Posts Tagged ‘bank of america’
Fannie Mae Inspector- Carries Guns, Issues Subpoenas, Makes Arrests
Author: Matthew D. Weidner, Esq.
You know how I’m always railing and screaming about the abuses of government, warning about the crunching boots of the jackbooted thugs?
You’ve read my cases that document banks and servicers just kicking down doors, and taking peoples properties and utterly disintegrating that fantasy naive Americans had about the right to be safe from unreasonable searches and seizures and all that non sense….right?
I warned in the past and provided specific examples of Fannie/Freddie servicing guidelines that have servicers making “inspections” of Americans homes when they are 45 days late on their mortgage payments.
Well, let’s take the jack booted thug thug thing a bit further. This comes from an industry newsletter:
Fannie Mae May Need Lawyers, Guns, Money
Wow, that’s certainly a comforting headline….right? Well this article references an article back at the Wall Street Journal
When Steve Linick first met senior managers at Fannie Mae and Freddie Mac early this year, he told them he would be no ordinary Washington regulator. His office has the power to make arrests, issue subpoenas and conduct searches, and some of his employees carry badges and guns.He hasn’t hesitated to deploy those resources as the inspector general of the mortgage-finance companies’ regulator, the Federal Housing Financing Agency. Mr. Linick, who is set to brief Congress on his oversight on Tuesday, has 48 investigations under way and dispatched federal agents to the homes of several Fannie employees in October as part of an investigation related to defaulted commercial mortgages. Wall Street Journal
So you just kinda put things together and it’s certainly not out of touch paranoid delusions to think that we’re moving to a situation where agents of the government are just kicking down doors, guns drawn whenever they damn well please……
Banks Can’t Process Loan Modifications or Short Sales, But Can Do Trillion Dollar Swaps Instantly…
Author: Matthew D. Weidner, Esq.
If a client attempt a loan mod or short sale, I make sure they know they’ll be sending the paperwork again and again, it will take the bank months, they will lose documents over and over and they will probably get denied.
The banks cannot figure out how to modify a few hundred million dollars in loans over years, but the Fed and the banks can figure out how to engineer trillions in dollars in complex transactions….overnight…..
Read this article and understand that worldwide banking today is nothing but crazy gambling….with our money….when will calls for arrest of Geithner and Paulson start resonating?
From the article:
Breaking that down: JPM Chase holds 11% of the world’s derivative exposure, Citibank, Bank of America, and Goldman comprise about 7% each. But, Goldman has something the others don’t – a lot fewer assets beneath its derivatives stockpile. It has 537 times as many (from 440 times last year) derivatives as assets. Think of a 537 story skyscraper on a one story see-saw. Goldman has $88 billon in assets, and $48 trillion in notional derivatives exposure. This is by FAR the highest ratio of derivatives to assets of any so-called bank backed by a government. The next highest ratio belongs to Citibank with $1.2 trillion in assets and $56 trillion in derivative exposure, or 46 to 1. JPM Chase’s ratio is 44 to 1. Bank of America’s ratio is 36 to 1.
Separately Goldman happened to have lost a lot of money in Foreign Exchange derivative positions last quarter. (See Table 7.) Goldman’s loss was about equal to the total gains of the other banks, indicative of some very contrarian trade going on. In addition, Goldman has the most credit risk with respect to the capital it holds, by a factor of 3 or 4 to 1 relative to the other big banks. So did the Fed’s timing have something to do with its star bank? We don’t really know for sure.
U.S. Foreclosure Fraud in a Nutshell, How Average Joe’s Home Was Stolen
Author: Matthew D. Weidner, Esq.
The following article appears in today’s edition of Market Oracle. It’s a pretty clear and straightforward explanation of how one of America’s cornerstones….private property ownership, is being utterly decimated…and how homeowners all across this nation will soon be nothing more than slaves eking out their meager existences on a nationwide plantation called the unUnited States of America. I don’t know the author Bill Butler, but he nails the facts and his conclusion seems spot on:
The untold story in the foreclosure crisis unfolding across America is that, following a foreclosure perpetrated by one of the October 2008 Bailout Banks (e.g. Bank of America, Citibank, JPMorgan, Wells Fargo) Fannie Mae or Freddie Mac suddenly appear as the record owner of Average Joe’s home. These federal government sponsored entities then go into local housing court and get a court order authorizing them to evict Joe. If Joe resists, these supposedly charitable institutions obtain a writ ordering the local sheriff to forcibly remove Joe from his home.
