Rating Agencies Finally Drawing Fire They Richly Deserve — But Will They be Prosecuted?

“The Justice Department claims that the faulty projections were not simply naïveté, but rather a deliberate effort to produce inflated, fraudulent ratings. “The complaint asserts that S.& P. staff chose not to update computer programs because the changes would have led to harsher ratings, and a potential loss of business,” (e.s.)

“I was there. It is not possible that companies like S&P, Fitch and other rating agencies didn’t know how to do securities analysis — they invented it. The S&P Book was widely used as a shorthand method of evaluating a stock or bond for decades before I arrived on Wall Street. They were known and trusted for their data and their crunching of data. It isn’t possible that they wouldn’t know that the ratings were artificially inflated. They were only concerned with collecting fees and covering their behinds with “plausible deniability.”What they gave up was the their reputation for truth and clarity. Now they can’t be trusted.

And the same goes triple for the investment banks who brought those bogus mortgage bonds to market. Wall Street is a small place. Everyone but the customers and borrowers knew what was going on and everyone knew a huge bust was coming. If they knew and the regulators knew, why did they allow it play out when the warning signs were already clear in the early 2000’s.” Neil F Garfield, http://www.livinglies.me

CHECK OUT OUR EXTENDED DECEMBER SPECIAL!

What’s the Next Step? Consult with Neil Garfield

For assistance with presenting a case for wrongful foreclosure or to challenge whoever is taking your money every month, please call 520-405-1688, customer service, who will put you in touch with an attorney in the states of Florida, Tennessee, Georgia, California, Ohio, and Nevada. (NOTE: Chapter 11 may be easier than you think).

Editor’s Analysis: When you see movies like Too Big to Fail and read any of the hundreds of books published on the great recession, you must be left with a sense of outrage  and/or disappointment that our government and our major banks tacitly approved of the illegal activities undertaken by all the participants in what turned out to be a PONZI scheme covered over by a fraudulent scheme they called “Securitization.”

Despite some people raising the concern that the homeowners were hit hardest by the criminal enterprise, any concern for them vanished in the face of an invalid assumption by Hank Paulson and Ben Bernanke that the economy would fail and society would fall apart if they didn’t bail out the banks. If anything, the behavior of the banks was the equivalent of NOT bailing them out because they never honored their part of the bargain — increasing the flow of capital into the economy through loans and investments. While that understanding should have been reduced to writing, it was obvious that the banks would lend out money with extra capital infused into their balance sheet. Except they didn’t.

And the world didn’t end, but there was chaos all over the world because the banks were and continue sitting on a bounty that has not been subject to any audit or accounting.

As I expected, the rating agencies are now being sued not for negligence but for intentionally skewing the ratings knowing that stable managed funds were restricted from investing in anything but the safest securities (meaning the highest rating from a qualified rating agency). It is the same story as the appraisers of real property who were pressured into inflating and then re-inflating the prices of property whose value was left far behind. Both the rating agencies and the appraisers who participated in this illicit scheme caved in to threats from Wall Street that they would never see any business again if they didn’t “play ball.”

The very structure and the actual movement of money and documents would tip off an amateur securities analyst. Starting with the premise of securitization and an understanding of how it works (easily obtained from numerous sources) any analysis would have revealed that something was wrong. Securities analysis is not just sitting at a desk crunching numbers. It is investigation.

Any investigation at random picking apart the loan deals, the diversion of title from the REMIC trusts, the diversion of money from the investors to a mega-account in which the investors’ money was indiscriminately commingled, thus avoiding the REMICs entirely, would lead to the inevitable conclusion that even the highest rated tranches and the highest rated bonds, were a complete sham. Indeed internal memos at S&P shows that it was well understood by all — they even made up a song about it.

The analysis by the people at S&P omitted key steps so they wouldn’t be accused of knowing what was going on. It is the same as the underwriting of the loans themselves where the underwriting process was reduced to a computer platform in which the aggregator approved the loan — not he originator — and the investment banker wired the funds for the loan on behalf of the Investors, but the documents showed that it was the originator, who was not allowed to touch any of the money funded for loans, whose name was placed on the note and mortgage. Why?

Any good analyst would have and several did ask why this was done. They got back a double-speak answer that would have resulted in an unrated or low-rated mortgage bond, with a footnote that the REMICs may never have been funded and that therefore without other sources of capital they could not possibly have purchased the loans. Which means of course that the REMICs named in foreclosures over the past 5-6 years.

