Entire Finance Industry Filled With Massive, Pernicious Fraud

Posted on October 18, 2009. Filed under: Banking, Finance, Fraud, Housing | Tags: , , , |

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 rather than a legitimate government? The latter, of course will beg only the question of what should be an ordinary American’s response.

Let’s start with what may be one of the most outrageous yet least-actionable examples: Alan Greenspan.

Alan Greenspan, the former Federal Reserve chairman, said Thursday that banking regulators should consider breaking up large financial institutions considered “too big to fail.”

Those banks have an implicit subsidy allowing them to borrow at lower cost because lenders believe the government will always back them up. That squeezes out competition and creates a danger to the financial system, Mr. Greenspan told the Council on Foreign Relations in New York, according to Bloomberg News.

This is the “former Fed President” who winked and nodded at what he knew was an unlawful merger of Citibank and Travelers, then personally advocated and lobbied for the passage of Gramm-Leach-Bliley – the law that not only tore down Glass-Steagall but retroactively made that merger legal.

More….

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FTC Files Amended Complaint in Federal Loan Modification Law Center Case

Posted on June 27, 2009. Filed under: Case Law, Fraud, Loan Modification, Mortgage Fraud, Mortgage Law | Tags: , , , , , , , , , |

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 stop foreclosure in all or virtually all cases, and by misrepresenting that they are affiliated with or endorsed by the U.S. government.

The amended complaint adds the following defendants to the case: Venture Legal Support, PLC; Federal Loan Modifications; SBSC Corporation; and Steven Oscherowitz. The Commission alleges that the additional defendants participated in the challenged practices independently and as part of a common business enterprise. The amended complaint also adds MGO Capital and Legal Turn, LLC as relief defendants. Relief defendants are individuals or entities that did not participate in the alleged deceptive practices, but financially benefitted as a result.

The Commission vote authorizing the staff to file the amended complaint was 4-0. (FTC File No. X090041, the staff contact is Laura M. Sullivan, Bureau of Consumer Protection, 202-326-3327; see press release dated April 6, 2009, at http://www.ftc.gov/opa/2009/04/hud.shtm.)

Copies of the documents mentioned in this release are available from the FTC’s Web site at http://www.ftc.gov and from the FTC’s Consumer Response Center, Room 130, 600 Pennsylvania Avenue, N.W ., Washington, DC 20580. Call toll-free: 1-877-FTC-HELP.

MEDIA CONTACT:

Office of Public Affairs

202-326-2180

via Commission Files Amended Complaint in Federal Loan Modification Law Center Case – 7thSpace Interactive.

7th Space

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