ubetchaiam @ 30
I’m not sure I understand your hypothesis wrt the MBS tranches. No one who I’ve been reading, about foreclosure, writes about what’s happening to the thousands of houses in foreclosure, except as one-off anecdotes. There was a NYT magazine article about Cleveland last year that indicated there are thousands of vacant, stripped houses that the banks have abandoned, and a pattern of sending foreclosure notices, the people moving out, the house being stripped, and then the bank stops the foreclosure in order to avoid responsibility. But this may just be Cleveland and similar rust belt cities. I’m wondering about the pattern in newer, spiffier towns and neighborhoods, such as the Inland Empire in CA or Cape Coral, FL.
The suspicion that Fannie and Freddie are winding up with these houses is very strong, having just read Mortgage Lenders Meet Resistance in Courts (scroll down) with a graph captioned: “PILING UP: Fannie Mae and Freddie Mac are acquiring foreclosed homes faster than they are selling them, creating a backlog of foreclosed properties that must be sold.”
Getting back to the MBS tranches: If you mean that the foreclosures are to trigger CDSs, ok. But who’s paying off on the CDSs at this point? That news seems to be off the radar now. BAC is suing Old Republic, its mortgage insurer who has now stopped paying.
—–
@ 31
I actually learned nothing in the Taibbi article that I hadn’t already learned over the past two years of reading about foreclosure fraud (and personal experience). He did an excellent job, as usual, in telling the story of this outrageous fraud, except for one major, major narrative: the intentional servicer fraud, designed to force people into foreclosure, regardless of HAMP. If he wants to really explain why the ‘deadbeat borrower’ narrative is so very wrong he needs to write about the way people who could afford their mortgages are forced out by tacking on outrageous fees. One might even get the idea that the game is to see how quickly the servicers can force people into default, so that the bank can reclaim and re-mortgage the houses. In essence the banks are the house-flippers, taking huge fees, mortgage insurance, and bonuses at each flip.
The case of Ms. Cooper is the norm. The funny thing it points out is the lack of anyone at the foreclosure mills to keep time lines on the cases, in order to make sure the dates on the robo-signed documents conform to a plausible narrative for the foreclosure and how the bank came to have (fictitious) standing. This is more of an indictment of the courts, than just mere sloppiness or carelessness of the foreclosure mills: The fact that it wasn’t deemed worth the bother because the judges wouldn’t notice. Fact: none of the documents exist until foreclosure begins. The documents acquire dates when the robo-signers process and sign them. The depo of Tammie Lou Kapusta explains how it was recognized at one point that the notary stamps were dated differently from the signatures they purported to witness, and that thence forward they had to make the notary dates match the signature date not the date that the notary seal was applied. That’s how sloppy the paperwork was. And it’s those kinds of issues that the banks were trying to clean up in October, during their moratorium.
I just ran Eric "InAction Jackson" Holder's announcement relating to "Operation Broken Trust" through a word cloud generator to demonstrate a simple point.
According to the feared one, this is what the combined resources of the United States Government enforcement apparatus (Obama's "Financial Fraud Enforcement Task Force") has been busy doing during the past three months, chasing Ponzi clowns to see if there is another Bernie Madoff hidden in the financial cracks and bringing down pump and dump schemes.
What is it these vermin financial predators are pumping and dumping is what I want to know.
Fraud, investment, financial, schemes...those are the big words you see.
Here are some of the big words you don't see: the name of a major Wall Street institution or any Wall Street firm for that matter, the word bank, the word mortgage, the words origination fraud, the words title and foreclosure fraud, the word housing, the word securitization, the word RICO, the word subprime and finally, the word C-O-M-P-E-T-E-N-T.
ATTENTION ALL BANKSTAS, you have nothing to fear, InAction Jackson and the Federal posse are busy chasing the financial Boogeymen so the rest of you can sleep tight tonight.
TEXT OF BUFFOON:
Attorney General Eric Holder Speaks at the Operation Broken Trust Announcement
Washington, D.C.
Monday, December 6, 2010
Good morning, and thank you all for being here.
