C.A.R. Outlines Possible Criminal Penalties for Undisclosed 2nd Lien Payments
Submitted by
CalculatedRisk on Thu, 03/18/2010 - 4:10pm (129 comments)
in
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Turn on the light and watch the cockroaches scatter!
Thank you for occasional good news.
I like it. Not that undisclosed 2nd payments seems like a big deal, as it appears to be the only likely way to clear the logjam in defaults. But once law enforcement sniffs around, and the guilty hurry to roll over on each other, THEN we might get some evidence of the real crimes. Like e-mail from TBTF threatening to switch ratings agencies, if they don't get the ratings they want on the toxic stuff.
Oh yeah, and ground work for RICO.
I think this has become very common. A little name dropping of 2nd lienholders engaging in this practice would go a long way to ending it.
Usually asking someone to commit a crime is a crime - and the 2nd lienholders suggesting payments off the settlement seem be doing just that - they should know it is loan fraud. It would seem to me that those are the people to go after - the FBI will never arrest and prosecute some poor homeowner for making a payment outside of escrow.
I think one perp walk at a major lender would end the requests immediately.
best to all
Ask Jim the Realtor about Jenae..or google "super Jenae",or try "Fraudera Ranch
",or a dozen others off the top of my head.They might nail a few small timers but no one connected.There have been so many cases of fully documented blatant fraud that the authorities have ignored for years that I would be deeply surprised if this is more than a PR stunt.
rico rico rico
I just can't get bent out of shape about this. they are owed the money--why not ask for it?
of course they should have nothing to do with issuing the closing statement.
What I find
'ing is if it is in cash, off the statements, how does it find its way into the lender bank's(junior) books eventually?
A couple of small fry prosecutions sound like the order of the day. Let's show the sheeple that crime doesn't pay --unless, of course, you're a mega bank or broker.
Illegal activities? Involving home loans? Say it aint so!
good question. wonder if emplotees aren't keeping it, at least sometimes.
for any noobies, I do know how to spell. mostly.
hey there, CR... can you take a puff of this?
... what about this? 
I doubt law enforcement will pursue individual homeowners, so probably the best way to end this practice is to report the requests for payments outside of escrow by 2nd lien holders (name of person and company holding the junior lien) to either HUD or the FBI.
FBI? Be sure to ask for the Casey Serin Division responsible for responding to the hundreds of complaints against him that resulted in zero action.
HomeGnome, I had Richmond as a dark horse going pretty far so I am finished.
Big banks & fraud...
Define Crime.....
They over appraised the property
They mis modeled the securities
They mis rated them
They sold the crap to public pension funds, municipalities, schools and oh yea, everybody else
So they ask for one extra lousy payment.....
Which regulator will be assigned to ignore this one?
As a good first step the C.A.R. can open their books as to internal complaints from Realtors® on Realtors®.
Why don't they just arrest anyone that looks like Bernanke,Paulson or Geithner?
Blackwaterwannabe wrote:
The US Senate?
Rob Dawg wrote:
As a good first step the FEDERAL RESERVE can open their books...
Sippn<
As Banks Boomed, Watchdogs Got Big Bonuses - CBS News
---Gotta retain the talent, you betcha.
I agree. There should be more perp walks.
Long, long before the crisis, I did a closing where somebode tat the firstv thought shouldn't get any mone did. lawyers called me, furious. but, I said I did send you the closing statement--you just didn't llok at it. and so it was.
It may even have been the borrower--who was literally crazy. In fact, I had only a couple of hours a day to talk to him--aftewr the meds kicked in and before they overwhelmed him.
I think therewas enough money to get him in a rental.
I'm not sorry.
One point Michael Lewis has been making in his media rounds is that it took a long time, lots longer than you woulda thought, for most of the best and the brightest on Wall Street to wake up to the mortgage meltdown. He wondered if it would ever happen again in a huge and mostly transparent market.
It is happening again, just like before.
Most of the best and brightest still can't see it.
Municipal bonds.
lawyerliz wrote:
--Ma'am, You been
tonight?
rich wrote:
---What could go wrong?
rich wrote:
They can see it alright. They are just scared silent.
I believe that's the result of the interaction of
, spray cheese and a 
. Get well soon, Liz.
