The Lies They’re Telling US to Make Us Stupid (Again)

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The Banks and servicers are doubling down on fooling the American public with planted articles, paid pundits and specious (empty, lying ) studies that skew data. Their goal is to lull the easily lulled American voter into another stupor where, unlike Europe, we fail to act against the Banks and more importantly fail to act to the benefit of our country and its citizens.

The other object is to get the foreign investors to keep pouring into the country and buying property and creating the appearance of a recovery. Except that once the foreign buying slows down, which it will, we will again be stuck with a glut of empty houses, probably in need of major repairs or demolition, and an absence of any substantial number of people who can buy or even rent real estate.

The biggest lie that deserves its very own headline is that “evidence suggests that anti-foreclosure laws may backfire” sending the nation into a slump. Of course no such evidence exists. What they are saying is that the Banks and servicers are starting to get nervous about how cases are turning, especially on the appellate level, so they are turning their mighty attention to the state legislatures. And they want people to support legislators who would otherwise vote for laws that eliminate fake foreclosures into lawmakers voting for amnesty for banks and servicers for the sake of the real estate market and the national economy. Lobbyists and campaign money bag men are getting the attention of many legislators in just this way.

The lies are getting louder and more frequent. Soon they will be at the level of a dull roar as publicity companies and lobbyists and campaign donators whisper or shout into the ear of anyone close enough to hear or see the message. The message is “don’t stop foreclosures now, our plan is only half way done.”

Every time a foreclosure is completed two things happen: a family loses a home and an investor pension funds who might be funding the same family is taking a loss. Neither one should be happening since the original debt or obligation giving rise to the supposed mortgage or deed of trust lien has been paid several times over.

The investment pool is getting these “bad” mortgages thrown over the fence into their pool despite the fact that they have very specific agreements stating that no such mortgages will be allowed into the pool. But that’s OK because the creditor — the REMIC or Trust — has probably been paid or settled and doesn’t even exist any more.

The Banks and servicers MUST HAVE THEIR FORECLOSURES or else they face a torrent of potential problem arising from the fact that they are in effect still trading on mortgages and obligations that are dead, extinguished, gone.

Here are some of the lies from today’s headlines:

1. Housing activity Improves

2. Pent-up housing demand in families who moved in together after foreclosure.

3. Phoenix Prices hit 41 month high

4. Cantor Fitzgerald (bond trader): “real estate’s got life!”

5. Foreigners competing to buy property in US states — California, Arizona, Florida and Texas.

6. (Only) Detroit has a problem – article goes on to state that the rest of the real estate market is in recovery.

7. “Prices rising”

8. Owning beats renting

9. Mumbai Real Estate market Red Hot

10. Pent-up demand hits market as foreigners seek safe haven for their money.

Each article has about one or two grains of truth  and the rest is worse than pure spin. It consists of lying and misleading the American public into thinking the crisis is over. But nothing is going to remove the corruption of our title system unless the legislatures pass measures that reset title assurance like Florida did in the Murphy Act. The fact remains that unless buyers have really big money, they are probably going to be in the second crop of little people who get crushed by Wall Street.

The facts are that median income in the U.S. is getting to be stubbornly accepted at unacceptable levels, a fact that simple arithmetic will show that prices cannot rise, renters will not be able to afford their rent and the properties are going to end up back again in the control of the banks and servicers , despite the fact that when they sold the property, the banks and servicers had no valid, legal right to title or possession. They  had obtained the appearance or illusion of ownership by lying to Judges, borrowers, investors and legislatures.

The truth is that the real estate market is unsound, the economy is unsound and anyone who buys property without getting a judge to quiet title is buying a lawsuit that could arise and result in restoration of the title and possession to the “former” homeowner. Title insurance as it is now written must be carefully re-written through negotiations that practically nobody even thinks about, let alone the lawyers that sometimes get involved in these transactions. Bottom line: Don’t believe the media and don’t even believe the title company. Be careful in your selection of an attorney who really knows the risk of loss and knows how to negotiate the right remedy for the defects in title caused by MERS and securitization


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49 Responses

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  7. No I am not drinking. I meant is this a threat or a statement? Our lives are not quality lives with this crime hanging over our heads and our childrens heads.

  8. Id htis a threat or a statement?

  9. I would really be deciding for my own and not into what I have read. The writers may also influenced you decisions. But one thing for sure that you have that property bought for it is important for your living.

  10. […] Read more… Posted in Banks, MERS, News Around The Country, States « DEFICIENCY JUDGMENTS AND ARBITRATION CLAUSES IN NOTES AND MORTGAGES CAR- California Assn. of Realtors Tries to Kill Homeowners Bill of Right » You can leave a response, or trackback from your own site. […]

  11. Federal Reserve Audit Approved by US House Committee

    Jun 28

    Posted by Wes Annac

    Federal Reserve Audit Approved by US House Committee

    Stephen: While this story concerns US politician Ron Paul’s determined fight to have the Federal Reserve audited, it has far-reaching (and hugely positive) repercussions for the whole world; as the Federal Reserve and its elitist monetary policies reach into the central banking cabal that dictates the operational basics for the world’s current – and unfairly obsolete- financial system.

    Ron Paul’s Federal Reserve Audit Approved by House Committee
    By Stephen C. Webster, Raw Story – June 27, 2012

    http://www.rawstory.com/rs/2012/06/27/ron-pauls-federal-reserve-audit-approved-by-house-committee/

    One of Rep. Ron Paul’s (R-TX) lifelong policy goals is on the brink of becoming a reality.

