| The following was shared with me by a reader | ||
FL Rep Workman (Brevard) has a solution; take an additional 3% from the paychecks of all public employees to pick up the slack.
I guess that’s much easier than going back to the purveyor of these toxic securities and getting them to reimburse FRS like other investors, pension and retirement funds have done.
p. 28 Bank of America -316,327,012.67
p. 28 Bank of New York Mellon -2,434,291.60
p. 29 Barclays -19,997,665.40
p. 30 BB&T -6,569,393.34
p. 35 BNP Paribas -9,066,142.18
p. 54 Citigroup -279,818,109.26
p. 57 Comerica -2,278,503.78
p. 57 Commerzbank AG -6,822,118.11
p. 62 Credit Suisse -18,329,819.84
p. 68 Deutsche Bank -9,714,840.03
p. 85 Fifth Third -10,408,342.63
p. 86 First Horizon -5,467,194.12
p. 97 Goldman Sachs +26,938,736.08 (crime pays)
p. 111 HSBC -17,738,931.24
p. 127 JPMorgan Chase +81,243,480.18 (counterfeit notes anyone?)
p. 131 KeyCorp -11,463,736.62
p. 142 Lloyds Banking -29,960,919.23
p. 148 Marshall & Ilsley -9,304,517.53
p. 156 Mitsubishi UFJ -44,427,571.00
p. 156 Mizuho Financial -16,939,349.47
p. 157 Morgan Stanley -28,447,723.45
p. 161 National Bank of Greece -9,867,787.03
p. 183 PNC Financial -6,615,206.45
p. 184 Popular Inc (Banco Popular) -8,749,458.66
p. 192 Regions Financial -26,949,789.25
p. 196 Royal Bank of Scotland -36,487,662.12
p. 205 Shakespeare Acquisition LLC -75,041,843.23
*Wow – Shakespeare Acquisition sure lost a ton of money, did they not have any collateral?
**I wonder what kind of things they acquired?
p. 212 SLM Corp -16,749,909.42
p. 213 Societe Generale -6,461.618.08
p. 218 State Street Corp -2,971,628.24
p. 221 Suntrust Banks -15,027,002.97
p. 224 Synovus Financial -4,759,832.76
p. 241 UBS AG -36,008,160.39
p. 242 Unicredit -44,097,685.52
p. 252 Wells Fargo -72,717,515.80
p. 254 Wilmington Trust -3,887,941.84
p. 260 Zions Bancorporation -3,864,265.08
Research shows that (by and large) mortgage assignments “into” these trusts never took place. Transfer of the original mortgage and note is stipulated in just about every Pooling & Servicing agreement I’ve read. The custodian or trustee is supposed to have possession of the original note and mortgage and assignment of mortgages are to be recorded conveying the security instrument. But its awful hard to get away with counterfeiting notes and selling them into multiple pools and insuring them with multiple sets of credit default swaps if they were to play by the rules.
So the investors who put up money get burned. The borrower who puts up money gets burned too. But the middle-men who structured the ponzi scheme collect from the Federal Reserve, Credit Default Swaps at 30x value (AIG), TARP, AMBAC, MGIC, Creditors Rights policies on Title Insurance (which title insurers have wisely stopped issuing) & have likely gone back to the originators and collected money from them for selling them bad/defective loans while stiff-arming investors for their losses.
Collecting 3 or 4 times over AND confiscating houses for free, just to cover up the faulty title work… Priceless!!!
If the securities were legit, we would see no “lost note” counts, no fake “robo-signed” assignment of mortgages and the “original” notes that were surrendered to the courts would look their age – not arrive on brand new paper with bright blue ink that looks like it just rolled off the shelf at Office Depot.
” In a way, the MBS fraud is not unlike the Mel Brooks movie ” The Producers” in which the producers intentionally choose what they think is a terrible script, ” Springtime for Hitler”, which they hope will close the first night.
The producers then sell 1000% of the show to unwary investors. 100% is spent producing the show, with the other 900% to be pocketed after the show fails and the investors, unaware of the extra shares in the show, accept their losses and leave.
But like the fraud behind ” The Producers”, the MBS scheme only works if the investment is caused to fail, ending demands for repayment by investors. That means foreclosing the over-sold mortgages to erase the criminal trail. Where foreclosure does not work, the fraudulent Mortgage-Backed Securities must be bought back. That is what TARP did.
Congress, many of them personally invested in the financial companies that bought the fraudulent mortgage-backed securities, voted through TARP against overwhelming public opposition. The phrase ” Toxic assets” is Congress-speak for the bad paper Wall Street has been selling since 2006; paper to be redeemed at taxpayer expense to keep the bankers out of jail!”
