U.S. Is Set to Sue a Dozen Big Banks Over Mortgages
The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation.
The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter.
The suits stem from subpoenas the finance agency issued to banks a year ago. If the case is not filed Friday, they said, it will come Tuesday, shortly before a deadline expires for the housing agency to file claims.
The suits will argue the banks, which assembled the mortgages and marketed them as securities to investors, failed to perform the due diligence required under securities law and missed evidence that borrowers’ incomes were inflated or falsified. When many borrowers were unable to pay their mortgages, the securities backed by the mortgages quickly lost value.
Check out the rest here…
~
BET THEY CANT TOUCH MIDFIRST BANK. THESE CROOKS NEED TO BE ADDED TO THE LIST. THEY PURCHASED OUR FHA/HUD MORTGAGE DEBT THAT WAS DISCHARGED IN 2000.
THIS ROTTEN DISCHARGED MORTGAGE DEBT IS STILL COOKING ON THE BOOKS!!
MIDFIRST HAS ATTEMTED TO COLLECT THE DEBT SINCE 2005. WE SUED, BUT JUDGE WAYNE MALLIA ALLOWED ATTORNEY STEVEN LEYH TO FILE A NEVER BE-4 SEEN SETTLEMENT AGREEMENT WHICH INCLUDED THE ALREADY DISCHARGED DEBT.
CASE WAS DISMISSED, WE CAME IN THE FRONT DOOR , BUT WAS SENT OUT THE BACK DOOR.
THE BANKS HAS BEEN PAYING THE COURTS TO LET THEM STAY IN THE “GAME”, ATTORNEY’S ARE PART OF THE CORRUPTION TOO. THIS THING IS CORE DEEP. Google “MidFirst Bank/Handcuffed”
FED UP,
Prince Ella Green
they will not touch midfirst bank ( and midland mortgage )because they work for the gov as debt collectors for pools of loans in GINNIE MAE (HUD securitization branch)….they forge , fake , fabricate any document needed as they go. for example in our fraudclosure 4 different “notes” , of course the miami judge just ignored all the fake signatures and papers…even let them file a blank ” affidavit” ,
Well, not going to say I am disappointed by this, BUT where are the free bracelets for the banksters, that is needed more than lawsuits which are a smokescreen!!!
BLOOMBERG REPORTING FEDERAL REGULATORS NOW GOING AFTER 17 FINANCIAL INSTITUTIONS FOR MORTGAGE SECURITIES FRAUD INCLUDING GOLDMAN SACHS, MERRILL, BARCLAYS AND BOFA……..RUMOR HAS IT THIS COULD CRASH THE BANKING SYSTEM……..THIS IS ALL BECA– USE THESE FINANCIAL INSTITUTIONS REALLY TRULY ARE SUICIDE BANKERS, JUST LIKE MAX KEISER SAID…THEY BLEW UP THE WORLDS ECONOMY AND THEY DIE……TIME FOR OUR OWN U.S. CURRENCY BACKED BY GOLD OR SILVER…….
I’m sorry this is all going to turn into a big nothing. It is simply Mr Teleprompter, sorry the President saying “OK boys, election time is just around the corner, get your HUGE donations in quick so I can get re-elected and really F*CK the American People..”
Hurry, Hurry, Banks issue those last bonus checks now, and make them big ones, nobody is going to think any worse of you than they do already.
Back in 2000 Fannie Mae quit doing business with mortgage warehouser Taylor,Bean,& Whitaker.
Fannie Mae had caught TBW committing fraud against Fannie Mae. Instead of turning TBW in
for criminal fraud they silently cut financial ties with them. Within a week TBW was doing the
same kind of business with Freddie Mac and Ginnie Mae. Two years later TBW was put under
investigation by the FBI and FHA. They were scrutinized until August of 2009 when TBW was
seized and closed down by FHA, their assets were sold to Bank Of America. B0A did not
voluntarily buy these assets, they were ordered so by the federal government.
