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Business/Finance See other Business/Finance Articles Title: BOMBSHELL!- FDIC SUES THE BIG BANKS FOR MASSIVE SECURITIES FRAUD! It’s been a while since I’ve dropped a BOMBSHELL….I’ve frankly been a bit per-occupied with several more important things. But the documentation of the biggest crime spree ever perpetrated on a nation continues to be rolled out….and it continues to be ignored by EVERYONE IN THIS ENTIRE NATION! I can only pound on the indictment of insurance fraud documented in the 49 State Attorney General Sellout. The press refuses to report on how we’ve all been sold out by the government that serves the banks…but I digress. No one cares about that anymore. Let’s talk about the THREE SEPARATE NUCLEAR BOMBSHELLS OF FINANCIAL MASS DESTRUCTION. The FDIC, (that’s the Federal Deposit Insurance Corporation) just filed suit against the big banks alleging in very specific terms A MASSIVE SCHEME TO LIE, CHEAT, STEAL AND DEFRAUD. You’d think this kind of thing might warrant a story or two in the national press…but then again, they’ve got far more important things to report on. Well, don’t count on The Press to actually report on anything meaningful anymore. A big hat tip to my friend April Charney who pointed this out to me and much thanks to the Sarasota Council of Neighborhood Associations for inviting me to speak tonight…..anywhoo, just read the allegations in the complaints: (and then ask yourself why no mainstream media will report on any of this): This is an action for damages caused by violation of the Texas Securities Act (TSA) and the Securities Act of 1933 (1933 Act) by the defendants. As alleged in detail below, defendants issued, underwrote, or sold eight securities known as “certificates,” which were backed by collateral pools of residential mortgage loans. Guaranty Bank (Guaranty) paid approximately $1.5 billion for the eight certificates. When they issued, underwrote, or sold the certificates, the defendants made numerous statements of material fact about the certificates and, in particular, about the credit quality of the mortgage loans that backed them. Many of those statements were untrue. Moreover, the defendants omitted to state many material facts that were necessary in order to make their statements not misleading. For example, the defendants made untrue statements or omitted important information about such material facts as the loan-to-value ratios of the mortgage loans, the extent to which appraisals of the properties that secured the loans were performed in compliance with professional appraisal standards, the number of borrowers who did not live in the houses that secured their loans (that is, the number of properties that were not primary residences), and the extent to which the entities that made the loans disregarded their own standards in doing so. This is an action for damages caused by violation of the Texas Securities Act (TSA) and the Securities Act of 1933 (1933 Act) by the defendants. As alleged in detail below, defendants issued, underwrote, or sold eight securities known as “certificates,” which were backed by collateral pools of residential mortgage loans. Guaranty Bank (Guaranty) paid approximately $1.5 billion for the eight certificates. When they issued, underwrote, or sold the certificates, the defendants made numerous statements of material fact about the certificates and, in particular, about the credit quality of the mortgage loans that backed them. Many of those statements were untrue. Moreover, the defendants omitted to state many material facts that were necessary in order to make their statements not misleading. For example, the defendants made untrue statements or omitted important information about such material facts as the loan-to-value ratios of the mortgage loans, the extent to which appraisals of the properties that secured the loans were performed in compliance with professional appraisal standards, the number of borrowers who did not live in the houses that secured their loans (that is, the number of properties that were not primary residences), and the extent to which the entities that made the loans disregarded their own standards in doing so. Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: christine (#0)
These suits ask for judgments that total about 2 billion dollars ... however, the derivative damages that resulted from the frauds committed by the defendants are in the hundreds of trillions. I have to wonder if this isn't an attempt to limit the payouts required of the banks. "In an unjust society, the only place for a just man is prison." Thoreau
Oh yeah, they'd love to pay a few billion Slap on the Wrist fines instead of making full restitution for all the damage that they've done in the financial world. Actually, they could never repay all the multiplied bad debt that they've created. “The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
That's how I see it. I recall they did some similar hocus pocus for some of those in danger of foreclosure. The amount set aside was miniscule. "In an unjust society, the only place for a just man is prison." Thoreau
You're right, and my memory is foggy on the details of who and how much. I think that some states' AGs settled for millions on the billion... “The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
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