    In a nearly unanimous voice vote on Wednesday, the House Oversight Committee approved a bill that would require the U.S. Federal Reserve to conduct a first-ever complete audit of its books and divulge details about its monetary policy discussions. The bill is expected to be taken up by the full House of Representatives sometime next month.
    Paul, a longtime critic of the Fed and fiat currencies in general, had previously supported an audit that became part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. That audit required the Fed to disclose its lending practices during the 2008 financial crisis, revealing that the bank doled out more than $16 trillion in loans and assets swaps to financial institutions all over the world in an effort to stabilize global markets and keep credit flowing.

    Paul, however, felt that the audit which ultimate cleared the U.S. Senate was a stripped down version of what he believes is needed, and most of his colleagues now agree. His bill has garnered an impressive bipartisan coalition of more than 257 co-sponsors — more than half the House — giving it enough votes to pass.

    The Senate version, introduced by Paul’s son Rand (R-KY), faces a tougher road. All of its 20 co-sponsors are Republican, and it has been stuck in the Senate Committee on Banking, Housing, and Urban Affairs, which is chaired by Sen. Tim Johnson (D-SD). He has not said whether the bill will be marked-up for debate.

  12. @Nancy … Yep! Your Right Again! Sure wish I could throw a few more snowballs your way. Be Warned they are “Dirty Snowballs” . Waiver & Release of all liability to blah blah blah and their blah blah’s to, wether your performance and actions are legal or illegal on our behalf. hahahahahahahaha ……. they can change their name, but not the color of thier skin. Sheeesh! Don’t you just hate it when Greedy People file Bankruptcy on you?

  13. So sorry to hear this also. My children all know all to well what is happening. I suppose if they are not personally dealing with losses from this crime it is hard to wear someone elses shoes without some kind of unfortunate experience from this crime. A lot of us here unfortunately understand to well, what has happened to you. Millions have been effected in a horrific way, unfortunately you are not alone. You have a lot of company.

  14. I don’t think the New York Times would write something so despicable without solid evidence. Why am I not surprised? Wonder what kind of skeletons Jamie boy has in his closet…

    How Goldman Sachs Invested in Child Sex Trafficking

    By Cassie Murdoch, Apr 2, 2012 11:20 AM

    Investment bank Goldman Sachs isn’t one of America’s most popular institutions right now—given the country’s anti-Wall Street sentiment and their participation in the near total collapse of the global economy. And now things are about to get a teensy bit worse for them. After a little digging, Nick Kristof of the New York Times has uncovered that Goldman Sachs is a stakeholder in the company which runs Backpage.com, a website he calls “the biggest forum for sex trafficking of under-age girls in the United States.” Oh no. Calling clients Muppets is bad, but facilitating the rape of children is about as low as it gets.

    So, let’s look at the grisly details. Backpage.com is owned by a company called Village Voice Media, which also owns the famous Village Voice newspaper. It was never previously clear who exactly the owners of Village Voice Media are until Kristof went prying and found out that, in fact, it is owned by private equity financiers, one of which is Goldman Sachs. They have a 16 percent stake, so they don’t own the whole thing, but that’s not exactly nothing either. You may not be surprised to hear that once the New York Times came a-callin’, Goldman panicked and began trying to dump its shares. Classy. By Friday afternoon, they told Kristof they’d “just signed an agreement to sell its stake to management.” Well, how nice for them. Good of them to unload their shares of a company that enables child sex-trafficking to someone else rather than destroying said sex-trafficking operation, you know, for the good of the world. Har.

    While Kristof has made exposing the evils of Backpage.com a mini-mission of his (here are his two prior columns on the sex-trafficking element of their operation), plenty of others have been going after the company too. They’ve faced numerous protests, including some put together by the Rebecca Project for Human Rights, which also went after Craigslist to get them to shut down their “erotic services” section in 2010. Attorneys general from 48 states have also called on Backpage to stop running adult service ads, and now 19 U.S. Senators have written a letter of a similar nature. So far, Backpage has maintained that they shouldn’t be singled out, because a lot of other sites also have similar problems. (Umm, not much of an excuse…) They’ve also said they should get a pass because they try to screen ads for minors and report possible trafficking to the authorities. Well, here’s a giant pat on the back for you, guys. Great job.

    Of course, Backpage doesn’t only offer ads for sex with minors, there are plenty of legitimate ads placed by adults, but there’s no question they’re a player in the pimping out of minors and other terrible things—and they’re cleaning up nicely as a result. According to Kristof’s March 17th column,

    Backpage accounts for about 70 percent of prostitution advertising among five Web sites that carry such ads in the United States, earning more than $22 million annually from prostitution ads, according to AIM Group, a media research and consulting company.

    Hmm, $22 million you say? No wonder they don’t want to let go of the sex ads. Despite issuing half-hearted denials of the problem and their role in it, Village Voice Media has basically been immune to the public pressure, largely because they’re privately owned. But now, after Kristof managed to get documents that reveal some of the owners, things may be changing.

    It seems the two biggest stakeholders, together owning roughly half the shares, are Jim Larkin and Michael Lacey, who also manage the company. Goldman owns a 16 percent share and is apparently the best known of the other owners. They invested back in 2000, which was actually before Backpage was merged into Village Voice Media. Other significant stakeholders in the company include an investment company called Trimaran, (which is also now trying to dump its shares), Alta Communications, and Brynwood Partners.

    It’s worth pointing out, as Kristof takes pains to do, that Goldman is a gigantic company, and this investment was tiny for them:

    I have no reason to think that Goldman’s top executives knew of its connection to sex trafficking. Goldman prides itself on its work on gender: its 10,000 Women initiative does splendid work supporting women in business around the globe.

