Monday, December 6, 2010

foreclosure agents

Such investors are like "people who come back and say,
'I bought a Chevy Vega, but I want it to be a Mercedes with a
12-cylinder ,'" Mr. Moynihan said in October. "We're not putting
up with that."

One-third of its subprime business is in default and Mr. Moynihan
thinks Countrywide was selling Vegas? If one third of Vegas crashed and
burned within three years of being purchased the metaphor might be apt
and completely incriminating. We argued that putting Bank of America
into receivership is the proper remedy for its substantial violations of
the law and for its continuing reliance on unsafe and unsound
practices. Outside reviews have documented the most extensive and
financially harmful violations of law and unsafe banking practices and
conditions in history.



As argued in a recent article by Jonathon Weil, the bank is nearing a
"tipping point" as markets recognize it is "cooking the books," vastly
overstating the value of its assets as it refuses to recognize the true
scale of losses on its purchase of Countrywide. Ironically, it still
carries on its books $4.4 billion of fictional "goodwill" value created
by overpaying for Countrywide (a notorious control fraud), as well as
$142 billion of home equity loans that are worth far less. A more honest
accounting of "good will" and of the value of home equity loans would
take a big bite out of Bank of America's market capitalization ($116
billion), which has lost 41 percent
of its value since April 15. The markets are moving ever closer to
shutting down the institution, but Moynihan is not "putting up with" the
demand by investors for Bank of America to come clean on its fraudulent
practices.



Ms. Mairone's Response Verifies Our Claims



Rebecca Mairone replied on behalf of Bank of America to our two-part
post. Step back for a moment and consider the context of Bank of
America's response. We cite evidence that the bank has committed
massive fraud, explain that this provides a legal basis for placing it
in receivership, and call on the FDIC to do so. Bank of America chooses
to respond publicly, but its response never contests its massive fraud
or our demonstration that there is a legal basis for placing it in
receivership.



Instead, Bank of America complains that we "do nothing to illuminate
the challenges [BofA's home mortgagees] face." This is not our task;
nevertheless, the claim is incorrect. We illuminate the problems posed
by the fact that nonprime borrowers were frequently victims of mortgage
fraud perpetrated by lenders as well as many other operatives in the
unprecedented criminal lending and securities fraud of the past decade.
This problem is typically ignored -- at least by the financial sector
and the mainstream media -- so we did "illuminate" the problem and the
cause of action borrowers could bring for "fraud in the inducement."



We showed that the fraudulent senior officers that controlled home
mortgage lenders created "liars," and NINJA loan programs designed to
induce millions of Americans to take out loans they could not afford to
repay. The endemic underlying fraud in the origination and sale of
nonprime loans is critical to understanding why loan defaults are
massive, why borrowers were typically the victims of the fraud and lost
their meager savings due to the frauds, why loan modifications typically
fail, and why foreclosure fraud has been so common. The endemic fraud
also hyper-inflated the bubble and helped cause the economic crisis and
severe loss of employment. Over a million Bank of America borrowers
face these "challenges" that we "illuminated."



Bank of America's response is guilty of what it criticizes; it
ignores the fraud by nonprime lenders and sellers, particularly Bank of
America's frauds in both capacities. It does not seek to "illuminate"
the frauds or the problems that arise from endemic mortgage fraud. We
did not invent the "epidemic" of mortgage fraud. The FBI began
testifying about that in 2004. The FBI predicted that it would cause a
"crisis" if it were not stopped -- and no one claims it was stopped.
The mortgage industry's own fraud experts opined publicly in 2006 that
the type of loans that Countrywide decided to elevate to its favored
product was an "open invitation to fraudsters" and fully deserved the
phrase that the lenders used to describe the product: "liars' loans".
(Bank of America chose to purchase Countrywide at a time when it was
notorious for the awful quality of its mortgage loans.) It is the
lenders and their agents, the loan brokers, that directed the lies in
these liar's loans and appraisals and it was the lenders that made
fraudulent "reps and warranties" in order to sell the fraudulent loans
on to others in the form of securities. Economists and white-collar
criminologists share a belief in "revealed preferences." The senior
officers that control lenders provide an "open invitation to fraudsters"
in the midst of an "epidemic" of fraud because they intend to profit
from those frauds.



Instead of contesting its issuance and sale of massive numbers of
fraudulent loans, Bank of America writes to provide data on
delinquencies and foreclosures in support of its claim that it is the
victim of Countrywide's deadbeat borrowers who it tries in vain to help.
Bank of America's data, however, add support for the evidence of
widespread mortgage fraud, particularly by Countrywide. Accounting
control frauds maximize their (fictional) reported income by lending
routinely to those who cannot afford to repay their loans. It is this
aspect of the fraud scheme that is most counter-intuitive to those that
do not study fraud, but to criminologists it provides the most
distinctive markers of fraud. The senior officers that control
fraudulent lenders maximize the bank's reported short-term income, in
order to maximize their compensation, by growing extremely rapidly
through making loans at a premium yield. This strategy creates a "sure
thing" (Akerlof & Romer 1993). The lender is sure to report record
(fictional) profits in the short term and suffer enormous (real) losses
in the longer term.



