Category Archives: Uncategorized

BofA’s Countrywide Found Liable for Defrauding Fannie Mae

U.S. District Judge Jed Rakoff, who presided over the trial, told lawyers he’ll determine the amount of any civil penalty at a later date. Assistant U.S. Attorney Pierre Armand asked the judge to impose a penalty of as much as $848 million, representing the gross losses to Fannie Mae (FNMA) and Freddie Mac. Armand said alternatively, Rakoff could fine Countrywide about $131 million, the estimated net losses to the two entities.

Countrywide, based in Calabasas, California, was once the biggest U.S. residential home lender, originating or purchasing about $1.4 trillion in mortgages from 2005 to 2007.

The bulk of them were sold to investors as mortgage-backed securities. Bank of America acquired Countrywide in 2008.
Bank of America fell 31 cents, or 2 percent, yesterday to $14.21 in New York Stock Exchange trading. The shares fell 0.3 percent today.

Following a four-week trial, the jury of six women and four men deliberated about five hours yesterday. After the verdict, a female juror said she and her colleagues on the panel agreed with the government’s view that Countrywide’s Full Spectrum Lending unit had shunted substandard loans to Fannie Mae and Freddie Mac (FMCC) under the HSSL program.
“I knew something about what was going on in the mortgage debacle but it was certainly interesting to see how this happened first-hand,” said the woman, who declined to be identified. She is a freelance writer who lives on Manhattan’s Upper West Side.

Videotape Deposition
The juror cited the testimony of John Boland, a former Countrywide employee who said some loan specialists were told they wouldn’t be allowed to go home for the night unless they approved a loan. Jurors asked to re-hear Boland’s videotape deposition just minutes before announcing their verdict.

Boland testified he had complained to Countrywide superiors repeatedly about the loan approval process under HSSL and an earlier program. He said it was “mind blowing” to learn that two employees who he criticized “lost their authority” regarding loans because that hadn’t happened before.
“Boland’s testimony was shocking,” the juror said. “Those employees were told to do ‘30 in 30,’ or 30 loans in 30 days. I will say in my opinion the bank and these employees were just passing off unsatisfactory loans as prime loans and Fannie and Freddie got stuck.”
The juror also said she and her fellow panelists weren’t convinced by the lender’s argument that a computer-generated underwriting process called “CLUES” was a satisfactory method for evaluating the quality of loans.

‘A Human’
“The defense seemed to be saying that with CLUES, the loan specialists didn’t need underwriters,” the juror said. “But we decided that there was no way that any machine could do that. You needed a human.”
Countrywide earned at least $165 million using HSSL, allowing the company to maintain revenue in a “cratering” market for subprime mortgages, prosecutors told the jury in closing arguments. Government-sponsored enterprises, or GSEs, such as Fannie Mae and Freddie Mac bought single-family mortgages from lenders.
The U.S. last year joined the whistle-blower action against Bank of America filed by former Countrywide executive Edward O’Donnell.

O’Donnell, who came to court yesterday morning after jurors began their deliberations, declined to comment after the verdict. Under whistle-blower laws, O’Donnell testified he could collect as much as $1.6 million of any monetary damages awarded to the U.S.

28,800 Loans
Under the HSSL program, prosecutors said, the time in which more than 28,800 loans were processed was reduced to as little as 10 days from 60 days and safeguards were lifted to boost the number of loans the lender completed and sold to GSEs. Brendan Sullivan, a lawyer for Countrywide, said just 11,000 HSSL loans were sold to Fannie Mae and Freddie Mac and quality wasn’t compromised.

The case, brought under the Financial Institution Reform, Recovery and Enforcement Act of 1989 or FIRREA, has been used by Bharara’s office at least six times. The office has used the statute and another law to obtain almost $500 million in mortgage fraud recoveries.
The case is U.S. v. Countrywide Financial Corp., 12-cv-01422, U.S. District Court, Southern District of New York (Manhattan).

