JPMorgan Power Price-Rigging Suit Is Valid, 9th Circ. Told

Law360, New York (June 8, 2016, 3:15 PM ET) — A proposed racketeering class action accusing a JPMorgan Chase & Co. unit of rigging California electricity prices isn’t barred by a legal doctrine preventing most challenges to wholesale electricity rates set by the Federal Energy Regulatory Commission, the plaintiffs told the Ninth Circuit Monday.

JPMorgan and subsidiary J.P. Morgan Energy Ventures Corp. have urged the appeals court to uphold an October decision by U.S. District Judge William Q. Hayes dismissing the suit, in which ratepayers claimed they were forced to pay artificially high prices for electricity…

Source: Law360

UNSEALED: DOJ Confirms Holders of Securitized Loans Cannot Be Traced

Great job by 4closurefraud website!

Originally posted at http://mortgageflimflam.com
With additional edits by http://4closurefraud.org

In a filing unsealed on June 3, 2016, the Department of Justice (DOJ) confirms what many of us have known for years. Nobody, not even the U.S. Government, with massive resources, can determine who owns your loan and has the right to collect on your mortgage.

The information comes from case files unsealed on June 3, 2016 by federal Judge Yvonne Gonzalez Rogers of the Northern District of California in the case of the United States v. Discovery Sales, Inc. The case involves some 325 fraudulent loans originated by Discovery Sales, Inc. (DSI) between 2006 and 2008, many of which were then sold to Wells Fargo Bank and JP Morgan Chase to securitize.

 

The Discovery Sentencing document on page 9 states:

The originating lenders who made loans to purchase DSI properties, including Wells Fargo and  J.P. Morgan Chase, generally would not keep the mortgages and thus did not end up losing money as a result of the DSI fraud scheme. Instead, they would sell the mortgages to other banks who would package them in securities that were sold to other investors. These securities failed when the underlying mortgages went into default. It was impossible to trace the majority of the mortgage loans on the over 300 homes sold by DSI that were the subject of the FBI investigation; it would have been harder yet to identify individual victims of the fraud given that the mortgages were securitized and traded. (Emphasis added.)

To add more outrage to this case, while the government acknowledges the damages from the fraud scheme resulted in $75 million in damages, the amount being paid by DSI in restitution is $3 million to Fannie Mae and Freddie Mac. That is all, along with an $8.5 million fine that the government will pocket. Once again the government is taking all of the money from a settlementwith a fraudulent mortgage lender, and giving nothing to the people who were damaged.

Oh, and one more thing. The “preferred lenders,” Wells Fargo Bank and J.P. Morgan Chase, who were also involved in the scheme, were not charged even though it states they knew about DSI’s “shenanigans to inflate the value of their homes” in the sentencing document:

The parties agree that the preferred mortgage lenders, Wells Fargo and J.P. Morgan Chase, were on some notice that DSI was engaged in various shenanigans to inflate the value of their homes. (Emphasis added.)

…

During the time of the information, DSI worked with two “preferred lenders,” Wells Fargo Bank and J.P. Morgan Chase. Certain employees and managersof those two preferred lenders knew about the incentive programs offered by DSI and the builders, and knew that the incentives were not being disclosed in the loan files. (Emphasis added.)

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Jamie Dimon to Americans: ‘You’re being manipulated’

America’s top banker is growing increasingly alarmed by the rhetoric of this election season.

JPMorgan Chase (JPM) boss Jamie Dimon called the political environment “terrible,” and blamed talking heads on cable news for making it even worse.

“They are just jazzing you up. You’re being manipulated,” Dimon told CNNMoney’s Poppy Harlow in an exclusive interview from Detroit.

The JPMorgan CEO specifically mentioned both FOX (presumably Fox News) and MSNBC, suggesting an echo chamber exists when voters go home and watch these networks.

“Once it’s ideology, your feet are stuck in cement. You can’t move anymore. You can barely breathe — and then you’re just angry,” Dimon said.

Dimon also knocked the political candidates, saying the “scapegoating” and “finger pointing” are not helpful.

Read on.