The Evidence Supports Our Claims of Fraud



If we are correct that Countrywide operated as a fraud we would expect to find the following:



  1. disproportionately large rates of loan delinquencies and defaults
  2. huge losses upon default, and
  3. fraudulent representations and appraisals.


We would also predict widespread fraud in the "reps and warranties"
that Countrywide and Bank of America provided to purchasers of nonprime
loans originated by Countrywide. As we emphasized in our initial posts,
a wide range of financial entities have confirmed the widespread fraud
in the reps and warranties. This is why Bank of America is being sued.
The data they provided in its response to our blogs supports the first
three predictions.



First, Bank of America admits to a 14 percent delinquency rate on its
mortgages. That percentage is roughly seven times greater than the
normal delinquency rate for prime loans. It is roughly three times the
traditional rule of thumb for a fatal delinquency rate (5 percent) for a
home lender. Losses upon default during this crisis are dramatically
greater than the historic percentages, and loss reserves were at
historic lows, so the traditional rule of thumb for fatal losses is
unduly optimistic in this crisis.



Second, Bank of America's response states that Countrywide-originated
loans have caused 85 percent of total delinquencies. Bank of America
was a massive mortgage lender before it acquired Countrywide, so taken
together these data suggest that the delinquency/foreclosure rate for
Countrywide-originated mortgages must have been well over 20 percent --
over ten times the normal delinquency rate and four times the
traditional rule of thumb for fatal losses. These exceptionally large
rates of horrible loans, defaulting so quickly after origination, are a
powerful indicator that Countrywide was engaged in accounting control
fraud. Unfortunately, lenders that specialized in making nonprime loans
were typically fraudulent. The result was a massive bubble and economic
crisis.



Our conclusions are well-supported by many other analyses, many of which were conducted long ago. For example, Reuters reported in January 2008 that one-third of Countrywide's subprime mortgages were already delinquent:





eric, there is no such thing as race OK. It was a term which sprang forth from the heady pre scientific days of philosophers.


The concept of race in today’s society is loaded with assumptions, political agendas, and unspoken emotional associations. According to philosophers, Bernasconi and Lott, it was first used in its modern form in 1685, by Francios Bernier. However, in the 17th century when the term was first emerging in intellectual discourse, ‘race’ had a variety of meanings; indeed, no one was committed to a specific definition. It was not until 1775 in his essay, Of the Different Races of Men, that Immanuel Kant gave the term its first explicit definition


But why was ‘race’ an issue at this time? Not unlike the multiplicity of connotations the idea has in today’s society, ‘race’ evolved from a complex interaction of philosophical, scientific, religious and political frameworks.


The concept of race in today’s society is loaded with assumptions, political agendas, and unspoken emotional associations. According to philosophers, Bernasconi and Lott, it was first used in its modern form in 1685, by Francios Bernier. However, in the 17th century when the term was first emerging in intellectual discourse, ‘race’ had a variety of meanings; indeed, no one was committed to a specific definition. It was not until 1775 in his essay, Of the Different Races of Men, that Immanuel Kant gave the term its first explicit definition


But why was ‘race’ an issue at this time? Not unlike the multiplicity of connotations the idea has in today’s society, ‘race’ evolved from a complex interaction of philosophical, scientific, religious and political frameworks.


http://www.suite101.com/content/the-intellectual-origins-of-race-a8926


or more to your leanings see:


The next question is “Can race be Biblically defined?” The term race does not appear in the Bible. The Bible refers to differing peoples in terms such as family, tribe, people and nation. It groups people according to familial relationships and then into nationalities. An example of familial relationship is found in Genesis 10, where the genealogies listed are grouped by family. It should be noted that nowhere are the sons of Noah associated with race or color. An important passage on this matter is found in Genesis 10:5:


“By these were the isles of the Gentiles divided in their lands; every one after his tongue, after their families, in their nations” (Gen. 10:5).


Note that familial and national division is shown, as well as division by geography and language (tongue). The significance of this will be discussed later in this paper. No where in the Bible is prejudice based on what we determine as race; i.e. color of hair, skin, eyes or physical characteristics. When God commanded the children of Israel to be a separated people or to utterly destroy other peoples, it was always based on the principle of separation from sin. The same principle of separation is presented in the New Testament when Christians are commanded to come out of the world and not be unequally yoked with the unsaved. (See 2 Cor. 6:14)


Skippy here…so right from the start you set up your self to false terminology.


http://www.bible-truth.org/race.htm


Skippy…ethnicity, ideology, nationality, tribe, what ever but, NO *racial*. Its a scam, to pit you against each other.




bench craft company rip off

Sea Ice <b>News</b> #31 | Watts Up With That?

38 Responses to Sea Ice News #31. beesaman says: December 5, 2010 at 6:38 pm. I commented on this a bit a while back too! Odd how the NSIDC graph has caught up since some folk started talking about it, or rather, odd how the ice has ...

AMERICAblog <b>News</b>: NYT: Obama to agree to continue all Bush tax <b>...</b>

News and opinion about US politics from a liberal perspective.

