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41
Suntrust Mortgage Scandal / Suntrust Mortgage Scandal
« Last post by citizensscience on March 08, 2018, 07:56:57 PM »
SunTrust Scandal


Date: March 8, 2018 at 7:45:03 PM EST
To: Jerome Lienhard <jerome.lienhard@suntrust.com>, jadams@mcguirewoods.com, abrackett@mcguirewoods.com, rcullen@mcguirewoods.com, joe.smith@mortgageoversight.com, jsmith@poynerspruill.com, Mark Chancy <Mark.Chancy@SunTrust.com>

Cc: bill.rogers@suntrust.com, jorge.arrieta@suntrust.com, margaret.callihan@suntrust.com, anil.cheriyan@suntrust.com, aleem.gillani@suntrust.com, susan.johnson@suntrust.com, ellen.fitzsimmons@suntrust.com, dorinda.smith@suntrust.com, jackie.ballos@suntrust.com, dave.vanaken@suntrust.com

Subject: Charades, Shareholders and SunTrust -


Mr. Chancy -

Help people understand why SunTrust Bank would slash Shareholder dividend payments to .1C  per share and utilize enterprise capital to "Advance" payments to cover delinquent borrowers mortgage loans?

Why does SunTrust place delinquent borrowers above it's invested Shareholders??









SunTrust Mortgage, Wells Fargo, SunTrust Bank, SunTrust Shareholder,
42
SunTrust Scandal and the "Lost Note Affidavit" Fraud -

Arthur Levitt, Chairman of the Securities and Exchange Commission was right - It takes 10 years for a major financial fraud scheme to be exposed to the nation….


Borrower catches SunTrust Mortgage "Double-Pledging" his property. 

With SunTrust utilizing his loan as collateral on the books of both SunTrust Bank and SunTrust Mortgage simultaneously.

In simple terms it's like a person having a vehicle paid for, free and clear - title in hand.  You go to Wells Fargo and borrow $10k on your vehicle that is worth $12k, the bank retains your title as security interest in the loan. 

Next you call the Department of Transportation and file for a lost title.  DOT sends you a lawful duplicate title (Lost Note Affidavit).  But you had never lost your title at all, you pledged it with Wells Fargo.

You then take the duplicate title to SunTrust, borrow another $10k on the same $12k vehicle and make duplicate payments on both loans. 

SunTrust explains how it advances payments on delinquent loans.  Loan’s SunTrust admits its under NO obligation to insure or guarantee…. 

So, why is SunTrust paying to cover loans with NO payment stream?  Do you know of any bank that covers borrowers payments out of the goodness of its heart?   





That is exactly what SunTrust Mortgage did.  Leveraging one loan into over $40M of lending liquidity.

SunTrust pledged these loans "Fake Loans" to the Federal Home Loan Bank and among other unknowing investors.

Below is where SunTrust was forced to borrow funds to remain solvent totaling over $10B.  What collateral did Suntrust pledge to gain the $10B?  Fake Loans -  Did they simply copy your loan file, insert a “Lost Note Affidavit” and re-monetize your previously sold loan for a 2nd and or 3nd time? 



https://oag.ca.gov/sites/all/files/agweb/pdfs/mortgage_settlement/suntrust-complaint.pdf


Federal Home Loan Bank - Term Auction Facility (TAF) SunTrust Balance



Now you know why we had trillions of dollars in worthless Mortgage Backed Securities.

 



The same year, Nye got to spend 15 minutes with Arthur Levitt, chairman of the Securities and Exchange Commission at the end of the Clinton administration. He was in South Florida for a speech and Nye somehow secured a meeting. Levitt listened intently and agreed with Nye on virtually every point. But when Nye finished, Levitt leaned back and said, “I have as many lawyers at the entire SEC as one major law firm representing the banks.” Levitt described a ten-year lag between identifying a financial fraud scheme and its ultimate exposure to the nation. “It won’t come out for ten years, and the banks know it. By then they’re already on to the next scam,” Levitt sighed.

https://newrepublic.com/article/134722/foreclosure-sleuth

Wells Fargo, SunTrust Mortgage, SunTrust Bank
43
"Official"- Red Wolf Reintroduction Scandal / Re: Red Wolf Scandal
« Last post by citizensscience on March 07, 2018, 10:58:27 PM »
USFWS may soon be on notice -

Private Landowners look to sue USFWS over "Inverse Condemnation" and flooding Endangered Red Wolf Habitat on Federal Lands.