    Oh, boy, can we please get over the idea that supporting one good cause in any way negates doing something else that is terrible? And just because those at the tippy-top might not have known what was going on, people at some level certainly did. Goldman had a seat on Village Voice Media’s board for four years, and, as Kristof says, “There’s no indication that Goldman or anyone else ever used its ownership to urge Village Voice Media to drop escort ads or verify ages.” That’s the kind of Grade A behavior we’ve come to expect from Wall Street’s corporate “citizens,” so it almost feels like there’s really no reason to get outraged anew.

    What’s amusing (read: so maddening that it turns you into one of those people who stares into the middle distance and giggles at nothing in particular) about this whole thing is that once Kristof started prying, both a Goldman spokeswoman and a spokesperson for Trimaran said they had “no influence over operations.” Something rings incredibly false about that statement. It’s true they may not have been involved in the daily operations of the company, but when you own something, you do have some control over it. Kristof rightly points out that they could have used that control to effect some change:

    If the minority shareholders, Goldman included, worked together instead of rushing for the exits, they might be able to pressure Village Voice Media to get out of escort ads.

    So that puts us in the perverse position of actually wishing Goldman had continued to own a stake in a company that facilitates pimps and the selling of children in hopes that at some later date they might sway said company into being slightly less evil. Of course, we don’t have to worry our pretty little heads about all the complex issues that raises because they obviously bailed at the first sign of trouble, without any concern for the actual substance of the problem. While there may not be much to do about Goldman’s role in this except be disgusted, at least we can add this to the official list of reasons to be angry at Wall Street, and it should give Occupy Wall Street protesters (yes, they’re still going) something new to put on their signs.

    Financiers and Sex Trafficking [New York Times]

  15. @Carie,

    This one is for you.

    “Give Us Our Homes Back”! Californians Stage Massive Demonstrations Against The Banksters

    June 25, 2012.

    A coalition of homeowners, Occupy groups, and labor unions from across California are to hold a major rally in the state capital Sacramento to demand a moratorium on home foreclosures.

    The protesters are to convene at State Capitol under the banner, “Rally for Homes,” independent Sacramento-based alternative outlet newsreview.com reported recently. The event is set to start at 10:00 a.m. on Monday and will include a protest march as well as teach-ins. The rally is expected to be attended by more than 1,000 protesters, the organizers said.

    The protesters plan to ask the state governor, the Attorney General, and the Legislature to declare an immediate foreclosure moratorium. They also want banks to start paying their fair compensation for the economic crisis in the US.

    Millions of homes have been foreclosed in the state since the start of the economic crisis in the US back in 2007. Millions more people are expected to lose their residences this year. Figures show foreclosures across the country have affected over 200,000 properties just in May, up 10 percent from April.

    The protesters use the slogan, “We are the 99 percent” to distinguish themselves from the one percent Americans, who are in possession of the greatest portion of the nation’s wealth.

    The protest pushes owe their inspiration to the Occupy Wall Street (OWS) campaign, which began on September 17 in New York City. The campaign saw the demonstrators pushing to literally take over the country’s financial center in protest against “corporate greed” and corporations’ excessive influence on the country’s political system.

  16. One more.

    NEXT!!!

    German Banker Jailed For Eight And A Half Years For Accepting $44 Million Bribe From Bernie Ecclestone

    June 27, 2012.
    By Jonathan Russell

    Telegraph:

    Gerhard Gribkowsky, the German banker who confessed to taking bribes from Bernie Ecclestone in connection to the 2006 sale of Formula One to private equity has been jailed for eight-and-a-half years.

    Mr Gribkowsky was convicted of tax evasion, bribery and breach of fiduciary duty over his involvement in the controversial sale of F1 to CVC in 2005. He said he received a $44m (£28m) bribe from Mr Ecclestone and Bambino, the Ecclestone family trust, for ensuring the sale went according to Mr Ecclestone’s plans.

    This version of events has always been denied by Mr Ecclestone who claims he was the victim of a “subtle shakedown”. He said Mr Gribkowsky threatened to report him to the authorities over alleged tax evasion.

    At the time, Mr Ecclestone said: “I paid him to keep calm and not to do silly things.” More recently he said he was considering taking legal action over some of the claims made by Mr Gribkowsky. The court case dates back to 2006, when Mr Gribkowsky was chief risk officer for the state-owned German bank BayernLB. The bank had inherited a near 50pc stake in F1 as a creditor to one of the investors in F1, the Kirch media empire. His position made him responsible for the sale of F1.

    The prosecution claims the banker sold the F1 stake to CVC at an undervalued price of €840m, rather than choosing the right buyer with better potential returns for the German bank. They allege this was done in exchange for a $44m bribe, which also resulted in a $41.4m payment to Mr Ecclestone from BayernLB.

    Mr Ecclestone has denied this was a kickback to allow him to pay the alleged bribe to Mr Gribkowsky without it all coming from his own pocket. The F1 boss claims the money was paid partly as a 5pc commission fee and partly as a loan repayment his family trust had made to F1.

    Mr Ecclestone previously told The Daily Telegraph: “I didn’t tell him that he must sell to CVC . . . How can I say
    to him that he must do something?”

    “The only thing I said [to Gribkowsky] is if I sell the shares I want commission. Whoever you sell to, I don’t care who you sell to.”

    Mr Ecclestone is also facing a civil lawsuit about his involvement in the 2006 sale of F1 to CVC.

  17. @Pie,

    Well, I belong to the 26 millions who don’t get coverage. You know… the “too rich to be poor and too poor to be rich” section. The future: “Good, now, you’re really poor! Took you a while, didn’t it?”

    But i don’t trust their medicine anyway. When I look at the shape amny of those docs and nurses are in, I really don’t want what they’re trying to sell me…

    JPM has been making its bed. Can’t wait to see Jamie boy finally try to sleep in it.