I’m pleased to be joined today by several key leaders in our collective effort to combat financial fraud – FBI Executive Assistant Director Shawn Henry and SEC Director of Enforcement Robert Khuzami, as well as the U.S. Postal Inspection Service’s Chief Postal Inspector, Guy Cottrell; IRS Criminal Investigation Deputy Chief Rick Raven; and Commodity Futures Trading Commission Acting Director of Enforcement Vincent McGonagle.
We are here to announce the results of Operation Broken Trust, a three-and-a-half-month targeting of investment fraud schemes throughout the country – and a critical step forward in law enforcement’s work to protect American investors, to ensure the strength of our markets, and to prevent financial fraud schemes.
While there is nothing new about conducting nationwide operations and sweeps – this one is different in that it brought together a broad array of criminal and civil enforcement tools, at both the federal and state level, to attack investment fraud schemes collectively. Operation Broken Trust is the first national operation in history to target the many different types of investment fraud schemes that prey directly on the investing public.
This historic effort has been coordinated, executed, and led by members of the Financial Fraud Enforcement Task Force that President Obama created in November 2009. This task force is the broadest coalition of law enforcement, investigatory and regulatory agencies ever established to combat fraud. Multiple federal agencies, as well as partners at the state level, are working together to ensure that no stone is left unturned when it comes to protecting consumers and investors.
Our mission is simple – to bring financial fraud schemes to light and those who operate them to justice.And our aggressive, coordinated approach is working.
Since Operation Broken Trust was launched on August 16th, all across the country investment fraud cases have been prioritized. To date, the operation has involved enforcement actions against 343 criminal defendants and 189 civil defendants, whose conduct harmed more than 120,000 victims. Several individuals have been charged with defrauding men and women across the country out of thousands – and sometimes millions – of dollars. The cases in this operation involve a variety of different investment fraud schemes that have led to more than $8.3 billion in losses in just the criminal cases alone. Staggering numbers. These losses represent hard-earned money and even life savings. They represent needs that may not be met and dreams that may not be fulfilled.
All of these victims can tell a tragic and cautionary story of being misled and exploited – often by someone they trusted. In fact, many of the scam artists we’ve identified were preying on their own neighbors – and on the most vulnerable members of their communities. Several of those prosecuted during this operation solicited victim investors from their own churches. One man in Texas allegedly targeted his fellow parishioners, asking them to invest with him and claiming that his success in foreign exchange trading was “a blessing from God.”
In Florida, one defendant was convicted recently for his role in an investment scam that specifically targeted the local Haitian community. In Ohio, a former police officer operating a Ponzi scheme solicited investments from active and retired police officers and firefighters. And in Chicago, another Ponzi scheme resulted in more than $30 million in losses to hundreds of victims – many of them elderly, Italian immigrants. As a result of our prosecution, the man who operated this scheme has been sentenced to more than 20 years in prison.
Many of the criminals we’ve identified used investor funds to support lavish lifestyles. One man operating an $880 million Ponzi scheme in Florida duped investors from across the country – and used the money to buy floor seats at professional basketball games and to make payments on his personal yacht, his beach house, and his Mercedes. A New Jersey man charged with operating an investment scam allegedly used investor funds to make payments on three different luxury cars and to pay fees at two country clubs.
With this operation, the task force is sending two messages. A message to the public: be alert for these frauds, take appropriate measures to protect yourself, and report such schemes to proper authorities when they occur. And a second message to anyone operating or attempting to operate an investment scam: we will use every tool at our disposal to find you, to stop you, and to bring you to justice. Cheating investors out of their earnings and savings is no longer a safe business plan.
Along with the agencies represented here on stage, I also want to thank the Federal Trade Commission, the U.S. Secret Service, and the National Association of Attorneys General. Because of their work, and the contributions of everyone involved in Operation Broken Trust, dozens of criminals who hatched fraud schemes now face significant time behind bars – including one sentence of 85 years.
Although this operation marks an important step forward, our fight to combat financial fraud goes on.
The task force will continue working with consumer groups to increase financial literacy and raise awareness about the warning signs of financial scams. And we encourage investors to share tips and concerns with us by visiting stopfraud.gov. With the commitment of so many partners and with the help of an informed public, I am confident that we can take our fight against financial fraud to a new level.
And now I’d like to turn things over to FBI Executive Assistant Director, Shawn Henry.
