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Arthur Schack, a state court judge in Brooklyn, in a 2010 ruling said that pleadings by the Baum firm on behalf of HSBC Bank, a unit of London-based HSBC Holdings HSBA.L, in a foreclosure case were “so incredible, outrageous, ludicrous and disingenuous that they should have been authorized by the late Rod Serling, creator of the famous science-fiction television series, The Twilight Zone.” Another state judge that year imposed $5,000 in sanctions and ordered the firm to pay $14,500 in attorneys’ fees, ruling that “misrepresentation of the material statements here was outrageous.”

Wells Fargo “took the law into its own hands” and disregarded laws banning perjury, Judge Margaret A. Mahoney declared. And in thousands of cases, documents required to transfer ownership of mortgages have been falsified. Lacking originals needed to foreclose, mortgage servicers drew up new ones, falsely signed by their own staff as employees of the original lenders – many of which no longer exist.


By Scot Paltrow, REUTERS


Four years after the banking system nearly collapsed from reckless mortgage lending, federal prosecutors have stayed on the sidelines, even as judges around the country are pointing fingers at possible wrongdoing.

The federal government, as has been widely noted, has pressed few criminal cases against major lenders or senior executives for the events that led to the meltdown of 2007. Finding hard evidence has proved difficult, the Justice Department has said.

The government also hasn’t brought any prosecutions for dubious foreclosure practices deployed since 2007 by big banks and other mortgage-servicing companies. But this part of the financial system, a Reuters examination shows, is filled with potential leads:


Foreclosure-related case files in just one New York federal bankruptcy court, for example, hold at least a dozen mortgage documents known as promissory notes bearing evidence of recently forged signatures and illegal alterations, according to a judge’s rulings and records reviewed by Reuters. Similarly altered notes have appeared in courts around the country.

Banks in the past two years have foreclosed on the houses of thousands of active-duty U.S. soldiers who are legally eligible to have foreclosures halted. Refusing to grant foreclosure stays is a misdemeanor under federal law. The U.S. Treasury confirmed in November that it is conducting a civil investigation of 4,500 such foreclosures. Attorneys representing service members estimate banks have foreclosed on up to 30,000 military personnel in potential violation of the law.

In Alabama, a federal bankruptcy judge ruled last month that Wells Fargo & Co. WFC.N had filed at least 630 sworn affidavits containing false “facts,” including claims that homeowners were in arrears for amounts not yet due.

Wells Fargo “took the law into its own hands” and disregarded laws banning perjury, Judge Margaret A. Mahoney declared. And in thousands of cases, documents required to transfer ownership of mortgages have been falsified. Lacking originals needed to foreclose, mortgage servicers drew up new ones, falsely signed by their own staff as employees of the original lenders – many of which no longer exist.

But the mortgage-foreclosure mess has yet to yield any federal prosecution against the big banks that are the major servicers of home loans.


Reuters has identified one pending federal criminal investigation into suspected improper foreclosure procedures. That inquiry has been under way since 2009.

The investigation focuses on a defunct subsidiary of Jacksonville, Florida-based Lender Processing Services, the nation’s largest subcontractor of mortgage servicing duties for banks. People close to the investigation said indictments may come as early as the end of this month. Nationwide press reports had showed photos of what appeared to be obviously forged signatures on foreclosure affidavits.

The Justice Department doesn’t disclose pending investigations, making it impossible to say if other criminal inquiries are underway. Officials in state attorneys’ general offices and lawyers in foreclosure cases say they have seen no signs of any other federal criminal investigation. “I think it’s difficult to find a fraud of this size on the U.S. court system in U.S. history,” said Raymond Brescia, a visiting professor at Yale Law School who has written articles analyzing the role of courts in the financial crisis. “I can’t think of one where you have literally tens of thousands of fraudulent documents filed in tens of thousands of cases.”

Spokesmen for the five largest servicers – Bank of America Corp. BAC.N, Wells Fargo & Co., JP Morgan Chase & Co JPM.N, Citigroup Inc. C.N, and Ally Financial Group – declined to comment about the possibility of widespread fraud for this article. Paul Leonard, spokesman for the Housing Policy Council, whose membership includes those banks, said any faults in foreclosure cases are being addressed under a civil settlement earlier this year with federal regulators.