  18. The truth and nothing but the truth ‘retail’ RELS TITLE -First American set themselves up to purchase the real property

  19. @ Enraged – great post, it should not go overlooked that less then three weeks ago they claimed the loss was 2 billion. You and i both agreed that the total losses on risky derivative trades at JP Morgan exceed 40 billion, just in sovereign debt hedging (lie) transactions.

    The 9 billion figure does not include synthetic losses and is not tied to one trade by the (media created) London Whale. The true losses run deep on the off balance sheet swaps and they are leaking it out, judging by the last article, about 10 billion per year.

    The Justice Department and the SEC need to step in immediately and seize the books and records of Chase Bank, N.A.

    The people of this Country need to start making citizens arrests of these criminals, close all the GSE’s immediately and devalue everything back to 1913 levels. That would put labor costs back in line with prices, commodities would be reset to a percentage of wages and we could overnight unwind what took the FRC 100 years to create.

    Right now, we are headed toward a dead-on collision with devaluation, and has history has shown, the banks will not be taking the losses, the people will. It is time to start over, most folks do not care what their wages or salary are per year, as long as it can buy more than it does today.

    If we set wages back to $2.00 per hour on average, but a gallon of gas cost .50 cents, and a gallon of milk or a loaf of bread is a quarter, who cares. A modest house will cost 9,000.00.

    At least healthcare passed! So now I can be healthy while I starve to death!
    .

  20. 28 June 2012 2:28 PM

    Should the bankers go to jail?

    The calls from politicians for Mr Diamond to go are rather rich. They stopped resigning when things go pear-shaped after Lord Carrington did the noble thing over the Falklands.

    These investigations have been going on for a very long time and no doubt the manner in which the news broke has been the subject of much planning by those responsible for crisis management and PR at Barclays. It appears that Barclays have been in lengthy negotiations with both the FSA and the US Department of Justice over every word of their press statements. They secured mention of their ‘extensive and meaningful cooperation’, which is said to have substantially assisted the investigations, and they also say that cooperation is continuing both in the UK and the US. That cooperation secured a deal with the Department of Justice that no criminal prosecution would be taken against Barclays together with a 30% reduction in the penalty from the FSA. Presumably as the man in charge Mr. Diamond played a significant role in deciding on the strategy of cooperation and dropping others in the mire.

    However a question remains about what was done about the man in charge. A statement has been made that Mr Diamond had no personal responsibility. It is to be hoped that this is the outcome of a rigorous internal investigation. That investigation should have concerned not only whether there was any personal knowledge but also whether there should have been and the absence of any wilful blindness. We should know exactly what the Barclays’ board has done in this regard concerning Mr. Diamond and his most senior colleagues.

    The agreement to waive bonus no doubt is no doubt also part of the damage limitation strategy as the row that would have erupted otherwise is easy to imagine. It also reflects the stunted sense of personal responsibility that has taken over the political and business world. Beyond sacrificing money the imagination does not run. The strategy also appears to be to restrict dismissals to lower levels of management. Honourable resignations do not fit such a scenario.
    The story will continue and investigations into criminal liability will surely now take place and will not ignore senior management. Some may well end up in prison and deserve to do so. Jailing bankers will appeal to many but there is another worthy target. These problems arose because of the useless systems Barclays had in place to separate traders from those who submitted rates. This is another problem caused by the inadequacy of ‘Chinese walls’, which are no substitute for real independence. They exist in many banks, accountancy practices and law firms. Perhaps the tolerance of these systems should end. That may be better for the health of the economy than sending a few bankers to clink.

  21. Management Latest Business Intelligence
    Russell Investments ASEAN CEO Resigns
    June 28, 2012

    Russell Investments’ chief executive for ASEAN has left the company, Asian Investor writes. Mahendran Nathan has been chief executive since 2010 and had joined from boutique consultancy firm Wealth Management Asia, which he founded in 2005.

    Hedge Fund Billionaire Falcone Sued By US For Claims Of Improper Loan For Tax Bill Tom Burroughes
    Group Editor in London

    28 June 2012

    News Analysis

    Hedge fund manager and billionaire Philip Falcone, who earned a fortune by speculating on the collapse of the US sub-prime mortgage market, has been sued by US regulators for allegedly borrowing money improperly from his fund to pay his tax bill.

    Falcone is also accused by the Securities and Exchange Commission of breaching rules by offering major investors preferential treatment when his hedge fund, Harbinger, was restructured in 2009. He is also alleged to have illegally manipulated a high-yield bond sale, according to media reports.

    The “charges read like a final exam in a graduate school course in how to operate a hedge fund unlawfully,” said Robert Khuzami, head of the SEC’s enforcement division.

    A lawyer representing Falcone, Matthew Dontzin, said the claims were neither “supported by the facts nor the law” and said the SEC lawsuit will be vigorously contested.

  22. It’s coming down. Better get your money out for now and until things taper down.

    http://economictimes.indiatimes.com/news/international-business/jpmorgan-trading-losses-may-reach-9-bn-report/articleshow/14469230.cms

    28 Jun, 2012, 06.56PM IST, The writer has posted comments on this articleAP

    JPMorgan trading losses may reach $9 bn: Report

    .NEW YORK: Shares of JPMorgan Chase & Co tumbled in premarket trading on Thursday as a published report said that the bank’s losses on a bad trade may reach as much as $9 billion – far higher than the estimated $2 billion loss disclosed last month.

    In May, JPMorgan said the loss came from trading in credit derivatives that was designed to hedge against financial risk, and not to make a profit for the New York bank.

