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Ex-Countrywide Exec Blows The Lid Off The Systemic Fraud At The Company

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posted on Dec, 5 2011 @ 07:37 PM
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Ex-Countrywide Exec Blows The Lid Off The Systemic Fraud At The Company


www.businessinsider.com

Eileen Foster, a former senior executive at Countrywide Financial, told CBS's "60 Minutes" Steve Kroft that mortgage fraud was a way of business.

"From what I saw, the types of things I saw, it was — it appeared systemic. It, it wasn't just one individual or two or three individuals, it was branches of individuals, it was regions of individuals," she told Kroft.

"All of the — the recycle bins, whenever we looked through those they were full of, you know, signatures that had been cut of
(visit the link for the full news article)




posted on Dec, 5 2011 @ 07:37 PM
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This is a conspiracy against deregulation!

Too many people are focusing corruption on de-regulation
Listen, if corruption follows from one political party to the next it's a conspiracy.

Enough with the partisan bickering!
Neither of them care about you, except for Ron Paul of course.

But now what is more regulation doing?
It's cronyism, you can't have so much regulation in a country with this much special interest groups, it's just not possible!

De-regulation had nothing to do with it, but it seems it was a conspiracy to both make a whole lotta corrupt money and of course give a bad name to de-regulation.

Now more more regulation, more lobbyists throwing money to get appointed, not elected, to executive positions in regulatory bodies.

Dont be fooled!

This is a conspiracy!

www.businessinsider.com
(visit the link for the full news article)



posted on Dec, 5 2011 @ 08:01 PM
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reply to post by ModernAcademia
 


thank you for this

finally we are getting to see behind the story of no CEO knowledge of what was going on,
this is a very important moment, every body in america needs to see this,
while you lose your house country and liberty due to actions of banks,
they are favoured over you from the fed reserve.
and protected from prosicution in a criminal sence.
slap on the wrist for multi-million dollar fraud,
jail for camping.

star and flag for important information

well done ModernAcademia

this is the sort of info that shatters the illusion that wall street is innocent.


xploder

edit on 5-12-2011 by XPLodER because: spelling



posted on Dec, 5 2011 @ 08:46 PM
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I note this bit:


"The loan officers received bonuses, commissions. They were compensated regardless of the quality of the loan. There's no incentive for quality. The incentive was to fund the loan. And that's — that's gonna drive that type of behavior."


So here's "ordinary" people behaving exactly like the so-called 1% - given the opportunity to make money they behave exactly like anyone else - they do what the incentives reward them for, and to hell with morality.



posted on Dec, 5 2011 @ 08:47 PM
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Originally posted by Aloysius the Gaul
I note this bit:


"The loan officers received bonuses, commissions. They were compensated regardless of the quality of the loan. There's no incentive for quality. The incentive was to fund the loan. And that's — that's gonna drive that type of behavior."


So here's "ordinary" people behaving exactly like the so-called 1% - given the opportunity to make money they behave exactly like anyone else - they do what the incentives reward them for, and to hell with morality.


who do you think devised the incentive scheme?
was it the workers on ground level?

do you really think this would happen without the blessing of the CEOs?

xploder



posted on Dec, 5 2011 @ 09:29 PM
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reply to post by XPLodER
 


without the knowledge of the CEO? Maybe - a lot of CEO's won't know what terms & conditions their employees are getting.

But that's irrelevant to my point - given the opportunity to profit these employees grasped it with both hands.



posted on Dec, 5 2011 @ 09:55 PM
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He's gonna end up dead real fast... he should not take a plane... or be left alone at any time.

Seriously. The elite might try to take him out for speaking out.
edit on 5-12-2011 by Vitchilo because: (no reason given)



posted on Dec, 5 2011 @ 09:56 PM
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reply to post by ModernAcademia
 


how have "they" been keeping this quiet?

just watch this,


reminds me of rocker fella at the trilateral comision saying how they would not be able to move forward with their plans without the silence of the media.

MSM is bought and sells you out every day
go alt media, and make up your own mind

xploder



posted on Dec, 5 2011 @ 09:57 PM
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Originally posted by Vitchilo
He's gonna end up dead real fast... he should not take a plane... or be left alone at any time.

Seriously.


who are you talking about?
the editor of 60 mins?
ahh the wistle blower

xploder
edit on 5-12-2011 by XPLodER because: (no reason given)

edit on 5-12-2011 by XPLodER because: (no reason given)



posted on Dec, 5 2011 @ 10:07 PM
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For people that have mortgages through countrywide now BOA this can be good news when they want a modification.

