Friday, September 16, 2011

Let's Play Find The Wells Fargo Fraud! - What's Wrong With This Mortgage Assignment? (Time Travel Required)

Wells Fargo Fraudulent Assignment of Mortgage
Guest post from Chunga at Foreclosure Hamlet
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Evidence of mortgage fraud time travel.
Here's a hint - MERS assigns to Wells Fargo.
Same day, same person, same notary assigns from Wells Fargo to Fannie Mae.
From one of the comments at the OP on Hamlet:
"So Janice works for Franklin American Mort Corp. in Flint, MI and Assigns the mortgage as an Asst. Sec'y for MERS to Wells Fargo in Iowa, and she has the assignment notarized in Dakota County, Minnesota."
"Then, on the same day, she also works for Wells Fargo in Iowa, and assigns the mortgage to Fannie Mae in Philadelphia, PA and has it notarized again in Dakota County, Minnesota?"
"First, Lets just assume that it's legal to have an assignment of mortgage from a company in Flint, MI to be notarized in Minnesota for a company located in Iowa.  And then let's also assume that a company in Iowa can have an Assignment of mortgage notarized in Minnesota for a company in PA."
"Is this sort of behavior legal?  Or could it be FRAUD?  Hmmmmmm, Flint, MI to Dakota, MN, a mere 581.8 miles apart.  That's nearly a 12 hour drive w/o any highway mishaps, oh, and you better have the ability to walk on water, otherwise, its a 688 mile drive under Lake Michigan and over 12 hours. Typically, banking hours are between 8am & 5pm.  That's a total of 9 hours.  Maybe she should have saved gas and just driven to Iowa.  It's only 10 hours away."
Pretty neat trick huh?
There is something very sinister about this amazing time travel.  It is my belief that these individual mortgage obligations live in more than one savvy MBS investor's "book."  Each manifestation of the obligation is insured against default for the full outcome based appraisal "value."
Each investor is made whole via insurance and thanks to AIG, who of course was caught by surprise, has no choice but to dump the whole mess on the taxpayer.  Meanwhile, the "servicer" purchases (for pennies on the fiat) the right to pursue the extinguished debt and seek as many deficiency judgments as possible.
Not to mention the fact that clear chain of title on millions of homes (in default or not) are destroyed. Further, if the obligations fail to make their way to the trusts within the REMIC window, throw massive tax evasion into the mix.
More on the taxpayer-funded fraud is at part 2 of this story:

Lawyer turns topless dancer to pay the bills

Pat Shannahan for msnbc.com
Carla couldn't find work in the legal profession, so she's dancing in a topless bar now.
When Carla graduated 10 years ago, she thought her law degree would be a permanent ticket to a high-paying job.  But instead of selling her mind, Carla is selling her body. After student loans, debt, a layoff and unemployment battered her bank account, she now finds herself in an almost unbelievable position – dancing in a topless bar.
"Did I ever think I’d be taking my top off for rent money? No. I was in my mid-30s and had never danced before," said Carla, who asked that we use her stage name and withhold her identity and some personal details. "As a little girl, I never thought to myself, 'I just want to grow up and be a stripper,’ or, ‘All I ever wanted to do in life is climb in the lap of sweaty stranger and take my top off.'
"But, with our economy the way it is, especially in smaller cities ... you strip or you starve," she said.
Last month, as part of our coverage of America’s economic malaise, we chronicled the story of a young father who took a job as a firefighter in Iraq after he couldn’t find work in Miami. Then we asked msnbc.com readers: What crazy things are you doing to make ends meet? This is the second of three reader stories we’ll share. Last week, we wrote about a man who has turned to dumpster diving to keep food on the table for his three children.  Now, we tell Carla's story.
Carla grew up in the Midwest and moved to the West Coast in the late ‘90s to fulfill her dream of earning her law degree. After graduation, she worked for nine years putting her degree to use, but she had entered the crowded legal profession at the wrong time. When she was laid off in 2009, she couldn't find work.
"At first, I worked as a waitress, and a cashier in gas station," she said.
'Act of desperation'As her prospects grew dim, she went back to school to earn a master’s degree, hoping to bolster her credentials. But her financial aid came in lower than expected, her credit was battered and she struggled to find part-time work in her new town to keep her afloat.

"I went around to see if could get a job as cocktail waitress, but there was not a single retail or waitress job.  No one was hiring, except for the topless places," she said.  “It was an act of desperation.”
She started out serving drinks as a waitress, but moved quickly to dancing "because that's where the money is, and that's what I needed."
On an average day, she earns $20 an hour, but on a good weekend night, she might pull in $50 an hour –enough to get her finances back on track. She can set her own hours, which means she can squeeze in reading and writing papers around her work schedule.

