Then in November 2007, Verschleiser wrote to his risk committee that he knew insurers for mortgage securities were going to have big financial problems. He suggested they multiply by ten times the short bet he’d just made against stocks like Ambac. These e-mails show Verschleiser’s trading desk bragging to firm leadership that he made $55 million off shorting insurers’ stock in just three weeks.
Where’s Verschleiser now? He heads the mortgage department at Goldman Sachs.
We could use some more reporting on who these 131 individuals are. Good for Stempel and Reuters for pointing them out.
(h/t Yves Smith)
If self-dealing lawyers are allowed to both defend against the FHFA lawsuit, as well as to cover their malpractice and criminal conduct, the FHFA lawsuit could be in exercise in futility. What must become immediately terminated is the DECADES of attorney unjust enrichment and extortion via “simulated” foreclosure auctions, illegal “credit bids,” of residential and commercial real estate properties gained via theft! Mortgage fraud is simply not about only INVESTORS becoming harmed!
When foreclosures become filed, mortgage lenders and bankers ARE NOT required to know the laws and procedures requisite for lawful foreclosures and recordation of property titles –lawyers are!!
When title companies refuse to ensure foreclosed properties, it is usually because the foreclosure was not lawfully executed. Moreover, irrespective of borrower default, NO lawyer should be allowed to SELF-DEAL and exploit circumstances and cause homelessness, and tens of thousands of dollars in losses to City Revenues. It would be ludicrous to exclude from the FHFA lawsuit, the Elephant in the Room –hiding in plain sight!
Further, Freddie Mac has (knowingly or unknowing) shelled out $$$$$$$$$$$$$$$$$$$$ toward real estate theft, criminal frauds, and social tyranny! This FHFA lawsuit, or some additional one needs investigation and recovery of those moneys. People who acted in furtherance of those financial frauds ought to be brought to justice! With our nation’s high unemployment, self-dealing and unscrupulous exploiting of people who owe debt is ravishing America.
An irrefutable instance of Freddie Mac’s involvement in foreclosure frauds (An Elephant depiction!): A defunct mortgage lender’s identity was utilized to place a “credit bid” at a sham foreclosure auction of my home (it is impossible for a non-existent lender to bid \ has no“standing”!) From the so-called auction, a deed was recorded into the defunct lender’s name. (void as a recorded Hibernia deed, rather than successor, Capital One.) Six weeks after the so-called auction, Freddie Mac paid an imposter $86,000 for the worthless property deed, which became put back on the market.
Such in-your-face fraud transactions have continued unaddressed for decades. Fraudulent flipping of real estate make the housing market appear thriving; impresses Investors. In our land of rules and laws, identity theft is criminal, and so is Freddie Mac buying stolen property. However, all that has really mattered were the benefits to be gained by defaulted mortgage loans –even jurists and their allies stand to become enriched from foreclosures. Moreover, acceptable practices include crippling property owners who interfere with foreclosure objectives!
HUNDREDS OF PEOPLE have experienced some form of abusive, illegal tactics associated with owing debt, and have signed this petition. Their names and pleas can be seen here: http://www.change.org/petitions/request-for-congressional-foreclosure-panel-to-examine-foreclosure-lawyers Equally as important to America as Investors, they are pleading for help –because they too are victims of the Feds’ failure to properly oversee, regulate, and rein in mortgage industries.
I continue speaking out because attention to this aspect of foreclosure crisis is vital, while the monster roams! A monster so brazen, it sets forth its asinine contentions about defaulted borrowers unentitled to know why they’re being forced to abet mortgage frauds, subjected to invaded privacy, Constitutional wrongs, threats, etc. –all directly associated with real estate frauds. These all the more make is essential to tell the facts of how egregious and far reaching is mortgage fraud.
#1 Posted by Barbara Ann Jackson, CJR on Fri 9 Sep 2011 at 03:25 AM
I've reported even more scoops on the players in Bear's RMBS fraud for DealFlow media last month. It's behind a paywall but you can read some of the news here.
http://www.teribuhl.com/2011/08/24/report-says-bear-stearns-executives-sold-illegal-rmbs-and-covered-it-up/
#2 Posted by Teri Buhl, CJR on Fri 9 Sep 2011 at 03:34 PM
FINALLY!..
Some real, honest goodness names of actual people who are accused of actually committing actual malfeasance!. Yes, in Chittumland, these people are presumed guilty until found guilty no matter what the evidence says.. Yes, in Chittumland, they're not the "right" people, nor are they sufficient in number to satisfy the Marxist bloodlust...
Nonetheless, they appear to be actual, living and breathing human beings!
Maybe we're finally starting to kill off the stupid commie/liberal notion that corporations can be "guilty" of anything.
Corporations can do no good or evil. Corporations can't act. Only PEOPLE can act.
Corporations exist for one, and only one (incredibly beneficial) purpose - to shield investors from liability for the acts of people conducting business in the name of the corporation in order to encourage commerce.
#3 Posted by padikiller, CJR on Sun 11 Sep 2011 at 10:49 AM
Ryan - Aaron Elstein of Crain's New York also wrote about the indvidual players at Bear, Morgan Stanley, Goldman who were named in the FHFA suits. But is was odd the WSJ and NYT did not name these banks executives in their coverage.
#4 Posted by Teri Buhl, CJR on Mon 12 Sep 2011 at 11:41 AM