http://livinglies.wordpress.com/2010/10/....

WEIDNER: BIGGEST RICO CASE ON EARTH

Posted on October 19, 2010 by Neil Garfield

by Matt Weidner on IRS Form 938

Sometimes this all becomes a bit too overwhelming, trying to unravel this whole foreclosure cataclysm. This is so far beyond the simple situation where a borrower borrows money from a bank and doesn’t pay….that bank is clearly entitled to their money back.

I’m a fairly bright guy with a good education and a fair to ‘middlin grasp on complex legal issues….I just boil down way complex stuff to smaller parts and learn those complex issues piece by piece. The problem we face in foreclosures today is no-one has any idea who’s really owed money on these mortgages, who is entitled to collect payments on the mortgages, what government money was used to bail out mortgages.

Sophisticated attorneys with years of complex litigation and legal experience are perplexed by the inability of Plaintiffs to answer the most basic questions about litigation.

Experienced circuit court judges with decades of trial court, evidentiary and complex litigation experience have started to ask real questions about the millions of dollars in foreclosure judgments they’re signing every day in their courtrooms to entities that they cannot identify.
Federal judges with hundreds of years of experience are really starting to dig into documents filed and representations made by the parties that appear before them….there are real questions being raised in bankruptcy courts and even bigger questions about fraud and collusion and federal crimes at the highest levels of American businesses.

Thrown into all these questions are some thought provoking comments and research from a subscriber to this blog, like I said, it’s a bit beyond me now, but consider his words….

The best way to prove this mess all got dissolved is to go to the IRS.gov website and look for the publication # 938 for 2006 through the present. This is where you will see that the gain on sale reporting etc all stopped as the securitization machine was turned off temporarily in late 2007.

The trusts were all named and reporting until the end of 07 then 08 is missing??????.

They restart the reporting in 09 but it is down to only Ginnie/Freddie/Fannie/JPM/Citi and random trusts that have been created. The government absolutely knows what happened yet seems to help cover this up thinking we are too dumb to catch it.

2009 reported in 2010
http://www.irs.gov/pub/irs-pdf/p938.pdf

2008? is missing and reverts to the 2009 file?? Don’t believe me. try it.

http://www.irs.gov/pub/irs-prior/p938–20....

2007 reported in 2008

http://www.irs.gov/pub/irs-prior/p938–20....

They seriously think we are that stupid. What are they hiding from us? Maybe that the banks have committed billions upon billions in tax evasion. Follow what is happening in non-judicial states and you will see the arrogance. They actually show us the blank note endorsement from the original lender yet no recording of the interest through the depositor to the trust. Lack of standing?
Then when they are finished stealing the house they sell the loan from the unlawful foreclosing party(trust) that had no standing to F/C back to the trust through a POA to the servicer and effectively cover their tracks that the loan was never in the trust, they still stole the investors money, and they still claimed the tax exemptions under REMIC.

All while the Govt and IRS watch.

Look at the WAMU BK. They were found to have a 10.3 Billion dollar tax claim filed against them that was reduced to 33M yet Chase got to walk away with a 300 Billion dollar bank 200M in mortgages for 1.9Billion. The loans were shown to have been written down to $0 yet they still want to collect?

Along with the Pub 938 you can review Pub 550 that explains the tax exemptions etc for the REMIC trusts.

No assignments were done as required, no “true and absolute sales under FASB 140″ were ever perfected, No standing has ever been established for most or all of the securitization trusts.

This is the biggest RICO case on earth.

Oh, and maybe we should review who funded LPS…..JPM/BOA/Wachovia when they split off of FIS in 2008.

Filed under: CDO, CORRUPTION, Eviction, GTC | Honor, Investor, Mortgage, bubble, currency, foreclosure, securities fraud

I wish them good luck trying to present this as an unintentional mishap..

Who's gonna eat it?

Quote:

Look at the WAMU BK. They were found to have a 10.3 Billion dollar tax claim filed against them that was reduced to 33M yet Chase got to walk away with a 300 Billion dollar bank 200M in mortgages for 1.9Billion. The loans were shown to have been written down to $0 yet they still want to collect?

IF, and I say IF, this quote is true, then hopefully now the people of this country will realize that their government is simply a mechanism for shielding and expediting inconceivably large theft to the wealthiest people in the world.

All claims to the contrary, and belief that "justice" will be handed down through the courts should be laid to rest.

"Who's gonna eat it?"

That will be the taxpayers, until either the military and/or the general populace obliterate Washington.

Taxpayers can't eat anymore. We are full. Someone is taking the loss on this. Large banks going under within a year.

Quote:

It appears as though many loans and other mortgage-related assets have been double and even triple-pledged to various constituencies.

Indeed. Openly admitted. And exactly what wakes me up in a cold sweat. How many entities are going to come after our home, thinking they're not being paid, when we're not only current on our loan but we prepay principal every month to intentionally shorten the length of the loan and reduce the total amount of interest we pay?

What a ****ing mess!

