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| A Thursday Night Present... (More Bankster Frauds) in forum [Market-Ticker]
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Bullionaire
Posts: 2222
Incept: 2007-12-21
Fear The People
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Countrywide owed FLHB Atlanta alone something like 50B, if I recall correctly....I wonder what the disposition of that was after the BAC takeover.......
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"Anytime a financial company can take your hard earned money and keep it for decades without promising a set return, and even penalize you for early withdrawal it is a con. America has been conned by the whole 401K concept." - Ignorance Is Bliss, from a ZH comment section
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Jstanley01
Posts: 8178
Incept: 2008-07-30
San Antonio, Texas
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Tickerguy wrote..I've repeatedly pointed out that it appears that loans were pledged multiple times in various securitizations, which incidentally is black-letter fraud on two counts. It is? I dunno, it sounds like one of those really intricate financial deals, not to mention complicated. Far beyond the IQ capacity of anyone at Justice or in the states' attorneys general seats to be able to get to the bottom of. And why should they strain their brains and***** off their racketball and golf buds? The free market will take care of this anyway. I mean, sheesh. Figure it out. There are terrorists and druggies GALORE out there, don't you know, who need to be brought to the Bar Of... uh... what's that word? Eh, nevermind.
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You can't cheat an honest man. ~P.T. Barnum
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Musicandnature
Posts: 1953
Incept: 2007-12-05
NJ
Online
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and in our other related news the retired #2 man from WFC got 16 million last year. "The bank's second-highest paid employees was Mark Oman, who retired as head of home and consumer finance in December. His total compensation was $16.4 million" Oh and don't feel bad for the CEO, he was compensated 19.8 million. http://www.reuters.com/article/2012/03/1....How can these criminals live with themselves ?
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Since it costs a lot to win, and even more to lose, You and me bound to spend some time wonder'n what to choose. Goes to show, you don't ever know, watch each card you play and play it slow...Wait until that deal come round, don't you let that deal go down, no no. Garcia/Hunter.
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Griff
Posts: 80
Incept: 2007-10-25
Chicago
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FHLB's require physical collateral (usually mortage loans) against their member advances.
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"He will come like a thief in the night"
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Hilandstrata
Posts: 175
Incept: 2008-10-19
Online
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They gotta' get their gazillion dollar bonuses somehow. What better way than just steal it?! It's the Bankster Entitlement Program. They're banksters, they're entitled to be rich. Pathetic parasites, the whole damn financial industry.
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Andysvw
Posts: 1735
Incept: 2010-06-26
Tujunga Ca
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They are missing 600% of the deeds in one case at least. Any party that sold one of these in gonna get pounded. As they should!
Whats in YOUR pension?
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Templar223
Posts: 779
Incept: 2008-04-28
Champaign, IL
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I've only got a few years of payments left on my note.
Karl, you're not making me real comfortable here.
Suffice it to say, I would be *really******ed if after having paid off my note, some phallic gobbler came along and told me I had not paid it off in full.
John
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Mannfm11
Posts: 3541
Incept: 2009-02-28
DFW, Tx
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Looks to me like they borrowed against these notes after selling them, a crime like embezzlement and when JPM got Wamu, they sold the stuff again, probably to Bernanke and paid off the debt and dressed up the balance sheet. I don't know what MERS was set up to do, but it is clear how it was used, to commit fraud and hide the fact the titles had been transferred. We don't know who owns it until they tell us.
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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
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Murf
Posts: 4486
Incept: 2007-08-28
MurfCon Warning Level: Arrogance II
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Karl, I just don't get how all four, five or six purchasers of the security are getting paid!?!? Is the packager of the MBS just eating it and making multiple payments vis-a-vie his income?
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The money has already been lost. Someone has to book it.
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Onelegged
Posts: 266
Incept: 2009-11-13
NW Colorado
Online
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Semantics are great to make one sound "in control" and "rational", but it is time for bamboo and fingernails.
We need 1,000,000 in the streets this spring. It is time the American populace grows a set. **** what Limbaugh et. al. says. Let them try to marginalize us. ENOUGH IS ENOUGH!!!! We have nothing to lose at this point.
