Posted on 04/07/2009 9:22:37 AM PDT by DrGop0821
Kudos to the student! About dang time, somebody puts Frank on the hot seat. Frank’s defense: Blame it on “The Vast Right Wing Conspiracy”.
I think that Frank’s rump riding days are long since past.
He seems more like a catcher and not a pitcher.
Can someone tell me how to put a pic in my reply?
Congressman Barney Frank says he wants some of those responsible for our current financial meltdown to be prosecuted. And we couldn't agree more. First up in the court dock: Rep. Barney Frank, D-Mass.
Even by the extraordinarily loose standards of Congress, it takes some chutzpah for someone such as Frank to suggest that he'll seek prosecutions for those behind the housing and financial crunch and for what he called "a strongly empowered systemic risk regulator." Frank: Fannie Mae and Freddie Mac's point man in Washington.
For Frank, perhaps more than any single individual in private or public life, is responsible for both the housing market mess and subsequent bank disaster. And no, this isn't partisan hyperbole or historical exaggeration.
But first, a little trip down memory lane. (Excerpt) Read more at ibdeditorial.com ...
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REFERENCE Back in early Feb 2009 the FBI told the Senate Judiciary Committee that 530 investigations of fraud are in place "directly related to the current economic crisis" Fannie Mae and Freddie Mac are on the target list.
BARNEY FRANK AND FRIEND Cong Barney Frank (D-Mass), and his live-in Herb Moses (then-employed as director of Fannie Mae Product Initiatives) lived together in Washington. According to National Mortgage News, Mr Moses helped develop many of Fannie Mae’s affordable housing and home improvement lending programs. In light of the trillion dollar Fannie Mae collapse, critics assert such programs led to the mortgage meltdown that prompted the government takeover of Fannie Mae and its financial cousin, Freddie Mac.
The two mortgage giants are blamed for spreading toxic mortgages throughout the private financial sector--leading to a worldwide economic crisis.
COLLUSION In point of fact, Cong Frank spent the better part of those years blocking lawmakers from imposing tougher regulations on the two mortgage behemoths. In 1991, the year Mr Moses was hired by Fannie, the Boston Globe reported that Cong Frank pushed Fannie Mae to loosen regulations on mortgages for 2-3 family homes, even though these homeowners were defaulting at twice and five times the rate of single homes, respectively. This might indicate Moses and Frank were colluding in government activities that worked against Fannie Mae shareholders.
Cong Frank and Mr Moses broke up as a couple in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae when Mr Moses was employed as Assistant Director of Fannie Mae Product Initiatives.
L/E might consider charges to include:
(a) conspiracy to defraud the IRS, and evade US banking laws,
(b) international money laundering,
(c) conspiracy to commit money laundering, and,
(d) aiding and abetting the preparation of false federal/state income tax returns.
Conspiracy counts might include mail fraud, electronic fraud, and accounting fraud. Authorities might examine the government entities for using fraudulent receipts to falsely verify bogus charitable contributions and multiple conspiracies to benefit from fees charged for transfers of funds as part of the money laundering conspiracy.
Government audits might show off-the-books bank accounts that were accessed solely by insiders, and that government-funded activities were used in various illegal schemes that might have integrated:
(1) money laundering,
(2) tax evasion (stolen money is taxable),
(3) violations of US banking and currency laws,
(4) conspiracy to commit wire fraud,
(5) commercial bribery in various mortgage/real estate schemes,
(6) establishing secret offshore bank accounts outside the purview of the IRS and US banking laws,
(7) fraudulent and casual accounting practices,
(8) non-existent financial oversight.
L/E might seek financial documents dating back 10-12 years that may show collusion in activities integrating money laundering, tax evasion and violations of US banking and currency laws, conspiracy to commit wire fraud and commercial bribery in various real estate schemes, establishing secret offshore bank accounts outside the purview of the IRS, engaged in casual accounting practices, and non-existent financial oversight.
