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)

Golfing Ohio leaders "out of touch" with main street

Two OHIO leaders spend day golfing & drinking beer with PRESIDENT

 President with OHIO's Governor (John Kasich) & US House Speaker (John Boehner) 

The two OHIO leaders spent hours golfing at the Joint Base Andrews Naval Air Facility course located in suburban Maryland. After a relaxing day, they retired to the patio of the luxurious clubhouse where they enjoyed beers while watching coverage of the U.S. Open being played at the nearby Congressional Country Club in Bethesda, Md.

A Republican consultant and former Boehner aide, Terry Holt, claimed the House speaker was having fun while being “very relaxed and easy-going.”  

Meanwhile in OHIO thousands spend day homeless as FORECLOSURES ravage Kasich and Boehner's communities

A new report by National People’s Action shows that nearly 1 of every 20 housing units in Cleveland, Cincinnati, and Columbus have been lost in foreclosure and became bank-owned properties in the last 3 years.

OHIO is ground zero and one of the states hardest hit by the epidemic of foreclosure and joblessness caused by Wall Street. It is a state where unions have been under attack, and where hard-won labor rights that built the middle class have been stripped away from teachers and public sector workers.  Big banks (like Columbus-based JP Morgan Chase) are destroying neighborhoods across the state with record foreclosures. 

More than 280,000 homes are expected to go into foreclosure in Ohio by the end of next year, putting even more families out on the streets and depleting the tax base further. JP Morgan Chase had rejected 354,822 families from the Obama Administration’s Home Affordable Modification Program (HAMP) almost as many as Bank of America and Wells Fargo combined. 

Photos: courtesy of  Washington Times and AP Photographer Charles Dharapa, and The DailyCaller

UNITED STATES OF AMERICA VS Deutsche Bank AG

Feds Seize $404 Million from Deutsche Bank (Settlement HERE)

photo from Courthouse News

U.S. Attorney Preet Bharara follows through! (HERE)

This is the real deal !! and only the beginning !!
We've been waiting...for this news.......since May 5th...
more ($$$) to come... when below case ...is PROSECUTED !

May 5th 2011 OHIO FRAUDclosure Blog Headline

UNITED STATES OF AMERICA

VS

Deutsche Bank AG

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

from Bloomberg Buisness: (story HERE)

“Nobody was doing any mortgage due diligence whatsoever,” said Christopher Thornberg, principal at Beacon Economics LLC in Los Angeles. He said the government may have brought the claim against Deutsche Bank as a “test case” before targeting other banks or seeking to force settlements. "The only question is, ‘Who’s next?"

According to the Justice Department’s complaint,  filed in the Manhattan federal court, Deutsche Bank's subsidary (MortgageIT) endorsed (via FHA program) more than 39,000 loans making them “highly marketable for resale,” ...of those.....12,500 defaulted.

(Click HERE to read full/original 5/5/11 post)

            

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

I’ll present the information, and then you decide. Is this major EXPLOSIVE NEWS...or …just a "Flash Bomb."  This is bigger than the State of OHIO and proof positive of our U.S. Government taking action! .

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

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