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2008 - 2010 • smart90.com/bankfinanceupdates08

10a - One Satisfaction Rule Payoff Game - Q&A
• How much foreclosure relief will Borrowers get from bailout plan?
•••It all depends on the "IF" answere: WAS AN INSURANCE COMPANY INVOLVED. Was insurance $$ part of the Payoff. - CLICK FOR MORE BAIL-OUT GAMES
.

10b FICO The Credit Rating Agencies - Fraudulent FICO SCORES
•••In D.C., a few congressmen blame Benchmark firms for financial crisis
Congress had a big hand in oversight failures and deregulation, in part through a philosophy of reducing government's role. Rep. Waxman begins hearings today - MORE FICO STORY.

10c - Fipping Real Estate Is Illegal. ScamMers of Deeds of Trusts in California were involved high-end house flips on Wall Sreet usesing Deeds of Trust.
•••Lehman Bros. Bank, which last month spiraled into bankruptcy amid the nation's deepening financial crisis, and another lender, RBC Mortgage Co., lost about $42 million on the loans. - MORE FLIPPING STORY.

10d - BackDatingFraud. Former McAfee, Inc. lawyer is acquitted in stock options backdating trial
•••Kent Roberts, who served as the software maker's general counsel until he was fired in 2006, was accused of tampering with grants to increase his shares' value by $200,000. CLICK FOR MORE BACKDATING STORY.

2007b BofA settles privacy lawsuit. Who's next -- American Express? CLICK FOR MORE STORY

///BofA 03v
2002 to 2003 • smart90.com/books/books02boaupdate
February 9, 2002 BofA Settles Suits by Shareholders. Bank accused of playing down losses before merger with NationsBank. It will pay $490 million to shareholder for its Tortfeasants. Nations Bank. Bank of America agrees to pay $490 million to settle claims that it misled shareholders before its merger with NationsBank - CLICK FOR MORE STORY.

///BofA 02v
"The Sky's The Limit." To reinforce any claim which purports to take precedence over legal decisions, there must of course, be proof in the way of documented information, in order that the claim can be substantiated in a legally credible & legitimate fashion. CLICK FOR MORE WELCOMES TO The Sky' The Limit.

CEO Kenneth Lewis takes over as Bank of America's President and Chief Operating Officer. Hugh McColl, 65, will retire April 25, stepping down after 20 years as head of the largest U.S. bank rated by deposits. - CLICK FOR MORE STORY Bank of America CEO to Step Down.

2001b - BofA Quits Subprime Lending, Car Leases Banking: Those sectors have hurt other lenders. The bank will take a $1.25-billion charge. August 18, 2001. CLICK FOR MORE STORY.

2001c - The LA TIMES reported the Bank of America Corp. on August 16, 2001 became the latest lender to report big problems with loans to less-credit-worthy borrowers amid the weak economy. CLICK FOR MORE STORY.
///BofA 01
"SAVING AMERICA". A Happy Welcome is extended into the world and secrets of Sun Tzu, the innovator of the popular "Bait Switch Game" CLICK FOR MORE STORY

"ONE SATISFACTION RULE". The Co-authors have endeavored to narrow down and explain the bare facts and the several legal theories behind the U.S. Federal governments most recent 2008 Bank, Wall Street and Insurance Company Bail Out by the use of the "ONE SATISFACTION RULE". "The Bail out of the 90s, involved the same folks," says co-author Scott Stubblefield, Esq. CLICK FOR MORE STORY.

Judge Tashima and his Memorandum Opinion II And Order of May 29, 1986: Mortgage Pool Certificates Securities Litigation. No. MDL, 647 AWT. United States District Court, C.D. California, May 13, 1986, CLICK FOR MORE STORY

CLICK FOR AUTHENTICATION AND ISBN USE

CLICK FOR BofA Timeline Updates

 

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Feature / ReviewNewsUpdates05
WALL STREET - "The Bail Outs and Systematic Growth
A short look at the Strategic TimeLines - Comoditizing Certificates & Deeds
A selected Wall Street chronology 1886 To 2008

 