This is not the country I believe in anymore.
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The light at the end of this tunnel is a train.
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Flappingeagle
Posts: 1227
Incept: 2011-04-14
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Quote:•The homeowner. He has no idea who is the correct holder. He is paying a note but who's getting the money? The correct noteholder or a pretender? There's no way for him to know. And if he stops paying and the putative noteholder forecloses, it may not be the actual noteholder, in which case the debt is not extinguished at all! If that does not scream 'produce the wet ink paperwork or you don't own anything' then nothing ever will. Allowing any party who is trying to foreclose with a reproduced document will not cut in because that document, while being an accurate copy of the original, may in fact be based of off a fradulent transaction. What was that bank that destroyed several tractor trailer loads of docs becuase they were too expensive to keep? Oops. Flap
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Here are my predictions for everyone to see:
S&P 500 at 320, DOW at 2200, Gold $300/oz, and Corn $2/bu.
"You can't build a house of cards on a shaking table." - Tony Johns
The January 2015 AMZN put at $130 (cost $4.25) will be a winner.
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Ponzi_unit
Posts: 8106
Incept: 2007-09-05
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This was predicted here by more than one person a long while back... around 2008 at least.
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Taxpayers witnessed a crime and stayed around long enough to get charged with it.
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Morla
Posts: 815
Incept: 2009-11-09
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No surprise here, they're all going to jail if their assets get publicly audited anyway, they may as well just commit as much crime as possible. They're already on the hook for so much if honest law enforcement wanders by.. they're "pot committed" at this point IMO. 30 years in prison vs 40 years in prison (or whatever).. To a gambler (thievery is gambling, especially when the rich do it) that sounds a lot like "If I double down on this blackjack hand and lose I'll be $40,000 in the hole instead of $20,000 in the hole.." Quote:This was predicted here by more than one person a long while back... around 2008 at least. (edit)It was probably #3 or so on the Tickerforum Family Feud board for "crimes probably committed by WaMu". :) (edit2)Damn that's a good idea, Karl could take polls now about potential financial industry crimes then any time one of of these stories breaks he can title that ticker "And the survey saaays......."
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Fear of govt IS the government.. Statism is a pack of unbacked threats; If govt gets out of control, ignore it and go about life as you see fit. Where's your crown, King Nothing?
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Randy123
Posts: 5776
Incept: 2008-09-24
Earth
Online
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They were better off b/c the scale of the crimes is immense. Therefore nothing happens b/c the system would be brought down...So it will happen again.
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China is the Enemy. Wake Up.
New Normal. Same As The Old Awful.
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Morla
Posts: 815
Incept: 2009-11-09
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That's true, but the sheer volume of crime is such that the genie will be very hard to keep in the bottle forever. Realize that even the crooks don't know how much the other crooks are stealing or from whom. Any individual participant on Wall Street (or even in govt) has probably only seen the tip of the criminal iceberg he's sitting on. When mum is ALWAYS the word on EVERYTHING they lose their ability to self regulate, one corporate crime team doesn't know what the crime team across the street is doing and a classic 'overfishing' problem dooms them all.
(edit)This is all conjecture of course, it just seems logical to me that not even the cockroaches would really know how many cockroaches are hiding in the kitchen. They know how many other roaches they bump into, which in a "don't ask, don't tell" legal environment is much like two ships passing on a foggy night.
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Fear of govt IS the government.. Statism is a pack of unbacked threats; If govt gets out of control, ignore it and go about life as you see fit. Where's your crown, King Nothing?
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Jal
Posts: 512
Incept: 2009-03-25
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Didn't you know ... Its not illegal! Those laws were changed to save the system    |
Calyxcats
Posts: 4
Incept: 2012-02-20
Santa Cruz, CA
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Does this have the potential to be, finally, the rallying point to pull Americans off their couches and onto the streets? Bank Transfer Day/Move Your Money received a great deal of coverage and drew in Avg. Joes, not just politicos. What if this was condensed and stated in such a way, that every homeowner in America and every wannabe homeowner, understood exactly how they have been abused by the banks, regulators and politicians? If no one is certain their mortgage payments are going toward home ownership, wouldn't everyone finally have skin in the game? Or is that an oversimplification?
