From Forbes
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Is Another Major Mortgage Investigation Really Necessary?
Another day, another bank investigation.
New York’s Attorney General Eric Schneiderman has launched an investigation into the way Bank of America, Goldman Sachs and Morgan Stanley packaged and sold mortgages to investors.
…
There are some, like prominent bank analyst Dick Bove of Rochdale Securities, who say Schneiderman’s new investigation is over the top. Bove calls Schneiderman’s a “witch hunt” and says the efforts are more likely a way for the AG to “make a name for himself.”
“Only in New York does the attorney general’s office go after the state’s strongest industry. In Texas, you don’t have the attorney general going after the oil industry, in Michigan you don’t have the attorney general going after the auto industry and in Florida you don’t have the industry going after the tourist industry. In New York you have the attorney general’s office constantly attacking the hand that feeds them. This guy is making a name for himself like the others have done in the past,” Bove said referring to the likes of Eliot Spitzer and Andrew Cuomo.
…
“There are over 10,000 suits filed against JPMorgan Chase and they are supposed to be the good guys. If you assume Bank of America and Wells Fargo are facing something similar then there are 30,000 to 35,000 suits out there against these banks,” he says.
You can check out the rest here…
Disturbing, isn’t it?
I suggest getting involved in the comments over at Forbes…
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Just received notice from “BAC Home Loans Servicing”, informing me that as of July 1st they are renaming their servicing Title to Bank of America N.A.. I remember Recontrust “N.A.” Anyone have a clue to what is inferred here? Are they trying to create a loophole to relieve them of legal responsibility in some form? Creating a means of getting you to “agree’ that they actually own Title? L.P I believe is an abbreviation ofr limited partnership? What does N.A. represent? Please advise. Lord knows we can’t afford law school. Besides, they have 100 to each of our one….
N.A. stands for National Association. It is a bank that is incorporated under the United States and is part of the Federal Reserve system.
This AG actually responded to my complaint. Are the days of corruption and who you know finally over? Cheers to the new AG, go get them!!!!!!!
Good news! The CA AG, Kamala Harris, doesn’t even bother to respond, arrogantly can’t even acknowledge MULTIPLE complaints about MERS or the banksters. She must be bought-and-paid-for by the banksters.
The MA AG started blocking my emails….
I guess they don’t work for the people
Yves Smith SHREDS Bove and dices Forbes reporter…check it out…
http://www.nakedcapitalism.com/2011/05/bank-tout-dick-bove-proves-his-ignorance-in-defense-of-his-meal-ticket.html
Crap article from FORBES. Bove is a paid hack, degenerate, Bankster cheerleader.
Jared Berstein (former) Chief Economic Advosor, to the President recently resigned his position. He has a Web site where he hopes to accomplish MORE from outsie the “bubble”. He feels the peaceful protests we are seeing are a good thing. We need more of them. The more people who realize what has happened (financially) due to the banks and wall street the more will show up.
He endorses Schniederman”s actions and states that he is an honest, intelilgent hard working professsional.
“INFORMATION IS POWER”, we need to educate ourselves and our families, friends, etc. We ae at a critical stage in this country and need to cautiosly move forward with our eyes open and question who and what information shoved in front of us. The greedy criminals will take our last breath when hothing else is left.
Next article from this author “President murdered Bin Laden to make a name for himself”
Attacking the hand that feeds them isn’t that itself an addmission of guilt.AG’s are elected officials.Elected to do the job the people sent them to do.So if we elect them {not the bank} how are they biting the hand that feeds them.I don’t know about the rest of ya all but I don’t owe the banks my allegiance and neither do our elected officials.This man has parasitical value at best and evidently likes to hear himself go blah,blah,blah.
You must have misunderstood…he was talking about the bribes and campaign contributions…LOL
The author is ignorant of ALL the laws governing mortgages. She is only looking at Securities law. She has no concept that when the banks came up with this scheme, they invited themselves to violate Real Property law, Constitutional Law, State law, etc. She needs to stick to writing articles about concepts she actually has knowledge of. Her pity for the banks is nauseating considering the extent of the criminal acts involved.
Question? Ever heard of the following: Cendant, Title Resource Group(TRG), Cartus, Domus, Realogy, Apollo, Jerboa Funding, Thirty-Eight-hundred Fund, Structured Asset Securities Corp?
Article by Mary Cochrane @ http://www.livinglies.com
Yes, Isn’t Cendant now PHH mortgage? Isn’t Cendant’s CEO in prison for fraud?
