foreclosure defense

By Adam Levin

The Minority Leader of the U.S. Senate, Mitch McConnell (R-KY) wants to prevent President Obama from appointing Elizabeth Warren, Raj Date (or frankly anyone other than the ghost of Adam Smith or Old Man Potter from “It’s a Wonderful Life”) to be the Director of the newly created Consumer Financial Protection Bureau unless and until Democratic leaders agree to essentially defang the agency and permit Congressional oversight and authorization of its budget. He has convinced 44 of his closest Republican friends in the Senate to go along with him.

The head of the U.S. Chamber of Commerce, you know, the guys who are always looking out for the American consumer, has stated that the CFPB is “the most powerful agency ever created” and pretty much implied that Congress may have to destroy it to save his village. It seems crazy that more than a year after passage of the Dodd-Frank Act that created it, and weeks before it officially opens its doors, the CFPB must continue to justify and defend itself, given the financial FUBAR confronting our nation. However, as long as Sen. McConnell and his colleagues are intent on taking the disruptive course and have a platform to do it, we must continue to point out why there is a very real need for the agency and that efforts to kill it are counter-productive for our country and our economy. So, here we go again.

[Related article: Consumer Protection Fight Erupts Into Allegations of Lying]

This weekend I had the privilege of interviewing Holly Petraeus, the newly appointed head of the Office of Service Member affairs of the CFPB, on my weekly radio show on LA station KFWB (AM 980), about how she intends to protect our military families against those financial predators who profit from the distractions of their deployment and the vulnerabilities of their financial illiteracy. Her mission, while critical to our national defense and our economy, is but one of a number of vitally important tasks charged to the CFPB.

Like Elizabeth Warren, Mrs. Petraeus is a dedicated, brilliant, doggedly-determined consumer advocate who has spent much of her life protecting the men and women who defend our nation. She is 4th-generation military and her husband, General David Petraeus, was the commander of all U.S. forces in Iraq, runs the war in Afghanistan and is about to become the next Director of the CIA. You’d think Senator McConnell and his minions wouldn’t want to mess with her. Unfortunately, the fact that she isn’t a politician and is singularly focused on the demanding job of protecting men and women in uniform from economic vultures is sadly working in the Senator’s favor. She’s so busy protecting people that she doesn’t have time to justify her work protecting people.

[Resource: Get your free Credit Report Card]

The message that seems to be lost on those who oppose the CFPB is that we are in as much of a dogfight on the domestic front as we are with terrorists around the world. We are at war against financial predators and financial illiteracy. And the rules of engagement are as muddy in Maine, New York, Kentucky, Indiana, Montana and California as they are half a world away, because it’s getting harder to distinguish the good guys from the bad guys.

Every day, American consumers, military and civilian alike, are being viciously attacked by those who would take advantage of our lack of financial skills, scam us and steal our identities. Every day, we learn of new abuses by financial institutions (loan modification programs that deceive and destroy, foreclosure mills that have shifted into overdrive again and fee frenzy part two), the breach of the week (SONY, Epsilon, Citibank, Bank of America, the IMF and the U.S. Senate to name a few) and the seeming powerlessness of government to do anything about it (the HAMP Program has been a disaster, the economy is sliding south again and hackers are running wild).

Re: Let Criminal Courts Decide: 2007 Crisis – Severe Securities’ and Fraud Criminal Offences’ Indictments – “The Big Short” and Long Stairway to Hell

Author: Uri Praiss, Attorney at law (since 1990),

law & Economics lecturer

Excuse me, I had to send this article and more, a few days ago, to the last American White Knights, N.Y.A.G. Eric Schneiderman, as well as Cyrus Vance Jr., the Manhattan District Attorney whose jurisdiction includes Wall Street, and ask: When will the Banks Finally Answer Indictments?

A few days ago I’ve seen on T.V. former S.E.C. Chairman, Arthur Levitt and now policy adviser for Goldman (!!) discusses the reports Goldman Sachs Group Inc. has been subpoenaed by the Manhattan District Attorney’s office, opening a fresh front legal, after GS subpoenaed recently also by N.Y. A.G. Levitt Said “These Subpoenas Mean Anything for Goldman.”

Is that legal? He should be indicted too, for allowing this crisis, these bombs’ “securities” trade, that cost $ Trillions, including millions of families losing homes, jobs and hope. I guess if Mary Schapiro or N.Y.A.G asked Levitt, just theoretically, how much Goldman pays for his services, he shall be permitted by Goldman to answer.

Maybe some of them will answer me back: “LDL”. If Intellectual Property rights were possible for “LDL”, Goldman Sachs would own them for “let’s discuss live” (Sorry. No legal rights. It is Generic, like Donald’s “You’re Fired!” application denied). During the S.E.C.’s investigation we first met this secret code.

When Fabrice Tourre defined (by e-mail) those mortgage “investments” (“bombs”) as “a way to distribute junk that nobody was dumb enough to take first time around”, to his team-mate, one Jonathan Egol, Before the manipulative criminal “Big Short”, coordinated with Rating companies’ downgrade, he was answered at once: “LDL.”(“Shut Up!!” in French). Goldman’s security rules are stricter than an Iranian Nuclear Station.

