UBS Admits Criminal Wrongdoing, Pays $1 Billion Fine

Dec 14, 2012

What’s the Next Step? Consult with Neil Garfield

For assistance with presenting a case for wrongful foreclosure, please call 520-405-1688, customer service, who will put you in touch with an attorney in the states of Florida, California, Ohio, and Nevada. (NOTE: Chapter 11 may be easier than you think).

Editor’s Note: This happened because European regulators and law enforcement made it happen. Why are we not doing the same thing here? See my earlier post today.

Criminal wrongdoing is all over the board spilling onto the floor in the mortgage meltdown. The banks are rigging the auctions just like they rigged the Libor rates, which should be interesting because now we don’t know what the rate should have been. That interbank rate is the base for all interest rate calculations on all loans. And where the LIBOR shows an increase mortgage payments go up.

So most everyone with an ARM or even conventional mortgage, should send a QWR asking for how the rate was calculated at origination and how it is calculated now, plus how they intend to calculate the rates and payments in the future.

Foreclosure auctions based upon demands for money due were based in part on adjustments caused by the bid rigging in LIBOR. Thus the amount demanded was probably wrong, even if the loan was valid (something I doubt). That would mean the Notice of Default and the sale would have taken place with the wrong figures being used.

PRACTICE HINT: In filing for wrongful foreclosure, make an allegation that the banks already admit criminal wrongdoing in setting LIBOR, the foundation for computation of all interest rates. Thus the homeowner additionally DENIES the amount due and demands DISCOVERY of the calculations that were made and by whom those calculations were made when the loan was approved and/or when the monthly statement went out and/or when the monthly payment was supposedly adjusted to reflect LIBOR or changes based based upon LIBOR.

If the attorney represents the state or county, then they should make hay out of this, stating that besides corrupting the title registries across the state, the defendants conspired to wreck the economy of the state by false calculations in which the banks themselves were the source of the LIBOR manipulations.

UBS Admits Criminal Wrongdoing in Bid Rigging

Tags: criminal wrongdoing, Libor, rigged auctions, UBS, wrongful demands, wrongful foreclosure
Posted in bubble, Corruption, Eviction, securities fraud |