Justice Department and Federal Bureau of Investigation officials say they have brought mortgage-fraud criminal cases through their “Operation Stolen Dreams.” None, however, were against big banks. All targeted small-scale operators who allegedly defrauded banks with forged mortgage applications or took advantage of homeowners by falsely promising arrangements to get them out of default and then pocketing their money.

Justice Department spokeswoman Adora Andy declined to comment on the absence of prosecutions for foreclosure practices by big banks. She said in a statement: “The Department of Justice has been and will continue to aggressively investigate financial fraud wherever it occurs, including at all levels of the mortgage industry and, when we find evidence of a crime, we will not hesitate to pursue it.”

Some judges have accused banks of falsely stating in court that they are working on loan modifications for homeowners in default.

In a Nov. 30 court hearing, not previously reported, a federal bankruptcy judge in New York accused Bank of America of falsely telling courts and the public that it was working to renegotiate loans. “Bank of America issues constant press releases about how it is responsive to their borrowers on these issues. They are not, period,” said Judge Robert Drain, in a case involving homeowner Richard Tomasulo, a pharmacist from Crompond, New York. Drain said Bank of America had been telling the court since January that it was working to modify Tomasulo’s mortgage, but hadn’t done so.

“Whoever is in charge of this program and their supervisor, who should be following it, should be fired” because “they are frankly incompetent.”

Bank of America spokeswoman Jumana Bauwens said the bank has completed “nearly one million” modifications since 2008. The U.S. Treasury this year suspended loan modification incentive payments to the bank because it was “seriously deficient” in responding to requests for modifications.


Foreclosure fraud came to light in September 2010, with evidence that employees of Ally Financial Corp. had committed “robo-signing,” in which low-level workers signed and swore to the facts in thousands of affidavits they hadn’t read or checked. The affidavits were notarized outside the signers’ presence, in apparent violation of state and federal criminal laws. Since then, mounting evidence of possible foreclosure fraud has convinced judges and state regulators that servicers have harmed homeowners and the investors who bought mortgage-backed securities. A unit of the Justice Department that oversees bankruptcy court cases, the U.S. Trustees Program, said in its 2010 annual report that there were “pervasive and longstanding problems regarding mortgage loan servicing,” which “are not merely ’technical’ but cause real harm to homeowners in bankruptcy.”

Banks, the Trustees Program says, have falsified affidavits by claiming homeowners owe fees for services never rendered and by overstating how much owners are behind on payments.

Former federal prosecutor Daniel Richman, a professor of criminal law at Columbia University Law School, says a central question is who prosecutors would target in criminal investigations. Richman said it would be easy but not worthwhile to charge large numbers of rank-and-file workers who, directed by supervisors, falsely churned out affidavits. He said criminal investigations would be warranted, but harder to bring, “if there are particular individuals who lie at the heart of this conduct in a very significant way.”

In October 2010, members of Congress pressed the Justice Department to investigate. Attorney General Eric Holder said investigations were best left to the states, with help from the Justice Department. The Office of the Comptroller of the Currency, the top bank regulator, quickly negotiated settlements with the 14 largest servicers, requiring changes in practices and “remediation” for harmed homeowners. That settlement allows the banks to choose their own contractors to determine who was harmed and by how much. Lawmakers and homeowner advocates have criticized the arrangement, contending that it will let the banks avoid making all wronged homeowners whole, because the contractors are paid by and answer to the banks.

Since then, the department’s civil division has worked with a shaky coalition of all 50 states, which have been seeking a civil settlement with five banks that are the largest loan servicers. The negotiations center on requiring them to pay $20 billion or more in penalties, only some of which would go to compensate wronged homeowners.


Federal law enforcement has been noticeably absent, even in areas hardest hit by the crisis, such as Las Vegas.

In 2010 the FBI’s Las Vegas office shut down its mortgage fraud task force, which had focused on small-scale swindlers.

Tim Gallagher, chief of the FBI’s financial crimes section, said that the Las Vegas office had asked to transfer agents to other duties.

Impatient with the lack of federal prosecution, states including New York, Massachusetts, Delaware and California have launched their own investigations of the banks.

In November, it became the first state to file criminal charges. The state attorney general obtained a 606-count indictment against two California-based executives of Lender Processing Services. It accuses the executives of paying Nevada notaries to forge the pair’s signatures and falsely notarize them on notices of default, documents Nevada requires in foreclosure actions. State officials said more indictments are expected.

