“Until you withdraw your consent through lawful refusal to produce that which can be taxed, force political change to take place and the thieves and liars to be held to account, it’s not going to change. You will be shorn like sheep and occasionally one or more of you will be turned into lambchops and consumed. How many of you have to lose your homes to abusive foreclosures – on the back of abusive lending? How many of you need to lose your jobs to abusive offshoring in the guise of “global competition” and “free trade”? How many of you need to have your retirement portfolios shredded once again? You’ve lost 8% in your retirement portfolio (if in the S&P 500) in the last three days alone – how many more days of this do you need? How many times do you need to see the people who rob you each and every day sipping champagne from their 30th floor multi-million dollar apartments while you scrounge for scraps in the street and wave signs?”
~
The Market Ticker – Oh It’s Not 2008 Eh?
That’s what all the crooners want you to believe.
Today is 10/4. Yesterday the S&P closed at 1099.
It also closed at 1099 on that same day in 2008.
Over the next month and a half it would fall to 750, rally for a couple of months to about 900, and then collapsed to 666.
Are we about to have a repeat – or a rhyme?
Good question. This much is not in question – we were down massively yesterday, and today Europe’s DAX, as I write this, is off a further 34%. (ed: oops – that 3% was good for 20 minutes; now it’s 4%)
What does a crash look like? About like this. And there’s been nothing – a literal nothing – out of our authorities on the root causes or addressing them.
Most-importantly, Republican leadership, including but not limited to those who have screamed the loudest about the IMF and other “entanglements” have been SILENT about the root of this dislocation. NOT ONE DAMN WORD HAS PASSED THE LIPS OR KEYBOARDS OF BOEHNER, McMORRIS-ROGERS, McCONNELL, RYAN AND OTHERS ON THE RAW AB– USES AND SCAMS THAT LED TO AND IS FEEDING THIS MARKET COLLAPSE.
The Democrats are no better – from their side of the aisle? SILENCE.
The simple fact of the matter is that this collapse is happening for the same reason the last one did:
BANKS ARE LYING ABOUT ASSET VALUES AND EXPOSURE WHILE BOTH SIDES OF THE POLITICAL AISLE ARE TOO BUSY PERFORMING INDECENT ACTS ON THE BANKSTERS, PONTIFICATING ON HOW “IMPORTANT” THEY ARE TO “AMERICAN COMPETITIVENESS”, TO PUT A STOP TO THIS CRAP.
Familiar, isn’t it? You have banks holding Greek debt at “21%” markdowns, when the market is saying 50% – or more. The banks claim “this is what it is” when the market disagrees, and the result is that the market pounds their stock into the dust. This same game is transferring here, with Morgan Stanley threatening to collapse.
Credit spreads are blowing out just as they did in 2008 as well. Why doesn’t anyone want to look at the cash bond market for these institutions and governments and then come tell me all about credit risk as the market perceives it. And where does that risk come from?
Simple. THE LYING HAS NOT STOPPED AND THE LIARS HAVE NOT BEEN PUNISHED.
Hell, we can’t even get one member of the clown-car brigade up above to get in front of a microphone and issue simple words condemning the lies!
The stock market cannot “discount” economic activity when companies are given free license to lie. But that’s what happened – twice – in the last four years and nobody has gone to jail for it.
If you simply “held on” from the start of the crash in 2007, you’re down about 30%. If you thought you were smart holding through the 666 low after October of 2008, you’re back where you started in 2008 – but you’re still down 30% from the high. You probably felt good in March and April of this year.
How’s it working out now?
And the very real possibility that we’re going down here – and right through the 666 lows – does exist.
Your retirement accounts have been shredded twice in three years. That’s a hell of a record, isn’t it?
The only thing you have in any economy, or in any market, is confidence. The law says you have a right to trust a balance sheet. That it should reflect, in all material respects, the firm’s prospects. The firm is also under an obligation (under Reg FD) to timely disclose material adverse events – like, for instance, the fact that it has no good collateral for its daily market operations.
