U.S. government to sue JPMorgan in mortgage case: sources


U.S. government to sue JPMorgan in mortgage case: sources

Hello Friends!

It is very clear to me that a “Predatory Banking System” steeped in Fraud and Economic manipulation is strangling and enslaving 99.99% of All peoples on this planet.  Well, for me the question is what to do?  One thing I will do is stand for my Life!  I will also stand for the lives of Every human being on this planet, it really is a question of human dignity for me.  I am Free…  My lust and greed for 3D physical things and comforts will not enslave me via Fear of losing or not having those “things”…

Ed Reidhead

 

U.S. government to sue JPMorgan in mortgage case: sources

A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. REUTERS/Mike Segar

Mon Sep 23, 2013 5:09pm EDT

(Reuters) – The U.S. Justice Department is preparing to sue JPMorgan Chase & Co over mortgage bonds it sold in the run-up to the financial crisis, a sign the bank’s legal troubles are not yet over.

A lawsuit, first reported by Reuters, could come as early as Tuesday, people familiar with the matter said on Monday.

JPMorgan spokesman Brian Marchiony and Justice Department spokeswoman Adora Andy Jenkins declined to comment.

The bank disclosed in August that federal prosecutors in California were conducting criminal and civil investigations into the bank’s mortgage securities.

In those investigations, government lawyers have concluded that JPMorgan committed civil violations of securities laws in offering mortgage bonds from 2005 to 2007 that were backed by subprime and other risky residential mortgages.

The expected charges come less than one week after the largest U.S. bank paid $1 billion to resolve investigations into its “London Whale” trading scandal and issues surrounding the wrongful billing of credit-card customers.

It was not immediately clear whether the new charges would be civil, criminal or both.

A source familiar with the cases earlier told Reuters that the probes in the Eastern District of California involve mortgage bonds offered by JPMorgan itself and not those by companies it bought during the crisis such as Washington Mutual or Bear Stearns.

The case underscores the limits on JPMorgan chief executive Jamie Dimon’s ability to draw a line under the bank’s mounting regulatory headaches.

Even as the bank has attempted to move past major liability involving its London Whale trades, it continues to face a criminal probe and a lawsuit from the derivatives regulator over the matter.

The expected DOJ case is not the only U.S. probe involving the bank’s mortgage-backed securities business. Prosecutors in Philadelphia and New Jersey are also working on cases, related in part to the bank’s Bear Stearns unit, which it acquired in 2008 at the behest of the government.

New York Attorney General Eric Schneiderman also sued the bank last October over mortgage-backed securities packaged and sold by Bear Stearns.

TASK FORCE CASES

This newest case comes almost two years after President Barack Obama announced a task force to probe the misconduct that fueled the 2007-2009 financial crisis, and after Attorney General Eric Holder has promised to bring big cases involving the mortgage-backed securities.

The Justice Department has faced withering criticism for bringing few marquee cases against major financial firms or their executives.

In August, the DOJ and the U.S. Securities and Exchange Commission sued Bank of America Corp and accused it of investor fraud in the sale of $850 million of residential mortgage-backed securities.

On Tuesday, Bank of America is also scheduled to go to court to defend a separate U.S. case involving loans the bank’s Countrywide unit sold to Fannie Mae and Freddie Mac.

(Reporting by Aruna Viswanatha in Washington and Emily Flitter and David Henry in New York; Editing by Gary Hill and Andre Grenon)

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Senator Elizabeth Warren- on The Last Word with Lawrence O’Donnell, disccess the Bank on Students Loan Fairness Act.


Senator Warren talks about her new legislation; The Student Loan Fairness Act…
Ed

2012: What's the 'real' truth?

I believe this is one special lady, and I’m following her work carefully! She’s got the cabal figured, and I believe she could well be our first woman President. . . ~J

Published on May 9, 2013

Sen. Elizabeth Warren on MSNBC’s The Last Word with Lawrence O’Donnell on May 8, 2013, discussing the Bank on Students Loan Fairness Act.

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Paying interest on a loan that never existed?


http://worldfreemansociety.org/paying-interest-on-a-loan-that-never-existed/

Hi,

Here is a gem of an article I found on understanding banking and loans and money better.  Download the Dealing with Bankers PDF, and get started with taking a stand for your survival as a human being.  If you know of any great resources dealing in these issues please post the link in the comments section or email me and I will post them for Everyone.

Ed

New York Getting Ready to Prosecute Banks for Violations of Settlement


Good afternoon Family and Friends!
I get to share this excellent article from Livinglie’s Weblog on the law suit being filed by New York State Attorney General Eric Schneiderman. This site is an excellent source of information, with a reported over 8,200,000 visitors served. Take a look around and I’m sure you will learn something.
Enjoy,
Ed

Livinglies's Weblog

At the end of the day everyone knows everything. If you start with the premise that the securitization of debt was a farce and that the necessary element of the false securitization of mortgage loans was the foreclosure of those loans, then you move one step closer to understanding the mortgage and foreclosure mess and a giant step forward to understanding and implementing a solution. All the actions, statements and myths promulgated by the Wall Street banks become clear, including their violation of every consent decree,order and settlement they ever made with respect to mortgage loans.
Attorney General Schneiderman of New York seems to understand this and he is taking the mega banks to task for violating a settlement that looks like pennies on the dollar. He doesn’t care why they violated the $26 Billion settlement but he is taking action for their consistent violation of the settlement. But I…

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New York to Sue Wells Fargo and Bank of America Over Settlement Violations


Hello everyone!
I will be looking deeply into banking, mortgages, systemic fraud and foreclosure. I’m very interested in the systematic fraud practiced by Banks in their mortgage divisions. Let’s see what’s going on with these lenders and are they operating with integrity…
Ed

2012: What's the 'real' truth?

go to original article
Source: Reader Supported News

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By Jessica Silver-Greenberg, The New York Times

06 May 13

ew York’s top prosecutor plans to sue Bank of America and Wells Fargo over claims that they violated terms of a $26 billion mortgage settlement, his office said on Monday.

Eric T. Schneiderman, New York’s attorney general, paved the way for a lawsuit against both banks over what he said was “repeatedly violating” the terms of the National Mortgage Settlement, a sweeping pact brokered last year between five of the nation’s biggest banks and 49 state attorneys general over foreclosure abuses.

The move by Mr. Schneiderman is the first time that an attorney general has readied a lawsuit against one of the five participating banks for running afoul of the settlement. More attorneys general could follow Mr. Schneiderman’s lead.

Under the terms of the settlement, which was aimed at halting the housing market’s downward slide and…

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