In an interview, John Kelleher, Nevada’s chief deputy attorney general, said the investigation began in response to citizen complaints. “We were concerned and then shocked at the sheer number of fraudulent documents we were finding that had been filed with the county recorder,” Kelleher said. Investigators found “tens of thousands” of false records filed on behalf of big mortgage servicers, he said. The two executives have pleaded not guilty. In a press release, the company said: “LPS acknowledges the signing procedures on some of these documents were flawed; however, the company also believes these documents were properly authorized and their recording did not result in a wrongful foreclosure.”


The U.S. Attorney’s Office in Manhattan is the federal prosecutors’ office that traditionally has filed the most cases against top banks and financiers. But it hasn’t brought any foreclosure-related criminal cases involving Wall Street’s biggest financial houses or the law firms that represent them. To date the only step it has taken publicly was an October 2011 civil settlement with New York State’s largest foreclosure law firm. The Steven J. Baum P.C. law firm, based near Buffalo, New York, in recent years filed approximately 40 per cent of all foreclosures in New York State, on behalf of banks and other mortgage servicers. Court records show that the firm angered state court judges for alleged false statements and filing suspect documents.

Arthur Schack, a state court judge in Brooklyn, in a 2010 ruling said that pleadings by the Baum firm on behalf of HSBC Bank, a unit of London-based HSBC Holdings HSBA.L, in a foreclosure case were “so incredible, outrageous, ludicrous and disingenuous that they should have been authorized by the late Rod Serling, creator of the famous science-fiction television series, The Twilight Zone.” Another state judge that year imposed $5,000 in sanctions and ordered the firm to pay $14,500 in attorneys’ fees, ruling that “misrepresentation of the material statements here was outrageous.”

But the U.S. Attorney’s office in Manhattan filed no criminal charges against the Baum firm. Instead, it signed a settlement with Baum ending an inquiry “relating to foreclosure practices.” The agreement made no allegations of wrongdoing, but required the firm to improve its foreclosure practices. Baum agreed to pay a $2 million civil penalty, but didn’t admit wrongdoing.

The law firm said it would shut down after New York Times columnist Joe Nocera in November published photographs of a 2010 Baum firm Halloween party in which employees dressed up as homeless people. Another showed part of Baum’s office decorated to look like a row of foreclosed houses. “The settlement between the Manhattan U.S. Attorney’s Office and the Steven J. Baum Law Firm resulted in immediate and comprehensive reforms of the firm’s business practices,” said Ellen Davis, spokeswoman for the Manhattan U.S. Attorney’s office. Earl Wells III, a spokesman for Baum, said the lawyer wouldn’t comment because “he’s laying low right now.”

An HSBC spokesman said: “We are working closely with the regulators to address any matters raised regarding” the bank’s foreclosure practices.


The most serious potential foreclosure violations involve falsified mortgage promissory notes, the documents homeowners sign vowing to repay mortgage loans. Courts uniformly have ruled that unless a creditor legally owns the promissory note, it has no legal right to foreclose. For each mortgage there is only one promissory note.

Bankruptcy court records reviewed by Reuters show that at least a dozen radically different documents purporting to be the authentic promissory note have turned up in foreclosure cases involving six different properties in the federal bankruptcy court for the Southern District of New York.

In one, Wells Fargo is battling to foreclose on the Bronx home of Tindala Mims, a single mother who works as an ambulance driver. In September 2010, Wells Fargo filed a promissory note bearing a signed stamp showing that the note belonged to defunct Washington Mutual Bank, not Wells Fargo. The judge threw out the case. In a second attempt, the court was given a different version of the note. But inspection showed physical alterations. A variety of marks on the original were missing or seemed obviously altered on the second. And the second version had a stamped endorsement, missing on the first, that appeared to give Wells Fargo the right to foreclose. The judge threw out the second attempt too. Wells Fargo is trying a third time. It declined to comment on the case.

Linda Tirelli, Mims’ lawyer, in October sued Wells Fargo, alleging “fabrication of documents.” “It seems to me that Washington is deathly afraid of the banking industry,” Tirelli said. “If you’re talking about filing false documents and filing false notarizations, do you really think that the U.S. Attorney would find it too difficult to prosecute?”

