Hang the bankers! Max Keiser bravely fends off the financial trolls -Ten O'clock live (Channel 4 UK)

[stockholmer]

Run time: 10:19 https://www.youtube.com/watch?v=ktmWeynsd-Y   Posted on YouTube: April 15, 2011 By YouTube Member: PlanetEarthAwakens01 Views on YouTube: 2310   Posted on DU: April 15, 2011 By DU Member: stockholmer Views on DU: 2456

 
Federal Banking Regulators Expose Massive Mortgage Backed Securities Fraud as Part of Fraudclosure Investigation

From the InterAgency Report:

The Federal Reserve System, the Office of the Comptrollerof the Currency (OCC), the Federal DepositInsurance Corporation (FDIC), and the Office ofThrift Supervision (OTS), referred to as the agencies,conducted on-site reviews of foreclosure processingat 14 federally regulated mortgage servicers duringthe fourth quarter of 2010.1This report provides a summary of the review findings and an overview of the potential impacts associated with instances of foreclosure-processing weaknessesthat occurred industrywide.
Promissory Notes are "negotiable instruments" and have a face value similar to cash. The mortgage trusts all have clear criteria for the storage of the notes. All of the SEC filings I have read in regards to these trusts name a document custodian, usually the trustee. I have not yet seen even one trust prospectus or pooling and servicing agreement (PAS) where the servicer is named the document custodian. Here's an example, of a trust where Bank of America is the servicer, Wells Fargo is the Trustee of Banc of America Mortgage 2006-B Trust (prospectus here). Note that instead of BoA as servicer for this trust, Wells Fargo as trustee is tasked with document custodian duties!

In addition, the Mortgage Loan Purchase Agreement will provide the Depositor with remedies against the Sponsor for the failure by the Sponsor to deliver the Mortgage Loan documentation required to be delivered to the Trustee or a custodian under the Pooling Agreement. Wells Fargo Bank, National Association (“Wells Fargo Bank”) will act as Trustee and custodian under the Pooling Agreement. Wells Fargo Bank will also act as custodian of the Mortgage Files pursuant to the Pooling Agreement. In that capacity, Wells Fargo Bank is responsible to hold and safeguard the Mortgage Notes and other contents of the Mortgage Files on behalf of the Certificateholders. Wells Fargo Bank maintains each Mortgage File in a separate file folder marked with a unique bar code to assure loan-level file integrity and to assist in inventory management. Files are segregated by transaction or investor. Wells Fargo Bank has been engaged in the mortgage document custody business for more than 25 years. Wells Fargo Bank maintains document custody facilities in its Minneapolis, Minnesota headquarters and in three regional offices located in Richfield, Minnesota, Irvine, California, and Salt Lake City, Utah. As of June 30, 2006, Wells Fargo Bank maintains mortgage custody vaults in each of those locations with an aggregate capacity of over eleven million files.
Last fall, we got hints of the expected-yet-still-shocking revelation via a Countrywide/BoA employee, Linda DeMartini (testimony here), exposed the securities fraud practices in a depo taken during a NJ bankruptcy case, Kemp v Countrywide. A direct quotation from the judge's opinion in the bankruptcy case:

"She testified further that it was customary for Countrywide to maintain possession of the original note and related loan documents."..................................
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much more, including direct links to all the original reports here :
http://www.zerohedge.com/article/did-federal-banking-regulators-inadvertently-expose-massive-mortgage-backed-securities-fraud

[maddezmom]

1. not sure we need this here, wsc

[chollybocker]

13. We should be so lucky.

Two different points of view - what a concept!

Your socks need darning.

[timtom]

2. OMG! That is GREAT!

I couldn't help noticing that James Max uses the tired old tricks of right-wing debating techniques of shouting down, scoffing, and ridiculing. Terms like "conspiracy theory," for example. In fact, it is quite clear that there IS and HAS BEEN a conspiracy among these moguls of finance for a very long time.

I was about to post another Max Keiser video. Yours trumps mine, but here it is anyway:

http://www.youtube.com/watch?v=kw1iu7XNWao&feature=player_embedded

Perhaps Max Keiser (a DUer by the way) will comment on this thread. Just for the hell of it.

Imagine Max Keiser and Alan Grayson heading up a task force to deal with improprieties in the banking industry...

[sulphurdunn]

6. Until we symbolically

hang some bankers and regulate the rest i.e put them behind bars for racketeering and then dare the rest to step over the lines we set, nothing will change. They will continue to get richer and most of the rest of us will get poorer without the bankers having contributed anything toward the bettering of civilization. They have become parasites and will kill modern civilization if they aren't neutralized soon. They finance the global corporate economy. They are the head of the snake. It must be cut off.

[ooglymoogly]

3. Excellent...Max made a laughing stock of the Tweedle Dumb in the middle

who thought if he just said nonsense loud enough it would make it true. Max knows this business inside and out.

Stockholm syndrome was a knockout punch and the audience knew it.

[truedelphi]

4. Experts from the banking side of the discussion are now

Putting out the notion that industrialized economies of the West had better learn to deal with some new banking crisis that shall come about every seven years, rather than every 87 years!

And of course, one reason for this,, is that it is anathema to the Big Banking Interests to have any regulation at all. And even this discussion that would have gone on quite nicely were it not for Truth Teller Maxc Keiser to disrupt it, is not wanting to focus on the unfortunate reality that Keiser hones in on again and again - Supposedly NOW the people in Great Britain have regulations, and so everything is great and la di dah (the real conspiracy discussion by the way, sanctioned by the Powerful so that those who aren't stupid enough to believe are labeled as tin foil hat wearers.)

But like Max says, there aren't any banks following the regulations, and even if someone were to try and make them follow the rules, there isn't any way to do that, and no penalties at all even when we come to a further crisis this summer or later on.

[midnight]

5. Love the pic. at this link.... this is what Washington must mean when

they talk about sharing the pain.... They get the winnings and we subsidies them off the backs of us going without....

[90-percent]

7. Max

I like him and what he has to say, but he comes off as a bit of an ugly American by shouting and screaming and being hyperbolic.

He need to be more soft spoken and let his words do the screaming. (Grayson is a master of that) At least when he is in a debate amongst upper crust Brits.

-90% jimmy

[Prof Lester]

8. Max and Stacy

Max and Stacy are great as far as it goes. It's fun to watch him take after the scumbags.. BUT his website links to reactionary union-haters like "Mish" etc. and they love that RW demagogue Alex Jones. The comments over there are full of raving kooks and libertarian types. They care mostly about themselves and all dream of getting filthy stinking rich on silver and gold. Of course, most of us ordinary folks are struggling just to buy a little food and such. No gold, no silver, just dread for a dark tomorrow. Max and Stacy talk like socialists or progressives some times but you can't escape them linking their website to knuckledraggers like "Mish" and similar labor-hating libtard goofs.

[SharksBreath]

9. The host is on a show called Peep Show which appears on the BBC

It's one of the funniest shows I've ever seen.

If you haven't watched it you need to ASAP.

[ljm2002]

10. That was quite entertaining...

...I'm glad there's someone like Max around to throw verbal incendiary devices into the debate rather than listen to these idiots blather about what sensible new rules have been adopted. As if.

[jimlup]

11. Fun indeed!

:kick:

[Gato Moteado]

12. beautifully done, Max!

rock on!