Weekly Climate and Energy <b>News</b> Roundup | Watts Up With That?

Gregoz says: December 6, 2010 at 1:18 am. As a little bit of extra news – the majority of Australians now no longer believe that Climate Change is man-made: Most Australians don't believe Climate Change is man-made ...


bench craft company rip off

Sea Ice <b>News</b> #31 | Watts Up With That?

38 Responses to Sea Ice News #31. beesaman says: December 5, 2010 at 6:38 pm. I commented on this a bit a while back too! Odd how the NSIDC graph has caught up since some folk started talking about it, or rather, odd how the ice has ...

AMERICAblog <b>News</b>: NYT: Obama to agree to continue all Bush tax <b>...</b>

News and opinion about US politics from a liberal perspective.

Weekly Climate and Energy <b>News</b> Roundup | Watts Up With That?

Gregoz says: December 6, 2010 at 1:18 am. As a little bit of extra news – the majority of Australians now no longer believe that Climate Change is man-made: Most Australians don't believe Climate Change is man-made ...


bench craft company rip off

Sea Ice <b>News</b> #31 | Watts Up With That?

38 Responses to Sea Ice News #31. beesaman says: December 5, 2010 at 6:38 pm. I commented on this a bit a while back too! Odd how the NSIDC graph has caught up since some folk started talking about it, or rather, odd how the ice has ...

AMERICAblog <b>News</b>: NYT: Obama to agree to continue all Bush tax <b>...</b>

News and opinion about US politics from a liberal perspective.

Weekly Climate and Energy <b>News</b> Roundup | Watts Up With That?

Gregoz says: December 6, 2010 at 1:18 am. As a little bit of extra news – the majority of Australians now no longer believe that Climate Change is man-made: Most Australians don't believe Climate Change is man-made ...


bench craft company rip off
Del hielo marino <b> Noticias </ b> # 31 | Watts Up With That 38 Respuestas a las noticias del hielo marino # 31?. beesaman dice: 5 de diciembre de 2010 a las 18:38. Hice un comentario sobre esto un poco hace un tiempo también! Extraño que ha cogido el gráfico de arriba, ya que algunos NSIDC gente empezó a hablar de ella, o más bien, extraño que el hielo se ha ...

AMERICAblog <b> Noticias </ b>: NYT: Obama llegar a un acuerdo para seguir todos los fiscales de Bush <b> ...</ b> Noticias y opinión sobre política de los EE.UU. desde una perspectiva liberal.

Clima y Energía semanal <b> Noticias </ b> Resumen | Watts Up With That Gregoz dice: 06 de diciembre 2010 a las 1:18 am. Como un poco de noticias extra - la mayoría de los australianos ya no creen que el cambio climático es el hombre: La mayoría de los australianos no creen que el cambio climático es el hombre ...


bench craft company rip off

Sea Ice <b>News</b> #31 | Watts Up With That?

38 Responses to Sea Ice News #31. beesaman says: December 5, 2010 at 6:38 pm. I commented on this a bit a while back too! Odd how the NSIDC graph has caught up since some folk started talking about it, or rather, odd how the ice has ...

AMERICAblog <b>News</b>: NYT: Obama to agree to continue all Bush tax <b>...</b>

News and opinion about US politics from a liberal perspective.

Weekly Climate and Energy <b>News</b> Roundup | Watts Up With That?

Gregoz says: December 6, 2010 at 1:18 am. As a little bit of extra news – the majority of Australians now no longer believe that Climate Change is man-made: Most Australians don't believe Climate Change is man-made ...


bench craft company rip off
Such investors are like "people who come back and say,
'I bought a Chevy Vega, but I want it to be a Mercedes with a
12-cylinder ,'" Mr. Moynihan said in October. "We're not putting
up with that."


One-third of its subprime business is in default and Mr. Moynihan
thinks Countrywide was selling Vegas? If one third of Vegas crashed and
burned within three years of being purchased the metaphor might be apt
and completely incriminating. We argued that putting Bank of America
into receivership is the proper remedy for its substantial violations of
the law and for its continuing reliance on unsafe and unsound
practices. Outside reviews have documented the most extensive and
financially harmful violations of law and unsafe banking practices and
conditions in history.



As argued in a recent article by Jonathon Weil, the bank is nearing a
"tipping point" as markets recognize it is "cooking the books," vastly
overstating the value of its assets as it refuses to recognize the true
scale of losses on its purchase of Countrywide. Ironically, it still
carries on its books $4.4 billion of fictional "goodwill" value created
by overpaying for Countrywide (a notorious control fraud), as well as
$142 billion of home equity loans that are worth far less. A more honest
accounting of "good will" and of the value of home equity loans would
take a big bite out of Bank of America's market capitalization ($116
billion), which has lost 41 percent
of its value since April 15. The markets are moving ever closer to
shutting down the institution, but Moynihan is not "putting up with" the
demand by investors for Bank of America to come clean on its fraudulent
practices.



