Federal Judge Refuses to Dismiss Bank Break-In Case Against JP Morgan, Lender Processing Services

This story is a must read for anyone questioning validity of claims regarding fraudulent activity by the major banks.  You can see this case clearly reveals major failures by the bank do its due diligence and to not forge documents.  The case here reveals that Jp Morgan chase had broken into a woman's home what not only did not have a mortgage but had no relationship with the bank whatsoever.  How could this happen TWICE  no less?  Did the documents claiming the bank had any right to the property appear out of think air?  I don't think so!  It seems impossible to make the case that there is not rampant fraud occurring throughout the banking system if a bank can create enough legal paperwork to make a claim against a property that had no mortgage and with which the bank had no relationship with the home owner. 

There is no possible way to say it wasn't an act of fraud without some ridiculous story by the bank.  Where did the documentation even come from to foreclose on a property with no mortgage and an owner has no business with JP Morgan?  Read the full story here at Naked Capitalism



Federal Judge Refuses to Dismiss Bank Break-In Case Against JP Morgan, Lender Processing Services

Nevertheless, her attorney, Matt Weidner, is appealing this order. Why? Get this: JP Morgan had NO legal relationship to Jacobini at the time of the break ins. It has filed a robo-signed assignment of mortgage that post-dates the break-in. The practical implication is that random financial institutions are being allowed to barge into people’s properties, and the only recourse they have is a slow, costly adjudication.
Let’s hope that Jacobini succeeds in making this sort of abuse costly for JP Morgan. Hitting banks in the wallet may be the only way to get their attention.

German Bund Action Goes Badly; Bank of America CDS Spread Hit New High; EuroSovereign and US Bank Spreads Widen More. Will the Germans Finally Break Glass?

German Bund Action Goes Badly; Bank of America CDS Spread Hit New High; EuroSovereign and US Bank Spreads Widen More. Will the Germans Finally Break Glass?

The Financial Times coverage on the failure of the Bund auction is suitably grim:

The worst-received bond sale by Germany since the launch of the euro fuelled market fears that the continent’s debt crisis was now affecting Berlin…

The bond auction only managed to raise two-thirds of the amount targeted..

The euro, which has held up relatively well despite the turmoil in the bond markets, suffered one of its biggest one-day falls against the dollar this year, while eurozone government debt was sold off across the board…

But as fear spread across trading floors, Germany started to trade like a risk asset with Bund yields, which have an inverse relationship with prices, rising roughly in line with French, Italian, Spanish and Belgian yields. However yields on short-term German debt went into negative territory, meaning that investors effectively are paying to hold the bills because they see Berlin as a safe haven..

A senior trader at a US bank said: “We are now seeing funds and clients wanting to get out of anything that is denominated in euros and that includes Bunds because they don’t know what will happen to monetary union. It is not helped by the year-end with most banks not prepared to buy anything.”..

The so-called failure also comes against a trend of poor auctions. It was the ninth auction that failed to meet its target this year, according to the German debt agency. However, demand was significantly weaker this time round.

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MBS Litigation Update: Why BofA Will Lose the Loss Causation Argument and Wish It Had Settled with MBIA | The Subprime Shakeout

MBS Litigation Update: Why BofA Will Lose the Loss Causation Argument and Wish It Had Settled with MBIA | The Subprime Shakeout