Daily Archives: January 22, 2015

JPMORGAN CHASE DEPOSITION: VOIDING ENDORSEMENTS, CREATING ALLONGES AND ENDORSEMENTS, THE “SWIRL”

LIBERTY ROAD MEDIA

Sign and Stamp

Let’s jump in the wayback machine regarding some of the big banks and their robosigning/alteration/forgery/paper terrorism/document-manufacturing for a second before we get into the deposition testimony from a “senior operation specialist” with JPMorgan Chase promised in the headline.

Remember Linda Tirelli’s uncovering of the Wells Fargo document-fixing manual?  LRM covered that here:

CONSPIRACY FACT, NOT THEORY: WELLS FARGO’S MANUAL

From that article:

“In a filing in New York’s Southern District in White Plains for a local homeowner in bankruptcy, attorney Linda Tirelli described a 150-page Wells Fargo Foreclosure Attorney Procedures Manual created November 9, 2011 and updated February 24, 2012. According to court papers, the Manual details ‘a procedure for processing [mortgage] notes without endorsements and obtaining endorsements and allonges.’”

And remember how Linda DeMartini of Countrywide/Bank of America testified in Kemp v. Countrywide that she had never seen a note with an endorsement on the bottom (despite the…

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CFPB goes after Wells Fargo, JPMorgan for mortgage kickback scheme

Housingwire:

Wells Fargo:

The investigation identified more than 100 Wells Fargo loan officers in at least 18 branches, largely in Maryland and Virginia, who participated in this scheme. The bureau alleges that these loan officers referred thousands of loans to Genuine Title over the course of the scheme.

Under the proposed consent order filed today, Wells Fargo would be required to pay $11.1 million in redress and $24 million in civil penalties. The bureau also filed an administrative consent order against Wells Fargo prohibiting future violations.

Wells Fargo employed Todd Cohen as a loan officer from April 2009 through August 2010. The bureau alleges that, while at Wells Fargo, Cohen not only received marketing materials, he also took substantial cash payments in exchange for referrals.

Under the proposal, Cohen and Oliphant Cohen would be required to pay a civil penalty of $30,000, and Cohen would be banned from participation in the mortgage industry for two years.

“Wells Fargo holds its team members to the highest ethical standards and does not tolerate improper activities or failure to comply with rules, regulations or company policies. We have fully cooperated with the CFPB in this matter and have taken strong corrective action, including terminating team members who were involved and enhancing our procedures to provide greater oversight and monitoring of both the process and our team members,” said Vickee Adams, vice president of WFHM External Communications.

JPMorgan:

The Bureau alleges that at least six Chase loan officers in three different branches in Maryland, Virginia, and New York were involved. These officers referred settlement business to Genuine Title on almost 200 loans.

Under the proposed consent order filed today, Chase would pay approximately $300,000 in redress and $600,000 in civil penalties. Additionally, the CFPB also filed an administrative consent order against Chase prohibiting future violations.

“We are fully committed to ensuring that our mortgage bankers comply with all legal and regulatory requirements. These former employees clearly violated our policies, procedures and training,” said Jason Lobo, vice president and head of external communications with Chase Mortgage Banking.

A footprint and a fingerprint, the latest clues in Argentina prosecutor Nisman’s death

Investigators found a footprint and a fingerprint in a third –recently discovered- access to prosecutor Alberto Nisman’s apartment, which became the latest clues in the investigation of the death of the AMIA special prosecutor late on Sunday.

They were found on a hallway that links Nisman’s apartment to another unit that belongs to a foreign man. The corridor is often used by the technicians from the building’s air conditioning system.

The investigative team is now trying to determine how anyone could have accessed that hallway and if a person could have had reached the bathroom where Nisman’s body was found from there.

The corridor is the apartment’s third access, after the main entrance and the service entrance.

Source: Bueno Aires Herald

BOMBSHELL: Dead Prosecutor Showed Argentina Secretly Tried Shielding Iran

BUENOS AIRES — Intercepted conversations between representatives of the Iranian and Argentine governments point to a long pattern of secret negotiations to reach a deal in which Argentina would receive oil in exchange for shielding Iranian officials from charges that they orchestrated the bombing of a Jewish community center in 1994.

