Robo Signing - While our government was sleeping !

Below, some shocking news (cough-cough) that apparently happened while our government was sleeping! In a total surprise (except for homeowners) it appears fraudulent robo-signing continued, as Attorney Generals sold out attention was focused on cutting a sweetheart deal with the five largest mortgage servicers: Bank of America, Citigroup, JPMorgan Chase, Wells Fargo and Ally Financial. Of course they all agreed to a $25 billion settlement without admitting wrongdoing. (Collectively paying 25 billion!...for no wrongdoing...Really!)

The New York Times  - April 1st - Section B - cover story
As Foreclosure Problems Persist, Fed Seeks More Fines
Carla Duncan is fighting a foreclosure lawsuit on her home in Cleveland Heights, Ohio

Carla Duncan, a social worker, is {still} fighting a lawsuit over the foreclosure on her three-bedroom home in Cleveland Heights, Ohio. The lawsuit, which was filed in March 2010 in Ohio state court, includes a {mortgage assignment} document signed by {an admitted and known robo-signer} Ms. Erica Johnson-Seck. In July 2010, Erica Johnson-Seck, whose signatures appeared in {thousands of} foreclosure cases acknowledged, in a deposition....to having signed 750 mortgage documents a week, usually with only a cursory review.
“It’s so totally unfair {to have to fight their fraudulent submissions}” said Ms. Duncan.

In October 2010, Garr M. King, a senior judge with the United States District Court in Oregon, blocked a foreclosure after spotting a suspicious document from {another admitted and known robo-signer}Ms. Noriega. In that lawsuit, Ms. Noriega, acting as vice president of Mortgage Electronic Registration Systems,(MERS) signed an assignment of mortgage. The problem, court records show, was with the date. Ms. Noriega’s signature {purportedly} transferring the mortgage from Mortgage Lenders Network (MLN) to LaSalle National Bank (now part of Bank of America) was dated 15 months after MLN halted its operations.

Despite the pledges of the giant servicers to amend their practices, there are signs that foreclosure cases with other companies remain problematic. An examination of dozens of court cases by The New York Times found questionable documents involving some of {the below} eight institutions. HSBC (United States bank division), SunTrust Bank, MetLife, U.S. Bancorp, PNC Financial Services, EverBank, OneWest and Goldman Sachs. In addition, judges, lawyers and advocates for homeowners say that people are still losing their homes despite improper documentation and other flaws in the foreclosure process often involving these firms. The eight firms cited by the Federal Reserve “should be fined for unsafe and unsound practices in their loan servicing and foreclosure processing,” Suzanne G. Killian, a senior associate director of the Federal Reserve’s Division of Consumer and Community Affairs, told lawmakers last month in a House Oversight Committee hearing in Brooklyn. Read the rest of the New York Times story (HERE)

(Picture above by David Maxwell for The New York Times)

D-Day is coming...Occupy our Homes

DECEMBER 6th - National Day of Action

OCCUPY OUR HOMES 

The OccupyWallStreet movement and brave homeowners around the country are coming together to say, "Enough is enough." We, the 99%, are standing up to Wall Street banks and demanding they negotiate with homeowners instead of fraudulently foreclosing on them.
 
Everyone deserves to have a roof over their head and a place to call home. Millions of Americans have worked hard for years for the opportunity to own their own home; for others, it remains a distant goal. For all of us, having a decent place to live for ourselves and our families is the most fundamental part of the American dream, a source of security and pride.

In 2008, we discovered bankers and speculators had been gambling with our most valuable asset, our homes--betting against us and destroying trillions of dollars of our wealth. Now, because of the foreclosure crisis Wall Street banks created with their lies and greed, millions of Americans have lost their homes, and one in four homeowners are currently underwater on their mortgage.

Not only do we have thousands of people without homes, we have thousands of homes without people. Boarded-up houses are sitting empty--increasing crime, lowering the value of other homes in the neighborhood, erasing the wealth that lifts families into the middle class. For more information:

National Website: http://occupyourhomes.org/
On Twitter: @OccupyOurHomes
Facebook page: http://www.facebook.com/events/304693926222145/
In Ohio our contact email: ohiofraudclosure@gmail.com

A growing number of homeowners & supporters are standing up to the banks & demanding that the banks correct the mortgage principal to fair market value. 

 I will:

Resist attempts by the FRAUDsters (banks & servicers) to "steal" our homes. 