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1929 - October 24: WALL STREET CRASHES - "Black Thursday." The economic bubble finally bursts.
•• Stock prices fall sharply on a day of heavy liquidation. Ticker tape runs four hours later than normal at a volume of 12.9 million shares. Headlines will report the market's paper loss at $5 billion.
•• A pool of bankers act to stem the drop by putting more money into the market, and President Hoover reassures Americans that U.S. business is sound. Within a few days, a headline will read, "Brokers Believe Worst is Over and Recommend Buying of Real Bargains."
1929 - October 28: "Black Monday." The stock market falls 22.6%, the highest one-day decline in U.S. history. The crash triggers similar declines in markets around the world.
1929 - October 29: "Black Tuesday." Panic sets in as investors all try to sell their stocks at once. Over 16 million shares of stock are sold, setting a record -- and the market records over $14 billion in paper losses. Stock tickers cannot keep up with the heavy trading volume. At the end of the day, the market is down 33 points, more than 12.8%. Some of the nation's financial elite, including General Motors' William C. Durant and the Rockefeller family, show confidence by buying stocks, but their efforts fail to stem the tide.
1929 - November 23: After weeks in freefall, the market hits its bottom and stabilizes. The New York Times reports, "Regular Schedule to be Resumed, but Trading Will Be Suspended Last Half of Week; Business Nearly Normal." The market's daily volume is at 3 million shares with "orderly although irregular" prices.
• 1930 - Bank of America was formed. The name change from the Bank of Italy to the Bank of America

CLICK FOR MORE BofA -- WALL STREET TIMELINE 1886 TO 2009

10a - One Satisfaction Rule Payoff Game - Q&A
• How much foreclosure relief will Borrowers get from bailout plan?
•••It all depends on the "IF" answere: WAS AN INSURANCE COMPANY INVOLVED AS part of the $$ Payoff. The financial system includes measures designed to stem the rising tide of foreclosures. But First, take a look at the strategy USED BY LENDERS in the Bail-Out - CLICK FOR MORE BAIL-OUT GAMES.
• The $700 Bill Bailout Chronology:
• October 3, 2008
• The House approves the $700-billion Wall Street rescue package and President Bush signs the bill.
• Employers shed a net 159,000 jobs in September, the worst one-month drop in more than five years.
• The Dow Jones industrial average falls 157 points to a three-year low.
• Wells Fargo agrees to buy Wachovia for $$15 billion, sparking protests form Citigroup, which had planned to buy Wachovia's banking operations.
• California officials, needing $7 billion ot cover state bills, watch the credit markets in hopes of getting a short-term loan soon.

• October 6, 2008
The $700-billion rescue package for the financial system MUST include MEASURES that applies to the One Satisfaction Rule that are designed to stem the rising tide of foreclosures. Here's a look at the specifics.
••• Under the One Satisfaction Rule -- How does the bailout plan help homeowners facing foreclosure?
•••The plan provides the Treasury secretary as much as $700 billion to buy troubled mortgages, and securities tied to these mortgages, that are held by banks and other large investors. When these assets come under government control, federal officials are required to "implement a plan that seeks to maximize assistance for homeowners" and use their authority to minimize foreclosures.
••• Does that differ from what the government and lenders are already doing?
•••Federal officials have already been encouraging lenders to modify loan terms whenever possible. Mortgage industry experts say most lenders are willing to make modest changes to payment plans to avoid the time and expense of foreclosure but are reluctant to do so if they determine that the borrower lacks the income to make even modified payments or if their losses would be too great.
•••It sounds as if the plan doesn't do much more for troubled homeowners then.
•••There are different opinions on that. Steven Adamske, spokesman for the House Financial Services Committee, believes that the government -- by becoming an investor in mortgage-backed securities -- will have new clout to demand that loan servicers modify mortgages. "If servicers are an impediment [to loan workouts] we can take another look at the industry next year and see if there are other actions we can take to remove roadblocks," he said.
•••Unlike a private investor or lender, "the government is here to help. We want to rebuild neighborhoods from the ground up," Adamske said.
•••But Paul Leonard, California director of the Center for Responsible Lending, a nonprofit advocacy group, thinks the measure really won't help many homeowners. He believes the only way to ensure people stay in their homes is to allow bankruptcy judges to modify or forgive loan terms in bankruptcy cases, which he said could have prevented 600,000 foreclosures. Such a measure has been opposed by mortgage lenders, who say it would discourage banks from making loans.
••• How many people are currently facing foreclosure?
•••Nearly 2 million mortgages are delinquent by 60 days or more, putting them at risk of foreclosure. Industry experts say there have been more than 900,000 foreclosures since 2007.
••• How are loans modified to prevent foreclosures?
•••Foreclosure prevention is centered on two programs, both of which have "hope" in their name.
•••A new federal loan workout program called Hope for Homeowners begins this month, targeting those unable to pay their mortgages. It is for homeowners who bought their homes before 2008 and now have monthly payments exceeding 31% of their income.
•••Under the program, banks would in many cases write down mortgages to 90% of a home's current value. Such a provision would be important in California, where many recent home buyers have mortgages that now greatly exceed their property values.
•••The new 30-year fixed-rate loan would be insured by the Federal Housing Administration and could not exceed $550,440.
•••An existing voluntary effort to prevent foreclosures has been in place since last year. Called Hope Now, the program is a joint effort by lenders, mortgage servicers and nonprofit housing groups to help troubled homeowners renegotiate their mortgages. Through this program, borrowers have been able to defer or reschedule monthly payments or reduce their loan principal.
•••How will I know whether the government owns my loan?
•••This has yet to be determined. The Treasury secretary will have 45 days to implement a plan, and presumably these details will become available at that time.
•••Tom Deutsch, deputy executive director of the American Securitization Forum, a financial industry group, said that in many cases the loan servicer won't change even if the government has taken over a mortgage. You can ask your loan servicer who owns your mortgage, but if the government was one of many investors in a mortgage-backed security into which your loan is packaged, you might not be able to tell.
•••Deutsch said the government might also set up a method for borrowers to inquire about who holds their loans.
•••So what should I do if I want assistance?
•••Consumer advocates say you should first contact your lender to see whether you can adjust the terms to make the payments more affordable.
•••You also can call the Hope Now hotline at (888) 995-HOPE. CLICK FOR MORE TASHIMA STORY.