So…from at least 2000 onward it was known by Fannie Mae, Freddie Mack, Ginnie Mae, and
the federal government that criminal fraud was being perpetuated by TBW, which makes all
of these parties complicit after the fact of the crimes committed against the borrowers, invcfrestors,
Colonial Bank, and the courts.
Colonial Bank was also later shut down and its assets seized due to the fraud association.
Millions of dollars were fraudulently stolen from the borrowers and the investors. Out of this
only THREE people have been prosecuted and sentenced to prison.
So the news of the government going after B0A and the other big banks is a smoke screen
while they scramble to cover up their complicity in the massive criminal fraud that is still ongoing.
There’s enough damage in this one crime scene to tumble every big bank, and the federal
government itself.
News such as in the following link is distracting attention away from their guilt. We are
witnessing the fast and furious cover up of the mortgage fraud that is wide spread across
the public and the government.
http://www.nakedcapitalism.com/2011/09/the-more-you-look-the-more-bank-criminality-you-find-in-mortgage-land.html
And I rest my case:
http://livinglies.wordpress.com/2011/09/02/window-dressing-file-a-lawsuit-maybe-it-will-improve-the-view/
Here is how big the mess is, and will be for many years:
How many counties are there in the United States?
There are 3,141 counties and county equivalents in the 50 States and the District of Columbia. They are categorized as follows:
3,007 counties
16 Boroughs in Alaska
11 Census Areas in Alaska (for areas not organized into Boroughs by the State)
64 Parishes in Louisiana
42 Independent Cities (1 in Maryland, 1 in Missouri, 1 in Nevada, and the remainder in Virginia)
1 District – the Federal District or District of Columbia.
This does not include Commonwealths and territories with what are generally county equivalents, which are as follows:
78 Municipalities in Puerto Rico
2 Districts in the U.S. Virgin Islands
9 Election Districts in Guam
Everyone of those listed above is impacted by the criminal fraud perpetuated by
the banks, Wall Street, and the federal government. The seeds for this massive
crime were planted in 1983, and deregulation of the banks and expansion of the
1983 bill ten years later in 1993 immediately brought about the plans of mortgage
fraud and the founding of MERS. From there this crime scene expanded and
expanded across the globe. It may never be known just how much damage has
been done to the financial world of pensions, funds, and trusts. And it will never
be known on an individual level of the destruction of planned futures and pensions
The people who planned and perpetuated this crime can never repay for the destruction
they’ve brought about. They certainly make Madoff look like a chump change piker.
Yes, this is the biggest crime spree in History and not one of these TBTF crooks have been gone after criminally…Obama said in a speech to the banksters after his election that he is only thing standing between them and the pitchforks……Obama needs to step out of the way now…MAINSTREEET IS FED UP with all of the CHARADES and WE THE PEOPLE DEMAND to know, OBAMA, WHERE ARE THE CUFFS FOR ALL OF THESE FINANCIAL TERRORISTS?
Readdocs, they are all in the BIG CLUB……one giant Foreign owned and operated multinational conglomerate crime syndicate……The perps are getting the blame for carrying out the evil plans of their owners…This is a giant AGENCY of criminals…..working towards our demise…..what they want is a one world totalitarian government..a New World Order…they never thought they would get caught…We can never allow them to take our guns away or ask them to save us no matter what catatrophe they create to steal our National Sovereignty………..At the end of the day, that is what this is all about, they are trying to steal our country…….First the rulling elite set a nation up with their debt creation and then they pull the rug out from under the people to steal all of their wealth then they bankrupt the people by forcing them to pay for their own robbery and then they bankrupt the Government…Then they take over your country without ever firing a shot…..The Fed is a giant counterfeiting operation…..The debt is fake and fraudulently induced backed by ZERO and so is their currency…THEY CREATED 40 TRILLION IN COLLATERAL FRAUD BACKED BY ZERO AND NONE OF THEM HAVE GONE TO PRISON?????? DESPICABLE……This has all been tried before during the last Great Depression…..they used the same scapegoats then as they are using now….This is the last Great Depression times trillions though……They created this FAKE DEBT ELECTRONICALLY…that is why the ruling elite are moving toward electronic debt which leaves no paper trail….I believe this is the final wake up call…If we let them get away with this, what will come next will be intolerable by ALL except for the Ruling Elite Hoarders….
