Posts Tagged ‘robo-signing’
Posted by Larry Doyle on June 14th, 2013 9:02 AM |
Not that we needed any further evidence of the racketeering enterprises run within the mortgage operations on Wall Street, but with the recently delivered testimony of Simone Gordon, a senior collection officer within Bank of America’s mortgage ‘racket’ . . . we got it.
I first questioned whether the activities within the mortgage servicing enterprises on Wall Street rose to the level of racketeering in early 2011 after having becoming aware of Wall Street’s practice of robo-signing mortgage documents in order to engage in the fraudulent conveyance of countless mortgages. (more…)
Tags: BAC mortgage operation, Bank of America mortgage racket, Bank of America mortgage servicing, HAMP, Home Affordability Modification Program, mortgage modification fraud, Neil Barofsky Bailout, robo-signing, Sheila Bair Bull by The Horns, Simone Gordon, Simone Gordon Bank of America, Simone Gordon testimony, Tim Geithner HAMP, Wall Street-Washington incest, who is Simone Gordon
Posted in Bank of America, General, HAMP, Mortgage Crisis, Mortgages, Wall Street, Wall Street Washington Incest | 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 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 January 1st, 2012 12:41 PM |
America wakes up this morning hopeful for a new year filled with peace and prosperity. Sense on Cents welcomes spreading our spirit of optimism.
Before we move forward, though, let’s take an accounting of 2011 and induct those most deserving into our Sense on Cents’ 2011 Halls of Fame and Shame.
Prior to our induction ceremony today, I am sure there are many in the crowd who may want to review our past award winners. On that note, I humbly submit:
Sense on Cents 2009 Halls of Fame and Shame
From the above Fame and Shame lists, I believe the top three in each Hall deserve special recognition. On that note, the medals go to the following: (more…)
Tags: Amar Bhide, Carson Block, Christine Acosta, Darcy Flynn, David Sokol, Donald Kohn, Donald Trump, Emily Lambert of Forbes, Frances Price, Gretchen Morgenson of The New York Times, hall of fame, hall of shame, Jalen Rose, Janus Funds, jeff Sessions, Jim Garvin, Joe Grano, Joe Sciddurlo, John Boehner, Jon Corzine, Jon Corzine MF Global, Jon Kyl, Larry Doyle, Laurence Meyer of Macroeconomic Advisors, Mary Meeker, Michael Grimm, Michael Lewitt of Harch Capital, Mike Mayo, Navy Seals who killed Obama, Oscar winner Charles Ferguson, Paul Ryan, Pete Peterson of the Peterson Foundation, political phonies, Raj Rajaratnam, Ray Dalio, Raymond James, Robert Auerbach, robo-signing, Rod Blagojevich, Rupert Murdoch, Sal Arnuk, Sense on Cents, Sense oN Cents 2011 Hall of Fame and Shame, student loan bubble, truth transparency and integrity, Walter Williams, Warren Buffet, William Cohan of Bloomberg
Posted in General | 4 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 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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