CITIZENS SCIENCE

Suntrust Mortgage Scandal => Suntrust Mortgage Scandal => Topic started by: citizensscience on July 20, 2017, 03:05:28 PM

Title: Suntrust Mortgage Scandal
Post by: citizensscience on July 20, 2017, 03:05:28 PM
Do you or someone you know have a Mortgage with #SuntrustMortgage ? 

Does Suntrust Mortgage owe you money they perhaps unlawfully collected while lacking authority?


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SunTrust Mortgage agrees to a Federal Consent Order stemming from serious banking violations, in part agreeing to adhere to all state and federal laws.

Yet, SunTrust appears to breach its Consent Order resulting in North Carolina being forced to revoke Suntrust Mortgage authority to transact business. 

Thus raising the question, did SunTrust unlawfully originate, service and foreclose on loans while being out of compliance?   

How will SunTrust mitigate such to borrowers given its compliance failure? 


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#nationalmortgagesettlement  #joesmithmonitor #sigtarp #thebigshort #mortgagebackedsecurities
Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on July 20, 2017, 04:24:31 PM
Suntrust Bank and its history of alleged Bank Executive mistruths...

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Title: Suntrust Mortgage Scandal
Post by: citizensscience on July 20, 2017, 04:32:12 PM
Enter SunTrust Mortgage and the United States Department of Justice Criminal Investigation -


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Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on July 21, 2017, 03:49:41 PM

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Title: Suntrust Mortgage Scandal
Post by: citizensscience on July 29, 2017, 01:39:45 PM
Judge states SunTrust Mortgage and their Attorneys -- "Fraud on the Court"...

SunTrust Mortgage gets busted by sitting judge over an elaborate Adulterated Email Scheme and #SunTrust later commits Fraud on the Court while attempting to cover up the scheme.

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#suntrustmortgagescandal #suntrustscandal #suntrustmortgage
Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on August 01, 2017, 09:22:40 PM
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#suntrustmortgage #suntrust
Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on August 01, 2017, 09:54:50 PM
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#suntrustmortgagecontactnumber #suntrustmortgage #suntrust
Title: Suntrust Mortgage Scandal
Post by: citizensscience on August 04, 2017, 05:56:12 PM
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Virginia Police Officer vs SunTrust Mortgage

Timeline of events in Heckman v. Suntrust et al.

The timeline below is based on court documents, interviews and allegations in a March lawsuit by Elliston residents Trinity and Jessica Heckman against Suntrust Mortgage, Fannie Mae, Nationstar Mortgage and Professional Foreclosure Corp. of Virginia.

June 2006 — Trinity and Jessica Heckman purchase their home in Elliston for $134,000. They get a mortgage with Flick Mortgage Partners and the payment is about $1,100 per month. The loan is later taken over by Suntrust Mortgage.
November 2006 — The Heckmans allow Suntrust to begin automatically withdrawing $550 mortgage payments from an account at BB&T every two weeks.

February 2007 — A Suntrust rep phones the Heckmans and warns them they’re behind on their mortgage. Jessica tells him about the automatic withdrawal agreement. He says he’ll check into that, and calls back a week later, apologizing for the inconvenience.

November 2007 — Suntrust sends the Heckmans a letter indicating the Heckmans are in default. Jessica checks her bank statements again and realizes Suntrust has been automatically withdrawing the payments from her account, but that in September it had redeposited more than $6,000 to it. She offers them that money but Suntrust wants $12,000 to get current.

November 2007 — The Heckmans apply for a mortgage modification through Suntrust and agree to raise their monthly payments to $1,400 while that application is being processed. Suntrust says this will forestall the foreclosure.

December 2007 — In The Roanoke Times legal ads on Dec. 20 and Dec. 27, the Heckmans’ home is advertised for a foreclosure auction scheduled for Jan. 4, 2008. Jessica calls Suntrust and they tell her not to worry; they’ve canceled the sale.

Jan. 4, 2008 — At Suntrust’s direction, Professional Foreclosure Corp. of Virginia auctions the Heckmans’ home, on Jan. 4, 2008. FannieMae pays $117,500 for it. The Heckmans are unaware of the sale.

Jan. 22, 2008 — Professional Foreclosure files a deed in Montgomery County Circuit Court naming the owner of the home as Fannie Mae.

February 2008 — Jessica Heckman finds an eviction notice on her door that gives the couple two weeks to get out. She calls Suntrust and they tell her it’s a mistake and not to worry.

May 2008 — The Heckmans’ mortgage modification is approved, and the modification is recorded in Montgomery County Circuit Court in October 2008. The Heckmans’ payment climbs to $1,444 per month.

December 2010 — Suntrust transfers the mortgaging servicing to Nationstar Mortgage of Texas. The Heckmans continue the $1,444 payments.

August 2012 — Nationstar sends the Heckmans a $1,000 check. It tells the Heckmans that was for escrow overpayments, and later the company cuts their monthly payment to $1,333.

March 2013 — Nationstar has a title search done on the Heckmans’ home. The title search reveals the house was sold at foreclosure in 2008 and that Fannie Mae is now the deed holder. Nationstar does not inform the Heckmans.

March 2014 — The Heckmans apply to Nationstar for a refinance to lower their mortgage interest rate and their monthly payment. Nationstar denies it because the Heckmans lack flood insurance. They discover that’s because Nationstar had stopped paying the flood insurance premiums in 2012; and that’s the reason Nationstar sent them a $1,000 check and then reduced their monthly payment.

November 2014 — Nationstar raises the Heckmans’ monthly payment to $1,855 to account for a new flood insurance policy. The Heckmans consult a lawyer, and in looking into that, he discovers their house had been sold at a foreclosure auction in 2008. He advises them to cease all payments.

January-February 2015 — Nationstar declares the Heckmans are in default on the mortgage.

March 2015 — Attorney Jonathan Rogers files a lawsuit alleging fraud and breach of contract against Suntrust, Nationstar, Professional Foreclosure Corp. of Virginia and seeking the return of the house from Fannie Mae.

http://www.roanoke.com/news/casey-elliston-couple-files-lawsuit-in-mortgage-mess/article_faf63650-47cb-5ce9-8676-e86dfd49c22e.html

#SunTrustMortgageScandal #SunTrust
Title: Suntrust Mortgage Scandal
Post by: citizensscience on August 04, 2017, 06:25:01 PM
Suntrust Mortgage Scandal

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#suntrustmortgagescandal
Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on August 11, 2017, 04:39:30 PM
#SuntrustMortgageScandal

SunTrust Mortgage - "Cutting Corners" and "Tolerating" Sub-par Submissions... 


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Title: #WellsFargoFake and #SunTrustMortgage
Post by: citizensscience on August 11, 2017, 10:38:28 PM
#SunTrustMortgageScandal #WellsFargoScandal

Citizens Science investigation into the slipshod origination and documentation practices of SunTrust Mortgage, reveals massive issues where SunTrust and their subsequent purchasers are continuing to require homeowners to buy their homes with each monthly payment, yet they will never be able to convey the original loan documents to the borrower once paid in full. 

These original "Wet Ink" Documents are required to prove standing / Holdership in many states.  Servicer's through a network of third party vendors, have successfully circumvented the rule of law and policy in many proceedings. 

Further, untrained and sometimes incompetent county employees are deputized acting in a near full blown judicial role.

Borrowers must insist lenders produce their original loan documents and prove they are the rightful holder of their note and deed of trust. 

#Sigtarp #FDICSuntrust


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Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on August 13, 2017, 09:04:03 AM
Suntrust Mortgage fails to rightfully document the loan file with the original loan documents such as the promissory note and the deed of trust, next SunTrust sells these non-compliant loans to Wells Fargo, leaving Wells Fargo as alleged, to lie to borrowers, and trick them into believing their loan is a balloon note and soon due.

Borrowers with these undocumented loans where critical documents are missing from the originator (SunTrust Mortgage) are then told they will be referred to foreclosure yet are encouraged to seek a loan modification.  Why, one may ask?

It's the Servicer's intent to run these loans through their loan modification process, a scheme that in simple terms allows the loan to be reset and restated solving the banks issue of securitization.  However, none of these loans are actually balloons.

Thus is problematic for borrowers, since the Servicer has still not proved it's the rightful holder of the debt, leaving a situation where a borrower is paying one bank for a note that may actually be held by a totally different investor.

Below outlines the alleged scheme -


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Suntrust Mortgage Scandal 
Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on August 13, 2017, 10:13:05 AM

SunTrust Mortgage "Knowingly Knew" of these deficiencies back in 2011 and again in 2012. 

However today, it's more alleged corruption and mistruths all harming unknowing borrowers.


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Suntrust Mortgage Scandal 
Title: Suntrust Mortgage Scandal
Post by: citizensscience on August 13, 2017, 11:47:59 AM
#SunTrustMortgageScandal #WellsFargoScandal

Citizens Science investigation into the slipshod origination and documentation practices of SunTrust Mortgage, reveals massive issues where SunTrust and their subsequent purchasers are continuing to require homeowners to buy their homes with each monthly payment, yet they will never be able to convey the original loan documents to the borrower once paid in full. 

These original "Wet Ink" Documents are required to prove standing / Holdership in many states.  Servicer's through a network of third party vendors, have successfully circumvented the rule of law and policy in many proceedings. 

Further, untrained and sometimes incompetent county employees are deputized acting in a near full blown judicial role.

Borrowers must insist lenders produce their original loan documents and prove they are the rightful holder of their note and deed of trust. 

#Sigtarp #FDICSuntrust


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Citizens Science Investigation into SunTrust Mortgage and its servicing practices has confirmed a number of residential loans where SunTrust is NOT in possession of the required documents to show who’s the lawful holder of the mortgage.  This is very problematic to the borrower as many of these loans have been traded among various investors and without knowing who is the lawful holder of the debt, a consumer could be forced to pay for the same loan twice. 

This is commonly known as double jeopardy, with the courts going as far as ordering lenders to post a bond to indemnify borrowers should a separate investor tender proof of ownership and assert they are the rightful holder of the debt. 

It seems SunTrust Mortgage follows the same internal protocol as Wells Fargo by knowingly making false statements to borrowers when questioned. 

The level of evidence currently in the care and custody of Citizens Science overwhelmingly supports a large scale "Securitization" Scandal that may perhaps have wide-spread consequences for various SunTrust entities given provisions contained within various Consent Agreements entered into by SunTrust.

This size and scope of this should not be understated. 

STM, may be one of the largest originators and servicer's of "unsecured" residential paper in the mortgage market...  Further,  it seems SunTrust is and has been very aware of this issue.

Shareholders and Wall-Street investors alike, will not find however much substance or a true reflection of what the size and liability may really be within SunTrust's Annual Report(s).  If SunTrust will misstate the banks ALLL to preserve Tier 1 capital, investors and borrowers should not be surprised with this. 

#SunTrustMortgageScandal


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Title: Suntrust Mortgage Scandal
Post by: citizensscience on August 14, 2017, 08:23:56 PM
#suntrustmortgagescandal

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In 2014, the department settled alleged violations of the False Claims Act with SunTrust Bank (SunTrust) for $418 million. 

As part of the settlement, SunTrust admitted that between January 2006 and March 2012, it originated and underwrote FHA-insured mortgages that did not meet FHA requirements and were therefore not eligible for FHA mortgage insurance, that it failed to carry out an effective quality control program to identify non-compliant loans and that it failed to self-report to HUD even the defective loans it did identify. 

SunTrust also admitted that numerous audits and other documents disseminated to its management between 2009 and 2012 described significant flaws and inadequacies in SunTrust’s origination, underwriting, and quality control processes and notified SunTrust management that as many as 50 percent or more of SunTrust’s FHA-insured mortgages did not comply with FHA requirements. 

For example, a 2010 internal audit stated that SunTrust had “identified pervasive weaknesses in many controls that…impair continuity and consistency of operations and management’s ability to generate high-quality loans.” 

Other reports received by SunTrust management described its quality control program as “severely flawed” and “ineffective.”   These reports also described to management that the volume of problems in the program was “excessive,” and that the error rates were “elevated” and at an “unacceptable level.”

Why is this relevant??  Because much of it is occurring all over again - circa 2017 -


https://www.justice.gov/archives/opa/blog/false-claims-act-federal-housing-administration-lending
Title: Suntrust Mortgage Scandal
Post by: citizensscience on August 15, 2017, 02:29:48 PM
#SunTrustMortgageScandal


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Title: SunTrust Mortgage Scandal
Post by: citizensscience on August 16, 2017, 11:48:57 PM


Visit - www.suntrustmortgagescandal.com

Title: Peter Mahoney, SunTrust EVP Chief Regulatory and Compliance Officer
Post by: citizensscience on August 17, 2017, 09:26:31 AM
#SunTrustMortgageScandal


Peter Mahoney - EVP SunTrust, Chief Regulatory and Compliance Officer

#SunTrust shareholders may wonder if Mr. Peter Mahoney is an Asset or a Liability?

Investigating Lobbying, Freddy Mac Bailouts, Federal Mortgage Settlements and the self-described career of the now Officer of Regulatory and Compliance for SunTrust... 


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https://www.linkedin.com/in/petermahoney/


As an individual that worked for Freddy Mac and who indicates he responsible for 85% of the purchases etc including "Securitization"...  one may want to look further...

As such, leading one to perhaps assume, its Mr. Peter Mahoney efforts that may be responsible for "Acquiring" 85% of the "Non-Compliant" Loans from slipshod, self-described corner cutting originators like SunTrust Mortgage and their affiliates, resulting in the Congressional fallout of Freddy Mac.

Next, Mahoney exits Freddy Mac for Green Tree Servicing (GTS) overseeing much of their servicing operation.  It seems Mr. Mahoney did not develop his compliance skill set while at GTS as they were hit with a massive $63M settlement from the Feds following his exit...

While his departure is not clear, Mr. Mahoney spent a mere 6 months with IBM before landing at SunTrust Mortgage to great public fan fair.