They were in reality ONE giant multinational conglomerate “acting” as separate agencies. They are now blaming each other for the ruling elites Mortage Fraud Ponzi Scheme.Where were the federal regulators when the TBTF were ALL breaking the law? The FBI blew the whistle in 2004 about all of the mortgage fraud as well as many others…What we have here is an Inside Job by traitors and enemy agents of America fully instituted by our outside enemies.This was a gigantic and very sneaky financial coup de tat by the RULING ELITE…This was all about the middle classes being set up to fail by the New World Horder and………ALL roads lead to Rome……
I felt all along the PROOF of the set up to fail of MAINSTREET was in those loan bundles..which enabled all the players to gamble off of our ability to pay or default..and they KNEW they created too much risk….IT WAS INTENTIONAL…..THAT IS WHY THEY ALL INSURED THEMSELVES AGAINST OUR FAILURE…….And the job numbers are proof that they intended PREMANENT HARM……….ZERO job growth for August…..This is a Hitler Plan……
In express consideration of the ENTANGLING WEBS of associations, of the “Bankster Ganstatas,” with the “Government’s Racketeerring Schemes;” aiding and abbeting and sharring the: ILL Gotten Booty-Loot, amongst “Their Co-CONspirit-torial:” “Bretheren in the HOODS,” and District of Criminals, would seem to present; a:
specific: “MANIFEST CONFLICT” in the: “Jackyls: adjudging the Dogs” a “Fabricated, IMPARTIAL pretense,” in
“CONspiricy to EXTEND a Legasl Scheme of EXC– USE the Banksters” who:
“CONspired with Fraudy Mae and Fraudy Mac and OTHERS, whose REGULATORS,” absolutely irrefutibly
Enjoyed:
“DIRECT FINANCIAL BENEFITS, ad infintum” and “Sharred In the lucreous, Ill Gotten Gain”, by the:
“THEFTS of the Wealth: of AMERICA,”
to: “DESTROY AMERICA” theerby, effectuating a: explicitly:
“TREASONOUS, TERRORIST ATTACK,” [Fiduciarially,] on: WE the People, on America,
Whom will ENFORCE the Law; and Truly: “Do THEIR DUTY”, By; “PROTECTING the PEOPLE, THEY”
purportedly
uttered: Solemn VOW, by Oath, to “PROTECT and SERVE,” and “Uphold and DEFEND: the
Constitutional republic, with: Rule of LAW?”
“. . . and we’re going to have to bail out the banks again.”
No way. This time bail out the underwater homeowners, the borrowers screwed by the popping of the housing bubble CA– USED by the %$#@! banks.
I have a gut feeling that these thugs pulled the wool over the govt eyes. I do not think it was understood what was occurring. People inside the banking system DID NOT KNOW they were being deceived by their associates. There are a LOT of angry people in the banking industry and in govt who were screwed over by their own. I believe that justice comes slowly. But it will come. The discovery process in this complex and sophisticated multi layered international financial terrorist attack upon the USA, and individual people and families will take time to unravel. However, it will unravel. Step by step. Filthy perp by filthy perp. The law requires that the evidence be built one solid block at a time. Be patient. Be firm. Be vocal. Make sure the average man and women understand. Pray.
NaaaAh: The Government is the SYNDICATE, in the pasteur, as: Wolves in SHEEPS Clothing!
Yes, ConstitutionalChrisYAHan, this was an INSIDE JOB by traitors and agents working for our enemies..it was a financial coup de tat by the ruling elite, New World Horder. These were well laid plans of very evil men…..All roads lead to Rome……
Sure they did…..when listening to testimonials from Allen Greenspan, all the way back to 2000, he leaves enough clues to reveal to us now……that he knew exactly what was happening!
