Posts Tagged ‘RICO Act’
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 13th, 2012 5:51 AM |
If the Wall Street mortgage settlement is supposed to define justice, then crime certainly does pay.
Having asked repeatedly in 2011 whether Wall Street mortgage servicing practices qualified as a racket and thus the charges filed should have been addressed as a RICO violation, yesterday we received our answer.
By any measure of ‘sense on cents’, the evidence provided screams of a RICO violation. The verdict delivered? (more…)
Tags: Ally Financial mortgage servicing, Bank of America mortgage servicing, Citigroup mortgage servicing, crime on Wall Street, crime pays, false or fraudulent claims, FHA mortgage insurance, Foreclosure Pact Alleges a Pattern of Malfeasance, JP Morgan Chase mortgage servicing, MERS, mortgage abuses, mortgage servicing practices, mortgage servicing settlement, mortgage settlement, racketeering violation on Wall Street, RICO Act, robo-signing, unfair and deceptive practices, Wall Street justice, Wall Street mortgage settlement, Wells Fargo mortgage servicing
Posted in General, Mortgage Crisis, Mortgages, Wall Street | 9 Comments »
Posted by Larry Doyle on February 12th, 2012 5:34 PM |
In a nation now all too familiar with a “too big to fail” banking system, a heavily manipulated and high frequency dominated equity market, and an incestuous financial regulatory system, we should not be surprised with a mortgage settlement that does little more than ‘piss into the wind’.
Pardon my cynicism, but one does not need to look too deeply into the recently announced mortgage settlement to understand there is little in the way of meaningful justice embedded in this contrivance. (more…)
Tags: Ally Financial, American Banker, Bank of America, Citigroup, details of mortgage settlement, high frequency trading, JP Morgan Chase, justice within mortgage settlement, Missing Settlement Documents Raise Doubts About $25B Deal, mortgage abuse, Mortgage Crisis, mortgage fraud, mortgage servicers, mortgage settlement, Mortgages, piss into the wind, pissing into the wind, regulatory capture, RICO Act, robo-signing, the regulators work for us, too big to fail banking system, Wall Street conspiracy, Wall Street-Washington incest, Wells Fargo
Posted in General, Mortgage Cram-Down, Mortgage Crisis, Mortgages | 3 Comments »
Posted by Larry Doyle on May 17th, 2011 9:30 AM |
(This commentary is a little lengthy, but not overly so. I strongly encourage you to read and ponder the details embedded here as I firmly believe America’s core principles of decency and justice are on the line. Let’s stand up for America!!)
What would be the outcry in America if a foreign government or corporation knowingly and willingly abused the personal finances of multiple tens of thousands of our fellow citizens? Imagine if that entity were a large Chinese national bank or a Russian financial conglomerate? What if it were a division of an organization involved in illicit activities or even worse?
Do you think the United States government would intervene very aggressively on behalf of our fellow brethren? Might the media be up in arms with headline stories on a daily basis? Would the personal assaults precipitate an international trade embargo or a discontinuation of diplomatic relations? Does this sound like the stuff of a Harrison Ford virtuoso performance? Even better, this must be the plot to the next James Bond thriller, right? (more…)
Tags: A Low Bid for Fixing a Big Mess, abusive financial practices, abusive mortgage servicing practices, Bank of America Brian Moynihan, Citigroup Vikram Pandit, Congressional hearings on mortgage foreclosure abuses, defending America's principles, Department of Justice, disclosure and discovery of Wall Street's mortgage practices, GMAC Michael Carpenter, gretchen morgenson, Harrison Ford performance, how much will Wall Street pay for mortgage servicing abuses, James Bond flicks, JP Morgan Jamie Dimon, Mortgage Crisis, mortgage foreclosure, mortgage foreclosure abusive, mortgage servicing practices, our nation's principles of decency and justice, problems ion mortgage servicing, RICO Act, robo-signing, Sense on Cents, United States bankruptcy system, United States Trustee Program, Wall Street abusive practices, Wall Street fine for mortgage servicing abuses, Wells Fargo John Stumpf, who is Clifford J. White III
Posted in General, mohamed el-erian, monetary policy, money, Money Market Funds | 9 Comments »
Posted by Larry Doyle on May 13th, 2011 8:58 AM |
(This is a long commentary, but if you have any interest whatsoever in Wall Street, our markets, our economy, and our national character it is a MUST READ. Rolling Stone’s Matt Taibbi lays out in voluminous detail why I have aggressively questioned the validity of a self-regulatory model for Wall Street and whether under that construct Wall Street violated the Racketeering Act. Read it and weep. Then for our national interest, please share this with your friends and colleagues. I thank the loyal Sense on Cents supporter who brought this story to my attention. LD)
On March 2, 2010, I was invited on CNBC’s Street Signs to discuss Goldman Sachs. I pulled no punches that day in cautioning people interested in Goldman Sachs that the greatest risk with Goldman was its’ ‘reputational risk’. For those who care to view that 4 minute Media Appearance on CNBC, my specific comments about GS’ reputation come in at about the 3-minute mark.
Over the last fourteen plus months, the Dow Jones Industrial Average is higher by approximately 20% and Goldman Sachs’ stock is lower by approximately 10%. (more…)
Tags: carl Levin and Goldman Sachs, CNBC Squawk Box, criminal charges vs Goldman Sachs, did Goldman Sachs commit fraud di, did Wall Street violate the racketeering act, Goldman Sachs, goldman sachs fraud, Goldman Sachs investigation May 2011, Goldman Sachs Lloyd Blankfein reputation, Goldman Sachs May 2011 what will happen, Goldman Sachs reputation, is Goldman too important to indict, is Goldman too powerful to indict, Lloyd Blankfein, matt taibbi, news about Goldman Sachs, reputation risk of Goldman Sachs, RICO Act, Rolling Stone's Matt Taibbi, Rolling Stones People vs Goldman Sachs, self-regulation on Wall Street, Senator Levin and Goldman Sachs, The People vs Goldman Sachs, what is driving Goldman Sachs stock lower, what is pushing Goldman Sachs stock lower, what is scienter, what will happen to Lloyd Blankfein, why is Goldman Sachs stock lower, will Goldman be indicted
Posted in General, Goldman Sachs | 8 Comments »
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 »
Posted by Larry Doyle on April 18th, 2011 8:29 AM |
Is the need to repair the health of our financial system SO GREAT, that we should be willing to allow the basic rights of individuals and the laws of our land to be trampled and violated in the process? In my opinion, this very question is central to the rage that burns in so many hearts across our great land.
Bailing out banks may be anathema to those who love and cherish capitalism BUT not pursuing justice and real accountability for the transgressions of those individuals and those institutions central to our crisis is sickening. I believe it is inherently un-American to allow these transgressions to pass without proper prosecution. Which transgressions? (more…)
Tags: accountability on Wall Street, Anderson Cooper interview with Matt Taibbi, Auction Rate Securities, bank bailouts, Brian Moynihan, Chrysler creditors, CNN interview with Eliot Spitzer, did Wall Street violate the racketeering act, Eliot Spitzer interview with Anderson Cooper, James Gorman, Jamie Dimon, justice on Wall Street, Lloyd Blankfein, mortgage foreclosure abuse, mortgage originations, prosecutions on Wall Street, regulatory capture, repairing Wall Street, RICO Act, Rolling Stone's Matt Taibbi, transgressions on Wall Street, violating rights of individuals, Wall Street-Washington incest
Posted in General | 5 Comments »
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