First Look: New Linda Tirelli Suit Against Bank of America

Excellent! Now, as long as the judge’s mutual funds aren’t heavily invested in MBS or bank stocks there might be a fair and balanced decision.

LIBERTY ROAD MEDIA

Attorney Linda Tirelli, a rockstar in the arena of foreclosure defense, has just filed an adversarial bankruptcy suit in the Southern District of New York naming the following as defendants: Bank of America, Nationstar, U.S. Bank, and Recontrust. As many former and soon-to-be-former homeowners know, this group is a veritable rogue’s gallery of home/wealth/livelihood/sanity thieves and scam artists.  The fact that Tirelli is going after this financial mafia family is heartening, because Tirelli gets results.

So I read through her complaint, filed on November 29, 2016.  You can read it here.  What follows are my first impressions and sections of the complaint that stood out to me.

The Remedies

I am thrilled to see that Tirelli is going for the jugular with this complaint, and not shying away from what her client (and millions of people who are or have been in the same situation) truly deserves.  Namely…

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Fed’s Kashkari Releases Plan to End “Too Big To Fail,” Compares Banks to Terrorists

Justice League

When Neel Kashkari, a former Goldman Sachs banker who helped administer the U.S. Treasury Department’s bailout program during the 2008 financial crisis, was appointed as President of the Minneapolis Federal Reserve Bank, I commented on his intent to break up the big Wall Street banks as either too good to be true, or a political smokescreen.
Mr. Kashkari had made addressing the “too big to fail” his signature issue. And, it looks as if he is holding true to his promise.
It’s also gratifying to see a Federal Reserve official voice some of the same ideas that my Bank Whistleblowers United colleagues have voiced. BWU has also called for increased capital as one action item needed to avoid another financial crisis.
In a recent speech to the Economic Club of New York , Mr. Kashkari unveiled a plan to end the systematic risk posed by U.S. banks by forcing them to hold a massive amount of capital

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OneWest’s Mnuchin: Putting the Fox in Charge of the Henhouse

We can only hope there is enough righteousness lingering inside Mnuchin – but probably the best person to ask that question to would be Mike Perry the former IndyMac CEO that NY Dem. Senator Chuck Schumer’s rumor took down while his vulture pals waited in the wings.

Livinglies's Weblog

see http://www.npr.org/2016/11/29/503755613/trumps-potential-treasury-secretary-headed-a-foreclosure-machine

There two ways of looking at this prospective appointment by President-Elect Trump.

One is that this appointment signals the intent to further “expedite” foreclosures instead of digging deeper into the real facts and fraud by Wall Street banks. Such an effort would eliminate the possibility of the US Treasury clawing back huge sums of money for nonexistent bank losses stemming from alleged defaulted loans.

Some may remember that the infamous TARP bailout was first described and approved as covering losses from the loans to residential homeowners. Then it evolved.  The description and approval was to cover losses from failed mortgage bonds. But neither defaults nor bond failures were actual losses of the banks.

They had sold the loans and bore no risk. And they were selling bonds not buying them. Then it evolved again. The description and approval was to cover lost profits on hedge products, insurance and…

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David Dayen at The Nation:Ross and Mnuchin—Profiteers of the Great Foreclosure Machine—Go to Washington

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This gallery contains 2 photos.

Originally posted on Livinglies's Weblog:
? https://www.thenation.com/article/wilbur-ross-and-steve-mnuchin-profiteers-of-the-great-foreclosure-machine-go-to-washington/ In my book Chain of Title, I refer to the collection of lenders, mortgage-servicing companies, third-party document processors, foreclosure-mill law firms, and trustee banks as all part of the Great Foreclosure Machine.…

[video] Treasury secretary nominee Steve Mnuchin: Undoing Dodd-Frank “top priority”

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gotham-1-e1472580055567

In an interview with CNBC (video below) on Wednesday that also included Commerce Secretary nominee Wilbur Ross, Mnuchin revealed his thoughts on the Dodd-Frank Wall Street Reform Act.

The act is already in the spotlight right now since shortly after Trump became president-elect, he released a plan to dismantle Dodd-Frank.