Did Lehman keep that implied covenant of fair dealing with the market? With you? Nope.
It’s time to give up on this government – here and abroad. It’s time to give up on this market. You will be lied to, you will watch the crimes be committed, you will lose and lose and lose again, and nothing will be done.
The most-important point of this, however, is not the stock market. It’s that your pension funds have all been playing the “8% growth” game for three decades and spending money as if those numbers were realistic. They weren’t. Your pensions are not going to be paid – a fact I’ve been sounding the alarm on now for years, and if you didn’t believe it then after the ‘big rally” from 2009, you should damn well have been shaken away from the events of the last two months. It is not just Social Security and Medicare that are in trouble, it’s private and public pensions as well. The assumptions you were sold as “reasonable” were lies and now the truth is asserting itself.
If this pattern holds and again nobody is held to account – nobody is indicted, nobody goes to jail, “primary dealers” continue to have the ability to operate in the United States despite playing these games and American firms are not forced to tell the truth or suffer severe criminal legal consequences this is not a time to buy, it’s a time to leave. A time to withdraw your consent to be governed through any and all lawful means. Nobody has been held to account for the events of 2008, and nobody is being held to account now. There have been no arrests, no prosecutions, no indictments, and nobody has gone to jail.
Go ahead folks, tell me again how voting for a Donkey or an Elephant will fix it. Just like it did in 2008, right? You were going to get change, and you had hope. You did your civic thing and marched off to the polls while the banksters looted you blind.
Well, we’re back where we were in October of 2008, just before you voted.
You hoped. You thought you’d get change.
But the market is right back where it was just before you voted, unemployment is higher, the government is roughly $4 trillion in the hole more than it was in 2008 and the market is going to force an end to the government spending coverup soon as well.
How, objectively, do you rate your progress in the political sphere America?
And what do you intend to do about it?
Here’s the ugly little fact you don’t want to deal with – but you must:
Until you withdraw your consent through lawful refusal to produce that which can be taxed, force political change to take place and the thieves and liars to be held to account, it’s not going to change. You will be shorn like sheep and occasionally one or more of you will be turned into lambchops and consumed. How many of you have to lose your homes to abusive foreclosures – on the back of abusive lending? How many of you need to lose your jobs to abusive offshoring in the guise of “global competition” and “free trade”? How many of you need to have your retirement portfolios shredded once again? You’ve lost 8% in your retirement portfolio (if in the S&P 500) in the last three days alone – how many more days of this do you need? How many times do you need to see the people who rob you each and every day sipping champagne from their 30th floor multi-million dollar apartments while you scrounge for scraps in the street and wave signs?
You bought into the BS run in 2008 and 2009 and looked at those who dispassionately analyzed the mathematics of what was going on with a sneer. I knew it would come to exactly what is happening now, because it had to. We should have taken our medicine in 2000, but refused. We had another opportunity to do it in 2007, contracting government by 25%. We refused.
Now we must slash government – today – by 50% – into a WORSE economic downturn, in the context of unemployment and declining standards of living, than we had in 2007.
If we don’t do it?
In another couple of years we will lose the ability to choose as the required contraction will be an effective 100%, at which point we will become Greece.
We blew it America, and while there’s still time we must admit the truth and do what we can – not what we want to do, but what we can do – to stop adding to our compounding of the damage.
~
Has anyone investigated as to whether or not HAMP violates the Fair Trade Act? By hindsight, it’s clear that banks never intended to make those oans!
The OCC had our HAMP case for 2 years, under two different file numbers, which made it difficult to find out what was going on. They finally responded to us through our Senator, who’d written them 3 letters, It was a denial. They sent him 2 lines, quoting the bank’s decision vernbatim, without explanation.