A illegal contract can be used to force BOA to write a new mortgage that is beneficial to the home owner.

This is why lawyers are going through the old mortgage contract looking for fraud they could use in court of BOA does not play fair.

In some cases even people that have lost there home could sue BOA if the loan was not legal.

This may be why BOA was playing hard ball foreclosing on people to hide these illegal loans.



posted on Dec, 5 2011 @ 11:39 PM
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Finally....

I wrote a thread about this in October of 2010.

I outlined the massive fraud in the paperwork of loan applications. The FBI did an investigation and found that 80% of loan fraud is done at the LENDER LEVEL. Not the by the consumer.

Ameriquest called it taking the loan paperwork to the "Art department".

I've been screaming about this to my local attorney general for over a year. It is so frustrating how SLOW the wheels of justice turns. This started YEARS ago and the government has on going investigations. But when is someone going to jail?

Especially when the best case was the Countrywide case, but Mazillo got off with a slap on the wrist and he was one of the ones that started this WHOLE thing!

People where blaming people bought homes they couldn't afford. What those people didn't realize is that their loans where changed, their interest rates where changed AFTER they signed the mortgage paperwork.

It's predatory lending and fraud, plain and simple.

Predatory Lending is THE Cause for Systemic Mortgage Foreclosure



posted on Dec, 6 2011 @ 06:24 AM
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Countrywide was our lender for our first home, and it was absolutely RIDICULOUS how bad they were. Every single month I would make the payment, then have to make multiple phone calls to make sure the payment was actually credited properly. They would do things every single month like credit the entire payment as an "extra principal" payment, accuse us of not making the mortgage payment, and try to assign extra fees. All because we were paying $100 extra every month. It was a nightmare, every single month.

Thank God we only owned that particular house for 9 months, or Countrywide would have given me a nervous breakdown...



posted on Dec, 6 2011 @ 06:35 AM
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Originally posted by Aloysius the Gaul
reply to post by XPLodER
 


without the knowledge of the CEO? Maybe - a lot of CEO's won't know what terms & conditions their employees are getting.

But that's irrelevant to my point - given the opportunity to profit these employees grasped it with both hands.


The "them and us" scenario to the mortgage fraud scene is BS. Lenders and borrowers shook hands in this scheme and many borrowers made out like bandits. Hell, I did.

When I saw the value of my homes escalating well beyond their value, I refinanced two fo four to the hilt. The Lender offered, I accepted. They took a risk and we agreed to the terms of default to protect his investment. Now the Lenders own two homes and I own two, paid off with refi proceeds cash.

Thank you, BoA and Wells Fargo.



posted on Dec, 6 2011 @ 07:47 AM
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This whole corruption scandals are not limited to countrywide, is in every banking and financial instiutions out there, people think their money is safe, within a bank, regular investors think the investment firms like JP Morgan and Goldman Sach have their investments safe wake up people corruption is everywhere because in the US corporate greed runs our system, write laws and protect themselves.

So we all knew about the countrywide corruption but be aware to whom the corruption was liked too, it included our own whores in congress getting favors from corporate America to turn their head the other way.

We only get to know how deep the crap runs when something happens and can not be hidden anymore, I can only dream how deep the crap and corruption runs within the Federal Reserve and the major investments firms that have in their hands peoples livelihood, pension funds and retirement accounts.

In this day and time of global financial turmoil, with agencies falling out of grace and people like Madoff behind their money, people should be asking this question, (do I really have my investments, my retirement and my pensions safe?), you know what my husband say, (I just hope I do).

Is a reason why govenrmetns are desperate to keep economies flowing, keep bailing out themselves and keep trying to support an economic systme that is failing, Why? because years of corruption has stolen peoples money.

But the money gamblers will never tell you.



posted on Dec, 6 2011 @ 10:34 AM
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The worse part of this is most people will read this and want more regulation
That will just empower the crooks even more

Most people have no understanding what regulation is all about



posted on Dec, 6 2011 @ 11:01 AM
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reply to post by ModernAcademia
 


Good thread, thanks for sharing and thank goodness light is starting to be shed on all this insanity.

What I would like to see happen with Regulation and honestly with laws and tax codes as well, is to wipe them all off the books and start fresh with some common sense and no loop-holes. I do believe some regulation is necessary.



posted on Dec, 6 2011 @ 11:07 AM
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Originally posted by ModernAcademia
The worse part of this is most people will read this and want more regulation
That will just empower the crooks even more

Most people have no understanding what regulation is all about


I watched the entire 60 minutes episode and I think that most of us here understand that regulations are put in place to protect the environment and general public from being abused, cheated, polluted, etc... by those who would otherwise commit these acts, usually with "profit" being the motive.