10b FICO The Credit Rating Agencies - Fraudulent FICO SCORES
•••WASHINGTON -- When Congress voted for the Wall Street Bail-Out on October 6, 2008 -- Federal regulators blamed the "BIG CRASH" on some of the smooth "insiders" controlling the financial Benchmark Rating firms. By the issuance of fraudulent, self-serving reports for a few top executives needing to cash-in their back-dated stock option to raise capital for their firms, did the job for a while.
•••The transfer of "$peedollar$ to their bank accounts "insured" by the Feds, under the guidelines of the "One Satisfation Rule," -- did the job," said a spokesman for the TeleKey Group.
•••Congress had a big hand in oversight failures and deregulation, in part, says Speedollar spokesman, Mark Sovol, "by the reduction of government's role in the private sector's beflief in enlarging the "cashless society." Rep. Waxman begins hearings today.
•••"How did we get here?" asked Sen. Byron Dorgan (D-N.D.). "In 1999, Congress was pressured to repeal the financial protections that were put in place following the Great Depression."
•••Dorgan is one of a relative handful of members of Congress who have spoken out against the surge of deregulation.
•••Among other potential targets of the inquiry: hedge funds and the credit rating agencies, which have been accused of attaching overly positive ratings to questionable mortgage securities.
•••Waxman said in a statement that he saw the problem as "a failure of the Bush Administration and the Republican-controlled Congress to oversee the markets."
•••FICO, say the Independent experts such as former SEC Chief Accountant Lynn Turner say that to understand the current crisis, it's important to examine the full range of congressional actions that led to it, including the failure to heed warnings about Fannie and Freddie and the failure to oversee investment in the tangle of mortgage-backed securities, derivatives and swaps.
•••He also cites congressional and executive branch failure to respond to warnings about credit rating firms that gave unjustified high grades to risky mortgage-backed securities.
•••The role that deregulation played in the calamity is becoming the subject of heated debate. Conservatives argue the problems arose not from the fundamental decision to decrease the role of government but a failure of government -- including Congress -- to provide basic oversight and supervision.
••• When Congress voted on October 6, 2008 -- to bail out Wall Street banks and investment houses, members were also indirectly voting to repair damage lawmakers themselves had caused during a decades-long era of deregulation.
•••As the blame game moves into high gear in Washington, there seem to be few winners. Already under scrutiny are lawmakers from both political parties, Presidents George W. Bush, Bill Clinton and their predecessors, and record amounts of money funneled to Congress from Wall Street and the two government-backed mortgage giants, Fannie Mae and Freddie Mac.
•••In hindsight, members of Congress and administration officials such as Treasury Secretary Henry M. Paulson agree that a new regulatory framework must be created.
•••But investigating what went wrong and how to construct a new financial infrastructure confronts politicians and policymakers with an awkward situation. Many of those who will presumably shape new safeguards were advocates of the sweeping deregulation that contributed so much to the problems they now propose to fix.
•••The problem is particularly acute for members of the committees that oversee banking on Capitol Hill. "Congress deserved more blame than anyone else," said Rep. Christopher Shays (R-Conn.), a member of the House Financial Services Committee who backed some deregulation bills but also called unsuccessfully for increased oversight.
•••Sen. Tom Coburn (R-Okla.), a conservative gadfly and the ranking GOP member of the Homeland Security and Governmental Affairs subcommittee on federal financial management, said lawmakers failed because they were too preoccupied with pleasing lobbyists, constituents and campaign contributors to fulfill their oversight responsibilities.
•••Rep. Henry Waxman (D-Los Angeles) was one for the first to hold a series of hearings on what he described as "the regulatory mistakes and financial excesses that led to the market breakdowns on Wall Street."
