Saturday
Jul022011
Fannie Silence Creates $3B Fraud, Zombie Notes NEVER Die, GSEs Dump Inventory, Trump Schools BofA, Flipping 300 Homes For $3M Profit, MASSIVE Mortgage Fraud In MASS, NY AG Wants To Stop Deal With Banks (Links)
'Zombie notes' haunt deed transfers - Thousands affected by Fannie Mae tactics
Fannie Mae Silence Creates $3 Billion Mortgage Fraud - Bloomberg
Fannie and Freddie aggressively liquidating their housing inventory at REDUCED prices
Prominent Congressman's Home a Detroit Eyesore - Guess Who?
Detroit Man Flips 300 Foreclosed Homes In Eight Months For A $3 Million Profit
Donald Trump Schools Bank Of America In Luxury Foreclosure Deal
Complete Details And Links On $1 Billion In New Help For Troubled Homeowners - $50,000 Government Loans Available In 27 States - This program was announced late last week. You might as well see if you qualify as long as the government is giving the money away at low-interest with NO RECOURSE.
Jul 2, 2011 at 3:43 PM
Reader Comments (12)
http://www.youtube.com/watch?v=YfsjuRRLdxk
watched the clip tr...it was a funny line...but is anyone else besides me tired of these computer generated videos...
http://www.safehaven.com/article/21228/financial-repression-a-sheep-shearing-instruction-manual
http://www.activistpost.com/2011/07/activist-convicted-of-resisting-arrest.html
http://www.telegraph.co.uk/news/worldnews/africaandindianocean/libya/8550167/Nato-agrees-to-extend-Libya-air-war-for-another-90-days.html
New York Attorney General Steps Up Probe Into BofA-Merrill Disclosures
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http://stopforeclosurefraud.com/2011/07/01/new-york-attorney-general-steps-up-probe-into-bofa-merrill-disclosures-seeks-depositions/
[snip]
New York state Attorney General Eric Schneiderman has issued subpoenas seeking new depositions from the Charlotte, N.C., bank's chief executive and other current and former executives, according to people familiar with the situation.
Good link (though it's to Amerika's leading pile of financial misinformation, which requires registration). It's been nearly 2 years since Judge Rakoff threw out the S.E.C. v. BAC case as he was powerless from stopping the S.E.C. from conspiring with BAC to moot the case.
To review: in 2008, Merrill Lynch lost $28 billion, forcing a shotgun wedding with Bank of America. For the Merrill executives breathtakingly piss poor performance that year, BAC rewarded them with--I couldn't make such shit up if I tried--$3.6 BILLION in bonuses.
http://www.fwreport.com/article.php?id=25285
Worse yet, BAC inked the bonus deal with MER prior to the merger--AND THEN CONCEALED THE DEAL FROM SHAREHOLDERS before their vote on the merger. The S.E.C. sued BAC, but promptly tried to get rid of the case by proposing a $33 million fine TO BE PAID BY THE SHAREHOLDERS.
Judge Rakoff went absolutely apeshit and BLASTED the S.E.C. for its rank ineptitude and complicity with BAC. His initial opinion is just scathing, going so far as to suggest that he had no compunction about calling attorneys to testify about their involvement in BAC's fraud (see footnote 3 and corresponding text):
http://scholar.google.com/scholar_case?case=14424144582837922601&q=rakoff+s.e.c.+bank+america&hl=en&as_sdt=2,14
Capula Hires BofA/Merrill Lynch Exec
http://hedgefund.net/publicnews/default.aspx?story=12668
[snip]
London-based hedge fund Capula Investment Management has hired David Gu, formerly of Bank of America Merrill Lynch, as its co-chief investment officer.
Gu will have the responsibility of developing new funds and strategies, as well as recruiting traders, according to news reports.