Daily Archives: December 15, 2014

Judge lets couple back in home while foreclosure case against Nationstar continues

Home not secured; refrigerator, stove stolen.

A little more than a month after a lender forced an elderly couple out of their home, a judge ruled the two are allowed back in while a foreclosure case is ongoing.

Jimmie Thompson and Carrie Bell Smith bought their home on West 35th Street in 1995. They paid off the mortgage and wanted to do work on the home.

They got a reverse mortgage — a loan that the couple wouldn’t have to pay back until they died, moved away from the home or violated the contract. After they died, the lender could access the home’s value.

Thompson and Smith never missed insurance payments, never missed tax payments, never missed utility payments. But the lender claimed the couple moved away. They and their neighbors say that’s not true. Utility bills never dipped significantly, records showed.

Still, Nationstar Mortgage foreclosed on the couple and forced them out of the house. The lender said it doesn’t comment on foreclosure lawsuits.

The couple’s story was told last month in The Florida Times-Union.

Thompson and Smith are both 78.

Read on.


Red Pill Reports website:

By Greg Morse | Red Pill Reports

(RedPillReports) If You Have Stocks, Bonds Or Securities, You Do Not Own Them: Cede & Co. Does
Who Owns Your Residential Mortgage? Cede & Co. Does
Who Caused The Collapse Of The American Economy? DTCC, DTC & Cede & Co. Did

1. The Wall Street Stock Market System is a very well masked and very well developed extreme system of financial Asymmetric Warfare.
2. The definition of Asymmetric Warfare is the collection of protocols used to bring down a country and its society from within without using a preponderance of force.
3. What we, as Americans, have been taught for 100 years in reality is a lie wrapped in an enigma.
4. The sad and shocking reality is that NOTHING in our Country today is as it seems.

5. The formation of the infrastructure that has allowed the Wall Street Stock Market System to develop began in 1913 after the meeting at Jekyl Island and was followed by the subsequent Congressional Legislation that lead to the Formation of the Federal Reserve.
6. Once the Federal Reserve was formed and approved by Congress, the groundwork was laid for the financially related Asymmetric Warfare protocols to begin conducting the theft and confiscation of the majority of the financial and real assets in the Country from those Americans who have believed for the last 100 years that they were investing in the Country by buying stocks, bonds and securities on Wall Street.
7. The Federal Government cannot survive without the support of the Federal Reserve.
8. The Federal Reserve is a privately owned and controlled financial Godfather.
9. The Federal Government, through the Congress, and because of its bureaucratic, political and character impotence, voluntarily voted to give Legal Godfather status to the Federal Reserve.
10. What the Congress did was exactly what the German Congress did when they voluntarily voted to make Hitler a Dictator for life.
11. The Federal Government does not control the Federal Reserve.
12. The Federal Reserve controls the Federal Government.
13. The Federal Reserve controls the Federal Government by controlling ALL the money consumed by the Federal Government.
14. The Federal Reserve’s control of the Federal Government is manifested by the fact that, in 100 years, the Federal Reserve has never allowed itself to be fully audited.
15. The Federal Reserve discloses that it is controlled by its 12 Member Banks.
16. The question is, “Who owns and who is the controller of the 12 Member Banks?”
17. The answer is Cede & Co., as the sole Registered Shareholder, through its parent holding company the Depository Trust & Clearing Corporation.
18. Companies, including Banks, are ultimately controlled by their Shareholders not the BOD.
19. Money, Constitutional or fiat, is the grease which without, nothing happens.
20. The Federal Reserve, by its own disclosure, is controlled by its 12 Member banks which are owned, and therefore ultimately controlled, by their sole Registered Shareholder, Cede & Co.
21. Cede & Co. is the Nominee of the Depository Trust Company through which Cede & Co. becomes the sole Registered Shareholder of all companies trading securities on Wall Street.
22. The Depository Trust Company is a Member of the Federal Reserve.
23. The Depository Trust Company, with its parent holding company being the Depository Trust & Clearing Corporation, is by far the largest and singularly most powerful Member of the Federal Reserve.
24. Why? Because the DTCC, through its subsidiaries ACTUALLY owns the 12 Member Banks of the Federal Reserve.
25. Therefore, the Federal Reserve is controlled by the Holding Company DTCC.

26. The great majority of all financial activity in the Country, upon which the national economy depends, operates through, is obligated to and is controlled by Wall Street and the Congressionally passed Asymmetric Warfare supporting legislation that gives Wall Street the right to do whatever it desires.

Justice Is Blind To Those Who Can’t Afford It

WASHINGTON — Two days after a Staten Island grand jury acquitted NYPD Officer Daniel Pantaleo in the death of Eric Garner, banking and financial services giant BNP Paribas S.A. (BNPP) was able to delay sentencing that would force it to pay $8.9 billion for pleading guilty to violating U.S. sanctions regulations.

