DOJ Probes Wells Fargo: Unravelling the Scam Piece by Piece

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Editor’s Comment and Analysis: For those, like myself, frustrated with the pace of the investigation, we must remember that the convoluted manner in which money and documents were handled was intended to obscure the PONZI scheme at the root of the securitization scam and false claims based upon securitization.

None of us saw anything this complex and after devoting 6 years of life to unraveling this mess I am still learning more each day , even with an extensive background on Wall Street and even with my experience with bond trading, investment banking and related matters.

So first they are going after the low-hanging fruit, which is the obvious misrepresentations to the investors who actually comprise most of the same people who were foreclosed. It was pension funds and retirement accounts managed directly or indirectly by the Wall Street banks that bought these bogus “mortgage-backed” bonds. Those same funds are now underfunded and headed for another bailout fight with the Congress.

The problem is that DOJ is still looking at documents and representations when they should be probing the actual movement of money. It is there that they will find the holy grail of prosecutable crimes. The money just didn’t go the way the banks said it would. The banks took trading profits out of the money before it even landed in an account which incidentally was never titled in the name of the REMIC that issued the fake mortgage bonds backed by loans that did not exist in the “the pool.”

Nonetheless I am encouraged that DOJ is chipping away at this, and getting their feet wet, as they get to understand what was really happening, to wit: a simple PONZI scheme in which the deal would fold as soon as there were no more investments by investors.

This simple core was covered by multiple layers of false documentation, robo-signed documents and other transmissions with disclaimers, such that there would be plausible deniability. In the end it is nothing different than Madoff, Drier or other schemes that have landed many titans in prison for the rest of their lives — unless they died before serving their sentence.

I’m an optimist: I still believe that in the end, these banksters will be brought to  justice for real crimes they committed or were directing through their position in the institutions they supposedly represented. The end result is going to be an overhaul of banking like we have not seen before perhaps in all of U.S. history.

The fact remains that the assets on the balance sheets of these banks are (a) overstated by assets that are either non existent or overvalued and (b) understated by the amount of money they parked off-shore in “off balance sheet transactions.”

In the end, which I predict could still be five years away or more, the large banks will have disappeared and the banking industry will return to the usual marketplace of large, medium and small banks, each easily subject to regulation and audits.

How the staggering toll exacted from the middle class will be handled is another story. Nobody in power wants to give the ordinary guy money even if he was defrauded. But unless they give restitution to the pension funds and homeowners, the economy will continue to drag and lag behind where it should be.

Wells Fargo Wachovia Unit Faces Probe Over Mortgage Practices

Reuters

Nov 6 (Reuters) – The government’s investigation of mortgage-related practices at Wells Fargo & Co includes the making and packaging of home loans by its Wachovia unit, the bank said in a filing Tuesday.

The No. 4 U.S. bank by assets disclosed in February that it may face federal enforcement action related to mortgage-backed securities deals leading to the financial crisis.

In Tuesday’s quarterly securities filing, Wells Fargo reiterated that it’s being investigated for whether it properly disclosed in offering documents the risks associated with its mortgage-backed securities.

The bank also said the government is investigating whether Wells Fargo complied with applicable laws, regulations and documentation requirements relating to mortgage originations and securitizations, including those at Wachovia.

San Francisco-based Wells Fargo acquired Wachovia at the peak of the financial crisis in 2008 as losses in the Charlotte, North Carolina-based bank’s mortgage portfolio ballooned.

Mortgages packaged into securities for investors during the housing boom still haunt big banks years later. Banks have been accused of failing to ensure the quality of the loans and for misrepresenting their risk to investors.

In January, the Obama administration set up a special task force to investigate practices related to mortgage-backed securities at banks.

In the group’s first action, New York State Attorney General Eric Schneiderman last month filed a civil suit against JPMorgan Chase & Co for alleged fraud at Bear Stearns, which JPMorgan bought at the government’s request in 2008.

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22 Responses

  1. My partner and I absolutely love your blog and find most of
    your post’s to be exactly what I’m looking for. Does one offer guest writers to write content for yourself?
    I wouldn’t mind publishing a post or elaborating on many of the subjects you write related to here. Again, awesome site!

  2. WHAT IS GOING ON IN STLOUIS MAYOR SLAY???????????????

    why is the SPECIAL ASSISTANT TO THE MAYOR CLAIMING PROPERTY ON HOMES THAT ARE BEING FRAUDULENTLY FORECLOSED ON BY MILLSAP AND SINGER ?

