In a move that should surprise no one, the FBI, says CNN, has opened an investigation into Fannie Mae, Freddie Mac, Lehman Brothers Holdings Inc., and American International Group, the four companies now at the very heart of the proposed $700 billion dollar theft–I mean taxpayer bailout–plan being pushed by Bush and gang in Washington.
This apparently brings to 26 the number of financial insitutions under law enforcement scrutiny just in the past year.
CNN quotes two law enforcement officials as saying the FBI is looking for “potential fraud” by the four giant and now collapsed companies.
Faster, Faster, Faster
Meantime, perhaps the FBI should also take a closer look at why the Bush administration is in such a hurry to ram through the Congress this enormous rip-off of the American taxpayer in order to rescue some fat-cat Wall Street big wigs who drove their companies and the U.S. economy into the ground.
We are being told we must act quickly…yesterday if possible. Don’t ask any questions. Don’t provide oversight. Don’t permit judicial review. Don’t hold hearings. Don’t consult experts. Don’t hold anyone accountable. Just hand the $700 billion over to the very sleeze bags who brought the country to its fiscal knees.
Don’t help people who face forclosures. Don’t limit executive pay for the CEOs of failed companies. Don’t attach amendments to increase unemployment insurance. Don’t change the bankruptcy laws to allow judges to change the terms of a mortgage to help keep someone in their home.
No. Don’t do any of these things. Just fork over the greenbacks. Sign the big check. Shut your mouth. Close your eyes. Plug your ears. And, while you are at it, hold your nose because the stench from this crap will burn through your throat.
Recently, China executed some key industry executives who were responsible for tainted products being exported to other countries, tarnishing China’s still developing reputation.
Maybe China is on to something? The Chinese, after all, brought us citrus fruits, gunpowder, paper, fireworks and now, corporate executions. Isn’t there something to be learned,then, from the Chinese when it comes to dealing with this financial crisis??
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- Massachusetts Senate Proposes Mortgage Fraud Protection
- BREAKING: Subprime Debacle Goes Criminal. FBI Investigates 14 Companies
- Are They Serious? Fed Takes Mortgage Debt as Collateral, Bear Stearns Gets Bailout, and President Bush is Confident in the Economy!
Article Author: Charles FeldmanCharles has written 179 articles for us.
Visit Charles's Website: http://www.thefeldmanblog.com
Charles is currently reporting for KNX Radio in Los Angeles, is the co-author of the book No Time To Think, and can be found commenting about the news on his blog, The Feldman Blog, as well as on The Huffington Post.
Joshua Dorkin
{ 4 comments… read them below or add one }
re: Lehman Brothers, Foreclosure Fraud, Wells Fargo, Conspiracy; Deceptive Judicial Filings
LEHMAN BROTHERS’ mortgage troubles provides a yet further occasion to call attention to FORECLOSURE FRAUDS being carried out by via deceptive collections through use of the court system in furtherance of real estate racketeering and IRS fraud. In conjunction with the big Lehman Brother picture, the following is a small (local) component affecting Lehman’s decline. *See the court pleadings and more posted at:
http://www.lawgrace.org/2008/09/14/lehman-brothers%E2%80%99-mortgage-troubles-nationally-evidence-of-foreclosure-fraud-deception-and-conspiracy-with-wells-fargo-deceptive-judicial-filings/
Despite probes into factors of the mortgage crisis, there has been almost no investigation of the most lethal mortgage mess component: FORECLOSURE ATTORNEYS DEBT COLLECTION ABUSES and JUDICIAL COLLUSION. Congress needs to seek the whereabouts of perhaps billions of dollars and massive amounts of real estate that winds up in the collector attorneys’ possession -as well as examine the scores of attorney bankruptcy court frauds.