No wonder I had so much trouble getting a prior paid off loan's status changed to inactive on MERS. It was probably still held as active by one or more other entities. I had to get bank regulators involved and provide the release letter to resolve the issue. [ETA: It was a Countrywide => BOA loan]

Good god... people who aren't paying attention to what's going on with their mortgage and MERS, etc., are gonna get rolled. A LOT of people are going to have ABSOLUTELY NO ****ING CLUE how to maneuver through this minefield.

I see dead BoA everywhere...

http://www.businessweek.com/news/2010-10....

I suspect BoA is seeing lawsuits on the horizon.....

Quote:

It appears as though many loans and other mortgage-related assets have been double and even triple-pledged to various constituencies.

Isn't that basically the plot of The Producers?

More symptoms of control fraud run from the top. A scheme that involves running up the short term accounting numbers WHATEVER IT TAKES and making off with the bonuses in the nick of time before the Ponzi collapses. Justice will not be served until the bonuses are clawed back and the banksters are behind bars.

Enron? S&L? Exactly the same. Duh...

"Justice will not be served until the bonuses are clawed back and the banksters are behind bars."

Dead would serve as well. In fact it is one of their choices.

Looks like my suspicions were correct too. No assignment due to the need to hide the fact they were in the room when the fart appeared. You can't assign something you have sold more than once can you? If I am reading this right, the contention by BAC is that Ocala scammed LaSalle and FHLMC, but FHLMC won't cough up the documents to prove it. Now that we have seen so much, do they even have the documents are or they in shredder bags?

Karl, does the term Proprietary mean "How we turn used dog food into chocolates"?

Well, technically, prostitution is "renting out", not "selling". No other objections.

Let the game of musical chairs begin!

Yep, this is exactly like the plot of The Producers.

An excerpt from Charles Hugh Smith's blog...

Quote:

...This is why the Financial Power Elites and the Federal Government are both wedded to lies, half-truths, misrepresentation, omissions, fraud, corruption and the full panoply of propaganda. To tell the truth is to bring down the entire status quo.

Here is our accountant's commentary:

I belong to a large number of finance organizations and sometimes I even assist clients with hiring a finance person. Since I have a lot of experience with finance and accounting, when I am interviewing these people I know when I am getting a BS answer and unlike most BS recruiters I do not steer away from controversy since I am truly looking for the most qualified for my clients and not who is just most marketable to them. After I start drilling down you would be amazed (or maybe you wouldn’t) how many of these CFO’s and Controller types were basically dismissed because they would not cook the books in some manner.

Now maybe I have told you that I was asked to resign from one of the nations largest companies (a company that I worked hard for and saved from bankruptcy and due to my actions had created) in the US because I refused to book a revenue entry for over a million dollars which was unsupported and the CFO (I had been the CFO up until a merger) blew up with me when I asked him to send a memo telling me to record it. Funny, a few years and one acquisition later it melted down as one of the biggest accounting frauds in US history.

My next gig as the CFO for a NYSE company I basically walked in and found what I would consider a $60 million dollar accounting fraud in one day (once again a mark to market issue draining cash flow and sucking the company into a dark hole). Corrected that accounting problem and the company began to prosper but since I thought the board and upper management was so corrupt I left (Chairman of the Audit Committee was found guilty at another large company for back dating options).

The next public company where not only was I the CFO but prior to that a board member, I was basically asked to resign for BS reasons a couple of weeks later after I pointed out what the board was asking me to do was basically wire fraud and of course they backed off quickly and said they would get a legal opinion from our law firm (one of the top 10 in the US) to cover me. In the same meeting our outside legal counsel said he had a problem giving such an opinion and I pointed out that a legal opinion did not keep me from being both civil and criminally liable. It should be noted that this was another company that 2 years before I came in and took the reins as CFO/COO and pulled the company out of black hole of looming bankruptcy and made it profitable in the first time in its history since it went public and then refinanced the company. In summary a year after I left the company had burned through the money I raised and the Board sold the company for nothing.

There is lots of bitterness out there with the straight shooting finance people. Many of them find themselves unemployable. This stretches from banks, Private Equity, Investment Banking, through the large accounting firms (the average partner in the large accounting firms any more is a pathological liar) to senior finance people in organizations. Right before Enron and MCI blew-up, I actually had a BS HR person tell me I was not flexible enough. I wanted to tell this idiot that I knew where flexibility got me and it was an orange jumpsuit. Bankers and Companies only hire the weakest and most pliable senior finance executives they can find.

One other short story. A while back I was at a networking meeting with a large group of CFO and ex-CFO’s. I asked this group how many thought that most CEO’s wanted a weak CFO working for them. Approximately 70% of the attendees raised their hand! You have to remember that the only person who had steady access to the Board is the CFO.

The point, the middle class is becoming torn and frayed and there is real anger out there. The common belief is that only the liars and thieves are moving ahead in this country...

http://www.oftwominds.com/blogoct10/frau....

^^^ In fewer words: Ye cannot serve God and mammon.

Holy crap. Played a softball game last night and asked the other players if they knew anything about this and only one of them did.