    The New York Times, citing sources it did not identify by name, said that the losses have grown recently as JPMorgan has been unwinding its positions. The newspaper said its sources were current and former traders and executives at JPMorgan, which is the largest bank in the US by assets.

    The New York Times story cites an internal report that JPMorgan made in April that showed the losses could reach $8 billion to $9 billion, in a worst-case scenario. But the newspaper add7d that because JPMorgan has already been unwinding its positions, some expect that the losses will not be more than $6 billion to $7 billion.

    A JPMorgan representative declined to comment.

    At the time of the loss, JPMorgan CEO Jamie Dimon apologized to shareholders. And just days after the loss was disclosed, Chief Investment Officer Ina Drew left the company. Drew oversaw the trading group responsible for the trade.

    JPMorgan has lost about $23 billion in market value since the losses came to light on May 10.

    The loss has heightened concerns that the biggest banks still pose risks to the US financial system, less than four years after the financial crisis in the fall of 2008.

    In a hearing before the House Financial Services Committee last week, Dimon was dismissive when asked if JPMorgan’s losses could total half a trillion or a trillion dollars. He replied bluntly: “Not unless the Earth is hit by the moon.”

    While Dimon avoided putting an exact number on the bank’s trading loss, he did say that JPMorgan will have a solidly profitable quarter. JPMorgan plans to give more details related to its losses when it reports second-quarter earnings on July 13.

    The company’s stock dropped $1.03, or 2.9 per cent, to $35.71 in premarket trading. Its shares are down 11 per cent in regular trading since the bank disclosed the trading losses.

  23. Mish/ Mike Shedlock – Bankia Valued At Eur -13.635 Billion; Spain Becomes Sole Owner, Shareholders Totally Wiped Out; Entire Bankia Board Resigns – 28 June 2012
    Posted on June 28, 2012 by lucas2012infos | Leave a comment

    http://lucas2012infos.wordpress.com/2012/06/28/mish-mike-shedlock-bankia-valued-at-eur-13-635-billion-spain-becomes-sole-owner-shareholders-totally-wiped-out-entire-bankia-board-resigns-28-june-2012/

  24. More than 40 banks under investigation. Might it be the real start of the purge?

    The link below send you to a slew of articles concerning investigations into banks in the the UK. Hopefully, if will (or is already) following suit here. i can’t imagine any government purposely killing its constituents trust and hoping to get anything accomplished. it makes no sense. So, since common sense tells mje that everything is happening behind the scene (good and bad), I choose to believe the best.

    http://www.itv.com/news/2012-06-28/more-banks-face-rate-rigging-probe/

    More banks face rate rigging probe
    – last updated Thu 28 Jun 2012

    Barclays have been fined 291 million for rigging money markets Photo: Press Association

    The Financial Services Authority (FSA) has said that Barclays are not the only bank implicated in a rate rigging scandal which resulted in the bank receiving a £291 million fine from three regulators.

    Up to 40 other banks and financial institutions could be in line to be named and shamed. The FSA acting director of enforcement said:

    “We have a number of investigations that are ongoing. Obviously we need to look at each case on its own particular facts but the initial indications are that Barclays was not the only firm that was involved in this.

    The bank has been fined a total of £291 million by US and UK regulators. The FSA fined the bank a record £59.5 million and considered taking criminal charges.

    The bank could still face a criminal prosecution for rate fixing in America, and an European investigation is still ongoing. The offences took place in Barclays Capital, the bank’s investment banking arm, which was run at the time by Mr Diamond.

    There have been calls for the chairman and chief executive of Barclays to step down after it emerged that Barclays misled markets for at least four years up to 2009 in an effort to damp down market worries about its vulnerable position at the height of the banking crisis.

    Chief executive Bob Diamond is due to be summoned to the Commons Treasury Committee to explain what happened. Chairman of the committee Andrew Tryie told Channel 4 News:

    “This is appalling. It just beggars belief that this sort of attitude should have been so widespread

    The crucial thing now is to make sure that it is being cleared up. That is why we will be calling in Bob Diamond to make sure that what’s required had been done in Barclays to improve the culture.

    Barclays is the first major financial institution to settle with regulators following a wide-ranging probe that has spanned North America and Europe. Mr Diamond said:

    “I am sorry that some people acted in a manner not consistent with our culture and values.

    The FSA said Barclays’ breaches of its requirements involved a significant number of employees and occurred over a number of years.

    Chris Leslie MP, Labour shadow financial secretary to the Treasury, said it was vital that Treasury minister review regulation to ensure such malpractice could not happen again:

    “These are serious instances of market abuse and it is vital that Treasury ministers now review the regulation of Libor arrangements.

    Mortgage repayments of ordinary householders up and down the country depend on a fair and true interest rate market mechanism.”

  25. Wow, Nora C—so sorry to hear that…I know how hard it is for some people to understand the magnitude of this fraud…but when it’s your own daughter—I can’t imagine.

  26. Sorry enraged, family will screw you in a heart beat. There isn’t a place far enough away to suit me. After living in my youngest daughter’s basement for almost a full calendar year, and suffering the insults, abuse and disdain she viewed me with, I will live in the woods with the snakes before I’ll go anywhere near my family. It apparently wasn’t enough for the bank to steal everything but the clothes on my back, she wanted to paint me as being financially irresponsible and not being able to make mortgage payments rather than acknowledging that I refused to pay the wrong creditor on a debt that had been extinguished. I was lectured about the importance of a good credit score! I don’t need credit, I pay cash. I don’t need “charity” from a bitch, either. Put that “nucleus” crap down the disposal with the other garbage.

  27. @ Carie …. section B (exclusions of coverage).