Principles of Fannie Mae Product Initiatives may have defrauded directly or indirectly, singly, or in concert, with computers, computer technicians, by use of the means and instrumentalities of interstate commerce and by use of the US mails, electronics, or a facility of national banks, investment vehicles, and/or a national securities exchange, or other investment vehicles, to knowingly or recklessly, facilitate financial fraud.
L/E should determine whether Fannie Mae Product Initiatives principles:
(1) employed devices, schemes and artifices to defraud,
(2) made untrue statements of material fact and omitted to state and federal bank authorities material facts,
(3) neglected to make statements not misleading in light of the circumstances under which they were made,
(4) engaged in fraudulent acts, practices and courses of business, and,
(5) operated multiple frauds and deceits upon real estate investors, shareholders, bank patrons, and other persons.
Fannie Mae Product Initiatives principles may have colluded to engage in money-laundering activities which could have integrated: (1) banking fraud, (2) real estate fraud, (3) mail fraud, (4) electronic fraud, (5)accounting fraud, (5) government theft,(6) failing to report wrongdoing,(7) breach of fiduciary duty, (8) running government office as an illegal racketeering enterprise, (9) operating a government-funded agency as an illegal racketeering enterprise, (10) using and creating government slush funds.
Illegal activities might include collusion to engage in fraudulent financial transactions (maybe campaign contributions).....by illegal conversion of corporate funds by officers of publicly-held companies, investment and development companies, management firms, brokerage companies, insurance companies, law firms, legal firms that processes reimbursements, real estate firms, real estate partnerships, limited liability companies, banks, bonding insurance companies, etc.
Federal investigators might obtain information from financial institution holding F/M government accounts that are suspected of engaging in money-laundering activities.
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Persons and organizations of interest to law enforcement:
(1) Hon Barney Frank (D-Mass), House of Rep, 2252 Rayburn Building, Washington, DC 20515, Tel: (202) 225-5931
(2) Herb Moses, former-Assistant Director of Fannie Mae Product Initiatives, Current address unknown
(3) Franklin Raines, ex-CEO Fannie Mae
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Let's hope Barney and Herbie paid all the taxes due (stolen money is taxable).
REPORT TAX FRAUD AND TAX LAW VIOLATIONS HERE:
IRS TOLL-FREE 1-800-829-0433----you may remain anonymous.
EMAIL .......OAAG.Tax@tax.USDOJ.gov.
But even if the sub-primes didn't play the major role, any amount of bad money they put into the crisis had to have an adverse effect. Trying to say they had no effect is like tying a ten pound weight to a leg of a swimmer who already had a twenty pound weight tied to the other leg. He might have made it to shore with one weight, but the combined weight sank him.
R. Alexander Acosta, United States Attorney for the Southern District of Florida, Michael K. Fithen, Special Agent in Charge, United States Secret Service (USSS), Michael V. Powell, Special Agent in Charge, U.S. Department of Housing and Urban Development, Office of Inspector General (HUD-OIG), Region IV, Henry Gutierrez, Inspector in Charge, U.S. Postal Inspection Service, and Roger Reinke, Chief, City of Marco Island Police Department, announced today that a jury convicted the remaining six defendants, Jaqueline Perez-Castillo, Yanny Cruz Pavon, Lizabeth Perez, Erick Clavijo, Aurora Ramentol, and Ester Crespo of fraud in the matter of United States v. Juan Torrens, et al, Case No. 07-20987-Cr-Jordan.
The six defendants convicted were straw buyers in a mortgage fraud scheme in South Florida that resulted in more than $15,000,000 in fraudulent loans, and losses of more than $5,000,000 to lenders.
With today's convictions, all 31 of the defendants originally charged have been adjudged guilty. Sentencing for the six defendants is scheduled for October 3, 2008. The defendants face a maximum sentence of 20 years; on each wire fraud count, as well as substantial penalties and restitution.