During the interview, Mnuchin said, “The No. 1 problem with Dodd-Frank is it is way too complicated and it cuts back lending.”

“We want to strip back parts of Dodd-Frank that prevent banks from lending and that will be the No. 1 priority on the regulatory side,” he told CNBC.

Read on.

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Trump’s Potential Treasury Secretary Headed A ‘Foreclosure Machine’

Livinglies's Weblog

http://www.npr.org/2016/11/29/503755613/trumps-potential-treasury-secretary-headed-a-foreclosure-machine

After campaigning with lots of populist and anti-Wall Street rhetoric, Donald Trump is seriously considering a veteran Wall Street financier, Steve Mnuchin, to be his Treasury secretary.

Mnuchin spent 17 years at Goldman Sachs, ultimately as a partner at the investment bank. More recently, he’s headed a privately owned hedge fund, Dune Capital Management. Last April he became Trump’s chief fundraiser, and he’s now a member of the president-elect’s transition team.

But Mnuchin’s resume also includes a stint as chairman and CEO of a California bank that’s been called a foreclosure machine.

During the depths of the financial crisis, Mnuchin was looking to make profits from the ruins of the housing bust. In 2009, he put together a group of billionaire investors and bought a failed California-based bank, IndyMac. It had been taken over by the Federal Deposit…

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Big Short II: Trump Picks Foreclosure King Mnuchin for Treasury Secretary

Mr. Barofsky, former SIGTARP, writes early on that “I had no idea that the U.S. government had been captured by the banks,” and at another point describes his strategy to use the press to get the attention of Congress, and by extension an obstreperous Treasury: “Our message was simple: Treasury’s desperate attempt to bail out Wall Street was setting the country up for potentially catastrophic losses.”””

Livinglies's Weblog

http://www.thedailybeast.com/articles/2016/11/29/trump-picks-foreclosure-king-mnuchin-for-treasury-secretary.html

Big Short II

Five years ago, foreclosed homeowners protested on the lawn of Steve Mnuchin’s Bel-Air mansion for his company’s ‘repulsive’ practices. Now he’ll be Trump’s secretary of the Treasury.

After an effort to purge lobbyists from his quickly arranged transition team, President-elect Donald Trump, who campaigned on a “drain the swamp” message, is set to promote another swamp-dweller to a high-ranking position in his administration.

Trump is set to announce that Steven Mnuchin will be his Treasury secretary, per a recommendation from his own transition team, the Associated Press reports.

Mnuchin served as Trump’s national finance chairman during the campaign after a long history in private investment banking and on Wall Street. Like Trump himself, Mnuchin was a donor to Hillary Clinton in prior campaigns. According to filings from the Federal Election Commission, he has contributed more than $8,000 to Clinton since 2000.

Prior to joining…

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Feds allow high-profile case against Bank of America to quietly fizzle out

Doesn’t anybody remember where the 2012 Democratic National Convention was held…? …in Charlotte, North Carolina home of Bank of America HQ. Are we really surprised?

Livinglies's Weblog

The Department of Justice had until Monday to ask the U.S. Supreme Court to take up its 2012 ‘Hustle’ lawsuit against Charlotte-based Bank of America. The DOJ let the deadline pass. The Department of Justice had until Monday to ask the U.S. Supreme Court to take up its 2012 ‘Hustle’ lawsuit against Charlotte-based Bank of America. The DOJ let the deadline pass.

 The U.S. government let a high-profile mortgage case against Bank of America quietly fizzle out this week.

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Feds allow high-profile case against Bank of America to quietly fizzle out

Another example of a failed administration.

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The U.S. government let a high-profile mortgage case against Bank of America quietly fizzle out this week.

The Department of Justice had until Monday to ask the U.S. Supreme Court to take up its “Hustle” lawsuit against the Charlotte-based bank. In May, the 2nd U.S. Circuit Court of Appeals reversed findings against the bank in the 2012 case, the first civil fraud suit brought by the Justice Department over home loans sold to mortgage giants Fannie Mae and Freddie Mac.

A Justice Department spokeswoman did not comment on the decision to let Monday’s deadline pass. A Bank of America spokesman also declined to comment.

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