Follow the Money: How Systemic Bank Fraud Contributed to the Financial Crisis

Barry Ritholtz’s presentation to the National Association of Attorney General.

Follow the Money: How Systemic Bank Fraud Contributed to the Financial Crisis

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4closureFraud.org

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6 Responses to “Follow the Money: How Systemic Bank Fraud Contributed to the Financial Crisis”
  1. one sound says:

    SEEK PEACEFUL SOLUTIONS by using passive resitance talk to everybody

    JUST STOP
    it has been said once or twice I CAN AND HAVE FIXED MANY THINGS IN MY LIFE unfortunatly STUPID IS NOT ONE OF THEM

    THE WHOLE THING IS JUST PLAIN STUPID keep it simple silly

  2. l vent says:

    THE NEW WORLD ORDER has made a COMPLETE LAUGHING STOCK OF AMERICA AND EUROPE. THEY STOLE OUR WEALTH AND OUR JOBS AND SPREAD OUR WEALTH AND OUR JOBS AROUND THE WORLD TO CHINA, INDIA , SOUTH AMERICA ,RUSSIA AND OTHER SO CALLED BRICS NATIONS. THE BRICS NATIONS ARE NOW THE EMERGING MARKETS AND THEIR CURRENCIES ARE WORTH FAR MORE THAN THE U.S. DOLLAR. THE BRICS NATIONS GOVERNMENTS ARE FILTHY RICH, WHILE THEIR WORKING CLASS ARE IMPOVERISHED. THIS IS A COMPLETE PLUTOCRACY, AN OLIGARCHY AND A FASCIST TYRANNY THAT OPPRESSES THE PEOPLE AND CREATES WORLD WIDE POVERTY. AMERICA IS NOW NO LONGER A MANUFACTURER OF MUCH OF ANYTHING BUT DEBT AND WAR. WAKE UP AMERICA. THEY ARE ROBBING US BLIND AND TURNING THE WORKING CLASS INTO IMPOVERISHED DEBT SLAVES BY MAKING US PAY FOR THEIR ROBBERY OF OUR OWN WEALTH AND JOBS. NATIONAL SOVEREIGNTY WILL PREVAIL BUT WE MUST UNITE AND BE INDIVISIBLE. WE THE PEOPLE MUST THROW ALL OF THE REPUBLICANS AND DEMOCRATS OUT OF OFFICE IN 2012. SPREAD THE WORD ABOUT THE FAKE MORTGAGE CONTRACTS AND THE HYPER-TAXATION SCAM. WE THE PEOPLE MUST UNITE AND REVOLT ON ALL OF THE FALSE DEBT IMPOSITIONS THEY HAVE CREATED TO IMPOVERISH US WITH. THAT INCLUDES THE SCHOOL LOANS THAT ARE ALSO UNSECURITIZED. 97% OF THE DEBT IN AMERICA IS UNSECURED. THESE TREASONISTS POLITICIANS/MULTINATIONAL BANKSTERS/MULTINATIONAL CORPORATIONS/WALL STREET/ FEDERAL RESERVE TREASONIST CRIMINALS ARE WORKING AGAINST AMERICA AND ARE HIDING IN PLAIN SIGHT, THEY ARE THE GORILLA IN THE ROOM AND ARE WORKING INSIDE OF OUR OWN COUNTRY AND ARE ALLOWING THE NEW WORLD ORDER TO DESTROY AMERICA BY BANKRUPTING US WITH DEBT AND STEALING OUR JOBS AND HOMES. SPREAD THE WORD TO EVERYONE YOU KNOW ON YOU TUBE,FACEBOOK AND TWITTER. WE THE PEOPLE MUST UNITE AND NOT VOTE FOR ANY REPUBLLICANS OR DEMOCRATS IN 2012, REVOLT ON THE MORTGAGE AND REVOLT ON THE TAXES. WE THE PEOPLE WERE ROBBED OF EVERYTHING IN THE MULTINATIONAL FOREIGN PONZI SCEME HEIST OF OUR WEALTH .