This is another sham they waited until the last day b4 the statute of limitation is set to expire, to file a suit, then they will be cornered bu the big bank and they will settle, then we will all not be able to sue.
We have a last chance to elect a president that truly wants to return our country to its constitutional foundations, Dr. Ron Paul. He has been pushing to audit the Federal Reserve the past 20+ years. He knows the Fed is unconstitutional. Why does our mint print “money”, then give it to the Fed, for them to turn around and lend it to us with interest? Support his bill HR 2768 – it would cancel the $1.6 trillion debt the US Treasury has with the Federal Reserve. Review his voting record – it is always for the people. He wants to stop the US subsidies to all US corporations, countries, etc. He wants to get us out of the UN, which has received trillions from us but will probably never support us if our “enemies” try to harm us. As a Vietnam Veteran, he wants to bring our troops home. This is what America needs. Read his books – they are educational and predicted this whole mess. Don’t we want a wise president that understands what this country needs? Rick Perry is a globalist and illegally forced little girls to take a deadly vaccine, Gardasil and was trying to make a Trans Texas Corridor uniting Mexico, USA and Canada. Bachman is an IRS agent (debt collector for the Federal Reserve, that’s all it is) and she requested $300,000 in subsidies for her companies- but she says she is for small government. Romney blueprinted the terrible Obamacare through his health care bill. Herman Cain worked for the Federal Reserve. The others are all neocons and will do the same things as Obama and Bush – all of them are the same. They are liars and flip floppers and don’t stand for anything. They will say anything to get elected and screw us all in the end. Everyone but Dr. Ron Paul – he truly understands what the USA needs – more liberty and less meddling. He believes in private contracts. If a corp hurts you, you have a right for redress in the courts. The government does not need to be involved. The only thing the government is supposed to do is defend our borders. Free markets will do the rest. We do not have free markets now. What we have is corporatism – the corporations make the law and the government enforces it. This is illegal and what is destroying the country. Dr. Ron Paul 2012 or America is doomed.
Welcome to the “global settlement”. They’ll be fine a bazillion; settle for a few million each and they’ll call it day. Homeowners? Investors? They don’t care. This is as Jamie Dimond once said, “Just the cost of doing business.”
Now…if they start talking “criminal liability” – then, I’ll start popping the popcorn in anticipation of a possible show to watch…
“Private holders of mortgage securities are already trying to force the big banks to buy back tens of billions in soured mortgage-backed bonds, but this federal effort is a new chapter in a huge legal fight that has alarmed investors in bank shares. In this case, rather than demanding that the banks buy back the original loans, the finance agency is seeking reimbursement for losses on the securities held by Fannie and Freddie.”
And why are they seeking reimbursement…because they know they have no security in their portfolios.
The case is getting closer to getting the truth but it fails to state the loans never made it to the Trusts in plain language. They just can’t say it. (The Nevada A.G. did a perfect job in spelling it out saying the Investors have no rights, no security.) I see few people picking up on this big detail. The fact that FHFA won’t address this issue tells me they aren’t serious about this at all. They want everyone to pretend the Investors have the securites and it was all about borrowers income and bad underwriting.
The average person reading this article probably thinks this is a good thing, I for one, see the glaring ommission of the fact that the Trusts are bogus and never held anything for anyone. This is a faux suit that does not address the real issue and everyone in on the scam knows it.
AliceN.Wunderland said, “The average person reading this article probably thinks this is a good thing, I for one, see the glaring omission of the fact that the Trusts are bogus and never held anything for anyone.”
You are so right AliceN.Wunderland. FHFA as Fannie/Freddie conservator has the power to delve deep into the history of transfers of both the notes (debt) and mortgages (foreclosure rights). Unfortunately, it seems unlikely FHFA will dig into note/mortgage history since this not one of the complaints. It would be a massive undertaking. Unfortunately, I think both the banks and FHFA will settle for a much lesser figure than than what FHFA is pursuing.