The office of U.S. Attorney Preet Bharara in Manhattan has routinely brought charges involving forgery and filing false documents against smaller targets. In April, the FBI arrested seven employees of the USA Beauty School in Manhattan. Bharara’s office alleged that the seven suspects had forged documents such as high school diplomas, attendance records and applications for financial aid for students taking cosmetology classes. In August, Bharara’s office filed felony charges against a sports-memorabilia company’s CEO, accusing him of auctioning jerseys falsely advertised as “game used” by Major League Baseball players. In a press conference, a U.S. Postal Inspection Service official said prosecution was important because “victims felt that they had a piece of history only to be defrauded and left with a feeling of heartbreak.”

Given the record of Bharara’s office, and those of his fellow U.S. Attorneys around the country, to aggressively pursue violations both big and small, the absence of cases involving the foreclosure fiasco seems to stand out. “Why there hasn’t been more robust prosecution is a mystery,” said Brescia, the visiting professor at Yale.


18 Responses


  2. Occupy Wall Street needs to Occupy every Dept of Justice Office across the Country and not leave until fraud charges are filed against the Big Banks and Wall St. Countrywide and CitiBank whistleblowers have not even been contacted by the Justice Dept. Something smells here and it smells like corruption and payoffs. I say the Dept of Justice needs to be investigated.

  3. oH yEAH pAM! We live in an evil culture of corrupt crime does pay and the American people are not consumers we are crops to be harvested for any means of profit for the greedy. The people do not run America, The American Dream and land of the free (for a fee) has been an American fable fairy tale.

  4. i read a news article back in 2010 that stated the state of Oregon was only second to the top state for organ and sex trafficking in the United States: I believe it is worse in every state just like the mortgage crimes. it is organized crime and we are the sheep being harvested.
    Oregonians Against Trafficking Humans | What is Human Trafficking? is a poorly understood fact that the United States recognizes the basic … Those who traffic in illegal drugs and guns can sell their commodities only once. … to rescue child victims of sex trafficking, Oregon ranked second in the nation for victims ….. If appropriate, police take them into custody, which is their best hope of …
    Slavery Today: Human Traficking :: National Underground Railroad … it is called human trafficking, bonded labor, forced labor, or sex trafficking, it is present worldwide, including within the United States and, increasingly, … principle: the best way to maximize profits is by minimizing the cost of labor. … crops, as seamstresses in back-alley sweatshops, as kidnapped fishermen or child …
    For Chinese, kidney donation is a click away – Features – Al Jazeera … 12, 2011 – Illegal organ traffickers have stepped in to fill that gap. … surgeries,” vice health minister Huang Jiefu was quoted in the state media as saying. …look it up on the web. Brings in more money thand dope. And who is involved with arms trafficking? And the stealth of our countries wealth? Sorry to pull heads out of the sand,[ but not.]


  6. Perhaps when the second wave of homeless come, and the numbers are 8,000 a week the average age nine years old and fifty percent of the 99 percent are homeless, and the 2,000.00 or less in compensation Grinchmas present is exhausted in two weeks or sooner, for thermal wear under the out door chistmas trees, the banks will run out of resources unless they start stealing our organs next.
    FEMA CAMPS FOR DONORS.Kidney and Organ Prices – Havocscope Black Markets items – Latest kidney and organ prices reported on the black market.
    Average paid by Kidney Buyer $150000
    Average paid to Seller of Kidney $5000

    Corruption in New Jersey | › The Star-Ledger Archives › CrimeJul 23, 2009 – 02/11/2010: Jersey City Deputy Mayor Leona Beldini is found guilty on two …… N.J. corruption probe includes first organ trafficking case …


  8. @Nora,

    As long people keep paying their mortgage without requiring absolute proof that they are paying the right people (and no such proof exists in the majority of the cases) and as long as they keep open bank accounts with the TBTF, money will rule. Let the banks fall and you’ll see their clout all of a sudden disappear in thin air. For that, only 2 things are needed: close bank accounts and stop paying anything, such as credit card debt, mortgages, auto loans, ext. When no one pays any longer, it won’t take long.

    People want others to act for them and don’t want to do the very minimum needed to make things happen.


  10. Any “progress” made is minimal at best, and non existent in most cases. The dots you’ve connected don’t. The federal reserve runs the government, and you are not going to get anywhere with prosecution of any monetary institution, because when they look into a mirror they see the government.
    We been drugged and duped into allowing a criminal society to take control of our country and then make a move on the rest of the world, leaving a distracted society watching the shell without the pea.

