SarBox, Where Are You? in [Market-Ticker]

Posted 2010-10-19 11:18
by Karl Denninger
in Foreclosuregate

SarBox, Where Are You?

Does it count when statements are made on a conference call, such as this from BOA?

- Customers knew the risks of buying MBS, questions the link between large number of put-back claims and final costs.
- Currently it is impossible for BoA to provide any "reasonable" estimates for eventual mortgage buyback claims.

Ok, how about loans you claim were fraudulently sold more than once?

Yes, that's YOU Bank of America. YOU said:

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

Let me guess - MBS buyers knew that there was a risk that the securities in their alleged MBS were in fact sold more than once, and that in fact they might own nothing?

Was that disclosed fairly in the pooling and servicing agreement and the prospectuses?

Remember, these aren't my arguments, nor someone else's.

They are yours that you are making in an official filing in court!

Just curious.

Discussion below (registration required to post)

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User Info	SarBox, Where Are You? in forum [Market-Ticker]
Asimov Posts: 104066 Incept: 2007-08-26 East Tennessee Eastern Time	I'm so tempted to sell some of my profitable puts just to dump into BAC leap puts. This is beyond silly. ---------- It's justifiably immoral to deal morally with an immoral entity. If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente. 2010-10-19 11:22:21 Permalink
Arkroyal Posts: 115 Incept: 2009-02-04 St. Augustine, FL	They are going to use fraudulent documents to establish the chain of title to exactly whom they want to enrich. This can be done in minutes. Disputing this "established" title will take years in court and millions of dollars and will not be allowed to happen because the laws will be changed or interpretated to say that whomever first established a "clear" chain of title owns the property and everybody else eats the loss. 2010-10-19 11:26:53 Permalink
Steelhead23 Posts: 2043 Incept: 2008-09-09 Portland OR	Love the sarcasm Karl, keep it up. For whatever reason, human nature seems to include a direct line between humor and intellectual curiosity. Jon Stewart has likely done more to alarm the public about the banksters than anyone. Now there's a plan - get yourself invited to the Daily Show - make em' laugh while skewering the banksters. That would be TV worth watching. ---------- "Give me control of a nation's money and I care not who makes it's laws" ~~Mayer Amschel Bauer Rothschild~~ Benjamin Bernanke For-profit commercial banks are a menace and should be eradicated 2010-10-19 12:38:08 Permalink
Sharon Posts: 4354 Incept: 2008-02-10 Odessa, Missouri	Quote: They are going to use fraudulent documents to establish the chain of title to exactly whom they want to enrich. This can be done in minutes. Disputing this "established" title will take years in court and millions of dollars and will not be allowed to happen because the laws will be changed or interpretated to say that whomever first established a "clear" chain of title owns the property and everybody else eats the loss. The problem with this is, nobody will ever buy any real estate again. At least not with a mortgage. I suppose it could work out that way, and it could be an entirely satisfactory endgame for the elites: Elites own everything, having essentially expropriated most of the nation's real estate. Everyone goes from being "owners" with a mortgage, to being renters--often a distinction without a difference. ---------- Semper ubi sub ubi. Last modified: 2010-10-19 13:28:29 by sharon 2010-10-19 13:28:11 Permalink
Antone Posts: 7690 Incept: 2008-02-03 Seditionia, USSA	Where's SarBox? Giving me a pain in the ass with completely useless 'paperwork', but not doing anything of any actual use. Now fraud is built into the business model. Profit > SEC settlement in nearly every case. ---------- As if anything has changed: Wir sind gefickt. 2010-10-19 13:36:19 Permalink
Saschaefer Posts: 35 Incept: 2009-06-29	This MAY be significant, and it may not ... Gretchen Morgenson reported on this back in Dec., 2009 -- see http://www.nytimes.com/2009/12/13/busine.... That is, this may be, at least relative to criminal penalties under SarBox, an isolated incident relative to Ocala, Colonial Bank, and TBW. Also note that the former chairman of TBW has been charged with fraud. 2010-10-19 14:39:41 Permalink
Smacktle Posts: 1362 Incept: 2009-01-20 Texas	BOA = ---------- The faults of the burglar are the qualities of the financier. - George Bernard Shaw 2010-10-19 16:45:04 Permalink
Mtdm Posts: 211 Incept: 2009-07-23	SarbOx not SarBox, surely. A pile of crap no matter how you capitalize it, indubitably. 2010-10-19 17:04:24 Permalink
Jwm_in_sb Posts: 1042 Incept: 2009-04-16 California Desert	"Now there's a plan - get yourself invited to the Daily Show - make em' laugh while skewering the banksters. That would be TV worth watching." NOW THAT is a hell of an idea....Gen has the sense of humor (anyone who listens to the gentle ben intro's knows this). 2010-10-20 11:34:32 Permalink
Jwm_in_sb Posts: 1042 Incept: 2009-04-16 California Desert	SarbOx. Yeah, the live abortion born of the now laughable Enron scandal (by comparison). Funny how SarbOx rarely seems to be brought up into the conversations anywhere....even in the blogo-sphere for that matter. How many billions of dollars were wasted by corporations to be in compliance with it but somehow the Financial Industry is effectively exempt???? 2010-10-20 11:37:58 Permalink
Antone Posts: 7690 Incept: 2008-02-03 Seditionia, USSA	SarbOx gets talked about daily, whenever we have to fill out those *****n "TPS Reports." (not the real name of them, but I think it's fitting). It's not like the whole "accountability" system isn't just a big rubber stamp anyways. Frickin' joke of a piece of legislation. ---------- As if anything has changed: Wir sind gefickt. 2010-10-20 18:39:59 Permalink*

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