SunTrust Mortgage Chief Executive Officer Jerome Lienhard announced  -- Peter E. Mahoney, named Executive Vice President, Mortgage Strategy of SunTrust Mortgage.  Mr. Lienhard goes stating in summary; Peter Mahoney is a strong addition to our mortgage leadership team.  Absent is from the press release issued by SunTrust was the Feds inquiry / investigation of Freddy Mac and Green Tree Servicing...   

In November 2010, the FTC issued a Civil Investigation Demand to Green Tree, requesting information on a broad range of subjects relating to the companies’ operations.  In November 2011, Green Tree received a Supplementary Discovery Request from the FTC seeking additional information, and subsequently entering into a $63M Federal Settlement.

Following receipt of the formal Supplemental Discovery Request from the FTC, Mr. Mahoney departed Green Tree Servicing and began working with IBM shortly thereafter in of January 2012.  Mr. Mahoney's stint with IBM was nearly as short lived again, departing after just 6 months.  While we are not aware of the reason of the departure, the timing does seem noteworthy.


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According to the lawsuit, when homeowners were even just one day late with their payments, Green Tree’s collectors often unleashed a barrage of phone calls, some starting as early as 5 in the morning or continuing until as late as 11PM.

The collectors didn’t limit themselves to home phones, getting some people in trouble by calling them at work. They illegally threatened them with arrest or imprisonment, used obscene language, and mocked the problems that led to their financial distress.

(One collector said to a woman, “You should leave your husband if he can’t provide for you.”) Green Tree’s loose-lipped collectors were known to discuss people’s debts with bosses, co-workers, neighbors, and family.

Green Tree also was aware that specific portfolios it acquired from other servicers contained unreliable data. But when homeowners spoke up to dispute the misinformation, Green Tree left them in collections without adequately investigating discrepancies. In a similar vein, Green Tree reported unfavorable information about homeowners to credit bureaus, even when the company had reason to know the data was inaccurate.

Green Tree Servicing was apparently dealt an identity crisis, later morphing into DiTech. 

https://www.ftc.gov/system/files/documents/cases/150421greentreecomplaint.pdf
Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on August 17, 2017, 02:50:34 PM
SunTrust employees, when combined with "Pay-Roll Deductions" enable SunTrust Mortgage to Influence or as some may suggest Buy, Good Government..??

Peter Mahoney, EVP and Officer of Regulatory and Compliance gives $3,000.00 of his own personal funds to fund SunTrust Congressional Campaign Donations.

Just how much, in total of SunTrust Lobbying effort is Peter Mahoney funding? Check back as we investigate.


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SunTrust Mortgage Scandal,  SunTrust Lobby
 
Title: Suntrust Mortgage Scandal - Investigating the SunTrust Congressional Lobby
Post by: citizensscience on August 18, 2017, 11:12:36 AM
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Did SunTrust utilize the "Staffer” Play from the notorious Jack Abramoff’s “Lobbyist’s Playbook”??   You decide -


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* The words of Lobbyist Jack Abramoff
    (click link)

https://youtu.be/CHiicN0Kg10?t=3m10s





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#suntrustmortgagescandal
suntrustmortgagescandal
Title: SunTrust CEO Caught Squelching Public Record
Post by: citizensscience on August 18, 2017, 05:20:13 PM

Please consider sharing this link after reading if you agree.  Thank you the Citizens Science Team.

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SunTrust attempts to "Squelch" Citizens Science for sharing the publicly available contact info of SunTrust Mortgage CEO Mr. Jerome T. Lienhard.

Next SunTrust used their stature to apparently, lobby Twitter and restrict @CitizensSci account...

Let's look at the facts:

Citizens Science through its ongoing (2.5yr / 3500hr) SunTrust investigation / discovery effort, identified specific documents within the FDIC of interest.  One of these publicly available documents is public Congressional Testimony of Mr. Jerome Lienhard, now CEO of SunTrust Mortgage. 

Mr. Lienhard apparently had forgotten he freely shared his direct contact with Congress and the public (below).

Citizens Science felt in the interest of transparency and customer service any concerned customer should be able to access all publicly available contact information for SunTrust Mortgage inclusive of Mr Lienhard's. 

Obviously, the Seven Figure SunTrust CEO is far and above his customers??

Perhaps if Mr. Lienhard didn’t want his contact number and email public he shouldn't have been the the very one to have made it public record to began with...


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Please consider bookmarking and sharing this link.  Citizens Science will continue to upload new documents so check back regularly.  We appreciate your interest in following our on going, all volunteer Investigative Research into SunTrust Mortgage.
Title: Meet SunTrust Mortgage CEO J
Post by: citizensscience on August 19, 2017, 07:23:49 AM
#suntrustmortgagescandal


Meet...  SunTrust Mortgage CEO, Jerome T. Lienhard. 

SunTrust customers should at all cost avoid the use of what's now widely accepted communication known as, mobile device "Short Hand" when writing Mr. Lienhard at jerome.leinhard@suntrust.com . 

It's recommended customers refer to this powerful seven figure CEO as Mr. Jerome T. Lienhard.

This is a CEO who visited the White House 6 times, with many visits while SunTrust was under Criminal Investigation.  *Much more coming on CEO "J", SunTrust Criminal Investigation and the White House shortly, so "ck bk" often.

Who knows perhaps J had a secret tarmac meeting in the rear of an airplane with the AG too?


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Title: Hurricane Harvey, Lender Placed Insurance and SunTrust Mortgage
Post by: citizensscience on August 27, 2017, 11:24:42 AM
#HurricaneHarvey #LenderPlacedInsurance and #SunTrustMortgage

Has SunTrust Mortgage ever profited off Forced Placed Insurance Coverage?  I.E.- Wind / Hurricane / Flood Coverage / Endorsement?

Citizens Science Investigates...


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Title: Hurricane Harvey, Lender Placed Hazard Insurance & SunTrust Mortgage
Post by: citizensscience on August 27, 2017, 12:08:25 PM
#HoustonFlooding

#SunTrustMortgage seems to wordsmith (first image) its participation in Lender Placed Hazard Insurance to shareholders??

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Assurant Annual Report
Title: Judge "Bust" SunTrust Mortgage Reverse Engineering Evidence in $88M Lawsuit
Post by: citizensscience on August 29, 2017, 10:06:26 PM
SunTrustMortgage Scandal

When SunTrust Mortgage doesn't have evidence do they simply "Invent" it... ??  A Citizens Science Investigation into SunTrust Mortgage -

Was SunTrust Mortgage employee Mary Pettitt, "Put Up" to carrying out an apparent scheme serving to spoil electronic evidence by SunTrust lawyers, executives and or the banks General Counsel?

Would this suggest she was put up to committing a "Fraud Upon The Court" by SunTrust Counsel?

Was she really fired back in 2010 months after SunTrust was caught by Judge Payne?  The evidence circa 2017 may suggest otherwise...

Again, perhaps Mary was highly rewarded for carrying out any such a spoliation order? 

Do you know someone with a SunTrust Mortgage, consider sharing this link... 

We investigate... You decide... 
 

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Title: Sun-UnTrustworthy Mortgage on Inventing Evidence in $88M Lawsuit
Post by: citizensscience on August 30, 2017, 09:02:51 AM
#SunTrustMortgage


SunTrust Mortgage when questioned over their Invented Email Scheme, seemed rather short on any meaningful explanation...


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http://www.wphillipslaw.com/yahoo_site_admin/assets/docs/Article_-_Accusations_Fly_in_a_Faulty_Mortgage_Lawsuit--AIG_v_SunTrust_Bank--Bank_Employee_Admits_Forging_Emails_to_Help_Case20101215.348153446.doc
Title: Suntrust Mortgage Scandal
Post by: citizensscience on August 30, 2017, 09:44:26 AM
#SunTrustMortgageScandal

Pay close attention to these documents and the timeline of events below.  This seems to elevate the questions as to who was really behind the $88M Invented Email Scheme...

- August 2008, Mary Pettitt provided her fellow SunTrust executives and general counsel with the spoiled (invented) e-mails, but there was a problem: Pettitt's text didn't match the version of the same e-mail message provided to the court by the Plaintiff (United Guarantee). 

"Instead of interviewing the employee who likely had all the answers, [SunTrust] chose to conduct a records-based investigation that kept Ms. Pettitt in the dark about what [SunTrust] knew.  And even [SunTrust's] efforts in this regard were tepid at best," wrote Judge Payne in his opinion.

"The significance of whether the emails were genuine was obvious: if the emails were fraudulent, Ms. Pettitt's characterization [that SunTrust had no obligation to underwrite certain loans] also might be suspect," wrote the judge.  he concluded the that the altered email "could jeopardize [SunTrust's] ability to collect tens of millions of dollars in insurance payouts from UG."

- December 2008 - SunTrust lawyers and executives inclusive of Keith Reynolds, Debra Hovatter and Susan Thurman, as well as by general counsel Ray Fortin held a conference call, were outside counsel call in and happened to leave a note in his case file... Saying... The general counsel's (Ray Fortin) message was clear.

"Ray Fortin instructed that he would like to avoid confronting or placing on leave / firing Mary Pettitt for fear it will adversely affect the insurance claim against AIG." Gold wrote.

It appears after being aware of Mary Pettitt's Invented Email Scheme, SunTrust allowed her to continue gainful employment but allowed her to subsequently conduct "Training" on the very Document Underwriting thats the nexus of the $88M case..

- April 2009 - Mary Pettitt holds Refinance Training for SunTrust Mortgage employees inclusive of 1) SunTrust implementation Plan 2) DU Refi Plus TM Guidelines 3) Subordinations and 4) STMPartners/Calyx/MLCS

Summary -

- March 2009 SunTrust finally confronts Mary Pettitt over email scheme, yet did not follow up, and failed to find out exactly how many e-mails she has altered. 

- April 6th, 2009 - SunTrust Mortgage willfully allowed Mary Pettitt to conduct underwriting training to STM staff, while it had just confronted her over inventing emails to support SunTrust $88M suit.

- 2010 - SunTrust reportedly fires Mary Pettitt, But did they really fire Ms. Pettitt?

- 2017 - Evidence obtained by Citizens Science suggest Mary Pettitt is currently employed by SunTrust Mortgage in Richmond, Va as a Senior VP.

Concluding thoughts - What does the evidence suggest?  Was Mary Pettitt the real inventor of this elaborate email scheme, later held out as a Fraud upon the Court?  Or was Ms. Pettitt merely a scape goat for high ranking SunTrust Officer(s) more concerned about earnings, seven figure bonus's and saving face than corporate integrity and "Good Governance?"

One may deduce, if SunTrust was so worried about Ms. Pettitt's integrity, they would have never allowed her to remain on the job and certainly not conduct her April 6th, 2009 underwriting training...  All just a few weeks later.

So who is the real culprit?  You decide...


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Title: #FloodInsurance Fraud or just another SunTrust Federal Fine??
Post by: citizensscience on August 30, 2017, 10:16:46 PM
#FloodInsurance #FEMA #SunTrustFlood


SunTrust fined by Feds in repetitive pattern of violations - 

This raises significant questions in why SunTrust shareholders  continually have to bailout the Boards bad decisions? 


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May 25, 2017

SunTrust Bank will pay a fine of more than $1.5 million for the bank’s “pattern or practice of violations” of a portion of the National Flood Insurance Act, the Board of Governors of the Federal Reserve announced on Thursday.

Details on the fine are scarce, as the three-page announcement from the Fed does not list any of the facts that led to the fine.

The Fed announcement simply states that SunTrust’s $1.501 million fine will be paid to the National Flood Insurance Program.

When contacted by HousingWire, a spokesperson for SunTrust said that the bank is not providing any more details on the violations, adding that issues are in the past.

“We have made various enhancements to our flood insurance program since these issues occurred in 2012-2013,” the SunTrust spokesperson said.



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Title: Feds - SunTrust fined over violating Federal Flood Insurance Act -
Post by: citizensscience on August 30, 2017, 10:36:46 PM
#HoustonFlood #FloodInsurance #SunTrustBank

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Title: Martha Stewart and SunTrust Mortgage
Post by: citizensscience on August 31, 2017, 09:46:35 AM
#SunTrust and Title 18 U.S.C. 1000...

Citizens Science has uncovered FOIA Documents from a USDOJ complaint alleging:

Defendant SunTrust, Knowingly made and presented False / Fictitious Statements / Claims to the United States. 

Further, the alleged claims were Material to decisions of the federal government (US).

The United States Attorney goes on alleging SunTrust, Knowingly and Willfully: Falsified, Concealed, Covered-Up, Artifices, Schemes or Devices, material fact in violation of 18 U.S.C. 1001 (a), and (c). 

Apparently one thing Martha Stewart and SunTrust have in common is Title 18 of the United States Code, governing lying to the Federal Government. 

It should be further noted, these alleged charges / claims were quickly settled by SunTrust in-part at the expense of the banks Shareholders.

However, is SunTrust back to its old, previously alleged, (2014) criminal ways and most importantly has it now Breached its Settlement Agreement?


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Title 18, United States Code, Section 1001 makes it a crime to:

1) knowingly and willfully; 2) make any materially false, fictitious or fraudulent statement or representation; 3) in any matter within the jurisdiction of the executive, legislative or judicial branch of the United States.


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Next up, Citizens Science Investigates $16,000,000,000.00 in just 24 hrs & Allegations of  "Wire Fraud" and "Mail Fraud"... 

Updated daily -

Title: #SunTrustMortgage "Forks-Over" $16,000,000.00 to Feds in just 24hrs!
Post by: citizensscience on August 31, 2017, 11:33:49 AM
#SunTrust Mortgage Scandal

SunTrust agrees to settle $16,000.000.00 Federal Lawsuit in just 24 Hours...

This "Seperate" Case refers to the very same Statement of Fact contained in our prior posting below...

As #SunTrustMortgage borrowers  contemplate the merits contained  in the Statement of Fact, perhaps a $16M settlement in just 24 hours may provide some insight / validity to the allegations...