Nobody at the global banking giant is likely to be prosecuted, and nobody will serve time.

Cases such as this reflect the starkly different prosecutory worlds available to those with money, influence and privilege, and those without, such as Michael Brown and Eric Garner.

With over $2.5 trillion in assets, BNPP is the fourth largest bank in the world in terms of assets. The closest comparable U.S. bank in terms of size is Bank of America, which is the 12th largest bank in the world.

BNPP was charged with violating the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA) for conspiring with other banks and banking institutions that are located within or controlled by Cuba, Iran or Sudan — countries currently subject to U.S. economic sanctions. The Justice Department has stated that over the course of eight years, the bank “knowingly and willfully” moved more than $8.8 billion through the U.S. financial system on behalf of those countries. The bank pleaded guilty to concealing the sanctioned countries’ involvement in the movement of money through the United States, as well as concealing its own role in those economic transactions.

The forfeiture of almost $9 billion has created a budget surplus for New York state, which will receive more than $5 billion from the settlement, along with a settlement from the Credit Suisse Group AG, which pleaded guilty to helping Americans evade taxes.

While BNPP has yet to be sentenced for crimes involving billions of dollars, thousands of people across the U.S. are subject to a radically different set of standards with regards to the law. Eric Garner is one such example.

Read on.

2 former TierOne executives charged with fraud

The former chief executive of failed TierOne Bank pleaded not guilty to white-collar criminal counts Wednesday. Earlier this week, the company’s ex-president pleaded guilty in the biggest Nebraska bank failure during the 2008-era financial crisis.

Gilbert Lundstrom, CEO of Lincoln-based TierOne from 1999 to 2010, was indicted this week by a federal grand jury in U.S. District Court in Lincoln.

He is charged with 15 counts, including mail, securities and wire fraud. Court records show that Lundstrom pleaded not guilty to the charges in court Wednesday.

“Gil is innocent and he looks forward to being vindicated at trial,” said Dan Collins, Lundstrom’s Chicago attorney.

Read on.

Embattled Wall Street recruiter CTPartners may have ‘mommy’ issues

CTPartners, the embattled Wall Street recruiter facing sexual discrimination allegations, could have mommy issues as well.

A former executive assistant to the company’s vice chairman was effectively demoted after she returned from maternity leave because of the “baby thing,” according to company emails.

In fact, higher-ups at CTPartners appeared to be aware of the insensitive nature of the move they were about to spring on the executive assistant as they agreed to carry it out without alerting the human resources office, the emails reveal.

In the new position, the assistant wasn’t offered overtime, as she was in the prior post. The lack of OT cut $10,000 from her annual compensation, she said.

The higher-ups — including Vice Chairman Burke St. John and Patricia Kissane, the executive assistant to CEO Brian Sullivan — decided to hatch a plan that the 2009 move was tied to a very demanding client.

“Given the demands from [the client] and a few other factors we thought it would be best to leave [the temporary assistant] where she is and have you move down . . . don’t get into the baby thing . . . I don’t even want to run past HR, just do it . . .,” Kissane wrote in an email to St. John, as the two discussed what to say and what not to say when explaining the move.

Read on.

Ocwen buying portfolio of delinquent Ginnie Mae mortgages

Treasury looking at impact of backdating letters allegation.

Ocwen Financial (OCN) is still under the gun – and investigation – but they’re still punching through the latest round.

The New York Department of Financial Services has put the kibosh on any bulk purchases of MSRs after it killed their deal with Wells Fargo (WFC), so the nonbank has turned its gaze to 1,705 delinquent Federal Housing Administration-insured loans with a principal balance of $253.1M from Ginnie Mae pools.

Ocwen is already the servicer on the portfolio.

Ocwen’s Ginne Mae buyout program got underway back in the first quarter of 2014.

“We expect to execute more such purchases in the next few months, as long as market conditions are favorable,” says Ocwen CIO John Britti.

Read on.

The teen wolf of Wall Street: High school student scores $72M playing the stock market

A kid from Queens has made tens of millions of dollars — by trading stocks on his lunch breaks at Stuyvesant High School, New York magazine reports in its Monday issue.

Mohammed Islam is only 17 and still months away from graduating — but worth a rumored $72 million. “The high eight figures,” is as specific as the shy and modest teen would get when asked his net worth.

Islam bought himself a BMW but doesn’t have a license to drive it. And he rented a Manhattan apartment, though his parents, immigrants from the Bengal region of South Asia, won’t let him move out of the house yet.

Still, the cherubic prodigy is living, and dreaming, large.