•••But others -- including Hilary Clinton -- insist that members of Congress from both parties should be held accountable. The two-term leader rapped Democrats last week for "resisting efforts by Republicans in Congress and by me when I was President" to tighten regulatory and accounting standards on Fannie Mae and Freddie Mac.
•••Republicans are now touting the role that their presidential nominee, Arizona Sen. John McCain, played in advocating stricter regulation of the mortgage giants.
•••The origins of the current problems lie in three overlapping areas, many critics say, though they often disagree on the order of importance.
•••The influence of money from special interests -- which flowed into congressional campaign coffers in huge streams -- is cited by some as a prime factor. Those groups and industries, which also funded massive lobbying campaigns, backed what some now see as ill-considered congressional votes that deregulated complex market activities and eventually brought the system to the brink. Others cite failures of the executive branch, including the White House and the Securities and Exchange Commission.
•••Exhibit A on the use of money to court decision-makers is the record of Fannie and Freddie, report the news media
•••Employees of both provided lavish campaign and other support to both parties through the years, but gave more overall to Democrats.
•••Curent members of Congress have received a total of $4.8 million in donations from the mortgage guarantors, with Democrats collecting 57% of that, according to the Center for Responsive Politics.
•••Fannie and Freddie also paid huge fees to hire lobbyists to woo influential members of both parties. For example, Rick Davis, now a top advisor to McCain, was paid tens of thousands through the years by the mortgage giants.
•••When Democrats discuss the root causes of the financial crisis, they are likely to cite legislation from several years ago sponsored by former Sen. Phil Gramm, a Texas Republican who has served as an advisor to McCain.
•••Gramm successfully pushed a bill that deregulated banks and another that deregulated the so-called derivatives market, which has been blamed for fueling the current crisis.
•••Authors of a new book argue that it was reductions in the role of government advocated by both parties that played a major role in the financial meltdown.
•••"This is part of a pattern that emerged from a long period of reckless deregulation," said Lawrence Jacobs, a University of Minnesota political scientist and co-author of "The Private Abuse of the Public Interest," which examines the effect of a "deregulation fever" that gripped Democrats and Republicans near the end of the 1960s and persisted.
•••"There was an unquestioned assumption over these decades that if government stays out of the picture, the markets will be more dynamic and the outcome will be better for the country as a whole," Jacobs said in an interview.
•••That proved to be the case in a few instances, such as the deregulation of commercial airlines. But, he added, "what started as a reasoned and nuanced discussion of how to nudge the economy forward turned into a kind of radical utopian stampede in which leaders of both parties said, 'Government was the problem.' "
•••Republican Shays and other deregulation advocates counter that the problem lies not with deregulation but with the oversight that was always required of Congress and federal agencies.
•••Shays, for example, defends his vote for the Financial Modernization Act. That law stripped the Depression-era regulation of banks and allowed them to engage in investment activities.
•••But he also has been critical of the Treasury Department and other agencies for not overseeing what followed.
•••North Dakota's Dorgan, a Democrat, takes a harsher view. He faults the decision to deregulate banks that occurred after passage of the modernization act.
•••"In 1999, when the bill was debated, I warned, 'This bill will also raise the likelihood of future massive taxpayer bailouts.' . . . I also think we will, in 10 years time, look back and say, 'We forgot the lessons of the past,' " Dorgan said, adding, "I take no satisfaction that I was right." CLICK FOR MORE FICO FRAUD STORY.
///