We Investigate... You Decide...   

Updated regularly -


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Title: Suntrust Mortgage and Consumer Data
Post by: citizensscience on August 31, 2017, 10:30:55 PM
SunTrust Mortgage Borrowers? 

Is SunTrust Mortgage utilizing borrowers personal information to conduct training??


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Title: Suntrust Mortgage - Churn and Earn
Post by: citizensscience on August 31, 2017, 11:14:09 PM
SunTrust Mortgage... Churn and Earn

Documents such as this suggest the Financial Commission Catalyst serving to define Loan Mills. 

Churn and Earn!


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Title: Suntrust Mortgage Scandal
Post by: citizensscience on August 31, 2017, 11:47:18 PM
SunTrust new Ethics Officer should start right here... (below post)


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"Operating our company responsibly and in the best interests of our clients are the hallmarks of how we do business at SunTrust," said Lienhard. "Creating an enterprise-wide, executive role to enhance existing efforts, formally demonstrates our commitment to those values. Arnold's experience and dedication to our purpose and clients make him uniquely suited for this new role." 

Evans most recently served as Central Florida Division president for SunTrust in Orlando.  Prior to that, he was regional president for SunTrust in Jacksonville, Florida.  He joined SunTrust Robinson Humphrey (STRH) in 2005 and held positions in equity capital markets and equity originations, including managing director and head of real estate and industrials equity capital markets originations.

Evans previously served as vice president of equity capital markets at JP Morgan from 1995-2005. He is a graduate of the United States Military Academy at West Point, and earned his JD/MBA from the University of Virginia. Evans served to the rank of captain in the U.S. Army, and held various leadership roles in the U.S., Europe, and Middle East.



#SunTrustMortgageScandal

Pay close attention to these documents and the timeline of events below.  This seems to elevate the questions as to who was really behind the $88M Invented Email Scheme...

- August 2008, Mary Pettitt provided her fellow SunTrust executives and general counsel with the spoiled (invented) e-mails, but there was a problem: Pettitt's text didn't match the version of the same e-mail message provided to the court by the Plaintiff (United Guarantee). 

"Instead of interviewing the employee who likely had all the answers, [SunTrust] chose to conduct a records-based investigation that kept Ms. Pettitt in the dark about what [SunTrust] knew.  And even [SunTrust's] efforts in this regard were tepid at best," wrote Judge Payne in his opinion.

"The significance of whether the emails were genuine was obvious: if the emails were fraudulent, Ms. Pettitt's characterization [that SunTrust had no obligation to underwrite certain loans] also might be suspect," wrote the judge.  he concluded the that the altered email "could jeopardize [SunTrust's] ability to collect tens of millions of dollars in insurance payouts from UG."

- December 2008 - SunTrust lawyers and executives inclusive of Keith Reynolds, Debra Hovatter and Susan Thurman, as well as by general counsel Ray Fortin held a conference call, were outside counsel call in and happened to leave a note in his case file... Saying... The general counsel's (Ray Fortin) message was clear.

"Ray Fortin instructed that he would like to avoid confronting or placing on leave / firing Mary Pettitt for fear it will adversely affect the insurance claim against AIG." Gold wrote.

It appears after being aware of Mary Pettitt's Invented Email Scheme, SunTrust allowed her to continue gainful employment but allowed her to subsequently conduct "Training" on the very Document Underwriting thats the nexus of the $88M case..

- April 2009 - Mary Pettitt holds Refinance Training for SunTrust Mortgage employees inclusive of 1) SunTrust implementation Plan 2) DU Refi Plus TM Guidelines 3) Subordinations and 4) STMPartners/Calyx/MLCS

Summary -

- March 2009 SunTrust finally confronts Mary Pettitt over email scheme, yet did not follow up, and failed to find out exactly how many e-mails she has altered. 

- April 6th, 2009 - SunTrust Mortgage willfully allowed Mary Pettitt to conduct underwriting training to STM staff, while it had just confronted her over inventing emails to support SunTrust $88M suit.

- 2010 - SunTrust reportedly fires Mary Pettitt, But did they really fire Ms. Pettitt?

- 2017 - Evidence obtained by Citizens Science suggest Mary Pettitt is currently employed by SunTrust Mortgage in Richmond, Va as a Senior VP.

Concluding thoughts - What does the evidence suggest?  Was Mary Pettitt the real inventor of this elaborate email scheme, later held out as a Fraud upon the Court?  Or was Ms. Pettitt merely a scape goat for high ranking SunTrust Officer(s) more concerned about earnings, seven figure bonus's and saving face than corporate integrity and "Good Governance?"

One may deduce, if SunTrust was so worried about Ms. Pettitt's integrity, they would have never allowed her to remain on the job and certainly not conduct her April 6th, 2009 underwriting training...  All just a few weeks later.

So who is the real culprit?  You decide...


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#SunTrustMortgageScandal
Title: "Your Company's in Big Trouble" - SunTrust
Post by: citizensscience on September 01, 2017, 08:39:09 AM
#SunTrust

"Your Company's in Big Trouble"...  NCSOS, FAQ - Re: Revenue Suspension and SunTrust Leasing...

Is this just one example of larger risk gaps across the entire enterprise wide divisions of SunTrust Subsidiaries??

Question...  Has SunTrust accurately "Disclosed" its Risk Gaps to its shareholders?


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Title: Citizens Science Petitions US Treasury in SunTrust Investigation
Post by: citizensscience on September 04, 2017, 04:39:34 PM
#SunTrust


Citizens Science petitions the United States Treasury in SunTrust Investigation -


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Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on September 05, 2017, 09:42:51 AM
#SunTrustMortgageScandal

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While Main Street Americans  arrived at work and opened the doors to compete, in our free market, SunTrust Bank and its subsidiaries are busy in Washington, byway of their Lobbyist in a effort to influence and even craft their own custom laws for which they are to be regulated.

It's widely known, banks regularly draft the banking bills, then meet with members of Congress who in-turn send the "Banks Bill" to bill drafting where it's literately copied and pasted into pending legislation, while waiting for a floor vote.

Fox New's own Steve Hilton highlighted this very practice, while legal, how it serves to underscore what's become known as the Swamp of Corruption...

(Click on the link below the images to view)


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Click - The Banking Swamp Lobby -
https://youtu.be/oQmPALs_ii0?t=5m28s
Title: Lobbyist and the SunTrust Mortgage Scandal…
Post by: citizensscience on September 05, 2017, 09:50:59 AM
SunTrustMortgageScandal


How does SunTrust Bank utilize the Swamp to its advantage?

It appears SunTrust took a play straight from Convicted Lobbyist Jack Abramoffs playbook…  (for those who may have missed it)…

(See link below the image)


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View Jack Abramoffs 60 Min interview here:

http://forum.citizensscience.org/index.php/topic,613.msg1749.html#msg1749

Title: Suntrust Mortgage Scandal
Post by: citizensscience on September 06, 2017, 10:53:58 PM
SunTrust Insurance "Revoked"

How does SunTrust continue to allow this to occur?

Why is SunTrust Board of Directors not taking action given the "vapor trail" of Non-Compliance that seems to follow Mr. Peter Mahoney? 

Our research suggest Mr. Mahoney is really nothing more than a "Lobbyist", one with a rather long title EVP of Compliance...

At some point SunTrust Shareholders may become wise to who has been paying these never ending massive fines to end Criminal Investigations and Forced Placed Insurance Lawsuits just to name a few.

SunTrust can't keep depleting shareholder assets of SunTrust by selling off Coke Cola stock to pay US Treasury "Claw-Backs" due to underwriting Junk Mortgages not to mention a nearly $1B Fine one that STM knew was coming.  Where is the #SEC in what seems to be a pattern of non-compliance?

If results and history make up the scorecard, SunTrust Board of Directors has some real issues.

Save and share this link as  - SMS is updated regularly...


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#SunTrustMortgageScandal

Peter Mahoney - EVP SunTrust, Chief Regulatory and Compliance Officer

#SunTrust shareholders may wonder if Mr. Peter Mahoney is an Asset or a Liability?

Investigating Lobbying, Freddy Mac Bailouts, Federal Mortgage Settlements and the self-described career of the now Officer of Regulatory and Compliance for SunTrust... 


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https://www.linkedin.com/in/petermahoney/


As an individual that worked for Freddy Mac and who indicates he responsible for 85% of the purchases etc including "Securitization"...  one may want to look further...

As such, leading one to perhaps assume, its Mr. Peter Mahoney efforts that may be responsible for "Acquiring" 85% of the "Non-Compliant" Loans from slipshod, self-described corner cutting originators like SunTrust Mortgage and their affiliates, resulting in the Congressional fallout of Freddy Mac.

Next, Mahoney exits Freddy Mac for Green Tree Servicing (GTS) overseeing much of their servicing operation.  It seems Mr. Mahoney did not develop his compliance skill set while at GTS as they were hit with a massive $63M settlement from the Feds following his exit...

While his departure is not clear, Mr. Mahoney spent a mere 6 months with IBM before landing at SunTrust Mortgage to great public fan fair.

SunTrust Mortgage Chief Executive Officer Jerome Lienhard announced  -- Peter E. Mahoney, named Executive Vice President, Mortgage Strategy of SunTrust Mortgage.  Mr. Lienhard goes stating in summary; Peter Mahoney is a strong addition to our mortgage leadership team.  Absent is from the press release issued by SunTrust was the Feds inquiry / investigation of Freddy Mac and Green Tree Servicing...   

In November 2010, the FTC issued a Civil Investigation Demand to Green Tree, requesting information on a broad range of subjects relating to the companies’ operations.  In November 2011, Green Tree received a Supplementary Discovery Request from the FTC seeking additional information, and subsequently entering into a $63M Federal Settlement.

Following receipt of the formal Supplemental Discovery Request from the FTC, Mr. Mahoney departed Green Tree Servicing and began working with IBM shortly thereafter in of January 2012.  Mr. Mahoney's stint with IBM was nearly as short lived again, departing after just 6 months.  While we are not aware of the reason of the departure, the timing does seem noteworthy.


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According to the lawsuit, when homeowners were even just one day late with their payments, Green Tree’s collectors often unleashed a barrage of phone calls, some starting as early as 5 in the morning or continuing until as late as 11PM.

The collectors didn’t limit themselves to home phones, getting some people in trouble by calling them at work. They illegally threatened them with arrest or imprisonment, used obscene language, and mocked the problems that led to their financial distress.

(One collector said to a woman, “You should leave your husband if he can’t provide for you.”) Green Tree’s loose-lipped collectors were known to discuss people’s debts with bosses, co-workers, neighbors, and family.

Green Tree also was aware that specific portfolios it acquired from other servicers contained unreliable data. But when homeowners spoke up to dispute the misinformation, Green Tree left them in collections without adequately investigating discrepancies. In a similar vein, Green Tree reported unfavorable information about homeowners to credit bureaus, even when the company had reason to know the data was inaccurate.

Green Tree Servicing was apparently dealt an identity crisis, later morphing into DiTech. 

https://www.ftc.gov/system/files/documents/cases/150421greentreecomplaint.pdf
Title: Security Breach @ SunTrust University?? You Decide...
Post by: citizensscience on September 06, 2017, 11:38:26 PM
If anyone knows the individuals below, you might send each SunTrusts privacy form so they can opt' out of SunTrust (STU?) "Training" program. 

Wonder if SunTrust disclosed to these individuals their names and perhaps personal financial information may be utilized in such a way?

Who knows, Peter Mahoney may have brought this over from GreenTree? 


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SunTrust Mortgage Borrowers? 

Is SunTrust Mortgage utilizing borrowers personal information to conduct training??


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Sent from my iPhone using Tapatalk
Title: SunTrust Forced to "Dump" Coke over Feds Capital Requirements
Post by: citizensscience on September 08, 2017, 12:46:56 AM
SunTrust and Coke - A $1.9 Billion Infusion to sure up the balance sheets and why??


After a long run of benefiting SunTrust via dividends, the Coke holdings will now help the bank firm up its balance sheet. Along with the other actions taken Thursday  — estimating a $375 million provision for mortgage putbacks from Fannie Mae and Freddie Mac; $250 million write-down for transferring $3 billion in underperforming loans to loans held for sale; and a $100 million pre-tax loss for intending to sell $200 million of affordable housing investments – the sale of the Coke shares will raise third-quarter net income by $750 million and increase Tier 1 Capital to 9.5%, according to BTIG Research’s Mark Palmer.


https://www.forbes.com/sites/steveschaefer/2012/09/07/suntrust-dumps-93-year-old-stake-in-coca-cola-collects-a-tidy-two-million-percent-return/
Title: Insurance Scheme Exposed By Hurricane Irma
Post by: citizensscience on September 11, 2017, 03:23:29 PM
Hurricane Irma, Assurant, SunTrust Mortgage, Forced Placed Insurance, Lender Placed Insurance

Insurance Scheme “Exposed” by Hurricane Irma…

While hurricane Irma has left a path of destruction many homeowners must now rely on insurance to recover.  Citizens Science has uncovered a cozy relationship between two of the largest players… Assurant and SunTrust Mortgage…

You see, Assurant steps in the shoes of the servicer (SunTrust) by allegedly tracking property insurance and confirming these borrower purchased polices are in place and current. 

Essentially, if a homeowner fails to keep up their insurance premiums, then their loan servicer will step in and buy an insurance policy on their behalf, to ensure the home remains insured. It’s all perfectly sensible in theory. But in practice, it’s ripe for abuse, especially when the servicer owns the insurer (SunTrust owns Twin-Rivers Insurance).

Consider this case. A homeowner had a $4,000 insurance policy, which was paid by the loan servicer, from an escrow account. But the servicer allegedly let that insurance policy lapse, allowing it to replace the policy with a different policy, this one costing more than $33,000. The insurer, a subsidiary of Assurant, then paid the servicer a $7,100 kickback for giving it such a lucrative policy —

$7,100 is an insanely enormous amount of money for a loan servicer to make on a single property: the average loan servicer makes roughly $50 - $75 per loan per year. And of course it’s not the servicer paying that $33,000 insurance premium — that money is ultimately paid by the homeowner and in some cases the investors who purchased the loan.