WB7: No need to edit the speech because it is funny enough as is. Here is my closing question: What precisely is it that they were doing prior to the last three months?
This evil financial genius was foiled from bringing down the financial system.
MEANWHILE: This is for those of you losing faith in Federal law enforcement:
"A German man apparently smuggled hundreds of tarantulas and various other arachnids into the US, authorities said on Friday, according to AFP.
Authorities set up a sting to catch 37-year-old Sven Koppler in a sting called “Operation Spiderman,” the news agency reported. He was arrested on Thursday after flying into Los Angeles.
"He is one of the largest importers of illegal tarantulas into United States.
He has been doing it for several years," Assistant US Attorney Mark Williams told the Los Angeles Times.
Williams said that Koppler made around $300,000 for selling off the spiders in various countries including the US. The Times reported that he could get a maximum prison sentence of 20 years and fine of $250,000."
www.ddfghhdfxd.com/
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
Facebook Profile Changes: More Media Play Than <b>News</b>?
Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. Stone, who's usually in films as a ...
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Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
Facebook Profile Changes: More Media Play Than <b>News</b>?
Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. Stone, who's usually in films as a ...
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Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
Facebook Profile Changes: More Media Play Than <b>News</b>?
Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. Stone, who's usually in films as a ...
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Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
Facebook Profile Changes: More Media Play Than <b>News</b>?
Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. Stone, who's usually in films as a ...
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Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
Facebook Profile Changes: More Media Play Than <b>News</b>?
Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. Stone, who's usually in films as a ...
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ubetchaiam @ 30
I’m not sure I understand your hypothesis wrt the MBS tranches. No one who I’ve been reading, about foreclosure, writes about what’s happening to the thousands of houses in foreclosure, except as one-off anecdotes. There was a NYT magazine article about Cleveland last year that indicated there are thousands of vacant, stripped houses that the banks have abandoned, and a pattern of sending foreclosure notices, the people moving out, the house being stripped, and then the bank stops the foreclosure in order to avoid responsibility. But this may just be Cleveland and similar rust belt cities. I’m wondering about the pattern in newer, spiffier towns and neighborhoods, such as the Inland Empire in CA or Cape Coral, FL.
The suspicion that Fannie and Freddie are winding up with these houses is very strong, having just read Mortgage Lenders Meet Resistance in Courts (scroll down) with a graph captioned: “PILING UP: Fannie Mae and Freddie Mac are acquiring foreclosed homes faster than they are selling them, creating a backlog of foreclosed properties that must be sold.”
Getting back to the MBS tranches: If you mean that the foreclosures are to trigger CDSs, ok. But who’s paying off on the CDSs at this point? That news seems to be off the radar now. BAC is suing Old Republic, its mortgage insurer who has now stopped paying.
—–
@ 31
I actually learned nothing in the Taibbi article that I hadn’t already learned over the past two years of reading about foreclosure fraud (and personal experience). He did an excellent job, as usual, in telling the story of this outrageous fraud, except for one major, major narrative: the intentional servicer fraud, designed to force people into foreclosure, regardless of HAMP. If he wants to really explain why the ‘deadbeat borrower’ narrative is so very wrong he needs to write about the way people who could afford their mortgages are forced out by tacking on outrageous fees. One might even get the idea that the game is to see how quickly the servicers can force people into default, so that the bank can reclaim and re-mortgage the houses. In essence the banks are the house-flippers, taking huge fees, mortgage insurance, and bonuses at each flip.
The case of Ms. Cooper is the norm. The funny thing it points out is the lack of anyone at the foreclosure mills to keep time lines on the cases, in order to make sure the dates on the robo-signed documents conform to a plausible narrative for the foreclosure and how the bank came to have (fictitious) standing. This is more of an indictment of the courts, than just mere sloppiness or carelessness of the foreclosure mills: The fact that it wasn’t deemed worth the bother because the judges wouldn’t notice. Fact: none of the documents exist until foreclosure begins. The documents acquire dates when the robo-signers process and sign them. The depo of Tammie Lou Kapusta explains how it was recognized at one point that the notary stamps were dated differently from the signatures they purported to witness, and that thence forward they had to make the notary dates match the signature date not the date that the notary seal was applied. That’s how sloppy the paperwork was. And it’s those kinds of issues that the banks were trying to clean up in October, during their moratorium.