Take necessary action(s) to Support American Homeowners. 

• If they attempt to foreclose, I will not go

• If they attempt to evict, I will not go

• If they attempt to "Steal" my neighbors home, I will stand with my neighbor in solidarity

I will:

- sign petitions

- make phone calls

- contact caring - local and national organizations

- join efforts of local and national organizations that help with foreclosure defense & to help stop evictions

- help spread the word

TAKE THE PLEDGE: IN DEFENSE of AMERICAN HOMEOWNERS: (CLICK HERE)


OCCUPY Minneapolis formed a human chain around Sa'ra Kaiser's foreclosed home, preventing the officers from boarding it up, and ultimately forcing the police - who had no legitimate legal pretense for preventing occupiers from being their in the first place - to give up. US BANK wanted to evict another homeowner and blight another house and neighborhood.

ARGENT Mortgage - Cleveland Criminal Trial - Jan 9 2012

   MAIN EVENT (Settlement Date?): Monday January 9th, 2012
                                                   TIME:     9:00am
                                                       CRIMINAL "Heavyweight" Fight
                                                       WALL STREET  vs  MAIN STREET
                                                    (Argent Mortgage) vs (Homeowners)

All 13 received Continuances on 11/14/11 for settlement attempts on-going Discovery
The "lucky 13" previously received Continuances on 9/15/11 for on-going Discovery* 
                  *(the Prosecutor was in another court case....and could not attend)Original Art & Graphics provided by PETE GRAFF

                                       "Destruction by Predatory Loans"
Read the true story of how Argent Mortgage ruined an American City in only 3 years !!

OHIO says enough !! - 9 Indicted from ARGENT MORTGAGE

"There was blood on the streets of Cuyahoga County. But it wasn't until there was blood on the streets of Wall Street that anyone cared."
Jim Rokakis - Cuyahogo County Treasure)

'This is going to become an epidemic,' and they sat on their hands. For whatever reason, they didn't act. But if you were looking, the handwriting was on the wall. If you were looking, it was obvious something was wrong."
(Tony Stevenson, a staff attorney with Housing Advocates Inc. in Cleveland)

"All the regulators knew what was going on. Regulators allowed loose lending to keep the economy going."
(Raj Aggarwal, dean of the College of Business Administration at the University of Akron

*All 13 named defendants appeared at pre-trial hearings (July 11th - July 13th). All posted bond and were released per a CONTINUANCE request, of 6 weeks, to complete Discovery. The request was granted and the PRE-TRIAL hearing(s) are scheduled to begin at 9:00am on Thursday August 25th 2011.* Read 68 Page INDICTMENT (HERE)

                           James Sims    Karen Harris     Linda Warner   Gerald Spuzzillo
James "aka Jessie" Sims - Mortgage Broker - Bond set at $ 2,500

Karen Harris - Defendant - Bond - $ 5,000

Linda Warner - Ohio Appraiser - Bond - $ 5,000
Gerald Spuzzillo -Ohio Appraiser -  Bond - $ 2,500

Linda Warner and Gerald Spuzzillo - Ohio Appraisers, were indicted for falsifying appraisals on real estate deals submitted to both Argent and Long Beach Mortgage
Read: Spuzzillo Appraisal Company (GJS) inflated Property values (HERE 7-29-2006)

James Sims - allegedly an OHIO Mortgage Broker is facing multiple counts including Complicity, Aggravated Theft, and Tampering with Records
Karen Harris - is also named in the indictment and faces charges of Engaging in a pattern of corrupt activity, and property forfeiture

                               "ARGENT  9"

                       STEINKUEHLER      PORTER          SCOLA           FORBES

Gerald Steinkuehler - Argent Supervisor - Bond - $ 5,000

Kirk Porter - Argent Underwriter - Bond - $ 2,500

Michael Scola - Argent Account Manager - Bond - $10,000

Terry Forbes - Argent Supervisor - Bond - $ 2,500

                        PASTERNAK      MONGRIOTIS          SHAW           KOBUS

Angela Pasternak - Argent Account Manager -  Bond - $ 2,500

David Mongriotis - Argent Underwriter - Bond - $ 2,500
Deeanne Shaw - Argent Underwriter - Bond - $ 2,500
Denise (O'Brock) Kobus - Argent Account Manager - Bond - $10,000

Erin Foley (Ottaviano) - Argent Underwriter - Bond set at $ 2,500

"[This is] the first time in Ohio and...few instances nationwide that a mortgage fraud investigation has led to CRIMINAL CHARGES against [Argent Mortgage] employees {and} of a sub prime lender. The securitization and selling of these fraudulent, sub prime loans to Wall Street typified the rampant greed of the industry that ultimately led to the financial crisis " said Cuyahoga County prosecutor, Bill Mason

WE WERE WARNED !!  EARLY ON..... Yet - No one did a thing!!!