There are lots of variations on the force-placed insurance scam. For instance, SunTrust Mortgage buys overpriced insurance from a third-party insurer, which then reinsures the property with SunTrust. This is doubly evil: it not only means that investors are paying far too much money for the insurance, but it also means that, as both the servicer and the ultimate insurer of the property, SunTrust has every incentive not to pursue claims on the houses it services. Investors, of course, would love to recoup any losses from the insurer, but they can’t bring such a claim — only the servicer can do that.

Then there’s the practice of back-dating insurance — essentially, buying insurance against an event which you know for a fact hasn’t happened.  Attorney Jeff Golant, who was trying to sort out his mother’s mortgage:

His client was current on her mortgage and claimed the lapse of insurance coverage on her home was the result of her previous insurer’s error. Much of the new policy’s coverage was redundant, Golant said, duplicating flood and wind policies that had remained in place. Moreover, charging her for retroactive hurricane protection, for a year when there had been no significant storms, struck Golant as inherently ridiculous.

“I really thought they’d added an extra digit,” he said.

The National Association of Insurance Commissioners says that policies “should not be back-dated to collect premiums for a time period that has already passed,” but the practice seems to be commonplace in the world of force-placed insurance. As is the existence of extremely cozy relationships between insurer and servicer:

The case got stranger when Golant’s client visited the address listed for the insurer in an unsuccessful attempt to sort things out, he said. While the people there claimed to represent the servicer, they were operating out of an office belonging to a force-placed policy insurer since acquired by QBE Insurance Group.

Golant didn’t understand why the insurer would be speaking on behalf of the servicer. But shortly after he began asking questions about the relationship between servicer and insurer, the case settled. Confidentially. At the insurer’s request…

According to both Assurant’s SEC filings and the marketing materials of a subsidiary of rival QBE Insurance Group, the insurers don’t just write policies on request — they also enter into long-term agreements to detect uninsured properties in their clients’ servicing portfolios and perform other back-office functions. It was precisely such an arrangement that Golant’s first client ran into when she tried to visit her servicer, he says — the insurance company employees had taken over the servicer’s role.

Horwitz has found one case where an $80,000 property was being insured for $10,000 a year, and also notes that at Assurant, “the unit handling force-placed insurance has accounted for $811 million of its $879 million in profits during the last two years.”

The CEO of Assurant said it best during a recent 2016 analyst meeting… “We integrate in with large distribution partners and provide custom solutions that solve a risk issue for them or for their consumer or for both.  Were very good at that.  We create significant client entanglement through that, and its something we’re going to continue to do.”
Title: Feds - SunTrust may be charged with "Fraud"...
Post by: citizensscience on September 11, 2017, 07:22:31 PM
(https://uploads.tapatalk-cdn.com/20171003/427574f5819d4cdcda51cc5f3ea51499.png)


Fraud charges against SunTrust Banks are being considered by the U.S. Securities and Exchange Commission over allegations that its investment business steered customers into costly mutual funds when cheaper options were available.

The Atlanta bank said in a filing that the SEC’s enforcement division “made a preliminary determination to recommend that the SEC bring an enforcement action” against SunTrust Investment Services, the bank’s broker-dealer and insurance arm.

The federal probe was disclosed last week in SunTrust’s annual report filed with the SEC.

If found guilty, the bank potentially faces not only fines but the potential loss of some of its investment business income and its fast-track status for issuing new bonds and other securities.

In late 2015, J.P. Morgan paid $267 million to settle SEC charges that it failed to disclose conflicts of interest when it steered customers into its own investment products that were more costly than alternative funds.

Last year, the SEC launched a campaign to investigate whether banks and investment firms were making self-serving investment recommendations to customers.

At the center of the SunTrust investigation is whether the bank’s investment arm bought costly mutual funds on the behalf of clients that charged a type of marketing fee, called 12b-1 fees, rather than recommending cheaper mutual funds that don’t charge such fees.

Often, mutual funds that charge the higher fees pay higher commissions to the companies and brokers that sell them.

Such actions could violate the 77-year-old federal Investment Advisers Act. The law requires money managers registered with the SEC, as SunTrust’s investment unit is, to act in their clients’ best interests.

The U.S. Department of Labor rolled out a similar rule, set to take effect next month, that requires brokers, insurance agents and other investment advisers to act in clients’ best interests when selling or recommending investments in retirement accounts, such as 401(k) accounts.

http://www.ajc.com/business/suntrust-federal-agency-may-hit-its-investment-unit-with-fraud-charge/HBnrmN7JoiN8d3pzujzDAJ/
Title: SunTrust “Shareholder” Alert - Feds Bust SunTrust Again & Shareholders Up!
Post by: citizensscience on September 29, 2017, 05:07:25 PM
SunTrust gets Busted again... September, 2017 -

A Scheme of "Self-Serving Investment Recommendations" says SEC Assistant Regional Director of Enforcement Aaron Lewis.

SunTrust violated Sections 206(2), 206(4) and 207 of the Investment Advisers Act of 1940 and Rule 206(4)-7.

How much longer will SunTrust Shareholders allow the Board of Directors to utilize Shareholder Assets (liquidity) to pay these, now all to common large Federal Fines?

https://www.sec.gov/litigation/admin/2017/34-81611.pdf

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#suntrustscandal #suntrustmortgagescandal
Title: SunTrust Scandal & NC's 900,000 State Pension Participants?
Post by: citizensscience on October 02, 2017, 02:37:03 PM
ATTENTION: NC Pension Holders -  9/17 - SEC “Enforcement” Order,  SunTrust and Fee's

September 14, 2017 -

SunTrust “Busted”… for delivering  “Self-Serving Investment Recommendations” says SEC Assistant Regional Director of Enforcement Aaron Lewis.

Further, the Federal Order states; SunTrust violated Sections 206(2), 206(4) and 207 of the Investment Advisers Act of 1940 and Rule 206(4)-7.

This perhaps, leaving 900,000 North Carolina State pension holders seeking relief?


WRAL Investigates -

RALEIGH, N.C. — The State Employees Association of North Carolina has accused the State Treasurer's Office of hiding millions of dollars paid to money managers handling the state's $86 billion pension for state employees, teachers and retirees.

The Treasurer's Office says it pays about $416 million a year to outside money managers to handle the pension's stakes in hedge funds and alternative investments. SEANC obtained thousands of pages of documents through a public records request and hired an auditor to crunch the numbers, and the auditor said in a Thursday letter to Treasurer Janet Cowell that "massive hidden fees" haven't been disclosed.

The auditor, Florida-based Benchmark Money Management Intelligence, cites Chapel Hill-based Franklin Street Partners as an example. The Treasurer's Office says it paid the firm $2.6 million in 2013, but Benchmark argues that Franklin Street acts as a middle man and contracts with other money managers, and none of those fees are reported.

Benchmark estimates that Franklin Street is actually paid $16 million a year, and that the unreported fees to the firm since 2002 could top $120 million.

Franklin Street said Benchmark's "claims are terribly inaccurate and misleading."

Schorr Johnson, a spokesman for the Treasurer's Office, said a recent review of North Carolina's pension management fees found they are lower than industry standards.

The uncertainty frustrates state employees.

"There's no way we should be spending millions of taxpayer and member money and not have any idea who's getting paid," said Charles Johnson, who works at Central Prison.

"They're hiring other people to manage it and then everybody gets a cut. Everybody’s getting rich off this except the state employees and retirees," said Ardis Watkins, SEANC's legislative affairs director.

https://www.sec.gov/litigation/admin/2017/34-81611.pdf
Title: SunTrust Scandal and Pension Fund Fees -
Post by: citizensscience on October 03, 2017, 11:19:54 AM
(https://uploads.tapatalk-cdn.com/20171003/57675ac73efb2449200e9f7ddc1c4890.jpg)


ALERT - State Pension Holders (900,000) of North Carolina -

Citizens Science “Investigates" SunTrust and "Incurred Pension Fees"...

If you found our ongoing investigation into SunTrust of interest, please consider sharing this link with others - http://forum.citizensscience.org/index.php/topic,613.msg1887.html#msg1887

Be sure to “Bookmark” as our team of volunteers, investigators and researchers continually update our ongoing crowd sourced investigative efforts.

 

(https://uploads.tapatalk-cdn.com/20171003/c536ce8dfa6ca7899105c10910bfef17.png)

(https://uploads.tapatalk-cdn.com/20171003/fd3c0c7fa4727df71bf6e6973c7660b2.png)


http://www.institutionalinvestor.com/Article/2882771/SunTrust-Employees-Sue-Their-Company-Over-Pensions.html#.WdOmTkyZOCQ
Title: SunTrust Employees Sue over Pension Fees - Judge Orders Case to Proceed -
Post by: citizensscience on October 03, 2017, 11:39:56 AM
Judge certifies massive Class Action Suit against SunTrust, whereas granting hope to now 50,000 current and past employees of SunTrust -


Should North Carolina’s 900,000 Pension holders follow suit?


(https://uploads.tapatalk-cdn.com/20171003/8da143eb6bdee09cb84fbf24bc41faca.png)(https://uploads.tapatalk-cdn.com/20171003/efa15be8ab3bd8203c808de2046f296b.png)



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Title: SunTrust “Admits” to Lender Placed Insurance - “Kick-Backs”??
Post by: citizensscience on October 03, 2017, 02:10:12 PM
Hurricane Irma, Assurant, SunTrust Mortgage, Forced Placed Insurance, Lender Placed Insurance

Insurance Scheme “Exposed” by Hurricane Irma…

While hurricane Irma has left a path of destruction many homeowners must now rely on insurance to recover.  Citizens Science has uncovered a cozy relationship between two of the largest players… Assurant and SunTrust Mortgage…

You see, Assurant steps in the shoes of the servicer (SunTrust) by allegedly tracking property insurance and confirming these borrower purchased polices are in place and current. 

Essentially, if a homeowner fails to keep up their insurance premiums, then their loan servicer will step in and buy an insurance policy on their behalf, to ensure the home remains insured. It’s all perfectly sensible in theory. But in practice, it’s ripe for abuse, especially when the servicer owns the insurer (SunTrust owns Twin-Rivers Insurance).

Consider this case. A homeowner had a $4,000 insurance policy, which was paid by the loan servicer, from an escrow account. But the servicer allegedly let that insurance policy lapse, allowing it to replace the policy with a different policy, this one costing more than $33,000. The insurer, a subsidiary of Assurant, then paid the servicer a $7,100 kickback for giving it such a lucrative policy —

$7,100 is an insanely enormous amount of money for a loan servicer to make on a single property: the average loan servicer makes roughly $50 - $75 per loan per year. And of course it’s not the servicer paying that $33,000 insurance premium — that money is ultimately paid by the homeowner and in some cases the investors who purchased the loan.

There are lots of variations on the force-placed insurance scam. For instance, SunTrust Mortgage buys overpriced insurance from a third-party insurer, which then reinsures the property with SunTrust. This is doubly evil: it not only means that investors are paying far too much money for the insurance, but it also means that, as both the servicer and the ultimate insurer of the property, SunTrust has every incentive not to pursue claims on the houses it services. Investors, of course, would love to recoup any losses from the insurer, but they can’t bring such a claim — only the servicer can do that.

Then there’s the practice of back-dating insurance — essentially, buying insurance against an event which you know for a fact hasn’t happened.  Attorney Jeff Golant, who was trying to sort out his mother’s mortgage:

His client was current on her mortgage and claimed the lapse of insurance coverage on her home was the result of her previous insurer’s error. Much of the new policy’s coverage was redundant, Golant said, duplicating flood and wind policies that had remained in place. Moreover, charging her for retroactive hurricane protection, for a year when there had been no significant storms, struck Golant as inherently ridiculous.

“I really thought they’d added an extra digit,” he said.

The National Association of Insurance Commissioners says that policies “should not be back-dated to collect premiums for a time period that has already passed,” but the practice seems to be commonplace in the world of force-placed insurance. As is the existence of extremely cozy relationships between insurer and servicer:

The case got stranger when Golant’s client visited the address listed for the insurer in an unsuccessful attempt to sort things out, he said. While the people there claimed to represent the servicer, they were operating out of an office belonging to a force-placed policy insurer since acquired by QBE Insurance Group.

Golant didn’t understand why the insurer would be speaking on behalf of the servicer. But shortly after he began asking questions about the relationship between servicer and insurer, the case settled. Confidentially. At the insurer’s request…

According to both Assurant’s SEC filings and the marketing materials of a subsidiary of rival QBE Insurance Group, the insurers don’t just write policies on request — they also enter into long-term agreements to detect uninsured properties in their clients’ servicing portfolios and perform other back-office functions. It was precisely such an arrangement that Golant’s first client ran into when she tried to visit her servicer, he says — the insurance company employees had taken over the servicer’s role.

Horwitz has found one case where an $80,000 property was being insured for $10,000 a year, and also notes that at Assurant, “the unit handling force-placed insurance has accounted for $811 million of its $879 million in profits during the last two years.”

The CEO of Assurant said it best during a recent 2016 analyst meeting… “We integrate in with large distribution partners and provide custom solutions that solve a risk issue for them or for their consumer or for both.  Were very good at that.  We create significant client entanglement through that, and its something we’re going to continue to do.”


SunTrust admits to its Reinsurance and “Kick-Back” Scheme??

"The Company provides mortgage reinsurance on certain mortgage loans through contracts with several primary mortgage insurance companies. Under these contracts, the Company provides aggregate excess loss coverage in a mezzanine layer in exchange for a portion of the pool’s mortgage insurance premium”. - (Illegal Kickback?)
Title: SunTrust - “Message” to “Share-Holders”…
Post by: citizensscience on October 03, 2017, 03:23:51 PM
SunTrust places “Share-Holders” on Notice -

The Shareholder “Cost” for settling SunTrust violations of law -

2007 - “Also, in general, the amounts paid by financial institutions in settlement of proceedings or investigations and the severity of other terms of regulatory settlements have been increasing dramatically and are likely to continue to increase.”