“More than two years after the financial crisis, Farkas is arguably the only major player in the mortgage industry to face criminal charges.” said lately William Black, professor of law and Economics, University of Missouri-Kansas City School of Law, Chief Litigator of former crisis. He “blame(s) policymakers and call(s) lack of prosecutions a disgrace”.

Even more bothering are those 15 or so, silent and highly – organized, States’ and S.E.C. “partial-but-final rehabilitation-immunity-bargains’” ridiculous fines (as lately urged in New Jersey and Massachusetts) which N.Y.A.G. Schneiderman refused to accept, as was reported here.

Legally those cheap bargains should be delayed or canceled at once, given April 13th Levin’s report as followed by this first criminal official “clean house” investigation that started. They didn’t see Levin – Coburn Committee’s horror report. They were misled. New York was the Central Scene of Crime. It is even a matter of Legal Jurisdiction and “Convenience’s Forum” – The Origin of Cancer. I wonder how come nobody attacked those bargains’ sales in courts yet.

Those Trading “Banks”, each reporting $100 Million daily net trade profits easily (how exactly?!) were just tickled to laugh by those $1 Million State – fines.

Even $ 550 Million’s S.E.C. selective “plea – bargain” fine appears now as a gift – their “Gold Mine Windfall” – approximately 1 day’s total income, and let’s pretend It’s over. Nothing happened (!!) Kafka couldn’t write it better.

Criminal Indictments are obvious – we can (too) simply define mainly 4 Substantive Criminal Offences’ “Types” that are involved, and all four exist widely (and wildly) along the stairway to 2007 Crisis.

Securities Laws’ Offences contain 2 important families of “special” criminal offences.

The 1ST, and more dangerous, is called usually Manipulation / Fraud / attempt to Affect/ Influence Securities’ Rates /”Make Run”, etc. I am sure that “The Big Short”, much smaller “shorts”, daily selling or buying “pressures” / “efforts” and so, would easily meet the formal definitions. Deliberated, Sudden, Concentrated or Concerted “selling or buying efforts” – each of them mean exactly “Criminal Intent”. Aggressive trade plus passive or active concealing or covering up of meaningful risks’ information is more than enough for an Indictment. Let criminal courts decide. That is much more Important than Rajaratnam and O.J. Simpson, excuse me.

It does not matter that these securities’ manipulations criminal behaviors may be frequent in some financial markets. Murder, rape, robbery, fraud and theft are too frequent either. After much too many a financial greed’s national disasters, Right now is the time for Law and Order, before it is too late.

I should emphasize – these lines deal only with actual / potential criminal indictments relating 2007 crisis. I do not deal here with Legislative and Institutional critical Reforms, neither Frank – Dodd rules, nor much further market and institutional deep “Urgent Separation Surgeries” needed, Institutional Reforms, new “Checks and Balances” and so. Might be very helpful to read and look easily for some advanced and deeper forms of a few past lessons that followed the Big Depression (1929 – 1935)

The 2ND, but most popular Securities’ offence, are these gossipy, envy and peeping “Insider Trade” offences. Lately, for example, one could not avoid everywhere so many front pages’ pictures and reports (I guess the books and movies shall appear soon) of Mr. Billionaire Rajaratnam .Very little was said about Rajaratnam’s big golden bird, Mr. Gupta, Goldman’s distinguished board member, who sat beside Mr. CEO Blankfein for years and poured confidential water upon his hands.

Exactly as Rajaratnam’s case, there is no necessity that the criminal executive banker/trader shall be an “Insider” in any of the firms involved – securities, trade, loan, mortgage, broker, marketing, etc. All we need here is to prove that a suspect, executive (Including corporations and their executives) had better and meaningful information, especially about the risks, at some period, while selling, buying, soliciting (even meaningful or “attractive” recommending, advising, etc.) relating to these rotten “Securities”/” Blowing Rates’ loans” (“Timer Bombs” is more suitable).

Take for example the last year before the crash – which “players” could have some updated classified information about the details, pressures and timing of the intent and possibility of rating companies’ down grades or changes, and/or loans’ defaults, etc.

The legal test is usually trivial: Whether this kind of information, announced publicly, might have changed the rate or be meaningful for a potential (small, non professional) investor.

Manipulating the rates and Insiders Trade upward were more obvious last centuries, since Netherlands’ Tulip Crisis (1637, including Tulips’ future contracts’ trade). Nowadays the opposite direction – downward – “Short & Fears’ rush sellers”, is more common and might be much more destructive and dangerous. I wonder if we could check now what some Wall Street Hun traders did in those horrible 6 years of the Big Depression.

Behavior proves all “Mens Rea”, even Intent. Solely the facts by themselves, your timing, quantities, the fact that you sell fast and / or buy back that day or soon afterward, other circumstances, background and so, are very meaningful to prove Intent.