Ms. Mairone's Response Verifies Our Claims



Rebecca Mairone replied on behalf of Bank of America to our two-part
post. Step back for a moment and consider the context of Bank of
America's response. We cite evidence that the bank has committed
massive fraud, explain that this provides a legal basis for placing it
in receivership, and call on the FDIC to do so. Bank of America chooses
to respond publicly, but its response never contests its massive fraud
or our demonstration that there is a legal basis for placing it in
receivership.



Instead, Bank of America complains that we "do nothing to illuminate
the challenges [BofA's home mortgagees] face." This is not our task;
nevertheless, the claim is incorrect. We illuminate the problems posed
by the fact that nonprime borrowers were frequently victims of mortgage
fraud perpetrated by lenders as well as many other operatives in the
unprecedented criminal lending and securities fraud of the past decade.
This problem is typically ignored -- at least by the financial sector
and the mainstream media -- so we did "illuminate" the problem and the
cause of action borrowers could bring for "fraud in the inducement."



We showed that the fraudulent senior officers that controlled home
mortgage lenders created "liars," and NINJA loan programs designed to
induce millions of Americans to take out loans they could not afford to
repay. The endemic underlying fraud in the origination and sale of
nonprime loans is critical to understanding why loan defaults are
massive, why borrowers were typically the victims of the fraud and lost
their meager savings due to the frauds, why loan modifications typically
fail, and why foreclosure fraud has been so common. The endemic fraud
also hyper-inflated the bubble and helped cause the economic crisis and
severe loss of employment. Over a million Bank of America borrowers
face these "challenges" that we "illuminated."



Bank of America's response is guilty of what it criticizes; it
ignores the fraud by nonprime lenders and sellers, particularly Bank of
America's frauds in both capacities. It does not seek to "illuminate"
the frauds or the problems that arise from endemic mortgage fraud. We
did not invent the "epidemic" of mortgage fraud. The FBI began
testifying about that in 2004. The FBI predicted that it would cause a
"crisis" if it were not stopped -- and no one claims it was stopped.
The mortgage industry's own fraud experts opined publicly in 2006 that
the type of loans that Countrywide decided to elevate to its favored
product was an "open invitation to fraudsters" and fully deserved the
phrase that the lenders used to describe the product: "liars' loans".
(Bank of America chose to purchase Countrywide at a time when it was
notorious for the awful quality of its mortgage loans.) It is the
lenders and their agents, the loan brokers, that directed the lies in
these liar's loans and appraisals and it was the lenders that made
fraudulent "reps and warranties" in order to sell the fraudulent loans
on to others in the form of securities. Economists and white-collar
criminologists share a belief in "revealed preferences." The senior
officers that control lenders provide an "open invitation to fraudsters"
in the midst of an "epidemic" of fraud because they intend to profit
from those frauds.



Instead of contesting its issuance and sale of massive numbers of
fraudulent loans, Bank of America writes to provide data on
delinquencies and foreclosures in support of its claim that it is the
victim of Countrywide's deadbeat borrowers who it tries in vain to help.
Bank of America's data, however, add support for the evidence of
widespread mortgage fraud, particularly by Countrywide. Accounting
control frauds maximize their (fictional) reported income by lending
routinely to those who cannot afford to repay their loans. It is this
aspect of the fraud scheme that is most counter-intuitive to those that
do not study fraud, but to criminologists it provides the most
distinctive markers of fraud. The senior officers that control
fraudulent lenders maximize the bank's reported short-term income, in
order to maximize their compensation, by growing extremely rapidly
through making loans at a premium yield. This strategy creates a "sure
thing" (Akerlof & Romer 1993). The lender is sure to report record
(fictional) profits in the short term and suffer enormous (real) losses
in the longer term.



The Evidence Supports Our Claims of Fraud



If we are correct that Countrywide operated as a fraud we would expect to find the following:



  1. disproportionately large rates of loan delinquencies and defaults
  2. huge losses upon default, and
  3. fraudulent representations and appraisals.


We would also predict widespread fraud in the "reps and warranties"
that Countrywide and Bank of America provided to purchasers of nonprime
loans originated by Countrywide. As we emphasized in our initial posts,
a wide range of financial entities have confirmed the widespread fraud
in the reps and warranties. This is why Bank of America is being sued.
The data they provided in its response to our blogs supports the first
three predictions.



First, Bank of America admits to a 14 percent delinquency rate on its
mortgages. That percentage is roughly seven times greater than the
normal delinquency rate for prime loans. It is roughly three times the
traditional rule of thumb for a fatal delinquency rate (5 percent) for a
home lender. Losses upon default during this crisis are dramatically
greater than the historic percentages, and loss reserves were at
historic lows, so the traditional rule of thumb for fatal losses is
unduly optimistic in this crisis.



Second, Bank of America's response states that Countrywide-originated
loans have caused 85 percent of total delinquencies. Bank of America
was a massive mortgage lender before it acquired Countrywide, so taken
together these data suggest that the delinquency/foreclosure rate for
Countrywide-originated mortgages must have been well over 20 percent --
over ten times the normal delinquency rate and four times the
traditional rule of thumb for fatal losses. These exceptionally large
rates of horrible loans, defaulting so quickly after origination, are a
powerful indicator that Countrywide was engaged in accounting control
fraud. Unfortunately, lenders that specialized in making nonprime loans
were typically fraudulent. The result was a massive bubble and economic
crisis.



