Wells Fargo Charged With Fraud In Mortgage Morass

[Capt. Jack]

Source: Examiner

The International Bank Activities Reform Commission is charging Wells Fargo, partly owned by Warren Buffet and the Gates Foundation with fraud in their global involvement with the mortgage morass which continues impacting the global economy.

In a complaint filed with the European Monetary Commission and the World Court in the Hague, Gabor S.Acs. one of the founders of IBARC stated, "Wells should get a Wells Notice from the United States Securities and Exchange Commission soon if they are on top of this investigation at the Justice Department."

The complaint alleges that Wells Fargo, their Directors, Officers and Major Institutional Stockholders including Goldman Sachs knew or should have known that billions of dollars in first and second mortgages originated, packaged and sold as securities by Wells contained false financial information provided by real estate brokers. mortgage brokers and borrowers, making it impossible for the borrowers to pay back the loans or to be qualified to even make the monthly payments without refinancing over and over during a 30 year period that falsely inflated the cost of housing in the United States and the world over as a result, causing serious economic damage to hundreds of millions of humans around the world.

Read more: http://www.examiner.com/x-55501-Seattle-Real-Estate-Examiner~y2010m7d13-Wells-Fargo-Charged-With-Fraud-In-Mortgage-Morass

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And the beat goes on....

Fight back!

http://www.foreclosurehamlet.org

[defendandprotect]

1. Wells Fargo is part of the Federal Reserve Bank . . . right?

The Wells Fargo Watch
Wells Fargo Bank NA confined Latinos to higher-cost loans above the ... the Federal Reserve has now asked about Santander's acquisition from Wells Fargo of the ...
www.innercitypress.org/wells.html - 267k - Cached

[askeptic]

2. What are you talking about?

It's simply a depository institution like all the other banks from the Fed's perspective

[defendandprotect]

3. It's one of the private banks in the Federal Reserve System . . .

Wells Fargo is global -- one of the largest --

[Po_d Mainiac]

4. It's a bank, yes it can get $ at the discount window

It got bail-out money
It took over a bunch of other shitty banks
They supply services for drug cartels
They are TBTF and should be allowed to die in their own vomit

But

They are not part of the Federal Reserve Bank

[Capt. Jack]

5. The question should be "Too Big To Jail?

Join in on the fun! We love bashing these lousy banksters and do a pretty good job of it too!

http://www.foreclosurehamlet.org

[Po_d Mainiac]

6. welcome to DU

Thanks for the invite

[defendandprotect]

7. Agree with you . . . but . . .

the reason I made the comment is because -- think it was Thom Hartman --

a bit back -- couple of months -- something he was discussing and mention of

Wells Fargo -- think it might have been suspicion of criminal activity . . .

and Thom said . . . if it's Well Fargo then it's the Federal Reserve Bank -- they own it!

Something like that -- and it's stayed in my mind --

probably in somewhat distorted fashion, but as far as I'm concerned the entire FED RESERVE

system should be tossed!!

How many member banks are there of the Federal Reserve?

Who owns Wells Fargo -- guess a couple of questions I have to try to answer when I have time???

:)

[Po_d Mainiac]

8. Here u go

http://www.federalreserve.gov/otherfrb.htm

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

[Capt. Jack]

9. FOIA Lawsuit Filed Against FHFA Over Fannie Mae and Freddie Mac Documents

snip>

Press Release

Contact Information:
Press Office 202-646-5172, ext 305
Washington, DC

Judicial Watch, the public interest group that investigates and prosecutes government corruption, announced today that it filed a Freedom of Information Act (FOIA) lawsuit on July 12 (McKinley v. Federal Housing Finance Agency, Civil Action No. 10-1165 (HHK).)

In the FOIA lawsuit, Judicial Watch seeks the following information on behalf of Mr. McKinley:

“ny and all communications and records concerning or relating to the assessment of an adverse impact on systemic risk in addressing Fannie Mae and Freddie Mac, and in particular how the FHFA and the Department of the Treasury determined that conservatorship was the preferred option to avoid any systemic risk of placing Fannie Mae and Freddie Mac into receivership.”

Mr. McKinley filed his FOIA request on May 23, 2010. The FHFA acknowledged receipt of the request on May 26, 2010, but has failed to produce any documents or demonstrate why documents should be withheld. The agency was required by law to respond by June 28, 2010, but has failed to indicate when a response is forthcoming.

snip>

To read the whole thing: http://4closurefraud.org/2010/07/15/mckinley-v-federal-housing-finance-agency-foia-lawsuit-filed-against-fhfa-over-fannie-mae-and-freddie-mac-documents/

On a side note there was an automatically generated post in this thread to the effect of "ad-bot" or something like that. (It's gone now) I hope I'm not being perceived as a spammer for plugging The Hamlet.

We are all volunteers and work hard to help people in need.

[Po_d Mainiac]

10. Fannie and Freddie should be clawing back $

From the underwriters that dumped the shit on their books. By statute they are obligated to do so.

In doing so they would collapse so many originators that Sheila's gang would be working 24/7 instead of just Friday evenings. This is just more extend and pretend and hope like Hell RRE and CRE price's soar as unemployment drops back to under 5%.

Misters Bumhanky and Turbo think they can extend this game indefinitely. (Mister Greenscum is searching for a clean "Depends" but that's a different story)

IMHO...TSWHTF

[Paula Sims]

11. Nope -- it's regulated by the Treasury

It's a National Bank -- the Treasury (the Office of the Comptroller of the Currency) has regulatory control over them (not that it matters with Timmy at the helm). Any bank that has NA or National Association in its name is a Treasury bank. Wells is owned by Wells. And most any bank can borrow from the Fed IF they have the collateral to back it up.