He’ offered to write a 4th letter, but by that time the bank had offered us an in-house loan. Exhausted from tryng to get HAMP, we gave up and took it.. They added $10,000 to the principal by $10,000, and doubled the original monthly payment (after rolling back HAMP trial debt of nearly $30,000 to the prncipal.)
Three weeks after we accepted the new loan, they added $50 a month to the mortage payment from their escrow for insurance they had paid during HAMP trials, payments which crossed with theirs in the mail., and a tax payment they also beat us to making.
If banks no longer wantedor intended to loan money to homeowners with houses valued under $750,000, they should have said so instead of putting us through this! We weren’t underwater when we signed up for the HAMP trial and still aren’t.
Had we sold our home in 2008 or 09 instead of trying HAMP we’d be $200,000 better off on the house.
to whether or not HAMP violates the Fair Trade Act? It’s clear by hindsight they never intended to make the loans–false pretenses!
No more public-private sector programs, please!
This was not HAMP was the Bank who played you in to giving you an in-house mod
Actually, I’ve never met anyone who got the HAMP modification; I think that formula makes it very easy for the underwriters to deny homeowners.. Don’t know if my bank is any better or worse than the others. A BoA spokeswoman said during a C-Span2 hearing that banks knew from the beginning there wasn’t enough money to lend to 4 million people.
Wish they’d shared that iformation with the rest of us at the time!
“Now we must slash government – today – by 50% – into a WORSE economic downturn, in the context of unemployment and declining standards of living, than we had in 2007.
If we don’t do it?
In another couple of years we will lose the ability to choose as the required contraction will be an effective 100%, at which point we will become Greece.”
Sorry, but you’ve not only got the horse standing behind the cart but you’ve got him upside down and backwards, too.
Greece is Greece BECA– USE it bowed to the austerity cries of the rest of the Eurozone and dramatically cut government spending. Why did the Eurozone demand a course of action which would destroy the people and country of Greece? Because their banks had moronically lent billions to Greece and, to admit that they would never be paid back, would cause their default.
This has been extensively written on by Krugman, Yves Smith and many others, including members of the AEI and former members of the IMF, not your usual lefty types.
See here for just one explanation:
http://money.cnn.com/2011/06/28/news/international/greece_debt_crisis/index.htm
Greece lied about its financial capabilities when it ask for
admittance into the euromarket and they were not vetted
to insure they could keep their word.
The only way to save Greece without sacrificing the people is by restructuring the debt let the Banksters take a hit !
The markets must know something, though – BAC and LPS both hit new 52 week lows today.
Insurance policies do NOT pay off on fraud. Insurance companies INVESTIGATE AND HAVE FRAUD PROSECUTED. Insurance companies have the best investigators and lawyers, and the deepest of pockets, Why are they paying off on fraud? Underwriting the criminals gains rather then finding and seizing them? Who? What? Why? When? How?
Ramon, Because the Insurance (AIG) got Bail Out precisely to pay the banks
Anyone watching the show on Capital Hill?…Senators are grilling Bernanke about why there is so must wealth inequality in America…Bernanke said this plan started in the late 70’s when the rich were given huge tax breaks…Then Glass Steagall came up…which was repealed in 1999…Then there was talk about the Volker rule….and Bernanke said in the next couple of weeks there will be a reistatement of a revised Volker rule which will reign in some of the risky practices on Wall Street but will still allow them to hedge risks against client portfolios… Bernanke said hedging is an important part of financial institutions being able to conduct business….Bernanke also said that the rich have to start paying more in taxes to prop up the middle class and the working class.(his distinction) Bernanke said people need to get re-educated to get better paying jobs….MAKE WALL STREET PAY BACK THIER OWN 14O TRILLION IN DEBT….CNBC REPORTED WALL STREET MADE 60 TRILLION OFF OF THE BACKS OF THE AMERICAN PEOPLE IN 1999 ALONE..Re-enstate the Uptick Rule…..We need our own currency backed by gold or silver…U.S. NOTES…ABOLISH THE FED…
Throw all the politicians out!…Know your enemies…
Thanks for the summary, IVent. Will try to find the hearing and watch when it replays later.