  28. AN UPDATE IN MY CASE” : PC048289 Los Angeles Superior court,

    3pm on the 26th. I walk into the courthouse in Chatsworth.
    An secret ALARM is pushed. The clerk downstairs calls up to the DEPT F-49. ALERT! ALERT!
    Martha Nali is on her way upstairs with documents.
    ( A request the judge recuse himself, as his brother is in bed with the defendants)
    QUICKLY! The clerk in courtroom F49 sets forward THE DATE STAMP!

    Alas even though it it in fact the LATE AFTERNOON of the 26th, she stamps my papers JUNE 27th, a DAY LATE!

    OLLY GOLLY,

    I, by some chance see this on the way out of the courthouse, go back, and SHE REFUSED to STAMP THE CORRECT DATE, but merely crossed out the 7, put a illegible 6 on it and two block letters
    KC” and told me TOUGHT TITTIES! ( not in those words of course)

    WHAT IS NEXT!

  29. Kathy Charlotte, on June 27, 2012 at 2:52 pm said:
    @tnharry, if the borrowers/buyers really understood the new wording in the title ins policies…

    I’m curious—how exactly are they worded differently? Because I’m really wondering how the buyers of my house were able to get ANY kind of title insurance with what is recorded at my county recorder’s office…

  30. As Neil says, they are starting to be exposed in the appeals court.

    Davies v. Deutsche Bank 9th Circ. Case No. 12-60003

    Opening Brief
    http://www.scribd.com/doc/93007336/Davies-v-Deutsche-Bank-Final-Appeal-Opening-Brief-05082012-http-www-scribd-com-doc-91440318-Emergency-motion-to-stay-proceed-Included-is-the-fu

    Reply Brief
    http://www.scribd.com/doc/97602530/DAVIES-V-DEUTSCHE-BANK-REPLY-BRIEF-OF-APPELLANT

    I won 2 Motions for Relief. The filed adversary. Dismissed at 12 (c) Judgment on the Pleadings. Went to BAP 9th Affirmed.

    Deutsche Bank then filed a 3rd Motion for relief 2 weeks before my opening brief for 9th.
    I filed Emergency Motion, first to BAP 9th denied. Then to the 9th. GRANTED
    http://www.scribd.com/doc/94903639/Emergency-Motion-to-Stay-Pending-Appeal-to-9th-Circuit-Court-of-Appeals-GRANTED

    Also another objection to RJN
    http://www.scribd.com/doc/98302466/Objection-to-Request-for-Judicial-Notice-Deutsche-Bank-Onewest-Davies-v-Deutsche-Bank-objection

    Brian Davies
    Southern California

  31. @tnharry

    Do you have kids?

  32. This year’s elections have officially become a sad joke. Reps and senators skipping their national convention in both camps. We’re seeing the end.

    Jun 26, 2012 6:21pm

    List of Democrats Skipping the Party’s National Convention Continues to Grow

    There may be some extra hotel space in Charlotte, N. C. come the beginning of September, as several Democratic elected officials have announced that they will not be attending the Democratic National Convention this year.

    Earlier today, Talking Points Memo reported that Missouri Sen. Claire McCaskill will not be attending the convention, becoming the third Democratic senator, and eighth Democratic member of Congress, to opt out of the event.

    Late Tuesday she tweeted, ” Whole lot of nothing over me campaigning w/Mo folks instead of going to convention w/party honchos. Bet POTUS agrees with my decision.”

    Several of the elected officials who have decided to forgo the convention hail from places where Obama is unpopular; West Virginia’s Democratic House Rep. Nick Rahall, Sen. Joe Manchin and its governor, Earl Ray Tomblin, have all announced they’re not going. Obama’s low popularity in the state is perhaps best exemplified by the strong performance of prison inmate Keith Russell Judd in the state’s Democratic presidential primary. Other elected Democrats not going include Rep. Jim Matheson of Utah and Sen. Jon Tester of Montana.

    McCaskill is in the same boat as her colleagues from West Virginia, Utah and Montana, in the sense that she hails from a state where Obama is unpopular- a Gallup poll from Janury, 2012 put his approval rating in the state at just 39 percent- and she faces a tough re-election campaign this cycle.

    However, her decision to stay away is significant because she was an early endorser of Obama in 2008, and a big surrogate for his campaign. Obama narrowly lost Missouri in 2008– but by a margin of less than one percentage point– making it one of the closest states in the general election. ”You can’t underestimate the importance of Claire McCaskill to this campaign,” senior Obama campaign adviser Anita Dunn said at the time. This cycle, ABC News rates the state as solidly Republican.

    Democrats are not alone, Republican elected officials have opted not to attend this year’s GOP convention in Tampa Bay, Fla. as well. Recently, Montana Rep. and GOP Senate nominee Denny Rehberg announced he would not be attending. Rehberg has been distancing himself to some degree from the Republican congress, he recently ran an ad in which he criticized Paul Ryan’s budget proposal.

    Party leaders skipping their party’s conventions is not an entirely new phenomenon: Claire McCaskill has actually skipped her party’s convention before, in 2004. In 2008 several GOP senators facing re-election including Susan Collins of Maine skipped out on the festivities in Minnesota.

    Get more pure politics at ABC News.com/Politics and a lighter take on the news at OTUSNews.com

  33. Nah..the BIGGEST lies are from those pretending to try to help people, that instead just make money off of all the misery. ANY of these MFr’s could have posed a legal challenge and shut this shit down. But they don’t give a Fk. They (you) give just enough “back door” shit to keep people interested/fighting, but not what they need to win. This could be over immediately, if you actually f’ing cared and applied what you know. It would be over in an instant. F all you greedy MFr’s.

