Thrivent sues lenders for ‘massive frauds’
Countrywide and GMAC both say that Thrivent should have understood the risks of the mortgage-backed securities it bought.
Thrivent Financial for Lutherans has sued Countrywide Financial Corp. and GMAC Mortgage over what it describes as “massive frauds” in which it says it was duped into buying hundreds of millions of dollars in mortgage-backed securities.
Thrivent says it wanted conservative, low-risk investments and believed it was buying only those mortgages that carried the highest, AAA investment-grade ratings. But because Countrywide and GMAC failed to follow their underwriting guidelines, Thrivent says, it ended up holding higher-risk mortgages and has suffered huge losses amid the housing market collapse.
Between 2005 and 2007, the suit says, Minneapolis-based Thrivent and its affiliates paid hundreds of millions of dollars for 20 mortgage-backed securities offerings from Countrywide and for seven offerings from GMAC. The suit says that two firms either knew or recklessly disregarded the fact that the securities failed to meet the criteria for the AAA ratings they carried.
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HOW CAN ONE ENGAGE IN A MEANINGFULL MODIFICTION AGREEMENT WITH AN UNRELIABLE (AS THEY HAVE PROVEN BEFORE WITH MOD PROGRAMS) PARTNER WHO DOES NOT OWN THE NOTE, EXC– USE ME, THERE NO LONGER IS A NOTE THEY ARE SECURITIES. FURTHERMORE, DOES ANYONE REALLY THINK THE INVESTORS ARE GOING TO COME FORWARD AND LOSE THEIR TAX EXEMP STATUS? I DON’T THINK SO. THEY DON’T WANT TO BE DRAGGED THROUGH THE MUD FOR HO– USES THAT ARE WORTH ALOT LESS THEN ORIGINALLY EXPECTED. MANY WILL THOUGH BECA– USE THAY CAN’T CONTROL THEIR GREED.BOA TOLD ME “CONGRADULATIONS, YOU HAVE BEEN APPROVED SO SEND YOUR UPFRONT MONEY IMMEDIATELY OR YOU WILL LOSE YOUR MOD. WE WIRED IT IN AND SAVED THE EVIDECE. WIRE FRAUD! THEY MADE IT ILLEGAL FOR ANYONE TO ACCEPY UPFRONT MONEY. WE KNOW WHY THEY DID THAT, SO NO ATTY’S WILL TAKE OUR CASES.I HAVE BEEN INUDATED WITH MAIL AND PHONE CALLS FROM MY SO CALLED CASE MGR AND BOA FINANCIAL FRAUD DIVISION. SHE WAS ACUALLY INTERAGATING ME ABOUT THE CHAIN OF TITLE. SEE THEY STILL DON’T HAVE THE INFORMATION THEY NEED. I TOLD HER I WASN’T GOING TO HELP. HELP HERSELF TO OUR HO– USE. I SAID “LOOK, THE LOAN IS NO MORE, YOU ENSURED THAT BY SECURITIZING OUR LOAN. HOW DO YOU SPELL BIFURCATION. i WAS NOT IN AGOOD MOOD TODAY AMD i TOOK IT OUT ON HER. SHE SAID SHE WOULD HAVE SOMEONE CONTACT ME RE HER FINDINGS BUT IT WOULD NOT BE HER. I GUESS SHE JUST DOEN’T WANT TO HEAR THE TRUTH AND IS INCAPABLE OF ANY OTHER SOLUTIONS THAT MAY EXIST LIKE GIVING THE HOMEOWNER THE PROFITS THAY MADE OFF OF OUR HOMES WITH THE SWAPS AND FORCE PLACED INSURANCE, JUST TO NAME A FEW. WHAT i REALLY CAN’T GET OVER IS HOW THEY ARE IGNORING THIS AND ACTING LIKE NOTHING HAS HAPPENED. YOU SEE IT IN THE COMMERCIALS AND ADS WITH GIANT TVS FOR SALE. hELL WE EVEN HAVE BEEN SENT SEVERAL OFFERS FOR CREDIT CARDS. WE OWN NONE, NOT GONNA BE IN THE CREDIT CARD BOUBLE! i MADE HER ACKNOWLEDGE THAT THEY WERE JUST DEBT COLLECTORS AND MAYBE THEY SHOULD SHIT OR GET OFF THE POT. i TOLD HER TO BE ALL HER INVEATORS OF THE MORTGAGE TO COURT AND LET THE MEDIATORS FIGURE IT OUT, sHE WAS DONE WITH ME FOR SURE. I VENT YOU ARE SO RIGHT. ARE YOU IN CHICAGO? WOULD TO GO TO ONE OF YOUR HEARING WITH YOU FOR SUPPORT AN DTO SEE WHAT I AM UP AGAINST.
@Tim Bryant — I saved a comment you made regarding SEC filing you did, but I cannot remember the folder I put it in. Have you explained this. I remember vaguely being interested in other comments you made in that particular post.
Again I ask, why aren’t people taking back homes? The news is Michigan is that the senators are looking to shorten the redemption time from 6 months to 3 months, blaming, of course, irresponsible homeowners for being in foreclosure and undeserving of any extra time to fight. These guys are chomping at the bit to rush thru as many foreclosures as possible as soon as possible. They are auctioning off homes with the families still in them this month!
Many homes are set up to look like they are occupied to keep home values up while the houses are being shuttled back and forth between real estate companies and auction companies. Raising prices on others then selling them back to HUD as a default.
No families ever get to buy or save these homes, yet it’s being touted on the news that home sales are up and things are getting better.