TIS TIME@ 5 OCLOCK SOMEWHERE!
All of the politicians should step down. They are corrupt and useless. The Federal Reserve is a sham and a fraud…The currency they issue is really credit backed by US.S. tax-payer dollars..That is the reason the economy continues to decline…The FED steals from all of us to prop up Wall Street who is in debt above and beyond belief.. 140 trillion in debt to be precise…debt they were allowed to create off of the our backs..because their criminal cabal has hijacked America…..and allowed Wall Street to overleverage and overspeculate to the tune of 140 trilllion in collateral fraud…their debt, not ours…This was a ruling elite Hitler Plan.. Our homes are paid for free and clear because of what they did..THEY COMMITTED MASSIVE FRAUD IN OUR NAMES..AND NEVER LENT US ANY MONEY….There are up to at least 10 mortgages on each property because of what they were allowed to do…..No checks and balances for the financial industry by anyone, in fact the checks and balances were removed by the NWO perp Bill Clinton. ABOLISH THE FED. ABOLISH THE NWO collaboraters…Know you enemies..
I agree with the Market Ticker…why invest in these criminal insititutions on Wall Street who destroyed our lives by gambling, overspeculating, overleveraging and when the gamble craps out they steal our money?..AND POOF, IT IS GONE…..They don’t give a damn about us. They want more for themselves and NOTHING for anyone else..Can you sue these criminals for gambling with and stealing your pension money? How about sueing the Trustees for the trusts? Were you informed of the risks? Did you even know what they were doing with your pension money? Who got rich off of investing your pension money? SOMEBODY DID……CERTAINLY NOT US…..DO YOUR HOMEWORK PEOPLE…QUESTION EVERYTHING…..DON’T ACCEPT THE STANDARD ANSWER…..WHO WAS INSURED AGAINST THE RISK OF YOU LOSING YOUR PENSION MONEY? THE TRUSTEE FOR THE TRUSTS? THEIR CRIMINAL INVESTOR FRIENDS ??? The people deserve restitution from these evil bastards for being swindled out of their retirment money…
politicians will never ‘step down’. I love the idea of them wearing nascar type jackets so we can see who their real constituents are. Look who contributes generou$ly?? that is who they represent. the planet poisoners and thieves. God Bless Us All!
Comptroller of the Currency
Administrator of National Banks
1301 McKinney Street,
Suite 3450.
Houston, Texas
77010-9050
Fax: 713-336-4301
October 3, 2011
Re: Case No. 01615287 and 01406372
WELLS FARGO BANK, NA
BARRY S FAGAN- Complainant/Plaintiff
Los Angeles Superior Court Case SC112044
SUPPLEMENTAL EVIDENCE OF BANK AND APPRAISAL FRAUD
A.VIOLATIONS OF THE OCC CONSENT ORDER DATED APRIL 2011
B. VIOLATIONS OF THE FEDERAL RESERVES $85,000,000 CONSENT DECREE AGAINST WELLS FARGO FOR BANK EMPLOYEES FALSIFYING BORROWERS LOAN APPLICATION INCOME AND INFORMATION.
Dear Mr. Chandler:
I am in receipt of your letter dated September 6, 2011 and wish to further supplement my file with additional evidence of bank and appraisal fraud.
Attached hereto and made a part hereof are Exhibits A through H, all of which have been filed with the Superior Court of Los Angeles CASE NUMBER SC112044, and have now become a public record.
Contained within those exhibits, is evidence of a fraudulent loan application, appraisal fraud and a Declaration of Default (Section 2923.5 violation), perjury and continued violations of your own OCC regulatory rules, regulations and Consent Orders.
