Commentary By Ron Beasley
Janet Tavakoli calls em as she sees em when it comes to the fraud in the financial industry. She doesn't hesitate to take on the big guys. This is a rather long interview but well worth the time.
Janet Tavakoli on Bank Foreclosure Fraud from David Fry on Vimeo.
She said one thing that jumped right out at me - the big banks are not just too big to fail they are too big to manage. That's the real problem. The bank CEOs may be making millions a year to manage the banks but the banks are simply too big for them to manage. When the CEOs of Goldman Sachs, JP Morgan, Countrywide, Bank of America and Citigroup sound clueless it's because they are. The big banks are so big and so complex that the CEOs can not possibly know what's going on so they can't possibly earn their big salaries. Just one more reason why they should be broken up.
Hi there,
ReplyDeleteRon Beasley totally gets it. These banks are way too large, and the idea that anyone in the C-suites of these great American institutions knows anything about their actual holdings is laughable on its face. The American people are simply too dumb and lazy to withdraw all their money from Bank of America and put it in a trustworthy local or regional bank that actually knows what it's invested in.
I honestly think the fact that BofA and Citi ATMs are so ubiquitous is the number one reason these banks continue to dominate our economy after their disgraceful, public failures - people are afraid of the goddamn ATM fees!
We don't realize that we just paid them the equivalent of a lifetime of ATM fees for every American just so that they wouldn't go out of business, which they clearly deserved to do! As a country, we're making a bad investment by sticking with them. If you're feeling patriotic and/or fed up with Wall Street, pull your money out of these failures and find a responsible financial institution to handle it.
Foreclosure Fraud Assault - A Cry For Help
ReplyDeletehttp://newsblaze.com/story/20101116120222nnnn.nb/topstory.html
A foreclosure that entails savagery, fraud, corruption, greed, intrusion, peril, trauma, desolation, shocking deviation from established law and court rules and procedures, and reprisals for whistleblowing and for not relinquishing one's home to sham foreclosure is a riveting story worth being told.
The victim's painful story comes with a plea for humanity to rise to a duty of raising awareness, and not merely for the sake of aiding this one victim. It is for the sake of calling attention - and hopefully "making a difference" by requiring lawmakers to make changes in what appears to be third-world judicial systems of shocking perversion and inequality, harmful to the entire economy.
Encapsulated in the story "Foreclosure Gang Rape,. . .," the victim's graphic details of years of harm from lawyers, judges, and banks summed up as 'gang rape' is commensurate with defilement, exploitation, humiliation, bigotry, betrayal, invasion, revilement, assault, depredation, torture, despoliation, stigmatization, maltreatment, denigration, ruin, pillage, ransack, intrusion, and racism.
Wells Fargo turned over the modified loan debt to a foreclosure mill debt collection lawyer who used a defunct lender's identity to foreclose, as well as demand unfair fees. At some point after foreclosure had been filed, the victim discovered that the modification consisted of a contract between the homeowner and a fictitious lender. . .
The solution to ensuring a good faith mortgage negotiation is to calculate an unbiased Net Present Value using bank software so that the lender can't dispute the calculations. The REST Report does exactly that and has been sanctioned by every single judge who has ruled on it. The software always recommends modification or short sale since those solutions benefit the mortgage investor and homeowner the most.
ReplyDeleteClick for Information on the Do it Yourself Mortgage Modification