Jamie Dimon - To big to fail?

UPDATE & BOMBSHELL: (Business Insider)

Wall Street Journal Report: Jamie Dimon Personally Approved The Concept Of The Disastrous Trade, Losses Could Total $5 BILLION! .....The reporter's sources appear to be very close to Dimon. The story includes an exchange between Dimon and his wife and also references an evening fueled by vodka.

(WSJ - Here)

JP MORGAN CHASE & CO - We’re Number ONE !!!! (1)

What!: "it's ok to lose 2 billion...we've made billions this quarter"...

Liar: JPM Didn't "hedge" (4) 2 Billion dollar loss - JPM Chase placed a huge bet that went bad, a bet that cannot be described as a “hedge” in any policy relevant way. JPM Chase was simply gambling for profit (HERE)

FBI & DOJ announce investigations of 2 billion "trading loss" (HERE)

How?:   Foreclosure as a Business Model (HERE)(1)

When:  Tuesday May 15^th - 2012

Where: Tampa, Florida "Back-office Complex"

Event:   Jamie Dimon vs. Shareholders & CALPERS

Jamie Dimon - I'm to big to fail..let me count the reasons......

CHASE – NUMBER ONE - in AMERICA - for FORECLOSURES(1) **

(1) SNL Finacial report 6-10-10 - JP Morgan Chase had the highest dollar value, 19.5 Billion, of 1-4 family homes in foreclosure. JP Morgan Chase had an additional 54.5 BILLION in foreclosure properties which it serviced for others

Scharf stated that most of the paper problems were simple "affidavit issues" but confirmed it could cost the company a few million dollars for every month that foreclosure proceedings were delayed. However, Schaff quelled investors’ worries by stating that re-filings with fraudulent new paperwork would begin in a few weeks and would only take three to four months to complete.

Moreover, Scharf stated ALL the company’s foreclosure decisions were "based on materially accurate information" and Chase had multiple controls in place to assure that all property records had been properly assigned and transferred.

Finally, Scharf's presentation showed that JPMorgan’s default employees (currently numbering around 17,000) had independent "operational processes" in place - to assure - all foreclosures were proper. That process was checking a loan status - twice.  First before a loan was  referred to a Mill Firm attorney for foreclosure and then again, before the final foreclosure sale.

Below are excerpts from the 41 page report (full report linked at bottom): 

….The ability to continue to foreclose is critical to continued economic and real estate recovery (translation we have 375+ billion dollars worth of exposure, and we need to unload this crxx - as soon as possible – we’ll simply call it Economic Real Estate Recovery) Will $56 Million help? for Chase overcharging 6,000 active military

….We strongly believe foreclosures should not be delayed any longer than necessary (translation: Judges…go back to sleep…and get back to Rubber-Stamping our foreclosures as we have profit margins and analysts’ projections to meet. Our stockholders & investors can’t be delayed by any legalities or Rules of Law.)  JP Morgan will foreclose - even if your an Ohio Judge  

….{Any} further foreclosure delays will damage communities and the economy(what? - silly me - of course any delays to the emptying of occupied houses and further blighting cities will damage the economy! Our drug-dealers need safe-houses to store and sell drugs in order to quickly stimulate the economy) 
…..{F}acts and circumstances supported {our} decisions to foreclose but if we become aware of any fraud exceptions, we will fix them (translation: hopefully this Robo-Signing thing will blown over quickly….and we can FRAUDulently create needed transfers and bogus assignments)

 

......Pg 29....{All} the following are ...…Misconceptions of Chase:

{that} liens were not properly transferred

{that} defects in title transfer - compromise title insurance

{that} foreclosures are pursued too aggressively and completed without sufficient review

{that} borrowers current (on loans) have been foreclosed upon;

{that} foreclosure decisions are not supported by underlying facts and circumstances

{that} servicers were not willing or able to staff up to cope with volumes....Inspector General to ask Chase to testify - only has modified 67,000 of the 204,000 eligible. + 2011 Class Action