    If we’re to get any satisfaction for our cries of injustice, we will have to do some string pulling with the nations money ourselves. We must capitalize on the strength in our numbers and the fact that we remain sane in the presence of deeply ingrained insanity and depravity.

    While it isn’t easy to fight financial terrorists who use mind control, disinformation and propaganda to confuse and splinter us into groups of combatants who are tilting at windmills, we have the ruby slippers. Cut off these corporations from their profits, remove the corrupt from office, and remove money from politics. Then it’s a matter of systematically replacing constitutional, and eradicating the non-constitutional laws, that made us a free and great nation with an unmatched standard of living.

    I believe we can even improve on the still sound document that chartered us, by adding an amendment that permanently disallows the establishment of a central bank. We should sponsor and ratify the Monetary Reform Act, which is evolving into a work of art. It requires one hundred percent reserve requirements for banks, ending their ability to limitlessly expand the money supply through fractional reserve banking.

    I think we’ve learned our lesson the hard way, but very well indeed. What we have presently is completely unacceptable, and we should refuse to stand for it. Taking our money creation away from the federal reserve cartel is the only way we are going to begin to solve it.

  11. I don’t know what ticks me off the most: people who do nothing and complain that “government” isn’t taking action or people who refuse to see that progress have been made in the fight against Wall Street fraud.

    Might not be enough or fast enough for you but, for Pete’s sake, things are moving!!!

  12. @enraged

    2012 is going to be a VERY heavy year…

  13. Let’s be realistic here, shall we?

    Since 2007, homeowners have bought the lie that they were responsible for the economic collapse by having “bought more house than they could afford”. When kicked out, they just packed and left, without fighting for their rights or speaking out.

    That attitude enabled the fraud and allowed the banks to circumvent every possible law on the book governing accounting, security or simple human rights.

    Robo-signing, the involvement and role of MERS, the highly unethical hanky-panky between trusts, servicers, lenders, etc., weren’t known by the general public until the fall of last year. We cannot expect sanctions and sentencing to occur right away: let’s give authorities the time to investigate. I, for one, wouldn’t want to see anyone prosecuted on a half-ass investigation and given a completely inadequate or symbolic sentence. For what I want to see accomplished (confiscation, dismantlement, jail time), I expect that in-depth investigations of everyone’s personal involvement will be necessary. We’re talking hundreds of thousands of players here! It takes time and a lot of money.

    Further, it is up to We the people to put pressure on AG, FBI, SEC, and every possible agency and to demand investigations and sanctions. What we don’t realize is that the damage is not yet widespread enough to trigger a knee-jerk reaction such as took place in 1933 (4 years after the economic collapse). In 5 years, this site has only had 6 millions visitors. Deduct the regulars like E. Toile, Carie or me who check it 10 to 20 times a day and you’ll realize that there are few people aware of it. Mandelman is not a household name, far from it. Dylan Ratigan’s show is at 4:00 pm, when most still-employed people are out. Aside from three 60 minutes pieces in the past year, the media are pretty silent. it means that, overall, people still don’t give a hoot! Not enough casualties yet to make front page.

    By bailing out banks, (which hadn’t been done in 1929), we slowed down a process that will undoubtedly result in prosecutions. It is a question of time. If it is too slow and you want faster response, put pressure on the media, their sponsors, government, legislators, AGs and everyone.

    Most people have kept their bank account with big banks; most still pay their monthly mortgages; if you want change, start with that. What i realize, speaking out on it, is that people still don’t care enough: it hasn’t happened to them. Why do anything yet? When half the population is homeless, we’ll see prosecutions. Or a civil war. Or both.


  15. Bank Of America(Countrywide) Settlement for charging higher interest rates to minorities. WOW!

    Do the math. $335,000,000 settlement divided by 200,000 homeowners = $1,675 per homeowner.

    On an average loan of $150000 per homeowner if the interest rate was 2% higher, lets say instead of 7%, the minority homeowners were charged 9%.
    Over the the life of the loan (30 years) the bank will make approximately $75,000 more on the minority loan.

    Do the math! 200,000 homeowners times $75,000 =
    $15,000,000,000. Read it again, $15 BILLION DOLLARS.
    The Bank will make $15 Billion minus the settlement amount of $335 million.
    They’ll still make over $14,665,000,000.

    By the way, the homeowners’ interest rates will stay the same.

  16. December 22 2011


    Thanks for the email …I respect your opinion. No doubt, the Accounting rules demonstrate the critical significant impact on a lenders entitlement to foreclosure.