    • Herbert Lubitz says:

      I have been telling people what must be done now! not later, NOW! read all the posts I have around the Net and see the pleas from the desolate, who cry for help, and what does the Government Say to those lost souls??? Pay you bills or get over it, we offered remodifacations to the people. But this is just the point, we don’t owe anyone who has committed fraud right under our noses. Hell they just about said “yeah we made a booboo, but we all make mistakes”………….What mistakes? getting caught, by the very same people who has said that “WE THE PEOPLE” need the government to run our lives, we have no intelligence to them. We are beneath them, remember the slave trade? The Blacks were also thought to be dumb, and untrainable, but they got smart and overtook. That’s what happens when the people don’t want to be weaned off the government trough. They throw all their phony health plans and public programs out there, and just gathers up the sheep. The slaughter comes next, they know we are getting close to finally fight back, so they ran down the job market and sent the jobs overseas, then they dumbed down the children with inferior education that should have been teaching survival skills in times of desperation, instead they told the people what they should learn, not what they need. Then they devalued the dollar, and pushed credit up our arses until we were so far in debt that we would be submissive to the NWO.

    • Maria says:

      You are WRONG: Russian currency: 100 rubles = $3.54 (American dollars)

  3. l vent says:

    A CNBC reporter just made a comment that the BIG BANKSTERS, the BANKSTERS THAT TOOK THE TAX-PAYER FUNDED BAILOUT SHOULD BE RE-CLASSIFIED AS GSE’S! HA! WE THE PEOPLE WERE ALL DUPED INTO PAYING FOR OUR OWN ROBBERY BY THE NEW WORLD ORDER TOO BIG TO FAIL BANKING CARTEL CRIME SYNDICATE. WE THE PEOPLE WANT OUR MONEY BACK AND OUR FAKE MORTGAGE LOAN CONTRACTS RESCINDED, THEY ARE A FAKE AND A FRAUD. OUR HOMES ARE PAID FOR AND HAVE BEEN SINCE THE ORIGINATION FRAUD BECAUSE OF THE PONZI SCHEME. DO THEY THINK WE ARE STUPID? I KNOW THESE SHEISTERS WILL ALL BURN IN HELL. BUT, IN THE MEANWHILE, KARMA IS A BITCH.. WHAT GOES AROUND COMES AROUND. THEIR EVIL SOULS CAN NEVER BE SAVED BECAUSE THEY ARE OUT TO DESTROY EVERYTHING GOOD THAT GOD CREATED INCLUDING THE FREE WILL OF THE PEOPLE. THEY WILL ALL FAIL. CRIME NEVER PAYS.

    • Herbert Lubitz says:

