JPMorgan Chase Lawsuit By New York AG A First For White House Task Force

. . .

.

You can pause intro music down below.

JPMorgan sued over $20bn deception

.

Piggybankblog posted on 10/01/12

Piggybankblog posted picture

Cross liked with FT.COM

The New York attorney-general sued JPMorgan Chase on Monday over the alleged deception of investors who lost more than $20bn on mortgage-backed securities created by Bear Stearns.

The complaint is part of a last push from state and federal authorities to uncover evidence of wrongdoing by banks in the run-up to the financial crisis. It follows the creation of a president’s working group into mortgage fraud, widely seen as an attempt to file big cases before the presidential election in November.

The office of Eric Schneiderman, the New York attorney-general, said he would pursue similar claims against other banks.

JPMorgan acquired Bear Stearns in 2008 in a rescue acquisition backed by federal regulators. The bank said on Monday that acquisition was made “over the course of a weekend at the behest of the US government” and noted the complaint was “entirely about historic conduct” of Bear Stearns.

The attorney-general accused Bear of having “systematically failed to evaluate the loans” that were packaged into mortgage-backed securities, leading to the inclusion of mortgages on which borrowers were likely to default, and later did, causing investor losses of more than $20bn. The suit seeks the handover of profits made on the MBS.

JPMorgan said it would “contest these allegations”. In critical comments, the bank said it was “disappointed” that it had not been given the “opportunity to rebut the claims”, which it said were made “relying on recycled claims already made by private plaintiffs”.

The lawsuit comes as the Securities and Exchange Commission and Department of Justice are also investigating the big banks for their underwriting practices. In February, JPMorgan, Goldman Sachs and Wells Fargo disclosed they had received “Wells notices” from the SEC alerting them that the agency might file civil charges against the bank for failing to tell investors certain information about the quality of the loans, delinquency rates and early payment defaults. The SEC was not part of Monday’s action.

Mr Schneiderman’s office said “We intend to follow up with similar actions against other sponsors and underwriters.” People familiar with the investigations say they expect lawsuits to be filed against other banks. In recent weeks some of the banks have held settlement talks with regulators, these people said, although it was unclear whether deals would be reached.

Piggybankblog posted youtube below:

.

.

My name is John Wright AND I AM FIGHTING BACK!

All Rise!  The Honorable Judge Wright has left The Courtroom of Public Opinion!

.

Follow John’s Daily Blog

Register to be part of my blog

.

Please donate if you liked today’s blog.

….

.

PRIVACY NOTICE: Warning – any person and/or institution and/or Agent and/or Agency of any governmental structure including but not limited to the United States Federal Government also using or monitoring/using this website or any of its associated websites, you do NOT have my permission to utilize any of my profile information nor any of the content contained herein including, but not limited to my photos, and/or the comments made about my photos or any other “picture” art posted on my profile.

You are hereby notified that you are strictly prohibited from disclosing, copying, distributing, disseminating, or taking any other action against me with regard to this profile and the contents herein. The foregoing prohibitions also apply to your employee , agent , student or any personnel under your direction or control.

The contents of this profile are private and legally privileged and confidential information, and the violation of my personal privacy is punishable by law. UCC 1-103 1-308 ALL RIGHTS RESERVED WITHOUT PREJUDICE

.

 

 

Tags:

8 Comments

  1. This is double “GREAT” to see, however the record of the AG’s really making the banks pay is dicustingly “POOR”. So far the banksters have given themsleves settlement credit for Short Sales largely in only states that do not have deficiency judgements , which the bank would not have recieved the money anyway, therefore not money the banks were part of the settlement agreement to offer as a principle reduction to the homeowner inorder to keep the homeowner in their home, which was the intent of the settlement, As a matter of fact the banks forced the homeowners into short sales to a third party giving the third party new homeowner the benefit and causing the ousting of the homeowner. Definately not the intent of the settlement. Then the banks give themselves credit for principle reduction to homeowners not in foreclosure danger just to get their signatures on a new note, since the alleged debt does not belong to the bank fraudulantly claiming they own the debt. Then there is the forgiveness of the second mortgage loans not secured by the mortgage and already discharged in BK, not really owed, however the banks decieved the public and the AG settlement by claiming they have honored their agreement with the AG’s USA complaint against them all, by claiming they funded funds they did not have and never could have [ lost already] [NOT THERE CHOICE TO GIVE AWAY! GONE NOT THERES]. However using all the above to claim they have behaived and full filled there settlement agreement. PRETTY SNEAKY IF YOU ASK ME. Then there is the riduculous obvious part of the settlement that made the pension funds and investors pay for the banks crime. One of my car dealership customers told me she and her husband were forced to pay a million dollars to their employee pension funds due to the banks crimes. Now where did the banks have to pay out here in any way? I personally dont beleive the bank lost any money in the mods they performed. The banksters did not ever loan the money for the debt to begin with so fore even one penny they get from the homeowners signature to reup a loan on money not owed the bankster every penny is a gain for the bank that secured a mod with any of the homeowners. tHE SCREWED INVESTORS AND PENSION FUNDS PAID FOR THE LOANS OVER AND OVER AGAIN IN SOME CASES AND RECIEVED EMPTY BOXES [PSA'S]. Since everybody that breaths air knows the banks are the sole reason for the crisis from fraud appraisal to robo fraud docs to corrupting titles to pushing liar loans not the other way around, causing all the hard working Americans to the huge loss of incomes. How is this all fair. Why has not one bankster from big TBTF banks gone to jail? Why are the banks being allowed to pretend to have fullfilled their obligations as poor as they were? Amercans have not recieved justice. Only manipulation and harm. We are in the TWILIGHT ZONE! No one believes this is real anymore. How can so many stand by and watch millions in their neighborhoods tossed into the streets and believe for one moment that only a small percentages of the mortgages being liars loans are the blame for millions that were not liars loans. And how can anyone believe this is not the banks doing the liars loans. It was not the public putting a veil over the banksters. It was the banksters doing the lieing and sinisterly pointing the finger at the homeowners claiming “they did it. All those homeowners pulled the wool over stupid moron banksters. WOW! Those banksters should have checKed their credit reports and income tax statements and employers to make sure they were not liars loans. Since when can a homeowner get away with lieing to a bank. And so many? Use your common reasoning! And since everybody that breaths air including judges knows the banks are soley credible for ruing the economy and millions of American incomes and families? Why is the homeowners the party paying the price for the banksters corruption proven in every report, proven as long as seven years ago in “Wall StreeT and the Financial Crisis: Anatomy of a Financial Collaspe”. Well documented. Why are Amercian families allowed to suffer? Why are the homeowners not in foreclosure not given automatic principle reductions so there homes are not in an induced fraudulant underwater situation, again caused by the banks. Why is the federal reserve been given permissio to arrest the homeowners when the banksters are the criminals and all Americans are their victims? Why are families being torn apart? Why are suicides in massive amounts being caused by this crime? I tell you why! The American people are being betrayed by bad judges. The American people are being betrayed by those Americans putting their heads in the sand and not doing anything about this. Leaving our next generation to suffer at the hands of greedy criminals. We the American people have been betrayed by our government. We must take a stand and vote all traitors out of office. And demand justice. This is our problem not just a few. Eventually this will effect each and everyone of you wether you think so or not. You are next if you dont step in and vote out the people betraying us. Dont wait until it is to late for you. When you have become the next victim wtih the next income loss, you will have waited to long. Demand principle reductions even if you are not behind on your mortgages. Demand our government officials to stop this insanity harming American families. Get your heads out of the sand and off the counch and investigate your surroundings. Wake up to the cries of the homeless hard working Americans being shoveled into the streets living in their cars wtih barely enough food to keep them surviving. Go to your near by Wall Mart stores the first day food stamps are given out for food and see how many are lined up hungry to get food. Unprecidented masses of people. Never before in this situation. The people I know that had to fill out homeless no address, live in car or truck or semi, on their childrens school admission registration paperwork. I told one of two mothesr that told me this same truth, whom told me they were so ashamed. That the only one they should be ashamed of is our government that has betrayed us. There children brushing their teeth and changing the few clothes they have in public restrooms. Camping out for how long? The rest of their lives? Is there any compassion for other human beings? My God Wake up and do something anything no matter how small. Sit in your warm houses and email, write letters. call your government represenitives.