Gnome,LL is on percocet,not as good as Lortab but still strong.
Yea, get well LL! I've got some court things I need you to go over..
i tried to edit but you cut me off.
perekoset. but really rotten keyboard.
navel gazers...liz is the most lucid shes been in daze, the edit implies the small keybored repairs.
YouTube - Peggy Lee , Sarah Vaughan , Aretha Franklin , Roberta Flack
fwho you callin a navel gazer??? wait is that lint...
I love watching reruns of Mad Money.
bernanke wants to eliminate reserve requirements completely: Tech Ticker, Yahoo! Finance
Bernanke actually proposing that banks should be allowed to have no reserves at all?
That simply does not make any sense. But it is right there in black and white on the Federal Reserve's own website....
The Federal Reserve believes it is possible that, ultimately, its operating framework will allow the elimination of minimum reserve requirements, which impose costs and distortions on the banking system.
If there were no minimum reserve requirements, what kind of chaos would that lead to in our financial system? Not that we are operating with sound money now, but is the solution to have no restrictions at all? Of course not.
What in the world is Bernanke thinking?
But of course he is Time Magazine's "Person Of The Year", so shouldn't we all just shut up and trust his expertise?
Hardly.
The truth is that Bernanke is making a mess of the U.S. financial system.
Fortunately there are a few members of Congress that realize this. One of them is Republican Congressman Ron Paul from Texas. He has created a firestorm by introducing legislation that would subject the Federal Reserve to a comprehensive audit for the first time since it was created. Ron Paul understands that creating money out of thin air is only going to create massive problems. The following is an excerpt from Ron Paul's remarks to Federal Reserve Chairman Ben Bernanke at a recent Congressional hearing....
"The Federal Reserve in collaboration with the giant banks has created the greatest financial crisis the world has ever seen. The foolish notion that unlimited amounts of money and credit created out of thin air can provide sustainable economic growth has delivered this crisis to us. Instead of economic growth and stable prices, (The Fed) has given us a system of government and finance that now threatens the world financial and political institutions. Pursuing the same policy of excessive spending, debt expansion and monetary inflation can only compound the problems that prevent the required corrections. Doubling the money supply didn’t work, quadrupling it won’t work either. Buying up the bad debt of privileged institutions and dumping worthless assets on the American people is morally wrong and economically futile."
The truth is that the financial system that we have created makes inflation inevitable. The U.S. dollar has lost more than 95 percent of the value that it had when the Federal Reserve was created. During this decade the value of the dollar will decline a whole lot more.
That doesn't sound like a very good investment.
But that is what happens when you give bankers power to make money up out of thin air.
And things are only going to get worse.
Especially if Bernanke gets his way and reserve requirements are eliminated entirely.
The U.S. economy is a giant mess already, and we have got a guy at the controls who simply does not have a clue.
It's going to be a rough ride.
Blackwaterwannabe - Why don't they just arrest anyone that looks like Bernanke,Paulson or Geithner?
I better shave my beard then.
Cashmere bellybutton lint is the best.
They call it Smegma,not lint.My sister had an ad in the santa rosa paper years ago offering to channel it for $,got 50 responses.
fnord. . . fnord. . . fnord. ..
Liz<
You're in the belly of the beast.
Is anyone talking about the upcoming health insurance vote?
Please, for the love of glob, DO NOT EAT the diet apple cake.
Promise me this, Liz.
Tom Stone wrote:
No Sh+t??
I will be willing to sell all the smegma I have to anyone that can help me pay me credit cards, no screw them, mortgage..f+ck it they can wait... how about a few cases of imported?
Takers?
HomeGnome wrote:
Goats have bellybuttons? Who knew!
Diet Apple Slice a beverage, its not dessert.
course, I come from a place where gravy is served as a beverage.
bANK fAILURE wrote:
Alabama?
YouTube - Smee heee - Red Dwarf - BBC comedy
Smeeeee... Smeeeeeee
Jonathan wrote:
Is Bernanke clinically insane? I am quite serious having seen more than one president over the last few decades that qualified for the funny farm.
NO. several have said that they were lucky for having chosen the health care field.
and it was diet apple slices not cake
can't stay on much longer.
