Reporting Profits, J.P. Morgan Sets Aside $1.3 Billion for Foreclosure Fraud Legal Costs

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[...] Reporting Profits, JP Morgan Sets Aside $1.3 Billion for Foreclosure Fraud …The Washington IndependentThe company said it has set aside an extra $1.3 billion for possible legal costs. It also said it is carefully reviewing 115000 mortgage affidavits in an …“FORECLOSURE MESS” COULD LAST FOR YEARS SAYS REPORTSky Valley Chronicleall 570 news articles » [...]

[...] Reporting Profits, JP Morgan Sets Aside $1.3 Billion for Foreclosure Fraud …The Washington IndependentThis afternoon, about 40 state attorneys general are set to announce a joint investigation into widespread foreclosure fraud. Some analysts argue that the …Dimon Calls Foreclosure-Probe Costs `Incremental,' Says Mistakes UnlikelyBloombergHow to fix the foreclosure crisis, and maybe moreLos Angeles Times (blog)“FORECLOSURE MESS” COULD LAST FOR YEARS SAYS REPORTSky Valley ChronicleHousing Wire -Wall Street Journal -National Mortgage Professional Magazineall 583 news articles » [...]

[...] Reporting Profits, JP Morgan Sets Aside $1.3 Billion for Foreclosure Fraud …The Washington IndependentThis afternoon, about 40 state attorneys general are set to announce a joint investigation into widespread foreclosure fraud. Some analysts argue that the …Dimon Calls Foreclosure-Probe Costs `Incremental,' Says Mistakes UnlikelyBloombergHow to fix the foreclosure crisis, and maybe moreLos Angeles Times (blog)Jaime Dimon: "Almost no chance we made a mistake" with foreclosuresHousing WireWall Street Journalall 446 news articles » [...]

[...] to Avoid Bad ForeclosuresWall Street Journal (blog)National Mortgage Professional Magazine -The Washington Independent -Barron’s (blog)all 603 news [...]

[...] Reporting Profits, J.P. Morgan Sets Aside $1.3 Billion for Foreclosure Fraud Legal Costs « The… [...]

[...] From the Washington Independent: [...]

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[...] Post (blog)JP Morgan Dips: No Time Frame on Foreclosure MessBarron’s (blog)NASDAQ -The Washington Independent -Mortgage Rates & Trends (blog)all 15 news [...]

[...] to questions.Dimon Calls Foreclosure-Probe Costs `Incremental,' Says Mistakes UnlikelyBloombergReporting Profits, JP Morgan Sets Aside $1.3 Billion for Foreclosure Fraud …The Washington IndependentHow to fix the foreclosure crisis, and maybe moreLos Angeles Times [...]

[...] MessBarron’s (blog)J.P. Morgan Finds Error In Foreclosure Docs, To Review 115000 LoansNASDAQThe Washington Independentall 30 news [...]

[...] Chase drops MERS as foreclosure agent, still uses systemHousing WireLos Angeles Times (blog) -The Washington Independent -FT Alphaville (blog)all 717 news [...]

[...] Reporting Profits, J.P. Morgan Sets Aside $1.3 Billion for … [...]

[...] Reporting Profits, J.P. Morgan Sets Aside $1.3 Billion for … [...]

[...] Reporting Profits, J.P. Morgan Sets Aside $1.3 Billion for … [...]

[...] with foreclosures. At the same time, however, the company disclosed that it has earmarked an additional $1.3 billion for possible legal costs. That implies J.P. Morgan alone is preparing for a multi-billion-dollar [...]

[...] Morgan has even gone so far as to set aside $ 1.3 billion to cover potential legal costs that will emerge as a result of the ongoing scandal, and an [...]

Nobody has brought up the distinct possibility that the loan servicers may well have bundled and sold each of these loans MORE THAN ONCE to differernt investors via the securitization process. THIS COULD BE THE REAL REASON THAT THERE IS NO DOCUMENTATION / PAPER TRAIL. The non-existent documentation and accounting is entirely consistent with this scenario. This means that the entire plan was a true Ponzi scheme in the worst sense. In other words, rather than selling the loan once to investors, as we have all naively been assuming, there is no reason to believe that they did not double-dip or quintuple-dip and sell the exact same loan to completely new buyers. THIS IS A LEVEL OF FRAUD THAT THE AMERICAN PUBLIC HAS NOT YET CONTEMPLATED.

THANKS FRED….YOU GET IT!!!!!

Furthermore, I sincerely think that all of the hype about the AG's offices coming together to investigate this whole thing could very well be just some diversionary hype (in most cases) to calm the people down when in fact it would simply serve the purpose of giving the banks and courts time to catch up on the backlog of foreclosures in the system nationwide and perhaps to retrofit paperwork. The violations, especially what you have described, are not/will not be that difficult to uncover. However, the fallout from a true investigation of this would most certainly implicate state and federal court judges across the board as they have stock in these banks and have played an integral part in perpetuating the process by rubber stamping foreclosures KNOWING that these cases violated the most fundamental requirement of establishing “real party in interest”…. “standing” to bring these foreclosure lawsuits in the first place. To have ruled correctly on these foreclosure lawsuits would have been tantamount to taking a little money out of their pockets and giving it to the homeowner on each and every case.

THESE JUDGES KNEW WHAT THEY WERE DOING!!!

Nobody has brought up the distinct possibility that the loan servicers may well have bundled and sold each of these loans MORE THAN ONCE to differernt investors via the securitization process. THIS COULD BE THE REAL REASON THAT THERE IS NO DOCUMENTATION / PAPER TRAIL. The non-existent documentation and accounting is entirely consistent with this scenario. This means that the entire plan was a true Ponzi scheme in the worst sense. In other words, rather than selling the loan once to investors, as we have all naively been assuming, there is no reason to believe that they did not double-dip or quintuple-dip and sell the exact same loan to completely new buyers. THIS IS A LEVEL OF FRAUD THAT THE AMERICAN PUBLIC HAS NOT YET CONTEMPLATED.

Sherron –

Does it all go back to the 'investors' aka Chinese Government bond holders? Is that what this is all about? One more question: what exactly is the difference between a 'campaign contribution' and a bribe?

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[...] Reporting Profits, J.P. Morgan Sets Aside $1.3 Billion for … [...]

[...] Reporting Profits, J.P. Morgan Sets Aside $1.3 Billion for Foreclosure Fraud Legal Costs « The… [...]

[...] Reporting Profits, J.P. Morgan Sets Aside $1.3 Billion for … [...]

[...] Reporting Profits, J.P. Morgan Sets Aside $1.3 Billion for … [...]

[...] Reporting Profits, J.P. Morgan Sets Aside $1.3 Billion for … [...]

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