City's Housing glut allows Mortgage FRAUD to thrive 7-29-2006 - Mark Gillispie

As Decade Dawned signs of Crisis:   9-28-2008 - Roger Mezger

"Argent Mortgage - They ran it like a Boiler Room"  2-4-2005 - L.A. Times
Argent & Ameriquest customers filed more complaints with the Federal Trade Commission (FTC) from 2000 through 2004 than did those of two of its biggest competitors combined

* Information for this story and related postings are taken from public record(s), arrest record(s) and/or unsealed indictment. The named defendants appearing on this blog HAVE NOT been convicted (only arrested).  All are presumed innocent. Do not rely on this blog to make any determination as to any person's actual criminal involvement or criminal record. Opinions and commentary expressed, if any, are solely those of the blog author and have no legal weight or bearing in this or any related case(s). The booking mug shots appear courtesy of bustedmugshot.com, Cuyahoga County Jail or mugshotsonline.com

ARGENT MORTGAGE - Cleveland Criminal Trial - Update !!

                                                         CRIMINAL "Heavyweight" Fight
                                                       WALL STREET  vs  MAIN STREET
                                                    (Argent Mortgage) vs (Homeowners)
                                     Pre-Trial Weigh-In:  9:00am THURSDAY August 25th 2011
Original Art & Graphics provided by PETE GRAFF

                                       "Destruction by Predatory Loans"
Read the true story of how Argent Mortgage ruined an American City in only 3 years !!

OHIO says enough !! - 9 Indicted from ARGENT MORTGAGE

"There was blood on the streets of Cuyahoga County. But it wasn't until there was blood on the streets of Wall Street that anyone cared."
Jim Rokakis - Cuyahogo County Treasure)

'This is going to become an epidemic,' and they sat on their hands. For whatever reason, they didn't act. But if you were looking, the handwriting was on the wall. If you were looking, it was obvious something was wrong."
(Tony Stevenson, a staff attorney with Housing Advocates Inc. in Cleveland)

"All the regulators knew what was going on. Regulators allowed loose lending to keep the economy going."
(Raj Aggarwal, dean of the College of Business Administration at the University of Akron

*All 13 named defendednts appeared at pre-trial hearings (July 11th - July 13th). All posted bond and were released per a CONTINUANCE request, of 6 weeks, to complete Discovery. The request was granted and the PRE-TRIAL hearing(s) are scheduled to begin at 9:00am on Thursday August 25th 2011.* Read 68 Page INDICTMENT (HERE)

                           James Sims    Karen Harris     Linda Warner   Gerald Spuzzillo
James "aka Jessie" Sims - Mortgage Broker - Bond set at $ 2,500

Karen Harris - Defendant - Bond - $ 5,000

Linda Warner - Ohio Appraiser - Bond - $ 5,000
Gerald Spuzzillo -Ohio Appraiser -  Bond - $ 2,500

Linda Warner and Gerald Spuzzillo - Ohio Appraisers, were indicted for falsifying appraisals on real estate deals submitted to both Argent and Long Beach Mortgage
Read: Spuzzillo Appraisal Company (GJS) inflated Property values (HERE 7-29-2006)

James Sims - allegedly an OHIO Mortgage Broker is facing multiple counts including Complicity, Aggravated Theft, and Tampering with Records
Karen Harris - is also named in the indictment and faces charges of Engaging in a pattern of corrupt activity, and property forfeiture

                               "ARGENT  9"

                       STEINKUEHLER      PORTER          SCOLA           FORBES

Gerald Steinkuehler - Argent Supervisor - Bond - $ 5,000

Kirk Porter - Argent Underwriter - Bond - $ 2,500

Michael Scola - Argent Account Manager - Bond - $10,000

Terry Forbes - Argent Supervisor - Bond - $ 2,500

                        PASTERNAK      MONGRIOTIS          SHAW           KOBUS

Angela Pasternak - Argent Account Manager -  Bond - $ 2,500

David Mongriotis - Argent Underwriter - Bond - $ 2,500
Deeanne Shaw - Argent Underwriter - Bond - $ 2,500
Denise (O'Brock) Kobus - Argent Account Manager - Bond - $10,000