 

.....Pg 6….by the way... JP MORGAN CHASE & CO has a Nationwide footprint (over 5,000 branches & 16,000 ATMs in 23 states) and “We operate from a position of strength” and “We will be appropriately paid for the services we provide

**Presentation of November 4, 2010

 

Mortgage Servicing Agreement Filed in Federal Court

(picture courtesy of DOJ)

Justice Department, HUD & State AG's FILE $25 Billion AGREEMENT in D.C. 
FIVE Mortgage Servicers to Address Mortgage Loan Servicing & Foreclosure Abuses

WASHINGTON – The Justice Department, the Department of Housing and Urban Development (HUD) and 49 state attorneys general announced today the filing of their landmark $25 billion agreement with the nation’s five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses. The federal government and state attorneys general filed in U.S. District Court in the District of Columbia proposed consent judgments with Bank of America Corporation, J.P. Morgan Chase & Co., Wells Fargo & Company, Citigroup Inc. and Ally Financial Inc., to resolve violations of state and federal law.   

The unprecedented joint agreement is the largest federal-state civil settlement ever obtained and is the result of extensive investigations by federal agencies, including the Department of Justice, HUD and the HUD Office of the Inspector General (HUD-OIG), and state attorneys general and state banking regulators across the country.

The consent judgments provide the details of the servicers’ financial obligations under the agreement, which include payments to foreclosed borrowers and more than $20 billion in consumer relief; new standards the servicers will be required to implement regarding mortgage loan servicing and foreclosure practices; and the oversight and enforcement authorities of the independent settlement monitor, Joseph A. Smith Jr
Read the rest of the press release (HERE)

SETTLEMENT DOCUMENTS

• COMPLAINT (pdf)

The court documents filed today also provide detailed new servicing standards that the mortgage servicers will be required to implement.  These standards will prevent foreclosure abuses of the past, such as robo-signing, improper documentation and lost paperwork, and create new consumer protections.  The new standards provide for strict oversight of foreclosure processing, including third-party vendors, and new requirements to undertake pre-filing reviews of certain documents filed in bankruptcy court.  The new servicing standards make foreclosure a last resort by requiring servicers to evaluate homeowners for other loss mitigation options first.  Servicers will be restricted from foreclosing while the homeowner is being considered for a loan modification.  The new standards also include procedures and timelines for reviewing loan modification applications and give homeowners the right to appeal denials.  Servicers will also be required to create a single point of contact for borrowers seeking information about their loans and maintain adequate staff to handle calls.

Ally Financial Inc. Consent Judgment (PDF)

Bank of America Corporation Consent Judgment (PDF)

Citigroup Inc. Consent Judgment (PDF)

J.P. Morgan Chase & Co. Consent Judgment (PDF)

Wells Fargo & Company Consent Judgment (PDF)

For more information about the task force visit: http://www.stopfraud.gov/.

BLOGGER/WRITER: David Dayen asks a simple question
......You might ask why ANY industry with this kind of performance record would be allowed to stay in business. It would be a good question........(HERE)

First of all, as we’ve been documenting, these are larger releases from liability than at first contemplated. It’s not just a “robo-signing” settlement. Among the elements released in the settlement include foreclosure fraud, numerous instances of varied servicer abuse, violations of the Servicemembers Civil Relief Act, whistleblower claims of fraud in HAMP, origination errors, false documentation in court, violations of the False Claims Act, appraisal fraud at Countrywide, fair lending violations, underwriting inaccuracies on FHA loans, and more. Here’s just one list from the complaint of servicing abuses found by the government:

a. failing to timely and accurately apply payments made by borrowers and failing to maintain accurate account statements;
b. charging excessive or improper fees for default-related services;
c. failing to properly oversee third party vendors involved in servicing activities on behalf of the Banks;
d. imposing force-placed insurance without properly notifying the borrowers and when borrowers already had adequate coverage;
e. providing borrowers false or misleading information in response to borrower complaints; and
f. failing to maintain appropriate staffing, training, and quality control systems.