  3. Update on Bankrupcy in St.Louis , Mo.

    BANKRUPCY FRAUD IN AND ON THE COURTS
    DOES ANYONE KNOW OUT THERE ?

    i submitted a blog previously concerning my attorneys removing themselves from my case. The latest thing is the re-Affirmation agreement. The bank refuses to submit a new one due to the forgery that is listed and embedded int he first one sent.
    ******* Nancy Gargula is the regional Trustee over St.Louis Division and to her credit she may not know these things. Listed on her website ( Profile 0 is my previous employer – The one that terminated ny employment after I refused to sign the defective inflated modification which did not have any of my payments made over a year, and the THF facilitator of the sale of the home in 2009. German Harrasser with Credit Control ( President Steven Wideman.)
    These guys work for the Federal Reserve as the Shadow banking industry, tell me why and how is his sister listed on the same profile site as Mrs. Garagula ‘s page?
    I sent a complaint to the Attorney generals office due to the forgery sent in the mail and what i received was a response by what seemed to be a poorly written response by one Forest Nenninger whom appears to work for Bengals in Columbia MO. responding on behalf of Courte A. Turner , Bank of America AVP. Courte A. Turner appears to be one
    HSC REAL ESTATE. THIS GETS CRAZIER AND CRAZIER.
    SOMEONE TELL ME WHAT IS GOING ON IN THESE COURTS AND WHERE IS DUE PROCESS?

  4. I would be interested in viewing responses to the Bankrupcy issues in St.Louis. There is clearly a network of fraud concerning these defective loans. I think this is what is going on here is St.Louis. Since Fannie Mae and freddie mac haz paid out on these defective loans, they have assigned an attorney firm to hold these certificates. Armstrong and teadale would be the nominee. It appears to be the employers are termininating the employement to cut off any finanical resource the homeowner have to accomplish this tasks. There is much advertisement by Attorney firms ” St.Louis Bankrupcy Courts Demand Proof” This is not the case. The Judges or at least Judge Cathy Surrat States , Chapter 7 does not demand or require the Attorney forms , Millsap and Singer to possess anything.
    They are allowed to foreclosure no matter what. I had the Original Deed and the Courts allowed the foreclosure.
    ***** The Roberts Brothers are currently in Bankrupcy Courts. Negotiated with Bank of America. This is interesting because, I had stated years ago . I felt these people had something to do with my loans. Stalking and harrassment by the associates ,etc.
    Now we see bank of America has negioted with them. There are certificates that are behind these Hotels. These are the same certificates that are put up for the home loans.

    Now interesting enough the Judge in this case is the same Judge that I have in my Bankrupcy. I tried to check the Certificates that were put for my loan and unable to find these certificates. I am certain these are the certificates. Warren Buffet Taught them well.
    **** Does any one know how to find the certificates ?

    My loans (2) did not have a remic or pool number at all listed,

    I beleive when this loan was taken , the parties at the Title Company was associated with this mentioned party and did not return the required Documents : Note and Deed ” they had no reason to do so , this is why there is not a remic or pool number listed in any of the documents.

    They knew these loans would be foreclosed the sole purpose was to retain the Note to resell. They just disregarded the Deeds all together.,
    I hold both Deeds ” Originals ” to the homes.

    Please respond by posting

  5. ST.LOUIS , MO . 63116

    BANK OF AMERICA AND WELLSFARGO FRAUDULENT FORECLOSURES THRU THE BANKRUPCY COURTS

    IF ANYONE OUT THERE IS HAVING PROBLEMS WITH THERE LOAN CONCERNING AMERICA OR HAVE A LOAN THRU BANK OF AMERICA ( COUNTRY WIDE) BETWEEN 2000-2008 , Y9OU MUST CHECK THE CITY RECORDERS OFFICE FOR ANY NEW ASSIGNEMENTS, IF YOU SEE MERS GET A CERTIFIED COPY AND START INVESTIGATING.

    YOUR LOAN HAS BEEN RESOLD AND IS UNSECURED. IT IS PART OF A TRUST THAT NEVER DELEIVERED THE NOTE OR DEED. IF YOU DO NOT SHOW A POOL ON THE ORIGINAL DOCUMENTS YOUR LOAN WAS SET UP FOR DEFAULT. THEY ARE SIMPLY COLLECTING PAYMENTS WITHOUT THE AUTHORITY FROM A FAILED TRUST.

