Daily Archives: January 14, 2015

Jamie Dimon Says Banks Are Under Assault As He Announces $4.9 Billion Profit

Banks under assault?? Please…..

We should all do so well while under assault.

JPMorgan Chase earned $4.9 billion in the fourth quarter of 2014, the companyannounced on Wednesday, down from a year ago, but capping what CEO Jamie Dimon called a record year for the biggest U.S. bank by assets.

Despite this success, Dimon warned that “banks are under assault,” from government regulators.

“In the old days,” Dimon said, “you dealt with one regulator when you had an issue, maybe two. “Now it’s five or six. It makes it very difficult and very complicated.

“You all should ask the question about how American that is. And how fair that is,” he added. “And how complex that is for companies.”

Read on.

House Approve New Perk For Wall Street

Veto this bill, President Obama!!!

WASHINGTON — House Republicans on Wednesday pushed through a bill that would delay a key section of the Volcker Rule, ignoring staunch opposition from Democrats and a veto threat from President Barack Obama.

The vote of 271-154 included just 29 Democratic supporters. Rep. Walter Jones (R-N.C.), a persistent opponent of Washington favors for big banks, was the lone Republican to stand against the bill.

“If at first you don’t succeed, try, try, again,” said Rep. Maxine Waters (D-Calif.) on the House floor the evening before the vote. “Usually we use that saying with children, to encourage them to achieve greater things, but it seems that when it comes to Congress, it’s what Wall Street keeps telling House Republicans.”

The legislation is a compilation of 11 bills that chip away at the 2010 Dodd-Frank financial reform law. All but one passed the House by wide margins in 2013 and 2014, but died in the Senate, where then-Majority Leader Harry Reid (D-Nev.) refused to put them on the floor for a vote. The most controversial measure in the collection is a two-year delay of a requirement that banks offload “collateralized loan obligations” — risky packages of corporate debt that are sliced off for sale to investors. Similar collections of risky mortgages were at the heart of the 2008 meltdown, and federal regulators have been warning about the corporate debt market overheating.

Big banks dominate the CLO market, which regulators say is between $84 billion and $105 billion in size. JPMorgan Chase alone holds about $30 billion in CLOs.

Read on.

On a side note: one lone Republican who voted against the bill.

JPM Misses Revenues And EPS Due To Another $1 Billion In Legal Costs

Looks like the Jefferies earnings harbinger were right, because with another quarter down, and here is another painful report by JPM, which just launched the Q4 earnings season for financials with a miss on both the top and bottom line, reporting $1.19 in EPS, well below the $1.32 consensus, and just barely above the lower estimate of $1.16. This was a decline from both the previous quarter (by 17 cents) and from a year ago (by 11 cents). Revenues missed as well, with JPM reporting $23.552 billion in top line, a decline of $560 million from a year ago ($1.6 billion lower than Q3), and below the $24.0 billion consensus. And while JPM’s latest recurring, non-one time “one-time, non-recurring” charge came as a surprise to most (although how over $30 billion in legal charges can be considered one-time is beyond us), at the same time JPM once again resorted to the oldest trick in the book, taking the benefit of some $704 million in loan loss reserve releases, nearly offsetting the entire negative impact of the legal charge.

Read ore from Zerohedge. Click here.

House Postpones Vote On Bill To Ease Volcker Rule

Law360, Los Angeles (January 13, 2015, 10:48 PM ET) — The U.S. House of Representatives held off on voting on a bill Tuesday that would take some of the teeth out of the Dodd-Frank Act by easing Volcker Rule requirements and keeping the U.S. Securities and Exchange Commission from regulating some private equity outfits as brokerage firms.

The lawmakers debated for an hour on the Republican-anointed “Promoting Job Creation and Reducing Small Business Burden Act,” a measure to make “technical corrections” to Dodd-Frank and ease the requirements in it under the Volcker Rule, which restrains proprietary…

Source: Law360

Real estate agent narrowly escapes kidnapping by registered sex offender

A California real estate agent is safe after escaping a kidnapping attempt by outsmarting a registered sex offender, who lured her to a house under false pretenses and held her at gunpoint.

The victim, an Elk Grove, California-based real estate agent whose name was not provided by local authorities, was lured to a home and held against her will by David Burnhart, who authorities later confirmed is a registered sex offender.

According to Elk Grove police, Burnhart contacted the agent at her office and requested a showing at a model home in a new development. When Burnhart arrived at the home, he brandished a handgun, threatened the victim and held her against her will.

Burnhart allegedly took the victim into a bedroom and handcuffed her. He later moved her into a second location inside the residence. According to police, Burnhart was continually threatening her throughout the encounter.

Read on.

U.S. Supreme Court rejects RBC and Nomura mortgage suit appeal

The U.S. Supreme Court turned away an appeal by theRoyal Bank of Scotland Group (RBS), Nomura Holdings(NMR) and two other banks, in a case stemming from the collapse of two credit unions that owned more than $1.7 billion in mortgage-backed securities, according to an article in Bloomberg.

The article explained that the court refused to derail federal government lawsuits that seek billions of dollars over the sale of risky mortgage-backed securities.

At issue was how much time federal agencies have to file lawsuits. The high court appeal centered on a provision, known as the Extender Statute, enacted as part of the 1989 law that bailed out the savings and loan industry. The Extender Statute gave government agencies longer to press at least some cases.

The banks appealing in the case also included units of Wells Fargo & Co. and Novation Cos. The group had backing from three industry trade associations.

Source: Bloomberg

QUANTUM OF JUSTICE – a documentary film what film maker uncovered in his personal fraudulent foreclosure process

 

My Court History website:

This is the trailer of the film of the first hand experience of the film maker, Doug Boggs, and what he uncovered in his personal fraudulent foreclosure process and the subsequent legal battle against Wells Fargo Bank while acting as his own attorney through the state of CA Superior, Appeals, Supreme, and Federal court systems.

This film shows the depth of the fraud of the foreclosure system, the failure of the justice system, the corruption of Wall Street and the illegalities of the Securitization of mortgages.

This documentary delves into how someone with NO mortgage is foreclosed on, how a homeowner can be current on their mortgage and still be foreclosed on, how there is a very high chance that the bank foreclosing on any property has NO right to do so, and how many of the banks that collect the money for a mortgage every month have NO right to bill or collect that money, but do so month after month, year after year. How Wall Street and the financial institutions illegally collect trillions of dollars for mortgages that they have no right to collect from. Yet, despite all of this, how the United States taxpayers bailed these banks out.

Doug talks to homeowners, Senators, Congresspersons, Judges, lawyers, bankers, wall street traders and executives exposing the true depth of the fraud of foreclosures never before seen to date.