I just ran Eric "InAction Jackson" Holder's announcement relating to "Operation Broken Trust" through a word cloud generator to demonstrate a simple point.
According to the feared one, this is what the combined resources of the United States Government enforcement apparatus (Obama's "Financial Fraud Enforcement Task Force") has been busy doing during the past three months, chasing Ponzi clowns to see if there is another Bernie Madoff hidden in the financial cracks and bringing down pump and dump schemes.
What is it these vermin financial predators are pumping and dumping is what I want to know.
Fraud, investment, financial, schemes...those are the big words you see.
Here are some of the big words you don't see: the name of a major Wall Street institution or any Wall Street firm for that matter, the word bank, the word mortgage, the words origination fraud, the words title and foreclosure fraud, the word housing, the word securitization, the word RICO, the word subprime and finally, the word C-O-M-P-E-T-E-N-T.
ATTENTION ALL BANKSTAS, you have nothing to fear, InAction Jackson and the Federal posse are busy chasing the financial Boogeymen so the rest of you can sleep tight tonight.
TEXT OF BUFFOON:
Attorney General Eric Holder Speaks at the Operation Broken Trust Announcement
Washington, D.C.
Monday, December 6, 2010
Good morning, and thank you all for being here.
I’m pleased to be joined today by several key leaders in our collective effort to combat financial fraud – FBI Executive Assistant Director Shawn Henry and SEC Director of Enforcement Robert Khuzami, as well as the U.S. Postal Inspection Service’s Chief Postal Inspector, Guy Cottrell; IRS Criminal Investigation Deputy Chief Rick Raven; and Commodity Futures Trading Commission Acting Director of Enforcement Vincent McGonagle.
We are here to announce the results of Operation Broken Trust, a three-and-a-half-month targeting of investment fraud schemes throughout the country – and a critical step forward in law enforcement’s work to protect American investors, to ensure the strength of our markets, and to prevent financial fraud schemes.
While there is nothing new about conducting nationwide operations and sweeps – this one is different in that it brought together a broad array of criminal and civil enforcement tools, at both the federal and state level, to attack investment fraud schemes collectively. Operation Broken Trust is the first national operation in history to target the many different types of investment fraud schemes that prey directly on the investing public.
This historic effort has been coordinated, executed, and led by members of the Financial Fraud Enforcement Task Force that President Obama created in November 2009. This task force is the broadest coalition of law enforcement, investigatory and regulatory agencies ever established to combat fraud. Multiple federal agencies, as well as partners at the state level, are working together to ensure that no stone is left unturned when it comes to protecting consumers and investors.
Our mission is simple – to bring financial fraud schemes to light and those who operate them to justice.And our aggressive, coordinated approach is working.
Since Operation Broken Trust was launched on August 16th, all across the country investment fraud cases have been prioritized. To date, the operation has involved enforcement actions against 343 criminal defendants and 189 civil defendants, whose conduct harmed more than 120,000 victims. Several individuals have been charged with defrauding men and women across the country out of thousands – and sometimes millions – of dollars. The cases in this operation involve a variety of different investment fraud schemes that have led to more than $8.3 billion in losses in just the criminal cases alone. Staggering numbers. These losses represent hard-earned money and even life savings. They represent needs that may not be met and dreams that may not be fulfilled.
All of these victims can tell a tragic and cautionary story of being misled and exploited – often by someone they trusted. In fact, many of the scam artists we’ve identified were preying on their own neighbors – and on the most vulnerable members of their communities. Several of those prosecuted during this operation solicited victim investors from their own churches. One man in Texas allegedly targeted his fellow parishioners, asking them to invest with him and claiming that his success in foreign exchange trading was “a blessing from God.”
In Florida, one defendant was convicted recently for his role in an investment scam that specifically targeted the local Haitian community. In Ohio, a former police officer operating a Ponzi scheme solicited investments from active and retired police officers and firefighters. And in Chicago, another Ponzi scheme resulted in more than $30 million in losses to hundreds of victims – many of them elderly, Italian immigrants. As a result of our prosecution, the man who operated this scheme has been sentenced to more than 20 years in prison.