BLOOMBERG

Snopes missed the boat on Dianne Feinstein and Richard C. Blum crony capitalism on steroids…

It’s unfortunate that Snopes didn’t dig any further into the matter. It could have, for instance, sourced an 11-page exposé of Blum and Feinstein published by the online site FoundSF entitled “Richard C. Blum and Dianne Feinstein: The Power Couple of California.” There Snopes would have found how this couple, through a continuing series of events that could only be called crony capitalism on steroids, grew their wealth, starting in 1980 when they were married, from a modest sum to well over $100 million.

In that exposé they would have uncovered another source, this time from the Los Angeles Times, which noted the couple’s illicit activities from the beginning:

A review of the senator’s first two years in office found that Feinstein supported several positions that benefited Blum, his wealthy clients and their investments. She was a vocal proponent of increased trade with China while Blum’s firm was planning a major investment there. She also voted for appropriations bills that provided more than $100 million a year in federal funds to three companies in which her husband is a substantial investor.

Visiting the Times article would have led them to another source that explained in detail her votes as head of the Military Construction Veterans Affairs and Related Agencies Subcommittee (MILCON), which funneled $1.5 billion worth of military construction contracts to URS Corporation, an engineering, design, and construction company located (where else?) in San Francisco — in which Blum had a significant financial interest. Her committee also funneled millions into Tutor Perini, one of the largest general contractors in the country, also located in California, and in which Blum also had a significant financial interest. When Blum sold his interests in URS and Tutor Perini, he booked profits estimated at between $5 and $10 million.

It gets even better. While Blum was an owner in URS, it bought a substantial piece of another company, a defense contractor called EG&G, which just happened to enjoy a windfall contract, thanks to Feinstein’s MILCON committee, of $600 million.

There are other egregious examples of how Feinstein, denials notwithstanding, funneled taxpayer funds into companies either controlled or heavily invested in by her husband. But the aforementioned examples should suffice to prove two points: Snopes often fails to dig deeply enough to discover the depth of corruption and deceit and denial in its efforts to “vet” a story like that from the Ventura California Tea Party. Second, the rampant self-dealing and obvious conflicts of interest go far beyond just a little agreement to sell some post offices through a company controlled by Feinstein’s husband.

If one listens only to Snopes and fails to dig more deeply, one may be left with the conclusion that “there’s nothing to see here. Just move along now, and thank you.”

A graduate of Cornell University and a former investment advisor, Bob is a regular contributor to The New American magazine and blogs frequently at www.LightFromTheRight.com, primarily on economics and politics. He can be reached at [email protected]

http://thenewamerican.com/usnews/crime/item/15579-snopes-misses-larger-story-on-sales-of-post-offices-by-california-sen-feinstein-s-husband-s-company

Chris Christie: New Jersey Will Comply With Gay Marriage Order

Tibetan rituals, sand mandolas, and his un-holiness focus on New York and New Jersey… no wonder Nancy Pelosi brings him into Washington DC… it works !

— New Jersey Gov. Chris Christie says he disagrees with it, but he will comply with a state Supreme Court ruling that makes same-sex marriage legal in the state starting Monday.

Christie spokesman Michael Drewniak says in a statement that the governor “firmly believes that this determination should be made by all the people of the state of New Jersey.”

But he says the state Health Department will help towns carry out Friday’s state Supreme Court ruling.

The court denied the Christie administration’s request to delay a lower-court order that the state recognize same-sex marriage beginning Monday.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

Same-sex marriages will begin within days in New Jersey after the state’s highest court ruled unanimously Friday to uphold a lower-court order that gay weddings must start Monday and to deny a delay that was sought by Gov. Chris Christie’s administration.

“The state has advanced a number of arguments, but none of them overcome this reality: Same-sex couples who cannot marry are not treated equally under the law today,” the court said in an opinion by Chief Justice Stuart Rabner. “The harm to them is real, not abstract or speculative.”

A judge on the lower court had ruled last month that New Jersey must recognize same-sex marriage and set Monday as the date to allow gay weddings. Christie, a Republican who is considered a possible 2016 presidential candidate, appealed the decision and asked for the start date to be put on hold while the state appeals.