THAT DOES IT WE NEED TO QUIT TAKING FORBES MAGAZINE THIS MAGAZINE ONLY REALLY SUPPORTS THOSE WITH MONETARY MUSCLE
HE IS RIGHT WE DONT NEED ANOTHER INVESTIGATION AS MUCH AS WE NEED THOSE THAT HAVE DEFRAUDED THE AMERICAN HOMEOWNERS TO BE CRIMINALLY INVESTIGATED AND SENTENCED. THEY MAKE MARTHA STEWART LOOK LIKE MOTHER TEREASA. THEY NEED PRISION SENTENCES. MAYBE THEY CAN FUND SOME PENTHO– USE SUITES AND BUNK WITH BERNIE MADDOFF.
Agree mostly but here’s a comment meant as query.
On the one hand – the bailout money didn’t just fuel and fund bonuses but also the ‘foreclosure bubble’. It will take real guts to move the investigation back on the timeline and ask if the bailouts would have occurred if prior investigations had revealed the subsequent or consequent or predictable’ foreclosure bubble’.
On the other hand – and as others say – exposing rushed and flawed foreclosure documentation may be substantially redundant now, old news.
On the third hand – If the AG looks at flawed mortgage origination we may all learn more we need to know. Homes are more than just housing structures. Many were lost at the closings producing the alleged debt – from the git-go.
I have felt all along the Origination Fraud and who was behind that is key. It was the GSE’s Fannie and Freddie, and they invested in the mortgages. That is an Unconstitutional conflict of interest as well are the GOVERNMENT pension funds that were invested in those fraudulent mbs’s. That is why there is no Origination on title to hide the fact IT IS THE GSE’S FANNIE AND FREDDIE WHO ARE THE FINANCIAL TERRORISTS., I believe, that is the key to stopping fraudclosures. That is why FANNIE MAE — USES BANKS, SERVICERS, MERS AND CRIMINAL ATTORNEY NETWORKS TO FRAUDCLOSE AND HIDE BEHIND, THE GSE’s ARE TERRORIZING AMERICA POSING AS OTHER ENTITIES, JUST LIKE THEY DID AT ORIGINATION WHEN THEY POSED AS A MORTGAGE BROKER OR A BANK, IT WAS REALLY THEM ALL ALONG… THE GSE’S ARE REALLY WHO BOUGHT AND SOLD AND GAMBLED AND INVESTED IN THESE MBS’s ALL USING SOMEONE ELSE’S IDENTITY. We already know alot of the who is invested in these mbs’s, the GSE’s and policemans, firemans, judges congressmen and congresswomens pensions,All government workers who also get paid by WE THE PEOPLE, ARE INVESTED IN THE FRAUDULENT MBS’s. That is illegal and unconstitutional. That is why there is no justice for homeowners. An unconstitutional conflict of interest. RESCIND!!!!!!!!!! Make WALL STREET PAY, THEY KNEW WHAT THEY WERE DOING WAS WRONG. FANNIE AND FREDDIE NEED TO WALK AWAY. THEY HAVE THE BANKSTERS DOING THEIR DIRTY WORK, IT IS THE GSE’S WE SHOULD ALL BE HEAD HUNTING!!!!!!!!!!!!
The IMF is the largest shareholder in Fannie/Freddie, CNBC reported. They should all be thrown in Rikers with Strauss-Kahn. They are rapists, too, just a different kind. Bloomberg is reporting Strauss-Kahn is on suicide watch. Kinda how we all felt when we lost everything. What goes around, comes around.
The banksters are still waiting for us to revolt, to finally rise up and not back down until justice has been served! As long as we remain quiet, allowing them to continue to foreclose and drive families out into the streets they will never stop.!
THE CITIES AND STATES WOULD RATHER CRY BROKE AND IGNORE THE HOUSING SITUATION AND DO NOTHING.
THE SHOULD BE CLAIMING ALL THESE HO– USES SELLING THEM OFF, GIVING CLEAR TITLES AND COLLECTING BACK TAXES.
HOW CAN THEY SIT AND CRY WHEN THERE’S MONEY IN EVERY HO– USE?
THEY WON’T MAKE THE BANKS TAKE CARE OF THE VACANT HO– USES, PAY THE TAXES, MAKE THE BANKS DO ANYTHING THEY ARE SUPPOSED TO DO. THE VERY SAME THINGS THEY FORCE US TO DO TO MAINTAIN THE HO– USES, PAY FOR PERMITS, PAY THE FINES FOR FAILING TO KEEP OUR HO– USES UP, WHY DO THEY LET THE BANKS GET AWAY SCOTT FREE?
Yes – and with l vent above and throughout – as to emphasis on “homeowners” and homeowner relief.
Adding for discussion some further thoughts.
“Homeowners” is different in most cases from phrase and concept like say “houseowners”, rarely deployed as an image. (In fact spell-checker rejected. But we can look on the Web).
That is – a House becomes vested as a Home over time and with Nesting, universally acknowledged as a core human drive.
