It's nice to see Gretchen Morgenson back on the beat of financial fraud. We need more exposure to what everyone who has battling foreclosures already knows --- that virtually all of the documents relied upon by would-be foreclosers are false, fraudulent, fabricated and forged. These revelations appear to be the only way judges will stop allowing presumptions of false facts…[...]

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https://theintercept.com/2017/06/13/the-real-threat-to-wall-street-reform-is-the-treasury-department-not-congress/ The Real Threat To Wall Street Reform Is The Treasury Department, Not Congress David Dayen June 13 2017, 5:29 p.m. The Treasury Department’s first report recommending changes to the financial regulatory system wildly differs from the plan to dismantle Dodd-Frank that House Republicans passed — and the Trump administration endorsed — just last week. In fact, the report attacks the…[...]

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Tags: DAVID DAYEN, Dodd-Frank, the intercept
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Editor's Note: Wells Fargo is a lawless operation that exploits unsuspecting consumers by opening accounts in their name without permission, and modifying and foreclosing on homes it doesn't own with fabricated notes and fraudulent documents.   Not to mention participating in identity theft and accessing credit reports without authorization. Meanwhile, for the most part, Wells Fargo operates above the law…[...]

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Tags: GRETCHEN MORGENSON, Wells Fargo
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by the LendingLies team The Federal Reserve announced Wednesday it plans to slowly sell off the pile of Treasury and mortgage-backed securities trash it accumulated during three asset purchase sessions (aka QE 1, 2 and 3), marking an end to a key strategy in response to the financial crisis.  The sale of defective Mortgage-backed securities is the Fed's "pass the…[...]

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Tags: Federal reserve, mortgage backed securities
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Online lenders haven't been verifying income and employment on their loans, and that should set alarm bells ringing http://www.businessinsider.com/prosper-and-lending-club-dont-always-verify-borrower-income-and-employment-2017-6 Online lenders may be lowering their standards and taking greater risks on borrowers as they chase higher profits.  Prosper Marketplace and Lending Club, two of the largest players in the online personal loan business, don't always verify key borrower information like income and…[...]

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Tags: Lending Club, Prosper
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Editor's Note: Thanks to poster C. Anderson who says, "This is a technically correct but bad decision, as Dayen shows. The statutory language desperately needs to be updated. Until then, consumers should be taught how to exercise proof of claim demands. A consumer has no contract with a debt buyer; an assigned debt for consideration is not a negotiable instrument…[...]

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Tags: DEBT COLLECTOR, FDCPA
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http://www.thefiscaltimes.com/Columns/2017/06/13/Fed-s-Big-Mistake-Rate-Hikes-Hurt-US-Workers By David Dayen June 13, 2017 Protesters rallied in Washington, New York City and Philadelphia yesterday against an imminent government action that would damage the financial prospects of ordinary workers. And no, it had nothing to do with Donald Trump. The Center for Popular Democracy’s Fed Up campaign wants the Federal Reserve to break with expectations and hold interest…[...]

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MERRILL LYNCH COMMITTED BLATANT FRAUD. Like other Consent Orders, this one reveals the banks as pursuing an on-going pattern of fraud, deception and theft. The problem is that people still can't quite believe the entire scheme is fraudulent and that the base transactions don't exist. The banks get away with this because the complexity is so great that nobody but…[...]

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The courts continue to start with the wrong premise. It is no wonder that they keep coming up with either the wrong result or the right result only after confusing all the issues. Get a consult! 202-838-6345 https://www.vcita.com/v/lendinglies to schedule CONSULT, leave message or make payments. THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL…[...]

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The top reason mortgage applicants nationwide get rejected is because they’re carrying too much debt relative to their monthly incomes. Fannie Mae will be raising its DTI ceiling from the current 45 percent to 50 percent as of July 29.   Fannie Mae and the Federal Reserve are engaging in the exact same practices that resulted in the 2008 bubble implosion. …[...]

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Tags: Fannie MAe
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