    What – you think you can spend years trotting out all this legal advice, as though you “just got it and are not sure if it will help but you hope so, but if it doesn’t don’t blame you” bullshit? How many years are you going to play this out?

    If you REALLY have the “cure” you should just apply it in court and ber done with it – but you don’t, because you don’t give a shit – you’re making money off it dragging out.

    Neil, you are SOOOO full of shit.

    With what you have at your disposal, yuou should immediately be able to mount an adequate legal challenge to end these people’s misrey, or in the alternative admit that there is no cure – but that would cut off your gravy train, so you do not.

    You may actually be the most shamefull dickhead in this entire dissaster.

    ,evoL
    doG

  34. Globalization doesn’t work. It didn’t 50 years ago and it doesn’t today. Any time in history a civilization has spread too wide, it has spread too thin. It is ture for Babylon, it is true for the Greeks, it is true for the Romans, the Persians, the Holy Roman Empire, the Ottoman Empire, Napoleaon, Hitler or the Soviet block. How many more examples do we need before we get it?

    Another fiasco that desperately needs to be put down. Humans are organized in individual families. Not in colonies, like ants or bees. Until we go back to the nuclear system (a system of core nucleus, separate from each others but cooperating with each others) , we will run into increasingly more serious problems.
    I posted only the first page. Click here to read the rest.

    http://www.forbes.com/sites/richardbehar/2012/06/27/world-bank-spins-out-of-control-corruption-dysfunction-await-new-president/

    World Bank Spinning Out Of Control: Corruption, Dysfunction Await New Head

    This article appears in the July 16 issue of Forbes magazine.

    It’s presidential inauguration time in Washington. Not for the person who will helm the federal government–that comes in six months–but instead for Dr. Jim Yong Kim, the man taking the reins of an organization even more lumbering, and far less accountable: the World Bank.

    With 188 member countries and an army of 9,000 employees and consultants, Kim will lead one of the world’s most powerful institutions–charged with saving the world’s poor–but also one of its most dysfunctional. It is an endlessly expanding virtual nation-state with supranational powers, a 2011 aid portfolio of $57 billion and little oversight by the governments that fund it. And–according to dozens of interviews over the past few weeks, atop hundreds more over the past five years, plus a review of thousands of pages of internal documents– problems have gotten worse, not better, at the World Bank despite more than a decade of reform attempts. Kim, the Dartmouth College president tapped by President Obama to lead the bank, stands little chance of fixing things, say insiders, unless he is prepared to completely revamp the current system. “The inmates are running the asylum,” says a former director.

    Part of the problem is philosophical: No one, starting with outgoing president Robert Zoellick, has laid out an articulated vision for what the World Bank’s role is in the 21st century. For example, economic superpower China remains one of the bank’s largest and most valued clients, even as it doles out development money to other countries and bullies the bank from aggressively investigating corruption.

    Part of the problem is structural: Internal reports, reviewed by FORBES, show, for example, that even after Zoellick implemented a budget freeze some officials operated an off-budget system that defies cost control, while others used revolving doors to game the system to make fortunes for themselves or enhance their positions within the bank. Why not track all the cash? Good luck: Bank sources cite up to $2 billion that may have gone unaccounted for recently amid computer glitches.

    Sadly, the last part is cultural: The bank, those inside and outside it say, is so obsessed with reputational risk that it reflexively covers up anything that could appear negative, rather than address it. Whistle-blower witch hunts (see box, p. 92) undermine the one sure way to root out problems at a Washington headquarters dominated by fearful yes-men and yes-women, who–wary of a quick expulsion back to their own countries– rarely offer their true opinions.

    Zoellick declined to speak with FORBES for this piece, though that’s not surprising. I’ve covered the bank for the past five years and have been ritually denied access to anyone in a mid-to-top-level post. The blockade ended just before FORBES went to press, when the bank conducted a carefully monitored conference call with two staffers who run the global “Open Data” initiative. The bank’s media relations spokesman was permitted to be quoted by name. That this is considered openness epitomizes the problems that Kim now inherits.

    Like most out-of-control bureaucracies, the World Bank started with lofty and idealistic goals. Facing a planet in ruins near the end of World War II, it was created along with the International Monetary Fund at a conference of leading Western economists ­trying to find ways to address the economic instabilities that they believed led to war–and to guarantee it would never happen again.

    Having successfully helped rebuild Europe and Japan, the World Bank eventually expanded into a truly global agency, notably in the 1970s under the leadership of Robert McNamara, who took on the goal of a poverty-free planet in his search for redemption after his role in the Vietnam War. Donor nations fund the bank with billions of dollars annually, which it then doles out to fight poverty worldwide.

    In terms of its governance, the World Bank has always operated under a gentleman’s agreement that allows the U.S.–its largest shareholder with 16% of the vote–to pick its president, while the other 187 member-governments flow into a 25-member board. The process for its funding, grants and loans is absurdly complicated, but in essence it combines capital from its donor ­countries, plus self-generated income through the sale of bonds. While often confused with the IMF, which provides financial stability to governments, the World Bank’s role is at least supposed to be only development projects–like building dams, roads, schools, even fish farms–although it has muddied those boundaries over the last 20 years. Unlike the IMF, the bank deals with both the public and private sectors, and as the number of projects and amounts of money have escalated, so has the mischief, corruption and cover-ups, since no agency has the power to audit them.

    In 2005 George W. Bush tapped Paul Wolfowitz as president to clean the place up. To his credit, Wolfowitz made rooting out corruption his primary mission. But the former Pentagon official also came in like an occupying power. According to internal documents obtained by FORBES, the board and Wolfowitz engaged in a game of trench warfare so vicious that the minutes of some board meetings had to be sanitized to keep the world from knowing what was really going on.

