The Neil Garfield Show… Understanding Mortgages and Real Estate Loans


Hello Homeowners,
This is a great source of info pertaining to real estate loans.  I have learned so much from Neil.

 

Thursdays LIVE! Click in to the The Neil Garfield Show Or call in at (347) 850-1260, 6pm Eastern Thursdays NEW MAIN NUMBER: 202-838-NEIL (6345). Do you have a question regarding wrongful foreclosure? Tonight Neil Garfield and California Attorney Charles Marshall will answer questions from Livinglies readers. Please keep your questions short and concise so […]

via Tonight on the Neil Garfield Radio Show 6pm Eastern: Q&A with Attorney Charles Marshall. — Livinglies’s Weblog

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US govt sues Bank of America for defrauding investors prior to housing crash


US govt sues Bank of America for defrauding investors prior to housing crash

Hello Everyone!

Well, when the Bank of America is sued by both the US Security Exchange Commission (SEC) and Justice Department…  Please share any feelings you have about a pillar of Wall Street and US Banking being sued for “defrauding investors by massively underestimating the quality of mortgage-backed securities prior to the 2008 housing market crash and US recession.”

Enjoy,  Ed Reidhead

US govt sues Bank of America for defrauding investors prior to housing crash

The US government has filed two lawsuits against Bank of America accusing the company of defrauding investors by massively underestimating the quality of mortgage-backed securities prior to the 2008 housing market crash and US recession.

The US Security Exchange Commission (SEC) and Justice Department each filed a lawsuit in US District Court in Charlotte, North Carolina on Tuesday, accusing Bank of America of knowingly minimizing the risk associated with $850 million worth of securities backed by residential mortgages.

I applaud Attorney General Holder for taking this important step toward holding Bank of America accountable for packaging and selling toxic loans to investors and brokers, a key cause of the housing collapse that crashed our economy and still plagues communities to this day,” New York Attorney General Eric Schneidermann said in a statement.

US President Barack Obama has promised to hold Wall Street accountable for corruption and malfeasance which took place during the housing boom. Attorney General Eric Holder said the lawsuit is “the latest step forward in the Justice Department’s ongoing efforts to hold accountable those who engage in fraudulent or irresponsible conduct.”

Bank of America said it was expecting the lawsuit in a corporate filing last week, according to The New York Times.

The Justice Department lawsuit claims an “unprecedented portion” of the mortgages originated with brokers unaffiliated with the bank. Then-CEO Ken Lewis, the suit says, referred to the so-called wholesale loans as “toxic waste.”

Prosecutors say that while Bank of America assembled securities in 2008, employees were pressured to process as many mortgage evaluations as possible in order to maximize profits. More than 40 per cent of the mortgages did not meet the underwriting qualifications and were summarily ignored.

According to the lawsuit, one employee said her job was to “basically validate the loans” instead of reviewing them to find any potential flaws. Upon raising the issue with her superiors, she was told to “keep her opinions to herself,” prosecutors said.

The two suits accuse Bank of America – which has over 260,000 employees across the world – of lying to investors and failing to disclose essential information. A Justice Department statement declared that a “material number” of mortgages “failed to materially adhere to Bank of America’s underwriting standards.”

Bank of America stock shares fell by one per cent after the news broke, but have increased by 97 per cent over the past year. In a statement released Tuesday, the company denied the transactions were tainted in any way.

These were prime mortgages sold to sophisticated investors who had ample access to the underlying data, and we will demonstrate that,” the statement said.

The loans in this pool performed better than loans with similar characteristics originated and securitized at the same time by other financial institutions. We are not responsible for the housing market collapse that caused mortgage loans to default at unprecedented rates and these securities to lose value as a result.”

YOUR 72 HOUR RED FLAG BEFORE US MARTIAL LAW!


Hello Everyone,

I’m really enjoying my Summer this year. Are you having fun yet? Enjoy this update from SGTReport.com with Susanne Posel and her sharing of research on Financial/Political current events. Does this information conflict with your belief systems?

Ed

 

Published on Jul 4, 2013

Writer & researcher Susanne Posel of Occupycorporatism.com in-depth conversation about the government’s plans for martial law in the United States. Susanne shares her insights about the preparatory measures the DHS and military are taking, and why: “They know the collapse is coming,” says Susanne. “So they are preparing for it.” Susanne also shares shocking information about a computer banking virus that may be used as the excuse to shut down banks internationally. “If you hear about this in the news, you have 72 hours to do whatever you plan to do before the collapse.” This is a 2-part MUST HEAR interview with one of the best new media writers and researchers on the scene today.
Music: “Satiate” by Kevin MacLeod (incompetech.com) Licensed under Creative Commons “Attribution 3.0” http://creativecommons.org/licenses/b..
SGTreport.com

Success or Failure: Authorities Practice Martial Law After Boston Bombing
Once the curfew was lifted in Watertown, Massachusetts, “resident David Hanberry noticed that the tarp covering his boat in his backyard and been disturbed. Checking to see what was wrong, David was shocked to find Dzhokhar curled up inside the boat, covered in blood. He immediately alerted police.”

With all the display of SWAT teams, para-militarized police and the declaration of “martial law” it was a local resident that initiated the capture of Boston Marathon Bombing (BMB) suspect Dzhokhar Tsnaraev.

During the “martial law” imposed on residents of Watertown, SWAT teams dressed in military police garb came door-to-door, demanding that they be allowed entry into private citizen’s homes to search for Dzhokhar.

The Boston police department utilized high-tech “crime fighting tool[s]” to capture Dzhokhar; including thermal infrared imaging from helicopters which allowed he authorities to identify Dzhokhar under the covering and hiding in the boat.

Fully armed SWAT teams of paramilitarized police roamed through resident’s backyards and entered homes without a warrant and under the authority of martial law.

Mainstream media (MSM) has justified the recent use of martial law in Boston by equating it to the routine lockdowns that protect schools and the attack on 9/11.
http://www.occupycorporatism.com/succ…

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