Many of the criminals we’ve identified used investor funds to support lavish lifestyles. One man operating an $880 million Ponzi scheme in Florida duped investors from across the country – and used the money to buy floor seats at professional basketball games and to make payments on his personal yacht, his beach house, and his Mercedes. A New Jersey man charged with operating an investment scam allegedly used investor funds to make payments on three different luxury cars and to pay fees at two country clubs.
With this operation, the task force is sending two messages. A message to the public: be alert for these frauds, take appropriate measures to protect yourself, and report such schemes to proper authorities when they occur. And a second message to anyone operating or attempting to operate an investment scam: we will use every tool at our disposal to find you, to stop you, and to bring you to justice. Cheating investors out of their earnings and savings is no longer a safe business plan.
Along with the agencies represented here on stage, I also want to thank the Federal Trade Commission, the U.S. Secret Service, and the National Association of Attorneys General. Because of their work, and the contributions of everyone involved in Operation Broken Trust, dozens of criminals who hatched fraud schemes now face significant time behind bars – including one sentence of 85 years.
Although this operation marks an important step forward, our fight to combat financial fraud goes on.
The task force will continue working with consumer groups to increase financial literacy and raise awareness about the warning signs of financial scams. And we encourage investors to share tips and concerns with us by visiting stopfraud.gov. With the commitment of so many partners and with the help of an informed public, I am confident that we can take our fight against financial fraud to a new level.
And now I’d like to turn things over to FBI Executive Assistant Director, Shawn Henry.
WB7: No need to edit the speech because it is funny enough as is. Here is my closing question: What precisely is it that they were doing prior to the last three months?
This evil financial genius was foiled from bringing down the financial system.
MEANWHILE: This is for those of you losing faith in Federal law enforcement:
"A German man apparently smuggled hundreds of tarantulas and various other arachnids into the US, authorities said on Friday, according to AFP.
Authorities set up a sting to catch 37-year-old Sven Koppler in a sting called “Operation Spiderman,” the news agency reported. He was arrested on Thursday after flying into Los Angeles.
"He is one of the largest importers of illegal tarantulas into United States.
He has been doing it for several years," Assistant US Attorney Mark Williams told the Los Angeles Times.
Williams said that Koppler made around $300,000 for selling off the spiders in various countries including the US. The Times reported that he could get a maximum prison sentence of 20 years and fine of $250,000."
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Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
Facebook Profile Changes: More Media Play Than <b>News</b>?
Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. Stone, who's usually in films as a ...
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Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
Facebook Profile Changes: More Media Play Than <b>News</b>?
Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. Stone, who's usually in films as a ...
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Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
Facebook Profile Changes: More Media Play Than <b>News</b>?
Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. Stone, who's usually in films as a ...
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Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
Facebook Profile Changes: More Media Play Than <b>News</b>?
Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. Stone, who's usually in films as a ...
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Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
Facebook Profile Changes: More Media Play Than <b>News</b>?
Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. Stone, who's usually in films as a ...
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Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
Facebook Profile Changes: More Media Play Than <b>News</b>?
Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...
Movie <b>News</b> Quick Hits: Emma Stone's 'Spider-Man' Look, Annie Nods <b>...</b>
Filed under: Trailers and Clips, Movie News, Sundance Film Festival, Cinematical. Email This. -- Emma Stone debuted her Spider-Man look for the first time at Trevor Live in Hollywood over the weekend. Stone, who's usually in films as a ...
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ubetchaiam @ 30
I’m not sure I understand your hypothesis wrt the MBS tranches. No one who I’ve been reading, about foreclosure, writes about what’s happening to the thousands of houses in foreclosure, except as one-off anecdotes. There was a NYT magazine article about Cleveland last year that indicated there are thousands of vacant, stripped houses that the banks have abandoned, and a pattern of sending foreclosure notices, the people moving out, the house being stripped, and then the bank stops the foreclosure in order to avoid responsibility. But this may just be Cleveland and similar rust belt cities. I’m wondering about the pattern in newer, spiffier towns and neighborhoods, such as the Inland Empire in CA or Cape Coral, FL.
The suspicion that Fannie and Freddie are winding up with these houses is very strong, having just read Mortgage Lenders Meet Resistance in Courts (scroll down) with a graph captioned: “PILING UP: Fannie Mae and Freddie Mac are acquiring foreclosed homes faster than they are selling them, creating a backlog of foreclosed properties that must be sold.”
