flat out refuses to discuss going after any of the mills that are filing these fraudulent docs with the recorders office, even though i’s a felony. Remember the CA homeowner that filed something and was busted, and faces a two year sentence? If that started happening to these crooked lawyers, that source would dry up in a hurry, causing real problems for these pretend lenders.
What do we need? Prison terms. When do we want them? Now. But as long as the judiciary allows this kind of repeat fraud, and the AG’s are refusing to pursue criminal prosecutions, the bad-beats pile on.
http://www.bloomberg.com/video/barofsky-wells-fargo-is-too-big-to-jail-5h07FjUPSs23T7ecSA9_1A.html
Barofsky admits banks are TOO BIG TO JAIL—FRAUD IS REWARDED!!
GO BARRY !!!
AUTHOR SAID
“On a side note, I have read the Master contract with Fannie and Freddie several times and I cannot tell if the agency was giving a guarantee of the bond given to investors or the loan, or both. But I do know that once it went into the secondary market, the bond was sold and resold multiple times, using the federal guarantee as an incentive to purchase the bond with a perception of no risk.”
There would be particular ease of this if the underlying loans that support the trust issuer had not been filed—there is nobody that could contradict the claims of assets placed in the trust/pool.
Thus, some of the greatest demand would be for those most predatory loans originated volume. Similarly unlisted loans could be made to slide from one tranche-support position to another. Dulications even within the tiered trust/pool itself. Then pump the greatest value from people betting against rates rising w/ ARMs. That allowed the payers to buy homes or refi to values over 100% higher than market.
Some of these securities could become GSE guaranteed could it not??
*SPLAT*
CALIFORNIA ATTORNEY GENERAL COMPLAINT
CALIFORNIA SENATE BILL NO. 1474 RE: CONVENING GRAND JURY FOR MORTGAGE FRAUD
Barry S Fagan
Malibu, California 90265
Complaint Against:
Wells Fargo Bank, N.A.
420 Montgomery Street
San Francisco, California 94104
COMPLAINT
As an Officer of the Court, I am under a continuing obligation to inform both the Court and Law Enforcement of Fraud and Perjury. As a result, I have retained Dr. Laurie Hoeltzel a forensic document examiner with over 20 years of forensic document analysis
experience to confirm that three different versions of the same deed of trust exists for my primary residence and on May 11, 2012.
I recorded all three versions of the same deed of trust with the Los Angeles Registrar Recorders Office under instrument no. 2012-
0711277.
DOCUMENT FRAUD
Wells Fargo Bank has fraudulently altered Barry Fagan’s Deed of Trust and the attached expert opinion dated 1/12/2012 from Forensic Document Examiner Dr. Laurie Hoeltzel specifically explains that the handwritten page 4 has been altered on two
separate versions of that original Deed of Trust. Dr. Laurie Hoeltzel makes the following findings of fact with respect to the LA Registrar Recorder’s ‘original office record’.
“Based upon my initial preliminary analysis of the above items, it appears more than one person authored the number 4 on all three documents, which purports to be the same document.” The recorded Notice of Pendency of Action shows three different versions of
that same July 9, 2007 Deed of Trust as originally recorded under instrument no. 2007-1622100 and I have submitted credible evidence from a forensic document examiner with over 20 years of experience that multiple fraudulent alterations have occurred on the
“Handwritten Number page 4” which is located on page 3/4 of the Deed of Trust.
All of the Deeds of Trust now reflect an entirely different handwritten NUMBER 4, and one of the exhibits also has a snake like line drawn on it, which is not present on the other two exhibits.
ACCOUNTING
C.P.A. Shawn P. Adamo stated: “It is my professional opinion that the altered deed of trust is concealing an irrevocable assignment, and explains why Wells Fargo is unable to produce loan level accounting concerning Mr. Fagan’s loan. Wells Fargo claims that
any level of detail relating to Mr. Fagan’s mortgage is non- existent. As a result, CPA Shawn Adamo provided two expert opinions, one an affidavit signed under penalty of perjury dated January 24, 2012 and the other is a Feb. 6, 2012 complaint letter addressed
to various regulatory agencies. In those two expert opinions, C.P.A Shawn Adamo explains that Wells Fargo Bank has failed to provide a loan level balance sheet accounting and is concealing the fact that they do not own Barry Fagan’s loan.
ROBO-SIGNING
Additionally, forensic document Expert Dr. Laurie Hoeltzel has declared under penalty of perjury on January 2, 2012 that Wells Fargo Bank is robo-signing Discovery Responses by using multiple authors of the name Rhonda Bernard Thomas.
CONCLUSION
Insofar as Wells Fargo Bank, NA is a loan servicer, it cannot enforce the note in its own right in that according to the information in the documents and the information available through discovery and expert opinions, the loan is owned by an undisclosed
investor with which Wells Fargo has concealed and not established its relationship too.
Wells Fargo as the alleged servicer must, in addition to establishing the rights of the true holder, identify itself as an authorized agent for the INVESTOR.
If Wells Fargo Bank is compelled by law enforcement to comply with either of the obligations described above it will subject them (Wells Fargo) to a finding of perjury!
Wells Fargo is a criminal enterprise that is attempting to exercise rights over my primary residence by way of fraudulently altered documents, robo-signed discovery responses, no loan level accounting and Barry Fagan’s loan file needs to be investigated
at the highest level within your organization to see that a crime has actually occurred!
The law offices of Kutak Rock LLP located in Irvine, California needs to have Barry Fagan’s Note and Deed of Trust subpoenaed so that the GRAND JURY can inspect those documents to see that they have indeed been fraudulently altered and photo-shopped.
/s/Barry Fagan
Barry Fagan Esq.
CALIFORNIA SENATE BILL No. 1474
Approved by Governor September 25, 2012
SB 1474, Hancock. Grand jury proceedings: Attorney General: powers and duties.
Existing law authorizes the Attorney General to convene the grand jury to investigate and consider certain criminal matters. The Attorney General is authorized to take full charge
of the presentation of the matters to the grand jury, issue subpoenas, prepare indictments, and do all other things incident thereto to the same extent as the district attorney may do.
AGAIN! TAKE TIME TO READ AND USE “WALL STREET AND THE FINANCIAL CRISIS’; ANATOMY OF A FINANCIAL COLLASPE! ABSOLUTE EXPERT WITNESS EVIDENCE BY EXPERTS HIRED BY OUR GOVERNMENT.
I was wondering when this was going public. HMMMM Yep! Truth Hurts! There will always be Consequences for your Actions and your Choices in Life. The Truth Shall Set You Free of Your Fears.
complaint for this law suit
http://stopforeclosurefraud.com/2012/10/11/complaint-usa-vs-wells-fargo-alleges-practice-of-reckless-underwriting-and-fraudulent-loan-certification-for-thousands-of-fha-insured-loans/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A%20ForeclosureFraudByDinsfla%20%28FORECLOSURE%20FRAUD%20|%20by%20Din