  2. This is double “GREAT” to see, however the record of the AG’s really making the banks pay is dicustingly “POOR”. So far the banksters have given themsleves settlement credit for Short Sales largely in only states that do not have deficiency judgements , which the bank would not have recieved the money anyway, therefore not money the banks were part of the settlement agreement to offer as a principle reduction to the homeowner inorder to keep the homeowner in their home, which was the intent of the settlement, As a matter of fact the banks forced the homeowners into short sales to a third party giving the third party new homeowner the benefit and causing the ousting of the homeowner. Definately not the intent of the settlement. Then the banks give themselves credit for principle reduction to homeowners not in foreclosure danger just to get their signatures on a new note, since the alleged debt does not belong to the bank fraudulantly claiming they own the debt. Then there is the forgiveness of the second mortgage loans not secured by the mortgage and already discharged in BK, not really owed, however the banks decieved the public and the AG settlement by claiming they have honored their agreement with the AG’s USA complaint against them all, by claiming they funded funds they did not have and never could have [ lost already] [NOT THERE CHOICE TO GIVE AWAY! GONE NOT THERES]. However using all the above to claim they have behaived and full filled there settlement agreement. PRETTY SNEAKY IF YOU ASK ME. Then there is the riduculous obvious part of the settlement that made the pension funds and investors pay for the banks crime. One of my car dealership customers told me she and her husband were forced to pay a million dollars to their employee pension funds due to the banks crimes. Now where did the banks have to pay out here in any way? I personally dont beleive the bank lost any money in the mods they performed. The banksters did not ever loan the money for the debt to begin with so fore even one penny they get from the homeowners signature to reup a loan on money not owed the bankster every penny is a gain for the bank that secured a mod with any of the homeowners. tHE SCREWED INVESTORS AND PENSION FUNDS PAID FOR THE LOANS OVER AND OVER AGAIN IN SOME CASES AND RECIEVED EMPTY BOXES [PSA'S]. Since everybody that breaths air knows the banks are the sole reason for the crisis from fraud appraisal to robo fraud docs to corrupting titles to pushing liar loans not the other way around, causing all the hard working Americans to the huge loss of incomes. How is this all fair. Why has not one bankster from big TBTF banks gone to jail? Why are the banks being allowed to pretend to have fullfilled their obligations as poor as they were? Amercans have not recieved justice. Only manipulation and harm. We are in the TWILIGHT ZONE! No one believes this is real anymore. How can so many stand by and watch millions in their neighborhoods tossed into the streets and believe for one moment that only a small percentages of the mortgages being liars loans are the blame for millions that were not liars loans. And how can anyone believe this is not the banks doing the liars loans. It was not the public putting a veil over the banksters. It was the banksters doing the lieing and sinisterly pointing the finger at the homeowners claiming “they did it. All those homeowners pulled the wool over stupid moron banksters. WOW! Those banksters should have checKed their credit reports and income tax statements and employers to make sure they were not liars loans. Since when can a homeowner get away with lieing to a bank. And so many? Use your common reasoning! And since everybody that breaths air including judges knows the banks are soley credible for ruing the economy and millions of American incomes and families? Why is the homeowners the party paying the price for the banksters corruption proven in every report, proven as long as seven years ago in “Wall StreeT and the Financial Crisis: Anatomy of a Financial Collaspe”. Well documented. Why are Amercian families allowed to suffer? Why are the homeowners not in foreclosure not given automatic principle reductions so there homes are not in an induced fraudulant underwater situation, again caused by the banks. Why is the federal reserve been given permissio to arrest the homeowners when the banksters are the criminals and all Americans are their victims? Why are families being torn apart? Why are suicides in massive amounts being caused by this crime? I tell you why! The American people are being betrayed by bad judges. The American people are being betrayed by those Americans putting their heads in the sand and not doing anything about this. Leaving our next generation to suffer at the hands of greedy criminals. We the American people have been betrayed by our government. We must take a stand and vote all traitors out of office. And demand justice. This is our problem not just a few. Eventually this will effect each and everyone of you wether you think so or not. You are next if you dont step in and vote out the people betraying us. Dont wait until it is to late for you. When you have become the next victim wtih the next income loss, you will have waited to long. Demand principle reductions even if you are not behind on your mortgages. Demand our government officials to stop this insanity harming American families. Get your heads out of the sand and off the counch and investigate your surroundings. Wake up to the cries of the homeless hard working Americans being shoveled into the streets living in their cars wtih barely enough food to keep them surviving. Go to your near by Wall Mart stores the first day food stamps are given out for food and see how many are lined up hungry to get food. Unprecidented masses of people. Never before in this situation. The people I know that had to fill out homeless no address, live in car or truck or semi, on their childrens school admission registration paperwork. I told one of two mothesr that told me this same truth, whom told me they were so ashamed. That the only one they should be ashamed of is our government that has betrayed us. There children brushing their teeth and changing the few clothes they have in public restrooms. Camping out for how long? The rest of their lives? Is there any compassion for other human beings? My God Wake up and do something anything no matter how small. Sit in your warm houses and email, write letters. call your government represenitives.