Erin Foley (Ottaviano) - Argent Underwriter - Bond set at $ 2,500

"[This is] the first time in Ohio and...few instances nationwide that a mortgage fraud investigation has led to CRIMINAL CHARGES against [Argent Mortgage] employees {and} of a sub prime lender. The securitization and selling of these fraudulent, sub prime loans to Wall Street typified the rampant greed of the industry that ultimately led to the financial crisis " said Cuyahoga County prosecutor, Bill Mason

WE WERE WARNED !!  EARLY ON..... Yet - No one did a thing!!!

City's Housing glut allows Mortgage FRAUD to thrive 7-29-2006 - Mark Gillispie

As Decade Dawned signs of Crisis:   9-28-2008 - Roger Mezger

"Argent Mortgage - They ran it like a Boiler Room"  2-4-2005 - L.A. Times
Argent & Ameriquest customers filed more complaints with the Federal Trade Commission (FTC) from 2000 through 2004 than did those of two of its biggest competitors combined

* Information for this story and related postings are taken from public record(s), arrest record(s) and/or unsealed indictment. The named defendants appearing on this blog HAVE NOT been convicted (only arrested).  All are presumed innocent. Do not rely on this blog to make any determination as to any person's actual criminal involvement or criminal record. Opinions and commentary expressed, if any, are solely those of the blog author and have no legal weight or bearing in this or any related case(s). The booking mug shots appear courtesy of bustedmugshot.com, Cuyahoga County Jail or mugshotsonline.com.

OHIO says enough !! - 9 Indicted from ARGENT MORTGAGE

UPDATE (6) (latest) New charges filed against some (HERE)
Others may be "singing" in an attempt to negotiate settlements !
NEXT court date: Trial scheduled for Monday 1-09-2012

UPDATE (5) discovery delays & legal Jiu Jitsu delay 10-13-11
trial (re-scheduled to 11-14-11) be continued until January 9, 2012

UPDATE (4)  Pre Trial continued until Thursday 10-13-11

UPDATE (3)  Pre Trial continued until Thursday 9-15-11

UPDATE (2)  Pre Trial re-set for Thursday 8-25-11

UPDATE (1)  13 Arraigned in Cleveland Ohio 7/7/2011 - (CLICK HERE)

Bill Mason*

"[This is] the first time in Ohio and...few instances nationwide that a mortgage fraud investigation has led to CRIMINAL CHARGES against [Argent Mortgage] employees {and} of a sub prime lender. The securitization and selling of these fraudulent, sub prime loans to Wall Street typified the rampant greed of the industry that ultimately led to the financial crisis " said Cuyahoga County prosecutor, Bill Mason.

The City of Cleveland, through prosecutor Bill Mason and the Cuyahoga County Mortgage Fraud Task Force, handed down 9 indictments to former employees of the now defunct lender. Three (3) Argent "Account Executives" helped coach independent Mortgage Brokers (Dale Adams, Nick Myles, and James Sims) located in Northeast Ohio with creating mortgage applications that would be approved by 2 Supervisors and 4 Underwriters all working in concert from Argent's Rolling Meadows office located in Chicago.

The following defendants were employed by Argent Mortgage Company:

Denise (O'Brock) Kobus - Argent Account Manager

Michael Scola - Argent Account Manager

Angela Pasternak - Argent Account Manager

Terry Forbes - Argent Supervisor

Gerald Steinkuehler - Argent Supervisor

Dee Anne Shaw - Argent Underwriter

Kirk Porter - Argent Underwriter

David Mongriotis - Argent Underwriter

Erin Foley-Ottaviano - Argent Underwriter

Linda Warner and Gerald Spuzzillo - Ohio Appraisers, were indicted for falsifying appraisals on real estate deals submitted to both Argent and Long Beach Mortgage

ARGENT MORTGAGE came out of nowhere and quickly became Cleveland's #1 lender (2004) while originating over 10,000 loans in just a three year span (2002-2005)

This Orange County California headquartered mortgage company made BILLIONS in profits created from high-risk and sub-prime loans which they peddled to inner city Cleveland homeowners. Now - seven years after ARGENT MORTGAGE became #1 lender in Cleveland - street after street of local neighborhoods are lined with blighted and abandoned homes. Entire communities have been wiped out!