Big finance pursued profit upfront knowing there was little risk that investors and homeowners could overcome the obscurity they could shield the notes in (it helps when your lobbyists are successful). The Mortgage Backed Securities were only the beginning, the real money was levered up multiple times on the mortgages with Credit Default Swap “gambling.” The IRS could nail the banks for not getting the notes into tax sheltered REMICS if our leaders gave the green light (isn’t the IRS one of the tools used against mafia?). Our government has allowed big finance to lie about the quality of the MBS they sold, ignore strict tax sheltered REMIC requirements, and to still foreclose after failing to properly transfer notes/mortgages. This drove up prices for the commoners and forced all big money to eventually engage in the same dirty behavior to compete. Big finance was never really gambling though, they knew money purchases influence, and they were right – the bailouts brazenly proved it. I don’t think there will be much victory for the common man, but hope springs eternal. Sharpen your pitchforks and Happy Labor Day.
why arent the other banks listed and mortgage servicers listed!!
Yes, what a joke it is!!! That certainly doesn’t help all the boarded up foreclosed houses nor the people that is out on the streets because of them, they are not helping anyone but themselves! Its gonna come out one day and bite them in the ass; may be when I’m dead and gone but just maybe?????
What a JOKE ~ just a ploy play to make all of their fraud appear to be legally addressed ~~ Hell, Fannie Mae and Freddie Mac are 2 of the Majors in this fiat ABS & OTC scam ~~ clearing house for their fellow banksters……
I noticed in reading the alleged New Financial Reform Bill that Fannie Mae and Freddie Mac WERE EXCLUDED in the oversight regulations ~ No Sheriff in Town for them????
It’s all floating to the surface though ~~~ Then we will see that the Vatican & the Rothschild Dynasty are now and have always been at the controls ~~ all of these other banksters are just the puppets that made all of this fraud so massive over the past 100 years or since the their Federal Reserve and IRS implants were fully operational ~~~
It may just well be somewhat of a ploy but it’s a step in the right direction anyway. More and more of these lawsuits are going to emerge and expose the true ponzi scheme. We must be diligent and push ever forward. Could this just be the tip of the iceberg? Could possibly ignite the fire to burn down the Federal Reserve and all of it’s (viperous) branches…..
Bloomberg reporting the Federal Reserve could be failing….
Right’y O Jim; Under the Pretense; of: that Which is but: COLORED: as LAW, [otherwise known as: a:
Legal Fiction,] That IS: DEEMED by the Law Merchants; as “Changeble -colorable,” to THEIR specific
Advantage, AND “YOUR express DisAdvantage:” The AH TORN eys- esquires, “DEEM to PreSUME-
Pretend:” “FRAUD is LEGAL,” NOT Lawful!
”
However One must: REBUT the Presumption” by: Timely and SPECIFIC OBJECTION , effectuated lawfully, through Lawful Service in Law, or Notorious Proclamations, “On the RECORD of The Court of RECORD,” not a mere:— Military TriBunals— Posed as —Admiralty—, Administrative-management, Statutory, or any other: “FICTIONAL Hyperbole POSED as LAW!”
on Peoples of America-“state nationals, FOREIGN to:” the Private, Foreign, Incorporate Owned Instrumentalities, of Corp U.S. [See: Foreign Sovereign Immunities Act!; Slaughter House Case; Wong Kim Ark, and the recent: “SHINE aapeal to Coast Guard “Special MARITIME “Military Juridiction!}”
You are right about this! They mention nothing about protecting the homeowner. I read an article about this last night that stated Fannie and Freddie are making statements about having to bail out the big banks after the law suit. I hope this is not true. I will not be surprized if it is. Rob Peter to pay Paul and make it look like you are doing something, then call Wolff and bail them out because the economy demands it. Bullshit. No body can believe these guys. There is always something sinister behind it. However with every law suit they have tataltailed and brought more proof and help to us. I believe we should group up and share cost to file law suits against our government officials for breach of fiduciary duty and violations of the Honest services Doctrine. And what ever else we can come up with.