“What makes the world go round?” Islam asked in the interview, explaining his preference for trading and investment over startups. “Money. If money is not flowing, if businesses don’t keep going, there’s no innovation, no products, no investments, no growth, no jobs.”

Read on.

New Leak Reveals Luxembourg Tax Deals for Disney, Koch Brothers Empire

  • Pepsi, IKEA, AIG, Coach, Deutsche Bank, Abbott Laboratories and nearly 340 other companies have secured secret deals from Luxembourg that allowed many of them to slash their global tax bills.
  • PricewaterhouseCoopers has helped multinational companies obtain at least 548 tax rulings in Luxembourg from 2002 to 2010. These legal secret deals feature complex financial structures designed to create drastic tax reductions. The rulings provide written assurance that companies’ tax-saving plans will be viewed favorably by Luxembourg authorities.
  • Companies have channeled hundreds of billions of dollars through Luxembourg and saved billions of dollars in taxes. Some firms have enjoyed effective tax rates of less than 1 percent on the profits they’ve shuffled into Luxembourg.
  • Many of the tax deals exploited international tax mismatches that allowed companies to avoid taxes both in Luxembourg and elsewhere through the use of so-called hybrid loans.
  • In many cases Luxembourg subsidiaries handling hundreds of millions of dollars in business maintain little presence and conduct little economic activity in Luxembourg. One popular address – 5, rue Guillaume Kroll – is home to more than 1,600 companies.
  • A separate set of documents reported on by ICIJ on Dec. 9 expanded the list of companies seeking tax rulings from Luxembourg to include American entertainment icon The Walt Disney Co., politically controversial Koch industries and 33 other firms. The new files revealed that alongside PwC tax rulings were also brokered by Ernst & Young, Deloitte and KPMG, among other accounting firms.

Latest “Lux Leaks” files obtained by ICIJ disclose secret tax structures sought by “Big 4” accounting giants for brand name international companies

A new leak of confidential documents expands the list of big companies seeking secret tax deals in Luxembourg, exposing tax-saving maneuvers by American entertainment icon The Walt Disney Co., politically controversial Koch Industries Inc. and 33 other companies.

Disney and Koch Industries, a U.S.-based energy and chemical conglomerate, both created tangles of interlocking corporations in Luxembourg that may have helped them slash the taxes they pay in the U.S. and Europe, according to the documents obtained by the International Consortium of Investigative Journalists.

Read on.

Bernie Madoff Creditor Opens Fire on Big Banks

MANHATTAN (CN) – Four complaints in federal and state court allege that UBS and others aided and abetted Bernie Madoff’s massive Ponzi scheme.
SPV OSUS filed two complaints in New York County Supreme Court on Thursday, a day after filing two identical federal complaints in New York’s Southern District.
All filings describe the plaintiff as a Bahamian company that acquired the creditor rights of Optimal Strategic US Equity Ltd., an investment fund that lost assets with Bernard L. Madoff Investment Securities.
One set of complaints takes aim at UBS and Access International Advisors, while HSBC is the lead defendant in the second set of complaints. (The links in this article facilitate the download of the state-court complaints, whereas the federal complaints are available to Courthouse News subscribers in the normal manner.)
“UBS AG and its affiliated entities facilitated Madoff’s fraud through numerous international feeder funds,” the complaints state. “Two of those funds, Luxalpha SICAV and Groupement Financier Ltd., together withdrew approximately $796 million in the 90 days before December 11, 2008, and roughly $1.12 billion in the preceding six years, many millions of which were subsequently transferred to defendants.”
“In the face of numerous red flags that alerted or should have alerted them [UBS] that Madoff and BLMIS were running a fraud,” the bank and its affiliates “pocketed at least $80 million in fees from the Ponzi scheme,” SPV OSUS adds.
Access and International Advisors allegedly worked with UBS “to extend the Ponzi scheme to European investors, earning millions of dollars in fees for their role in the Ponzi scheme.”
The creditor meanwhile accuses HSBC of “encouraging investment into an international network of feeder funds, including several nonparty funds.”

Read on.

Banks fear mass branch closings, layoffs over Fed’s proposal

It’s hot money.

The Federal Reserve Bank, led by Janet Yellen, is preparing to rip up the balance sheets of US banks, causing capital flight and widespread branch closings, and threatening thousands of bankers’ jobs and compensation, analysts told The Post.

The proposed Federal Reserve capital-requirement rules — to protect US banks from the kind of financial crisis that in 2008 brought the American banking system to its knees — may soon feel like an echo of those dreary days.

Bankers are already in shock. While some of the final sums are sketchy, the Fed has spelled out the amount the eight banks will need to comply — a nauseating $21 billion in capital. It comes on top of other surcharges imposed by global regulators.

Read on.