The high-profile mortgage company sponsored Indy Car driver - Danica Patrick.

        

WE WERE WARNED !! Yet...No one did a thing!!!

SHOCKING, STUNNING, and ACCURATE predictions are quotes from a now almost 3 year old (2008) article (linked below):

"We called it early... Nobody listened,"There was blood on the streets of Cuyahoga County. But it wasn't until there was blood on the streets of Wall Street that anyone cared."
(Jim Rokakis - Cuyahogo County Treasure)

'This is going to become an epidemic,' and they sat on their hands. For whatever reason, they didn't act. But if you were looking, the handwriting was on the wall. If you were looking, it was obvious something was wrong."
(Tony Stevenson, a staff attorney with Housing Advocates Inc. in Cleveland)

"Regulators allowed loose lending to keep the economy going. All the regulators knew what was going on."
(Raj Aggarwal, dean of the College of Business Administration at the University of Akron)

For years the city of Cleveland had been WARNING the "asleep-at-the-wheel" State and Federal regulators of what was to come.  Home prices become so outrageous in value, that during a 6 year period, median home prices (in Cleveland) rose 56%, according to county real estate records, while the city's population dropped 4% ...during this same period. It didn't make sense!

*The case involves 100 properties in Cuyahoga and Summit counties that were financed with nearly $13 million in Argent loans and sold by Uri Gofman, the owner of Cleveland-based Real Asset Fund, one of his companies. The new investigation grew out of a Cuyahoga County case being prosecuted against Uri Gofman, who was indicted in August 2008, in Cuyahoga County Common Pleas Court, for his role in what was then said to be one of the biggest mortgage fraud schemes in U.S. history. It is said to involve 453 homes purchased with $44 Million in FRAUDulent loans and $31million in siphoned profits.



Related Links:

As Decade Dawned signs of Crisis:   9-28-2008 - Roger Mezger

*Former Employees of Sub-Prime Lender Indicted:  6-23-2011 - Mark Gillispie

JP Morgan Chase sued - for FRAUD - Again !!!

Two (2) Major Lawsuits seek close to $ 1 BILLION DOLLARS 

Mounting evidence of outrageous behaviour and even more examples of outright FRAUD (committed by JP Morgan Chase?) has become so overwhelming & obvious, that soon, we'll need "State Scorecards" to track the sheer volume and huge numbers ...of lawsuits... being filed against JP Morgan Chase.

Getty Images -WSJ

JP Morgan Chase may end up... making Bernard Madoff....look like a "Penny Stock" broker.
The latest legal actions, seek a combined total of almost $1 BILLION dollars, and come from two lawsuits filed by the National Credit Union Association (NCUA)

Today's Wall Street Journal story (Link HERE) states in part:
......The National Credit Union Administration lawsuits, filed in the U.S. District Court in Kansas, are the most aggressive action to date by federal authorities seeking to recover more than $800 million tied to the sales of bonds backed by (FRAUDulent) risky mortgages to failed credit unions. The lawsuits filed Monday allege that the offering documents provided to credit unions in conjunction with the sale of mortgage-backed securities by.... J.P. Morgan contained (LIES and FRAUD) "untrue statements of material fact," or  (hid the fraud for corporate greed and short selling)"omitted to state material facts"  in violation of state and federal securities laws, according to the complaints. (oh - did we tell you? - the bogus mortgages we helped create - never transferred - to the trust?)

Today's Business Insider (Clusterstock) story (Link HERE) states in part:

......At first glance, the lawsuit seems to take issue .... that ratings agencies used "credit enhancement" to give shoddy mortgages high ratings. The NCUA was not aware of the credit enhancement.Here's one key sentence from the lawsuit against JP Morgan:

If the Credit Unions had known about the Originators’ pervasive disregard of underwriting standards - contrary to the representations in the Offering Documents - the Credit Unions would not have purchased the certificates

JP Morgan CEO...JAMIE DIMON.....could have possibly resolved this (in the past) by calling his friend - John Kasich (OHIO Governor). Unfortunately, OHIO governor Kasich was too busy golfing with "Crying" OHIO speaker John Boehner and the President of the United States.

