The banks were not taking risks. They were making risks and profiting from them. Or another way of looking at it is that with their superior knowledge they were neither taking nor making risks; instead they were creating the illusion of risk when the outcome was virtually certain. Securitization as practiced by Wall Street and …
Can you really call it a loan when the money came from a thief? Read More »
We all know that the banks committed wholesale fraud on the government, on investors, on the the court system and on borrowers. They fabricated documents, forged them, altered them, and even paid off employees of Government agencies to do things that in normal circumstances would never be tolerated. The question is why did the banks …
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Hiding Behind Advice of Counsel No Better Than Ratings Read More »
MOST POPULAR ARTICLES CLICK HERE TO GET COMBO TITLE AND SECURITIZATION REPORT CUSTOMER SERVICE 520-405-1688 “I wonder how many audience members know that Bair’s plan is more or less exactly the revenue model for all of America’s biggest banks. You go to the Fed, get a buttload of free money, lend it out at interest …
Current Bank Plan Is Same as $10 million Interest Free Loan for Every American Read More »
MOST POPULAR ARTICLES GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE EDITOR’S NOTE: It’s only the first of a series of moves that will reduce the megabanks to rubble. They are reporting a substantial amount of “assets” that don’t exist and now it is apparent that neither the politicians nor the taxpayers have any …
MEGA DEATH WATCH: MOODY'S DOWNGRADES CREDIT RATING FOR BOA, CITI AND WELLS Read More »
MOST POPULAR ARTICLES GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE EDITOR’S NOTE: I might as well take this opportunity to suggest a potential cause of action on behalf of homeowners and borrowers, whether or not they are in litigation or foreclosure. It might sound a little far out to say that the rating …
RATING AGENCIES: MARKETING TOOLS FOR WALL STREET Read More »
COMBO TITLE AND SECURITIZATION SEARCH, REPORT, ANALYSIS ON LUMINAQ EDITOR’S NOTE: In 1983 the nominal value of credit derivatives was zero. Today it is over $600 TRILLION. None of this would have been possible without the active complicity of credit rating companies who as quasi public agencies “assured” the quality of securities sold to both …
APPRAISERS AND CREDIT RATING COMPANIES ARE GETTING AWAY WITH IT TOO Read More »
Editor’s Note: Hard to say which way this will go, but it SHOULD go negative for Moody’s, Fitch and Standard and Poor’s. This was appraisal fraud at the OTHER end of the lending chain. Investors were misled as to the value of the security not only because the home appraisals were inflated, and not only …
Moody's Gets Notice from SEC: May Lose Status as Rating Agency Read More »
“of AAA-rated subprime-mortgage-backed securities issued in 2006, 93 percent — 93 percent! — have now been downgraded to junk status.” Editor’s Note: What homeowners and their lawyers, forensic analysts, and experts need to realize is that the ratings scam on Wall street was only one-half of the equation in a scheme to defraud homeowners. If …
Editor’s Note: Now the truth as reported here two years ago. There were no losses. They were making money hand over fist. And this article focuses only on a single topic — some of the credit default swaps — those that Goldman had bought in its own name, leaving out all the other swaps bought …
Goldman Sachs Messages Show It Thrived as Economy Fell Read More »
See DEUTSCHEBANKv BANKOFAMERICA This is an action for (1) damages for breach of contract resulting from BOA’s failure to secure and safeguard over $1.25 billion worth of cash and mortgage loans that it was contractually obligated to secure on behalf of DB and (2) contractual indemnity for the losses caused by BOA’s negligent performance of …
NOW AVAILABLE ON KINDLE/AMAZON WHY THIS IS IMPORTANT TO FORECLOSURE DEFENSE AND OFFENSE: OK I know the last thing you want to hear is how complex this scheme was. But if you can get over the intimidation factor, you will see how the lawsuits filed by individual homeowners, attorney generals, and class actions are picking …
Ohio Sues Rating Firms for Losses in Funds: Fraud Catching Up with Swindlers Read More »
