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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: " fraud continues and the perpetrators are being rewarded, not punished, for their crimes."

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NEW YORK (MarketWatch) 2010 -- Spilled blood would bury mortgage fraudsters.  by Al Lewis  Commentary: The frustrations of a former U.S. Attorney

April 23, 2010| You'll have to excuse my old friend, Anthony Accetta. He gets excited. "You need to write a column," he raved. "The collapse of the housing market has destroyed the economy and destroyed the social fabric in this country." Hardly sounds like news to me, Tony. "Because you know it," he said, "so it doesn't seem like news to you. But nobody is writing this. Only you have the irreverence to get away with it."

Come on, I replied, everybody is writing it. The Securities and Exchange Commission filed civil charges against Goldman Sachs Group Inc. (US:GS) on Friday. And Congress is skewering former Lehman Brothers Chief Executive Richard Fuld as we speak. Nobody cares, Tony. There's nobody left to care what with the social fabric of the country destroyed, and all. "Wall Street actually knew the mortgages were bad," Accetta continued. "That's the key. That's the fine point that nobody understands. They knew the mortgages were bad and they put them into mortgage pools anyway. They actually committed crimes."

Accetta is 66 years old and longing for the days when he was a federal prosecutor. I first met him in April 2005 at the Intercontinental hotel in midtown Manhattan. He told me he was doing private financial investigations for some of Wall Street's biggest firms, and that they were too often telling him to temper his reports. He said he was frustrated and moving to Denver to focus on smaller companies that might actually take his advice.

What he'd been learning was that America's biggest investment houses and banks were systematically committing mortgage fraud. And he swore that when the housing bubble popped they'd all be laid to ruin. Of course, Accetta never imagined the extent to which the U.S. government would bail them out and gloss over their misdeeds.  "Every major Wall Street bank has committed mortgage fraud," Accetta cried again on Tuesday. I know, Tony. So what? Regulators will sue them. Congress will grill them live on CSPAN. And life will go on. It's just that millions of Americans won't have houses, or jobs anymore.

Last year, Accetta sent me a book that he wrote: "You, the Jury: How Wall Street Cashed in on the American Dream, and Nearly Killed It." It's a compelling read, but he has yet to find a publisher. "So why a book about mortgage fraud when nobody cares about mortgage fraud?" he wrote.

"Well .. mortgage fraud is the single largest contributor to the greatest economic crash in history. "Sadly, you are about to learn that, to date, crime pays. You are about to learn that the forces of wealth and power have not only committed the greatest economic fraud in history, but also that the fraud continues and the perpetrators are being rewarded, not punished, for their crimes."

Comment - BFCSA has ENOUGH proof that it's no different here in Australia or New ZealandThis is just the tip of the iceberg.  Come on Aussies, come on and shout out loud to our Politicians - Why are you punishing your citizens instead of the Banksters? These mortgages are NOT WORTH the paper they are written on.

 

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  • Denise
    Denise Monday, 25 March 2013

    The Australian Government has ordained that CRIME PAYS. Acetta nails the KEY POINT: "There's nobody left to care, what with the social fabric of the country destroyed, Banksters actually knew the mortgages were bad. That's the fine point that nobody understands. Banks knew the mortgages were bad and they put them into mortgage pools anyway. They actually committed crimes." Where is our enforcement of law? Do we have to wait five years and allow the Banksters to wallow in their own fruits of crime against vulnerable people?

  • doyla66
    doyla66 Tuesday, 26 March 2013

    Follow the money.
    Do we know to what level the corruption goes?
    Why does Wayne Swan appoint Medcraft without due process for such a long time on such a huge salary?
    We are incensed he did. But why did he? Does anyone know?
    Why can Medcraft close a file when it is clear that a person has taken 50 million in deposits, all of which has disappeared, without a Financial Services License?
    Why did he? Why did he refuse to look into that issue again?
    Why is the government protecting the banks?

  • doyla66
    doyla66 Tuesday, 26 March 2013

    Gillard gave ASIC chief appointment exemption: -- November 12, 2011

    Gillard gave Medcraft an "appointment exemption" as Swan used govt-policy-clause to seek PM-approval to hire without full selection process on the basis he was "senior enough to fill the role".

    Mr Medcraft left Societe Generale(France's No.2 bank) in late 2007, --oversaw the US residential mortgage-backed securities businesses during the period it is alleged to have engaged in misconduct & breached corporate laws. Subsequently, a 2008 class action, in which seven former Societe Generale employees alleged the bank's US-based securitisation business engaged in "fraudulent conduct between 2005 and 2008". --SocGen ultimately enjoyed receipt of $11.9 billion of US tax payer bailout monies thru US mortgage insurer AIG -- part of a US$183 billion rescue package paid out by US tax payers to AIG.

    Read more: http://www.theage.com.au/national/gillard-gave-asic-chief-appointment-exemption-20111111-1nbxe.html#ixzz2Oc7wVkvW

  • doyla66
    doyla66 Tuesday, 26 March 2013

    Have you noticed how anyone involved in these crimes have
    a)Changed their company names: think Tonto Home Loans to Firstmac)
    b)Jumped ship (that they knew were sinking):think Hunt and Hunt lawyers dropping Coopers Grace and Ward as their franchisee
    c)sold off their loan books:think Origin Mortgages (ANZ) sold to Columbus Capital
    d)Mr Medcraft leaving Soc Generale just as the s#1t hits the fan.
    e)Aussie being taken over by CBA
    I could go on but you get my drift.

  • doyla66
    doyla66 Tuesday, 26 March 2013

    Yes, rats leaving a sinking ship, but with big payouts first.

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