Looks like the JP MORGAN CEO will have to prepare for this crisis ...by once again notifying the "Riot Police" to "protect us" from the truth!  Columbus Dispatch 5/17/11:
..."There was heavy security at the meeting with police, some on horses, blocking the protesters at the five entrances to the massive complex."
The Chase executives will be safe (from news media) behind the police protected - moat surrounded - walled off Columbus OHIO COMPOUND complex (Polaris Circle)

Recent actions by Showdown in America Groups* included trying to Foreclose on a Chase Bank Branch in Illinois. Hopefully someone will be successful in this endeavor as we (The People) may need the collateral property value ($$$) of the Chase Bank buildings...to settle some of the Billions needed ....for "Restitution" to pay all the alleged defrauded investors. (subject of the lawsuits)

Picture **

By hiding - at least no one has to make any "official comments" regarding the 
(186 pages of documented) allegations. Please download a copy of this lawsuit. 
It's a great education and read (PDF copy HERE) (Courtesy link from Wall Street Journal)


* Showdown (In Ohio) Groups were organized by National People’s Action (NPA) and the Ohio Organizing Collaborative, part of the New Bottom Line Campaign 
**  Picture Courtesy of Chase Morally Bankrupt dot Com

Other groups to contact include: Illinois Taxpayers Demand that Wall Street Pays Their Fair Share

The Wizard of OZ (Wall Street Trusts) - REVEALED !!

Who are the N.Y. Banks & Trusts Foreclosing on Ohio Homeowners ?

"I am the Foreclosure Wizard - I own your Mortgage and Note - I'm taking your HOME"
Shortly thereafter when the courtroom is cleared of the smoke & MERS (Mortgage Electronic Registration System) the local OHIO civil court judge... shouts out in fear - YES - take the home - SUMMARY JUDGEMENT awarded to you oh great Wall Street Wizard

Anyone reading this blog knows this FORECLOSURE WIZARD of Wall Street.  This huge - scary - to big to fail entity - is best known as...."THE TRUSTEE"
   
The trustee is a legal administrator that is supposed to make sure the big bad Trust LEGALLY OWNS and HOLDS the homeowners NOTE and MORTGAGE ... BEFORE ... they come into a courtroom blowing smoke and making all kinds of scary threats to foreclose. The simple requirements (rules and guidelines) on how to transfer and hold the mortgages and notes - were actually set up by the Banks themselves. The Banks first made up the Mortgage Rule handbooks and then they filed them with the Securities and Exchange Commission (SEC). This legal handbook is known as a Pooling and Servicing Agreement (PSA). The self created document spelled out in very specific detail how each homeowner Mortgage was to be pooled (bundled together) and assigned. Thus, by following their own rules (in the PSA) the "Wall Street Wizards" could now sell ALL these bundled mortgages as investments. Rules were to be followed for the assignment and delivery of each and every mortgage purportedly being sold and transferred to the TRUST. The Trustees for the so called Mortgage Backed Securities (MBS) claimed they held thousands of mortgages that were worth BILLIONS of dollars (creating millions in commissions and corporate profits)

But then - something happened! While the Trusts were FRAUDulently scaring all the judges into awarding foreclosures - a couple "TOTO" attorneys  - decided to pull back the curtain on these great big scary fire-breathing "Wizards of Wall Street" and Guess what they found?

   The Wall Street Trusts - Have NO MORTGAGES - They CANNOT FORECLOSE !

The FRAUD has been exposed. The fire, smoke and loud noises are FAKE - The computer generated and Robo-Signed documents are outright FRAUD. The mortgages are NOT in the Trusts - They never were. The man behind the curtain is "Linda Green" - operating a giant LPS computer and trying to transfer all the mortgages and notes FRAUDulently.

Linda Green Robo-signing

"We have 60 million mortgages - we are too big to fail! I have to keep scaring people and illegally taking homes. I AM LINDA GREEN - I CANNOT BE STOPPED - I MUST FORECLOSE - I AM THE GREAT AND WONDERFUL...WIZARD of WALL STREET"

See below - N.Y. and Wall Street Trusts - GAME OVER !!
If you've been served a notice of default from one of these "Empty Trusts" or "Bogus Lenders" or Pretend Banks - Get a Lawyer!! and fight back!!
Below are some of the phony or false plaintiff suing parties being exposed:
Bank of America, Bank of New York, Deutsche Bank, U.S. Bank N.A.