This case revolves around defendants Juan Torrens, the de facto owner of Amsouth Trust & Investment Corp. ("Amsouth") and president of Countryside Land & Development, Inc., Rachael Torrens, president of 1st Choice Realty of South Florida, Inc. and de facto owner of First United Mortgage USA Corp., Daniel Ramos, Alfonso A. Muxo, a State of Florida certified real estate appraiser and owner of Palm Bay Real Estate Appraisals, Inc., and Katherine Harris, former president and part owner of Floridian Home Title Corporation, all of whom were charged with conspiracy to commit wire fraud and/or wire fraud for their participation in a massive mortgage fraud scheme.
Their scheme involved fraudulent mortgage loans obtained for the purchase of 28 properties located in Miami-Dade and Broward Counties, and in the City of Marco Island. All those charged in the conspiracy pled guilty, and are awaiting sentence.
Also charged in the Indictment were defendants Mario E. Diaz, Aurelio Pozo, Oscar Barreiro, Lellany Rodriguez, Jose Asensi, Carlos Morales, Damaris Jimenez, Lizabeth Perez, Mario Blanco, Rene Rodriguez, Tamaris Angulo, Alicia Loaiza, Ester Crespo, Jesus Enrique Guevara, Janette Lugo, Priscilla Fleitas, Erick Clavijo, Luis DeJesus Planas, Moises Llorens, Milva Roque, Aurora Ramentol, Gladys Lens, Nancy Fundora, Yanny Cruz Pavon, Roger Rosario and Jacqueline Perez-Castillo ("the straw buyer defendants").
These defendants were charged with wire fraud for their participation in this mortgage fraud scheme
What the hell is wrong with people in MA that they would elect this clown over and over? This is the best that MA can come up with.
If you are posting a web addressed picture then use (within the arrow brackets and drop the single quotes) 'img src="http..." '.
EXCERPT Ten years ago, for example, the typical conforming mortgage required a down payment of 10 to 20 percent, and low-down payment mortgages were considered too risky. But then we helped to standardize the 3 to 5 percent down payment loan, brought it to global capital markets, and made it available to lenders and communities nationwide. Now low-down payment loans are commonplace. And we just adopted a new variance in our underwriting standards that will make the $500 down payment loan widely available as well...
In 1994, we pledged to provide $1 trillion in capital to ten million underserved families by the end of 2000. Thanks to our housing and industry partners, we met that goal early. Then in 2000, we launched our American Dream Commitment, a pledge to provide $2 trillion in capital to 18 million underserved families by the year 2010, including $400 billion targeted specifically for minority families (later raised to $700 billion in response to President Bush’s Minority Homeownership Initiative).
After four of the strongest years in housing and mortgage finance history, we’ve already surpassed the top-line goals of this commitment. But our work is far from complete.
So in January 2004, we announced our Expanded American Dream Commitment and pledged significant new resources to tackle America’s toughest housing challenges. Our new commitment has three main goals.
First, we will expand access to homeownership for six million first-time home buyers in the next ten years, including 1.8 million minority first-time home buyers.We also will help raise the national minority homeownership rate from 49 percent to 55 percent, with the ultimate goal of closing it entirely.
Second, we will help new and long-term homeowners stay in their homes through a series of initiatives, and commit $15 billion to preserve affordable rental housing and $1.5 billion to support the revitalization of public housing communities.
Third, we will increase the supply of affordable housing and support community development activities in at least 1,000 neighborhoods across the country through our American Communities Fund, and through targeted investments like Low-Income Housing Tax Credits that help finance affordable rental housing.
It is because of initiatives like our Trillion Dollar Commitment and our American Dream Commitment that we have exceeded our HUD affordable housing goals for ten consecutive years. And we have increased our financing of mortgages to African Americans by over 400 percent and to Hispanic Americans by 470 percent in the past ten years, compared with a 205 percent increase in overall financing.
Our Expanded American Dream Commitment will help us do even more.
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