Some of the best analysts on Wall Street saw at a glance that this was a PONZI scheme and a fraudulent play on the word “Securitization.” Simply tracing the parties to their real function would and still will reveal that all of them were acting in nominee capacities and not as true agents of the investors or participants in the securitization scheme.

And the nominees include but are not limited to the REMIC itself, the Trustee for the REMIC, the subservicer, the Master Servicer, the Depositor, the aggregator, the originator, and the law firms, foreclosure mills and companies like LPS and DOCX who sprung up with published price sheets on fabrication of documents and forgeries of of those documents to convince a court that the foreclosure was real and valid. The whole thing was a sham.

If I saw it at a glance after being out of Wall STreet for many years, you can bet that the new financial and securities analysts at the rating agencies also saw it. Instead they buried their true analysis behind a mountain of fabricated data that in itself was a nominee for the real data and then crunched the numbers in the way that the Wall Street firms dictated.

The fact that there were algorithms that took the world’s fastest computers a full weekend to process without the ability to audit the results should have and did in fact alert many people that the bogus mortgage bonds were unratable because there was no way to confirm their assumptions or their outcome.

The government is very close, now that it is moving in on the ratings companies. They are close to revealing that this was not excessive risk taking it was excessive taking — theft — and that the rating companies should lose their status as rating companies, the officers and analysts who signed off should be prosecuted, and the receiver appointed over the assets should claw back the excessive fees paid to the ratings companies from officers of the ratings companies and, following the yellow brick road, the CEO’s of the investment banks.

We have found out, thanks to the greed and deception practiced by the banks on officers at the highest level of your government what will happen if the credit markets free up without the TARP money being used to free up those markets. It isn’t pretty but it isn’t apocalypse either. The proof is in. The mega banks should be taken down piece by piece and their function should be spread out over a wide swath of more than 7,000 community banks, credit unions and savings and loan associations — all of whom have access to the utilities at SWIFT, VISA, MasterCard, check 21, and other forms of interbank electronic funds transfer.

If the administration really wants a correction and really wants to increase confidence in the marketplaces around the world and the financial system supporting those markets, then it MUST take the harshest action possible against the people and companies who engineered this world-wide crisis. Eventually the truth will all be out for everyone to see. Which side of history do we mean to be aligned — the bank oligopoly or a capitalist, free, democratic society.

BY WILLIAM ALDEN, DealBook NY TIMES

DOCUMENTS IN S.&P. CASE SHOW ALARM Documents included in the Justice Department’s lawsuit against Standard & Poor’s provide a glimpse at the company’s inner working in the run-up to the financial crisis. “Tensions appeared to be escalating inside the firm’s headquarters in Lower Manhattan as it publicly professed that its ratings were valid, even as the home loans bundled into mortgage-backed securities, or M.B.S., were failing at accelerating rates,” Mary Williams Walsh and Ron Nixon write in DealBook. “Together, the documents show a portrait of some executives pushing to water down the firm’s rating models in the hope of preserving market share and profits, while others expressed deep concerns about the poor performance of the securities and what they saw as a lowering of standards.”

Some of the documents also showed some of the snark among the rank-and-file over the impending crisis. One analyst in March 2007 borrowed from the Talking Heads, creating new lyrics to “Burning Down the House,” according to the complaint: “Subprime is boi-ling o-ver. Bringing down the house.” In a confidential memo reproduced in the complaint, one executive said: “This market is a wildly spinning top which is going to end badly.”

At the heart of the civil case are the computer models S.&P. used to rate complex mortgage securities. The Justice Department claims that the faulty projections were not simply naïveté, but rather a deliberate effort to produce inflated, fraudulent ratings. “The complaint asserts that S.& P. staff chose not to update computer programs because the changes would have led to harsher ratings, and a potential loss of business,” Peter Eavis writes. But S.&P., which says the lawsuit is without merit, disagrees with the government’s characterization of the models. Catherine J. Mathis, an S.& P. spokeswoman, said the Justice Department had not “shown actual adjustment to the models or other changes that were not analytically justified.”

Indeed, the government faces an uphill battle in making its case that S.&P. intentionally inflated ratings. “The government will have to prove that ratings were in fact faulty, and published intentionally so as to deceive investors in the securities. In response, S.& P. could simply argue that the company was just as blinded by the financial crisis as anyone else, and that questionable e-mails are simply the work of lower-level employees who were not involved in the decision-making,” Peter J. Henning and Steven M. Davidoff write. “Even if the Justice Department can prove the agency acted to deceive investors, it still has to deal with something lawyers call reliance. In other words, did investors rely on these ratings to make their decisions?”

