National Credit Union Administration Sues JPMorgan Chase for Misleading Offering Materials In Sales of RMBSs

By: Tuesday June 21, 2011 12:30 pm

The NCUA sues JPMorgan Chase for non-disclosure in offering materials for real estate mortgage-backed securities. Too bad Preet Bharara hears no evil, sees no evil, tastes no evil, smells no evil, and touches no evil, meaning that he has nothing to say about securities violations that don’t affect hedge funds.


SEC Whitewashes Wells Fargo

By: Wednesday April 6, 2011 3:38 pm

SEC enforcement is pathetic. As if you didn’t already know that.

Minimal Work To Indict For Securities Fraud In Real Estate Mortgage-Backed Securities

By: Saturday March 5, 2011 7:50 am

You don’t need an army of FBI agents to work up criminal cases in real estate mortgage-backed securities. You just need to read the documents.

Statute of Limitations for Securities Fraud Burns, US Attorney for SDNY Fiddles

By: Friday February 18, 2011 2:30 pm

Preet Bharara, the US Attorney for the Southern District of New York, is letting the statute of limitations run on securities fraud related to sales of real estate mortgage-backed securities. He’s very busy with insider trading cases and partying with his buddies at the law firms that got reich creating teh deals and then coping with the fall-out.

Foreclosure Fraud Isn’t Mere Paperwork

By: Monday October 25, 2010 8:30 am

Foreclosure fraud is just the tip of the problems facing securitizers. Real Estate Backed Mortgage Securities are governed by a contract that imposes a wide array of rights and duties on each participant in the process. The process of working out the implications of those rights and duties will take a long time and a lot of judicial resources.

Foreclosure Crisis May Well Be Catastrophic in Any Case

By: Wednesday October 13, 2010 8:01 am

The question is, which impending catastrophe is going to be least bad for the American people? And which catastrophe best preserves the rule of law and property — the bedrocks of our country? Do we enter this catastrophe on the banksters’ terms, or on more equalized terms?

Created Assignments and “Cloned” Officers Yield Fraudulent Foreclosures Across the Country

By: Monday April 19, 2010 12:30 pm

In courtrooms across the country, judges are foreclosing on homes based on improperly prepared documentation, some of which may even be fraudulent. At the heart of the problem are entities like Mortgage Electronic Registration System (MERS), which itself is owned by many of the largest financial institutions in the U.S. If MERS and other similar firms acting as foreclosing entity were required to show legal proof of mortgage assignment, the documentation offered could reveal a lack of capitalization that would make the bank bailout look like lunch money. Courts should pay much closer attention to the fact that the signatories are pretending to work for the GRANTOR — the original lender or someone in the chain.

Goldman Sachs: Killing Their Own Brand?

By: Sunday April 18, 2010 1:15 pm

I don’t understand it. Why would they do it? Oh, I know that Goldman Sachs made a lot of money working both sides of the deal selling short on a synthetic CDO that it created with direct input of the customer who wanted to take the short position (bet against the CDO).

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