Trespassing only applies to open land here, so taking back a vacant house is not illegal.
The county dropped the program to get these vacant houses thru them in favor of…nothing.
No program, no information, no accountability for keeping up these houses now. Instead of a viable, workable program that was turning these places back into homes, we have…NOTHING.
Nothing other than an unusable list of homes that now belong to the county with no way to do anything until Sept or Oct. when the next auction starts.
The frustrating part is that the program is still listed as working, but no one answers the phone, no links or websites work and anything else connected to this program leads to dead ends.
Is anybody on the side of the people?
I applaud the lawsuits by the investors. They should be going after the banks.
I have no pity for the investors. Anyone who has read a PSA knows that the problems we are facing trying to find out who owns our loans, and the lack of servicing by the banks on behalf of our fiduciary rights, is explicitly written into the PSAs. The investors bought these loans with full knowledge of the extrinsic fraud that would be used against borrowers. I picture these suits more as devide-and-conquer. They fight each other, their depositions become public, and we gain from these disclosures.
I guess this is one way to get the job done. Sue them into oblivion and maybe the banksters will WALK AWAY from FRAUDLOSING and STOP TRYING TO STEAL HOMES they DO NOT OWN from the vicitms of their MORTGAGE FRAUD PONZI SCHEME SWINDLE AND HEIST..THE U.S GOVERNMENT needs to do the right thing here and place an INDEFINITE MORATORIUM NATIONWIDE on all FRAUDCLOSURES. If there is RAMPANT FRAUD in the ORIGINATION, THERE IS ALSO RAMPANT FRAUD IN THE FRAUDCLOSURES. THESE SHEISTERS CANCELLED THE NOTE AND THE MORTGAGE THEMSELVES WITH ALL OF THEIR FRAUD.
To be honest with you, Vent, I think this is the only way anything is going to get done, if the Investors sue. The CONgress Critters are bought (for the most part), the judicial system is bought, the Exec Branch is bought. The Elite will not have their greed satisfied until they own everything…
I agree, there is rampant corruption at all levels. I hope they sue them all out of existance. Now Bloomberg is reporting that the Foreign investors want an investigation into Goldman Sucks and AIG. I think FANNIE/FREDDIE should be on that list along with the so-called RATINGS AGENCIES. They were all FOREIGN MULTINATIONAL PERPS and PIMPS, FRAUDSTERS AND PONZI SCHEMING/SCAMMING LYING CRIMINAL SHEISTER GIANT PIECES OF SHIT.
Absolutely, without a national moratorium this will contine to sink the u.s. into the abyss. At least with the investors starting to sue there is a chance of saving this. The banks have failed in more ways than one. Perhaps the borrowers should contact the investors directly to try to rework their loans. Afterall the investors are the local municipalities, pensions funds, etc. If the individual borrowers made contact then the liars in this whole scam would be weeded out.. The first step would have to be disclosure. Which mbs actually believes they own the loan. Guess it would come down to whoever got the first ‘assignment’ a joke of course since each loan was divied up and sold with no assignments, guess that won’t work either.
Exactly. If the Investors and the Borrowers could be brought together, I am sure the loans could be re-worked to a more realistic value. Fat chance of that happening…
THERE ARE NO LOANS TO BE RE-WORKED, THAT WOULD BE MORE FRAUD. THESE ARE PRETENDER LENDERS, THEY NEVER LENT ANYONE ANY MONEY. IT IS CALLED COUNTERFEIT SECURTIES FRAUD. The loans NEVER existed. They were FLOATED and they made HUNDREDS OF TRILLIONS OFF OF THAT DECEPTION. The FOREIGN FINANCIAL CRIMINALS MADE 100 TRILLION DOLLARS OFF OF THE MORTGAGE DERIVATIVE FRAUD ALONE. ALL OF OUR HOMES HAVE BEEN PAID FOR 3-4 TIMES OVER. THEY GOT PAID AND THEN SOME. RESCIND THE FAKE CONTRACTS. THEY ARE PHONY AND FRAUDULENT. THESE FINANCIAL TERRORISTS ARE JUST BEING GREEDY NOW, THEY WANT THAT CREDIT DEFAULT SWAP INSURANCE MONEY AND _OUR HOMES_. THEY ARE GREEDY PIGS, GORGING THEMSELVES AT THE TROUGH. THEY ALSO GOT THE GINORMOUS TARP/HAMP BAILOUT AND MANY OTHER BACK DOOR BAILOUTS. THE FEDERAL RESERVE HAS BEEN COVERING THEIR ASSES WITH QE1&2. THEY KEEP GETTING RICHER AND WE KEEP GETTING POORER. THEY HAVE ROBBED AMERICA BLIND AND THEN SOME. If I hear the word loan modification one more time I am going to throw up.
Colin, the realistic value is, these houses are worth ZERO. THEY ARE WORTHLESS BECA– USE OF ALL OF THE MORTGAGE FRAUD. TIME FOR THE BANKSTERS TO WALK AWAY FROM TRYING TO FRAUDCLOSE AND STEAL OUR HOMES THAT THEY DO NOT OWN. THEN, THEY MUST GIVE THE HOMELESS PEOPLE WHO ARE NOW LIVING IN THEIR CARS, TENTS, UNDER VIADUCTS, AND IN THE STREETS, BECA– USE OF THE PRETENDER LENDERS PURE GREED, BACK THEIR STOLEN HOMES AND A BIG MONETARY SETTLEMENT SO THEY CAN GET THEIR STOLEN LIVES BACK ON TRACK.. .