“In some cases, governmental authorities have required criminal pleas, admissions of wrongdoing, or other extraordinary terms as part of such settlements, which could have significant consequences for a financial institution, including loss of customers, restrictions on the ability to access the capital markets, and the inability to operate certain businesses or offer certain products for a period of time."

“These enforcement trends also increase the exposure of financial institutions to civil litigation and reputation damage, leading to potential loss of customers."

“As the primary focus of financial services regulation is the protection of depositors, FDIC funds, consumers, and the banking system as a whole, and not protection of shareholders, this regulation may be adverse to our shareholders' interests."
Title: $25B National Mortgage Settlement Fraud?
Post by: citizensscience on October 05, 2017, 11:24:33 PM
(https://uploads.tapatalk-cdn.com/20171006/fee92b9e9b6fe611176f20230d5f2dc4.png)
(https://uploads.tapatalk-cdn.com/20171006/671197f22b6afe59a28eb860b42181d3.png)(https://uploads.tapatalk-cdn.com/20171006/b6f9fc65f272845641241e8e386d02cb.png)


https://www.thenation.com/article/how-americas-biggest-bank-paid-its-fine-for-the-2008-mortgage-crisis-with-phony-mortgages/
Title: Suntrust Scandal and the "SEC"...
Post by: citizensscience on October 23, 2017, 11:16:48 PM
#SunTrustScandal, SECSunTrust,


Real-Time SEC issues ... 

Within just 30 days after the recent SEC monetary fine was issued to STI in September...   

Citizens Science identifies 30+ SEC Broker Dealers / Investment Bankers allegedly peddling securities unlawfully on behalf of SunTrust Advisory Services Inc. (SASI).

However, it appears SASI operates while lacking authority to transact business within North Carolina, this non-compliance totals 240 days and counting. 

Stay tuned as Citizens Science has much more in the pipeline -

If you find our Investigative content useful please consider sharing our page with others...



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https://www.sec.gov/litigation/admin/2017/34-81611.pdf



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ALERT - State Pension Holders (900,000) of North Carolina -

Citizens Science “Investigates" SunTrust and "Incurred Pension Fees"...

If you found our ongoing investigation into SunTrust of interest, please consider sharing this link with others - http://forum.citizensscience.org/index.php/topic,613.msg1887.html#msg1887

Be sure to “Bookmark” as our team of volunteers, investigators and researchers continually update our ongoing crowd sourced investigative efforts.

 

(https://uploads.tapatalk-cdn.com/20171003/c536ce8dfa6ca7899105c10910bfef17.png)

(https://uploads.tapatalk-cdn.com/20171003/fd3c0c7fa4727df71bf6e6973c7660b2.png)


http://www.institutionalinvestor.com/Article/2882771/SunTrust-Employees-Sue-Their-Company-Over-Pensions.html#.WdOmTkyZOCQ



Sent from my iPhone using Tapatalk
Title: SunTrust Scandal
Post by: citizensscience on October 24, 2017, 10:07:02 AM
SunTrustScandal


Within the same SunTrust... Charlotte, NC location, Citizens Science now seems to have identified further compliance deficiencies with another subsidiary... 

SunTrust Insurance Services...


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Title: SunTrust Underwriting Scheme
Post by: citizensscience on October 29, 2017, 02:03:58 PM
SunTrust Scandal


Attention Investors - Did you loose money in Mortgage Backed Securities purchased from SunTrust... 

Were you made to believe you were buying Full Doc Loans from SunTrust?

Did SunTrust "Knowingly" alter its underwriting requirements of Document Underwriter (DU)?  If so would that be "Materal" to representations made to investors about these loans?

Did SunTrust then proceed to "Willfully" sell these Shortcut loans to you or your unknowing investors??


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Wells Fargo Scandal, SunTrust Mortgage Scandal



 
Title: SunTrust Shareholder Alert
Post by: citizensscience on November 01, 2017, 06:22:06 PM
Suntrust Shareholders


It appears Citizens Science has identified two SunTrust...

One that advises its Shareholders of its "Enterprise Risk Management" procedures...

And the other SunTrust that admits, it has NO formal Risk Training on identifying a risk or evaluating it... 

Are you a SunTrust Shareholder?


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Title: Suntrust Mortgage Scandal
Post by: citizensscience on November 05, 2017, 03:40:36 PM
SunTrust acknowledges it "Lost" Mortgage Backed Servicer Agreements needed to correctly define and service a portion of its 950K home loans...

The questions the courts should be asking SunTrust, is why they demand their vendors seek action on loans where SunTrust knowingly knew they were not in possession of the required document(s)...


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SunTrust seems to have continuing issues with document custody and be at the center of a developing investigation into non-compliance and providing false statements to the court.


(https://uploads.tapatalk-cdn.com/20171105/c0f638fe20c0cef14e908a9899c8d824.jpg)
Title: Jerome Lienhard, SunTrust and "Risk Management"...
Post by: citizensscience on November 08, 2017, 09:38:35 PM

SunTrust Shareholder ALERT...

SunTrust Mortgage on "Expired" Power of Attorney...

Do you own stock in SunTrust??


(https://uploads.tapatalk-cdn.com/20171109/952efbd59b4ec560698cbcc0af8bacb3.jpg)(https://uploads.tapatalk-cdn.com/20171109/e1a74f0121105cff699293dce01eae1d.jpg)

(https://uploads.tapatalk-cdn.com/20171109/6390ebc86db1886fec6e9f33c8bf3fa0.jpg)(https://uploads.tapatalk-cdn.com/20171109/f3d2fbd7ab208233ff1bd723af362156.jpg)





Mortgage fraud, national mortgage settlement, CFPB, SigTarp, Robo signing, SunTrust Bank, SunTrust Board of Directors , Jerome Lienhard, Wells Fargo Scandal, SunTrust Mortgage, SunTrust Branch Locator, FDIC, Federal Reserve, Senate Banking Committee, Joe Smith, NMS Monitor, Mortgage Modification, Short Sale, Deed in lieu of, Wall Street, UBS, U.S. Bank National Association, STARM Mortgage Trust, SunTrust Log In, SunTrust Online Banking, SunTrust Mobile Banking, BOA 
Title: Did SunTrust… Fleece Shareholders allowing Executives to Evade Prison??
Post by: citizensscience on November 10, 2017, 11:10:47 AM
SIGTARP, USDOJ Mortgage Fraud, SunTrust Mortgage


Official SunTrust Criminal Investigation Report -Office of Inspector General

Citizens Science has obtained the Investigative Criminal report into and subsequent agreement allowing SunTrust to evade Criminal Prosecution…

Shareholders should inquire why SunTrust sold century old holdings in CokeCola (stock) to buy off the Holder Administration allowing their corporate executives to evade prison…


(https://uploads.tapatalk-cdn.com/20171110/822d59039d82a0f248c03fb76a80fba5.jpg)(https://uploads.tapatalk-cdn.com/20171110/1cf7b35ee678106f4d2c9c5767c1edbf.jpg)(https://uploads.tapatalk-cdn.com/20171110/e618439a37dde29950d9ebe047d2c033.jpg)(https://uploads.tapatalk-cdn.com/20171110/1819c3d7c6c7b26f74776a0914073aef.jpg)(https://uploads.tapatalk-cdn.com/20171110/5dd74c7ff564e3d209261169921949b5.jpg)(https://uploads.tapatalk-cdn.com/20171110/9788b29556f8807bac7628eefd25ffd8.jpg)(https://uploads.tapatalk-cdn.com/20171110/ae96f31fd14a57e915edf5a248d0feee.jpg)




SIGTARP, Suntrust Scandal, SunTrust Bank, SunTrust Insurance, SunTrust, Mortgage Fraud, Foreclosure Fraud, Robo-Signing, Robo Signing, foreclosure mill, Wells Fargo scandal, national mortgage settlement, Joe smith mortgage, Jerome lienhard, SunTrust shareholder, suntrust annual report
60 minutes AHMSI appraisal fraud assignment attorney general auction fraud bailout Bank of America bankruptcy BOA borrower Chase Chris Koster countrywide credit bids credit crisis credit default swaps creditor disclosure discovery DocX Indictment Eviction evidence Fannie MAe FDIC Federal reserve Florida foreclosure foreclosure defense foreclosure fraud foreclosure offense foreclosures FORECLOSURE SETTLEMENT forgery fraud Freddie Mac Goldman Sachs HERS housing market housing prices insurance investors lender Lender Liability linda green LOAN MODIFICATION lost note LPS MERS Missouri modification Mortgage mortgage fruad mortgage meltdown mortgages note Obama predatory lending quiet title REMIC rescission RESPA RICO Robo-Signing securitization settlement standing strategic default TILA TILA audit trustee Wall Street WEISBAND Wells Fargo wrongful foreclosure
Title: Suntrust Mortgage Scandal
Post by: citizensscience on November 10, 2017, 02:29:34 PM
Freddy Mac, SunTrust Mortgage and Jerome Lienhard


JEROME LIENHARD Board of Directors SunTrust Bank and Former CEO SunTrust Mortgage


In an interview with a London financial trade paper in 1999, Jerome T. Lienhard, Freddie Mac’s senior vice president of investment funding, said, “Investors that make the transition from U.S. Treasuries to our securities will be pleased with the performance.” Freddie Mac’s program is “designed to mirror that already used by the United States government,” he said.

The Treasury will not comment on Fannie and Freddie’s international marketing pitches, but in the past it has tried to rein in the two institutions.

This is interesting, as Mr. Lienhard would later leave Freddy Mac where he served as Senior VP and Treasurer,  in 2006 Lienhard moved to SunTrust Bank as, Senior VP and Treasurer over funding, treasury operations, portfolio management and asset liability management.

Between Lienhard’s 2006 arrival and 2008, SunTrust’s loose “No-Documentation” underwriting practices among other things, forced Leinhard and others at SunTrust call the Treasury on November 14, 2008 and borrow $3.5 Billion in Tarp Funds allowing Lienhard's new employer, SunTrust to stay afloat…


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Mr. Lienhard once again was forced to the U.S. Treasury, this time for an additional $1.35B in taxpayer bailout funds.  Of most interest, this occurred on December 31, 2008… Or just in time for hefty year end bonuses.

When SunTrust was questioned on what $4.85 Billion in taxpayer Treasury funds are being used for, Barry Koling of SunTrust provided the following…. “We’re not providing dollar-in, dollar-out tracking,” said Barry Koling, a spokesman for Atlanta, Georgia based SunTrust Banks Inc.  In total SunTrust received $4.85 Billion in taxpayer dollars by way of TARP funds.


(https://uploads.tapatalk-cdn.com/20171110/932e7fa1823d9228fc385210999d0e3d.jpg)


In March, 2011… SunTrust replaces the head of its Mortgage unit Mr. Sterling Edmunds Jr. with Jerome Lienhard as CEO.  Leinhard job was to oversee SunTrust Mortgage Operations inclusive of retail, correspondent, wholesale, consumer direct and consumer banking cross selling channels.

In that same year, SunTrust being one of the last two large banks still clinging on onto close to $5 Billion in TARP funds was able to repay these funds to taxpayers.  But what about their shareholders??

What many may not understand is the cost of those TARP funds.  While SunTrust stripped it shareholder dividend payments to .01 cents per share, it simply utilized shareholder dividends by repurposing the revenue to pay 8% for the cost of the TARP funds.


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Is it not odd, that after Jerome Lienhard was downing the U.S. Treasury during his oversees trip back in 1999, while peddling Freddie’s US Taxpayer Backed Securitized Mortgages… He ended up at the front door of the Treasury with his hand out and begging for a “Bail-Out”…

Another good deal for SunTrust leadership and another bad deal for SunTrust Shareholders…

* If you found this developing Investigation informative, please consider sharing and check back for regular updates…




60 minutes AHMSI appraisal fraud assignment attorney general auction fraud bailout Bank of America bankruptcy BOA borrower Chase Chris Koster countrywide credit bids credit crisis credit default swaps creditor disclosure discovery DocX Indictment Eviction evidence Fannie MAe FDIC Federal reserve Florida foreclosure foreclosure defense foreclosure fraud foreclosure offense foreclosures FORECLOSURE SETTLEMENT forgery fraud Freddie Mac Goldman Sachs HERS housing market housing prices insurance investors lender Lender Liability linda green LOAN MODIFICATION lost note LPS MERS Missouri modification Mortgage mortgage fruad mortgage meltdown mortgages note Obama predatory lending quiet title REMIC rescission RESPA RICO Robo-Signing securitization settlement standing strategic default TILA TILA audit trustee Wall Street WEISBAND Wells Fargo wrongful foreclosure
Title: Suntrust Mortgage Scandal
Post by: citizensscience on November 11, 2017, 10:18:32 AM


Why is SunTrust using “Sticky-Notes” in an apparet Sticky… Slip-Sheeting Scheme?  

Why was a Sticky Note installed over the intent of the Exhibit then allegedly Xeroxed? 

Where is the Office of Administrative Courts? 

Are you a SunTrust Shareholder?

Complaint October 31, 2017 - CFPB

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Title: SunTrust and the Office of Administrative Courts
Post by: citizensscience on November 11, 2017, 11:27:48 AM
Begin forwarded message:

From: <info>
Date: November 11, 2017 at 11:21:18 AM EST
To: jordan.samuel@nccourts.org
Subject: Sanctions -  Altered Documents and SunTrust Mortgage -



Jordan,

Please find the attached document for your file, supporting the allegations previously communicated.

This is a significant widespread issue in our Courts that is ongoing and remains unchecked.

It goes without saying this requires your offices immediate attention... 