The state’s top court agreed last week to take up the appeal of the lower-court ruling by Judge Mary Jacobson. Oral arguments are expected Jan. 6 or 7.

READ:

FLASHBACK: Paul Harvey, 1965: ‘If I Were the Devil’ (Warning for a Nation)

This speech was broadcast by legendary ABC Radio commentator Paul Harvey on April 3, 1965:

If I were the Devil . . . I mean, if I were the Prince of Darkness, I would of course, want to engulf the whole earth in darkness. I would have a third of its real estate and four-fifths of its population, but I would not be happy until I had seized the ripest apple on the tree, so I should set about however necessary to take over the United States. I would begin with a campaign of whispers. With the wisdom of a serpent, I would whisper to you as I whispered to Eve: “Do as you please.” “Do as you please.” To the young, I would whisper, “The Bible is a myth.” I would convince them that man created God instead of the other way around. I would confide that what is bad is good, and what is good is “square”. In the ears of the young marrieds, I would whisper that work is debasing, that cocktail parties are good for you. I would caution them not to be extreme in religion, in patriotism, in moral conduct. And the old, I would teach to pray. I would teach them to say after me: “Our Father, which art in Washington” . . .

If I were the devil, I’d educate authors in how to make lurid literature exciting so that anything else would appear dull an uninteresting. I’d threaten T.V. with dirtier movies and vice versa. And then, if I were the devil, I’d get organized. I’d infiltrate unions and urge more loafing and less work, because idle hands usually work for me. I’d peddle narcotics to whom I could. I’d sell alcohol to ladies and gentlemen of distinction. And I’d tranquilize the rest with pills. If I were the devil, I would encourage schools to refine yound intellects but neglect to discipline emotions . . . let those run wild. I would designate an athiest to front for me before the highest courts in the land and I would get preachers to say “she’s right.” With flattery and promises of power, I could get the courts to rule what I construe as against God and in favor of pornography, and thus, I would evict God from the courthouse, and then from the school house, and then from the houses of Congress and then, in His own churches I would substitute psychology for religion, and I would deify science because that way men would become smart enough to create super weapons but not wise enough to control them.

If I were Satan, I’d make the symbol of Easter an egg, and the symbol of Christmas, a bottle. If I were the devil, I would take from those who have and I would give to those who wanted, until I had killed the incentive of the ambitious. And then, my police state would force everybody back to work. Then, I could separate families, putting children in uniform, women in coal mines, and objectors in slave camps. In other words, if I were Satan, I’d just keep on doing what he’s doing.

Paul Harvey, Good Day.

MAINSTREAM BAFFLED AS FRENCH TURN TO FAR RIGHT

AFP – France’s mainstream political parties were Monday scratching their heads over what to do about a surge by the Front National (FN) after a breakthrough by-election win for the far-right party.

The ruling Socialist party and the centre-right Union for a Popular Movement (UMP), the party of former president Nicolas Sarkozy, face humiliating reverses in municipal and European elections next year if the FN can sustain its current standing in the eyes of an electorate thoroughly fed-up with RECORD UNEMPLOYMENT, RISING TAXES AND A PERCEIVED INCREASE IN CRIME AND INSECURITY.

READ MORE

U.S. Congress Introduces Bill Ordering “FEMA” to Conduct ‘Mass Fatality Planning


While millions of Americans were busy watching the elephant puppet battle the ass puppet at the latest political circus, the United States Congress quietly introduced a new piece of legislation ordering the Federal Emergency Management Agency (FEMA) to begin preparing for mass casualties throughout the country.

House Resolution 6566, also known as the Mass Fatality Planning and Religious Considerations Act, would amend the Homeland Security Act of 2002 to mandate that FEMA immediately begin conducting “mass fatality planning” in preparation for a major event or series of events that may kill off untold numbers of people.