Kindly review these exhibits to see that Wells Fargo Bank continues to Verify under penalty that which can be easily proven as untrue.
The evidence to prove that my loan application was indeed falsified is compelling as:
I have already verified under penalty of perjury in my July 15, 2011 First Amended Complaint, that I did not fill out any of the information in my loan application, nor see the loan application that was submitted to the underwriters by Wells Fargo private banker Dalia Warren. I verify that no income information was given to Wells Fargo Bank by me and that the alleged 2007 loan was a Stated Income Loan that did not require any income to be verified. I verify that I have never met Dalia Warren, a private banker at Wells Fargo Bank. I verify that Dalia Warren stated a false income on my loan application, a false marital status on my loan application, a false purchase date and purchase price on my loan application and a false statement concerning that my home was not held in trust at the time of the 2007 loan.
I verify that I signed an IRS form which gave Wells Fargo Bank permission to pull my income tax returns but that Wells Fargo Bank Never in fact did so. I verify that on July 20, 2011, Wells Fargo Bank was fined $85,000,000 by the Board of Governors for the Federal Reserve for having their employees prepare loan applications on behalf of their clients with false and inflated incomes. Even the application itself states that the borrower (me) was given no access to it, nor was I privy to any amendments made to it. The Loan Application itself states that $775,000 was applied for and yet Wells Fargo approved $1,000,000 without any regard to proper underwriting standards or guidelines. See Exhibits C & D.
Moreover, Wells Fargo Bank’s May 11, 2011 Response to the OCC’s own inquiries concerning this subject loan contain false and inconsistent statements concerning income, debt to service ratios, loan to value, and CLTV.
See Exhibit B.
Exhibit A is perhaps the most egregious as that document was used to set in motion this entire illegal non-judicial foreclosure. The Notice of Default Declaration was UNSIGNED by anyone known and in fact was signed by WELLS FARGO BANK. See Exhibit A.
This is an absolute legal impossibility, as an individual is required to sign on behalf of Wells Fargo Bank and this blatant California Civil Code Section 2923.5 violation should have been enough for the alleged Substituted Trustee TD SERVICE COMPANY to conduct further Due Diligence before illegally recording a Notice of Default on my primary residence. Section 2924 cannot possible provide TD Service Company with privilege when they failed to act with impartiality and minimal levels of due diligence. See Exhibit A and also:
1. Kerivan v Title Insurance Insurance and Trust Company (1983) 147 Cal. App. 3d. 225, 229:
2. Bank of Seoul and Trust Company v Marcioni (1988)198 Cal. App 3d 113, 119;
3. Hatch v Collins (1990) 225 Cal. App. d 1104,1113;
4. Woodworth v. Redwood Empire Savings and Loan Association (1971) 22 Cal. App. 3d 347, 366;
THIS IS A CRISIS! In California between 9,000 and 18,000 Foreclosed homes are confiscated EACH MONTH by the banking industry (Information available at http://www.foreclosureradar.com/california- foreclosures). The broadcast news media, newspaper and numerous periodicals have raised public awareness that over ninety-nine percent of these confiscated homes have been and will continue to be acquired by fraudulent means. The small percentage of homeowners who rely upon the California trial courts for protection under express laws are in most cases met with abuse of discretion. This crisis of massive California homeowner exile has been by the hand of the trial courts who are presumed to be under oath to stand as guardians of law, equity and substantial justice to prevent the very travesty of justice they continue to support. The Judicial Council of California/Administrative Office of the Courts drew the line to insure the rights of those who stood on there right to equal protection under the laws would have issues of title, fraud and due process heard by an impartial judiciary. Presently, in any proceeding dealing with foreclosure issues, the trial court merely presides over a bank tribunal. In constructing the non-judicial foreclosure statute(s) Cal. Civil Code 2924, was the intention of the California Legislature to abrogate provisional access to power of sale by private agreement, which abrogation is prohibited under Article 1 Section 10 of the U.S. Constitution, in favor of statutory access to power of sale to empower statutory non-judicial foreclosure whereby is created a statutory waiver of due process prohibited under the Fourteenth Amendment?
