It is hard to state this strongly enough. The entire mortgage backed securitization structure was based upon FRAUD. An intentional misstatement of a material fact known to be untrue and which the receiving party reasonably relies to his detriment is fraud. BOTH ends of this deal required fraud for completion. The investors had to believe […]

Tags: accountants, appraisals, fraud, lending fraud, Ponzi, predatory lending, ratings, risk, securities fraud, value
Posted in Corruption, Eviction, evidence, expert witness, foreclosure mill, Modification, securities fraud, Servicer |

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 […]

Tags: ABACUS 2007-AC1, bonds, borowers, check-kiting, David A. Viniar, default, Eric Kolchinsky, Federal Deposit Insurance Corporation., financial crisis, Financial Crisis Inquiry Commission, Fitch, fraud, Gary D. Cohn, Goldman Sachs, GRETCHEN MORGENSON, HERS, John A. Paulson, Kolchinsky, lenders, lending, Lloyd C. Blankfein, losses, Louise Story, Moody's, mortgage backed securities, Office of Thrift Supervision, operating agreement, OWNERSHIP of the loan pool, Ponzi, Securities and Exchange Commission, selling forward, Senate Permanent Subcommittee on Investigations, SEWELL CHAN, sham, shares, special purpose vehicle, Standard & Poor's, swaps, trust, trustee, Washington Mutual
Posted in Corruption, Eviction, expert witness, Modification, securities fraud, Servicer |

Editor’s Note: Looking further down the road, when the Ponzi aspect of the Mortgage Meltdown is fully revealed, it will become obvious that both yield spread premiums and the proceeds of credit default swaps, insurance and federal bailout are subject to claims by homeowners. The Trustee’s conclusion as affirmed by the Judge’s ruling in the […]

Tags: accounting, bailout, credit-default swap, Daid J. Sheehan, damages, Diana B. Henriques, distribution, insurance, Judge Lifland, Madoff, Ny Times, Picard, Ponzi, SEC, SIPC, standing, Stephen P. Harbeck, TILA, trustee, yield spread premium
Posted in bubble, Corruption, Eviction, securities fraud |

THANK YOU PAUL FROM ATLANTA: YOU DEFINITELY HAVE YOUR EYE ON THE RIGHT BALL. And then there is this one which described the scale of the Wall Street schemes that brought all of us to this point. People are just starting to realize that they are all citizens of the same country and that if […]

Tags: Bernie Madoff, credit-default swap, Hampton Sheet, HARRY Markopolos, insurance, Joan Jedell, NY POST, Ponzi, whistleblower
Posted in bubble, Corruption, Eviction, securities fraud |

  Here is a strategy for one person in California whose lenders are GMAC and Countrywide. He is about one week away from sale of his property. Feel free to use what suits you. Keep in mind that the hyper-inflated values used by the appraiser, lender, underwriter, and mortgage broker constitute a violation, in my […]

Tags: fair market value, foreclosure defense, fraud, Ponzi, Refund, sale
Posted in bubble, Eviction |

In both cases — housing prices and CDO/CMO prices, there was no intervening factor that caused the decline. No meteor hit the earth, no world war broke out, no material event occurred to account for these changes. It is therefore impossible to come to any conclusion except that the fair market values of the houses […]

Tags: Federal reserve, junk, Lehman, Ponzi, Wall Street Journal, WSJ Freedom
Posted in bubble, Corruption, securities fraud |