    DO NOT FILE BANKRUPCY.THIS IS A TRAP ……..

    CONTACT M.O.R.E. Immediately. Bring your assignments fro the City of St.Louis Recorders office.http://www.stlamerican.com/video/youtube_4380825e-1a1c-11e2-9b9a-001a4bcf887a.html

  6. Laws related to the below Notice of Demand to Wachovia Drug Cartel to Destroy Drug-Funded Mortgages are cited In this U.S. Supreme Court Petition of 5/18/12:

    http://kareemsalessi.files.wordpress.com/2010/04/5-18-12-salessi-petition-for-rehearing-filed-version-minus-redaction-us-supreme-court-case-11-1013.pdf

  7. St.Louis has a task force concerning Bankrupcies. They have systematically organized all the companies in stlouis. All loans that are defective, homeowners that are paying their mortgage are getting the run around concerning resources to assist. The poly is to remove any ability to pay. This means with the technology they have, they are able to identify these mortgages and terminate the homeowner from employement without reason. The reason is a defective loan and much profit behind foreclosing.
    We should take a look at the Wellsfargo ex employess along with the Real Estate agents operating the Un-employment offices. The Non for profit organizations in particulary Beyong Housing is raping the homeowners. These organization are creating a great marketing ploy alleging to assist the homeowners.
    I have submitted previous emails with the allegations of Wellsfargo ( The Private Bank) and Corelogic Judith Belanger and Sons fraudulent conveyence of property. Working hand in hand with the Bankrupcy courts to promote this type of fraud.
    It appears unclear to me why the BankrupcyCourt do not enforce the Re-Affirmation Agreements to be submitted in the Court Records. Perhaps it has to do with the fraud that is embedded in these documents.
    I have once Re-Affirmation Agreement that was porpurtely submitted to the Attorneys office by Fed-EX that Clearly shows forgery and fabricated assigments. Ironically enough , the assignment shows Wendy A. Belanger – Reed as the Banks , AVP however, if you dig deeper the assignment shows Corelogic. Corelogic is Judith Belanger.
    The second Re-Affirmation Agreement sent – shows and reflects no authorized signer of the Bank. Therefore, wanting me to sign a blamnk documents so they can later file in any Bank they want. This should be blantant Fraud! I sent these documents back.

    ********* The reall essense of this story is this…… Watch the fraud with Wells fargo with Technology.

    WELLSFARGO IS THE PRETENDER LENDER FOR THE STATE
    ACTING UNDER FRAUDULENT DOCUMENTS AS BANK OF AMERICA.

    In Bankrupcy you must make the payments differrently. Of course because I chose to go to the Bank. Here is how it all happens. I arrive to the Bank to make the payment. They must take the payment via phone. When making the payment , Wellsfargo must be in place to accept the payment therefore, there is a major waiting game that goes
    on. Once I enter the Bank , the manager will make the call. Foot associates ( Wells Fargo – The Private Bak associates ) will enter the Bank as well. There is a waiting game because this is all wired funds.
    Here is what takes place…. The call is made the payment is finally taken , the money is wired to the Bank. Because they are using computers they are able to change and place any transferring numbers in the system to show you the receiving Bank is Bank of America.
    I see things a little differently because I know the power of the Computer. You can input anything you want. They have Wendy A. Belanger listed as an AVP as well but, she is not. I find this interesting due to the fact they have foreclosed on another property, only to learn the property was foreclosed and sold to Reed- Realty. This is a Beyond housing partner as well as Hope Now. What truly makes this rather interesting is the fact that Wendy A. Belanger is deceased.
    They have incorporated Wendy A. Belanger however, never listed the Reed. It is quite interesting after doing the research the attorneys representing my Bankrupcy have an indivual in the office as Pam Moody. Again , there is a Moody listed with the Real estate Company as Wendy A. Belanger – Reed . Allied Realty.

    I held the original Deed to the home foreclosed on that was sold to Reed Realty in stlouis. Do you thing my attorneys made the Trustee aware of this information? No they doid not. They viewed the documents in shock and disbelief the title companys could make such a mistake. They never according to the Courts record’s stated this in the case. I am foreclosure proof and this makes the entire foreclosure fraudulent. I have learned however, the certificate holders ( Investors ) were behind the fraudulent foreclosure , misconduct , break ins , stalking and harrassment. These are major voilations of the PSA agreement. In my opnion it appears to be clearly the Hotel Owners that are also in Bankrupcy in St.Louis.
    If there is any wonder why homeowners are being surpressed from ‘ Due Process ” in St.Louis , it would be this…..

