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Posts Tagged ‘racketeering on Wall Street’

Rackets + Inmates Run Asylum = Banana Republic Recommended

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…)

JP Morgan Mortgage Fraud: Comments and Questions

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…)

Racketeering Charge Against BofA and MERS

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…)

You’re Screwed by Wall Street Mortgage Settlement

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…)

UPDATE: Did Wall Street Violate the Racketeering Act?

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…)

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