Exhibits E, F and G all show just how James Ebert of EBERT APPRAISAL Service INC. falsely and fraudulently inflated the value of my residence in 2007 to $2,100,000, when Wells Fargo’s second and third appraisals for my residence reflected $1,150,000 in December 2009 and $1,185,000 in January 2011. These two appraisals estimated the value of Plaintiff’s home to be $1,150,000 and $1,185,000 which was nearly $1,000,000 less than the Defendant Ebert Appraisal Service Inc.’s May 16, 2007 appraised value of $2,100,000. Such a decline in value was not based on market conditions alone but is further compelling evidence of the fraudulent appraisal performed by Ebert Appraisal Service Inc., and knowingly used by Wells Fargo Bank as a means to get me to increase my debt load on the property without having the true market value reflected from which to base my decision upon. But for this fraud and inducement defendant Wells Fargo Bank and Ebert Appraisal Service Inc., I would never have exposed my “Property” to such risk.
Exhibit H is a Court Order dated September 9, 2011 against Wells Fargo Bank for Discovery Abuse with Sanctions which is further evidence that Wells Fargo Bank is continuing to Violate the OCC’s April 2011 Consent Order.
So I continue to write to the regulatory authority that supposedly enforces and promulgates rules for National Banks to follow, and submit both evidence and allegations of fraud.
I believe if my case is reviewed at the highest levels, the OCC can indeed do something to prevent fraud rather than in my opinion harbor it.
Kindly forward this evidence to California Attorney General Kamala Harris’ office so that they too can review these exhibits for possible State prosecution of these fraudulent and criminal acts.
Sincerely,
Barry S. Fagan Esq.
20475 Roca Chica Dr.
Malibu, CA 90265
Publish these documents on Scribd so that everyone can see that the banksters commit fraud in loan origination and that they will even do so when an attorney is their intended victim.
Yes, the banksters have no fear that they will be held accountable for their crimes because they own all of the prosecutors, and they have no fear that they will not get to commit crimes to steal homes when they don’t have to convince a jury that they have a right to foreclose.
Wake up folks!!! If they can do this to attorneys, they can do it to anyone, except the very few who can enforce the law!
Exhibits A through H can be found here:
http://www.scribd.com/doc/67182879/Barry-Fagan-v-Wells-Fargo-Bank-Re-Evidence-of-Bank-and-Appraisal-Fraud-to-OCC-Complaint-Numbers-01615287-and-01406372
Barry,
Excellent letter to the OCC. I hope you receive some assistance from them. Hell, I hope you receive a reply.
They sat on my case for almost a year before closing it out. Every time I contacted them they advised the case could not be closed until the bank (BofA) responded. They finally closed my case but would not diclose the bank’s response. You see, the bank responded directly to the OCC and that is why they can’t share the information with me. The fox (the banks) is guarding the henhouse!
I am absolutely amazed that the average american either has no clue what is happening in this country or they are too apathetic to do anything about it. Kudos to the young men and women who are out in force in NYC and other cities voicing their displeasure. I hear these clowns like Beck and Hannity making fun of them – saying they don’t know what they are protesting about. I guess it’s okay them and their ilk to encourage protests – until they finally happen. But hey, sign up for Beck’s “GB TV” for $9.95 per month and you too can be a “patriot” (or is that Bill O.). Stop watching and listening it these clowns. Just like your friends at the bank – they are in it for the money.
Sorry for my rant. Again, excellent letter Barry. Good luck in your fight with the banksters.
Patrick
Excellent letter this should be also sent to US Treasury/ The office of the Special Inspector General/Sigtarp Fraud Oversight and the OTF (Office of the Thrift Supervision Fax 202 622 4559