R.B.S APPROACHES SETTLEMENT OVER RATE-RIGGING The Royal Bank of Scotland said on Wednesday that it was in advanced discussions with authorities on both side of the Atlantic over settling accusations that it manipulated Libor. “Although the settlements remain to be agreed, R.B.S. expects they will include the payment of significant penalties as well as certain other sanctions,” the bank said.

A settlement, which could be announced as soon as Wednesday, is expected to include a penalty of about 400 million pounds, or $626 million, according to several news reports. “As part of the anticipated deal, R.B.S.’s Japanese unit is expected to plead guilty to a crime in the U.S., although the Justice Department isn’t expected to charge any individuals, according to one of the people briefed on the talks,” The Wall Street Journal writes. John Hourican, the head of R.B.S.’s investment bank, is also expected to resign, the reports said.

S&P Analyst Joked of ‘Bringing Down the House’ Ahead of Collapse
http://www.bloomberg.com/news/2013-02-05/s-p-analyst-joked-of-bringing-down-the-house-ahead-of-collapse.html

Case Details Internal Tension at S.&P. Amid Subprime Problems
http://dealbook.nytimes.com/2013/02/05/case-details-internal-tension-at-s-p-amid-subprime-problems/

Justice Sues S&P, But What Purpose are Ratings Agencies Serving Anyway?
http://business.time.com/2013/02/06/justice-sues-sp-but-what-purpose-are-ratings-agencies-serving-anyway/

S&P charged with fraud in mortgage ratings
http://www.wsws.org/en/articles/2013/02/06/rate-f06.html

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46 Responses

  1. Keyword traders…

  2. AG Holder called the S&P’s behavior egregious…

    What I find egregious and criminal by it’s deception is the fact that all of these political puppets are being paid extremely well by the American Taxpayers by proxy of THE OWNERS OF THE FEDERAL RESERVE BANK to create a TOTALITARIAN DICTATORSHIP in the UNITED STATES OF AMERICA..

    FOX BUSINESS reporting that Colleges are suing students and trying to force them to RE-PAY……KEY WORD….RE-PAY….TOO MANY AMERICANS ARE NOT PAYING ATTENTION TO THE TRUTH AND ARE LOSING THEIR FREEDOM AND THEIR LIBERTY BECAUSE OF IT…..The American people don’t want to give up their guns to the bank owners but, they will give up their wealth and property to the bank owners?

    Our Constitutional Republic is being destroyed by brainwashed idiots who do whatever they are told…The United States of Idiocracy was easy for the bank owners to create……………The Totalitarian bank owners said lets just rot the idiot Americans minds …. We will be able to take complete control of their minds and create pagan idiots and make them worship our evil…by poorly educating them, forced compliance with our financial system, we will use some inconspicuos filth such as… pagan religious ritutals disguised as a belief in their Creator, but they will really be worshipping the Beast of Totalitarianism and we will disguise the “free markets” with our massive Bank Corp Red Dragon of Communism and we will call OUR Monopolization and Crony Capitilism…Wall Street Free Market Capitalism that is in reality, hidden Totalitarianism….. we will throw in unecessary wars and manufactured crises, just a smathereing of financial upheavel along with some really traitor politicians, corrupt the judiciary and law enforcement, soft porn soap operas & reality tv..violent movies and video games, degrading song lyrics,faux news, sports, booze,fast food, lotto, pills, comedians and cartoons where we will make fun of the American idiots to their faces…. and bring porn right into their living rooms….all paid for by them of course… and we will all make FAT INSURANCE BETS that the American Idiots will fall for anything….we will call it CREDIT DEFAULT SWAP INSURANCE….& we will use psychological terrorism…we will call it 9/11…BIN LADEN, SUDAM HUSSEIN..WEAPONS OF MASS DESTRUCTION, TERRORIST…TERROR..&..AL QUEDA..WE WILL MANUFACTURE A STOCK MARKET CRASH, TBTF AND PROGRESSIVE TAXATION TO ROB THEM TO THEIR KNEES…& BLAME THEM FOR THEIR OWN ROBBERY…..and take their guns…Victory will be ours unless the manufactured idiots just stop believing our lies and stop cooperating…then it will be PLAN B…just seize everything by a complete military takeover by our own private black ops..HOW…?
    manufacture another even bigger robbery by another even BIGGER LIE….WE WILL CALL IT THE EUROPEAN CONTAGION….that will cause a complete manufactured financial collapse….unless of course
    they catch on to us……
    MWAHAHA….!!!