"Sometimes it sucks, it’s degrading and I hate it, but it is necessary right now and I’m glad I have the option of doing it," Carla said.  "My parents and a few friends know and they were horrified at first. But now they are proud of me for sucking it up and doing what I have to do."
Carla has her limits, as does the topless bar she works in.  She stays away from private rooms even though women can make $500 to $1,000 a night there.
Local rules allow lap dances – as long as the patrons don’t touch the dancers – and Carla sometimes performs them. The bar doesn't have a full nudity license, and that’s just as well with Carla; she'd need a personal license to work at a place like that and she wants no record of her temporary stint in the dancing business.
Pat Shannahan for msnbc.com
Carla hopes she'll be finished with dancing in about six months.
"While I am proud of making a living by any legal means available to me, I realize that some will think of me as just a glorified legal prostitute and I would very much like to move on with my life and career at the earliest available opportunity," she said.
Ugly momentsDespite these precautions, Carla said she has had her share of ugly moments.  Not all men follow the rules; some have tried to overpower her and “grab her, bite her, kiss her, or get their hands under the bottoms (I) wear.” Bouncers come to her aid, but they can't be everywhere all the time.
"I've had men overcome me," she said. "Luckily help has arrived and nothing has happened. But I have been scared."
Carla agreed to talk about her experience in part because she said it has been profound –  in one sense, the job is less hostile than any law office she’s worked in, she said. Coming from the cutthroat legal profession, she has been stunned by the camaraderie among the women she works with.
"I thought the other women I worked with would be competitive and not supportive. We are 'fighting' over the same dollars," she said.  "But my female coworkers are the best coworkers I've ever had."
Many are in the same situation she is, she said: forced by their economic situation to perform work they would have never considered in the past.
"I work with war widows, a nurse, a med student, women who have had to go to work to save their home after their husbands have lost their jobs, and others who do this as a means to an end and who do not fit the profile of junkie/prostitute/dancer. … What we all have in common is being in a tight spot financially and living in an economy that provides limited options right now, " she said.  "I'd be willing to bet that there are women like me working in it all over the country, out of necessity and not because our goal in life was to appear topless in front of … creepy guys."
She's also been horrified by the way dancers are treated by some men she encounters.

'Some real creeps'"I was shocked at how horribly some men treat us. I realized that I was much more naive than I thought I was," she said. On the other hand, the bar and its patrons sometimes surprise her. “While there are some real creeps that come in, there are also some very sweet guys who are regular customers and who I genuinely enjoy knowing . The stereotype that says that only dirty old men frequent nudie bars is incorrect."
She gets asked out often, she said, in situations that would be amusing if they weren't so sad.
"Men aren't quite as sneaky as they think they are,” she said.  Even in a strip club, they try to convince her that they aren’t just hunting for sex.  “They think their motivations are transparent, when they aren't at all.”
Believe it or not, she said she feels lucky, because she has a male friend at school who's in a similar financial situation, "but there's no male equivalent to what I'm doing. At least I have the option,” she said.
She says she’s been humbled by the experience, too.
"I am no better than the next dancer by virtue of my education or previous work experience.  The universe has a funny way of putting a person in their place,” she said. “I have learned that I still have a lot to learn about life but now I have some incredible female mentors who continually inspire me with their courage and work ethic."
She's also learned to "never say never," about things you may do in life. She's almost finished with school, and hopes to stop dancing soon, but figures that "realistically, I'll probably have to keep dancing until I get offered a full-time job. Which means I'll be doing it for another six months, at least."
When she does take a new job, she's leaving the medium-sized city she's in, with no plans to return.
"I cannot wait to start my life over elsewhere doing something different but I will always be grateful for the lessons I've learned dancing and will never again look down on anyone who works in this industry," she said.
NEXT: With no prospects at home in Eastern Pennsylvania, Bill is selling everything he owns to buy a cheap RV and will travel the country taking piece work wherever he can find it, following the trail of the dust bowl migration in the 1930s.

Thursday, September 15, 2011

The Fall of Erin Callan, CFO, Lehman Brothers



Video - Maria Bartiromo on Erin Callan

As you listen, remember that virtually every word you hear from Callan is a lie. Lehman was a cesspool of fraud with a $600 billion hole in in their balance sheet according to the bankruptcy report. Hedge Fund manager David Einhorn begins at the 3-minute mark, and touches on the fraud, though the stories below provide a much deeper analysis of the madness inside Lehman.

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Background reading...


Egyptians have their new hero called Erdogan

Turkish Prime Minister Recep Tayyip Erdogan received a rock star welcome in Cairo where activists, women and the media gushed over the region's new "hero" over his pro-Palestinian stand and his virulent criticism of Israel.

Erdogan, who on Tuesday kicked off a three-nation Arab Spring tour in Egypt, threw his weight behind Palestinian statehood during a keynote speech at the Arab League, bolstering his image as a regional leader.

