http://www.orrick.com/fileupload/3397.pdf

When employees objected to loans because of flawed appraisals, the loan officer
would complain to the branch manager, who would complain to the Appraisals
Department at headquarters in Irvine, California, and on up the chain until
someone high enough in the Underwriting and Sales Department said to go
forward with the loan.

• Option One was motivated to violate its underwriting and appraisal standards in
order to increase the volume of loans it could sell to Wall Street Banks to be
securitized. An Assistant Vice President of Option One from 2005 to 2007, who
worked in the Correspondent Lending department, which purchased loans from
small mortgage companies, stated that Option One purchased loans that raised
concerns under the stated guidelines and that when he raised such concerns he
was essentially told, “Shut up, Wall Street will buy it; don’t worry about it.”

Here is the victimization of those 4th households Mr. DeMarco from the inception of the loans. Don’t even begin to assert that “there are no victims.” All it took was a homeowners signature and these mortgage companies had themselves a Wall Street Rainmaker!

Isn’t this the same ‘bad business model’ you embrace as reported by NPR ” that Freddie Mac, the taxpayer-owned mortgage-insurance company, placed multibillion-dollar bets that pay off if homeowners stay trapped in expensive mortgages with interest rates well above current rates.” Everybody wants to turn a buck’ off the backs of those 4th households including you!

ProPublica and NPR reported on Monday [1] that Freddie Mac, the taxpayer-owned mortgage-insurance company, placed multibillion-dollar bets that pay off if homeowners stay trapped in expensive mortgages with interest rates well above current rates.

Questions the senator put to the regulator, the Federal Housing Finance Agency, include why Freddie made the deals in the first place, when the FHFA learned of the trades, what role, if any, the FHFA played in them, and what the FHFA plans to do about the billions of dollars worth of deals Freddie still has on its books.

Sharon, Did you sign the petition? Do you know others who would sign?

Mon., 4/2,: WH Petition Status 25,000 signatures required

8:30 pm: 16,127 signatures 8863more required

Ed DeMarco, head of the Federal Housing Finance Agency — which oversees Fannie and Freddie — has stood in the way of (principal) reductions and he’s claimed the support of Fannie and Freddie. But that’s no longer the case. Even Fannie and Freddie now support principal reductions. It’s time for Ed DeMarco to step aside by signing this Whte House petition:

https://wwws.whitehouse.gov/petitions/!/petition/push-fannie-mae-and-freddie-mac-issue-principal-reductions-underwater-homeowners/qtS3crg7

Too little too late. His allegiance is to the banks, not the homeowner/taxpayer, nor the Nation he’s sworn to serve despite and contrary to the best advice from numerous professionals. He’ll jam this up again given the opportunity. America needs him to get out of America’s way!

Mon., 4/2,: WH Petition Status 25,000 signatures required

3pm: 15153 signed 9847 more needed

Those 4th households were selected by the predatory Fraudsters to be victims of their crimes. Their Fraud could only be lucrative if their victims would fail to pay. Don’t you think the Fraudsters crunched the numbers first, unbeknownst to those 4th households? Then the ‘loans’ could be bet against.

The added attractions to picking on the poor, unemployed, the sick, & the elderly? They could be disparaged as ‘deadbeats’ and accused of playing the system. They could not qualify for remedial programs. And, they wouldn’t be able to finance a defense against the Goliaths.

Why would YOU further disparage the victims Mr. De Marco? Only a Banker in spirit would deny just compensation to the VICTIMS of this Fraud.

Mon., 4/2,: WH Petition Status 25,000 signatures required

6 am: 15,132 signatures 9,868 more required