  3. Glad to hear there is still Liberty & Justice in the U.S.A …! U.S.A…U.S.A…..U.S.A….!

  4. A MASSIVE Bearish Bet Against Banks Has Traders Buzzing
    Matthew Boesler | Feb. 6, 2013, 2:51 PM | 6,546 | 6

    According to Barron’s columnist Steven Sears, someone made a big bet against the financials ETF yesterday (ticker symbol XLF), and it has everybody buzzing.

    The trader bought 100,000 put options on the ETF (a put option increases in value when the price of the underlying asset, in this case, the ETF, goes down).

    To put that number in perspective, Sears writes, “Few investors ever trade more than 500 contracts, so a 100,000 order tends to stop traffic and prompt all sorts of speculation about what’s motivating the trade.” According to Sears, the trade “has sparked conversations across the market.”

    The trade makes money if the ETF drops below $16. It’s trading just north of $17.50 today.

    While the bet has everyone scratching their heads, Sears offers one possible explanation: bank stocks have been on a tear lately, so it make sense for someone who own bank stocks to hedge against a reversal by purchasing put options on the ETF that tracks bank stocks.

    However, Sears says a trader trying to hedge against a short-term reversal didn’t need to set up the trade this way:

    To be sure, it makes perfect sense to hedge a hot fund like the financial sector SPDR. The fund has surged this year, and gained about 7.2%. But if the mystery hedger was simply concerned the financial sector exchange-traded fund would retreat from its 52-week high of 17.66, which is reasonable, there are shorter-term hedges. For instance, he could have bought puts that expire no later than March, because they would be more sensitive to near-term changes.

    By choosing April puts, the mystery investor has some traders concerned that they, along with the majority of investors, are too optimistic ahead of the coming budget fight.

    Read the rest at Barrons.com >

    Interestingly, Art Cashin alerted readers of his daily note to a similarly large and bearish but separate trade this morning.

    Read more: http://www.businessinsider.com/massive-options-bet-against-bank-etf-2013-2#ixzz2KATsRayJ

    Interesting…
    1) A bet against the banks
    2) With a hedge that makes money when its value goes down!!!

    The insanity continues…

  5. Judge Rakoff has been one of the homeowners heroes. He is not afraid to do his job.

  6. Wednesday, February 6, 2013

    Judge Rakoff Delivers Big Blow to Bank of America and JP Morgan in Flagstar Mortgage Putback Ruling

    Wow, one of my big assumptions about mortgage putback cases has been turned on its ear, much to the detriment of Bank of America and JP Morgan. If you thought there were pitched legal battles on this front, a key ruling by Judge Jed Rakoff means you ain’t seen nothing yet.

    If you are late to this brawl, putback cases are also called representation and warranty cases, or rep and warranty. They occur when investors and bond guarantors who relied on the promises made by the originators and sponsors about the quality of the loans argue that the sellers broke those promises (“representations and warranties”). Their remedy is typically that they put dodgy loans back to the sponsor, and they either replace with a loan that was up to snuff or cash.

    It also matters who is pursuing the case. Without getting into gory details, bond insurers have much better putback rights than mere garden variety investors (Fannie and Freddie as insurers similarly have good protection, hence the fear raised by the FHFA’s putback suits against 17 banks and servicers).

    The assumption among many who’ve looked at these suits is that they might not be worth all that much in the end. In past putback litigation threats (which until the crisis were settled after some initial rounds of jousting) was that it would be too costly for the plaintiff to make his case. They’d have to prove that the loan defaults were due not to normal underwriting losses (death, disability, job loss) but to the misrepresentation of the loan. And ultimately, you’d have to examine a lot of loans individually to make the case, which would balloon the cost of proving your case.

    The inclinations of the judiciary do reflect prevailing times, and both increasing comfort with statistical methods and the widespread evidence of underwriting lapses has led judges to approve the use of sampling, which is a really big break for bond insurer and investors. But Judge Rakoff’s ruling yesterday is a game-changer. On an admittedly small case, in dollar amount, Rakoff awarded bond insurer Assured $90.1 million of the $116 million it sought in damages against Flagstar over two home equity line of credit securitizations. That’s nearly 78%. Trust me, no big bank is reserving anything within hailing distance of those sort of numbers for bond insurer putback cases. Look at how underreserved Flagstar is proving to be, per Reuters:

    Flagstar, which had net income of $223.7 million for 2012, said Jan. 23 that it had reserved $82.7 million for pending and threatened litigation, including Assured’s lawsuit.

