Lenders & Servicers may face $25 billion in FHA denials

MORTGAGE SERVICERS:  Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. are among mortgage servicers that may face $13.5 billion in costs and

MORTGAGE LENDERS:  May face $11.5 billion in additional costs if the Federal Housing Administration (FHA) rejects insurance claims on soured loans.

Bank of America & Countrywide: combined have $14 billion in endorsed mortgages
Wells Fargo & Company:  originated $9.8 billion in endorsed mortgages
PNC Financial: (acquired National City Bank portfolio) $ 3.6 billion insured by FHA

"We go where the evidence takes us...if it takes us to...players on Wall Street, so be it"
........ Helen Kanovsky - HUD’s general counsel

read more in Bloomberg Businessweek - October 4, 2011 (HERE)

 "Nobody was doing any mortgage due diligence whatsoever,"
"The only question - 'Whos next?' 
........ Christopher Thornberg - principal at Beacon Economics LLC in Los Angeles.

HUD / FHA loan portfolio = $1 TRILLION dollars with only $ 4.7 billion in capital

........Paul Miller, a former examiner for the Federal Reserve Bank of Philadelphia and an analyst with FBR Capital Markets in Arlington, Virginia

"The Housing and Urban Development (HUD) department is examining loans insured through the Federal Housing Administration (FHA) and may refer additional cases to the U.S. Justice Department"

........ Helen Kanovsky - HUD’s general counsel

OHIO FRAUDclosure shared the news (in our June 17th, 2011 post - HERE)

UNITED STATES OF AMERICA

VS

Deutsche Bank AG

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

The above case has REVEALED.... what we already know...these loans are RIPE with FRAUD

and US tax-payer owned Fannie Mae and Freddie Mac – ARE BROKE.

TIME TO PAY- UP..... for all the fraud!!!!    

To Big To Fail ???

Bank of America stock has plunged 59% this year (below $6 for first time since 2009)

JPMorgan stock has lost 32% in value and  Wells Fargo has fallen 25% year to date.

Related News: BofA to Shutter Lending Unit After Auction Fails
more from Bloomberg Businessweek - October 4, 2011 (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