Darline Spencer hit the bulls-eye once again

Darline Spencer hit the bulls-eye once again. Here she talks about how one loan was multiplied into many loans all of which were sold to investors, but resulted in accounting anomalies that had to be covered up. Here is what she says:

Confusing but it appears as I have claimed initially. They took a real Mortgage and ballooned it into 10 mortgages and used them to move elicit funds thus when you research the accounting part of it you find trustees and investors have been paid even if borrowers paid or not paid their mortgage. Once the investment banks discover their error on tracking the difference and discovered the originating loans were hanging in the wind and ultimately the FDIC would be enquiring and auditing they had two choices. Send out satisfactory of loans or foreclose.

Multiple individuals I have met with received a satisfactory of loan when in fact they had not paid off their loan and were trying to re-finance. Ironically it made it through the courts and since the satisfactory of loan was sent to the borrower it stands. LOL It is like winning the lottery when you get a line of credit or a mortgage letter stating satisfactory of a debt and you did not pay it off! I had the please of meeting a lady that was in tears on the phone with her lawyer after receiving such a notice. Not understanding the notice she happened to ask me what it meant. I reviewed it and explained to her it is a court order satisfactory of loan from Bank of America in North Carolina. Trust me the banks are truly covering up their fraud if they are paying off loans just to destroy a paper trail. IRONIC isn't it! I can tell you this she will not be calling the bank complaining! P.s. This has also occurred on lines of credit borrowed against mortgages and they have also miss-used reverse mortgages. They truly were focused on profits and moving elicit funds that they forgot to take care of the base (Chain of Custody) failed GOTCHA GOTCHA with your hand in the cookie jar!

CHASE WROTE OFF MY SECOND MORTGAGE NOTE FROM LONG BEACH AS

Satisfactions of Mortgage. JUST PRIOR TO SAYING THEY OWNED BOTH MY NOTES AND THAN SELLING THE FIRST IN A SHADY DEAL BEHIND CLOSED DOORS TO ARCHBAY AND THAN TELLING ME A YEAR LATER .. SORRY WE NEVER OWNED THE FIRST BUT HERE  WE WILL SATISFY THE SECOND AND GIVE IT TO YOU FREE, WHEN IN FACT IT WAS A DEAL MADE WITH ARCHBAY TO FORECLOSE , WHEN THEY NEVER HAD THE PAPERWORK IN THE FIRST PLACE FROM DEUTSCHE BANK, OH AND THE VT JUDGE ALLOWED THIS TOO.

After BofA, DOJ Sets MetLife and Chase in its Crosshairs

After BofA, DOJ Sets MetLife and Chase in its Crosshairs

Thu, 2013-08-08 17:21 — Robert Ottone

Not long after Bank of America (BofA) came under fire from three separate entities, one of which being the Department of Justice (DOJ), both MetLife and JPMorgan Chase are finding themselves in the DOJ’s crosshairs. There’s no historical record indicating that the DOJ has gone after three large entities all at once, however; in the case of BofA, the case was built over the course of a few years. Whether or not the cases against JPMorgan Chase and MetLife are similar remains to be seen.
In an SEC filing, it was revealed that MetLife received a subpoena back in May, which reads “requiring production of documents relating to MetLife Bank’s payment of certain foreclosure-related expenses to law firms and business entities affiliated with law firms and relating to MetLife Bank’s supervision of such payments, including expenses submitted to the Federal National Mortgage Association, the Federal Home Loan Mortgage Corp. and the U.S. Department of Housing & Urban Development (HUD) for reimbursement. It is possible that various state or federal regulatory and law enforcement authorities may seek monetary penalties from MetLife Bank relating to foreclosure practices.”
MetLife may face substantial fines should the governmental probe find anything. “It is possible that various state or federal regulatory and law enforcement authorities may seek monetary penalties from MetLife Bank relating to foreclosure practices,” the insurer said in the filing.
JPMorgan Chase is the third bank under investigation by the DOJ, for charges of criminal practices related to sales of mortgage-backed bonds. “It is unprecedented that the Department of Justice has seriously considered criminal indictment of a major bank and I question whether it truly is,” said Professor John Coffee, of Columbia Law School to Bloomberg. “You can often bring dual investigations, civil and criminal, in order to maximize pressure for a global civil resolution.”
The indication is that the probes into JPMorgan Chase’s loans and mortgage-backed securities are product of JPMorgan, not the ones purchased from Bear Stearns Cos. and Washington Mutual back in 2008. “The Department of Justice is likely to be extremely cautious” in the criminal probe, Coffee said. “If they did anything, they might indict a subsidiary” or individual executives, he added.
With JPMorgan Chase, Bank of America and MetLife under fire from the Department of Justice and other government entities, one wonders what big bank is next?

DON'T LEAVE OUT CHASE AND WAMU LOANS AND LONG BEACH LOANS AS WELL.