    The litigation reserves also cover another bondholder lawsuit launched earlier this month by MBIA, which sued after paying out $165 million on claims related to two mortgage-backed transactions it insured.

    And this ruling is even worse for the big banks. Flagstar is a vastly more sympathetic plaintiff than Countrywide or Bear Stearns. Flagstar did mainly Fannie and Freddie deals; the HELOC securitization look to have been a byproduct of their bread and butter business. They didn’t have a pipeline to keep feeding or conflicts of interest due to providing warehouse line funding (this was a big deal with Bear: it was providing credit lines to mortgage originators to make loans. It would put back the really bad loans to the originator rather than try to stuff them into securitizations. But the point came when the proportion of bad loans coming through the pipeline was so high that putting them back to the originator would have bankrupted them, leaving Bear with big losses on its credit lines. So Bear passed on the toxic loans to investors instead). So if the loss level was 78% of the ask for a sponsor who was far from the worst actor in this space, what will the results look like when you factor in egregiously bad behavior?

    The ruling is below. It will be seen as an important precedent not simply because Rakoff is a respected jurist, but also due to his thoroughness in considering the evidence and parsing, as he called it, the war of the experts. Assured constructed a sample of 800 loans across the trusts. Its expert found material defects in 606 of them. Flagstar argued that of the 606, only 126 had defaulted in the first 12 months, so there wasn’t any harm on the rest. And it (using multiple arguments) took issue Assured’s analysis and said of the 126, only 3 were materially defective. Over the course of the trial, there was detailed discussion of 20 of the loan.

    Rakoff indicated he did his own analysis of a sample of the loans in order to help determine which of the wildly opposed expert reading was accurate. He first rejected the idea of excluding the ones that had not experienced an early default Assured had presented evidence of defects like fraud (!) and debt to income ratios way outside the underwriting standards. Rakoff said that made those loans riskier than they were supposed to be and Assured was harmed even if there had not been an early default. He also found the Flagstar reasoning for rejecting some of the Assured findings to be unsubstantiated and not persuasive, and similarly found most of their attacks on her approach to be overblown (he has a very detailed discussion of the conflicting arguments and the reasons for his conclusion).

    As reader MBS Guy summed up:

    Judge Rakoff came out with his long awaited opinion in the Assured Guaranty vs. Flagstar Bank case. This was a straight rep and warranty case – no fraud allegations. In short, Assured, the bond insurer on two Flagstar deals, got nearly everything they wanted, including legal fees. Assured was demanding $116 million for claims paid, Rakoff awarded them $90 million, plus legal fees. That is a remarkably high success rate – way higher, I suspect, than most people had been expecting from the bond insurer cases.

    Rakoff allowed statistically sampling and believed that the insurer didn’t need to prove causation. He didn’t even believe the insurer needed to collect only on defaulted loans (he obligated Flagstar to also buy back loans which were breaches, but on which Assured hadn’t paid claims yet).

    I think this will probably have implications for the litigation reserves that banks are holding on other bond insurer cases (especially BofA) and for the big BofA and Rescap rep and warranty proposed settlements. The banks have been fighting hard on the insurer cases and refusing to settle – I think that’s about to change. I wouldn’t want to be a holder of BofA stock right now. This is the first rep and warrant case to go to trial and it was a big, big win for the plaintiffs.

    Read more at http://www.nakedcapitalism.com/2013/02/judge-rakoff-delivers-big-blow-to-bank-of-america-and-jp-morgan-in-flagstar-ruling.html#cKTjJxYiEkqbVvyV.99

  7. Dastardly deeds & they’re done FOR FREE for the FEDERAL RESERVE BANK OWNERS…….off the backs of the U.S. TAXPAYERS…..WALL STREET SELLS INVESTMENTS AS IF IT WERE OWNERSHIP….& IT’S NOT…

  8. It’s the attack of commie troll transies from hell…..they can transform into a liar in a split second…..!

  9. Feeling mutual Christine……You never answered the question…What are the credentials for being an AUTOMOTON….HOW DO THEY BUILD FRANKENSTEINS SUCH AS YOU TROLLS….? FOREIGN IMPORTS….THATS HOW…

  10. F/U Robot.

  11. Where are your credentials Christine…….? What do you have a degree in …..? DO YOU HAVE A MASTERS IN ….PRETEND IGNORANCE & A PHD IN THE FIELD OF….PROFESSIONAL LIAR …..LIKE THE POLITICIANS, THE MEDIA, THE EDUCATION SYSTEM, THE MEDICAL ESTABLISHMENT, LAW ENFORCEMENT & THE JUDICIARY…..?

