Posted on 08/12/2013 5:56:22 AM PDT by Hotlanta Mike
Bloomberg News caught the Department of Justice in a particularly noteworthy Friday-night news dump over the weekend. The Obama administration, stung by accusations from the Left that it hadn’t gone after fraudulent mortgages and the lenders that helped fuel the bubble, claimed that a year-long initiative run by the Mortgage Fraud Working Group in the DoJ had charged 530 people who had victimized 73,000 people. When Bloomberg’s reporters began digging into the claim, the DoJ stonewalled — and then finally admitted it cooked the books themselves:
(Excerpt) Read more at hotair.com ...
1. The deranged mind of a progressive is at work---as a "Community Organizer" Obaba sued banks for not lending to illegals, the underclass, etc---people on food stamps, UI, welfare, and disability were considered to have "income." Now as president, he's suing BECAUSE banks "took advantage" of the underclass, burdening them w/ mortgages they cant pay.
(2) He's an investor---not a president.....the Fannie Mae thingy is one of his "returns on investment."
OFFSHORE WIRE TRANSFER ALERT: Obama says it’s time to ‘turn the page’ on Fannie and Freddie MarketWatch | 7/24/13 | MarketWatch / FR Posted by illiac
Obama's speech on the US economy spelled out the beginning of the end for federally-controlled mortgage buyers Fannie Mae and Freddie Mac. “We’ll work with both parties to turn the page on Fannie and Freddie, and build a housing finance system that’s rock-solid for future generations,” Obama said, according to a copy of his prepared remarks
The House Financial Services Committee approved a bill on Tuesday that would get rid of the firms in five years, to be replaced by a National Mortgage Market Utility to help securitize mortgages.(Excerpt) Read more at blogs.marketwatch.com
ADDENDUM---what Obama left out of his remarks Wall Street Journal report on page A15---article entitled “Treasury’s Fannie Mae Heist“.
WSJ: The Federal government is seizing the substantial profits of the government-chartered mortgage firms, Fannie Mae and Freddie Mac, taking for itself the property and potential gains of private investors the government induced to help prop up these companies. This conduct is intolerable.” A scathing article follows--a must read.
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NOTE Soon as they occupied the WH, the Chi/mob setup the looting MO: Obama and the Chicago con artists (a) took control of the US Census; (b) Obama placed his COS Rahm Emanuel in control of the US Dept of the Treasury (the IRS).
SUB-PRIME MORTGAGE SCAMS--MASSIVE MORTGAGE FRAUD ON CAPITOL HILL:
The Congressional Hispanic Institute, Inc, is an entity organized by Cong Joe Baca (D-Cali) in his capacity as head of the Congressional Hispanic Caucus.
Cong Baca created "HOGAR" (Spanish for home) in 2003 to work with the mortgage industry, F/M, lenders, banks and latino community groups to increase mortgage lending to what savvy observers consider to be unqualified Latinos.
"HOGAR" colluded w/ Cong Baca in what was to become a massive bilking of taxpayers. Cong Baca calculatedly hyped the fact that the national Latino homeownership rate was 47%, compared with 68% for the overall population.
HOGAR was coached to call the figure "alarming," and to say "a concerted effort was required to ensure that by the end of the decade Latinos will share equally in the American Dream of home ownership."
HOGAR and Cong Baca conned the public, failing to note that most of the "dreamers" were illegals, citizens of Third World countries who had violated US borders.
Predictably, HOGAR colluded w/ co-conspirators which included:
(a) shaky mortgage companies that ran into big trouble;
(b) Fannie Mae and Freddie Mac, both now under federal control after billions in taxpayer bailouts;
(c) Countrywide Financial Corp., sold to Bank of America Corp;
(d) Washington Mutual Inc., taken over by the US government and sold to J.P. Morgan Chase & Co.; and,
(e) New Century Financial Corp. and Ameriquest Mortgage Corp, both now defunct, killed by defaulted subprime Latino mortgages.