Perhaps this version of short sale fraud is finally getting the attention it deserves ...
I kinda doubt that CAR's reasons are altruistic. This smells like they got told to cover their butt, because eventually somebody was going to realize that CAR is an excellent lawsuit target.
i'll have some of what liz is having.
A broken Femur?
lawyerliz wrote:
That is just so....Wrong.
I'm afraid to ask what a diet apple looks like. I thought apples were diet food.
Comrade Kristina wrote:
Macaroni and Velveeta - now that is diet food!!! Are you planning to stock up??? Should I buy more KFT shares???
KFT had a chicken and egg noodles that I remember from my youth.
Now if they brought that back; I'd suggest more shares.
Actually my cupboards are about full. Pasta, rice, beans, tomato sauce, canned veggies, tuna, sugar etc. I have my freezers jammed as well.
I found an interesting statistical anomaly in the DataQuick release CR linked to earlier today, DQ Custom Reports Bay Area ReleaseD
Year over year, the change in median sales price for each of the nine Bay Area counties ranged from -2% to +18%.
But the median sales price change for the TOTAL Bay Area was... +20%!
I've got a math background and even I can't figure this one out.
Tom Stone wrote:
oh man. not cool
ShadowInventory<
http://ozbo.com/images/T/02322CF.JPG
Comrade Kristina wrote:
They look just like regular apples, but they've been genetically modified so the apple stores energy in the form of sorbitol instead of fructose.
Ack! Leave the apples alone. Only humans could take a perfect food and "tinker" with it to attempt to make it better.
picosec wrote:
The price ranges of the areas are different. This is median, not mean. The median of the entire area is the house which has half the houses sold for a higher price and half the houses sold at a lower price. If sales are going up more in the high priced areas, the median will automatically go up more than in each separate area.
picosec wrote:
Median vs mean. Say the number of sales in different counties shifts so that the median price shifts from a being a home in the lower priced county to the higher priced. Then the median could go up overall more than it does in either county taken separately.
I think the Diet Apple Slice is a soft drink.
Comrade Kristina wrote:
The apples you get in the groceries stores are the result of transplanting stems from one trees to another. Almost all Apples are "transgenic". The reason they are perfect is the result of a couple thousand years of "tinkering".
Rajesh wrote:
---It's called "grafting"
Grafting - Wikipedia, the free encyclopedia
YouTube - Cracker - I Want Everything
still got 14 acres in Watsonville growing lettuce and strawberries for the mouth breathers in Cali.
How green is your valley?
Picosec.try 6 percodans,a large brandy and 50,000 mikes of LSD and it will make sense.
(....trying to be quiet, but...)
.......LL broke her leg?? ....Doing what? ....Aggressive deposition??......In the hospital??.....Hope you're OK, Sweetie.....
Why should I cut back?
Tom Stone wrote:
---
---It's either a journey to another realm or some weird "Cher" tribute show out in Vegas...
Picosec,I forgot you were in the East Bay for a moment,it isn't even a maintenance dose there.Don't believe me,attend one oakland city council meeting.
Rajesh wrote:
Gee, I thought it was pesticide sprays, alar, and wax.......
HomeGnome wrote:
So I google "Diet Apple Slice" to see how long it's been since it was on the market (I think it's been more than 20 years) and what do I find on the first page of links?...
"
Greenspan Concedes That the Fed Failed to Gauge the Bubble
By SEWELL CHAN
WASHINGTON — Is Alan Greenspan, famous for his libertarian leanings and hands-off approach to Wall Street, having some second thoughts?
After more than six decades as a skeptic of big government, the former Federal Reserve chairman, now 84, is gingerly suggesting that perhaps regulators should help rein in giant financial institutions by requiring them to hold more capital.
Mr. Greenspan, once celebrated as the “maestro” of economic policy, has seen his reputation dim after failing to avert the credit bubble that nearly brought down the financial system. Now, in a 48-page paper that is by turns analytical and apologetic, he is calling for a degree of greater banking regulation in several areas.
"
Doofus!
"
Germany Backtracks on Europe Rescue for Greece
By MATTHEW SALTMARSH and NELSON D. SCHWARTZ
After weeks of backing a European rescue for the financially troubled Greece, Germany shifted course on Thursday, signaling that help should come from the International Monetary Fund rather than Greece’s neighbors.