    WHAT ARE THE QUALIFICATIONS AND REQUIREMENTS TO BECOME A PROFESSIONAL LIAR…..? DO YOU HAVE TO BE SO BRILLIANT YOU CAN PULL OFF PRETENDING TO BE IGNORANT…..A WELL PAID ACTOR BLEEDING THE U.S. TAXPAYER DOLE……? .OR DO YOU JUST NOT HAVE ANY COMMON SENSE OR ARE YOU JUST A FOREIGN IMPOSTER…….?

    NO MATTER…..NO ONE HERE IS IGNORANT ENOUGH TO BELIEVE YOUR MANUFACTURED TOTALITARIAN CRAP..

  12. If you get attacked by criminals in the State of Illinois you have NO CHOICE BUT TO INVOKE THE U.S. CONSTITIUTION TO DEFEND YOUR LEGAL RIGHTS because of the FASCISTS who have hijacked this State.

    ILLEGAL ALIENS GET FREE HEALTHCARE & EDUCATION & A FREE RIDE OFF THE TAXPAYERS OF THIS STATE…….THE COURTS CATER TO THE FOREIGNERS & AFFORD THEM TRANSLATERS….LEARN THE LANGUAGE OR GET THE FRICK OUT…..DID MY ANCESTORS GET THE KID GLOVE TREATMENT WHEN THEY IMMIGRATED….? HOW ABOUT A SPECIAL DRIVERS LICENSE…… RADIO & TV STATIONS & A LEGAL SYSTEM THAT CATERED TO THEIR NEEDS….HELL NO…SCREW THESE CROOKS AND THEIR SOCIAL JUSTICE BLEEDING HEART LIBERAL/PROGRESSIVE COMMIE GLOBALIST B.S…

    THE FASCISTS OF THIS PATHETIC STATE BEING THE POLITICIANS/BANK OWNERS ……..FRANKLY DO NOT OWN THE PLACE…..AS SENATOR DICK DURBIN IS A LIAR AND A DECEIVER AND IS OBVIOUSLY A BANK INVESTOR CRACK WHORE TOO..

    STOP TRYING TO CONVINCE ME OR ANYONE ELSE OF THE BIG LIE THESE FEDSTER CROOKS LENT ANYONE ANY MONEY….

    .THE TRUTH IS THESE FEDSTER CROOKS ARE IN DEFAULT TO WE THE PEOPLE FOR AN INUMERABLE OF MONEY & THEIR PERPS ON WALL STREET DESTROYED THE VALUE OF EVERYTHING THEY TOUCHED…WITHOUT OUR KNOWLEDGE OR CONSENT…..

    YOU TROLLS ARE TOTALITARIAN LABOTATOMIZED FEDSTER LIARS….YOU ARE LIKE CRACK WHORES FOR THE BANK OWNERS….YOU NEED TO GO TO REHAB AND SOBER UP….

  13. Whatever. Zero credibility.

  14. First on all little miss snobby nose, you addressed me. Second of all you have long term memory failure as to my health. I hope you keep good records to back up that smart mouth of yours.

  15. Don’t address me. I never asked you for anything. If you hadn’t bragged about being mentally deficient, no one would talk about it. You made sure to tell the entire world all about you life, illnesses, everything. Asperger’s. Breast cancer. Stroke. Dyslexia. Can’t blame people for remembering. Especially considering the time you spend proving it over and over like the other imbecile you play with.

    Two of a kind.

  16. I would appreciate the same respect you demand. I’ve always been one of those “I’ll treat you like you treat me” kinda ole ladies. I ignore you .. you ignore me. Simple! Oh Look…. I found your Nose! It was in my Business Again! …. just sayin *Snap*

  17. Zero credibility. That’s all there is to it.

  18. I don’t send anyone anywhere. Posting a link is all that is: posting a link. You don’t know what and whom I pay or don’t pay. Don’t pretend you know anything about me. You don’t.

  19. The difference between your path and mine is that you want debt forgiveness and damages for yourself (selfish) and I want prosecutions. Simple

  20. hahaha … that link Christine is a Joke! You pay an attorney and you send people to a webiste pay to play instead of an attorney? Are you kidding me?

  21. Your point being…? Imbecile! I chose to be in a lawsuit. i chose to fight my banks’ dishonesty. I chose to do it in court. What’s your beef, busy body? And what do you know?