10c - Fipping Real Estate Is Illegal. Scammers of Deeds of Trusts in California were involved high-end house flips on Wall Sreet usesing Deeds of Trust.
•••Lehman Bros. Bank, which last month spiraled into bankruptcy amid the nation's deepening financial crisis, and another lender, RBC Mortgage Co., lost about $42 million on the loans, according to prosecutors and the civil suits.
HOW DID THEY DO IT?
••••They allegedly bought inexpensive houses in exclusive areas at market value, fabricated records showing them to be worth two or three times as much, and then secured $142 million in loans based on the inflated numbers.
•••The alleged fraud ring initially kept up payments on the properties, but by August 2003 the mortgages were slipping into default and headed for foreclosure. Money that might have been used to service the loans instead was spent by Abrams and Fitzgerald on lavish items such as private jets and vintage wines, court records in the lenders' civil lawsuits show.
••••It was the beginning of an era of freewheeling lending that later helped fuel the current turmoil in U.S. credit markets. As interest rates fell, lenders jumped in with anything-goes loans, some requiring no proof of borrowers' ability to repay them.
•••Those who easily got mortgages included first-time buyers who couldn't afford them, speculators seeking fast profits on flips and, as prosecutors now contend, fraudsters such as Fitzgerald and Abrams.
••••Prosecutors say the pair recruited real estate agents, including Grasso and Babajian -- whose celebrity clients have included Ryan Seacrest and Oscar De La Hoya -- to find properties, negotiate sales, falsify listings and jack up the "comps," or comparable sales figures, from other transactions in the area.
••The secrete of the scam were appraisers. Theused their own escrow companies to fabricate settlement documents and their own notary to validate them, prosecutors say. (Just like in the BofA vs NMEC)
•••In all, they bought about 80 houses
in exclusive enclaves of Southern and Northern California, often using people posing as buyers who appeared to be legitimate but were not, the government contends.
•••••The "buyers" owned the homes in name only -- Fitzgerald and Abrams allegedly kept control of the properties and rented some to raise cash to help keep their scheme going.
•••Some straw buyers' identities were used without their knowledge. A dozen others told a private investigator working for Lehman Bros. that they were solicited by Fitzgerald or others to sell the use of their names and credit histories for up to $15,000 but didn't know they had done anything wrong, court records show.
•••None of the straw buyers has been charged in the case.
•••Assistant U.S. Atty. Jeremy D. Matz, the lead prosecutor, called the scheme "an extreme case" of fraud. He and a former general counsel for RBC Mortgage Co. said the damage reached beyond the financial institutions that lost money.
•••Attorney Elizabeth Edelman told the court that losses of more than $20 million helped prompt the sale of RBC.
•••"People lost their jobs," she said. "Innocent people at RBC were affected."
••••As the fraud unraveled -
••••Fitzgerald fled the country with his wife and children in 2003. He left behind a second woman he married in Las Vegas in 1999, and their young son, court records state.
••••Fitzgerald was arrested in Western Samoa in December 2006 and deported to the U.S. •••••Charles Elliott Fitzgerald, 48, will serve his time at a medium-security federal prison in Colorado, was ordered to pay that amount in restitution. However, the judge noted that Fitzgerald does not have the money. CLICK FOR MORE DEBT THAT MIGHT BE INSURED - TASHIMA STORY..
•••Lehman Bros. Bank, -
•••• just last month spiraled into bankruptcy amid the nation's deepening financial crisis, and another lender, RBC Mortgage Co., lost about $42 million on the loans, according to prosecutors and the civil suits.
••••Fitzgerald, will serve his time at a medium-security federal prison in Colorado, was ordered to pay that amount in restitution. However, the judge noted that Fitzgerald does not have the money.
•••"I am sorry for everything that happened," Fitzgerald, who wore a white prison jumpsuit and was shackled at the waist, told the judge as his wife and six children sat at the back of the courtroom.
•••"I apologize to the court, I apologize to the government, I apologize to every victim," he said. "I wish I could take it back and relive those years all over again and change it all, but I can't."
•••Fitzgerald, pleaded guilty in May 2008 to charges of bilking mortgage lenders of more than $40 million. The scheme was based in Beverly Hills and involved high-end house flips.
•••On October 4, 2008,
•••• Fitzgerald, the admitted architect of one of the largest real estate frauds in California history, was sentenced on to 14 years in federal prison for his part in bilking mortgage lenders of more than $40 million.
•••1999 and early 2000s was the beginning of an era of freewheeling lending that later helped fuel the current turmoil in U.S. credit markets. As interest rates fell, lenders jumped in with anything-goes loans, some requiring no proof of borrowers' ability to repay them.
••••He is the first of 11 defendants to be sentenced in the case, which foreshadowed the wave of foreclosures now washing over the wreckage of California's real estate market. But U.S. District Judge Dean Pregerson said Fitzgerald's scheme had no direct connection to the current financial crisis.
•••"This is not a deregulation case," he said. "This is a case about good old-fashioned lying and cheating."
•••Prosecutors said Fitzgerald and his alleged co-conspirators, including developer Mark Alan Abrams and star real estate agents Joseph Babajian and Kyle Grasso, hatched their scheme during California's burgeoning real estate boom of the late 1990s and early 2000s. CLICK FOR MORE TASHIMA STORY..

