Hypocrisy Has No Limit

December 8th, 2011

December 8, 2011's NYT reported that President Obama, bristling at a filibuster that prevented his nominee for head of the massive new Consumer Rights Agency from being confirmed, sarcastically quipped words to the effect of, "And would you say we didn't need more regulation during the mortgage cris?"
The hypocrisy of Obama to patronizingly ask whether there was not enough oversight of the mortgage industry, and to suggest that more regulation would have prevented the implosion caused by mortgage fraud, is mind boggling. This comes from a President and his so-called Justice Department which has not indicted a single major player or institution for monumental fraud and the destruction of the American, if not global, economy.
The problem is not, and never has been, that we lack rules, regulations, or laws. The problem is that both the last two Administrations have turned a blind eye toward fraud and corruption at the highest levels. Until there is a political will to actually enforce what we already have on the books, why do we need a massive new bureaucracy to continue to give the rich and powerful a free pass?”

HUD Never Learns-Refinance Fraud

November 13th, 2011

In a well-meaning, but fumble footed effort to "help homeowners," HUD has launched a refinance effort to allow homeowners whose home values are "under water" to refinance at lower market interest rates. This is a generous idea calculated to assist otherwise credit worthy owners who are current on mortgage payments to obtain refinanced mortgages at today's prevailing, lower, interest rates. So far so good.
The problem is, HUD has also announced that, "in most cases," appraisals will "not be necessary."
Throw open the doors to refinance fraud. Without legitimate appraisals to establish whether "underwater" really is "underwater," fraudsters will, once again, flood the market with phony refinancings. And who will bear the losses? Somehow or other, you know the taxpayer will subsidize this latest Government give away. No appraisal to establish eligibility? Really?

Poor Bloomberg

November 4th, 2011

New York is blasting its Mayor, Michael Bloomberg, for how he is handling, or not handling, the Occupy Wall Street Protests. How do you you call the 12th richest man in the nation, "Poor Bloomberg?" Well, Bloomie can't win. No matter what he does, he will be excoriated. Better to just go with his gut, which it looks like he's doing. But, he can't lose, either. When both sides have right on their sides, there is no right or wrong, there is only an outcome determined by will, power, and determination. Frequently that means Money Wins. Sometimes it doesn't. The Wall Street Protests and the Tea party are cousins. They share a gut feeling that our system has been corrupted, and they are expressing their unhappiness, if not disgust, about it.

Taking to the streets needs to translate into taking to the ballot box. If you follow this Blog, you know Wall Street committed vast mortgage fraud,and that two Presidential Administratons did nothing about it. You know that housing killed the economy and that two Administrations did nothing about it. No wonder people are angry. No wonder people are unemployed. Bloomberg can only try to manage a fully justified outpouring of emotion-he can't control it, and he can't stop it. There are, as he says, no easy answers. But the search for Justice is never easy. And the fruits of protest are almost always worth the inconvenience.

New Yorkers crying about OWS need to get out of their parochial cocoons and look around the country. OWS and the Tea Party are not limited to New York. They are collectively, for the moment, the Voice of the People. Mob rule never works, nor will it work here. But wise leaders will take heed, and wise leaders will reform.

I just wonder whether there are any wise leaders.

Twitter @AnthonyTAccetta

November 1st, 2011

As I continue tilting at the windmill which is mortgage fraud, and the US Government's lip service to the law, but paralyzing inaction in its enforcement or applicability to the most culpable on Wall Street, I have joined the 21st century and embraced Twitter as a way of reaching the public. This isn't about book sales, God knows, it's about awareness and the expression of the need for justice. Occupy Wall Street, in its purest sense, embodies the precise type of outrage and calls for action which I have advocated for years. The Tea Party, at its essence, is an expression of the same frustration at the lack of integrity in government and on Wall Street.
Please join me in continuing to call for the rule of law, and for real reform in how real estate is sold in the United States. Without a housing market there will be no economic recovery. Integrity pays. The rule of law must become sacrosanct. Today it is not.

Obama's Moral Compass

October 26th, 2011

Continuing on the President's latest give away to people who can't or won't pay their mortgages, this comes from a man who has given immunity from prosecution to any and every major individual and institution which committed the mortgage frauds which led to the collapse of the housing market. This is an empty gesture, a cynical ploy for votes and a means to deliver his political message that the 'rich" are against the "middle class" or the "poor" or anyone whose vote he craves. Under this "plan" someone who actually has equity because he made a real down payment and had a real job, which he has now lost, won't be eligible for this particular handout. Only those who have no skin in the game get Obamadollars. This, and foregiveness of student loans from taxpayers, is a sure sign of desperation, and a clear indication that this President has no moral compass. No wonder there are protests in the streets!

Another Bailout-Your Tax Dollars Blown Again

October 24th, 2011

The President is in Nevada today. Nevada is a swing state. It also has the worst foreclosure rate in the country.
The President announced another mortgage rescue plan. This time people who have defaulted on their mortgages can refinance even if the home is worth 25% less than the loan amount. There are lots of conditions, and there is plenty of rhetoric about helping people who can't afford their mortgage payments through no fault of their own. So, by all means, let's buy their votes, I mean, let's help them out-with your money. But let's not help everyone. If you have too much equity in your home you're not eligible. Yeah, let's make sure people who put down a down payment don't get rescued, so those that didn't put up a dime can be saved by our generous President.
The housing industry needs reform, no doubt. Pimping the US taxpayer with yet another giveaway, however, isn't exactly what I had in mind. Remember that in the last multi-hundred million dollar giveaway, over 70% of refinances ended up back in default within 90 days. And what will be different this time? With no jobs, there is no income. Palliatives to artificially reduce foreclosure numbers are cruel and wasteful devices to appear to be compassionate, while cynically seeking to buy votes in Harry Reid's state.
We shouldn't just have an Occupy Wall Street movement. We should have an Occupy the White House movement.
Refinancing people who can't pay their bills is offensive, as well as counterproductive. Remember, it's your money.