    Incidentally, you might want to learn how to spell. As far as I’m concerned, you have zero credibility, zero intelligence and you’re not worth any more than the imbecile stripper.

  22. Nice Christine… but I’m not the one in a lawsuit now am I?

  23. Let me tell you a true story. My niece was killed in an auto accident about 5years back. She had a loan out for a four wheeler. When she died they payments stopped. The lender repossed the four wheeler. A few months later while going thru her things her parents found an ins policy she had purched with the lender in case of disibility or death to pay off the loan. Her parents called the ins company and were told they paid off the lender as they were the benificiary. hahaha The buttwipe got the ins and the four wheeler. Any guessed what her parents did as benificiarys to her estate?

  24. Good site with lots of good info for those of you who no longer can tolerate the two imbeciles getting at each other just for the fun of it.

    http://www.whatliesinyourdebt.com/

  25. http://2012thebigpicture.wordpress.com/

    February 4, 2013

    Time to Fight the Banksters! Foreclosure Bash starts Tues. Feb 5th—Are You Signed Up?

    Hello Everyone, Foreclosure Bash starts tomorrow… are you signed up yet?If not, then you had better do so really soon. You don’t want to be left out!

    We have been preparing for this for over two months. Getting all the little details ready to assure that you know the latest and some of the simplest methods to stop, defend, and go after the banksters. The reality is simple, if you are always on the defense you eventually will receive a direct hit that will take you down.

    Our system puts you on the offensive no matter where you are in the foreclosure process putting the banksters on the defense and allowing you some time to breathe and think clearly. We noticed over 7 years ago that the best of the best attorneys and pro se litigants would do nothing other than block the punches. So we decided it was time to start punching back and guess what? It worked better than we could have ever imagined!

    The simple secret that the banksters don’t want you to know is this… they are not prepared to litigate the cases! They know that most homeowners wont even answer the complaints or will just move out so when someone punches back its a pretty disorientating blow which leaves them weak in the knees.

    So, if you are facing a foreclosure, in foreclosure or have recently been foreclosed upon, you simply cannot afford to miss the Foreclosure Bash. It could just turn things around for you and your family.

    Do yourself a favor and go to http://www.whatliesinyourdebt.com right now to sign up and start learning the right punches to throw. Who knows, you might just knock them out!

    See you on the inside,

    The staff

  26. Lets say you owe 10,000 on your vehicle. An ins claim is made for being totaled with damages of 17,000 and KBB is 15,000. Wouldnt the lender get 10,000 and the other 5,000 come back to you? Crazy Stuffs going on here …

  27. So you hire an attorney to protect your rights because the lender is still trying to collect $10,000 from you. You reduce actual balance owed by damages (paid by ins) and attorneys fees and other misc damages. How much is Owed on your vehicle now? Will you keep your vehicle or will you trade it for what is behind door #3?

  28. The punch line is ….. The Lender, hired the Theif!

  29. You owe $10,000 on your vehicle to the lender. A thief steals it and wrecks it. Ins co says KBB is $5,900 and the repairs are $8,000. The ins co totals the vehicle and title. They pay your lender the value of the vehicle $5,900. You get the wrecked vehicle back as is and still owe the lender the balance of the loan AFTER INSURANCE PAYMENT IS APPLIED. $4,100 is still owed on your debt. But there is not collateral backing it. So the lender says to you … I tell you what, you give me the vehicle and we will just call the debt even. HUH?

  30. SALVAGE PRICE TO THE ONLY VICTIMS…..WE THE PEOPLE…. FOR THE INTENDED DESTRUCTION OF OUR WEALTH AND PROPERTY BY THE POLITICIANS & THE FED OWNERS……THE PRICE…..?…CLEAR TITLE TO ALL & A QUADRILLION DOLLARS IN GOLD SOUNDS FAIR…

  31. THE PEOPLE OF THE STATE OF ILLINOIS HAVE ÀLLOWED THEMSELVES TO BE RENDERED THE WHIPPING BOY & HAVE ALLOWED THEMSELVES TO BE TIED TO THE WHIPPING POST & HAVE ALLOWED THEMSELVES TO BE RENDERED DEFENSELESS BY THE TRAITOR POLITICIANS AND THE OWNERS OF THE FEDERAL RESERVE BANK WHO ROBBED THEM…..THE PEOPLE NEED TO STOP COOPERATING WITH THESE CROOKS & TRAITORS & SUE THESE CROOKS & TYRANTS….