And here’s another list on loan modification noncompliance (which in the case of FHA and other loans, is mandatory):

a. failing to perform proper loan modification underwriting;
b. failing to gather or losing loan modification application documentation and other paper work;
c. failing to provide adequate staffing to implement programs;
d. failing to adequately train staff responsible for loan modifications;
e. failing to establish adequate processes for loan modifications;
f. allowing borrowers to stay in trial modifications for excessive time periods;
g. wrongfully denying modification applications;
h. failing to respond to borrower inquiries;
i. providing false or misleading information to consumers while referring loans to foreclosure during the loan modification application process;
j. providing false or misleading information to consumers while initiating foreclosures where the borrower was in good faith actively pursuing a loss mitigation alternative offered by the Bank;
k. providing false or misleading information to consumers while scheduling and conducting foreclosure sales during the loan application process and during trial loan modification periods;
l. misrepresenting to borrowers that loss mitigation programs would provide relief from the initiation of foreclosure or further foreclosure efforts;
m. failing to provide accurate and timely information to borrowers who are in need of, and eligible for, loss mitigation services, including loan modifications;
n. falsely advising borrowers that they must be at least 60 days delinquent in loan payments to qualify for a loan modification;
o. miscalculating borrowers’ eligibility for loan modification programs and improperly denying loan modification relief to eligible borrowers;
p. misleading borrowers by representing that loan modification applications will be handled promptly when Banks regularly fail to act on loan modifications in a timely manner;
q. failing to properly process borrowers’ applications for loan modifications, including failing to account for documents submitted by borrowers and failing to respond to borrowers’ reasonable requests for information and assistance;
r. failing to assign adequate staff resources with sufficient training to handle the demand from distressed borrowers; and
s. misleading borrowers by providing false or deceptive reasons for denial of loan modifications.

DOJ, SEC, HUD, and AG Holder to investigate FRAUD !!

BREAKING NEWS

US Government to Finally investigate FRAUD !!!

FOR IMMEDIATE RELEASE                                                          Friday, January 27, 2012

WHO: U.S. Attorney General Eric Holder, State and Federal Officials

WHAT: Collaboration to Investigate Residential Mortgage-backed Securities Market by Residential Mortgage-Backed Securities Working Group
created under President Obama’s Financial Fraud Enforcement Task Force (FFETF). 

WHERE:  Washington - Attorney General Eric Holder along with Housing and Urban Development (HUD) Secretary Shaun Donovan, Securities and Exchange Commission (SEC) Director of Enforcement Robert Khuzami and New York Attorney General Eric T. Schneiderman today announced the formation of the Residential Mortgage-Backed Securities Working Group
At the direction of the President, this Working Group brings together the Department of Justice (DOJ), several state attorneys general and other federal entities to investigate those responsible for misconduct contributing to the financial crisis through the pooling and sale of residential mortgage-backed securities.  This effort will be in coordination with and in addition to the ongoing efforts and investigations by the Justice Department, FFETF members and state and federal law enforcement investigating and prosecuting other types of financial fraud

HOW MANY:
55 Department of Justice attorneys, analysts, agents and investigators from around the country, to include the current 15 civil and criminal attorneys along with 10 FBI agents and analysts who will be assigned to the Working Group efforts.  An additional 30 attorneys, investigators and other staff around the country will join the efforts in the coming weeks.  This team will join existing state and federal resources investigating similar misconduct under those authorities

GOAL:

To hold accountable any institutions that violated the law; to compensate victims and help provide relief for homeowners struggling from the collapse of the housing market, caused in part by this wrongdoing; and to help Americans finally turn the page on this destructive period in our nation’s history.