Referring to a foreclosure case entitled: “Lehman Brothers Bank v. Clement Bailey,” case #2007-5610 in Orleans Parish Civil District Court, and New Orleans federal case #08-3881, entitled: “Wells Fargo v. Clement Bailey, JP Morgan Chase, Bank of America, and Allstate Flood Insurance Program.” The KEY element about these 2 cases is that debt collector attorney Herschel C. Adcock, Jr., filed a Lehman Brothers foreclosure in State Court claiming Lehman holds the note. But, Wells Fargo filed the latter lawsuit claiming Wells Fargo owns that same note. If Wells Fargo succeeds in concealing Lehman Brothers’ (true or untrue) claim against Clement Bailey’s property, Wells Fargo and Mr. Adcock will wound up gleaning $$$$ –most likely from JP Morgan Chase, Bank of America, and Allstate Flood Insurance. [As mentioned, millions, perhaps billions of dollars being unlawfully gleaned by unscrupulous debt collectors through fraudulent foreclosures has too long remained an unheeded atrocity for which distressed property owners have long been subjected to, but now also impacts Investors!]
Exhibits on the http://www.lawgrace.org website:
*Orleans Parish Civil Sheriff Docket record for the Lehman Bros. v. Clement Bailey foreclosure filed by debt collector attorney Herschel C. Adcock, Jr., showing docket entry “ADA” code for of $2,203.00 to Adcock.
*Letter dated from Adcock to J.P.Morgan Chase, informing Adcock’s representation of Wells Fargo, and seeking $$$ on Wells Fargo’s behalf while at the same time maintaining a foreclosure case on Lehman’s behalf.
*Page one of the lawsuit that Wells Fargo filed in state court against Bailey, J.P. Morgan Chase, Bank of America, and Allstate Insurance.
Even more proof of deliberate foreclosure fraud, and Securities fraud becomes clear when falsified IRS form 1099′s become filed by lenders like Wells Fargo Bank, NA. For such reasons, property owners need to be WARNED about mortgage lenders’ practice of filing falsified IRS tax form 1099-A’s or 1099-C’s. Here’s the LINK to that statement:
http://www.lawgrace.org/2008/08/08/my-august-8-2008-statement-to-the-louisiana-secretary-of-state-office-of-financial-institutions-concerning-wells-fargo-irs-and-mortgage-frauds-sham-foreclosures-and-judicial-collusion-and-national-app/
Barbara Ann Jackson
http://www.lawgrace.org
I’m sure there will be people going to jail for this fiasco!
Booming markets invariably bring with it unsavory people, who try to make some quick money through dubious methods. This is more or less the state of India’s property market at this point of time. There are developers who sell the same piece of land to number of customers and there are those who sell land without clear titles or mandatory permissions from the authorities.There are many fly-by-night operators and others in the unorganized sector who indulges in such fraud. So what should a buyer do? I would suggest buyers to investigate the background of any developer thoroughly. Believe me, if you are not careful, your life’s savings could be at risk.For more view- realtydigest.blogspot.com
Why U.S. regulators refused to regulate or even investigate Wells Fargo’s lending practices? Wells
Fargo teams up with its army of attorneys to defraud us.
Wells Fargo committed prosecutable crime against us. We lost our home. Something is wrong with
this picture.
Here are the facts.
1. it is illegal for Wells Fargo to make mortgage loan to us based on hugely inflated appraisal.
Fact: – Wells Fargo’s fraudulent appraisal valued our home at $718,000
- Wells Fargo’s own review appraisal valued our home at $475,000
- Nevada Attorney General’s office suspended the appraiser’s license for committing appraisal fraud
on our home.
- Nevada Appraiser Licensing Board mandated the appraiser to complete appraisal fraud course
before regaining his real estate appraiser license.
- Nevada Revised Statue NRS 205.372 states that it’s category C felony to make mortgage loans based
on fraudulent appraisal.
- Cases of Attorney General’s indictments against attorneys, loan brokers for teaming up make
fraudulent loans to defraud homeowners.
2. it is illegal for Wells Fargo to wrongfully foreclose our home based on fraudulent appraisal and
mortgage loan.