They're crooks, and they're going down. Sadly, as a civil case, not a criminal case. Why a civil case? Because according to the above securities attorney, the civil case is a slam dunk -- in civil cases, you don't have to prove criminal intent to defraud, all you have to show is that they misrepresented the security, and knew they misrepresented the security. Going for the criminal charge, on the other hand, and you have to prove that the misrepresentation was intended to defraud the investors. Much harder to prove.
- Badtux the Law Penguin
I am presently in litigation with Fremont Reorganizing, Goldman Sachs dba Litton Loan Servicing, et al., (2 different cases) for about 2 years now. The main issue with the complaint is a fraudulent loan originated by Fremont in June 2006. This in turn produced an array of other
ReplyDeleteissues: unsigned deed of trust, over billing issues, lost payments, excessive balloon payment, back dated assignments, illegal non-judicial foreclosure documentation, missing documentation, illegally reporting to my credit, falsifying declarations, 6 week TRO's, court procedures not followed, judges wait until the courtroom is cleared to rule against a TRO (both times); retired (78 year old) judge ruled against a seated judges TRO where the retired judge took 30 minutes to read a 300 page brief. The whole time they have been ignoring my request and failing to give me the required documentation so that I can rescind the loan. Goldman Sachs dba Litton Loan Servicing has been aggressively trying to foreclose on my property. I believe to cash out for insurance reasons. (It's over a million dollar loan) I have invested over $400,000 into this property for the past 5 years and if I had known about this mortgage meltdown game played by Wall Street I would have never proceeded with this Real Estate transaction. The Media and the Government has not once addressed or helped the borrower, namely me, who also has been damaged by these defaulted CDO's.
A Time line of what's going on with Goldman Sachs to show how they are scheming to pursue foreclosures for the insurance by acquiring distressed, shelled fraudulent companies which will eventually or haven't already gone BK...
Oct 26, 2005 Litton Loan Servicing Class Action - mishandling loans, servicing over 400,000 borrowers - case settled Feb 17, 2009 for $537 (limited due to class status)
Feb 27, 2007 FDIC Cease and Desist - Fremont Reorganizing for illegal loan practices, et al., (largest predatory lenders who heavily solicited brokers for their schemes)
Oct 16, 2007 Massachusetts Lawsuit vs Fremont and Goldman Sachs - Predatory Lending Practices - settled May 11, 2009 for $60 mil
Dec 11, 2007 - Goldman Sachs Acquires Litton Loan Servicing
June 2, 2008 Litton (Goldman Sachs) Acquires Fremont Reorganizing Servicing Rights
June 19, 2008 Fremont Reorganizing files BK
Apr 16, 2010 - SEC vs Goldman Sachs - Securities Fraud
Here is the link to my blog http://bushnellcomplaint.blogspot.com/ if you want to download court documents pertaining to my case.
Note: My wife is pursuing individuals who are interested in joining her in a class action lawsuit with regards to violation of her community property rights in a wrongful foreclosure. If you are in a community property state and a spouse is not on title you may have grounds for legal action.
I read that Ritholtz piece last night on a link from another econoblog. He hammers it home, all right.
ReplyDeleteThe comments were interesting too. About 99-1 in favour of cremating Goldscum Sux. The anger is growing amongst people who know what's going on. As for the people who don't, fcuk 'em. They're the helium and argon of American public discourse -- inert gases.
And even with the Squid's tentacles throughout the Obama Admin. and so many regulatory agencies, mass outrage in those proportions will have an effect. If nothing else, it will embolden other powerful parties that Goldscam has gored, like RBS/the British government, to take the bastards down a few notches.