Our conclusions are well-supported by many other analyses, many of which were conducted long ago. For example, Reuters reported in January 2008 that one-third of Countrywide's subprime mortgages were already delinquent:





eric, there is no such thing as race OK. It was a term which sprang forth from the heady pre scientific days of philosophers.


The concept of race in today’s society is loaded with assumptions, political agendas, and unspoken emotional associations. According to philosophers, Bernasconi and Lott, it was first used in its modern form in 1685, by Francios Bernier. However, in the 17th century when the term was first emerging in intellectual discourse, ‘race’ had a variety of meanings; indeed, no one was committed to a specific definition. It was not until 1775 in his essay, Of the Different Races of Men, that Immanuel Kant gave the term its first explicit definition


But why was ‘race’ an issue at this time? Not unlike the multiplicity of connotations the idea has in today’s society, ‘race’ evolved from a complex interaction of philosophical, scientific, religious and political frameworks.


The concept of race in today’s society is loaded with assumptions, political agendas, and unspoken emotional associations. According to philosophers, Bernasconi and Lott, it was first used in its modern form in 1685, by Francios Bernier. However, in the 17th century when the term was first emerging in intellectual discourse, ‘race’ had a variety of meanings; indeed, no one was committed to a specific definition. It was not until 1775 in his essay, Of the Different Races of Men, that Immanuel Kant gave the term its first explicit definition


But why was ‘race’ an issue at this time? Not unlike the multiplicity of connotations the idea has in today’s society, ‘race’ evolved from a complex interaction of philosophical, scientific, religious and political frameworks.


http://www.suite101.com/content/the-intellectual-origins-of-race-a8926


or more to your leanings see:


The next question is “Can race be Biblically defined?” The term race does not appear in the Bible. The Bible refers to differing peoples in terms such as family, tribe, people and nation. It groups people according to familial relationships and then into nationalities. An example of familial relationship is found in Genesis 10, where the genealogies listed are grouped by family. It should be noted that nowhere are the sons of Noah associated with race or color. An important passage on this matter is found in Genesis 10:5:


“By these were the isles of the Gentiles divided in their lands; every one after his tongue, after their families, in their nations” (Gen. 10:5).


Note that familial and national division is shown, as well as division by geography and language (tongue). The significance of this will be discussed later in this paper. No where in the Bible is prejudice based on what we determine as race; i.e. color of hair, skin, eyes or physical characteristics. When God commanded the children of Israel to be a separated people or to utterly destroy other peoples, it was always based on the principle of separation from sin. The same principle of separation is presented in the New Testament when Christians are commanded to come out of the world and not be unequally yoked with the unsaved. (See 2 Cor. 6:14)


Skippy here…so right from the start you set up your self to false terminology.


http://www.bible-truth.org/race.htm


Skippy…ethnicity, ideology, nationality, tribe, what ever but, NO *racial*. Its a scam, to pit you against each other.




bench craft company rip off

Sea Ice <b>News</b> #31 | Watts Up With That?

38 Responses to Sea Ice News #31. beesaman says: December 5, 2010 at 6:38 pm. I commented on this a bit a while back too! Odd how the NSIDC graph has caught up since some folk started talking about it, or rather, odd how the ice has ...

AMERICAblog <b>News</b>: NYT: Obama to agree to continue all Bush tax <b>...</b>

News and opinion about US politics from a liberal perspective.

Weekly Climate and Energy <b>News</b> Roundup | Watts Up With That?

Gregoz says: December 6, 2010 at 1:18 am. As a little bit of extra news – the majority of Australians now no longer believe that Climate Change is man-made: Most Australians don't believe Climate Change is man-made ...


bench craft company rip off

Sea Ice <b>News</b> #31 | Watts Up With That?

38 Responses to Sea Ice News #31. beesaman says: December 5, 2010 at 6:38 pm. I commented on this a bit a while back too! Odd how the NSIDC graph has caught up since some folk started talking about it, or rather, odd how the ice has ...

AMERICAblog <b>News</b>: NYT: Obama to agree to continue all Bush tax <b>...</b>

News and opinion about US politics from a liberal perspective.

Weekly Climate and Energy <b>News</b> Roundup | Watts Up With That?

Gregoz says: December 6, 2010 at 1:18 am. As a little bit of extra news – the majority of Australians now no longer believe that Climate Change is man-made: Most Australians don't believe Climate Change is man-made ...


bench craft company rip off

Sea Ice <b>News</b> #31 | Watts Up With That?

38 Responses to Sea Ice News #31. beesaman says: December 5, 2010 at 6:38 pm. I commented on this a bit a while back too! Odd how the NSIDC graph has caught up since some folk started talking about it, or rather, odd how the ice has ...

AMERICAblog <b>News</b>: NYT: Obama to agree to continue all Bush tax <b>...</b>

News and opinion about US politics from a liberal perspective.