    Perhaps Wolfowitz’s heavy-handed style would have eventually paid dividends. He did, after all, declare war on the bureaucracy. But he also fell prey to the insular culture, giving his girlfriend at the bank special considerations that undercut his credibility and led to his resignation.

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    Bob Prouty 2 hours ago
    As Head of the Global Partnership for Education (GPE), I would like to set the record straight regarding this article’s mention of Luis Crouch, an internationally respected education expert who has worked for GPE since March 2011. At no time during his tenure here has Mr. Crouch approved an expenditure or contract for RTI, his former employer, and he has carefully recused himself from any actual or potential conflict of interest.

    GPE provides approximately $400 million per year to school systems in low-income countries, and we work separately from the World Bank, which has just one of the 19 seats on our Board of Directors. Our Board Members include 6 donor governments, 6 developing-country governments, 3 NGOs/Civil Society Organizations (including teachers), 1 representative of private sector firms and foundations, UNESCO, UNICEF, and one representative from the World Bank Group.

    Our partners help children in 46 of the poorest countries of the world to gain access to a good quality education. Over the past 10 years GPE has helped educate an additional 19 million students, construct 30,000 classrooms, train nearly 350,000 teachers and distribute 200 million new textbooks in primary schools.

    We hope that Forbes will correct the record in this matter and highlight the outstanding work our partners have done over the past decade to help millions of children learn and grow.

    Sincerely,

    Bob Prouty

    Head
    Global Partnership for Education Secretariat

    Permalink Flag Reply

  35. http://livinglies.wordpress.com/2011/06/05/smoking-gun-on-bofa-securitization-fraud/ I sent her this. and the Freddie and Fannie Shell Game info. and the witness testifing Freddie and Fannie never recieved the notes.

  36. http://mandelman.ml-implode.com/2011/12/guest-post-welcome-to-freddie-and-fannies-mortgage-shell-game-by-shawn-t-newman-j-d/
    She has a letter stating Fannie is the owner of the note.

  37. I am not an attorney therefore can not give legal advice, however if it were me I would dispute the letter with an FDCPA letter and object to the debt collectors rights to give the refi or a mod or be able to put a lien of anykind against my mortgage without absolute proof of ownership of the alleged debt and not a debt collector whom is putting a lien against my mortgage in addition to the alleged debt owed on the note to an unknown John Doe lender. I would request more information and absolute visual proof of the original note. And I would do this ASAP. And I of course would try to get an attorney or help from someone trust worthy to help me if I were her. So that was and is my response.

  38. @ Shelley ,

    OK , so what should the correct response to that letter be for that Las Vegas homebuyer?

    If your posts have more than one external link they will be sidelined for review … try taking out the links ..

  39. It is under

    Massive Cyber Attack in USA, Europe and Latin America Siphons $2.5 Billion From Banks

  40. “The other object is to get the foreign investors to keep pouring into the country and buying property and creating the appearance of a recovery. Except that once the foreign buying slows down, which it will, we will again be stuck with a glut of empty houses, probably in need of major repairs or demolition, and an absence of any substantial number of people who can buy or even rent real estate.”

    Pretty arrogant to assume that foreign investors are as greedy, as stupid, as gullible as us. In fact, foreign investors are proving, every single day, that they don’t want anything to do with the American economy, that they have studied and understood what the American economy is all about (money v. people’s well being), they know that it goes against everything they stand for and they won’t line up to American’s values or lack thereof. Why do you think they came up with BRICS? Why do you think Japan and China transact out of the dollar and directly in yen/yuan? If the American people doesn’t grow a collective brain really fast, this is it.

    Naw. Foreign investors are simply waiting for America to fall so deeply that taking over the country as a whole will be a piece of cake. We are done. Get over it and start brushing up on your foreign languages: it’ll come handy.

  41. I have tried to post a cyber attack on the banks world wide taking 2-5 billion out and still going. Find it on the 4closure.org web site. This site will not let me post it.

  42. A once considered the best investment to make in your life time has become the worst nightmare of our lives. This is more than sad it is outrageous unconscionable.

  43. @tnharry, if the borrowers/buyers really understood the new wording in the title ins policies.. they would not be signing them. Nor would the be signing these releases of liability in these refi’s. This is an artificially created bubble to take advantage of those who do not think they are involved. It to is deflating my friend. Only the truth can heal this country. NOT more taking advantage of innocent consumers via LPS (for whatever reason)! Knowledge is Power! The Truth will set you FREE!

  44. The young people i know who have down payment and credit enough to buy a house are not buying, but renting. they are concerned about prices (here in las vegas) falling even more….they are confused by the information they read…one article says one thing and it is contradicted by another article…they are looking for definitive information in a time of great uncertainty.. sad really since real estate was once considered a “safe” investment

  45. From what I am hearing, many people do not know the dangers of buying foreclosed houses. They do so at their peril. The title insurance is not what it used to be either. Read those policies real carefully.

  46. i don’t know A Man – friends who work at title companies say business is better than it’s been in a few years now.

  47. A homeowner in Los Vegas sent me a copy of a dept collector letter from BOA she was told to respond to within thirty days on a refi she just did, not a modification. Just a notice required by law, nothing to worry or be concerned about. YEAH? Letting her know they were a debt collector that could apply a lein against her property if she defaulted, no disclosure they dont own the title. Leaving her set up for another third party to come in and say they own this title. This is a trick the banks are using on all the refies and the mods they are using to arrange undiscloded quiet title.

  48. Nobody is buying there BS only a few Foreign buyers that are taking advantage of the weak dollar

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