 Article by Gretchen Morgenstern (Right click and open in new tab)
2 State Attorney Generals, from New York and Deleware, are investigating Wall Street’s bundling of loans into securities to determine whether they were properly documented and valid. The attorney general of New York (Eric Schneiderman) has teamed with his counterpart from Delaware ( Joseph R. Biden III) Their joint effort centers on the back end of the mortgage assembly lines - where big banks served as trustees overseeing the securities for investors....A complex process that produced hundreds of billions of dollars in securities during the lending boom, the issuance of mortgage securities began with home loans, which were then bundled into investments and sold to pension funds. mutual funds, big banks and other investors. The bundles were created as trusts overseen by institutions such as Bank of New York and Deutsche Bank; they were supposed to make sure (they didn't) the complete mortgage files for each loan were delivered within a specified time and with the proper documentation. (they failed)

HUFFINGTON POST: Article by Shahien Nasirpour (Right click and open in new tab)
New York Attorney General Eric Schneiderman has targeted Bank of America, the biggest U.S. bank by assets, in a new probe that questions the validity of potentially thousands of mortgage securities and their associated foreclosures. In some cases where trusts moved to seize borrowers' homes, judges have determined the trusts lacked legal standing due to faulty documentation. The inquiry could prove explosive: Wall Street's great mortgage securitization machine took millions of home loans and bundled them into securities for sale to investors. If the legal steps that guide securitization -- like taking mortgage documents from one party to another, a critical step under New York law -- were not undertaken, then the investors who bought the bundled loans could force the companies to buy them back, compelling them to eat enormous losses. While several investigations remain ongoing at the state and federal level, no agency has systematically examined loan-level documents to ensure the creation of mortgage securities complied with state laws or to examine the scope of sloppy paperwork in foreclosure proceedings, like the so-called "robo-signing" fiasco. In its November report, the bailout watchdog said that the "robo-signing of affidavits served to cover up the fact that loan servicers cannot demonstrate the facts required to conduct a lawful foreclosure." "In essence, banks may be unable to prove that they own the mortgage loans they claim to own," the panel said.

Wall Street Journal: Article by Nick Timiraos (Right click and open in new tab)
On Monday, a Michigan judge overturned a foreclosure after concluding that the foreclosing entity couldn’t have owned the mortgage after it failed to comply with certain mortgage securitization rules. Jeff Barnes, the lawyer for Hendricks, successfully argued that  U.S. Bank N.A. as trustee didn’t have the right to foreclose, in part because it hadn’t been assigned ownership of the loan in accordance with strict rules required to ensure the tax-exempt status of mortgage-bond investments. (Hendricks still lives in the house. Michigan gives borrowers a six-month “redemption period” and Barnes says the foreclosure challenge was filed during that time.) The decision is a possible setback for the securitization industry, which has argued that its transfers of mortgage loans are valid under the Uniform Commercial Code, which governs commerce across the nation. The Michigan court ruled that the specific securitization agreements didn’t comply with New York trust law, which superseded the UCC because it governs most so-called pooling and servicing agreements(PSA).

Yet in OHIO our Local courts are still systematically awarding Summary Judgements to Robo-Signed and "Empty Trusts" which hold No Note and No Mortgage. Do we really have to wait for Michigan, New York and Delaware to "figure it out" for us? Come on OHIO COURTS! Below are some guidelines for any OHIO Civil Judges:
You can't take-back ... something you've never owned !
You can't get a divorce settlement .... if you've never married !
You can't foreclose.... on a mortgage and note... you don't own !!

TBTF - Too Big To Fail

Title:      "TOO BIG TO FAIL"
What:   HBO Films Docu(drama)mentary
Date:    Monday May 23, 2011
When:   9:00pm est
Where:  HBO Network
Why: If you really want to know how the "Wizards of Wall Street"
(Big Banks and Wall Street Investment Firms) Collapsed the entire world's economy
You must see this HBO Film - Documentary
               THE TITLE  -  SAYS IT ALL
HBO brings the whole sordid tale to the screen in the sensational original two-hour movie based on the book with the same name by Andrew Ross Sorkin
NEWYORK POST (Review by Linda Stasi)- Right click and Open in New Tab for review
...."They cheat. They steal. They lie. They leave hardworking families homeless. They undermined the entire economy of the United States for their own personal greed. They don't go to jail and still get billions in bonuses.  Who are they? They are the Wall Street SOBs who brought the US to its knees, that's who. Too bad to be true? No." The movie tells the minute-by-minute, seat-of-the-pants story of how Treasury Secretary Hank Paulson (William Hurt) tries to wrangle the arrogant CEOs of the giant financial institutions. It's like watching the meeting of the five families in "The Godfather," except that these five heads were part of the industry that brought not just their enemies, but the whole country, to its knees.
The group includes JP Morgan's Jamie Dimon (Bill Pullman), Goldman Sachs' Lloyd Blankfein (Evan Handler), Morgan Stanley's John Mack (Tony Shalhoub), Merrill Lynch's John Thain (Matthew Modine) and Citigroup's Vikram Pandit (Ajay Mehta).