  3. Welll here is another joke. http://stopforeclosurefraud.com/2012/10/01/bank-of-america-to-extinguish-up-to-150000-second-liens/

    It has already been published the banks are forgiving the unsecured debt not recoverable “AGAIN” in forecloser, not BK. Then they foreclose on the first “NOT KEEPING THE HOMEOWNER IN THE HOUSE AS THE SETTLEMENT CALLS FOR”, then taking credit for the principle reduction being the uncollectabel funds for the second are lost funds anyhow. HOW SO THEY SLEEP AT NIGHT. The settlement calls for the banksters to keep the homeowner in the house. The AG’s need to see how much credit they get for keeping the homeowners in the house. Very few got to keep the house unless they were not in foreclosure. Please send the AG’s mail if you were a victim of this deception and foreclosed on by banks claiming to have full filled their quota for keeping homeowners in their houses by fraud short sales fraud mods and fraud principal reduction on funds the bank had lost already. Fight back!.

  4. Welll here is another joke. http://stopforeclosurefraud.com/2012/10/01/bank-of-america-to-extinguish-up-to-150000-second-liens/

    It has already been published the banks are forgiving the unsecured debt not recoverable “AGAIN” in forecloser, not BK. Then they foreclose on the first “NOT KEEPING THE HOMEOWNER IN THE HOUSE AS THE SETTLEMENT CALLS FOR”, then taking credit for the principle reduction being the uncollectabel funds for the second are lost funds anyhow. HOW SO THEY SLEEP AT NIGHT. The settlement calls for the banksters to keep the homeowner in the house. The AG’s need to see how much credit they get for keeping the homeowners in the house. Very few got to keep the house unless they were not in foreclosure. Please send the AG’s mail if you were a victim of this deception and foreclosed on by banks claiming to have full filled their quota for keeping homeowners in their houses by fraud short sales fraud mods and fraud principal reduction on funds the bank had lost already. Fight back!.

  5. Art says:

    Why is it if any one in the USA, claims to blow up a segnificate building in US the feds are at your door the second after its put on the web???? Any reason why the american people cant stand up and take a stand and put this in the main media? Well i know the 99% blah blah nonsense has tryd but gave up to soon. I say if i was to threaten the goverment they would have me arrested but if they wer to actually see what they banks and other mafia type bankers have done to me and others they wouldnt do SQUAT about a dammmm thing and thats what pisses me to a off point!

  6. Art says:

    Why is it if any one in the USA, claims to blow up a segnificate building in US the feds are at your door the second after its put on the web???? Any reason why the american people cant stand up and take a stand and put this in the main media? Well i know the 99% blah blah nonsense has tryd but gave up to soon. I say if i was to threaten the goverment they would have me arrested but if they wer to actually see what they banks and other mafia type bankers have done to me and others they wouldnt do SQUAT about a dammmm thing and thats what pisses me to a off point!

  7. KJ says:

    This is nothing more than “headlines” to show that our President is doing something to “those bad bankers”….Boo Hoo! It is crap, and the funniest part is is awarded say 20 Billion, JPM has a backstop from Treasury to pay it. So, in the end, the taxpayers would be paying a fine. Sounds like another shakedown for the federal govt to get some more desperately needed cash.

    The problem started in the late 1990′s by the federal government’s easing lending standards, which banks had to comply with. Regulators, senators, congressmen, rating agencies and speculators all took part in the game. Once home prices stopped increasing, the game was over but a few got caught up with the easy money. Hard to file charges against someone or a corporation that is in tight with the government at all levels. Just more BS……

  8. KJ says:

    This is nothing more than “headlines” to show that our President is doing something to “those bad bankers”….Boo Hoo! It is crap, and the funniest part is is awarded say 20 Billion, JPM has a backstop from Treasury to pay it. So, in the end, the taxpayers would be paying a fine. Sounds like another shakedown for the federal govt to get some more desperately needed cash.

    The problem started in the late 1990′s by the federal government’s easing lending standards, which banks had to comply with. Regulators, senators, congressmen, rating agencies and speculators all took part in the game. Once home prices stopped increasing, the game was over but a few got caught up with the easy money. Hard to file charges against someone or a corporation that is in tight with the government at all levels. Just more BS……

Leave a Comment

You must be logged in to post a comment.


Warning: call_user_func_array() expects parameter 1 to be a valid callback, function 'w4sl_insert_visitor' not found or invalid function name in /home/piggybank/www/www/wp-includes/plugin.php on line 470