Chase almost done with RMBS settlement’s consumer relief requirement

The Monitor of the Chase RMBS Settlement Joseph Smith officially credited Chase with providing $3,887,777,119 of consumer relief to 165,191 borrowers.

Through the third quarter 2015, JPMorgan Chase provided $206,242,520 in consumer relief to 3,389 borrowers.

This brings the bank extremely close to its required $4 billion in credited consumer relief by Dec. 31, 2017.

This is the eighth progress report on Chase’s consumer relief under its settlement with the federal government and five states concerning claims that Chase, Bear Stearnsand Washington Mutual packaged and sold bad residential mortgage-backed securities to investors before the financial crisis.

Read on.

Trump Has Also Hawked Bogus Vitamins

Another day, another failed and sleazy Trump venture. To the pile of shady businesses that Trump has engaged in, you can add what the Daily Beast has called a “pseudo-scientific vitamin scheme”.

Yep, that’s right. Along with crummy steaks, a litigious university, and a crashed airline, we can now add to that list The Trump Network, a telemarketing company that preyed on people’s lack of scientific understanding by selling them exorbitantly priced ($140) urine-tests, “which would then be used to personally “tailor” a pricey monthly concoction of vitamins,” the Daily Beast reported.

For the article, authors Abby Haglage and Tim Mak interviewed a former “top doctor” from The Trump Network who offered a compelling tale of how the venture came about (unsurprisingly, said doctor asked to remain anonymous).

As the good doc recalled, it all began—like so many consumer schemes—at a marketing company rally. Naturally, Trump was there as a speaker, presumably rattling off his marketing wisdom by way of vainglorious demonstration. Alongside Trump at the rally was Ideal Health, a “multi-level marketing company” selling “naturopathic” remedies — medicine that claims to heal patients through therapeutic means such as herbs and vitamins. Included among the products Ideal Health proudly boasted about at the rally was the aforementioned urine test come tailored vitamin supplement pyramid scheme regimen. Trump was sold.

Read on.

The Trump Network’s motto was “Discover the Difference between Opportunity and Success.” In this instance, the opportunity being the PrivaTest and follow up supply of vitamins at $139.95, with an additional month’s supply at $69.95 and a recommended $100 nine month follow-up test, all purportedly aimed at keeping “individual nutritional support” up to date. As for “success”? In 2012 The Trump Network sold off all its assets.

Back in April, CBS Morning news interviewed retirees that were scammed by Trump Network:

Trump rooted for the housing crash. I lost everything

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Donald Trump rooted for the housing market to collapse because he believed there was money to be made.

For Andrew Crider of Nevada, the shockwaves from that crash were deeply personal — his welding company went out of business in the recession that followed, his family fell behind on bills and their home was foreclosed on.

Crider was a Trump supporter. That is, until he heard how “excited” Trump was for the real estate bubble to pop. Now, Crider says he’s likely to stay home in November.

“We lost our house. I lost everything because of the economy,” Crider of Henderson, NV, told CNNMoney. “Everything crashed at the same time.”

Crider said he is “offended” by the recently-surfaced comments from Trump showing the billionaire cheered on the housing crash.

“It’d be nice if we could put Trump in our shoes, living paycheck to paycheck. Let him see how it really is in the world and that might change his views,” said Crider, who along with his wife Hollie has three children.

Crider’s comments show how Trump’s pre-recession remarks could come back to haunt him today. Asked in 2006 about predictions that the real estate market might collapse, Trump said: “I sort of hope that happens because then people like me would go in and buy.”

Read on.

Mitch McConnell’s Senate Will Work 6 Days In July And Zero Days In August

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Yes, folks.. The Senate under Majority Leader Senator Mitch McConnell will work 6 days in July and no days in August!!!

Senate Minority Leader Harry Reid’s Deputy Chief of Staff, Adam Jentleson, tweeted:

The Republican Senate is scheduled to work for SIX DAYS in the entire month of July – and ZERO in August.

New York to provide $100 million in zero-interest loans to prevent foreclosures

Homeowners in the state of New York who are struggling to keep their homes from falling into foreclosure are about to get a lifeline – $100 million in zero-interest loans from the state of New York, and it’s all thanks to Goldman Sachs and its $5 billion toxic mortgage settlement.

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U.S. Probes Real-Estate Firm With Ties to Sen. Bob Corker

WASHINGTON—A real-estate firm that has been a favored investment of Tennessee Republican Sen. Bob Corker is under investigation by federal law-enforcement officials for alleged accounting fraud, according to people familiar with the matter.

The Federal Bureau of Investigation and the Securities and Exchange Commission are focusing their examination of CBL & Associates Properties Inc. on whether officials at the Chattanooga, Tenn., company falsified information on financial statements to banks when applying for financing arrangements, the people said. Law-enforcement officials have talked to former CBL employees who allege the company inflated its rental income and its properties’ occupancy rates when reporting those figures to banks, the people said.

The FBI and SEC officials have also separately asked questions about the relationship between the company and Mr. Corker, who is close with senior executives at the firm and has made millions of dollars in profits trading the company’s stock in recent years. Authorities don’t believe that Mr. Corker was involved in the company’s potential accounting issues, but they are interested in learning more about the senator’s trading in CBL’s stock, the people said.

They have found no evidence to suggest that Mr. Corker has committed wrongdoing.

Read on.

Panama Papers law firm quits its Nevada customers

Two secretary of state audits found contact information missing

M.F. Corporate Services resigns as agent for 1,024 entities

Nevada company tied to a corruption probe in Brazil

The company at the heart of the Panama Papers scandal has resigned abruptly as the representative of 1,024 companies it administered in the state of Nevada.

The resignation by the Nevada affiliate of Mossack Fonseca came more than a month after a report by McClatchy that showed how the firm helped Brazilians, Russians and others camouflage assets from authorities in their home countries.

After two investigations in April, the office of Nevada Secretary of State Barbara Cegavske fined the firm $10,000 on May 20, the maximum allowed under Nevada law.

M.F. Corporate Services (Nevada) Limited’s decision to step away from its registered agent role for 1,024 companies was announced Monday on the secretary of state’s website.

In an interview, Nevada Deputy Secretary of State Gail Anderson said M.F. Corporate Services (Nevada) failed to maintain a name and address of a contact person for all of the shell companies it administered in the state.

“There was an initial visit to the office with a sampling of records, things identified, and under Nevada law they had 10 days to make corrections,” said Anderson.