Please advise of next steps -

Thank you


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Title: Suntrust Mortgage Scandal
Post by: citizensscience on November 11, 2017, 11:56:54 AM
The borrower, provided Citizens Science with an emailed copy of SunTrust Response dated November 9, 2017 to CFPB Complaint #171031-2608610 and asked Citizens Science to post as a follow-up to the Complaint.

This borrower is interested to learn what special authority SunTrust may have that it would see no issue “Slip-Sheeting” a document into a Court File two years “after the fact”.   What is clear is the Trustee was apparently NOT in physical custody of a properly dated Declaration of Signing Authority when the Trustee made his first appearance.

Also - Citizens Science would like to welcome… the growing number of SunTrust Employees both current and former, who are following our ongoing investigation.  Be sure you go back and read our piece on your pension and associated fees SunTrust may have charged to you and other employees… 

We would also like to welcome all, current and former United States Department of Justice Employees, U.S. Attorneys, U.S. Treasury Department, Federal Reserve and its Board of Governors and employees of the FDIC. 

If you found our ongoing investigation into SunTrust of interest, please consider sharing with your neighbors, colleagues and or staffers on Capital Hill… 

Why is SunTrust communicating (below) who the “Owner/Investor” is when all the borrower wants to know is who the rightful NoteHolder is, thus person entitled to collect?

The note seems clear with respect to the NoteHolder, however when the borrower asks who the current NoteHolder is SunTrust can only state who the Investor is? 

Why would a borrower ever send a payoff to a party that appears to lack the right to collect?

What "Enforcement” rights do Investors have under the borrowers note?


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60 minutes AHMSI appraisal fraud assignment attorney general auction fraud bailout Bank of America bankruptcy BOA borrower Chase Chris Koster countrywide credit bids credit crisis credit default swaps creditor disclosure discovery DocX Indictment Eviction evidence Fannie MAe FDIC Federal reserve Florida foreclosure foreclosure defense foreclosure fraud foreclosure offense foreclosures FORECLOSURE SETTLEMENT forgery fraud Freddie Mac Goldman Sachs HERS housing market housing prices insurance investors lender Lender Liability linda green LOAN MODIFICATION lost note LPS MERS Missouri modification Mortgage mortgage fruad mortgage meltdown mortgages note Obama predatory lending quiet title REMIC rescission RESPA RICO Robo-Signing securitization settlement standing Tags economic meltdown fannie mae financial crisis florida foreclosure fraud florida foreclosures foreclosure foreclosure cases foreclosure crisis foreclosure defense foreclosure filings foreclosure fraud foreclosure help foreclosure help florida foreclosure help new york foreclosure rescue foreclosures freddie mac HAMP HAMP defaults Home Affordable Modification Program Housing Crisis Loan Modifications mortgage backed securities Mortgage Crisis mortgage fraud mortgage help mortgages New York Foreclosure Defense New York Foreclosure Defense Attorneys New York foreclosure filings new york foreclosure fraud New York foreclosure law New York Foreclosure Mills new york foreclosures new york fraud New York Loan Modifications new york mortgage fraud New York State Bar Orange County foreclosure fraud orange county foreclosures Rockland County Foreclosure fraud rockland county foreclosures stop foreclosures strategic default TILA TILA audit trustee Wall Street WEISBAND Wells Fargo wrongful foreclosure
Title: SunTrust Mortgage and “Document” Accuracy…
Post by: citizensscience on November 11, 2017, 02:52:12 PM
Now this is very interesting… is it not…

What we know… Reginald Whitfield, supposed Officer of SunTrust Mortgage and acting on behalf of US Bank Association National appointed Trustee Services of Carolina as Substitute Trustee. 

Someone seems to have deliberately taken a “Sticky-Note” (previous post) and placed across the Delegation of Signing Authority language on the Exhibit then ran that document through a “Xerox” machine (#DocumentMill) to fabricate a new document without such language. 

Citizens Science has now obtained documentation that indicates SunTrust Mortgage will ONLY engage Suppliers who will …”commit to the assurance of all documents FILED on behalf of SunTrust”…

Since SunTrust Mortgage has now admitted in its CFPB response dated November 9, 2017 the documents “FILED” were NOT accurate, (rather expired) it seems SunTrust will now have no choice except to dismiss a proceeding that was brought forward with expired false documents…

Has anyone seen the SunTrust Bank Risk Management Committee?? 

The North Carolina Office of Administrative Courts should send SunTrust an invoice for staffs time not to mention loading the public record with false documents!

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Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on November 13, 2017, 01:24:42 PM
(https://uploads.tapatalk-cdn.com/20171113/6ac4c5b95c133c8ce869f38d93574d86.jpg)


So let’s get this straight, SunTrust is attempting to do what to these folks…

SunTrust Mortgage after knowing they inserted “Expired” documents (see 11/9/17 letter) into the Court record, suddenly the correct documents happen to appear over 2 yrs later.

Now we learn, SunTrust has an illusion they can somehow (??) insert the (invented??) correctly dated docs into the Courts file prior to... or at the same time the original action was brought?   
Title: Judge Levy’s Sanctions against SunTrust Mortgage for Fabricating Evidence…
Post by: citizensscience on November 14, 2017, 10:26:04 AM
 
NC Homeowner and family of 4 find a friend in Judge Robert Payne who sanctioned SunTrust Mortgage, concluding that a SunTrust employee willfully altered emails that in-house lawyers and senior management knew would likely be at the center of the litigation.

The bank made the “decision to bury its corporate head in the sand,” Payne Ruled.   Payne went on stating… “The consequences of ST’s failure to face up to its responsibility [for the employee’s spoliation of evidence] … adversely and significantly affected and burdened this litigation and the judicial process,” Payne wrote. 

“The handling of the matter by St’s in-house counsel [and its management that led to the citation of the February 22nd email in the [first amended complaint] and the aftermath thereof constituted an abuse of the litigation process.”

Citizens Science has uncovered is simply put…  More of the same…  SunTrust Mortgage documents that are manipulated and expired… yet have been entered into the courts recored.


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* Full Story - https://www.law.com/americanlawyer/almID/1202490303398/


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*Full Text - http://amlawdaily.typepad.com/04142011suntrust.pdf
Title: Suntrust Mortgage Scandal
Post by: citizensscience on November 14, 2017, 12:32:19 PM
#mortgagemill #suntrustscandal

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Click the video link at the bottom, and see for yourself…  SunTrust doesn’t know who has or even where the original $982K promissory note is. 

Therefore, just like SunTrust this homeowner is unwilling to fund a loan where the original note is not present. 

Further who is even the rightful noteholder and or the party entitled to collect?

Would you pay off a vehicle (example) if the lender was unable to provide you with title?

When questioned, SunTrust sent this homeowner to Wells Fargo, the Courthouse, the Title Company etc…. All before SunTrust finally admitted they are not in possession of the note.

If you found this interesting consider sharing with a friend or family and be sure and bookmark this page as we continue to update this developing investigation into SunTrust Mortgage Servicing Practices.

https://vimeo.com/239320019/872f536d01

#mortgagemill #suntrustscandal
Title: SunTrust Scandal - Update 11/28
Post by: citizensscience on November 28, 2017, 01:41:31 AM
SunTrust Login, SunTrust Mortgage, SunTrust Online Banking, Wells Fargo Lost Note Scandal, SunTrust Scandal


(https://uploads.tapatalk-cdn.com/20171128/fc81fd7d871761cb07d7aa1e2786f8dc.jpg)


Click the link below to learn about the Lost Note Policy and how lenders such as SunTrust Mortgage and Wells Fargo collect “Federal Funds" to Re-Connect their broken loans...

https://vimeo.com/citizensscience/suntrustwellsfargoscheme
Title: Suntrust Mortgage Scandal
Post by: citizensscience on November 28, 2017, 03:49:37 PM
Suntrust Scandal, Suntrust Mortgage Scandal, Suntrust Bank, #mortgagemill, #suntrustscandal


If you've listened to the Vimeo video link in the below post...  See if this "Testimony" sounds familiar...


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What about Endorsing a “Copy” of the Note…

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60 minutes AHMSI appraisal fraud assignment attorney general auction fraud bailout Bank of America bankruptcy BOA borrower Chase Chris Koster countrywide credit bids credit crisis credit default swaps creditor disclosure discovery DocX Indictment Eviction evidence Fannie MAe FDIC Federal reserve Florida foreclosure foreclosure defense foreclosure fraud foreclosure offense foreclosures FORECLOSURE SETTLEMENT forgery fraud Freddie Mac Goldman Sachs HERS housing market housing prices insurance investors lender Lender Liability linda green LOAN MODIFICATION lost note LPS MERS Missouri modification Mortgage mortgage fruad mortgage meltdown mortgages note Obama predatory lending quiet title REMIC rescission RESPA RICO Robo-Signing securitization settlement standing Tags economic meltdown fannie mae financial crisis florida foreclosure fraud florida foreclosures foreclosure foreclosure cases foreclosure crisis foreclosure defense foreclosure filings foreclosure fraud foreclosure help foreclosure help florida foreclosure help new york foreclosure rescue foreclosures freddie mac HAMP HAMP defaults Home Affordable Modification Program Housing Crisis Loan Modifications mortgage backed securities Mortgage Crisis mortgage fraud mortgage help mortgages New York Foreclosure Defense New York Foreclosure Defense Attorneys New York foreclosure filings new york foreclosure fraud New York foreclosure law New York Foreclosure Mills new york foreclosures new york fraud New York Loan Modifications new york mortgage fraud New York State Bar Orange County foreclosure fraud orange county foreclosures Rockland County Foreclosure fraud rockland county foreclosures stop foreclosures strategic default TILA TILA audit trustee Wall Street WEISBAND Wells Fargo wrongful foreclosure
Title: Wells-Fargo / SunTrust Scandal and Congress...
Post by: citizensscience on November 28, 2017, 10:14:17 PM
SunTrust Login, SunTrust Mortgage, SunTrust Online Banking, Wells Fargo Lost Note Scandal, SunTrust Scandal


(https://uploads.tapatalk-cdn.com/20171128/fc81fd7d871761cb07d7aa1e2786f8dc.jpg)


Click the link below to learn about the Lost Note Policy and how lenders such as SunTrust Mortgage and Wells Fargo collect “Federal Funds" to Re-Connect their broken loans...

https://vimeo.com/citizensscience/suntrustwellsfargoscheme


Humm...

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#suntrustmortgage #wellsfargo
Title: Leak - Secret “Ineligible” Appraiser List - SunTrust Mortgage
Post by: citizensscience on November 30, 2017, 06:17:07 PM
Suntrust Mortgage Ineligible Appraiser List... 

Suntrust Mortgage Springs a Leak…

Did STM even inform these appraisers of their ineligible status?  Is this more reason for the NCGA to act and place local NC Appraisers above the interest of “Too Big to Jail” Banks…

Borrowers should not loose sight of how these same self-serving banks decided to force appraisers to accept reduced fees for preforming the same quality services.  Yet many banks forgot to inform you or anyone else they were the ones who were secretly collecting the revenue spread! 

Perhaps SunTrust Mortgage prescribes to the… “Your only as good as your last appraisal”… Methodology…


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#suntrustscandal #mortgagemill #suntrustbank 


 
Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on December 01, 2017, 07:45:01 AM

If you know a hard working Appraiser that may have been, unjustly included on SunTrust secret blacklist... 

They can inquire by calling the number below...


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Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on December 19, 2017, 09:34:11 AM
Did SunTrust sell your note to a third party? 

Who even owns your note?  Do they even have the note (the entitlement to benefit from your payments?)

Are you continuing to pay an entity that lacks the authority to collect: "The NoteHolder" is the only party entitled to collect. 

Ask your alleged NoteHolder if they will allow you to view your original wet ink note, the note you physically signed at the closing table (the contract between you and the NoteHolder).


A Mortgage-Backed Security Map: The Fantastic Fate of One Man’s Loan

The complexities of getting or refinancing a mortgage are many: the broker you can or can’t trust, the screening of your income and credit, the appraisal, the fear that rates will rise before approval, the title search, the paperwork at closing…

Making Sense

That’s what the homeowner sees. But out of sight and mind have been complexities greater still — until now. Banks have moved massively to foreclose. Homeowners have struggled desperately to resist. And finally, they’ve found a weapon: robo-signers who paid even less attention to the paperwork, it seems, than the homeowners themselves, throwing the legality of the foreclosure process itself into doubt. The deeper you look into the intricate details of securitization, however, the more sympathy you may have for homeowners and robo-signers both.

Consider the case of homeowner Daniel Edstrom, who happens to perform securitization audits for a company called DTC-Systems. With a background in computer technology, Edstrom figured he’d look into the history of his own mortgage.


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#suntrustscandal, #suntrust, #mortgagemill, #mbs, #mortgagebackedsecurities #wellsfargo #lostnote
Title: Wells Fargo / SunTrust and their Broken Loan Scheme...
Post by: citizensscience on December 21, 2017, 10:31:18 AM
Citizens Science Investigates -

The Wells Fargo / SunTrust #FakeNote Broken Loan Scheme...

https://vimeo.com/239020868/d8cbc4ca5a
Title: Federal Fines - Suntrust Mortgage Scandal
Post by: citizensscience on December 27, 2017, 07:36:46 PM
SunTrust Federal Fines and the "Tone at the Top" -


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SunTrust Mortgage, SunTrust Bank, SunTrust Scandal, #mortgagemill
Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on January 03, 2018, 07:45:49 PM
SunTrust Mortgage and its internal "Document Underwriter" manipulation practices?? 

You decide...

After all, isn't it these types of loans that were dumped onto the American Taxpayers books byway of Freddy, Fannie and Ginnie Mae?


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Mortgage Fraud, Lost Note Affidavit, Mortgage Mill, Wells Fargo Scandal, SunTrust Scandal, SIGTARP
Title: Suntrust Mortgage Scandal
Post by: citizensscience on January 03, 2018, 07:55:32 PM
But wait... 