Pelosi-Influence Peddler-Fraud?

October 20th, 2011

According to published reports, former Speaker of the House, Nancy Pelosi, has a son who worked for Countrywide Mortgage during the runup to the housing collapse. Maybe he got the job on his own, maybe he's an honest guy, but certainly Countrywide should long since have been indicted for mortgage fraud. Turns out, Pelosi's son was on a list to be let go when Countrywide got into financial trouble. By some miracle, his name was removed from the list of people to be laid off. I wonder if anyone intervened?
This, alone, would not raise hackles. What does, is the recent revelation that Ms. Pelosi has another relative who worked at a company favored by the federal government, Solyndra. You know, the failed solar power company Obama showered with $538 million in taxpayer guaranteed loans, loans that put the taxpayer in second position to private investors in bankruptcy.
The big question is, if I know this, and now you know this, why hasn't there been a peep from the media about the coincidences? Why hasn't there been a major outcry, or calls for investigation, at least? Sadly, we know the answer, don't we?

Hypocricy Rules From the White House

October 18th, 2011

The President excoriates Wall Street, praises Occupy Wall Street, then takes millions in campaign contributions from Wall Street. Not a single major Wall Street executive or institution has been indicted for massive mortgage fraud which sank the economy. No official or institution will be held accountable. The President himself said so. Shortly after his inauguration, Obama said no one is above the law, every one who is responsible for mortgage fraud will be held accountable. Then he added in almost a direct quote, " But I don't believe we should look backward. We need to look forward." That was his payoff to Wall Street, continues to be his payoff, and will be his payoff. Occupiers across the nation are angry at Wall Street, and justifiably so, but the worst criminals of them all are the President and the Attorney General who have given Wall Street immunity from prosecution, and then, in a blaze of hypocrisy, condemned Wall Street for its practices.

Occupy Wall Street-Cousin to Tea Party

October 17th, 2011

People tear down Occupy Wall Street and the Tea Party as fringe lunatics of the left and the right. No doubt some are, but I believe most are not. I believe millions are just like me, well educated, articulate- and concerned. Unlike media extremists who denigrate Occupy Wall Street AND the Tea Party as fringe groups bent on mayhem from either the left or the right, I believe these movements reflect a deep and justified concern that this government, our government, has abandoned the rule of law, and has rewarded, rather than punished, bankers, unions, solar businesses, teachers, and other constituents with billions in taxpayer dollars, while providing no meaningful opportunity for average Americans to recover from this severe economic crisis.
$60-$90 Billion has been lost on Medicare fraud under Obama alone. The reason? He and his "Justice" Department haven't been proactive in rooting out fraud. Lazy may be a good word, or, perhaps, corrupt. $14 Billion in auto bailout dollars, "...will never be retrieved." according to a major media report. Who got the bulk of that? Unions. That's over $1.4 million per each job this President arrogantly says he "saved". $1 million per soldier per day in the Middle East. $538 million down the tubes to Solyndra, the political patronage cesspool of the Green Movement. Billions more to follow as green jobs never get created or are terminated at birth. What kind of stewardship is that?
Not a single major Wall Street banker or institution has been, or will be, indicted for trillions in mortgage fraud. $60-$90 billion wasted on Medicare fraud because the government hasn’t pursued wrongdoers. Campaign contributors get solar money-$538 million, and throw it away. Unions and banks feast at the public trough. These are the root causes of the Occupy and Tea Party movements. This is the mythical Main Street finally speaking out. Americans are saying, “We’re not stupid!” Washington needs to pay attention. Washington really needs to change-before it is too late.

Fannie Mae Worse Than I Thought

October 2nd, 2011

My Comments on Fannie Mae and Freddie Mac acknowledge their complicity in the great mortgage fraud debacle.  However, I learned exactly how bad they were from Gretchen Morgenson's book," Reckless Endangerment." I recommend the book to you for your own review. The part about Congressional pushes to require that non-qualifying individuals receive trillions in mortgage loans was familiar to me, and brutally detailed and persuasively presented.  What educated me, however, was the corrupt conduct of Jim Johnson, head of Fannie Mae, and an entire cast of regulators, bankers, mortgage companies, and the people who were supposed to be minding the store.

It is clear that no one was minding the store between 1999-2007, and it is even more clear that the Obama Administration is not going to do a thing about it. In "You the Jury" I trace the history of mortgage fraud, and expose what Wall Street did to steal billions. Most importantly, I explain how their criminal conduct can be proven.  The worst part of this scandal is that the US Government is letting it all go unpunished. Not one single major indictment has been issued. Not one single major player will be punished. Fraud has been rewarded, not deterred. Crime has paid- handsomely. It will happen again.


Subscribe to Wall Street Mortgage Fraud