Weekly Climate and Energy <b>News</b> Roundup | Watts Up With That?

Gregoz says: December 6, 2010 at 1:18 am. As a little bit of extra news – the majority of Australians now no longer believe that Climate Change is man-made: Most Australians don't believe Climate Change is man-made ...


bench craft company rip off

Sea Ice <b>News</b> #31 | Watts Up With That?

38 Responses to Sea Ice News #31. beesaman says: December 5, 2010 at 6:38 pm. I commented on this a bit a while back too! Odd how the NSIDC graph has caught up since some folk started talking about it, or rather, odd how the ice has ...

AMERICAblog <b>News</b>: NYT: Obama to agree to continue all Bush tax <b>...</b>

News and opinion about US politics from a liberal perspective.

Weekly Climate and Energy <b>News</b> Roundup | Watts Up With That?

Gregoz says: December 6, 2010 at 1:18 am. As a little bit of extra news – the majority of Australians now no longer believe that Climate Change is man-made: Most Australians don't believe Climate Change is man-made ...


bench craft company rip off

Sea Ice <b>News</b> #31 | Watts Up With That?

38 Responses to Sea Ice News #31. beesaman says: December 5, 2010 at 6:38 pm. I commented on this a bit a while back too! Odd how the NSIDC graph has caught up since some folk started talking about it, or rather, odd how the ice has ...

AMERICAblog <b>News</b>: NYT: Obama to agree to continue all Bush tax <b>...</b>

News and opinion about US politics from a liberal perspective.

Weekly Climate and Energy <b>News</b> Roundup | Watts Up With That?

Gregoz says: December 6, 2010 at 1:18 am. As a little bit of extra news – the majority of Australians now no longer believe that Climate Change is man-made: Most Australians don't believe Climate Change is man-made ...


bench craft company rip off

Sea Ice <b>News</b> #31 | Watts Up With That?

38 Responses to Sea Ice News #31. beesaman says: December 5, 2010 at 6:38 pm. I commented on this a bit a while back too! Odd how the NSIDC graph has caught up since some folk started talking about it, or rather, odd how the ice has ...

AMERICAblog <b>News</b>: NYT: Obama to agree to continue all Bush tax <b>...</b>

News and opinion about US politics from a liberal perspective.

Weekly Climate and Energy <b>News</b> Roundup | Watts Up With That?

Gregoz says: December 6, 2010 at 1:18 am. As a little bit of extra news – the majority of Australians now no longer believe that Climate Change is man-made: Most Australians don't believe Climate Change is man-made ...


bench craft company rip off
Such investors are like "people who come back and say,
'I bought a Chevy Vega, but I want it to be a Mercedes with a
12-cylinder ,'" Mr. Moynihan said in October. "We're not putting
up with that."


One-third of its subprime business is in default and Mr. Moynihan
thinks Countrywide was selling Vegas? If one third of Vegas crashed and
burned within three years of being purchased the metaphor might be apt
and completely incriminating. We argued that putting Bank of America
into receivership is the proper remedy for its substantial violations of
the law and for its continuing reliance on unsafe and unsound
practices. Outside reviews have documented the most extensive and
financially harmful violations of law and unsafe banking practices and
conditions in history.



As argued in a recent article by Jonathon Weil, the bank is nearing a
"tipping point" as markets recognize it is "cooking the books," vastly
overstating the value of its assets as it refuses to recognize the true
scale of losses on its purchase of Countrywide. Ironically, it still
carries on its books $4.4 billion of fictional "goodwill" value created
by overpaying for Countrywide (a notorious control fraud), as well as
$142 billion of home equity loans that are worth far less. A more honest
accounting of "good will" and of the value of home equity loans would
take a big bite out of Bank of America's market capitalization ($116
billion), which has lost 41 percent
of its value since April 15. The markets are moving ever closer to
shutting down the institution, but Moynihan is not "putting up with" the
demand by investors for Bank of America to come clean on its fraudulent
practices.



Ms. Mairone's Response Verifies Our Claims



Rebecca Mairone replied on behalf of Bank of America to our two-part
post. Step back for a moment and consider the context of Bank of
America's response. We cite evidence that the bank has committed
massive fraud, explain that this provides a legal basis for placing it
in receivership, and call on the FDIC to do so. Bank of America chooses
to respond publicly, but its response never contests its massive fraud
or our demonstration that there is a legal basis for placing it in
receivership.



Instead, Bank of America complains that we "do nothing to illuminate
the challenges [BofA's home mortgagees] face." This is not our task;
nevertheless, the claim is incorrect. We illuminate the problems posed
by the fact that nonprime borrowers were frequently victims of mortgage
fraud perpetrated by lenders as well as many other operatives in the
unprecedented criminal lending and securities fraud of the past decade.
This problem is typically ignored -- at least by the financial sector
and the mainstream media -- so we did "illuminate" the problem and the
cause of action borrowers could bring for "fraud in the inducement."



