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Wednesday, July 30, 2014

OCC Advisory Letters....If Only Anyone Had Listened?

http://chasechase.org/cases.html#exhibits

OCC Advisory Letters

How could the "Regulators" allow this breakdown to happen? Was it really fraud when banks arranged loans for homeowners who would inevitably go into defrault, sold them to Wall Street to be bundled into securities, then purchased insurance so that the bank would collect the unpaid balances when the borrowers lost their homes? 

Did anybody really know that repealing Glass-Steagall and permitting Wall Street banks to get under the covers with Main Street banks would cause so many borrowers to lose their homes?

 The Glass-Steagall Act, enacted in 1933, barred any institution from acting as any combination of an investment bank, a commercial bank, and an insurance company. It was repealed in 1999, and the repercussions have been immense.

The Office of the Comptroller of the Currency (OCC) issued Advisory Letter 2000-7 only months after Glass-Steagall was repealed.

 It warned regulators to be on the lookout for indications of predatory or abusive lending practices, including Collateral or Equity Stripping - loans made in reliance on the liquidation value of the borrower's home or other collateral, rather than the borrower's independent ability to repay, with the possible or intended result of foreclosure or the need to refinance under duress.

Proving fraud is a painstaking process. Getting inside the mind of a crook requires a careful foundation, and admissible evidence is not always easy to obtain. 

Many courts will take judicial notice of official acts of the legislative, executive, and judicial departments of the United States and of any state of the United States. 

See Cal Evidence Code Sec. 452(c).
Here is a set of smoking guns in the form of a series of Advisory Letters issued by OCC:

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