10d - BackDatingFraud. Former McAfee, Inc. lawyer is acquitted in stock options backdating trial
•••Kent Roberts, who served as the software maker's general counsel until he was fired in 2006, was accused of tampering with grants to increase his shares' value by $200,000.
•••The scandal over improper options-related accounting led to investigations at hundreds of companies and criminal charges against 21 people, including executives at Broadcom Corp., Monster Worldwide Inc. and Take-Two Interactive Software Inc.
•••"I would strongly recommend against pursuing this any further," U.S. District Judge Marilyn Hall Patel said after dismissing the jury, which deliberated for nearly three days after a two-week trial. "With no actual loss of money it's a little hard spending all the time and effort on this."
•••Roberts declined to comment and his lawyer, Stephen Neal, said only that they "were pleased with the verdict."
-- A jury on October 4, 2008 in SAN FRANCISCO -- acquitted the former top lawyer at computer-security software maker McAfee Inc. of illegally tampering with his stock option grants to boost his pay package.

•••Kent Roberts, who served as McAfee's general counsel until he was fired in 2006, was charged with two counts of fraud and one count of falsifying accounting books. A jury on Friday found him not guilty on the fraud charges and couldn't come to a decision on the third charge.
•••Roberts was charged with illegally altering the price of 20,000 shares of stock options he was awarded in 2000 when the company was called Network Associates Inc. The change increased the value of the stock by nearly $200,000, but Roberts didn't sell the shares.
•••Federal prosecutors must now decide whether to retry Roberts on the false accounting charge. Assistant U.S. Atty. Laurel Beeler declined to comment after the verdict was read.
•••Roberts was only the third executive to go on trial over alleged illegal backdating of stock option awards and the first to be acquitted.
•••Former Brocade Communications Systems Inc. Chief Executive Gregory Reyes and the networking-equipment company's former personnel chief, Stephanie Jensen, were convicted last year after trials in San Francisco federal court. Both are appealing. CLICK FOR MORE USING BENCHMARKS TO BUY-SELL STORY.
///

2008 - 2010 smart90.com/books/books08boaupdates
January 2008: Countrywide Sells to Bank of America. Agrees to buy Countrywide, paying $2.5 billion in BofA stock. CLICK FOR MORE STORY
September 2008: Merrill Lynch & Co & Bank of America tentatively agrees to buy brokerage giant Merrill Lynch & Co. for $44 billion in stock. CLICK FOR MORE STORY

A Happy Welcome is extended into the world and secrets of Sun Tzu, the innovator of the popular "Bait Switch Game".
"We Couldn't Have Done It Without You."
----- Discover the hidden secrets and never before revealed truths about the Bank of America -- NMEC scandal; the events that destroyed many people, including the president and chairman of the Board of Bank of America and NMEC. BofA's Sam Armacost, called the NMEC scandal, "that crazy mortgage thing never should have happened". BofA's Board of Directors called the scandal "their personal Pearl Harbor" -- analogized after Federal Judge Tashima. ( The Tashima Era)
-----
This Book, however is not only about Bank of America, NMEC and Wells Fargo, it is also about the founders, the good and bad guys of the financial, banking, insurance world, and the corporate gurus who make up the pieces of the puzzle -- from the early days of mortgage pass-through certificates, in 1977 to 1993.
-----
The methodology which Troy and Josie Cory applied to resolve the BoA -- NMEC scandal, is, what you might call in he high tech world -- as Motion with Devotion. You'll find there's as much as a thin-line between Bank of America and NMEC activities, as there is between Trust Deed and mortgage notes-- for without one you might not have the other.
We Couldn't Have Done It Without You -- said BofA the 80s and 1990s
-----The Banks Un-American Banking Activities in the 80s, promoted itself as the bank that -- "We Couldn't Have Done It Without You." But to Claire Giannini Hoffman, the bank her father founded in 1906, as the Bank of Italy, is doing an unflattering job on his memory.
ffman, was an ongoing critic of Bank of America for much of her lifetime. She made a habit of contacting newspapers and radio stations condemning the wild and wooly ways of various BofA officials, calling them "an insult to my father."
-----
"It is contemptible, what they are doing," the 89 year-old Hoffman would tell interviewers. "They are using my father's name and picture to promote their bank". She said the modern Bank of America does not represent the business philosophy espoused by her father. "My father believed that, if you helped people, eventually you would have people for friends, as well as customers."
-----
Hoffman, delivered a blow to the bank's image in 1985, by resigning her honorary seat on its board. It was over what she called, the "unpardonable" act of selling its San Francisco headquarters; the repossessing of trucks, automobiles and the homes and farms from our customers, in a time of need.
-----
Today's BofA, she said, "is just another bank. If it didn't have the same name there would be no similarity at all."
We Couldn't Have Done It Without You -- said BofA in the 2002s and 08s
-----And the predictions declared by the daughter of founder of BofA, Amadeo P. Giannini, were right on - JUST LOOK AT THE TIMELINE. The name change from the Bank of Italy, to the Bank of America took place in 1930.