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Brewcrew2
Posts: 149
Incept: 2011-02-18
New Jersey
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Knowing a bunch of people who used to be "in the mortgage business", I'd bet that a lot of them did not know enough about business to think of things like actually depositing the notes with the trusts, keeping the physical paperwork locked away somewhere for a set number of years, etc. With no old-school year-of-experience crotchety manager telling them what to do, they just "winged it".
After "winging it" payed off as well as it did, someone else may have decided to work with this idiot and take advantage of the situation (resell the same mortgage over & over to some other dope who doesn't really see the consequences).
Still no excuse; the cops don't care if you know what the speed limit is.
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Morla
Posts: 815
Incept: 2009-11-09
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Quote:Its not illegal! Those laws were changed to save the system Nah, they'd have to change almost every white collar law in the book to get some of these guys out of jail free. They only changed the laws that would have caused this to immediately blow up in their faces, like mark-to-market accounting for instance. You know, keep a low profile, nudge the system just enough to stay rich and out of jail. I just don't think it'll work in the long run because there's no true honor among thieves.
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Fear of govt IS the government.. Statism is a pack of unbacked threats; If govt gets out of control, ignore it and go about life as you see fit. Where's your crown, King Nothing?
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Pika-steph
Posts: 54705
Incept: 2007-09-11
Live Free Or Die; US Army Est. 1775
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Yay! You found it! Glenn will be pleased.
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Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org/ "The only regulation that really works is failure."--Rick Santelli
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Blurtman
Posts: 563
Incept: 2009-01-24
Banned
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Yes, but how do they handle the cash flows? A mortgage in an MBS provides a real return if the borrower pays the mortgage. You can't divide that by 5 or 6, can you? Who keeps the books? Are they cooked?
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I have a reading comprehension problem and the owner banned me for repeatedly displaying it after being warned.
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Morla
Posts: 815
Incept: 2009-11-09
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Quote:Does this have the potential to be, finally, the rallying point to pull Americans off their couches and onto the streets? In my opinion, no. Years of tips about Bernie Madoff didn't get the SEC off their asses, because it was only their problem if they made it their problem. The overall public doesn't begin to protest until it's actually easier than following what used to be the herd. Look at the Austerity in Greece.. they're REALLY MAD, but there are still plenty of people willing to give the status quo a chance that business is mathematically capable of pretending to continue "as usual". Honestly, if you want to know when the U.S. taxpayer will be fed up with business as usual take careful notes on Greece. Our standard of living has a LOT of room to fall yet, and Greece may make a good depth gauge for such prognostications. Of course here it will eventually be price inflation flavor, not austerity flavor.. 9/10 Americans recommend inflation you know ;P And Paul Krugman is 7 of them! It should be noted that 7 Paul Krugmans now only buys what one Paul Krugman would have bought when he won the Nobel.. (also Bernanke has a better beard) (edit)Greece has now made their first default, so synchronize your watches haha (edit 2)I'd like to formally apologize to the Greeks for advocating using them like a coal mine canary, but it's time for you Greeks to be realistic about this. You are the canary, but you're not in a cage. Leave this coal mine with all haste if you're brave enough to find your own difficult way out without international mega-corps to guide you.
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Fear of govt IS the government.. Statism is a pack of unbacked threats; If govt gets out of control, ignore it and go about life as you see fit. Where's your crown, King Nothing?
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Tallystick
Posts: 2230
Incept: 2009-09-20
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Sell MBS, buy treasuries, pocket the difference (treasuries despite lower yield initially have higher returns after MBS defaults).
That also tells you why you won't see any prosecution. TBTF has bondzilla in their back pocket to unleash if they are threatened.
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Whewt
Posts: 2290
Incept: 2008-03-17
Lake Bonneville Shoreline!
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I predict it will be the temp staff robosigning VPs that were knocking down 20 bucks an hour who will eventually see jail time for this.
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Except for the math, it's all going to work out.
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