Introduced by Rep. Laura Richardson (D-Ca.), H.R. 6566 provisions that the Administrator of FEMA — William Craig Fugate currently holds the Administrator position at FEMA (http://www.fema.gov/leadership/william-craig-fugate) — provide “guidance and coordination” for dealing with a mass casualty event arising from a natural disaster, terrorist act, or “other man-made disaster.”

Read all:

QUINN OPEN-MINDED ABOUT USING STATE RESOURCES TO CURB CHICAGO VIOLENCE

(CBS) – Gov. Pat Quinn says he would consider using state resources to help combat Chicago street violence, but only if city officials want the assistance.

Speaking on this week’s mass shooting in the Back of the Yards neighborhood, Quinn was asked whether there have been discussions about sending in the state police or Illinois National Guard to assist Chicago police.

The governor said he’s had no specific conversations but noted state police are helping patrol in East St. Louis, another city that has its challenges with violent crime.

Read Full

SUSAN SARANDON AND TIM ROBBINS REFUSE TO COMMENT ON SYRIA

When George W. Bush was president, Hollywood stars turned anti-war activists such as Susan Sarandon and Tim Robbins were all over the airwaves touting peace.

As America apparently heads to war with Syria under a liberal Commander-in-Chief, such folk are mysteriously silent.

The Hollywood Reporter tried to get comments about the war from Sarandon and Robbins at the Toronto International Film Festival this weekend, but was told they were “unavailable for comment.”

Included in the “unavailable for comment” list were other predictably anti-war Hollywoodans such as Josh Brolin and Penn Jillette.

To give you an idea just how strong the anti-war silence is in Hollywood, one TIFF attendee was apparently willing to speak with THR until his film’s distributor cautioned him against doing so.

So why are these people reticent to express opinions on this looming war?

Is it what Ed Asner told THR last week: “A lot of people don’t want to feel anti-black by being opposed to Obama?”

Or is it simply that they totally adore the current White House resident, and much as they were willing to give Bill Clinton a pass for his serial adultery and misogyny, they’re now willing to hide their anti-war views?

Whatever it is, Hollywood has once again been exposed for its hypocrisy.

Read more:

OBAMA’S BROTHER WANTED ON TERROR WATCH LIST

Obama’s half brother Malik Obama is on Egypt’s Terror Watch List as a Muslim Brotherhood member.

Shoebat.com:

Several prominent Egyptian media sources are reporting that Malik Obama, half-brother to President Barack Obama is quickly becoming a person of interest in that country relative to his role with the Islamic Da’wa Organization (IDO) – based in bordering Sudan – and the larger Muslim Brotherhood umbrella group. Complaints have been filed with Egypt’s Prosecutor General that call for Malik to be put on Egypt’s terror watch list and brought in for questioning about his role in financing terrorism.

The following is a direct translation from an article from Youm7:

[…] Complaint No. 1761 for the year 2013 reported to the Attorney General asked the Egyptian High Court to consider the suspicious activity of a group called the Islamic Da’wa Organization (IDO), which is owned and managed by Malik Obama. This group is now being investigated by international bodies and the attached evidence proves beyond a reasonable doubt that a close link exists between Malik Obama and some of the most notorious characters already wanted for their involvement in terrorism, as is consistent with the pictures and reports attached…

The complaint also asks the court to bring in Malik Obama – a resident of the United States – to be questioned in regards to the terrorist groups in Egypt, whether by inciting or participating with or in any form of support punishable by law. It seeks permission to declare Obama a defendant in his right outside Egypt diplomatically, through the Ministry of Foreign Affairs. In the case of non-appearance and compliance for the investigation, the complainant requests monitoring [Mr. Obama] by including his name on all Egyptian airports and ports, and take the necessary legal steps.” {emphasis ours}

ORIGINAL ARTICLE:

ITALIAN DAUGHTER KILLED HOURS BEFORE VENICE PARADE OF CHARIOTS HINDU EVOCATION OF WATER SPIRITS INTO VENICE ONE WEEK AGO. OBJECTIVE? SPILL INNOCENT BLOOD TO KEEP GATE OPEN

Obama Administration to Track ‘Diversity’ of Your Neighborhood

Why can’t people live where they want to live? It’s a free country, right? Not according to Barack Obama. With new policies coming out of Obama’s Department of Housing and Urban Development, the “diversity” of each neighborhood in the country will be tracked, and if the area does not meet the “standards” established by his cronies, cities and businesses could face consequences.