    According to GAAP this means something must give for constructing an equitable mortgage backed security. It demands a variety of accounting requirements of the parties sponsoring the registration. One, in particular, is the accounting requirements for de-recognition of assets and liabilities.

    Under Generally Accepted Accounting Principles are the rules for exchanging a mortgage into a equitable interest or share of stock. The problem you have is the stock offering replaces the mortgage. The notion of eradicating three months of production in order to issue stock is inconceivable. This is not exactly what is happening. The mortgage is in fact used for consideration applied to the issuers paid in capital account. Mortgages are consolidated in to a single homogenized pooled asset. A dollar for dollar conversion takes place for purposes of contribution.

    After speaking to many homeowners though out the day I reflect on who is really listening… God bless them for least listening. I know what I recite from 25 years of secondary and capital markets experience. I know from hands on experience trading bulk purchase and sales and from managing a warehouse line. I speak of the error and omissions from firsthand experience. I know the deceptive practices . . . that which has taken place and here is where I resign from allegations of fraud.

    Albeit a fraud, the banks are member national associations and that implies the government’s role. Fraud claims demand bringing an action against the government and that is an unrealistic proposition and zero based argument . RICO is to vices, prostitution, drugs and gambling. Lenders will never fall to so much as a breach of trust if brought against a fiduciary.

    What is taking place I can recite in my sleep. ..No conjecture here.

    The few who join me in this crusade will benefit from their faith in claims for forfeiture of lien under a breach of the accounting rules. General ledger requirements exist that very few in the accounting world can even fully comprehend. My purpose is to get the word into court and testify to that I know. Its Counsel’s job however for making the court fully aware of the basic accounting rules and facts in the matter. The instances and act of contribution and conversion (of assets) cause the mortgage to transfer into an equitable interest. Subsequent to a cutoff date the concealment of the actual capitalization for the investment structure averts the fact that only a loan number and promise to pay remain intact.

    The PSA is moot as a de-recognized asset cannot be serviced. The lien recorded against the title to realty is a “cloud” in that the mortgage security is replaced at its cumulative basis by an alternative security – equitable shares

    This is a transfer of consideration into a qualified “not for profit” entity . Equity is adjudge as equity and shall be decided accordingly. No assignment is required in equity amongst its partners to the consideration. A Robo signature is viewed in ancient and current law as an endorsement to oneself. And the fact is the debt validation letter you write is the last chance to affirm, not deny the true purpose of the correspondence. Avoid the QRW – avoid it .

    Only MersCorp can keep a unenforceable account of interest and muniment for a promise to pay. Those who listen, I applaud you and those who don’t I respect. The rest are going to do their own thing – whatever it may be and I respect that.

    I do have much better things to do than write here on this blog site where my message is for the most part rejected. But woe to the nay sayer who willfully distract ….these are corollaries I have recited.

    Save this piece and file it away.

    M. Soliman

    Not an attorney and not intended as legal advice. Ask this web site for lawyer referrals or call your local state Bar for a referral to counsel .

  17. Reuters and all Americans need to know that the reason there have been no prosecutions is: Attorney General Eric Holder is implicated in the cover-up.

    Before joining the Obama White House, Holder was a partner at the white shoe law firm, Covington & Burling, who represented MERSCORP.

    In 2006 Covington & Burling wrote the legal opinion that justified MERS business model to the lending and title industries.(letter on

    AG Holder effectively squashed all FBI investigations into actions of TBTF banks in 2008, when he arrived in office. No actions were initiated until the s#$% hit the fan in October 2010, when robo-signing scandal bubbled up in national media.

    Then, Holder directed his top lieutenants, Covington & Burling alumnae all, to launch investigations into mortgage fraud. The FBI was told to partner with the Mortgage Banking Association, the trade group for TBTF banks.

    The FBI, in partnership with MBA, created a definition of mortgage fraud which does not include banks. It narrowly focuses on consumers and flim-flam artists.

    So, if the definition of mortgage fraud does not include banks, banks will not be investigated.

    Instead, the Federal Government has partnered with the trade agency whose members committed $11 trillion heist to arrest the people who who defrauded by the banks.

    Ain’t crony capitalism grand?

  18. All of this and still just fines and penalties and thats all that has happened.From the OCC,FBI,SEC,FDIC,and still nothing hard core is done.Is anybody getting the picture here?

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