Sure, It Was All The Borrowers' Fault! (JPMorgan Chase, Mortgage Lender Fraud)


Uh huh…..

Read this folks.  Carefully.

JP Morgan Chase Smoking Gun

Note the following:

  • The borrower specifically refutes what the “loan officer” filled in – which is a lie about the borrower’s income.  The borrower didn’t do that, the loan officer did.
  • The “loan officer” not only says “we have to state an amount that will be consistent” he also documents the reason for the lie – to meet ratios!

  • The “loan officer” then lies again and says that the 4506-T form – the IRS release – is only to prove that you file your taxes, not to ascertain the contents of your return. 

Folks, can I ask (again) where the indictments are?  This is allegedly a senior officer for the lender who has made these written statements.  It documents quite clearly that not only was this pair of loans submitted by the loan officer with known false information but that in addition this loan was sold through to the GSEs!

It’s a federal offense to submit a false loan application.

The borrowers’ fault eh?  He wasn’t the one who falsified the information, and this is written evidence.

What did Janet Tavakoli have to say today about it?  The same thing.

While there were instances of fraud by borrowers, the key drivers of our housing crisis were fraud perpetrated by mortgage lenders and securities fraud — by some of our most revered financial institutions — that provided money to fuel fraudulent mortgage lending.

The above is solid evidence that neither she or I – nor the others who have commented on this mess – are making it up.  I can’t vouch for the document (it’s linked from the original source at 4closurefraud.com) but it sure looks authentic, and the “lending officer” name matches a Linked-In profile with a claimed job history that matches as well.

Go ahead folks, tell me why – again – the banks haven’t been indicted for each and every apparent felony involved in these loans.

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