  32. Salvage price for the buyer with no warrenty to title or No recourse to the seller. Sound familier?

  33. When the costs of repair exceed the value of your vehicle, the ins co pays off the KBB value to you and it keeps the vehicle. But what if you want to keep the vehicle after the ins claim is paid to restore it? How much does the ins co sell it back to you for? Salvage Price?

  34. I would have to say hands down, in Illinois where concealed & carry, OUR LEGAL RIGHT is “illegal” we are all victims of the State who has stolen our legal right to defend OURSELVES….THE STATE IS TO BLAME. FOR USING DECEPTION TO STEAL OUR LEGAL RIGHT TO SELF DEFENSE…..

  35. I DEMAND A CASH SETTLEMENT AND MY HIJACKED PROPERTY RETURNED TO ME & EVERY AMERICAN HARMED BY THESE FED OWNER CROOKS..WHY?…THE FEDERAL RESERVE BANK OWNERS….THESE MANIACS & LUNATICS HAVE STOLEN $60.4 TRILLION MORE OF OUR WEALTH AND 20 MILLION PROPERTIES SINCE 2008 REPORTED CNBC BACKED BY OUR INITIAL U.S. TAXPAYER INVESTMENT OF $12 TRILLION DOLLARS…..SUE THESE CROOKS AMERICA..!

  36. If a thief takes your car on a joy ride (while you are asleep in the back seat) and wrecks it, who is responsible for the damages?

  37. AG Conway speech on his Merscorp/MERS lawsuit. As you know, Kentucky is home to many rich, famous people (Lexington…). At 3:00 minutes, Conway gives his reasons for the lawsuit: celebrities don’t know who owns their loans…

    “Our economy didn’t just blow up”. “As public servants, we have to make sure we learned our lesson and it never happens again.” “It becomes impossible to obtain loan modifications when you don’t know who owns the loan [Ha!]”

    “Nearly 50% of foreclosued properties in Franklin county, inconsistencies existed, MERS didn’t even know the property had been foreclosed on.”

  38. We need to rename the justice system the injustice system. The injustice system is broken and corrupted.

  39. I dont want a new vehicle, (a trade). I do not want cash settlement. I want my vehicle restored to its origional condition and returned to me. Anything less is a Breech of Contract.

  40. Stop cooperating with these criminals & sue these Federal Reserve crooks America…!

  41. Charles……The so called “bad underwriting” was intentional…..these crimes against US were well orchestrated and intended to do US permanent harm……How do I know this….? I did my homework, these were ALL LIARS LOANS …..EVERY ONE OF THEM….THE FED DEFAULTED ON EVERYONES MORTGAGE…. AKA….. THE ORIGINATION FRAUD..AND IT WAS CRIMINAL…FRAUDCLOSURE IS A COVER UP FOR THE FACT THE FED OWES U.S. TAXPAYERS GAZILLIONS AND THERE IS NO LEGAL CORRECTION FOR IT……SO THE COURTS & THE POLITICIANS DECIDED TO USE FAKE IGNORANCE TO COVER THE ORIGINATION FRAUD UP AND LET OUR FOREIGN ENEMIES……..THE FEDERAL RESERVE BANK OWNERS STEAL OUR WEALTH & PROPERTY UNDER FAKE IDENTITIES……….THEY USED THEIR PERPS ON WALL STREET & DESTROYED OUR PROPERTY VALUES WITH A MASSIVE DERIVATIVES FRAUD SCAM & THE MORTGAGE SERVICERS….MERS….FICTITIOUS TRUSTS….THEY ARE ALL IN FACT THE OWNERS OF THE FEDERAL RESERVE BANK…..A PRIVATE BANK…….THE POLITICIANS IN D.C. & THE STATES, THE JUDICIARY AND LAW ENFORCEMENT ARE ALL TRAITORS TO THEIR COUNTRYMEN & THEIR COUNTRY.

  42. @Charles, I am still waiting for the ins company to repair my vehicle. But the ins co and the manufactuar are fighting over the liability. So I’m still setting here at the accident scene in my vehicle waiting to be rescued, as I can not get out on my own.

  43. The American people should be suing the FEDERAL RESERVE BANKSTERS for robbing US…

  44. The question for me is, how do you have these firm with paying out claims for faulty underwriting of a mortgage file, but the borrowers are not consider harm, in something that failed to the point that the investor are paid back?

    The vehicle has crash because the manufacture created a bad product but the owner of the vehicle is not compensated as it been settled that the underwriting was bad from the start?

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