    The same Hotel Owners are in Bankrupcy they are holding the certificates behind these loans. These investors were previously on the Board of Bank Of America. Their daughter works for the Consus Group . They are the purchasers of the Voided Trusts. The Judge is a personal friend, The presider of the Trustees is also a family friend whos father invest with these Hotel Owners , the County Seat is a Friend , The City Treasurer is the Daughter of the Ex Real Estate Manager for this Company. This does not make this a consiracy theory, it makes it true. This sytem was set up from the very beginning. Living Lies would be correctly stated.
    ************ The attorneys in St.Louis I beleive have an investment in these bad loans therefore, they will not assist the homeowner.

    My attorney resigned as the Bankrupcy attorney once I brouhgt the fraud to their attention. Only stating there is nothing more they could do for me. I am currenty in Bankrupcy however, if you are aware of the fraud that is taking place and challenge the system , refusing to bow down . You are a problem. It is not business as usual. I questioned my attorneys if they ever informed the Trustee the Original Deed was available . They never answered. Only resigning.
    It is not Black or White issues necessarily however, I was targeted as a single Black Female and as easy prey. The sad part of this is the Attorney chosen to represent me is a Black Female , NAACP representative , Acting Trustee as well. Being Targeted by African American Males that dominate the St.Louis area. This would not be a White on Black Criminal Financial Act. This is clearly Black on Black financial Crime. The Judge is Black , the Presiding Trustee is Black. They are investors.
    Don’t ever be fooled by who is in your corner.

  8. If banks have to buy back it’s another back door subsidy, back door bailout. we have legal rights to reduce taxpayer exposure, The next round of TARP cannot happen, “not in this lifetime”,

    Banks have to take back enough mortgages and the resolution authority will have to deal with it.

    Audit of all the loans at Fannie and Freddie …see if they were conforming to the standards necessary to get government backing.

    There are trillions of mortgage backed securities still floating around bonds held by overseas banks. Its all very much in doubt.

    The pension funds have been trying to to get out of this crisis and the securitisers, the big banks that bought the mortgages and put them in pools, and sold the mortgage backed securities, Its the securitiser that should have to buy back the mortgages for not meeting the contractual requirements.

    Now, one has to consider what was happening below the current and why one needs to under stand that a tendered asset is not the same as a liquidated asset. This is the answer to the shadow banking dilemma that cannot be resolved – without someone taking the hit. And thus further abuses to the homeowners will continue and they have no no clue as to what is happening to them in a foreclosure .

    registerclaims@live.com

  9. We have to show this video to the president

  10. Everything happens for a reason. We’ve got 4 more years of unraveling of this mess and being made whole.

    The only people that gave banks and corporations higher power over the people are the owners of the banks and corporations. Alex Collier calls them the middlemen, paraphrasing, he says someone is running the game behind the scenes.

    “Commissioned by Phil Ting, the San Francisco assessor-recorder, the report examined files of properties subject to foreclosure sales in the county from January 2009 to November 2011. About 84 percent of the files contained what appear to be clear violations of law, it said, and fully two-thirds had at least four violations or irregularities.

    In a significant number of cases — 85 percent — documents recording the transfer of a defaulted property to a new trustee were not filed properly or on time, the report found. And in 45 percent of the foreclosures, properties were sold at auction to entities improperly claiming to be the beneficiary of the deeds of trust. In other words, the report said, “a ‘stranger’ to the deed of trust,” gained ownership of the property; as a result, the sale may be invalid, it said.”

    This was a nice detailed article from April 2012 at the NY Times link:
    topics(dot)nytimes(dot)com/top/reference/timestopics/subjects/f/foreclosures/index.html

    “At Wells Fargo, now the nation’s largest mortgage servicer and originator, employees told the inspector general’s office that the company’s management had assigned them bogus titles, including “vice president of loan documentation,” even though they had no training in document review. Before becoming vice president, one employee worked at a pizza restaurant.

    Wells Fargo’s management quashed an independent study by a manager responsible for overseeing the affidavit process. The study had started to show that the document department was critically understaffed. “The midlevel manager was directed to stop the study and return to the practice of signing affidavits without reading or verifying data,” the report said.