Turning to the I.M.F. would represent a new and potentially humiliating twist in Greece’s financial drama, which was set off by doubts about Athens’s ability to borrow 53 billion euros this year to finance a yawning budget deficit and refinance waves of debt coming due.
"
Rajesh wrote:
I don't disagree with your point, but the apples in grocery stores are quite uniformly awful--the taste has been bred out in favor of prettiness and disease resistance.
The perfect apple is a dry farmed organic gravenstein.The pies...
km4 wrote:
Give everyone access to the Fed window, with no capital requirements, at 0%, and I'd be fine with it...
It does make me wonder where their capital ratios are now...
SNAFU wrote:
Would it really be so bad for Greeks to have to learn to live on what they earn?
I think one perp walk at a major lender would end the requests immediately
Not to be too jaded, that is a pipe dream.
Blackhalo wrote:
German banks that would have to write down the €30 billion think it would be a tragedy.
For the record, Sanji Handa misses you too, Tom.
Macaroni and Velveeta - now that is diet food
With the added note: May or may not contain nutrition, vitamins, and does contain 68% of your daily sodium per 1/2 cup consumed.
rich wrote:
These are the best apples in the World. The Orchard Mom worked at when I was a kid grew these. They are next to impossible to find anywhere but in New England.
Macoun apple - Wikipedia, the free encyclopedia
Never has so much been expected by so many from so few.
The tireless efforts of the informed and prescient decision makers, policy wonks, punk staffers, and out right give a shitters are for naught. The random walk of preparedness never stops...
YouTube - Gentlemans Blues
and from the funny pages:
"that nearly 100,000 civilian federal employees owe the IRS $962 million in back taxes"
Federal Employees Owe IRS Back Taxes - ABC News
Yeah! They should live within their means like us, here in the U.S.
Oh wait.
Never mind.
broward<
I think they picked you out a car man.
Rajesh wrote:
How do the Germans feel about bailing out bad banks at their own expense? Are they more effective than J6P USA?
and oh yes speaking of perp walks:
Tony Blair waged an extraordinary two-year battle to keep secret a lucrative deal with a multinational oil giant which has extensive interests in Iraq.
The former Prime Minister tried to keep the public in the dark over his dealings with South Korean oil firm UI Energy Corporation.
Mr Blair - who has made at least £20million since leaving Downing Street in June 2007 - also went to great efforts to keep hidden a £1million deal advising
Read more: http://www.dailymail.co.uk/news/article-1259030/Blairs-fight-oil-cash-secret-Former-PMs-deals-revealed-earnings-2007-reach-20million.html#ixzz0iaEalESY
Tom Stone wrote:
Steve Jobs claims the macintosh as the perfect apple. On the otherhand, Snow White couldn't resist the shiny red delicious apple, better than ambien. New York calls itself the Big Apple. Gwyenth Paltrow has said that her daughter is the Apple of her eye. I profess that Apple vacations are the way to go...I think Eve has the last say about the perfect apple. It was worth paradise......
Hawley Smoot wrote:
Americas surely are not much better but we are not ALL Californians. The Greeks, I have heard though, took it to a new level.
Blackhalo wrote:
No.
Barley wrote:
Ah, the benefits of being friendly towards the Bush administration.
YouTube - Ten Years After - 50,000 Miles Beneath my Brain
Alvin Lee and TYA one of most underrated talented bands ever
HomeGnome wrote:
Who?
I don't have time to read here anymore.
broward<
A Car for Broward | Hoocoodanode?
YouTube - Ten years after - I'd love to change to world
Edit: Ha! I see you beat me to this one.
km4 wrote:
Tax the rich feed the poor... tell the rich they ain't rich no more? Seems more apropos.
YouTube - Ten years after - I'd love to change to world
Doh!
HomeGnome wrote:
I'm kind of shocked.
Crosstour would be my choice out of those.
Damn, Starbucks is kicking me out.
Google Ad Update
Semi Precious Weapons
On tour now with Lady Gaga!
3 Song EP Available NOW
OK. Who has been using my computer?