Inverse condemnation is a term used to describe a situation in which the government takes private property but fails to pay the compensation required by the 5th Amendment of the Constitution, so the property's owner has to sue to obtain the required just compensation.

This will be one to certainly watch...



44
Suntrust Mortgage Scandal / Re: Suntrust Mortgage Scandal
« Last post by Les Ormand on March 07, 2018, 06:39:38 PM »
I just saw this on the news and my wife looked over and told me, Suntrust didn’t pay that $320,000,000.00 fine to settle a criminal investigation for just a simple an infraction.  Its good to see someone shine some sunlight on Suntrust.
Les Ormand   
45
Suntrust Mortgage Scandal / Reporter with questions about Suntrust Mortgage Scandal
« Last post by Ben Schachtman on March 05, 2018, 02:14:03 PM »
Hi, I'm a reporter for Port City Daily (www.PortCityDaily.com), a digital newspaper in Wilmington, NC. I'd like to talk to someone about this SunTrust issue. My email is ben@localvoicemedia.com. Please drop me a line.
46
Suntrust Mortgage Scandal / Suntrust Mortgage Scandal
« Last post by citizensscience on March 04, 2018, 10:51:42 PM »


Did SunTrust originate your loan while it lacking authority from the Secretary of State? 

#SunTrustScandal

Is your SunTrust Mortgage "Valid"?? 











SunTrust Scandal, SunTrust Mortgage, SunTrust


SunTrust "Bogus" Loan Week...  Begins on Monday!

Do you have a Bogus SunTrust Loan? 


Begin forwarded message:

Date: February 23, 2018 at 7:55:21 PM EST

To: Jerome Lienhard <jerome.lienhard@suntrust.com>, jadams@mcguirewoods.com, abrackett@mcguirewoods.com, rcullen@mcguirewoods.com, joe.smith@mortgageoversight.com, Mark Chancy <Mark.Chancy@SunTrust.com>, jsmith@poynerspruill.com, reginald.leese@blackrock.com

Cc: bill.rogers@suntrust.com, jorge.arrieta@suntrust.com, margaret.callihan@suntrust.com, anil.cheriyan@suntrust.com, aleem.gillani@suntrust.com, susan.johnson@suntrust.com, ellen.fitzsimmons@suntrust.com, dorinda.smith@suntrust.com, boardcommunications@wellsfargo.com

Subject: SunTrust / Wells Fargo / US Bank & LED Billboards

Mr. Lienhard -

The Red really makes the "Revocation" of Authority stand out...

Kinda underscoring where the NC Secretary of State "Revoked" SunTrust Mtg's "Transaction Authority"...

Did you ever figure out if all those loans are of "No Effect" thus a "Nullity"??


47
Suntrust Mortgage Scandal / Re: Suntrust Mortgage Scandal
« Last post by citizensscience on March 04, 2018, 09:20:44 PM »
Seeing that billboard made my day!!  To know people are still willing to stand up for what's right and take on a big corporation is so refreshing.


Thank you Maggie -

We hope you will share #SunTrustScandal with others and check back regularly.



SunTrust Scandal, SunTrust Mortgage,
48
Suntrust Mortgage Scandal / SunTrust Scandal
« Last post by Maggie Simmons on March 04, 2018, 08:48:29 PM »
Seeing that billboard made my day!!  To know people are still willing to stand up for what's right and take on a big corporation is so refreshing. 
49
#SunTrustScandal

DOJ announces $149M settlement over Fake Loan Scheme...


Will SunTrusts longtime legacy Auditor Price Waterhouse Cooper be next?   

