United States District Court, E.D. California.
GENET HABTEMARIAM, Plaintiff,
VIDA CAPITAL GROUP, LLC; US MORTGAGE RESOLUTION; PNC BANK, NATIONAL ASSOCIATION; and DOES 1 to 50, inclusive, Defendants.
Some three years later, PNC notified Plaintiff by mail that its SDOT was discharged, apparently due to a settlement agreement PNC had reached with various agencies of the United States government. PNC effectuated that cancellation by sending a 1099-C form approved by the Internal Revenue Service for cancelling a debt. Plaintiff received the Form 1099-C on or about June 29, 2010. According to Plaintiff, because the 1099-C cancelled the amount she owed on the second mortgage, she believed it legally released her from any further obligation to pay Continue reading →
The eighth anniversary of the 2008 financial crisis is almost upon us, making this as good a moment as any to take stock of how little we know still about the bad behavior and deception that occurred inside the big Wall Street banks that helped to cause it — and how little we may ever know.
A wave of settlements between Wall Street and the Justice Department and regulators resulted in fines in excess of $200 billion flowing from the shareholders of these firms into the coffers of the various federal and state government entities. These payments still feel to me more like extortion than justice. After all, if the prosecutorial arm of the federal government that regulates you demands a 10- or 11-figure payment, it seems pointless to argue. Continue reading →
HOUSINGWIRE says: Party platform blasts “corrupt business model” of Fannie Mae, Freddie Mac
Okay, think about this – Fannie and Freddie were collaborators, if not the actual architects, and helped set up and patent this corrupt housing scheme. If you haven’t watched THE BIG SHORT yet, the time is NOW (it’s on Netflix). Then watch it again – there were good guys on Wall Street. Not everyone was involved in the corruption, albeit it few and far between. In fact, for many years America had a moral and more ethical financial community. But shortly after President Reagan began deregulating the industry and President Clinton signed off on the whip cream and cherry topping by deregulating Glass-Steagall – Wall Street went to hell in a hand-basket.
According to the Republican Party platform, which can be read in full here, one of the GOP’s goals for 2016 and beyond is to “advance responsible homeownership while guarding against the abuses that led to the housing collapse.” Continue reading →
Big banks hold great sway in Washington these days, far more than troubled homeowners do. But outside the Beltway, many people remain caught in the maw of the financial giants, which is why it is heartening when some judges step into the fray.
Consider two opinions involving Wells Fargo, a bank that enjoys a somewhat better reputation than many of its peers. On Monday, a judge in a state court in Missouri ordered Wells to pay over $3 million in punitive damages and other costs for abusing a borrower. Then, on Thursday, a judge in Federal Bankruptcy Court in suburban New York ruled on behalf of another borrower, concluding that there was substantial evidence Wells Fargo forged documents when it foreclosed on a property. Continue reading →
You can’t fight city hall, the saying goes. But Gayle McLaughlin, the mayor of Richmond, Calif., a city of 100,000 souls, would tell you that fighting Wall Street is harder. Even for city hall. Continue reading →
The failure of the U.S. government to prosecute those who were the masterminds behind the NTMs (nontraditional mortgages) and subprime loan debacle, that more likely appear to have been an intentional Ponzi-like scam, makes Eminent Domain a plausible solution for relief. If handled properly Eminent Domain may actually save homes and families – not to mention saving lives and local governments that foolishly invested in unregulated and rigged derivatives and securities.
Do the math. Hypothetical figure (conservative): $900 month payments X 67 million MERS mortgages X 12 months (1 yr.) = $723,600,000,000 new revenue stream annually – and this figure is conservative… it’s likely 2-3 times higher and this is JUST MERS. Continue reading →
Fannie Mae is staying on the offensive against Wall Street.
Fannie Mae is reportedly suing nine banks for a total of about $800 million over alleged manipulation of the benchmark London interbank offered rate (Libor), the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks. Continue reading →
Bailed Out Fannie and Freddie Are Repaying Taxpayers? Answer: FALSE
In a recent Committee on Financial Services report the truth comes out about government sponsored Fannie and Freddie that foreclosure defense experts and “MERS Blur” researchers realized long ago… There is no way Fannie and Freddie can ever repay the bailout debt; and, they were at the helm of the mortgage Ponzi-like scam to the detriment of the American public.
America – we have a crisis. A moral decay that stems from decades of deceit and the acceptance of lies, fraud, and morally bankrupt behavior. We’ve allowed politicians, bankers, attorneys and judges to disregard ethical values and operate under a morally bankrupt code of conduct. It is time to demand that the culture change and it has to start at the top.
Our children have no respect for authority and frankly, how can they when Presidents, politicians and bankers lie – all in the name of money. We’ve set the bar so low that by the time the next generation arrives they won’t be able to recognize the truth. Huffington Post’s Shahien Nasiripour reports the NY Fed Chief’s opinion is that the problems need to be address. Finally maybe, yeah? Continue reading →
I recently stumbled onthis excellent compendium of more than 300 books on the financial crisis. It also includes a list of 25 or so books that predicted the crisis, as well as a useful link to an annotated list of individuals who can be given credit for predicting various aspects of the crisis. [This is terrific reference material. Be sure to bookmark. DC Ed.] Continue reading →