National Inflation Association
I got a car for you
.......
broward wrote:
--You didn't actually wear the leather chaps to
; did you?
HomeGnome wrote:
Cher actually has a show here. At least they claim it's really her.
not_going_to_post wrote:
---It was me.
I figured that you were not going to post; so I took my liberties.
You guys make me feel guilty for not reading anymore.
And I'm not extravagant enough to spend that much money.
I'm giving this one serious consideration.... $12K.
2007 Mazda Miata MX-5, $11,995 -
Cars.com
Yup more Americans catching on to Obama shuck and jive
BS which is why his disapproval rating now 47%
http://i173.photobucket.com/albums/w50/alix2304/charts%20II/largeextremeinequalitychart-1-1.jpg
Elizabeth Warren, admits she's afraid of what the future holds for the economic well-being of almost all Americans.
I say....
1950's to 1980's viable middle class
1980's to 2005 asset inflated middle class
2005 + fast diminishing middle class
BOL
broward wrote:
Guilty. It was all in fun over the weekend.
More homeowners are opting for 'strategic defaults' - Los Angeles Times
God bless capitialism:
After its repayment, Hartford Financial said, the Treasury Department will continue to hold warrants to buy about 52 million shares of its common stock at an exercise price of $9.79 a share. The company said it doesn't intend to repurchase the warrants. Hartford Financial shares finished at $27.84 in trading Tuesday, down 74 cents, or 2.6 percent, from Wednesday.
Hartford prices debt to repay federal bailout
Broward a good choice for a bachelor in coastal california who only has one girlfriend.
Tom Stone wrote:
He can have more girlfriends ... it's not like he's going to be driving them around at the same time.
Rob Dawg wrote:
They wanted me to start on Monday but I have no work clothes here.
Gf made me buy all new stuff.
I've finally found my niche.
"Consultants sucking the life out of your company?
Call Broward Van Helsing, the fearless Vampire killer".
Bubblisimo Gerkinov wrote:
Sez who?
NEW YORK (TheStreet) -- "If health care reforms pass this weekend, this market's going to catch a cold," Jim Cramer told the viewers of his "Mad Money" TV show Thursday.
He said investors need to immunize their portfolios with good, high-paying dividend stocks, if they expect to survive the coming selloff.
Cramer said there's now little doubt that 2011 will be the year of higher taxes on capital gains and dividends if Obama's legislation passes. That
shill
no wait
SHILL
darn sorry the drum roll ws so slow and muted
broward wrote:
Maybe you need one of these.
broward wrote:
2007 Mazda Miata MX-5 Sport, $16,999 -
Cars.com
Why not pay an extra $5k like us Californians?
Bloomberg Is Ending a Charitable Program
Bloomberg Is Ending a Charitable Program - NY Times
March 18, 2010
Mayor Michael R. Bloomberg, New York City’s richest man and biggest philanthropist, is quietly pulling the plug on an unusual program that has poured nearly $200 million of his fortune into nonprofit groups across the five boroughs, in a sign of major change under way in his charitable giving plans.
His decision, which is not yet public, has set off alarm in the city’s arts and social services worlds, which depend heavily on his largesse and are grappling with deep budget cuts and a brutal fund-raising climate.
Hmmmmm
when my brother was in college he went through women so quickly that we called him "The Dump Truck".
Because Ah's not a fancy rich homeowner like y'all.
What a joke. Making millions while destroying the economy isn't a crime and let's you live the next 30 years in unabashed luxury. Methinks our priorities need a little rearranging.
Meanwhile, the Big East is also a joke, with 3-seed Georgetown losing to 14-seed Ohio U., 6-seed Marquette losing to 11-seed Washington and 6-seed Notre Dame losing to 11-seed Old Dominion. Only 2-seed Villanova will play again and they needed strong help from the refs both at the end of regulation and in overtime to take out Robert Morris 73-70.
sportsfan wrote:
---My bracket is still reasonably intact.
HomeGnome wrote:
That's always a good sign.
Old Dominion over Norte Dame?
Cripes!!!
Should probably change my name. I'm thinking possibly not_going_to_post_much or not_going_to_add_anything_relevant.
Blackhalo wrote:
No. Enough people get it, even though the media are more truth resistant than here. But not effective.