Jamie Dimon: Millennials Ultimately Powerless Against Chase’s Charms

So says Big Papa J, the overpaid jobholder whose company screwed over many of the millennials’ families members who lost their homes from the banks’ greed. Millennials are smart enough to know who the banksters  are that caused the 2008 financial and housing crisis…

Deal Breaker:

Papa J knows what the young people are all about: that sweet, sweet direct deposit. Once those paychecks start rolling in you’ll be practically begging Chase to hold onto your money for safekeeping.

“They say millennials don’t like banks — I say, yeah, until that first paycheck,” Dimon said. “Then they direct deposit and they love Chase.”

A throwaway line from Jamie Dimon shows why the fintech hype has gone too far [BI]

Following Wells Fargo, JP Morgan Chase quietly launches its own 3% down mortgage lending program

Housingwire:

Prospective homebuyers, especially first-time homebuyers who are struggling to save up for a down payment, have a new, and significant, outlet that they can now turn to when seeking a low down payment mortgage — JPMorgan Chase.

……………………………………………………………………………

Chase’s 3% down mortgage program was actually spotted by mortgage industry insiderRob Chrisman, who revealed details of the program on Thursday.

HousingWire contacted Chase which confirmed the details of Chrisman’s report.

According to Chrisman and Chase, the megabank recently rolled out a loan program it calls the “Standard Agency 97%” program, which offers customers the opportunity to put down 3%.

The loan is designed for first-time homebuyers who have limited cash for a down payment and closing costs. A representative from Chase confirmed to HousingWire that this new program is done with Fannie Mae backing.

As Chrisman noted, Chase’s new loan program requires only a 3% down payment from a customer’s own funds. 

For loans with loan-to-value ratio greater than 95% to 97%, the remainder of the down payment and closing costs can come in the form of a gift, Chase confirmed.

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.

Lawsuit accuses JPMorgan of aiding currency trading Ponzi scheme

JPMorgan Chase Bank has been hit with a lawsuit accusing it of aiding an international Ponzi scheme that allegedly cheated victims of millions of dollars with the promise of large profits from Venezuelan and U.S. currency trading.

Filed earlier this month in Florida state court, the lawsuit was removed to federal court in Miami on Wednesday. The lawsuit was filed by Amir Isaiah of Miami law firm Genovese Joblove & Battista, a court-appointed receiver seeking recovery of victims’ money.

Read on.

JPMorgan, Citigroup Sued in London by Two Currency Traders

Two more bankers joined a list of currency traders suing their employers in London following $10 billion in fines dished out by regulators in the wake of the foreign-exchange scandal.

Patrice Ktorza, an executive director in FX sales who left JPMorgan Chase & Co. in August, is suing the bank for unfair dismissal, according to a court filing. Nihel Bensenane, who still works in foreign-exchange sales at Citigroup Inc., is suing in a dispute over pay and sexual discrimination, the records state.

The pair of salespeople add to a group of employees on foreign exchange desks who have sued banks in recent months following widespread firings and internal disputes in the wake of the foreign-exchange scandal. Bensenane is the fourth employee to take Citigroup to court after former traders Perry Stimpson, Carly McWilliams and Robert Hoodless sued.

Read on.

 

JPMorgan Chase wins dismissal of Madoff investors’ U.S. lawsuit

 

JPMorgan Chase & Co on Wednesday won the dismissal of a lawsuit by former investors of Bernard Madoff’s firm who blamed the largest U.S. bank for turning a blind eye to his Ponzi scheme.

U.S. District Judge John Koeltl in Manhattan said the plaintiffs failed to show that JPMorgan had specific control over Madoff’s fraudulent activities. He also said the allegations suggested at most that JPMorgan’s conduct was negligent, not fraudulent.

Read on.

J.P. Morgan Shareholders ‘All In’ With Bank’s Direction, Compensation

J.P. Morgan Chase & Co. shareholders voted overwhelmingly in favor of the bank’s size and strategy Tuesday, tackling an increasingly common question among analysts and investors of big banks.

Nearly 97% of shareholders voted against a proposal to examine breaking the bank into smaller pieces, the first time in recent history such a measure was included on the ballot at the J.P. Morgan shareholder gathering.

J.P. Morgan’s annual meeting was held in New Orleans, one of the cities where the largest U.S. bank by assets has focused its philanthropic work over the years.

Read on.