We showed that the fraudulent senior officers that controlled home
mortgage lenders created "liars," and NINJA loan programs designed to
induce millions of Americans to take out loans they could not afford to
repay. The endemic underlying fraud in the origination and sale of
nonprime loans is critical to understanding why loan defaults are
massive, why borrowers were typically the victims of the fraud and lost
their meager savings due to the frauds, why loan modifications typically
fail, and why foreclosure fraud has been so common. The endemic fraud
also hyper-inflated the bubble and helped cause the economic crisis and
severe loss of employment. Over a million Bank of America borrowers
face these "challenges" that we "illuminated."



Bank of America's response is guilty of what it criticizes; it
ignores the fraud by nonprime lenders and sellers, particularly Bank of
America's frauds in both capacities. It does not seek to "illuminate"
the frauds or the problems that arise from endemic mortgage fraud. We
did not invent the "epidemic" of mortgage fraud. The FBI began
testifying about that in 2004. The FBI predicted that it would cause a
"crisis" if it were not stopped -- and no one claims it was stopped.
The mortgage industry's own fraud experts opined publicly in 2006 that
the type of loans that Countrywide decided to elevate to its favored
product was an "open invitation to fraudsters" and fully deserved the
phrase that the lenders used to describe the product: "liars' loans".
(Bank of America chose to purchase Countrywide at a time when it was
notorious for the awful quality of its mortgage loans.) It is the
lenders and their agents, the loan brokers, that directed the lies in
these liar's loans and appraisals and it was the lenders that made
fraudulent "reps and warranties" in order to sell the fraudulent loans
on to others in the form of securities. Economists and white-collar
criminologists share a belief in "revealed preferences." The senior
officers that control lenders provide an "open invitation to fraudsters"
in the midst of an "epidemic" of fraud because they intend to profit
from those frauds.



Instead of contesting its issuance and sale of massive numbers of
fraudulent loans, Bank of America writes to provide data on
delinquencies and foreclosures in support of its claim that it is the
victim of Countrywide's deadbeat borrowers who it tries in vain to help.
Bank of America's data, however, add support for the evidence of
widespread mortgage fraud, particularly by Countrywide. Accounting
control frauds maximize their (fictional) reported income by lending
routinely to those who cannot afford to repay their loans. It is this
aspect of the fraud scheme that is most counter-intuitive to those that
do not study fraud, but to criminologists it provides the most
distinctive markers of fraud. The senior officers that control
fraudulent lenders maximize the bank's reported short-term income, in
order to maximize their compensation, by growing extremely rapidly
through making loans at a premium yield. This strategy creates a "sure
thing" (Akerlof & Romer 1993). The lender is sure to report record
(fictional) profits in the short term and suffer enormous (real) losses
in the longer term.



The Evidence Supports Our Claims of Fraud



If we are correct that Countrywide operated as a fraud we would expect to find the following:



  1. disproportionately large rates of loan delinquencies and defaults
  2. huge losses upon default, and
  3. fraudulent representations and appraisals.


We would also predict widespread fraud in the "reps and warranties"
that Countrywide and Bank of America provided to purchasers of nonprime
loans originated by Countrywide. As we emphasized in our initial posts,
a wide range of financial entities have confirmed the widespread fraud
in the reps and warranties. This is why Bank of America is being sued.
The data they provided in its response to our blogs supports the first
three predictions.



First, Bank of America admits to a 14 percent delinquency rate on its
mortgages. That percentage is roughly seven times greater than the
normal delinquency rate for prime loans. It is roughly three times the
traditional rule of thumb for a fatal delinquency rate (5 percent) for a
home lender. Losses upon default during this crisis are dramatically
greater than the historic percentages, and loss reserves were at
historic lows, so the traditional rule of thumb for fatal losses is
unduly optimistic in this crisis.



Second, Bank of America's response states that Countrywide-originated
loans have caused 85 percent of total delinquencies. Bank of America
was a massive mortgage lender before it acquired Countrywide, so taken
together these data suggest that the delinquency/foreclosure rate for
Countrywide-originated mortgages must have been well over 20 percent --
over ten times the normal delinquency rate and four times the
traditional rule of thumb for fatal losses. These exceptionally large
rates of horrible loans, defaulting so quickly after origination, are a
powerful indicator that Countrywide was engaged in accounting control
fraud. Unfortunately, lenders that specialized in making nonprime loans
were typically fraudulent. The result was a massive bubble and economic
crisis.



Our conclusions are well-supported by many other analyses, many of which were conducted long ago. For example, Reuters reported in January 2008 that one-third of Countrywide's subprime mortgages were already delinquent:





eric, there is no such thing as race OK. It was a term which sprang forth from the heady pre scientific days of philosophers.


The concept of race in today’s society is loaded with assumptions, political agendas, and unspoken emotional associations. According to philosophers, Bernasconi and Lott, it was first used in its modern form in 1685, by Francios Bernier. However, in the 17th century when the term was first emerging in intellectual discourse, ‘race’ had a variety of meanings; indeed, no one was committed to a specific definition. It was not until 1775 in his essay, Of the Different Races of Men, that Immanuel Kant gave the term its first explicit definition


But why was ‘race’ an issue at this time? Not unlike the multiplicity of connotations the idea has in today’s society, ‘race’ evolved from a complex interaction of philosophical, scientific, religious and political frameworks.