For you to say that this mortgage fraud was actually a conspiracy against de-regulation is IMO, a joke. I'm not saying that all regulation is good, but it's definitely not all bad either and I believe that most of the federal & state regulations serve a useful purpose. If a company can't drill for oil without polluting, then don't allow them to drill!!! If a bank can't seem to make money without cheating people out of their homes, then don't allow them to bank!!! If humans can't safely operate motor vehicles while intoxicated, then don't allow them to drink and drive!!! Really seems pretty simple to me.

(edit) IMO, it's not the regulations that are the problem, it's a total lack of enforcement and accountability that is the real problem. More people need to go to jail for what they've done! (edit)

Also, I don't remember any mention of this fraud being a scheme to stop deregulation, at least not in the episode of 60 minutes that I watched on Sunday night. For me, the most disturbing part of the whole episode was when the justice dept. official explained that, First; he had never heard of this whistleblower and/or her accusations regarding Countrywide and Secondly; that it was extremely hard to prove "intent," which was needed in order to secure a conviction and that most cases were never prosecuted because of this.

The real problem is that these people are not being prosecuted at all and that was the main jest of the 60 minutes segment. Personally, I would prefer to see the prosecutor, (at some point prior to the expiration of the statute of limitations) attempt to convict them and fail, than to not try them at all. Furthermore, I believe that in our current economic environment, he may find it's easier to convince a jury of intent than he has experienced in past cases.

Anyway, you're definitely entitled to your own opinion and I would never want to get in the way of that so "good luck" with your "Anti-Deregulation Conspiracy Theory."

edit on 6-12-2011 by Flatfish because: (no reason given)



posted on Dec, 6 2011 @ 12:16 PM
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Each and everyone of these companies that committed fraud owe the tax payer big time.
For every single loan that was given to freddie, fanny or hud.
Those companies should have to buy back the loans. And reimburse for management fees.

They all should be locked up.



posted on Dec, 6 2011 @ 06:23 PM
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Originally posted by Flatfish
I watched the entire 60 minutes episode and I think that most of us here understand that regulations are put in place to protect the environment and general public from being abused, cheated, polluted, etc... by those who would otherwise commit these acts, usually with "profit" being the motive.

And Govt. is there to protect your privacy and rights
So........


Originally posted by Flatfish
I'm not saying that all regulation is good, but it's definitely not all bad either and I believe that most of the federal & state regulations serve a useful purpose.

If a bank can't seem to make money without cheating people out of their homes, then don't allow them to bank!!!

You are being an idealist here
I'm sure you can agree with me on that


A Goldman Sachs executive has been named to head the division of the Securities and Exchange Commission that oversees mutual funds and investment advisers.

www.abovetopsecret.com...

You need to understand that the biggest corporations, the most evil ones, are the one who hold those regulatory positions.
Lobbying, Campaign Money, More Money and then... they buy regulatory positions
non-elected but appointed positions

The head of that regulatory throne for whichever element you want to make another analogy for.... that seat is for sale to the same people you wish go to jail!

You said my post is a joke and threw a few lols in there
Now what do you have to say?



posted on Dec, 7 2011 @ 09:57 AM
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Originally posted by ModernAcademia

You need to understand that the biggest corporations, the most evil ones, are the one who hold those regulatory positions.
Lobbying, Campaign Money, More Money and then... they buy regulatory positions
non-elected but appointed positions

The head of that regulatory throne for whichever element you want to make another analogy for.... that seat is for sale to the same people you wish go to jail!

You said my post is a joke and threw a few lols in there
Now what do you have to say?


Thank you for pointing out the "REAL PROBLEM" which is not regulation, but rather corruption within the system. Why not address the corruption instead of eliminating the program? Just because one person abuses the welfare system doesn't mean that we should eliminate welfare, it means we need to address the corruption. I mean, we don't eliminate airplanes just because some crash and we don't eliminate gas pumps just because some people drive off without paying, we address the actuals problems.

Ever heard the term; "Don't throw out the baby with the bath water?" Well that's what the elimination of all regulation would equate to and IMO, it's not the answer.

If we outlaw paid lobbying of elected officials, institute publicly funded elections and get the money out of politics, we will find that our entire system of government will once again be a government that is representative of it's people as opposed to the special interest lobbyist and/or political appointees.

Your approach reminds me of the Tea Party philosophy that "All government is bad" and IMO, that mentality is one of pure ignorance.

Idealist or not, that's my opinion and that's what I have to say.




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