How JPMorgan Chase Is Cashing In On Private Prisons

Dimon was probably was a slave trader in the early 1600s consisting of criminals as indentured white slaves promised land that rarely materialized …and reincarnated into slave owner in 1700s… #WhiteCargo – great book!

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National Memo:

Chase CEO Jamie Dimon is increasingly vocal in public about his newfound ethical concerns. He made a very public statement distancing himself from President Trump over Trump’s failure to condemn white supremacy in Charlottesville, Virginia. He has also described himself as “pro-immigrant”: an opinion that is hard to square away against his roles as a financier, underwriter and bond-holder of private prison corporations like GEO Group and Core Civic (formerly Corrections Corporation of America). Both corporations oversee Immigrant Detention Centers throughout the U.S., many of which house undocumented migrants.

JPMorgan Chase’s investments in private prisons certainly make economic sense: the private prison industry is worth about $5 billion, and the election of Donald Trump has caused the profits of the sector to balloon further. Almost immediately after Trump’s inauguration, the Department of Justice rescinded the Obama administration’s order to phase out federal private prisons from the criminal justice…

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Jamie Dimon BUSTED Buying Bitcoin! (Bix Weir)

You can’t make this stuff up!

Just days after Jamie Dimon proclaimed that “Bitcoin is a Fraud!” and he would “Fire any trader that worked for him that bought Bitcoin”…JP Morgan Securities LTD in Europe was the 4th largest buyer of the “Bitcoin Tracker One” ETF!!! Not exactly sure about the legality of this, but I don’t think the CEO of the world’s largest “Too Big Too Fail” bank is legally allowed to participate in market manipulations on what he deems a “fraudulent asset!”

THE TRANSFERRING OF SERVICING RIGHTS TO AVOID REVIEWING COMPLETE MODIFICATION APPLICATION

There is an overall system in place designed with intentional fraud on the court and necessity for liquidity. The MBS computer software / financial products are not designed for 30 yr mortgages. Securitized trusts need liquidity for pension funds to be able to invest. Nothing has changed since ringleaders’ GSE conservatorship except ramping up wrongful foreclosures to feed the Treasury to prop up Obamacare. Servicing shifts are part of this process and all of it needs a criminal investigation and complete, detailed audit.

Livinglies's Weblog

bankcrak

To listen to Patricia Rodriguez discuss the latest foreclosure defense issues please visit the Neil Garfield Show here and here.

By Patricia Rodriguez, Esq.

Nothing in this article is meant to be construed as legal advice; there is no attorney-client relationship that is being created. This is for general education purposes only. 

After years of litigating against alleged lenders, investors, servicers, and foreclosure trustee’s we are starting to see a clear trend of the servicing rights being transferred upon receiving a complete loan modification application. What is an alleged lender – this is usually the party that claims to have funded the original loan or the originator.

The alleged investors are those who claim to have received an ownership interest in the loan through an assignment and endorsements or multiple assignments and endorsements. The foreclosure trustee in non-judicial foreclosure states such as California are entrusted with overseeing the foreclosure…

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Shocker: U.S. sues former Deutsche Bank head subprime mortgage bond trader for crisis-era fraud

So, let’s get this straight, the dude is “systematically and intentionally” lying about the quality of the subprime loans… the same financial products that they sold to unsuspecting homeowners? So… chances are they were lying to homeowners too, yeah? Seems logical, doesn’t it?

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In what can only be regarded as a shocking development, the United States is suing the former head of subprime mortgage trading at Deutsche Bank over “systematically and intentionally” lying about the quality of subprime mortgages that backed nearly $1.5 billion in mortgage-backed securities in the run-up to the crisis.

The lawsuit marks one of only a handful of times the government has gone after an individual for crisis-era mortgage fraud at the systemic level; an untold amount of MBS traders from this era still walk free.

Read on.

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Irma’s Bad but Here Comes JOSE!!! (Bix Weir)

As bad as Hurricanes Harvey and Irma were/are there’s one approaching the East Coast whose destruction destruction eclipse both of them!

