Thursday, February 26, 2015

DOJ settles Mortgage security Fraud with .... To be paid to Fannie Mae #fanniegate

#fanniegate the Facts! These banks and Investment Firms all paid to Fannie Mae and Freddie Mac for the Fraud they tried to get away with against Fannie and Freddie. Yet, our politicians keep blaming Fannie and Freddie (GSE's) for being illegally tricked BY these banks! Who believes the Treasury and FHFA and these politicians when the lies don't match the facts! Fannie and Freddie have not lost one case in court yet! Nor has either Fannie or Freddie paid out to any bank for the MBS that they bought! So who is the criminal? It certainly is not Fannie or Freddie, no matter what your congressman is telling you with a forked tongue.

Grand total paid out for bank fraud against Fannie and Freddie $100 billion dollars!!
Give this some thought when you think about the $188 billion that Fannie and Freddie needed to survive in 2008. Note the $100 billion was paid out around 10 cents on the dollar in settlements!

True defrauding by banks was around $1 Trillion dollars!! or $1000 billion if you want to think of it in billions, now compare the $1000 billion to the $188 billion. Brazen isn't it!

here is your google search to find ALL the bank fraud:
https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=settle+mortgage+claims+DOJ+fhfa+fannie+mae&tbm=nws&start=70

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http://www.crainsnewyork.com/article/20150225/FINANCE/150229901/morgan-stanley-reaches-2-6b-mortgage-deal-with-u-s
Morgan Stanley reaches $2.6B mortgage deal with U.S.

http://news.morningstar.com/articlenet/article.aspx?id=683443
Justice Department’s $13 billion deal with  JPMorgan Chase & Co (JPM),

http://www.bloomberg.com/news/articles/2013-10-25/jpmorgan-to-pay-5-1-billion-to-settle-mortgage-claims
JPMorgan to Pay $5.1 Billion to Settle Mortgage Claims

http://www.reuters.com/article/2014/08/22/us-goldman-fhfa-idUSKBN0GM1VN20140822
Goldman Sachs said it agreed to pay $3.15 billion to repurchase mortgage-backed securities from Fannie and Freddie.

http://www.reuters.com/article/2014/03/26/us-bankofamerica-settlement-fhfa-idUSBREA2P23720140326
Bank of America to pay $9.3 billion to settle mortgage bond claims

http://www.latimes.com/business/la-fi-california-citi-doj-settlement-20140709-story.html
Citigroup would pay roughly $7 billion, with about $4 billion in cash and the rest in the form of mortgage modification= $11 billion

http://www.law360.com/articles/565980/bank-of-america-us-reach-17b-mortgage-settlement
Bank Of America, US Reach $17B Mortgage Settlement

http://www.ft.com/intl/cms/s/0/e4b37de8-0c55-11e4-943b-00144feabdc0.html#axzz3Sr9pnYpI
Bank of America hit by $4bn legal charge

http://fortune.com/2014/09/12/hsbc-settles-mortgage-case-for-550-million/
HSBC settles mortgage case for $550 million

http://www.wsj.com/articles/hsbc-hit-by-1-7-billion-of-provisions-1415004425
HSBC Hit by $1.7 Billion of Provisions

http://www.law360.com/articles/520884/credit-suisse-pays-885m-to-settle-fhfa-s-rmbs-claims
Credit Suisse Pays $885M To Settle FHFA's RMBS Claims

http://www.cityam.com/1405506610/biggest-bank-fines-history-2014-could-be-costliest-year-ever-banks-value-fines-rises-30
$11,820m2012Bank of AmericaDepartment of Housing and Urban DevelopmentForeclosures
$11,600m2013Bank of AmericaFannie MaeMortgage Repurchases
$9,330m2014Bank of AmericaFederal Housing Finance AgencyMortgage Backed Securities
$8,900m2014BNP ParibasDepartment of JusticeSanctions/Money Laundering/Tax Evasion
$7,000m2014CitigroupDepartment of JusticeMortgage Backed Securities
$6,000m2013JPMorgan ChaseDepartment of JusticeMortgage Backed Securities
$5,350m2012Wells FargoDepartment of Housing and Urban DevelopmentForeclosures
$5,290m2012JPMorgan ChaseDepartment of Housing and Urban DevelopmentForeclosures
$4,000m2013JPMorgan ChaseFederal Housing Finance AgencyMortgage Backed Securities
$4,000m2013JPMorgan ChaseFederal Housing Finance AgencyMortgage Backed Securities
$2,886m2013Bank of AmericaOffice of the Controller of the CurrencyForeclosures
$2,205m2012CitigroupDepartment of Housing and Urban DevelopmentForeclosures
$1,991m2013Wells FargoOffice of the Controller of the CurrencyForeclosures
$1,958m2013JPMorgan ChaseOffice of the Controller of the CurrencyForeclosures
$1,925m2013Deutsche BankFederal Housing Finance AgencyMortgage Backed Securities
$1,800m2014Credit SuisseDepartment of JusticeSanctions/Money Laundering/Tax Evasion
$1,700m2014JPMorgan ChaseDepartment of JusticeSanctions/Money Laundering/Tax Evasion
$1,520m2011Bank of AmericaFannie MaeMortgage Repurchases
$1,400m2013JPMorgan ChaseNational Credit Union AdministrationMortgage Backed Securities
$1,350m2010Bank of AmericaFreddie MacMortgage Repurchases

The payout would also push up the total figure for 2014 to $47bn, $5bn shy of the record $52bn paid out by banks last year.

Grand total paid out for bank fraud against Fannie and Freddie $100 billion dollars!!
Give this some thought when you think about the $188 billion that Fannie and Freddie needed to survive in 2008. Note the $100 billion was paid out around 10 cents on the dollar in settlements!

True defrauding by banks was around $1 Trillion dollars!! or $1000 billion if you want to think of it in billions, now compare the $1000 billion to the $188 billion. Brazen isn't it!

1 comment:

  1. And then there are those lender/bank/financial institutions who are so small and go unnoticed.

    ReplyDelete

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