Criminal Substantive, Procedural and Evidence Laws include some very practical “Mental Legal Presumptions”: Usually people are aware of the facts and the circumstances and intend toward the natural outcome of their passive and active behaviors.

The third type of offences relates to what we can call enlarged and detailed definitions of “general” (basic) criminal (and civil) branches of law –”Semi-Theft” as Deceiving/Misleading Deception/Fraud, Joint and Severally with those greedy reckless Rating Agencies (see Levin – Coburn report’s summary on web) including passive and active Concealment, covering and hiding material information, as risks, future payments, terms, criminal applications of taking advantage of contractual “Unconscienability”, “robo – signing”, and so.

The 4TH is a “supermarket” of what we can call “formal and technical offences”, breaching of reporting duties, etc. Remember how they succeeded to nail Al Capone – and I don’t mean Tax Laws. It is just an allegory.

Now N.Y.A.G. and N.Y.D.A.’s minimal team (hardly 0.01 pro mille of the suspects’ budgets, resources, equipment, biased professionals, etc) should take these “4 pairs of glasses”, “scan” and check tons of documents and details. Start with Carl Levin – Tom Coburn Senators Committee’s 635 pages comprehensive final report (and thousands of attached documents, Testimonies etc.) Actually start with their 4 pages’ summary. It brings even the feeling of this greed’s chaos.

Secret “Nostro” activity is an outrageous example. It means the Trading “Bank” can take daily advantage of his confidential and professional information, buy and sell for himself, steal financial opportunities from his clients, snatch the stakes and leave them dry bones, act against them (and against his passive or active “advice”) secretly, and damage them for unlawful greed.

Maybe million “Nostro” transactions should be examined with all 4 “pairs of glasses.” I do not envy N.Y.A.G.’s team. S.E.C. and other pockets should pay these and other expenses. That is the most proper use of this $ 550 Million fine, at least.

Prof. Black emphasized “The de facto policy right now is elite frauds go free if they’re in banking because the whole sector is too fragile. That is significantly insane. It will produce the next crisis.” I could not state it better. Others would just say intuitively that everybody needs to see some live hand – cuffed $10,000 suits’ squids, whatever. Both are right.

It can’t be said honestly and seriously that we wouldn’t avoid most, say half, of these millions of deserted homes, millions of unemployed, American and Global Agony and Despair. $ Trillions of economic direct and indirect loss and costs could be saved, if those “sub-prime” rotten mortgage “loans” and “securities” (“bombs”) were developed, prepared, rated, sold and controlled properly and not recklessly, carelessly and mean.

It might take a few years till some of the wounds of that disaster might heal. $ Trillions of pure economic costs, waste and loss were used to rob $ Trillions from innocent hard workers and others, families and young couples – to enrich these corrupted Hun empire’s players.

Do not let those trading banks’ too many spin “agents” or some biased highly paid professors, and experts, neither some too understanding public agencies, nor too cooperative and naïve media to scare, spin, distract or mislead you.

Adam Smith, on fundamental “The Wealth of Nations”, 1776, did not mean that “The invisible Hand of Markets” belongs to some pick – pocket banker/trader.

It is also time to refresh Economics’ theoretic assumptions and practice Efficiency with some updated economic research (most of them Nobel Prize winners): “Games Theory” (John Nash got 1994′s Nobel Prize, but that was his 1950′s PH.D at Princeton), “Signaling” (M. Spence), Non competitive behaviors, Externalities, Failures of markets or assumptions, Transaction costs (R. Coase, Chicago, 1991 Nobel Prize), Asymmetric Information, Irrationality and so. (see also L.S.E., Dr. Paul Woolley’s “Centre for the Study of Capital Market Dysfunctionality”)

We forgot Prof. John Kenneth Galbraith (see his sharp and practical analysis of The Depressions’ financial roots, including Goldman’s Bubble Firms) and the one and only Judge Louis Brandeis (“Other People’s Money and How the Bankers Use It”). I guess they roll over in their big seats at Heaven watching us. How I wish Brandeis’ social, economic and legal Legacies were used now. He fought the first rounds, with the original JPMorgan and the Robber Barons. They did everything to sabotage his nomination but Roosevelt refused to give up.

Sorry, but the very bad news and the unhappy end (for now) is that the Robber Barons haven’t learned anything yet. Vice Versa, they have already found, use (on a daily basis) and develop their new “nuclear” arms, at least a year. Almost all financial and real markets, firms and households suffer daily doldrums, stagnation, waste and loss of potential growth and employment.

These are caused mainly by manipulative advanced Hi-Tech and Algorithmic HFT daily trade (by whatever “machines”?!), including Short selling, combined with endless fearful, false and as if professional daily negative economic excuses (Greece’s Debts? Portugal?)

Europe has already decided to limit Short trade and other advanced manipulations. Goldman’s and others’ “agents” try to stop these important suggestions there. But here, S.E.C. and Exchanges, as before, left the doors open, and went to sleep on the beach.

Sincerely yours,

Uri Praiss, Attorney at law

Law & Economics Lecturer

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