You never want a serious crisis to go to waste. And what I mean by that is an opportunity to do things you think you could not do before.” — Raul Emanuel, Chief of Staff for Obama

 

Wells Fargo Strikes Again

Livinglies's Weblog

If you want to know why people in all political spectrums are angry enough to blow up stuff consider this: If any of us walked into Wells Fargo Bank and using stolen financial identities opened up a checking account, savings account, credit card account and maybe a few more credit card accounts, upon discovery, we would be accused of bank fraud and sentenced to years in prison.

Add to that total the following: an auto loan, a mortgage loan and creating an old-style “float” using newfangled EFT (eletronic funds transfer) bearing the name “shadow money” in a “shadow banking world.”

Those were all things that Wells Fargo continually committed for the last 20 years giving the false impression that its brand mattered, that they had more business than they really did, that they had mroe accounts —depository and loan accounts — than they really did and all based upon lies…

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Nine years on, another Lehman Brothers bankruptcy

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The two affiliates, Lehman Brothers U.K. Holdings (Delaware) Inc and Lehman Pass-Through Securities Inc, were put into bankruptcy as part of a deal that will generate $485 million cash for the Lehman estate, according to court documents.

The affiliates own residential mortgage-backed securities, real estate and stock in First Data Corp (>> First Data Corp), which helps process credit card transactions, among other assets, according to papers filed in the U.S. bankruptcy court in Manhattan. Affiliates of Brookfield Asset Management Inc of Canada (>> Brookfield Asset Management Inc) are buying stakes in the Lehman affiliates, which were put into bankruptcy to carry out the deal.

Administrators have spent years winding down Lehman’s holdings and have distributed around $147 billion to creditors, according to court records.

Read on.

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Damning report finds state agencies wasted millions meant for struggling homeowners

Un-frickin’ real! Families are made homeless while Treasury was partying with the state! Such a life.

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A damning new report from a federal watchdog shows that 19 state housing finance agencies wasted millions of dollars that should have gone to struggling homeowners as part of the government’s Hardest Hit Fund program.

The report, published Friday by the Office of the Special Inspector General for the Troubled Asset Relief Program, showed that SIGTARP’s investigation found that the all 19 of the state housing finance agencies that participated in the Hardest Hit Fund collectively wasted $3 million on items like barbecues, steak and seafood dinners, gift cards, flowers, gym memberships, employee bonuses, litigation, celebrations, and cars, instead of using the money to help struggling borrowers.

Read on.

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U.S. 9TH CIRCUIT RULES ROBINS HAS ARTICLE 3 STANDING!

Excellent post! Open for the details:

“The 9th Circuit remanded the case back down to the Central District of California for further action. For those of you in the 9th Circuit states, you should be jumping for joy, because the little guy has won another round. To see the opinion, click the link: Robins v Spokeo Inc, 9th App Cir No 11-56843 (August 15, 2017)

Clouded Titles Blog

BREAKING NEWS — 

For those of you that haven’t been keeping track of the differences of opinion between the U.S. Supreme Court and the U.S. 9th Circuit Court of Appeals in the Spokeo v. Robins case, the 9th Circuit panel has issued an opinion that the Plaintiff (Robins) did in fact allege a “concrete injury”.  I posited this dilemma in my book FDCPA, Debt Collection and Foreclosures to some extent.  Now it appears that the 9th Circuit’s holding played in fact off of the Big Top’s decision, which was narrow, wherein a violation of the FCRA (according to this decision), an acronym for the Fair Credit Reporting Act, was enough to include this in an FDCPA action to establish that when servicers (who act as lenders) wrongfully put information on your credit report or in the alternative, debt collectors report things to the credit bureaus that are known to…

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Fannie Mae begins marketing fourth re-performing loan sale

Trump approves MORTGAGE DEBT FORGIVENESS PLAN that Obama couldn’t. Performing loans sold at a loss. #Fanniegate $FNMA

Fannie Mae began its marketing efforts with Citigroup Global Markets for its fourth sale of re-performing loans, or loans previously delinquent, but now performing again. Here are the details of the new pool, which includes about 11,000 loans.

Source: Fannie Mae begins marketing fourth re-performing loan sale