Posted on 08/14/2010 9:07:22 AM PDT by Chunga85
I’ve read mine and I found some tasty nuggets. (damn the PSA was 370 pages of fine print....)
"We're not predators. It's not our fault if those illegal immigrants can't speak English, are uneducated, ignorant, and don't read what they're signing..."
Of all the dispositions and habits which lead to political prosperity, religion and morality are indispensable supports. In vain would that man claim the tribute of patriotism, who should labor to subvert these great pillars of human happiness, these firmest props of the duties of men and citizens. The mere politician, equally with the pious man, ought to respect and to cherish them. A volume could not trace all their connections with private and public felicity...---President George Washington's Farewell Adress; 1796
FICO would be part of the "and such".Weidner can ask the SEC. Though they'll probably just tell him it's their policy not to comment on on-going...Dear Mr. Lee: I was previously employed by Argent Mortgage for two and a half years and managed, among other areas, the corporation's fraud investigation, borrower complaints and repurchase departments. There are currently over 568 open fraud investigations involving hundreds of brokers and hundreds of millions of dollars in fraudulent loans that are being covered up by top executives in the company. If a broker sustains a certain monthly volume, Argent management looks the other way and, not only does not suspend the bad brokers, but knowingly sells these fraudulent loans on the secondary market to unwitting investors.
I was terminated today and left with just my purse in tow, but I have names of individuals in the company who need to be served with subpoenas to enable them to turn over their spreadsheets and boxes full of documentation and evidence of all the fraud they have found that is being covered up by Argent Mortgage's executive management. The state regulators need to know the truth about the blind eye Argent turns to the fraud perpetrated on innocent consumers by high volume brokers. They also need to be aware that Argent knowingly bundles these fraudulent loans and sells them as mortgage-backed securities on Wall Street, thereby compromising the SEC, as well as our country's economic stability.
At a recent fraud seminar attended by hundreds of mortgage lenders in Washington D.C. a week ago, an attorney who works for Argent's retained law firm, Buchalter Nemer, stood up and told the seminar attendees that the wholesale lenders in the audience had better beware, unless their name is Argent. Argent is safe from investigation because the government got their $325 million settlement from Ameriquest and won't be looking into Argent, per the settlement agreement. I hope this isn't true because Argent Mortgage funded over $50 billion in 2005 and is gearing up to fund well over $80 billion dollars of fraudulent loans in 2007.....or not, investigations.
All those Superbowl Advertising $$ evidently still quietly at work...?"We havn't CHANGEed the mortgage industry; We've REVOLUTIONized it"--Argent Mortgage
Irish Nuns, Investors Sue Morgan Stanley in London for Not Selling Notes
By Lindsay Fortado - Aug 11, 2010 7:01 PM ET
Morgan Stanley was accused of taking a profit for itself and failing to sell notes when it should have in a lawsuit filed by nuns, a veterinary fund and 85 other Irish investors.
Morgan Stanley and Saturns Investments Europe Plc, a special-purpose vehicle set up by the New York-based bank, “deliberately or carelessly failed to redeem the notes” when they were downgraded to junk in January 2009, according to a statement by Stewarts Law LLP, the lawyers for the investors.
The bank and Saturns waited until June 2009, after the price of underlying bonds had risen significantly, to redeem the notes, “thereby securing Morgan Stanley a profit of at least $11.2 million on the sale of the notes by way of a termination payment,” the lawyers said. The notes were sold to “a related Morgan Stanley entity” at a profit, they said.
The Sisters of Charity of Jesus and Mary, the Holy Faith Sisters, the Irish Veterinary Benevolent Fund and other individual investors bought 5.88 million euros ($7.6 million) of the notes through the stockbroker Bloxham in 2005 and 2006. The investors filed the suit on Aug. 10 in London, according to Stewarts Law. They are seeking damages of more than 15 million euros.
Morgan Stanley spokesman Michael Wang declined to comment.
The case is The Sisters of Charity of Jesus and Mary v. Morgan Stanley & Co, 2010/960, High Court of Justice, Queen’s Bench Division (London).
To contact the reporter for this story: Lindsay Fortado in London at lfortado@bloomberg.net.
Next week’s headline
Convent foreclosed. Gunned down Nuns now happily with their Savior.
Be interesting to see a breakdown of secular vs non-secular foundations and funds that were impacted - whether the merchant used his dishonest scales indiscriminately or... with an ideological / sectarian bias.
Three axes? Is this what our Law schools are accepting these days?
Next week’s headline
Convent foreclosed. Gunned down Nuns now happily with their Savior.
Goldman Sachs Stock price up 10% on this GREAT NEWS
Next week’s headline
Convent foreclosed. Gunned down Nuns now happily with their Savior.
Goldman Sachs Stock price up 10% on this GREAT NEWS
Another type of fraud that makes mortgage fraud look like the boy scouts... or more appropriately, makes mortgage fraud look like a dingy compared to the Titanic, is tax fraud.
“Everybody cheats” begins and ends with the tax code.
When comparing mortgage fraud to widespread tax fraud... there is no comparison.
“Three axes? Is this what our Law schools are accepting these days?”
Good catch there Lurker. That’s very compelling. Surely we can’t discount the urgent spelling errors, they’re equally to blame and a central element worthy of thoughtful consideration.
Until we seriously address the spelling crisis our financial sclerosis will only worsen.
Please keep up the good work.
It's sloppy.
Good call.
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