The concept of race in today’s society is loaded with assumptions, political agendas, and unspoken emotional associations. According to philosophers, Bernasconi and Lott, it was first used in its modern form in 1685, by Francios Bernier. However, in the 17th century when the term was first emerging in intellectual discourse, ‘race’ had a variety of meanings; indeed, no one was committed to a specific definition. It was not until 1775 in his essay, Of the Different Races of Men, that Immanuel Kant gave the term its first explicit definition


But why was ‘race’ an issue at this time? Not unlike the multiplicity of connotations the idea has in today’s society, ‘race’ evolved from a complex interaction of philosophical, scientific, religious and political frameworks.


http://www.suite101.com/content/the-intellectual-origins-of-race-a8926


or more to your leanings see:


The next question is “Can race be Biblically defined?” The term race does not appear in the Bible. The Bible refers to differing peoples in terms such as family, tribe, people and nation. It groups people according to familial relationships and then into nationalities. An example of familial relationship is found in Genesis 10, where the genealogies listed are grouped by family. It should be noted that nowhere are the sons of Noah associated with race or color. An important passage on this matter is found in Genesis 10:5:


“By these were the isles of the Gentiles divided in their lands; every one after his tongue, after their families, in their nations” (Gen. 10:5).


Note that familial and national division is shown, as well as division by geography and language (tongue). The significance of this will be discussed later in this paper. No where in the Bible is prejudice based on what we determine as race; i.e. color of hair, skin, eyes or physical characteristics. When God commanded the children of Israel to be a separated people or to utterly destroy other peoples, it was always based on the principle of separation from sin. The same principle of separation is presented in the New Testament when Christians are commanded to come out of the world and not be unequally yoked with the unsaved. (See 2 Cor. 6:14)


Skippy here…so right from the start you set up your self to false terminology.


http://www.bible-truth.org/race.htm


Skippy…ethnicity, ideology, nationality, tribe, what ever but, NO *racial*. Its a scam, to pit you against each other.




bench craft company rip off

Sea Ice <b>News</b> #31 | Watts Up With That?

38 Responses to Sea Ice News #31. beesaman says: December 5, 2010 at 6:38 pm. I commented on this a bit a while back too! Odd how the NSIDC graph has caught up since some folk started talking about it, or rather, odd how the ice has ...

AMERICAblog <b>News</b>: NYT: Obama to agree to continue all Bush tax <b>...</b>

News and opinion about US politics from a liberal perspective.

Weekly Climate and Energy <b>News</b> Roundup | Watts Up With That?

Gregoz says: December 6, 2010 at 1:18 am. As a little bit of extra news – the majority of Australians now no longer believe that Climate Change is man-made: Most Australians don't believe Climate Change is man-made ...


bench craft company rip off

Sea Ice <b>News</b> #31 | Watts Up With That?

38 Responses to Sea Ice News #31. beesaman says: December 5, 2010 at 6:38 pm. I commented on this a bit a while back too! Odd how the NSIDC graph has caught up since some folk started talking about it, or rather, odd how the ice has ...

AMERICAblog <b>News</b>: NYT: Obama to agree to continue all Bush tax <b>...</b>

News and opinion about US politics from a liberal perspective.

Weekly Climate and Energy <b>News</b> Roundup | Watts Up With That?

Gregoz says: December 6, 2010 at 1:18 am. As a little bit of extra news – the majority of Australians now no longer believe that Climate Change is man-made: Most Australians don't believe Climate Change is man-made ...


bench craft company rip off

Sea Ice <b>News</b> #31 | Watts Up With That?

38 Responses to Sea Ice News #31. beesaman says: December 5, 2010 at 6:38 pm. I commented on this a bit a while back too! Odd how the NSIDC graph has caught up since some folk started talking about it, or rather, odd how the ice has ...

AMERICAblog <b>News</b>: NYT: Obama to agree to continue all Bush tax <b>...</b>

News and opinion about US politics from a liberal perspective.

Weekly Climate and Energy <b>News</b> Roundup | Watts Up With That?

Gregoz says: December 6, 2010 at 1:18 am. As a little bit of extra news – the majority of Australians now no longer believe that Climate Change is man-made: Most Australians don't believe Climate Change is man-made ...


bench craft company rip off

Sea Ice <b>News</b> #31 | Watts Up With That?

38 Responses to Sea Ice News #31. beesaman says: December 5, 2010 at 6:38 pm. I commented on this a bit a while back too! Odd how the NSIDC graph has caught up since some folk started talking about it, or rather, odd how the ice has ...

AMERICAblog <b>News</b>: NYT: Obama to agree to continue all Bush tax <b>...</b>

News and opinion about US politics from a liberal perspective.

Weekly Climate and Energy <b>News</b> Roundup | Watts Up With That?

Gregoz says: December 6, 2010 at 1:18 am. As a little bit of extra news – the majority of Australians now no longer believe that Climate Change is man-made: Most Australians don't believe Climate Change is man-made ...



















No comments:

Post a Comment