    And instead of remedying the problems, Wells Fargo’s management shortened the review period to less than 48 hours instead of five to seven days, the employees said.”

    It’s a few pages long, one thing I was not aware of was – – “In some cases, servicers would face civil penalties of up to $1 million for each violation of federal banking law. An independent monitoring and enforcement office is being set up under the agreement, to be paid for by the banks.”

    That explains, at least to me, why they keep extending the time for those who were robbed, to request a review.
    We create the contract, making the offer for them to review, and they provide a miniscule consideration – probably a take it or leave it but that’s my bias, I have no info on what they do.

    But once that time runs out, they still have to go through the documentation of all their foreclosures, and the violations are massive.

    Obama gets 4 more years to continue what he was working on, “change we can believe in”.

    There is also a change with how the IRS handles civil penalties. If all things are in order, effective November 5, 2012; they will reduce the penalty for unpaid civil penalty to $500 instead of that ridiculous $5000 debt (created out of thin air) that has harmed so many financially.

    www(dot)accountingtoday(dot)com/news/Procedures-Issued-for-Reducing-Unpaid-Frivolous-Return-Penalty-64566-1.html

    So many things need to be unwound for the better of the world, let’s get to it.
    No stress. No fear.

    Trespass Unwanted, Corporeal, Life, Free and Independent State, Life, People, In Jure Proprio, Jure Divino

    We are One.
    I’ll sit 4 more years in this country no matter who is elected. I was born here. If the country wants a ‘majority rule’ Democracy, they can have it…I prefer a Republic, self governance – (right of self determination) anyday.

    Democracy – If i want a tuna fish sandwich and everyone else want a peanut butter and jelly sandwich. I will only be offered a peanut butter and jelly sandwich because that’s what the majority wants.

    Republic – If i want a tuna fish sandwich and everyone else want a peanut butter and jelly sandwich. I will get my tuna fish sandwich, and everyone that wants a peanut butter and jelly sandwich can have one without infringing on my right to want and eat tuna fish and I cannot infringe on their right to want and eat peanut butter and jelly.

  11. Sorry masterservicer that was really for so called guest

  12. @ MASTERSERVICER:

    pls. stop misleading people typing crap as “AN INSIDER”. this stuff you’r referring to has since long been covered by numerous television programs not to mention countless articles. Just keep your ‘”INSIDER INFORMATION” to yourself. Your bogus link below is virus spam.

  13. NOT GOOD ENOUGH FEDS.:

    Wachovia is a drug cartel and $1/2 trillion drug-funded mortgages it swept under Wells Fargo’s rugs must be destroyed ASAP by operations of laws cited in my petition below and the government has no business protecting this drug money laundering operation and allowing it to operate as a bank under Wells Fargo flag, and has no business preventing the public from the destruction of Wachovia/WF drug funded mortgages and other securities/assets by their annulment, and subsequent forfeiture for wrongdoing:

    Notice of Demand to Wachovia Drug Cartel to Destroy Drug-Funded Loans By Laws Cited In: PETITION OR:

    http://livinglies.wordpress.com/2012/08/28/libor-vs-mortgage-scandals-amount-of-money-appears-to-be-the-only-difference/#comment-170408

    http://kareemsalessi.files.wordpress.com/2010/04/5-18-12-salessi-petition-for-rehearing-filed-version-minus-redaction-us-supreme-court-case-11-1013.pdf

  14. Check out this video. miltary evicts 60 year old woman stopForeclosurefraud.com this is a disgrace. Maybe a foreign president needs to get involved here. This is not America anymore

  15. “new banking system on its way”

    Selling real property at discounted prices; featuring…Rothschild, Koch, Buffet, Soros….no loans to deadbeats…maybe another arm of the International Monetary Fund, Citizens for Free Enterprise, DAH, DAH, DAH…wish I was more optimistic folks.

    Our legislators lie face down in the trough, feeding off the fruits of citizens, until they are comatose.

  16. You’re an interesting cat, masterservicer.

    My question to you, with all respect; why are you now trying to help? Not many people are, they care less if we die, fighting for our property!

    As for the DOJ, possible, maybe they will honestly try and look at the fraud, conversion and redistribution of real property, but I have my doubts. But thanks for your input, it is certainly taking me in a direction I have not explored.

