Fraud
The next financial tsunami unleashed by toxic mortgages
By PAM MARTENS
The financial tsunami unleashed by Wall Street’s esurient alchemy of spinning toxic home mortgages into triple-A bonds, a process known as securitization, has set off its second round of financial tremors.
After leaving mortgage investors, bank shareholders, and pension fiduciaries awash in losses and a large chunk of Wall Street feeding at the [...]
Entire Finance Industry Filled With Massive, Pernicious Fraud
The entire finance and real-estate “industry” is filled with massive, pernicious fraud, and we now have only one question remaining – will The Government do its lawful and mandated job, that of prosecuting the bad actors, or has it joined with the fraudsters, become one with them, and thus, declare itself as a gang of mobsters [...]
Read Full Post | Make a Comment ( None so far )Lawyers Tempted By Foreclosure Crisis
The foreclosure crisis has resulted in a lot of work for lawyers hired to try to help struggling owners hang onto their homes.
But it has also resulted in a record number of complaints concerning claimed unscrupulous practices, some of which have already led to disciplinary action, according to a Daily Business Review article reprinted in [...]
Marcy Kaptur to Banks: “Produce The Note”
Fight Club entered popular culture in 1999 when director David Fincher adapted Chuck Palahniuk’s novel into a film that reflected the zeitgeist of modern America with its empty culture, obsession with aesthetic beauty, and slavish under and middle classes.
Warning: Decade-old spoiler coming up.
The film ends with the agents of “Project Mayhem,” protagonist Tyler Durden’s followers, [...]
U.S. partners in home loan modifications accused of broad abuses
WASHINGTON — Billions of dollars that the government is spending to help financially pressed homeowners avert foreclosure are passing through — and enriching — companies accused of preying on the people they are supposed to help, an Associated Press investigation has found.The companies, known as mortgage servicers, collect monthly payments from homeowners and funnel the [...]
Read Full Post | Make a Comment ( None so far )FTC halts mortgage operation for misrepresentation of loss mitigation
At the request of the Federal Trade Commission, a federal court has halted a bogus mortgage foreclosure prevention operation that misrepresented both the “loss mitigation” services it offered and the earnings potential of the business opportunity it sold. The FTC seeks to end this deceptive scheme and make the defendants give up their ill-gotten gains.
According [...]
FTC Files Amended Complaint in Federal Loan Modification Law Center Case
The FTC filed an amended complaint adding several new defendants in the action currently pending against Federal Loan Modification Law Center, LLP, and six related defendants. The original complaint, filed on April 3, 2009, charged the defendants with misrepresenting that in exchange for a large up-front fee, they will obtain a mortgage loan modification or [...]
Read Full Post | Make a Comment ( 3 so far )Mortgage Wars
Iris Martin
My new book, Mortgage Wars, will guide you, step by step, through a war plan of engagement that has been followed by many homeowners who have won their mortgage wars. You will meet them and their attorneys throughout the book. You will learn about how you were defrauded and why; why the government cannot [...]
Homeowners should be suing lenders!
Homeowners, welcome to Paradise Lost, the fate of millions of financially strapped boomers. A simultaneous loss of life savings, job income and foreclosure has many of them wondering, “Whose America is this, anyway? The bankers got bonuses to defraud us, and our industries and economy are in the pits. We worked for decades to live [...]
Read Full Post | Make a Comment ( 1 so far )New York Sues Foreclosure Rescue Companies
New York Attorney General Andrew M. Cuomo is suing his state’s largest foreclosure rescue company and begun investigations of 14 others that do business in the U.S., ratcheting up the legal pressure on firms that exploit consumers in danger of losing their homes.
Cuomo’s office has served a notice of intent to sue on American Modification [...]
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