LEADERS:  The working group will be co-chaired by senior officials at the Department of Justice and SEC, including Lanny Breuer, Assistant Attorney General, Criminal Division, DOJ; Robert Khuzami, Director of Enforcement, SEC; John Walsh, U.S. Attorney, District of Colorado; and Tony West, Assistant Attorney General, Civil Division, DOJ.

NY Attorney General: Schneiderman, will lead the effort from the state level.  Other state Attorneys General have been and will be joining this effort....

“I would like to thank President Obama and Attorney General Holder for their leadership in combating financial fraud in this country and I look forward to co-chairing this working group that marshals state and federal resources to build on those efforts by bringing justice on behalf the victims of the misconduct that caused the mortgage crisis,”  

“In coordination with our federal partners, our office will continue its steadfast commitment to holding those responsible for the mortgage crisis accountable, providing meaningful relief for homeowners commensurate with the scale of the misconduct, and getting our economy moving again.  The American people deserve a thorough investigation into the global financial meltdown to ensure nothing like it ever happens again, and today’s announcement is a major step in the right direction.”

"We are wasting no time in aggressively pursuing any and all leads. In fact, as part our current investigations, the Department recently issued civil subpoenas focusing on issues related to the market for residential mortgage-backed securities to 11 different financial institutions – and you can expect more to follow.

Of course, I can’t go into detail about our existing investigations. But I can tell you that significant efforts are moving forward, by both federal and state authorities. And I can assure you that, if we uncover evidence of fraud or other illegal conduct, we will bring the appropriate criminal or civil charges."  said Attorney General Schneiderman.

READ THE ENTIRE PRESS RELEASE (HERE)
More about the Residential Mortgage-Backed Securities Working Group and the Financial Fraud Enforcement Task Force at

http://www.stopfraud.gov/

Download Attorney General Holder’s memo to Financial Fraud Enforcement Task Force (HERE)

U.S. Government to Prosecute mortgage Fraud?

UNITED STATES OF AMERICA

VS

Deutsche Bank AG and MortgageIT Inc.

United States Court: Southern District of New York
Case: 2011 CV 2976   Jury Trial Demanded

            

  Explosive News……. or ….........Flash Bang ….........you decide

The name of this blog is OHIO FRAUDclosure, so we want to stay on target topic. However, this appears to be such a major news story and seems directly related to the on-going investigations of FRAUD in foreclosures. That – we simply have to report on it.

I’ll present the information, and then you decide. Is this major and EXPLOSIVE NEWS...or …maybe….just a "Flash Bomb." First, I’m going to try to give it what it needs….a little intrigue and mystery…so you'll have to wait.....for our report.

This is much bigger than the State of OHIO and it is proof positive of our U.S. Government taking action! This is clearly a follow-up from all the information gleaned from the congressional hearings (held last fall) and must somehow be tied-in with the investigations currently being conducted by ALL 50 State Attorney Generals. This is the big one! This is the mortgage investigation and news we’ve all been waiting for. Certainly by now, you’ve read about it, if not having first been texted, tweeted (Twitter) or alerted via the Internet, or another blog. If you Google or Bing (Search) the case file number or named criminal Bank…..it’s a HEADLINE Story. Unfortunately, you will probably get the exact same copied story (UPI reported) and headline everywhere. At least it got some coverage…shortly after being filed in a N. Y. Federal Court on Tuesday morning. But, it "apparently" got lost as being "big news" in New York, since major media and news coverage was focused on the killing of Osama Bin Laden. Darn - What bad timing….you know….for a FRAUD and Foreclosure story of this magnitude.  It got more mainstream coverage on Wednesday – some of it - making the first few pages of major newspapers. The most detailed coverage was through bloggers nontraditional & Internet news outlets (Bloomberg and MSN).  Unfortunately, there are a few folks out there that believe the timing of the lawsuit….well....let’s just say…..was untimely ….and this EXPLOSIVE HEADLINE …well ......may in fact.....simply be.........a headline.

MAJOR Explosion, MAJOR News, MAJOR Headline,.... to be posted here - soon