Ignoring the process and emphasizing only property seems to be bolstering feeding frenzies for foreclosure-advantage-taking tutorials on how to quickly prey on houses, as things. Such recipess for quick grabs blatantly ignore the infusions of heart and hope which glue together brick and mortar structures and create shelter with very deep roots. And haste/waste of uprooting attacks more than the surface.
So must we not reverse the handy spin which focuses on first time, speculating, seemingly superficial “liar loans” as the key or overarching epithet and allegedly informing image (?).
The above and frequent quick-closure cliche disregards people (read families or individuals) in their homes (beyond houses) many years or decades then encouraged to take new loans. Read: untenable risks spiced with a comfort-sense of long dealings. Long perhaps but not in many cases fair ones.
In sum, as to such communications In general, the public and media perception needs itself to be itself modified in order to achieve valuable ‘ backing’ and base. Then not only colorable victim plight but also pervasive Community values and voices may be engaged as to needed ‘numbers’ (power) in support of already struggling -threatened Individuals and families; cannot do it all on their own or without the resources to do so.
Here’s a present “Ask”:
Though a cliche itself but one forever evidence-driven, Information is itself often Power.
So where can we find disaggregated demographic data (separated into groups) as to ages and stages and situations of those foreclosed on or being threatened, sometimes also harassed – to help overcome cliches about sameness or “one size fits all” ideas which feed appealing but unjustified stereotypes ? Stereotypes supporting ‘closure’ on issues often bulldoze context and common sense.
Hopeful Query:
do such statistics exist and if so how to be accessed? Then some very basic issues about peoples’ ‘Shelter” rights hopefully may be addressed? Here indeed and also beyond Cyberspace.
dick bove is just a hired gun.
here is where bove is coming from…
Dick Bove of Rochdale Securities thinks we’re in new “golden age” of banking.
http://www.distressedvolatility.com/2011/01/dick-bove-were-in-golden-age-of-banking.html
“There are over 10,000 suits filed against JPMorgan Chase and they are supposed to be the good guys.
(can he be serious? for an analyst, he sure isn’t looking at the data.)
If you assume Bank of America and Wells Fargo are facing something similar then there are 30,000 to 35,000 suits out there against these banks,” he says.
(gee i wonder why? could it be because they defrauded scores of homeowners?)
i want eliot spitzer back in office in NY. we need him.
i think he’s going to run for mayor. i will vote for him.
Is Another Major Mortgage Investigation Really Necessary?
Hell Yes!
what a patronizing article and title. same old, same old.
what if the 1929 newspaper headline for the St. Valentine’s Day Massacre was
“is another murder investigation really necessary?”
God, these guys are irksome.
has it crossed bove’s mind that AG Scheniderman is investigating the worst fraud and bank heist
ever committed because he owes it to the citizens of new york? because he is fulfilling his job as the state’s Top Cop? because he has a conscience to Do the Right Thing to help victims of foreclosure crimes?
what better place to have a full scale investigation than the place where the ponzi scheme was launched
between the banks and wall street?
it started here but it is racketeering that crosses state lines and their ponzi scheme spread around the world
and ruined everyone’s lives, finances and retirement
AG Schneiderman is our best hope for justice.
i pray he is not only thinking of defrauded investors but the defrauded homeowners who have been screwed every which way.
i hope he goes after these bank criminals with a vengeance.
I agree with you…let them investigate everyone of them…those homeowners that are being foreclosed upon from these banks need to get ammunition for their cases also….let us not be selfish nor complacent…let them be thorough with all investigations…there may be some other info we know not of yet…creativity is a hallmark of America…there have been and remain some very creative people working/owning these banks….
Also, I do believe with further investigations one may very well find that only a couple of major banks owns all the others…look how far and wide they have extended their tentacles in other countries with the insurance derivatives …and how they continue to hide behind other aliases…
NY AG Schneiderman don’t let them intimidate you. We The People need to take our country back now from these oligarchs and we need you help. They are destroying America with all of their greed. The banks and Wall Street got way too much already from the American people by the way of massive bailouts from the taxpayers and the Federal Reserve. That does not even count for the hundreds of trillions they made off of the biggest PONZI SCHMEME and SWINDLE in history.. Mr. Schneiderman, it is about TIME TO MAKE WALL STREET PAY for their massive and pernicious financial crimes..They have had their hands in the cookie jar for way too long and their greed has become absolutely disgusting beyond belief.
mr. Bove, if you are a republican, and probable on the payroll of the big banks, and servicing companies, and you do not want Mr. Schneiderman, ny ag to do his job, just close your eyes, and plug your ears, because we hope the ag from ny does not listen to the other 49 ags who are not doing their jobs, i do not live in ny, but the ny ag is my kind of public person. go get them Mr. Schneiderman.