Getting back to the MBS tranches: If you mean that the foreclosures are to trigger CDSs, ok. But who’s paying off on the CDSs at this point? That news seems to be off the radar now. BAC is suing Old Republic, its mortgage insurer who has now stopped paying.
—–
@ 31
I actually learned nothing in the Taibbi article that I hadn’t already learned over the past two years of reading about foreclosure fraud (and personal experience). He did an excellent job, as usual, in telling the story of this outrageous fraud, except for one major, major narrative: the intentional servicer fraud, designed to force people into foreclosure, regardless of HAMP. If he wants to really explain why the ‘deadbeat borrower’ narrative is so very wrong he needs to write about the way people who could afford their mortgages are forced out by tacking on outrageous fees. One might even get the idea that the game is to see how quickly the servicers can force people into default, so that the bank can reclaim and re-mortgage the houses. In essence the banks are the house-flippers, taking huge fees, mortgage insurance, and bonuses at each flip.
The case of Ms. Cooper is the norm. The funny thing it points out is the lack of anyone at the foreclosure mills to keep time lines on the cases, in order to make sure the dates on the robo-signed documents conform to a plausible narrative for the foreclosure and how the bank came to have (fictitious) standing. This is more of an indictment of the courts, than just mere sloppiness or carelessness of the foreclosure mills: The fact that it wasn’t deemed worth the bother because the judges wouldn’t notice. Fact: none of the documents exist until foreclosure begins. The documents acquire dates when the robo-signers process and sign them. The depo of Tammie Lou Kapusta explains how it was recognized at one point that the notary stamps were dated differently from the signatures they purported to witness, and that thence forward they had to make the notary dates match the signature date not the date that the notary seal was applied. That’s how sloppy the paperwork was. And it’s those kinds of issues that the banks were trying to clean up in October, during their moratorium.
I just ran Eric "InAction Jackson" Holder's announcement relating to "Operation Broken Trust" through a word cloud generator to demonstrate a simple point.
According to the feared one, this is what the combined resources of the United States Government enforcement apparatus (Obama's "Financial Fraud Enforcement Task Force") has been busy doing during the past three months, chasing Ponzi clowns to see if there is another Bernie Madoff hidden in the financial cracks and bringing down pump and dump schemes.
What is it these vermin financial predators are pumping and dumping is what I want to know.
Fraud, investment, financial, schemes...those are the big words you see.
Here are some of the big words you don't see: the name of a major Wall Street institution or any Wall Street firm for that matter, the word bank, the word mortgage, the words origination fraud, the words title and foreclosure fraud, the word housing, the word securitization, the word RICO, the word subprime and finally, the word C-O-M-P-E-T-E-N-T.
ATTENTION ALL BANKSTAS, you have nothing to fear, InAction Jackson and the Federal posse are busy chasing the financial Boogeymen so the rest of you can sleep tight tonight.
TEXT OF BUFFOON:
Attorney General Eric Holder Speaks at the Operation Broken Trust Announcement
Washington, D.C.
Monday, December 6, 2010
Good morning, and thank you all for being here.
I’m pleased to be joined today by several key leaders in our collective effort to combat financial fraud – FBI Executive Assistant Director Shawn Henry and SEC Director of Enforcement Robert Khuzami, as well as the U.S. Postal Inspection Service’s Chief Postal Inspector, Guy Cottrell; IRS Criminal Investigation Deputy Chief Rick Raven; and Commodity Futures Trading Commission Acting Director of Enforcement Vincent McGonagle.
We are here to announce the results of Operation Broken Trust, a three-and-a-half-month targeting of investment fraud schemes throughout the country – and a critical step forward in law enforcement’s work to protect American investors, to ensure the strength of our markets, and to prevent financial fraud schemes.
While there is nothing new about conducting nationwide operations and sweeps – this one is different in that it brought together a broad array of criminal and civil enforcement tools, at both the federal and state level, to attack investment fraud schemes collectively. Operation Broken Trust is the first national operation in history to target the many different types of investment fraud schemes that prey directly on the investing public.