Isn't this exactly what Mary Pettitt "Invented"?? 

Evidence to cover-up the deviation from agreed "Document Underwriter"
(DU) principles agreed to between its mortgage loan insurer, United Guaranty (UG) and SunTrust Mortgage?

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Title: Suntrust Mortgage Scandal
Post by: citizensscience on January 31, 2018, 10:22:37 PM
SunTrust Mortgage - Citizens ARM Loan Audit Initiative

Did you have a SunTrust Adjustable Rate Mortgage (ARM loan) between the dates of September 18, 2007 and December 31, 2011

SunTrust prime lending rate dropped from 8.25% to 3.25% in the first 15 months.

Citizens Science has assembled significant documentation to allege...

SunTrust Mortgage converted borrower ARM Rate Changes, into Tier-1 Capital, unjustly enriching the banks reported capital position to the Federal Regulators and Falsely applying for TARP Bailout Funding.

What does this mean?

Rather than mailing a borrower their Notice of Rate Changes, SunTrust padded their balance sheet with the interest rate spread, due the borrower between the previous rate and their new much lower rate.

Tier 1 capital is the core measure of a bank's financial strength from a regulator's point of view.

How do I know if this occurred to my family?

1) On your Promissory Note, or ARM Rate Rider, locate the ARM Rate section and review for what date(s) your NoteHolder was to have notified you of your scheduled rate change.

SunTrust would have notified you via Notice of Rate Change letter, or per the terms of your note, illustrating any change in rate (likely downward) and notified you of your new payment amount.

You should know...  SunTrust Mortgage housed 160,000 ARM Rate Loans in its "Special Loans Department" with each loan being audited before a rate change made...

Thank you -

info@citizensscience.org

*This is not to be construed as legal advise or such, rather simply offered for informational research purposes only.


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#SuntrustRateChange #NoticeofRateChange #SunTrustMortgage #SunTrustStockQuote #JeromeLienhard #SunTrustBank #SunTrustInvestigation
#SIGTARP #CFPB #TARP
#SunTrustScandal #MortgageMill
Title: Suntrust Mortgage Scandal
Post by: citizensscience on February 07, 2018, 12:21:03 AM
North Carolina State Employee Pension Fund and out of compliance SunTrust Brokerage


Begin forwarded message:

Date: February 6, 2018 at 3:03:06 PM EST
To: jadams@mcguirewoods.com, abrackett@mcguirewoods.com, rcullen@mcguirewoods.com, joe.thompson@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, Mark Chancy <Mark.Chancy@SunTrust.com>, Jerome Lienhard <jerome.lienhard@suntrust.com>

Subject:  Notice - SunTrust Advisory Services Inc.


Mr. Thompson,

Have you advised the Securities and Exchange Commission of, SunTrust Advisory Services (STAS)... 108 Broker / IA's that are working for STAS, an investment firm...

Not authorized to...  "Conduct Affairs in the State of North Carolina" ?

I'll hold-off until Friday, to provide you an opportunity to respond, before I contact the SEC to follow up, should I not hear back from you.

Regards-


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It may be time for NC's 950,000 state pension fund holders to inquire about the validity of SunTrust Brokers "Contract's" given SunTrust a securities firm whom is "barred" from operating within North Carolina on behalf of the $1B NC State Pension Fund. 

Additionally, placing pension holders $7M SunTrust deposit account with a locally chartered bank may be prudent request as well.

Since SunTrust subsidiaries are unable to remain compliant with the NC Secretary of State that would seem to create valid concerns for the NC State Treasurer.


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#suntrustscandal #suntrust #mortgagemill #wellsfargoscandal #suntrustadvisoryservicesinc
Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on February 07, 2018, 01:18:24 PM
#SunTrustScandal

Begin forwarded message:

Date: February 7, 2018 at 1:11:37 PM EST
To: Jerome Lienhard <jerome.lienhard@suntrust.com>, jadams@mcguirewoods.com, rcullen@mcguirewoods.com, abrackett@mcguirewoods.com
Cc: bill.rogers@suntrust.com, jorge.arrieta@suntrust.com, margaret.callihan@suntrust.com, Mark Chancy <Mark.Chancy@SunTrust.com>, anil.cheriyan@suntrust.com, aleem.gillani@suntrust.com, susan.johnson@suntrust.com, ellen.fitzsimmons@suntrust.com, dorinda.smith@suntrust.com

Subject: Federal Reserve / Board of Governors Inquiry


Mr. Lienhard -

You will recall I proactively reached out to you January 2017 on this issue. 

Having now been a year, I'm moving on this myself, as I'm working to identify who ended up as the "NoteHolder" on thousands of loans originated by STM that may be of no effect ...

See attached -

Regards -


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#suntrustmortgagescandal #wellsfargoscandal

Title: Suntrust Bankruptcy Scandal
Post by: citizensscience on February 08, 2018, 08:10:13 PM
SunTrust Mortgage runs afoul with its 2014 federal settlement agreement.   In 2014 SunTrust paid $320M to settle a criminal investigation into its bankruptcy practices and in total SunTrust shareholders watched as the actions cost SunTrust nearly $1.5 Billion in fines.

SunTrust exceeded the Error Rate in all four calendar quarters of 2016, additionally that the failure was widespread in each of those quarters.

Specifically SunTrust improperly collected default-related fees from borrowers. Those fees include property preservation fees, broker valuation fees, and attorneys’ fees relating to foreclosure and bankruptcy proceedings.

What exactly did SunTrust manipulate?

Beginning in December 2015 and continuing through January 2017, SunTrust changed official Bankruptcy Form 410A (i.e., Mortgage Proof of Claim Attachment to the POC) to provide information differently than contemplated by the official Form 410A.   

Specifically, SunTrust changed line 1 of Part 3 of Form 410A to read “Principal, Int & esc due” and then included in line 1 of Part 3 for each changed Bankruptcy Form 410A it filed a dollar amount representing unpaid principal, interest and escrow.

The official Bankruptcy Form 410A, in line 1 of Part 3, reads “Principal & interest due.”   This line 1 on the official form is supposed to be completed with a dollar amount representing only principal and interest outstanding at the time the relevant bankruptcy petition is filed, with escrow deficiency reported on line 3 of Part 3, and escrow shortage reported on line 4 of Part 3 of official Bankruptcy Form 410A.

The root causes for the alleged willful non-compliance: (i) SunTrust changing the Form 410A to present information in a format other than required by the Federal Form; (ii) changes made to the spreadsheet cells used by SunTrust to determine the escrow shortage, which caused the amounts to be overstated in a substantial number of the POCs originally filed; and (iii) inclusion of fees that were not coded as recoverable from the borrower in the SOR as of the bankruptcy filing date, which caused fees to be overstated in a substantial number of the POCs originally filed.

After a quick review of the Proof of Claim Form below one can see just how richly SunTrust was rewarded.

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If you feel you are a harmed SunTrust Borrower, you might politely... call, text or email SunTrust Chief Risk Officer Mr.  Jerome.Lienhard@suntrust.com

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#suntrustscandal #suntrustbankruptcy #wellsfargoscandal #bankruptcyscandal #suntrustmortgage #suntrust
Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on February 20, 2018, 11:20:31 PM
#suntrustmortgagescandal  #Suntrustbank #suntrustmortgage

SunTrust Bank must say up all night wondering how they can unjustly enrich their corporate executives off the backs of their consumers...   

Live Smart...  Bank at "UnTrust"...

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Sent from my iPhone using Tapatalk
Title: Suntrust Mortgage Scandal
Post by: citizensscience on February 22, 2018, 04:46:33 PM
#SunTrustScandal

Is your SunTrust Mortgage "Valid"?? 

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SunTrust Scandal, SunTrust Mortgage, SunTrust
Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on February 23, 2018, 08:02:05 PM


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"??

Finally, Wells Fargo, US Bank, Double Pledged loans... Missing Notes...  and  Pends...

https://vimeo.com/citizensscience/mortgagemill

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Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on February 27, 2018, 08:09:40 PM
#SunTrustScandal

Fed downgrades SunTrust twice, stripping STB's ability to hold Investors "Funds".   

Thus forcing SunTrust to give nearly 200 Investor deposit accounts to a competing, more secure bank.


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SunTrust Mortgage, SunTrust Bank, FHLB fraud,
Title: #SunTrustScandal and Bailout Funds
Post by: citizensscience on February 27, 2018, 08:49:55 PM
With respect to the prior post, why did SunTrust withhold investor funds for a period of time beyond the stated terms?

Was this cash flow related... given SunTrust had to refund the Fed $4.8B in Bailout Funding??


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Title: SunTrust Scandal - "Too Big to Jail"...
Post by: citizensscience on February 27, 2018, 10:18:56 PM
SunTrust... Too Big To Jail... or not??

As Special Inspector General over TARP - Barofsky was "one of the most impressive and courageous political officials in Washington" for his willingness to "stand up to some of the most powerful people and institutions in Washington or on Wall Street." 

He "vigilantly fought for his independence as TARP watchdog and has been relentless in his criticism of Treasury officials and especially Tim Geithner."

The TARP program money was used to invest in and in some cases rescue a number of banks, the role of chief watchdog of the government’s $700 billion TARP program was to root out and prosecute waste, fraud and abuse.

Just like, much of what is being shared here...

There was just one problem...  SunTrust executives were at one time...  "Too Big To Jail"...


Click here for video - https://youtu.be/eADs8DqINuQ


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Title: #SunTrust Scandal - “Robbing an Bank with a Pencil”….
Post by: citizensscience on February 28, 2018, 10:04:31 PM
#Fake Loans and SunTrust Mortgage...

Did SunTrust use your mortgage to perpetrate a it's "Fake Loan" Capital Scheme?

Stay tuned, we will soon illustrate just how SunTrust bridged its capital crisis by "Double-Pledging" residential "UnSecuritized" backed fake mortgages...

It seems SunTrust paralleled the path as outlined on CNBC's "American Greed"... With respect to "Inventing" #FakeMortgages to meet the Federal Reserves "Capital Requirements"...

"Lee Farkas was a mortgage mogul, a millionaire and chairman of Taylor, Bean & Whitaker.  But unknown to his clients, Farkas made his fortune by peddling fake mortgages and looting his company. American Greed takes you inside a multi-billion dollar scam!"

https://www.cnbc.com/video/2012/07/11/american-greed-financial-home-invasion.html


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#suntrustscandal
Title: Suntrust Scandal and Wells Fargo
Post by: citizensscience on March 01, 2018, 08:57:36 AM
#SunTrustScandal

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With our team of investigative volunteers we’ve received a few private messages asking in summary, is this real?  Is SunTrust really this crooked?  To those whom may have the same questions we share the below…

This effort began to investigate what were thought to be simple errors / non material violations of state and federal rule / law relating to SunTrust Mortgage.  Thanks to thousands of hours of research, official FOIA documents etc. Citizens Science has now assembled the single most robust investigation into one of the largest financial institutions within the United States.  All of no charge to consumers and perhaps SunTrust customers.

What is clear, the banking cartel is alive and well, buying off decision makers byway of SunTrust “Good Governance Committee”  (PAC / Lobby Fund) whereas SunTrust encourages its FTE’s to contribute a biweekly pretax payroll deduction.  Creating a mechanism to monetize employees used to “Contribute” to incestuous lawmakers.  It this incestuous relationship between dollars, deals and the DC Swamp that allow SunTrust executives and their Board to carryon these brazen schemes, chalking each up as just perhaps… “The cost of doing business”…

So to anyone who is wondering is this real, we will continue to unpackaged the facts, share the documents and connect the dots…  All allowing you the regular followers the opportunity to decide…

Is SunTrust “really” this Crooked, or are they simply “Criminal's” that were Too Big to Jail??

Be sure to bookmark / save this link and check back daily, as we have thousands of pages of investigative finding and we look forward to helping you determine if SunTrust perhaps leveraged your mortgage byway of illegally selling your promise to pay two, three or more times in the Residential Mortgage Securitization Markets (RMBS) while unknown to you.  All to allegedly, generate illegal assets and capital…

Finally, SunTrust the enterprise, has may hard working employees, managers and executives… Honest ones at that, to those who visit #SunTrustScandal daily and share with co-workers, we thank you.  Exposing the Legacy Leadership that remains in place at SunTrust and publicly sharing the facts will bring a much needed changes with regard to the “Tone at the Top”…

Its SunTrust alleged Criminal Capital Plan thats so problematic, such as…  1) Double Pledging (Selling) consumers mortgages multiple times,  2) Converted borrowers “Notice of Rate Changes” into Tier-1 Capital and 3) Grossly understated their ALLL (http://ALLL)

Mr. Jerome Lienhard, Chief Risk Officer and others are responsible for many of the below facts and fines, totaling over $1,500,000,000.00 Billion… Criminal’s… You decide…

Lets not forget, Wells Fargo acts as the Master Servicer in many of these mortgage pools, so it will be interesting to see what action enforcement action Wells takes as they have authority over SunTrust acting as the “Sub-Servicer”, or the party (STM) that collects your payments and or payoffs.  SunTrust as that party is suppose to forward said payoff funds up-line to the pools investors.  Stay tuned as will cover much of that soon…

Thanks for checking in - The Citizens Science Team



Company                        Primary Offense  Type   Year         Agency     Penalty Amount

SunTrust Mortgage, Inc.   consumer protection violation   2014 CFPB   $550,000,000

SunTrust Mortgage Inc.   False Claims Act            2014.    DOJ_CIVIL   $418,000,000

SunTrust Mortgage Inc.   mortgage abuses    2014.    DOJ_CIVIL   $320,000,000

SunTrust Banks, Inc.   banking violation            2014     FED   $160,000,000

SunTrust Mortgage, Inc.  toxic securities abuses    2013      FHFA     $65,000,000

SunTrust Mortgage Inc.   banking violation   2012  DOJ_RIGHTS      $21,000,000

SunTrust Bank   banking violation                   2017              FED      $1,501,000

SunTrust Banks   investor protection violation   2017             SEC       $1,100,000

SunTrust Bank, Inc.   wage and hour violation   2006            WHD          $350,875

SunTrust Bank   employment discrimination           2014            EEOC          $300,000

SunTrust Capital Markets Inc.   investor protection violation2006   SEC          $125,000

SunTrust Mortgage Inc.   wage and hour violation   2012   WHD                    $51,518

SunTrust Bank   economic sanction violation                   2005   OFAC             $40,423

SunTrust Mortgage, Inc.   discriminatory practices   2013   HUD.                   $36,000

SunTrust Bank   economic sanction violation                    2005   OFAC   $30,800

https://violationtracker.goodjobsfirst.org/parent/suntrust-banks
Title: Suntrust Mortgage Scandal
Post by: citizensscience on March 01, 2018, 01:14:17 PM
SunTrust...  Double Pledged Loans and...  LED Bill Boards...