The transcripts were made public by an Argentine judge on Tuesday night, as part of a 289-page criminal complaint written by Alberto Nisman, the special prosecutor investigating the attack. Mr. Nisman was found dead in his luxury apartment on Sunday, the night before he was to present his findings to Congress.

But the intercepted telephone conversations he described before his death outline an elaborate effort to reward Argentina for shipping food to Iran — and for seeking to derail the investigation into a terrorist attack in the Argentine capital that killed 85 people.

Read on.

HUMAN SMUGGLERS THRIVE IN PROFITS WITH HELP OF U.S. BANKS

Dionisio Diaz takes a seat inside the Evangelical Christian Assembly Church at an office park in Doraville, an Atlanta suburb. It’s been another six-day week working for a landscaping crew, mowing lawns and pruning shrubs. The 37-year-old undocumented immigrant from Guatemala clutches a Bible and joins dozens of worshipers belting out a hymn in Spanish.

As the Saturday evening service in late October ends, Diaz, wearing a black suit, rises to greet the pastor.

“My dream is to be up there, spreading the Gospel, just like you,” Diaz says, a smile widening across his face. “I’ve been blessed by God to get here.”

Diaz has also been helped on his journey to the U.S. by more earthly powers: He hired a gang of human smugglers, or coyotes, who got him across the U.S. border to a stash house in Mesa, Arizona, and then on to Georgia, Bloomberg Markets magazine will report in its February issue. Diaz paid for part of the trip using one of America’s biggest banks, Wells Fargo & Co.

It’s a story repeated over and over as waves of illegal immigrants stream into the U.S. from Latin America. Gangs reap $10 billion a year from about 3 million illegal border crossings from Mexico, according to the United Nations Office of Drugs and Crime.

Major banks, including Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo, have been used as financial conduits for the smuggling industry, according to evidence in a federal criminal case against a gang of 15 human smugglers and warrants from prosecutors in Arizona, Maryland and Texas.

Read on.

Bank of America CEO Says Public Anger At Banks Is ‘Understandable’

DAVOS, Switzerland — The head of one of the U.S.’ largest banks Wednesday said that public anger at financial institutions has been “understandable” and acknowledged that Americans remain concerned about whether public policymakers have adequately protected the country from another financial crisis. Bank of America CEO Brian Moynihan made the comments at a forum at the World Economic Forum in Davos, and he later told International Business Times that he believes financial regulatory reforms passed in the wake of the 2008 bank crisis should be implemented by Congress.

During a panel discussion with the heads of HSBC and Deutsche Bank, Moynihan was asked whether he believed government regulators are unduly bashing banks. He responded by acknowledging that financial institutions were a primary driver of the economic crisis.

“There was such a deep recession, and the anger of the world reflected to the financial system related to that even though there was a lot more causes,” he said. “But since we were the transmitters of it, and helping it go on, that is understandable … What [regulators and banks] both need to do is keep the public confident that we are going to fix it and not let it get unfixed.”

In an IBTimes interview after the public forum in Davos, Moynihan was asked about Republican efforts to roll back key features of the Dodd-Frank legislation that was passed after the 2008 financial crisis. He said he would like to see those tougher regulations implemented to bring more predictability to the financial system.

“People are still concerned about whether reforms of financial institutions have been sufficient enough to protect us from another crisis,” Moynihan said. Referring to the Dodd-Frank bill, he said: “The number one thing is we’ve actually got to get what’s there fully implemented, and we haven’t yet done that … There will be technical changes to [the reforms] that will go on, but I think the basic premise of it, and we’re still in the middle of implementing it, what we’ve got to do is finish implementing that.”

Read on.

China’s millions of government workers to get huge 60% pay raise

BEIJING (Caixin Online) — China’s 39 million civil servants and public workers will get a pay raise of at least 60% of their base salaries as part of pension plan overhaul.

Hu Xiaoyi, a vice minister of human resources and social security, said at a press conference Tuesday that government agencies and public institutions have been notified of detailed plans for the salary increase.

The pay raise “will make sure that the overall incomes for most of these workers will not decrease after the reform, and some of them could actually earn a bit more,” he said.

Hu did not provide details of the plan, which will cover civil servants and public workers, such as teachers and doctors.

Read on.