This historic effort has been coordinated, executed, and led by members of the Financial Fraud Enforcement Task Force that President Obama created in November 2009. This task force is the broadest coalition of law enforcement, investigatory and regulatory agencies ever established to combat fraud. Multiple federal agencies, as well as partners at the state level, are working together to ensure that no stone is left unturned when it comes to protecting consumers and investors.
Our mission is simple – to bring financial fraud schemes to light and those who operate them to justice.And our aggressive, coordinated approach is working.
Since Operation Broken Trust was launched on August 16th, all across the country investment fraud cases have been prioritized. To date, the operation has involved enforcement actions against 343 criminal defendants and 189 civil defendants, whose conduct harmed more than 120,000 victims. Several individuals have been charged with defrauding men and women across the country out of thousands – and sometimes millions – of dollars. The cases in this operation involve a variety of different investment fraud schemes that have led to more than $8.3 billion in losses in just the criminal cases alone. Staggering numbers. These losses represent hard-earned money and even life savings. They represent needs that may not be met and dreams that may not be fulfilled.
All of these victims can tell a tragic and cautionary story of being misled and exploited – often by someone they trusted. In fact, many of the scam artists we’ve identified were preying on their own neighbors – and on the most vulnerable members of their communities. Several of those prosecuted during this operation solicited victim investors from their own churches. One man in Texas allegedly targeted his fellow parishioners, asking them to invest with him and claiming that his success in foreign exchange trading was “a blessing from God.”
In Florida, one defendant was convicted recently for his role in an investment scam that specifically targeted the local Haitian community. In Ohio, a former police officer operating a Ponzi scheme solicited investments from active and retired police officers and firefighters. And in Chicago, another Ponzi scheme resulted in more than $30 million in losses to hundreds of victims – many of them elderly, Italian immigrants. As a result of our prosecution, the man who operated this scheme has been sentenced to more than 20 years in prison.
Many of the criminals we’ve identified used investor funds to support lavish lifestyles. One man operating an $880 million Ponzi scheme in Florida duped investors from across the country – and used the money to buy floor seats at professional basketball games and to make payments on his personal yacht, his beach house, and his Mercedes. A New Jersey man charged with operating an investment scam allegedly used investor funds to make payments on three different luxury cars and to pay fees at two country clubs.
With this operation, the task force is sending two messages. A message to the public: be alert for these frauds, take appropriate measures to protect yourself, and report such schemes to proper authorities when they occur. And a second message to anyone operating or attempting to operate an investment scam: we will use every tool at our disposal to find you, to stop you, and to bring you to justice. Cheating investors out of their earnings and savings is no longer a safe business plan.
Along with the agencies represented here on stage, I also want to thank the Federal Trade Commission, the U.S. Secret Service, and the National Association of Attorneys General. Because of their work, and the contributions of everyone involved in Operation Broken Trust, dozens of criminals who hatched fraud schemes now face significant time behind bars – including one sentence of 85 years.
Although this operation marks an important step forward, our fight to combat financial fraud goes on.
The task force will continue working with consumer groups to increase financial literacy and raise awareness about the warning signs of financial scams. And we encourage investors to share tips and concerns with us by visiting stopfraud.gov. With the commitment of so many partners and with the help of an informed public, I am confident that we can take our fight against financial fraud to a new level.
And now I’d like to turn things over to FBI Executive Assistant Director, Shawn Henry.
WB7: No need to edit the speech because it is funny enough as is. Here is my closing question: What precisely is it that they were doing prior to the last three months?
This evil financial genius was foiled from bringing down the financial system.
MEANWHILE: This is for those of you losing faith in Federal law enforcement:
"A German man apparently smuggled hundreds of tarantulas and various other arachnids into the US, authorities said on Friday, according to AFP.
Authorities set up a sting to catch 37-year-old Sven Koppler in a sting called “Operation Spiderman,” the news agency reported. He was arrested on Thursday after flying into Los Angeles.
"He is one of the largest importers of illegal tarantulas into United States.
He has been doing it for several years," Assistant US Attorney Mark Williams told the Los Angeles Times.
Williams said that Koppler made around $300,000 for selling off the spiders in various countries including the US. The Times reported that he could get a maximum prison sentence of 20 years and fine of $250,000."
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