Dimon’s Star Rises: Ominous Signs for a New Round of Foreclosures and Other Bank Fraud Schemes

We might as well ask the financial industry to shoot us again, because the last shot in 2008 has worn off. The industry has convinced mainstream media that foreclosures are over. They are not. In fact they are rising all over the country except specific pockets where the banks have manipulated their efforts to create the illusion of a foreclosure crisis that had ended.

see http://www.americanbanker.com/news/national-regional/dimons-political-stature-grows-as-he-takes-business-roundtable-chair-1092747-1.html?utm_campaign=daily%20briefing-dec%208%202016&utm_medium=email&utm_source=newsletter&ET=americanbanker:e8315779:5120275a:&st=email&eid=89ce23c996ac002ead116053553b253f

Jamie Dimon continues to rise in influence not only in the financial sector but politically. This is unconscionable. Dimon, as head of Chase, has sat on the Federal Reserve Board New York throughout the financial crisis that he and his cohorts created and have steadfastly maintained causing the economy to lack the resources to create robust growth.

The Fed actually purchased trillions of dollars in “mortgage bonds” that were neither back by mortgages nor bonds issued by any credible entity. The banks sold the bonds as if they were the owners and then continued to screw the investors who put up the money and to eviscerate American homeowners for non payment of a liability owed to third parties, even while Chase continued to collect 100 cents on the dollar for the worthless bonds that were supposedly indirect ownership of the the alleged loans. Dimon should be given a room with a view of iron bars and not some opulent corner office. The American people are still looking for justice.

In one of the biggest swindles of the crisis (hard to pick which one) Chase has successfully hoodwinked the courts into allowing foreclosures by Chase — and others under Chase sponsorship — to foreclose on hundreds of thousands of homeowners — on mortgages that were (a) void and (b) where even the paper was not owned by Chase, especially where it came from Washington Mutual.

The Chase-WAMU deal involved a net cost to Chase of zero. Yet according to them Chase was the owner of hundreds of billions of dollars worth of loans that were either unfunded by WAMU or   already sold by the time the deal happened. If WAMU actually had those kinds of assets it would never have gone bankrupt. And if the WAMU estate had those assets, then the price for ownership of the loans would have been over $100 Billion.

The net result of such actions is that household wealth was siphoned out to the direct benefit of Chase and other TBTF banks that engaged in the same behavior. Dimon is emboldened by the Trump victory. Now, because of laziness in mainstream media, the tragic fraud on America continues and Dimon’s political star is rising. Maybe he will run for president just to seal the deal.

13 Responses

  1. The licenses of the lawyers who are bringing bogus lawsuits for banks and junk credit buyers must be cancelled for good. They are better of driving taxis on Wall street with crooks in the back seats with no shock absorbers.

  2. @Hammertime, reach out to hacker group Anonymous, via FaceBook or Twitter.

  3. Good example. Starting to work w infographics. Shooting to publish next week w web site.

  4. Has any one created a info graphic explaining predatory lending as it pertains to the mortgage crisis?

    Similar to this one:
    http://www.youngfreemaine.com/blog/infographic-predatory-lending

    It would be helpful explains it to those that presume that it’s anything other then just a lender loaning money to a homeowner/borrower.

  5. Richard Davet

    2009 JPM Shareholder’s meeting
    Exchange with James Dimon CEO and Chairman

    As you know, for years, the Bank has been and continues to be major players in its mortgage business in what has come to be known as the “Government Sponsored Enterprise (GSE) Business Model”.

    In September of 2008, Treasury Secretary Paulson declared that, and I quote, “these enterprises pose a systemic risk”. Your mortgage business goes 90%+ to Fannie Mae on a daily basis.
    Much has been written about the GSE flawed business model, including a Wall Street op-ed by George Soros which calls the models “hopelessly conflicted” and “it simply doesn’t work”.

    ? 1, When do you and the Board intend to disclose to shareholders the consequences of the Bank’s vigorous involvement with this fatally flawed business model?

    ? 2 Isn’t this business a little like your running a house of ill repute while knowing that all your ladies have aids and what are you doing to your client base?

    ? 3, What would you say to the skeptics that are out there that think that all players involved with the GSE Business Model are engaged in a simple criminal scheme, albeit of a dimension that we have never seen before, that a prosecutor would call “theft by deception” with the American taxpayer as the victim?

  6. @Julie Brown what state are you in?

  7. Direct hit on Chase and Jamie Dimon is what we need. I have the perfect case I have forwarded to one of Garfield’s guests. Let’s see how it goes. Will be publiciizing and getting group petiton/complaint together. We need to let Obama, Trump, Ryan, Pelosi, Clinton, Sanders the whole crowd know we need action now!

  8. It is so difficult to comprehend that our very own government under cover as GSE took over Fannie, Freddie and who knows? They all need to be named as additional defendants in the racketeering scams across our wonderful country, but there are too many, inept and dishonest congress people also involved so I take my hat off to ALL those who have finally prevailed in their fights against all this corruption.

    I have been fighting nasty old Bank of America, Shellpoint Mt., Seterus, and Fannie Mae for over 5 years now and they are all terrible with billions and billions of dollars in fines, penalties, and privately settled lawsuits. Unfortunately I don’t see a way around all this corruption other than one case at a time.

    Was sure interesting in the 10th Circuit Court Ruling in Colorado on August 15, 2016 in George et al, V. Urban and Bank of America for racketeering- but don’t hold your breath with the likes of Jamie Dimon and nasty old Brian Moynihan who is a friend of Donald Trump as is Jamie Dimon- Really hard to beat them!!!! Semper Fi

  9. $140 billion agreement with Wells Fargo Bank to mortgage service all WaMu’s Ginnie Mae pooled loans. Once the loan are placed into the Ginnie MBS the blank endorsed Notes are suppose to be relinquished to Ginnie Mae from WaMu.

    In normal cases the lenders don’t actually physically transfer the blank Notes and is how they probably get around having to show the Notes to the courts as to who is the owner of the debt.

    It was know that WaMu was in trouble and if the blank Notes would have been on hand in a WaMu owned operation, then the bankruptcy court would have seized the Notes which have blank endorsements.

    Why is the industry acting so stupid when it got the Jul 31, 2006 mortgage servicing agreement, however Ginnie is holding the $140 billion in Fed Gov loans as underlying collateral, yet Ginnie nor Wells Fargo purchase the debt!

    What could WaMu do in the end when it was seized having its loan tried up with Wells & Ginnie, and the fact that on Sept 25, 2008 WaMu stop existing!

  10. I did NOT block emails from this sender. Please reinstate.

  11. Why can’t he be stopped. I don’t understand why can’t someone put an end to this. I have a foreclosure sale date for February 3rd 2017 and I’ve been fighting it for 10 years and I’m exhausted but I’m also so angry that I’m not going to stop until I can get some justice or until I lose I guess sad.

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