As reported by CNSNews.com, the Department of Housing and Urban Development (HUD) “has published a new fair-housing regulation intended to give people access to better neighborhoods than the ones they currently live in.”

The goal is to help communities understand “fair housing barriers” and “establish clear goals” for “improving integrated living patterns and overcoming historic patterns of segregation.”

*This proposed rule represents a 21st century approach to fair housing, a step forward to ensuring that every American is able to choose to live in a community they feel proud of • where they have a fair shot at reaching their full potential in life,• said HUD Secretary Shaun Donovan.

First of all, the fact that we even throw around the phrase “fair housing” is crazy. Fair housing? No one is telling you where you can and can’t live. That is determined by the geographic and economic conditions of the individual. And yet, those on the left are determined to socially engineer this country… even down to determining the racial balance of a neighborhood.

Investor’s Business Daily reports: “Now even ZIP codes are racist, and according to this race-obsessed administration, you’re racist for living in a suburban area with little public housing. And it plans to change that.”

In what may be the most ambitious social-engineering project undertaken by the federal government, the administration is mapping every neighborhood in America by race. The stated purpose is to use the data to compel local officials to loosen zoning laws and build more public housing, thereby offering more poor inner-city minorities better opportunities for housing and education.

But the unstated purpose is forced racial integration. The suburbs are just too white for Obama and his race-mongering social engineers. They think they “geospatially discriminate” against minorities, never mind that more and more middle-class blacks are flocking to them on their own.

The ham-handed government project is led by the Department of Housing and Urban Development. Last week it proposed new rules requiring counties and other entities receiving federal grant dollars to “affirmatively further fair housing” in the suburbs for minorities. Grantees who fail to comply will be denied federal funding.

Basically what the HUD policy intends to do is force neighborhoods into what it believes is “racial balance” by providing government funds to move people from the inner cities to the suburbs. So, for a city, why set aside land for new businesses when you can build a government housing project? That’s what Obama and HUD want.

No one is telling you where you can and can’t live. And yet the Obama administration doesn’t see that as freedom. It sees it as oppression. If your area is not racially diverse on its own, Obama will make it so. That’s the whole idea of his diversity police, and it’s coming to a neighborhood near you.

ORIGINAL

Santa Monica shooting takes place near Obama fundraiser

Santa Monica shooting takes place near Obama fundraiser-
Was the story last time, when the prophet was out of the zone !
Is prayer enough? or is it the mantle that is the key?
Just to remind you what it was like without the mantle but thousands praying ?

By David Nakamura, Published: June 7 at 4:05 pm

Three people were reported wounded in a shooting near Santa Monica College on Friday, just blocks from where President Obama was attending a Democratic fundraiser.
The Los Angeles Times is reporting that a suspect was taken into custody after being apprehended in the school’s library, and the campus was locked down.
Obama had arrived in Santa Monica around 11 a.m. local time, joined by Los Angeles Mayor Antonio Villaraigosa. The president then traveled by motorcade to two fundraisers for the Democratic National Committee at the home of Peter and Megan Chernin.
“We are aware of the incident and it is not impacting the visit,” Secret Service spokesman Edwin Donovan said, according to a pool report from reporters accompanying the president. “It’s a local police matter at this point.”
Obama was attending a lunch with 100 donors and a reception with 35 more. Guests paid between $10,000 to $32,400 to attend.

BTW, these “Santa Monica” meetings are to create more films like MATT DAMON’S ‘ELYSIUM’, all about pushing open borders and Obama Care programing on the masses veiled in a futuristic spin… all under the tibetan yoga hindu presence over the industry. let the veil be rent and the eyes of the people be opened to the manipulation and programing…