Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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h gosh
November 6, 2009
Senator Bernie Sanders introduced legislation that would break up financial institutions that are too big to fail. "If an institution is too big to fail, it is too big to exist," Sanders said. "

We should break them up so they are no longer in a position to bring down the entire economy. We should end the concentration of ownership that has resulted in just four huge financial institutions holding half the mortgages in America, controlling two-thirds of the credit cards, and amassing 40 percent of all deposits."

Sanders' legislation would give Treasury Secretary Timothy F. Geithner 90 days to compile a list of commercial banks, investment banks, hedge funds and insurance companies that he deems too big to fail. The affected financial institutions would include "any entity that has grown so large that its failure would have a catastrophic effect on the stability of either the financial system or the United States economy without substantial Government assistance." Within one year after the legislation became law, the Treasury Department would be required to break up those banks, insurance companies and other financial institutions.

The perilous condition of financial institutions deemed too big to fail played a major role last year in undermining the American economy and driving the country into a severe recession. As Wall Street cratered, taxpayers were put on the hook for a $700 billion bank bailout. Teetering banks also were propped up by at least $2 trillion more from the Federal Reserve in secret loans at virtually no interest.

Since the bailouts and the resulting shakeout on Wall Street, the four largest banks in America (JP Morgan Chase, Bank of America, Wells Fargo, and Citigroup) now have strengthened their domination of the home mortgage and credit care industries. Just five American banks (JP Morgan Chase, Bank of America, Citigroup, Goldman Sachs, and Morgan Stanley) own a staggering 95 percent of the $290 trillion in risky derivatives held at commercial banks. (Derivatives are the risky side bets made by Wall Street gamblers that led to the $182 billion bailout of AIG, the $29 billion bailout that allowed JP Morgan Chase to acquire Bear Stearns, and forced the collapse of Lehman Brothers.)

One result of the burgeoning concentration of ownership has been outrageously high bank fees and interest rates for credit cards, mortgages and other financial products.
"No single financial institution should be so large that its failure would cause catastrophic risk to millions of American jobs or to our nation's economic wellbeing. No single financial institution should have holdings so extensive that its failure could send the world economy into crisis," Sanders said. "We need to break up these institutions because they have done just tremendous damage to our economy."

To watch the weekly Web video "Senator Sanders Unfiltered," click here.

To read the bill, click here.

To take our poll on Wall Street, click here.

To read about the bill and discuss it online at The Huffington Post, click here.

To sign the petition to Treasury Secretary Timothy Geithner, click here.
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4 Justice Now
There should be another such petition & pole... But the title would be:
If they are too wealthy and powerful to convict, they are far too dangerous to this nation and its citizen's to be allowed to live, certainly not in a country that values truth, justice & fair play. I may be wrong but, isn't treason still a capital offense?


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Read the results of the Poll above. Strong statements and very telling.
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4 Justice Now

You are absolutely right! I don't recall ever seeing a poll that was so nearly  unanimous. Very telling in deed! If it's ignored, as I'm sure it will be, there will be no doubt at all about the level of corruption in the Fed.


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Absolutely treason is still a capitol offense and there is no doubt these traitors have committed it in several different ways. The whole country was founded on the basis of property rights and the fair and equal application of the law the foundation of freedom is sound money, no inflation and no taxation without representation.

These crooks have committed the most serious, heinous, and dangerous of all crimes debasing the currency. While it may not seem as extreme and shocking as terrorism, mass murders, wars etc. Financial crimes are the worst kind and most damaging look at how fast countries often recover even from major wars that wipe out a large portion of the population yet look at the decades of suffering and degradation of dictatorial governments and financial collapse. The war on terror wound up distracting our country from an internal attack from within the terrorists, or even several major countries such as Russia and China allying to attack the U.S. couldn't possibly have done as much damage as our own leaders and the financial services industry have in the last 16 years or so.

The real world is run by the golden rule, he with the gold rules. Jobs, homes, standard of living etc. etc. it's all tied to economics.

By taking our real gold ( labor and assets can be exchanged for gold) and replacing it with fools gold in the form of paper money and credit they have gained power that can only be restored through the fair and equal application of law.

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Banks Doubted a Lender, but Still Propped It Up

Lawsuit Over Philadelphia's ABFS Highlights the Concerns; 'It Is Somehow Defying Gravity'


PHILADELPHIA -- Wall Street firms that agreed to pay $100 million to settle a lawsuit accusing them of propping up American Business Financial Services Inc. had doubts about the subprime lender's business practices long before it collapsed, according to court documents.

ABFS funded its operations partly by selling subordinated debt notes directly to the public, pitching them in newspaper ads and mass mailings that promised above-market interest rates.

When ABFS filed for bankruptcy in 2005, the uninsured notes became worthless, leaving 26,000 investors with more than $600 million in losses. Many of the investors were elderly.

In February 2003, J.P. Morgan Chase & Co. managing director Richard S. Boswell wrote that "ABFS continues to intrigue me," according to internal company documents. "Always appears that it is somehow defying gravity. A lot continues to rest on willingness of retail sub-debt [subordinated debt] investors to roll over their notes."
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