Bank of America- The Ticking Time Bomb
Author: Matthew D. Weidner, Esq.
The investors in mortgage securities recently announced an $8.5 billion dollar settlement….that’s just a drop in the bucket, just a tiny fraction of the real liability that exists. Of far more importance is how this will impact homeowners all across the country. But frankly even more important than that is the overall health of that whole lurking operation that is Bank of America….
“Bank of America has a ticking time bomb in its books and it needs to show investors that it is moving,” said Ira Rheingold, an attorney and executive director of the National Association of Consumer Advocates.
Another Bank of Amerika (The Rodney Dangerfield of Banks) Blunder…..Teeter, Totter, Weeble, Wobble…
Author: Matthew D. Weidner, Esq.
Sigh….here’s another one….Maybe Warren Buffet’s Intervention Will Help Bank of America
And this:
Moreover, after absorbing tens of billions of dollars in mortgage-related losses in the past three years, Bank of America faces tens of billions more. It has hundreds of thousands of delinquent mortgages and second loans on its books. The state attorneys general are working on a deal on the foreclosure fraud scandal that might cost it billions. Independent analysts estimate the bank faces $16.4 billion to $36.1 billion in further housing-related losses, both from delinquencies and litigation. No other bank is more exposed to the continuing woes of the housing market.
Yet now it’s the Rodney Dangerfield of banks, seemingly on the bad side of too many tales of bungled deals with customers and rows with regulators. It’s in legal trouble on multiple fronts from foreclosure messups to lawsuits by angry corporate customers. It’s stuck with perhaps the most toxic asset in banking: Countrywide Mortgage, bought in 2008. And it’s the embarrassed owner of a stock, priced above $50 a share in 2007, that now sags under $7.
Obama v. Eric Schneiderman and The American People- The Epic Corruption Showdown
Author: Matthew D. Weidner, Esq.
I fear this once proud nation has fallen into an abyss and there may not be any turning back. The latest evidence of this is found in the fact that the Democratic president is whoring for the banks and Wall Street and is in a street fight with a Democratic Attorney General, now offically know as, The Last Honest Leader In This Country, Eric Schneiderman.
Wall Street is not our Main Street, it is the epicenter of the biggest crime scene in the history of mankind. Schneiderman is not the AG of some podunk backwards and corrupt cesspool like, say….Floriduh…he’s the AG of New York….The epicenter of the crime scene. Now if this guy is standing up and telling the world that settling is not good….when the crimes happened in his backyard, well….maybe we should listen?
And as a reward for standing up for consumers Iowa AG Tom Miller (after being completely bought off by the banks), has taken aim and is attacking Schneiderman. We have to repeat over and over and over again that Tom Miller first pledged to put bankers in jail, then accepted bajillions of dollars in campaign funds then POOF! No more talk about jail, all talk about gladhandling the banks. But the real story here are the reports that President Obama is fighting against the America People in order to take massive campaign contributions from the banks and Wall Street…..this is an epic showdown, the outcome of which will determine where we end up as a nation….
But New York’s Schneiderman, who earlier this year launched an investigation into the securitization practices of Goldman, Morgan Stanley, Bank of America and other companies, is screwing up this whole arrangement. Until he lies down, the banks don’t have a deal. They need the certainty of having all 50 states and the federal government on board, or else it’s not worth paying anybody off. To quote the immortal Tony Montana, “How do I know you’re the last cop I’m gonna have to grease?” They need all the dirty cops on board, or else the whole enterprise is FUBAR.
In addition to the global settlement, Schneiderman is also blocking an individual $8.5 billion settlement for Countrywide investors. He has sued to stop that deal, claiming it could “compromise investors’ claims in exchange for a payment representing a fraction of the losses.”
If Schneiderman thinks $8.5 billion is an insufficient, fractional payoff just for defrauded Countrywide investors, then you can imagine how bad a $20 billion settlement for the entire industry would be for the victims.
In that particular Countrywide settlement deal, incidentally, it looks like Bank of New York Mellon, the New York Fed, Pimco and other players negotiated on behalf of defrauded investors. They told the Times they were happy with the deal, but investors outside the talks told Gretchen they weren’t happy with the settlement. Schneiderman apparently listened to those voices instead of the Mellon-Fed-BofA crowd, which infuriated the insiders who struck the actual deal.
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