      Yes all too true and correct. Have you noticed that we are the only two people on this site that actually gets the picture? If this is looking like the rest of the people facing the foreclosure on this site are so dumbed down, that they are following the tune of modification to stall the foreclosure. Pleas people who are reading this, please for your own sake, take cover, we are about to be bombed. The Fed is trying to get a bill passed to take out the rescission disclosure out of the law, because they know we have found their weakness, and are trying to get around it. The rescission clause is one of the most powerful tools we poor slobs have to beat these thugs over the head with. Contact your State Senator and tell him to block this ploy that will take more rights away from us. The rescission is a very simple part of the contract law that even 16 yo could figure out. Simply it states that if you were a target of predatory lending when you signed the Note, you would have up to three years to rescind the loan on grounds of fraud, but it only pertains to mortgages that were not dependant on full financing, but you still could use the rescission to fight a foreclosure after you took a modification and did not get the proper TILA disclosures at closing. Also the UCC code can also help overcome the loophole if you were the victim of fraud in the closing documents that contain, false or misleading information, and forgeries on the documents and of non-present Notaries. There are many criminal acts that can be used to get you to sign under false pretenses, and can be rescinded. So if you find the little things in your closing documents that look out of place or something you had no idea you signed for. They have everything they can to get the most money from the buyers, whether it be legal or illegal, doesn’t matter because they know that nobody ever went to jail for this type of crime before, and are betting you home that they wont now. Until enough of the fraud is brought to local authorities and prosecuted. Try not to wait too long to look for the fraud which I believe is rampant, and keep current on your payments until you file the rescission so they can’t say you are using rescission to escape the debt. I tried to rescind the loan on the same day as the loan closed but was denied because it was a first time home owner loan which I did not see any benefits from but actually got overcharged thousands in the purchase price and overcharged on closing fees that were improper. MY loan was supposed to be $51750 with a $5000 down payment, but they did not apply my $5000 to a down payment but boosted up the closing costs to over $6500 for a $48000 loan that was raised to $51750. Where does a $51750 loan cost $6500 in closing costs that were disclosed at around $1700 before I closed and what they did was lower the interest rate from 11% to 8% at closing so I would not notice the discrepancies in the documents. I did just what they planed I would do, and said to myself hey they lowered my interest rate, but when I noticed that the monthly payments that were supposed to be in the $480 a month with the escrow included was actually $586 per month. I also received three different TILA disclosures but none of them stated $51750 purchase price, and all were below $48000. as the papers were signed and ready to close, the Real Estate all of a sudden found Radon disclosures from the file that they claim must have been misplaced. I then had them contact the seller that I did not intend to buy a home with health problems, and requested the rescission but was denied and was told to work it out with the seller. I was supposed to get $1500 minimum to get it fixed or lower my purchase price by $1500 that never was reimbursed for to this day, and didn’t even get the Radon report they were supposed to give me, and wrote in the contract by hand that the radon disclosure would not be needed unless the lender requested it. Their was not even a Notary at the closing, no lawyers were present, the closing was on Sunday Aug 5, 2007 and was back dated to August 2, 2007 because the documents were already filed, but was stalled because of the communication between me and the seller bargaining over the purchase price and the Radon reimbursement that I had to research for the amount that it would cost for the repairs. All of these things are illegal and under law were rescind-able, but I got no justice.
      Two years later, I could not keep up the payments that were over what my budget was figured for, and was working with Nationstar for a modification, but was again screwed by them by signing up with them and making the payments $550 per month, and the $2344 that I was in the red for, was added to the back of the loan, and making the payoff $59000, with an extra 10 years to pay to 40 years. and lowered my interest to 4.75%. and I was able to get a homestead tax reduction of around half of $1500. I also got another homeowners insurance that was only $20 a month for the premiums. that would have been around $100 less per month on the payments total but could not get them to lower my payments from $568. I also noticed that they let my new insurance cancel for non-payment, and placed their own insurance for $2200 per year @ $180 per month instead of $20. The insurance was even raised to the home value for $280000 policy for a home that is worth maybe $60000. And this policy would not even cover anything for my personal items. Now I ask you, do you think I had no right to stop paying on the modification after two payments, and still not getting any disclosures or TILA documents stating what the payoff or interest rates would be. They have been so discreet about all the fraud like they don’t care about the Laws controlling them. I had way more discrepancies before the mortgage meltdown in 2008 when it just was starting to be brought to light. And I saw all the items I state here without any knowledge or research, and seen something wrong with all of it, and I have not even given more details about the smaller frauds involved with the other actors like the inspectors and his not disclosing the Radon or disintegrating brick work and cracks at the corners that were hidden by fresh paint, until it peeled a year later.
      This must be the longest I have written about this problem, and it has calmed me down a bit, and got a lot off my chest, and maybe saw the same problems in their loans and can use the information to fight back. Do yourself a favor, the first sign of trouble would be no agents showing up to the closing without lawyers and Notary’s present, and MERs being in the contract without agents,or just the buyer and Real Estate agent, should ring the church bells of Saint Mary’s cathedral to you.

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