His visit comes as activists who overthrew president Hosni Mubarak in February are increasingly angry at their own leadership for backtracking on promises of reform.

Addressing Arab foreign ministers, Erdogan said the recognition of a Palestinian state is an "obligation" and reiterated that strained ties with Israel will not improve unless the Jewish state apologises over the death of nine Turks killed in a raid on an aid flotilla last year.

"Before the end of this year we will see Palestine at the United Nations in a very different situation," he said. "It is time for the flag of Palestine to be hoisted at the United Nations."

His statements, echoing sentiments on the Arab street, may have unnerved Egypt's military leadership which is scrambling to smooth over ties with Israel after its embassy in Cairo was attacked.

The attack on the mission, in which crowds smashed through an external security wall, tossed embassy papers from balconies and tore down the Israeli flag, was the worst since Israel set up its mission in Egypt, the first Arab country to sign a peace treaty with the Jewish state, in 1979.

It was the latest episode in worsening relations between Egypt and Israel since the killing of five Egyptian policemen last month on their common border as Israel hunted militants after a deadly attack...

Full story:
http://middle-east-online.com/english/?id=48055

Jobs? “46 Million Americans are Living Below the Poverty Line... Only Israel, Chile and Mexico Have Higher Poverty Ratios”

IT'S YOUR MONEY, FOLKS! - ”COUNTRIES THAT CARE, OR “CHARITY BEGINS AT HOME” OR, “WHERE DOES THE SIX BILLION AID -TO-ISRAEL GO?
The U.S. poverty rate hit its highest level since 1993 last year with a record 46 million Americans living below the poverty line, according to a government report on Tuesday that depicted the grim effects of stubbornly high unemployment.

I Find receipts in here for six billion dollars every year... !

Underscoring the economic challenges that face President Barack Obama and Congress, the U.S. Census Bureau said the poverty rate rose for a third consecutive year to hit 15.1 percent in 2010. The number in poverty was the largest since the government first began publishing estimates in 1959.
The United States has the highest poverty rate among developed countries, according to the Paris-based Organization for Economic Cooperation and Development.
The poverty line for an American family of four with two children is an income $22,113 a year.
The United States has long had one of the highest poverty rates in the developed world. Among 34 countries tracked by OECD, only Chile, Israel and Mexico have higher rates of poverty. MORE HERE

Kyle Bass With David Faber - 'Greece Will Default And It's Going To Be Ugly For Europe, Germany And The U.S.' (17 Bailouts For 17 Euro Nations)

Watch Video

CNBC Video - Hedge Fund Manager Kyle Bass with David Faber - Sep. 14, 2011
"17 individual TARPs for 17 Euro countries..."
Restructuring is the only one way out of this debt mess, and "restructuring means default." Kyle Bass, managing partner of Hayman Capital, told CNBC Wednesday.
"Greece has to default," said Bass. "It's going to be a hard default, and then it's going to be difficult to contain this contagion."
"The world seems to think they're going to have an orderly default," he added. "I've never seen an orderly default."
A year from now Europe will be going thru the 'dominos of hard restructuring,' explained Bass.  "[The euro zone is] going to have to have 17 different TARPs, we're not going to have one Super-TARP," referring to the U.S. Troubled Asset Relief Program during the subprime mortgage crisis.
Although, every single European country that does ends up defaulting "will maintain structural stability in their banking system," explained Bass, "that doesn't mean in its current construct today that that equity is worth anything."
"This period we're about to go through, a lot of people are going to lose a lot of money," concluded Bass.

Bronstein, Gewirtz & Grossman, LLC Investigates Silvercorp Metals, Inc.


Bronstein, Gewirtz & Grossman, LLC Investigates Silvercorp Metals, Inc.
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Silvercorp Metals, Inc. (“Silvercorp” or the “Company”) (NYSE: SVM), concerning whether the company and certain of its officers and directors have violated federal securities laws.
On September 1, 2011, the Company was forwarded a copy of an anonymous letter dated August 29, 2011, addressed to the Ontario Securities Commission, the Company’s auditors, and various media outlets alleging a “Potential $1.3 Billion Accounting Fraud at Silvercorp. The letter also alleges that Silvercorp reported a profit in 2010 in a Securities and Exchange Commission Filing, while also reporting a loss to Chinese regulators. The anonymous author also acknowledged he had taken a short position in the Company. On Friday, September 9, 2011, The British Columbia Securities Commission confirmed it was investigating this anonymous allegation against Silvercorp. On this news, shares of Silvercorp plummeted $1.54 or about 20% to close at $6.30 on Tuesday, September 13, 2011.
If you are aware of any facts relating to this investigation, or purchased shares of Silvercorp, you can assist this investigation by contacting either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate work, private securities offerings, and securities arbitration.


Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman
212-697-6484
eitan@bgandg.com

* Reuters is not responsible for the content in this press release.