We all know in our “gut” that the banking elite have pulled off the biggest heist of wealth in the history of mankind….and they got away with it. No significant principle of any bank has gone to jail or even been indicted for the obvious fraud, deception, and grand larceny that has been perpetrated on the citizens of the world.
However, are we going to allow them to get away with MURDER, literally? As more and more Attorney Generals of various states have begun to open investigations in the mortgage fraud that is as obvious as an elephant in the room, more and more mid and lower level banking managers and foreclosure managers have come forward to admit the fraudulent schemes that have been perpetrated on home owners.
In Nevada, the AG was getting very very close to the truth, particularly because of a few brave whistleblowers that were beginning to step forward. The principle whistleblower in Nevada was a brave young lady named Tracy Lawrence. She is now dead!
Tracy Lawrence, the notary public who blew the whistle on a massive foreclosure fraud scheme, was found dead in her Las Vegas home on Nov. 28, MSNBC reported.
Cause of death has not yet been determined, but Officer Jacinto Rivera, a Las Vegas Metropolitan Police Department spokesman, said the case was not being investigated as homicide. She was 43.
Earlier this month, Lawrence came forward and admitted to the Nevada Attorney General’s Office that she notarized 25,000 fraudulent documents for Lender Processing Services, a Florida company used by most major banks to process home repossessions. The documents were filed with the Clark County Recorder’s Office between 2005 and 2008, The Los Angeles Times reported.
Lawrence also accused two loan officers of allegedly running the massive robo-signing scheme, saying they forged signatures on tens of thousands of default notices. Nevada now alleges that Gary Trafford, 49, of Irvine, Calif., and Gerri Sheppard, 62, of Santa Ana, Calif., directed their employees to forge foreclosure documents, notarize the signatures on the documents they had forged and file the fraudulent paperwork in order to begin foreclosures on homes throughout the county.
Trafford and Sheppard have been indicted on more than 600 counts of offering false instruments for recording, false certification on certain instruments and notarization of the signature of a person not in the presence of a notary public. Authorities are currently negotiating the terms of their surrender, KSNV MyNews 3 reported.
Earlier this month, Lawrence pleaded guilty to one count of notarizing the signature of a person not in her presence, The Associated Press reported. Had Lawrence shown up at her sentencing hearing on Monday, she could have faced a potential sentence of up to one year in jail and a fine of up to $2,000.
On Nov. 17, Lender Processing Services issued a statement acknowledging that the signing procedures on some of documents were flawed. The company also agreed to fully cooperate with the attorney general’s investigation.
“I am deeply committed to ensuring that LPS meets rigorous standards of professional conduct and operating excellence,” newly appointed LPS President and CEO Hugh Harris stated. “I have full confidence in the ability of our leadership team and over 8,000 dedicated employees to deliver on that commitment.” According to RealtyTrac, Nevada has had the highest foreclosure rate in the nation for 56 straight months.
Lender Processing Services, Inc. (LPS) is a leading provider of integrated technology and services to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation (LPS Desktop), portfolio retention and default, augmented by the company’s award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by volume are serviced using LPS’ Mortgage Servicing Package (MSP).
(Reuters) December 1st- The Massachusetts attorney general has filed a lawsuit against five large U.S. banks accusing them of deceptive foreclosure practices, a signal of ebbing confidence that a multi-state agreement can be worked out. Attorney General Martha Coakley said on Thursday she filed the lawsuit partly because it has been taking too long to hammer out a nationwide settlement.
For more than a year, state and federal officials have been negotiating a deal in which banks would pay billions of dollars in fines – to go toward housing relief – in exchange for legal protection against future suits. The Massachusetts lawsuit, filed in state court in Boston, accuses Bank of America Corp, JPMorgan Chase & Co Inc, Citigroup Inc, Wells Fargo & Co and GMAC of deceptive foreclosure practices, such as using robo-signers and false documents. “Our suit alleges that the banks have charted a destructive path by cutting corners and rushing to foreclose on homeowners without following the rule of law,” Coakley said in a statement.
The attorney general in Iowa, Tom Miller, who is leading the negotiations for the states, said in a statement they hope to reach a settlement “soon.” He also said Coakley had indicated she is still open to joining the settlement. “We’re optimistic that we’ll settle on terms that will be in the interests of Massachusetts,” Miller said.
However, analysts said Coakley’s lawsuit is a bad sign for banks, which hope a deal with states and federal authorities could help the industry move beyond the legal fallout that has dogged it since the peak of the financial crisis. “I can’t say anything is dead, but it sure looks like this is a negative. The banks are going to have these suits out there for years.” said Paul Miller, a bank analyst with FBR Capital Markets.
The discussions have been bogged down by states concerned the deal was either too lenient or provided the wrong kinds of relief, and by the banks who sought release from mortgage-related claims beyond the original conduct at issue.
The Massachusetts complaint accuses the banks of using fraudulent documents when processing foreclosures; of foreclosing on properties without holding the actual mortgage; and of failing to uphold promises to modify loans for the state’s homeowners. It also names the banks’ private mortgage registry, MERS, as a defendant, accusing it of dodging fees and corrupting the state’s land recording system.
On Thursday, Coakley was firm that she would not sign a mortgage settlement that included “broad liability release regarding MERS and other issues.” A person familiar with the talks said Massachusetts has sought to protect its ability to pursue certain claims against the banks for their use of MERS. Those liability issues are still being hashed out in negotiations, the person said.
The banks targeted in the suit said Coakley’s move imperils chances for broader relief. Bank of America said in a statement that a collaborative resolution, rather than continued litigation, would more quickly heal the housing market and help drive an economic recovery.
Chase said in a statement that it is disappointed Massachusetts filed a lawsuit when negotiations are ongoing on a broader settlement that it said could bring immediate relief to borrowers. GMAC said it was unhappy that Massachusetts “elected not to continue a more constructive path that could help borrowers in the state, but rather has chosen to use the court process.”
Wells Fargo disagreed with Coakley that it has not kept a promise to modify loans. Citi said it had not yet reviewed the lawsuit, but the bank believes it has operated appropriately and in compliance with existing laws.
Coakley, who took office in 2007, has been aggressive in moving against Wall Street firms and U.S. banks. Her office said it has secured more than $600 million in relief for investors and borrowers, while keeping more than 24,000 people in their homes.
I think we ought to urge the AGs to forget about “settlements and fines” and start talking about issuing criminal warrants instead. When we read about 103 year women facing eviction from their home of 53 years and Chase refusing that same old lady from paying off the loan, and we have a death under more than suspicious circumstances, and we have an organized system of fraud under MERS and LPS which was involved in nearly 100% of these fraudulent actions, it is time a few hundred upper level managers of this organized crime operation move to our wonderful Federal penal system to live out their lives.
How much more bold are these banksters going to get? Maybe it is time to pull the plug on the big five and show them they are not too big to fail. Run the banks, not because we are nervous about losing our money, but because they are crooks and thieves. Even the Mob would never charge the interest rates these guys are demanding on credit cards, in addition to the fraud they are perpetrating on their mortgages. How much more proof do we need? We, the consumers, are the power, not the AGs, nor the Treasury Department which has been absolutely mute on the subject, even though these actions are in violation of Interstate Commerce Laws. The Occupy Movements are all good, but they must be supported by our actions. It is both easy and simple for each one of us to close our accounts at the Big Five banks and open them in our locally owned credit unions. It would also convince us we are still in charge. Just a thought.