The Judge Tashima Era - The ONE SATISFATION RULE: Publishers IN THIS ISBN BOOK SET hereby authenticates the use of its ISBN.
• The Co-authors have endeavored to narrow down and explain the bare facts and the several legal theories behind the U.S. Federal governments most recent 2008 Bank, Wall Street and Insurance Company Bail Out by the use of the "ONE SATISFACTION RULE". "The Bail out of the 90s, involved the same stratigy used by the BofA vs NMEC folks in the 90s," says co-author Scott Stubblefield, Esq.
•• Legal literature is not a tool by which compiling authors may keep for themselves, thus, the facts and data that has been collected from existing works, may be freely used. Of course, that includes the opinions of judges, attorneys and the information leaked to the news media. Even some of the material the authors herein have compiled to redefine and ascertain the time period -- when the "new parties to this action, joined the existing "joint tortfeasors" -- is not immune from this copyright.
•••
Both the authors and publisher believe that the examples and case history data found within the book set, and special eWeb editions are accurate, thus such reliance, will be most useful in helping the para-legal, case and trial attorney prepare for trial.
•••
In the NBS WiTEL action started in 1990, the late Melvin Belli, stated, "by law, in America, RF - hi-frequency radio broadcasting spectrums were not sold to telephone companies." It wasn't until 1999, the first FCC Auction was planned. This was a complete about-face from what was promised to Stubblefield and the Kentucky "big six" in 1906, stated Melvin Belli, in "The Tortfeasors".
••• "In lost revenue alone, Kentucky and the "big six" were bleached out of the wireless picture. In today's monetary standards, the amount erased by the government would be in the billions to the Stubblefield Family, as well as to the many other Kentuckians, whom invested money in the American dream of the 1900."
•••
However, the story line, data, news clippings and other information are intended solely as researching aids and should not be used in any particular application without independent studies and verification by the person making the application.
•••
For these reasons, the Authors and Publisher of this ISBN make no warranties, express or implied, that the examples, data, or other information in these volumes are free of error, that they are consistent with industry standards, or that they will meet the requirements for any particular legal application. CLICK FOR MORE Peswiki STORY
••• Payment by escrow agent of mortgage pools to investors, upon discovery that pools were being operated fraudulently, constituted full satisfaction of investors' claims, where agent was itself liable to investors, and thus agent could not bring investors' claims by way of assignment against other allegedly fraudulent operators and participants in mortgage pools; rejecting (American Commercial Lines v. Valley Line Co., 529 F.2d 921 (8th Cir.).
THE AUTHOR AND PUBLISHER OF THIS ISBN
660BoaTortfeasor46w.jpg EXPRESSLY DISCLAIM THE IMPLIED WARRANTIES OF DISTRIBUTION AND OF PUBLISHING FOR ANY PARTICULAR PURPOSE, even if the author has been advised of a particular purpose, and even if a particular purpose is indicated in the book. The author and publisher also disclaim all liability for direct, indirect, incidental, or consequential damages that result from any use of the examples, data, or other information in this book. Melvin M. Belli, Esq. / Kevin McLean, Esq./ Scott C. Stubblefield, Esq. - San Francisco, California MORE BELLI STORIES - / Smart90 - Who Was Melvin? / Wikipeadea / Best Books References / CLICK FOR MORE ABOUT The Judge Tashima Era - The ONE SATISFATION RULE:

2001 Bank of America CEO to Step Down
-----
Bank of America Corp. confirmed that Chairman and Chief Executive Hugh McColl will retire April 25, after 20 years as head of the largest U.S. bank rated by deposits. McColl will be replaced by President and Chief Operating Officer Ken Lewis. Lewis, 53, will take the reins at a difficult time for Bank of America. CLICK FOR MORE STORY. 1990 to 2001 • smart90.com/books/books02boatort

