Posts Tagged ‘racketeering on Wall Street’
Posted by Larry Doyle on April 12th, 2013 8:06 AM |
Not that we needed any further evidence that the inmates on Wall Street are running the asylum in Washington or that our nation is seriously eroding from within, but recent testimony regarding the settlement of the mortgage foreclosure debacle provides it.
You recall the shenanigans within this foreclosure fiasco where the banks often employed individuals for $10/hour to robo-sign documents and illegally foreclose on people’s homes, don’t you? I defined this specific practice and much of what it encompassed as part and parcel of an enterprise that could only be described as racketeering. Well, there’s more. (more…)
Tags: banana republic of america, Elizabeth Warren questioning in foreclosure testimony, Federal Reserve oversight of foreclosure settlement, foreclosure settlement, inmates running the asylum, James Flanagan Pricewaterhouse, Konrad Alt Promontory Financial, mortgage foreclosure settlement, mortgage settlements, OCC oversight of foreclosure settlement, Owen Ryan Deloitte Touche, racketeering on Wall Street, robo signing settlement
Posted in foreclosures, General, Mortgage Crisis, Wall Street Washington Incest | 6 Comments »
Posted by Larry Doyle on October 2nd, 2012 8:58 AM |
Is yesterday’s announcement that the New York Attorney General (on behalf of the President’s Residential Mortgage-Backed Securities working group) is suing JP Morgan for fraud in selling mortgage-backed securities during 2006 and 2007 America’s long overdue call for justice?
Here is a copy of the suit. A few comments and questions.
First off, the activity in question occurred at Bear Stearns and not JP Morgan. JPM purchased Bear in the spring of 2008. I have long believed that selected parts of the mortgage origination process on Wall Street rose to the level of a racketeering enterprise. (more…)
Tags: fraud suit against Bear Stearns and EMC, JP Morgan mortgage fraud, mortgage charges brought against JP Morgan, Mortgage fraud against Bear Stearns and EMC, mortgage fraud at JP Morgan, mortgage fraud charges coordinated with QE3, New York AG Eric Schneidermann, QE3 and mortgage fraud charges, racketeering on Wall Street, Wall Street rackets
Posted in fraud, General, Mortgages | 11 Comments »
Posted by Larry Doyle on May 10th, 2012 5:32 AM |
A little over a year ago I became aware of robo-signing within the mortgage servicing industry and broached the topic that the activity likely rose to a level of racketeering. I aggressively questioned, Did Wall Street Violate the Racketeering Act?
Believing that the activity did likely rise to a level of racketeering, I recommended that attorneys general should pursue institutions involved in these fraudulent and abusive practices with a RICO action.
Well, it appears that somebody is now doing just that with specific focus on activities that transpired at Bank of America and MERS (Mortgage Electronic Registration System). (more…)
Tags: Angelo Mozilo, Dave Angle Missouri Attorney general, did Wall Street violate RICO Act, did Wall Street violate the racketeering act, Dirma Rodriguez, Eric Holder, how to define racketeering, illegal foreclosures, Larry Anderson, Louise Davidson of Loma Colorado, Mark Malone New Jersey prosecutor, MERS, mortgage electronic registration system, mortgage fraud, mortgage settlement, racketeering charges against BofA and MERS, racketeering on Wall Street, RICO Act, RICO violation on Wall Street, robo-signing, robosigning, securities fraud, what is MERS
Posted in financial frauds, fraud, General, Mortgage Crisis, Mortgages | 1 Comment »
Posted by Larry Doyle on March 20th, 2012 1:06 PM |
The American system of justice used to be predicated on the fact that those who committed transgressions paid the penalty. Regrettably, that system of justice is now a distant memory in regard to the adjudication of certain massive and egregious financial practices.
Has it become all too overwhelming for you to keep up with the violation of contracts and moral hazards in America today? I implore you not to give up the fight as future generations are counting on us to stand up for real justice. I addressed the injustice last week in writing, Mortgage Settlement Defines Racketeering:
If the Wall Street mortgage settlement is supposed to define justice, then crime certainly does pay. (more…)
Tags: AMI, Association of Mortgage Investors press release March 12, does crime pay, investing in mortgages, is mortgage settlement fair, mortgage investors, mortgage settlement, racketeering on Wall Street, RICO violation on Wall Street, robo-signing, terms of Wall Street mortgage settlement, Wall Street mortgage business, Wall Street mortgage settlement, what is RICO
Posted in General, Moral Hazard, Mortgage Cram-Down, Mortgage Crisis, Mortgages | 1 Comment »
Posted by Larry Doyle on May 4th, 2011 11:50 AM |
A month ago I questioned whether there was sufficient evidence of abusive and fraudulent practices in the mortgage business on Wall Street (underwriting, servicing, securitizations, etc) to make a case that the industry as a whole violated the Racketeering Act? I would not expect that our ‘leaders’ in Washington would ever think about making that case; that said, I think there is plenty of reason to believe that a very real case could be made.
What will we likely see? Perhaps a number of individual cases. We witness just such a situation today with news that the Department of Justice yesterday filed a lawsuit against Deutsche Bank for lying about the quality of loans made by a mortgage subsidiary of the German bank. (more…)
Tags: 60 Minutes April 3 2011, 60 Minutes piece on mortgage foreclosure problem, 60 Minutes Scott Pelley, banks forging mortgage documents, Deutsche Bank, did Wall Street violate RICO Act, Federal Housing Administration, FHA, forgery in mortgages, forging mortgage docs, fraud and lying at Mortgage IT, fraud in mortgage business at, fraud in mortgage business at Bank of America a, fraud in mortgage business at Citigroup, fraud in mortgage business at Countrywide, fraud in mortgage business at JP Morgan, fraud in mortgage business at Washington Mutual, fraud in mortgage business at Wells Fargo, fraud in mortgage business on Wall Street, lying about loans, lying about quality of loans, mortgage foreclosure fraud 60 Minutes, mortgage fraud, mortgage fraud 60 Minutes, mortgage fraud on Wall Street, Mortgage IT, mortgage securitization fraud, mortgage securitization process, mortgage servicing fraud, mortgage underwriting fraud, racketeering on Wall Street, RICO Act, robo-signing, violation of racketeering act, violation of RICO Act, Wall Street, Wall Street and RICO Act, Wall street fraud, who authorized mortgage robo-signing, who is Lisa Green, who is Mortgage IT, you never find just one mouse, you never find just one rat, you never find just one rodent
Posted in General, Mortgage Crisis, Mortgages | 54 Comments »
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