  17. Dear Mr. Garfield:

    Like yourself, I am a writer interested in this topic. I have written several pieces submitted to Huffington Post and Yahoo concerning these issues. Correspondingly, I am also a Wells Fargo “victim” who has been fighting back. I am due in Court in San Diego next week to try and take on the inordinate imbalance of Wells Fargo and their “Title Company.” I had legally reacquired my home, only to have the bank’s legal maneuvering suspend my legally attained “writ of possession.” My home is potentially an historical property representing ir-replacable African-American history. This has meant nothing to Wells Fargo (World Savings was my original lender later to be taken over by Wachovia–the “Mystic of MERS) as they have foreclosed a home where the “Chain of Title” is broken, there is clear “Fraud” that can be proven and ir-regularites exist relative to Title, Deed and more. I mention all of this because you are correct in your appraisal of events and something seminal to what remains of popular American and world economic hegemony is quietly being destroyed here. But the Court system is the critical linchpin. As long as Judges do the dirty work of Wells and others, no consistent access to “relief” can take place. Mr. Obama will find other “priorities” rather than deal with this malestrom, and legacies will be preserved while children’s homes and futures will be lost. I would love your input here because I can’t seem to find George Soros or Michael Moore when I need them. I speak as Vice President of a grass-roots organization called “San Diego Foreclosure Strategists Group,” and even our small enclave has been infiltrated by banking surrogates to effectively abridge our efforts. My situation is truly the “poster boy” of events/a potential catalyst for change, and Black American history (and thus all American history) is being lost in the President’s commitment to avoid all things of color while at the same time not offending the banking industry. You are on the right track and we need your assistance. What say you?

  18. gee, ms, I thought the method of inducement was just tickets for 2.
    I really did. So I’m looking forward to hearing about the real method
    when it comes out. Actually, I thought we already covered that one, fw it was worth, which wasn’t much. But as to the gse’s dirty hands, I wish I could remember -or had recorded – the finding in 2008 that FNMA got its hands so damn dirty so its mucks – particularly one – could get production bonuses. I’m not making this up. This was when we were all much greener. I remember how p.o.’d I got, which was very. In fact, I think it was influential in my decision to go down this road. The country was falling apart and some guy at FNMA had had a major influence in that regard over his bonus.

  19. Along the same lines…new banking system on its way?

    http://www.roadtoroota.com/public/401.cfm?awt_l=4zw0U&awt_m=3bwgtXUXKBAZ85B

  20. master servicer – you are exactly right, and if not for the cronies in Washington the private pools would have put the GSE’s out of business back in 2004, except they are all in on it.

    I see how the enhancement was used to strike the magical number on the indentures to get to the trip A.

  21. The suit last mo.was brought by Preet Bharara, U.S. Attorney for the Southern District of New York and is the first civil fraud suit that the Department of Justice has filed on behalf of Fannie Mae or Freddie Mac.

    The suit alleges the from at least 2007 through 2009 implemented a new loan origination process called the “Hustle,” which was intentionally designed to process loans at high speed and without quality checkpoints, and which generated thousands of fraudulent and otherwise defective residential mortgage loans sold to Fannie Mae and Freddie Mac (the GSEs) that later defaulted.

    The Hustle continued under the ownership of BOA.

    Joining Bharara in the Compliant were Steve A. Linick, the Inspector General of the Federal Housing Finance Agency (“FHFA”), and Christy L. Romero, the Special Inspector General for the Troubled Asset Relief Program (“SIGTARP”).

    The Complaint charges that, in buying loans from Countrywide and BOA the GSEs relied on the lenders’ representations and warranties that the loans complied in all respects with the standards outlined in the GSEs’ selling guides and lenders’ sales contracts. Because they do not do a pre-purchase review these representations and warranties are central to the GSEs purchase decisionsI disagree and find little merit in the claims.

    The claims are missed time and time again for the real act of deceit is in the financial methods used to “finance” the rating agencies requirements. This was to insure the loans the agencies purportedly bought that were toxic and unbeknownst to the buyer.

    I doubt that ….really doubt that .

    The GSE has unclean hands in this toxic mess of offshore washing of assets using long term yields offered in “mortgages” as coverage for short term yields and Libor based swaps done with foreign national central bank affiliates.

    As an insider I will tell you the alleged method of inducing the rating agency to issue AA and AAA ratings is a financial and economic scandal that has yet to hit the press….

    registerclaims@live.com

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