2001b - Subprime Mortgage Leaders. BofA Quits Subprime Lending, Car Leases Banking: Those sectors have hurt other lenders. The bank will take a $1.25-billion charge. August 18, 2001. Who's Who is doing it. Here are the lenders that originated the largest dollar volume of subprime mortgages in the firstquarter, according to estimates by Inside Mortgage Finance of Bethesda, Md. CLICK FOR MORE STORY. 2001 • smart90.com/books/books02boatort

2001c - Money Problems. Bank of America Corp. on August 16, 2001 became the latest lender to report big problems with loans to less-credit-worthy borrowers amid the weak economy. CLICK FOR MORE STORY. 2001 • smart90.com/books/books02boatort

2002 - February 9, 2002. BofA Settles Suits by Shareholders. Bank accused of playing down losses before merger with NationsBank. It will pay $490 million to shareholder for its Tortfeasants. CLICK FOR MORE STORY 2002 • smart90.com/books/books02boaupdate

2007b BofA settles privacy lawsuit. Who's next -- American Express?
• • July 12, 2007 / Bank of America Corp. agreed to pay $14 million to resolve claims that it improperly disclosed customer information to marketers and third parties without permission. CLICK FOR MORE STORY
2007 smart90.com/660bankofamericaupdate04

2008 - 2010 • smart90.com/bankfinanceupdates08
660BoaTortfeasor46w.jpgA Cordial Welcome is extended to this Revised, Updated & Expanded 3rd Edition 2008 of Bank of America. "The Sky's The Limit."
••• To reinforce any claim which purports to take precedence over legal decisions, there must of course, be proof in the way of documented information, in order that the claim can be substantiated in a legally credible & legitimate fashion. CLICK FOR MORE WELCOMES TO The Sky' The Limit.
••• Such is the case surrounding the hidden secrets and never before revealed truths about the Bank of America -- NMEC scandal; the events that destroyed many people, including the president and chairman of the board of Bank of America and NMEC. BofA's, Sam Armacost, called the NMEC scandal, "that crazy mortgage thing never should have happened." BofA's Board of Directors called the scandal; "their personal Peal Harbor." CLICK FOR MORE TASHIMA STORY.

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1990 to 2001 • smart90.com/books/books02boatort
2002 to 2003 • smart90.com/books/books02boaupdate
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ITEM No.: 08; - TITLE: 680 Bank Of America, "The Tortfeasors" The Bait Switch Game". By Troy Cory-Stubblefield, Melvin Belli, Esq., Scott Stubblefield, Esq., Kevin McLean, Esq., Josie Cory. Hardcover (September 3, 1993), Price:$1,229.99 - (450 pages) - Special Order; ISBN: 1-883644-85-2; BK0660.
Review: Bank Of America, The Tortfeasor
SUBJECT: The Truth and Untold Story about the Bank of America and NMEC scandals; A shocking non-fiction book on how to rob a bank from the inside. BofA's American and un-American banking activities; Billion Dollar Contracts, News Reports on BCCI, Student loans. "Monopoly, that's the favorite game of habitual crooks &emdash; they're going to go around the board as many times as they can, before going to jail". Jim Donckels, FBI.
TITLE: The Sky's The Limit -- with Speedollars
PUBDATE: 3rd Edition 2008 • Revised, Updated & Expanded - - 2008.

ISBN: 1-883644-85-2; BK0660
Price: $69.95
TITLE: Bank Of America, The Tortfeasor, the Bait Switch Game.
SERIES: Tortfeasor Series
AUTHOR: Cory-Stubblefield; Belli, Melvin M.
PHOTOGRAPHER: Cory-Stubblefield, Troy; Sova, Mark
ILLUSTRATOR: Cory-Stubblefield, Troy
EDITOR: Stubblefield, Scott B. Esq.; McLean, Kevin, Esq.; Johnson Ken; Huntsman, Rulon J., Esq.; Cory, Josie
TRANSLATOR:
SUBJECT: The Truth and Untold Story about the Bank of America and NMEC scandals; A shocking non-fiction book on how to rob a bank from the inside. BofA's American and un-American banking activities; Billion Dollar Contracts, News Reports on BCCI, Student loans. "Monopoly, that's the favorite game of habitual crooks --they're going to go around the board as many times as they can, before going to jail". Jim Donckels, FBI.
EDITION: Collector's Edition
VOLUME: I
PAGES: 450
DISCOUNT: 20%
PUBLISHER: Television International Publishing
CO-PUBLISHER: Smart Daaf Publishing
BINDING: HC
LISTPRICE: 1,299.99
PUBDATE: 930903
Library of Congress TX 3663273. Card # 93-061742
Effective Date of Registration: Nov 1, 1993

DISTRIBUTOR: TVI Publishing House
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