More info - here - from HBO: "Too Big To Fail "- Right click and Open in New Tab to:  
Read movie Synopsis, Bios, and hear from the Cast and crew
Really Cool: Click here for "Source Documents" used by Andew Sorkin for his book
PDF document showing NYSE Dow Index compared to the "Timeline of the Crisis"

MAY 2010:  OHIO Senator Sherrod Brown (D): ....The biggest problem is the enormous size of the institutions being regulated. "Too big to fail" means they are simply too big, and shrinking them is not on the table.  Last month, Senator Sherrod Brown explained the size problem this way: "Fifteen years ago, the assets of the six largest banks in this country totaled 17% of GDP.  The assets of the six largest banks in the United States today total 63% of GDP, and that’s too (big) - we’ve got to deal with risk to be sure, but we’ve got to deal with the size of these banks, because if one of these banks is in serious trouble, it will have such a ripple effect on the whole economy." Representative Alan Grayson said,"Too big to fail means too big to exist. I don’t think the big banks will get appreciably smaller until after the next meltdown, and one is coming sooner than later Read the Rest Here..from USAWatchdog (Right click and Open in New Tab)

JULY 2010:  OHIO Senator Sherrod Brown (D): Sent a letter to the 4 largest banks, calling on them to work with homeowners facing foreclosure. (Text of letter Here) Nothing happened!

APRIL 2011:  OHIO Senator Sherrod Brown (D): Introduces landmark legislation titled  Foreclosure Fraud and Homeowner Abuse Prevention Act of 2011
(We covered - in detail - on this blog - Click HERE)

OHIO - JP Morgan Chase - We're # 1 in Foreclosures

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

What:   A Celebration of  Foreclosure as a Business Model

When:  Tuesday May 17^th - 2011

Where: Columbus, OHIO – Corporate Headquarters

Event:   Shareholder Meeting - Showdown In Ohio

Who’s invited: Public Shareholder’s of  JPMorgan Chase (JPM)

Why: Why have this celebrations & shareholder meeting in OHIO?

We know your probably thinking - this type of business celebration and fiscal success should be held somewhere in New York or at a Wall Street firm. But, OHIO is ground zero and proof positive of the success that JP Morgan Chase has had with Foreclosure as a Business Model. Remember the famous quote by actor Michael Douglas as Gordon Gecko in Wall Street.. 

"Greed is Good"

A recent report on foreclosures in Ohio’s 3 largest cities* helps show that..

 FORECLOSURE - as a business model - is Good !!

The biggest and most exciting News: As an owner of JPM stock you share in the wealth of the REAL ESTATE OWNED (REO) portfolio.  JPM & Co. recently presented** their very successful foreclosure business model.  As of 6-10-10, JP Morgan & Co., had a staggering $ 19 BILLION in foreclosed properties(1) (under their management)  and were able to  lay claim to a status, prestige and title:

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

Who knows, this may be another hit television show in the making - "America’s Foreclosure Kings": We want to own your home - we evict deadbeat homeowners - WE LOVE vacant properties. Read along ....all this week ....as we report

FORECLOSING on OHIO – a litmus test for financial success 

** 6 months ago, (Nov 4, 2010) while being questioned about Chase's "temporary delay" in foreclosure filings, Charlie Scharf, head of Chase retail financial services unit, sought to calm a group of worried analysts and investors during a presentation in Boston MA.  The investors were worried as only 3 weeks prior to the conference; Chase had suddenly stopped foreclosures in 40 states, and on roughly 127,000 loans. Additionally, they had stopped 8,200 eviction proceedings (of occupied) REO (Real-Estate-Owned) properties. It appeared Chase had massive exposure to the so called robo-signing scandal.

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. This process obviously doesn't apply, if you live in Arizona!

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:

{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; (oops in AZ)

{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”

* ShowdownInAmerica-Foreclosing_on_Ohio

**Presentation of November 4, 2010

(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.