The ONLY way to defeat Bankster/Huslters is at the BALLOT BOX. If you Congressman, or State Rep refuses to turn the tables on these scum, VOTE THEM OUT. FORGET about the ‘wedge issues’ forget about everything else. its all meant to distract and wear you out!, No mater what the issue, the ‘ECONOMY’, JOBS, HEALTHCARE ‘COSTS’, NO MATTER WHAT IF IT INVOLVES MONEY, ECONOMICS, TAXES, SOCIAL SECURITY, HEALTH, WEALTH, ‘FAMILY’ , ETC ITS ALL REALLY ABOUT MORTGAGE AND FORECLOSURE FRAUD!!!!
MAKE THE THE TALKING HEADS KNOW IT!
Let A.G.Schneiderman do his job. I, for one, had taken note of a prior article on his efforts and had provided input on the crappy, flawed mortgages that CountryWide originated in the name of a company that does not even EXIST. I also provided information on how those mortgages could not have been validly transferred into the CWABS trust and then the false document creation efforts that Goldman Sucks’ Litton Loan Servicing is stooping to in their attempt to foreclose.
Because of the improperly drawn mortgage documents that name a supposed NY corporation that CountryWide never formed, all such mortgages are vulnerable to “Quiet Title” defenses if the borrowers wake up.
I have an ‘AG mod’ that CW and BofA reneged on. It was a PERMANENT mod. I even tried to pressure to have that valid document enforced. It was during that effort that I wised up. Even my own initial attorney failed to do his duty to fully explore the true standing of the lender or any proper assignee.
The parties involved will be lucky if they don’t end up paying me for that deceitful loan and Litton’s fraudulent attempt to ASSIGN the deed and the NOTE. MERS never ever could assign the NOTE.
I pointed out to the AG’s office that any foreclosure of such loans was fraudulent AND that the listing of securities such as CWABS 2005-10 that did not properly contain the mortgages or had fraudulent attempts to transfer the he mortgages into them should not be occurring. The investment product was flawed due to the flawed mortgages from the very beginning. This is aside from any issues with underwriting.
I believe NY had enough information that they requested further information from Litton. I got a form letter from Litton letting me know that some information had been requested on my behalf. Noone else was doing so at that time.
Yep, Schneiderman needs to keep biting the ‘hand that feeds’ the state in this case because the pacifier is no longer effective and the state has too many ways in which CW/BofA and Goldman-Sucks are pillaging the retirement funds and the borrowers at the same time as well as undermining the property tax base of the communities.
“Guilty Dogs Bark First”. Given the fact that these securities were purchased by numerous public and private pension funds with a FIDUCIARY duty to protect and preserve… and the fact that somebody should have been reviewing and analyzing the ACTUAL documents… it would seem to me that investors should be filing suit against the very agents that sold them the bill of goods… probably like Rochdale… or maybe nobody wants the finger pointed at them because they didn’t do their frickin’ job and were in on the Ponzi scheme from the get go!
Lord knows “we don’t want them to look any closer at what we should have done and who didn’t do it” – or better yet, where the phone calls originally came from that suggested these investments in the first place???
Well stated @Virginia ,
I have, just today 5.9 hours loged to Amicus, most of that time is WASTED BULLSHIT.
Todays treasurary call, which I am ALWAYS on, was great.
It was admited that BOA and others “APPEASE” us with direct eMail and phone numbers…
The BullShit continues…..
“Fight The Good Fight”
I worked for the N Y AGs office on many cases. Yes they made names for themselves (Abrams, Guilliani, Spitzer, Cuomo) by doing theior job. They convicted many criminals based upon facts, evidence not politics.
Stand in the way of the settlement that allows the banks and wall street to sweep their crimes under the table. Are you kidding. Let him do what it is he has a duty to do. then see what truths come out. If there is something wrong with leadership “making a name” in this way, we are really in trouble. Tell the AGs in Texas and Michigan to follow these leaders.
At this point there appears to be 49 AGs derelict in their duty.
amen!
Well said…we have been crying out o this site to let the AG’s do their jobs…lets not be double minded…let them do their job without hindrances…not everyone can be bought…maybe Bove had his note satisfied…who knows…
Well, now we know Forbes is guilty. Thank you that they have exposed themselves.
How does that go …
when you throw a rock at a group of dogs, you know which one you hit when it barks
HE HAS BRASS YOU KNOW WHAT!!!!!! Good for him!!!!!!
Screw this ASSHAT…
“Only in New York does the attorney general’s office go after the state’s strongest industry”
Huh???…. “attacking the hand that feeds them” Huh???
I am sorry, I have a theif paying my salery, so no need to CONVICT THEM AS THEIVES.
Another asshole for the fire pit.
“Fight The Good fight”