HOGAR's ties to the subprime mortgage industry were substantial. Bribery and self-dealing were rampant:
<><> Companies that donated $150,000 to Cong Baca got the right to have their own research fellow who would conduct fraudulent studies, which were cunningly used by industry lobbyists to pump lending.
<><> Bribery and extortion in the form of $100,000 annual donations to Cong Baca, for which HOGAR provided phony news releases from Cong Baca's Hispanic Caucus promoting a lender's commercial products to the Latino market,
<><> The most shocking example of bribery well-substantitated by Hogar's literature..... HOGAR announced it worked with Freddie Mac on a self-serving two-year examination of Latino homeownership in 63 congressional districts.
The "study" found Hispanic ownership on the rise thanks to "new flexible mortgage loan products" that the industry was adopting at the urging of Cong Baca's collusive coterie.
<><> HOGAR conned lenders into even more lenient down-payment and underwriting standards.
<><> As the subprime debacle unfolded, HOGAR declined repeated requests for comment despite the economic havoc their activities precipitated.
The mortgage schemes demonstrated the criminal activities of border violators with multiple identities---perhaps violent, terrorist-connected foreigners---colluding and conspiring to defraud private companies and public entities. And mortgage racketeering enterprises which employed sub rosa finance and business practices to carry out deceptions and frauds.
The alleged ring of swindlers---a Congresman, individuals with multiple identities, banks, insurance companies, mortgage brokers--might be charged with cheating the US govt, taxpayers and bank share holders out of hundreds of millions of dollars via an elaborate web of mortgage and bank frauds.
The mortgage Dreamers used multiple phony identities, fraudulent Social Security numbers, purchased from identity forgers in order to obtain govt-subsidized benefits.
L/E will find that individuals with multiple identities obtained fraudulent mortgages then flipped the houses at ever-higher prices to family member who then absconded to foreign countries, sticking banks (and taxpayers) with hundreds of millions in fraudulent mortgages.
BACKGROUND A Wall Street Journal investigative report related that, according to the Federal Financial Institutions Examination Council examination of the borrowing spree, uncovered financial schemes by low-income housing groups, Hispanic lawmakers, a congressional Hispanic housing initiative, mortgage lenders and brokers, all colluding in fraduent schemes to increase homeownership among Latinos with forged documents which enabled massive fraud.
This was not simply the mortgage market at work. It was fueled by avarice, greed, and Congressional enabling fraudulent practices. In 2005 alone, mortgages to Hispanics jumped by 29%; Latinos with multiple fraudulent identities in low-paying jobs obtained subprime mortgages for prime properties---soaring to 169%.
(Research provided by Wall Street Journal. Some material excerpted from the NY Times).
A bump and a bookmark.
I'm hoping some reporters will see the opportunity now to really INVESTIGATE and report, een if only for the by-line - this is a lame duck crowd now...go for it
DOJ lying??
Imagine my surprise.... :-(
Seven decades I’ve been witnessing government, this is the most evil, corrupt government I have ever seen. There is nothing that is even close to it. I thought Clinton was bad, this is just gross.
If this were a GOP administration, the media would be in a mantra meltdown for weeks over this.
Obama and his Chicago thugs are no different that a CCE, Continuing Criminal Enterprise. They operate outside the law and use threats and intimidation through the DOJ, EPA, IRS FEC, and other means to get their way. They are taking the country and the taxpayers to the cleaners by picking our pockets and lifting our wallets at every turn. Most of the people in Obama’s administration should be fired for ineptness at best and thrown in jail for corruption at worst. Unions used to have a reputation of being associated with the mob. They still are, only now the mob is the Obama administration.
The Arkansas Grifters, Billie BJ and Hillary Wanna Be, are amateurs when stacked up against Obama and his gang of criminals. What good is the law if law enforcement is the criminals?
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