Or in an interesting twist SunTrust went to E&Y during this same time, thus could they be next?




The Justice Department announced today that Deloitte & Touche LLP has agreed to pay the United States $149.5 million to resolve potential False Claims Act liability arising from Deloitte’s role as the independent outside auditor of Taylor, Bean & Whitaker Mortgage Corp. (TBW), a failed originator of mortgage loans insured by the Federal Housing Administration (FHA) in the Department of Housing and Urban Development (HUD).

“With taxpayer dollars at stake, auditors must take their obligations seriously when auditing companies that participate in government programs,” said Acting Assistant Attorney General Chad A. Readler for the Justice Department’s Civil Division.  “When auditors fail to exercise their professional judgment, and make false statements that allow bad actors to remain in government programs and submit false claims to the government, there will be consequences.”

Under HUD’s Direct Endorsement Lender program, TBW was authorized to originate and underwrite mortgage loans insured by the FHA.  When a borrower defaults on an FHA-insured loan underwritten and endorsed by a Direct Endorsement Lender such as TBW, the holder of the loan can submit a claim to the United States to recoup losses resulting from the default.  To maintain its status as a Direct Endorsement Lender, a lender is required to submit to HUD annual audit reports on its financial statements and related reports on its internal controls and its compliance with certain HUD requirements.

Deloitte served as TBW’s independent outside auditor, and issued audit reports for TBW’s fiscal years 2002 through 2008.  The United States alleged that during that time period TBW had been engaged in a long-running fraudulent scheme involving, among other things, the purported sale of fictitious or double-pledged mortgage loans, and as a result, TBW’s financial statements failed to reflect its severe financial distress.  The United States alleged that Deloitte’s audits knowingly deviated from applicable auditing standards and therefore failed to detect TBW’s fraudulent conduct and materially false and misleading financial statements.  The United States alleged that Deloitte’s audit failures extended to the specific financial arrangements through which TBW carried out its fraudulent conduct.  By failing to detect TBW’s misconduct, Deloitte’s audit reports allegedly enabled TBW to continue originating FHA-insured mortgage loans until TBW collapsed and declared bankruptcy in 2009.

A number of TBW officials were criminally convicted in connection with the conduct at issue.

“HUD relies on auditors to ensure the soundness of participants in HUD programs. When CPA firms and auditors fail to detect fraud, waste or abuse the consequences are significant to federal programs, and, ultimately, to the American taxpayer and must be addressed,” said Helen M. Albert, Acting HUD Inspector General.

The claims settled by this agreement are allegations only, and there has been no determination of liability.

The settlement was the result of a coordinated effort between the Civil Division’s Commercial Litigation Branch, HUD and HUD’s Office of Inspector General.

https://www.justice.gov/opa/pr/deloitte-touche-agrees-pay-1495-million-settle-claims-arising-its-audits-failed-mortgage
50
Suntrust Mortgage Scandal / Suntrust Mortgage Scandal
« Last post by citizensscience on March 03, 2018, 10:25:01 AM »
SunTrust Scandal

Did you catch the significance of our prior post??

Exactly what did it say??

SunTrust Mortgage acting as the Servicer, on behalf of the Residential Mortgage Backed Securitization (RMBS) Asset Pool, as the party responsible for collecting borrowers monthly mortgage payments, handling property tax and insurance escrow payments etc...  May, to the extent it feels it can recoup them, advance payments to cover delinquent loans, in an effort to maintain a steady flow of revenue to the Certificate holders, while not being under any obligation to insurer or guarantee said loans.

Here's exactly what it said... 

SunTrust will "ADVANCE" payments to cover Delinquent Loans...

What bank do you know of that would out of the goodness of its heart make house payments on behalf of a delinquent borrowers?

Do you know of any shareholder that would allow SunTrust to make house payments on behalf of delinquent borrowers?

SunTrust acting as the Servicer, admitted its under NO obligation to insure or guarantee these loans.

Question becomes, why would SunTrust "Advance" Principle and Interest payments on delinquent loans?

Why is that??


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