Did SunTrust and Wells Fargo "Double-Pledge" your home?? 

It's clear, the  "Culture" of SunTrust rests at the top, with the "Legacy" Executive Management Team and Board holdovers...

Meanwhile... former Governor reacts to "FAKE LOANS" and residential mortgage "Entanglement" allegations between SunTrust Mortgage / Wells Fargo...

Did Wells Fargo and its entangled Servicer SunTrust Mortgage pledge a FAKE LOAN against your home?

Who's your "NoteHolder"??


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SunTrust Scandal,  Wells Fargo, Fake Loans, SunTrust Bank, SunTrust Mortgage
Title: Suntrust Mortgage Scandal
Post by: citizensscience on March 02, 2018, 08:32:52 PM
#SunTrustScandal

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1) Did SunTrust take your mortgage and monetized it a second time without you knowing? 

2) Why would SunTrust, as the Servicer advance Principle and Interest Payments on loans, while admitting they are under no obligation to do so?

See below, via SunTrust STARM 2007-2 RMBS with Wells Fargo as Master Servicer and US Bank National as Trustee.


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3) Below, Rep. Alan Grayson questions the Federal Reserve Inspector General where $9 Trillion dollars went... and Inspector General Elizabeth Coleman has no clear response.

Click for Congressional  Hearing - https://youtu.be/1QK4bblyfsc


Federal Reserve on Mortgage Backed Securities - Circa 1988...

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Wells Fargo, SunTrust Mortgage
Title: Suntrust Mortgage Scandal
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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Title: DOJ Announces $149M Settlement over Fake Loan Scheme -
Post by: citizensscience on March 03, 2018, 12:13:40 PM
#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?

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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
Title: SunTrust Scandal
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. 
Title: Re: Suntrust Mortgage Scandal
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.

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SunTrust Scandal, SunTrust Mortgage,
Title: Suntrust Mortgage Scandal
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"?? 

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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"??


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Title: Reporter with questions about Suntrust Mortgage Scandal
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.
Title: Re: Suntrust Mortgage Scandal
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   
Title: Arthur Levitt, Chairman SEC on the “Next Scam”
Post by: citizensscience on March 08, 2018, 11:51:03 AM
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?   


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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? 


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


Federal Home Loan Bank - Term Auction Facility (TAF) SunTrust Balance
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Now you know why we had trillions of dollars in worthless Mortgage Backed Securities.

 
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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
Title: Suntrust Mortgage Scandal
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??



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SunTrust Mortgage, Wells Fargo, SunTrust Bank, SunTrust Shareholder,
Title: Re: Suntrust Mortgage Scandal
Post by: ChrisK on March 09, 2018, 08:08:51 AM
All out here: I am not with SunTrust, but New Century and Ocwen. My 10 year battle is climaxing right now March 19, 2018, in the appeals court from the Magistrates hearing, for the fifth time. Same issue, different players. These hearings are pointless, because they have no authority or proper experience to mitigate this issue properly. New Century was in bankruptcy when they said they were working on their behalf. Rubbish! Anyone here with "education" on this matter please contact me, ASAP. The clock is running for me. chrisk210@netzero.net This is happening to thousands of people right here in NC....Thanks
Title: Suntrust Mortgage Scandal
Post by: citizensscience on March 09, 2018, 09:17:25 AM
Meet "Receipt" Rob... 

A former Charlotte, NC House of Representative Lawmaking "Lawyer" that doesn't think you need your "Canceled" Promissory Note upon final payment...

A lawmaker that took measures to prevent you from ever getting the "Receipt" (canceled promissory note) for your home, after perhaps 30 years of paying…

For many families, a home is their largest single purchase, why would Rob Bryan change the law after you signed your mortgage and allow the banks to not provide your family with your "Receipt" of payment?

Did you know unless you have the original wet ink promissory note back in your possession (receipt) you still owe the money!


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(https://uploads.tapatalk-cdn.com/20180309/c997af80625d8ce5bc4aa8e49a2d5246.jpg)


Every homeowner has a vested interest in getting possession of their mortgage receipt after payoff. 

Rep. Rob Bryan saw fit the banks only needed to release your security instrument securing the collateral, known as the Deed of Trust. 

Meaning you still owe the money, as many notes are endorsed in "Blank" thereby, becoming bearer paper.

Is your promissory note "Double-Pledged" at the Federal Home Loan Bank rather than at home in your filing cabinet?

Do you have your "Canceled" Note?


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https://youtu.be/RJjmnAlkl6g
Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on March 09, 2018, 10:11:03 AM

Here is what Rob Bryan doesn't want Homeowners to know -

https://youtu.be/RJjmnAlkl6g

Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on March 09, 2018, 01:13:09 PM
SunTrust Scandal


SunTrust Bank on “Liquidity” and the Federal Reserve Discount Window…  Circa 2010...


(https://uploads.tapatalk-cdn.com/20180309/e1e32f48dd1cb1eb1e2f0a06d2ab884d.jpg)(https://uploads.tapatalk-cdn.com/20180309/20e8c863e60ed256593f30aa50924a61.jpg)(https://uploads.tapatalk-cdn.com/20180309/de5466732bc197a9ad08129ffeeb804d.jpg)(https://uploads.tapatalk-cdn.com/20180309/01c9266e4d3619afeb417ee187d3aa28.jpg)(https://uploads.tapatalk-cdn.com/20180309/8f4502d307188dba80bcc4c190b91662.jpg)(https://uploads.tapatalk-cdn.com/20180309/83ef6ddb45e96507ed3c11b7bf8281ad.jpg)


SunTrust Bank, SunTrust Mortgage, SunTrust Scandal
Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on March 10, 2018, 06:51:04 AM
Are you concerned SunTrust may have "Double-Pledged" your home with the Federal Home Loan Bank and or elsewhere??

Politely email SunTrust Chief Risk Officer and former SunTrust Mortgage CEO, Mr. Jerome Lienhard and inquire.


(https://uploads.tapatalk-cdn.com/20180310/4b798b11041a4122b51e9a8eae8a738e.jpg)

(https://uploads.tapatalk-cdn.com/20180310/7d3876106205b5948eb57cb1e8942306.jpg)

SunTrust Scandal, Jerome Lienhard, SunTrust Bank
Title: SunTrust Mortgage and FAKE LOANS…
Post by: citizensscience on March 10, 2018, 10:32:25 AM
To understand how SunTrust contributed to the historic meltdown you first have to see where these exotic Mortgage Backed Securities came from. 

For those just joining us, its when SunTrust Mortgage originates a new loan either by its full-time mortgage staff or its network of sub-contacted / affiliated Correspondent Lenders.  Whereas, SunTrust along with other related parties are to insert your “Wet-Ink” loan closing documents into a large “Black-Box” (Trust) to then have the systems corrupt rating firms apply a bogus rating based on the quality of assets and your credit.

The problem is, none of the Wet-Ink documents ever made it inside the blackbox…. This quite problematic when SunTrust Mortgage is sending its borrowers letters claiming SunTrust is the “Note-Holder” therefor would have the 1) Right to Collect and 2) Right to Enforce. 

How could SunTrust be the Note-Holder unless they are somehow inside the blackbox holding the note?

Did SunTrust “Pledge” FAKE LOANS as “Collateral” to the Federal Home Loan Bank in exchange for $10,000,000,000.00 (Billion) in Federal Reserve TAF funding window.

Its a nice way of renaming the Federal Discount Window to provide cover for SunTrusts bleak balance sheet.


U.S. Agency MBS Outstanding   

USD Millions

                                    
      FNMA      FHLMC      GNMA         Total         
Y   Q   1-4 Family   Multi   1-4 Family   Multi   1-4 Family   Multi      1-4 Family   Multi      TOTAL
1972   Q4   0.0   0.0   331.0   110.0   5,353.0   151.0      5,684.0   261.0      5,945.0
1973   Q4   0.0   0.0   617.0   149.0   7,561.0   329.0      8,178.0   478.0      8,656.0
1974   Q4   0.0   0.0   608.0   149.0   11,249.0   520.0      11,857.0   669.0      12,526.0
1975   Q4   0.0   0.0   1,349.0   249.0   17,538.0   719.0      18,887.0   968.0      19,855.0
1976   Q1   0.0   0.0   1,698.0   301.0   19,693.0   786.0      21,391.0   1,087.0      22,478.0
   Q2   0.0   0.0   1,831.0   322.0   22,821.0   813.0      24,652.0   1,135.0      25,787.0
   Q3   0.0   0.0   2,141.0   365.0   25,841.0   884.0      27,982.0   1,249.0      29,231.0
   Q4   0.0   0.0   2,282.0   389.0   29,583.0   989.0      31,865.0   1,378.0      33,243.0
1977   Q1   0.0   0.0   3,112.0   458.0   33,190.0   1,070.0      36,302.0   1,528.0      37,830.0
   Q2   0.0   0.0   3,938.0   522.0   35,467.0   1,106.0      39,405.0   1,628.0      41,033.0
   Q3   0.0   0.0   4,642.0   690.0   39,865.0   1,224.0      44,507.0   1,914.0      46,421.0
   Q4   0.0   0.0   5,621.0   989.0   43,555.0   1,341.0      49,176.0   2,330.0      51,506.0
1978   Q1   0.0   0.0   6,286.0   1,185.0   44,906.0   1,451.0      51,192.0   2,636.0      53,828.0
   Q2   0.0   0.0   7,797.0   1,626.0   46,515.0   1,517.0      54,312.0   3,143.0      57,455.0
   Q3   0.0   0.0   8,616.0   1,895.0   49,276.0   1,568.0      57,892.0   3,463.0      61,355.0
   Q4   0.0   0.0   9,657.0   2,235.0   52,732.0   1,615.0      62,389.0   3,850.0      66,239.0
1979   Q1   0.0   0.0   10,088.0   2,379.0   56,269.0   1,686.0      66,357.0   4,065.0      70,422.0
   Q2   0.0   0.0   11,096.0   2,612.0   61,246.0   1,754.0      72,342.0   4,366.0      76,708.0
   Q3   0.0   0.0   11,568.0   2,853.0   67,535.0   1,822.0      79,103.0   4,675.0      83,778.0
   Q4   0.0   0.0   12,149.0   3,031.0   73,853.0   1,934.0      86,002.0   4,965.0      90,967.0
1980   Q1   0.0   0.0   12,359.0   3,095.0   78,872.0   1,971.0      91,231.0   5,066.0      96,297.0
   Q2   0.0   0.0   12,886.0   3,234.0   82,208.0   2,074.0      95,094.0   5,308.0      100,402.0
   Q3   0.0   0.0   13,318.0   3,341.0   87,276.0   2,176.0      100,594.0   5,517.0      106,111.0
   Q4   0.0   0.0   13,471.0   3,383.0   91,602.0   2,272.0      105,073.0   5,655.0      110,728.0
1981   Q1   0.0   0.0   13,641.0   3,426.0   94,810.0   2,374.0      108,451.0   5,800.0      114,251.0
   Q2   0.0   0.0   14,115.0   3,450.0   98,057.0   2,501.0      112,172.0   5,951.0      118,123.0
   Q3   0.0   0.0   14,401.0   3,535.0   101,068.0   2,682.0      115,469.0   6,217.0      121,686.0
   Q4   717.0   0.0   19,501.0   352.0   103,007.0   2,783.0      123,225.0   3,135.0      126,360.0
1982   Q1   2,786.0   0.0   23,610.0   360.0   105,701.0   2,891.0      132,097.0   3,251.0      135,348.0
   Q2   4,556.0   0.0   28,329.0   374.0   108,487.0   2,972.0      141,372.0   3,346.0      144,718.0
   Q3   8,133.0   0.0   34,739.0   393.0   111,728.0   3,048.0      154,600.0   3,441.0      158,041.0
   Q4   14,450.0   0.0   42,560.0   404.0   116,038.0   2,902.0      173,048.0   3,306.0      176,354.0
1983   Q1   18,157.0   0.0   47,575.0   433.0   124,482.0   3,457.0      190,214.0   3,890.0      194,104.0
   Q2   20,933.0   0.0   50,446.0   488.0   135,628.0   3,648.0      207,007.0   4,136.0      211,143.0
   Q3   23,819.0   0.0   53,539.0   613.0   147,761.0   3,836.0      225,119.0   4,449.0      229,568.0
   Q4   25,121.0   0.0   57,273.0   622.0   155,950.0   3,900.0      238,344.0   4,522.0      242,866.0
1984   Q1   28,354.0   0.0   58,776.0   600.0   161,943.0   4,318.0      249,073.0   4,918.0      253,991.0
   Q2   29,256.0   0.0   60,636.0   631.0   166,723.0   4,170.0      256,615.0   4,801.0      261,416.0
   Q3   32,730.0   158.0   63,352.0   612.0   171,481.0   4,289.0      267,563.0   5,059.0      272,622.0
   Q4   35,965.0   250.0   70,253.0   569.0   175,589.0   4,392.0      281,807.0   5,211.0      287,018.0
1985   Q1   38,772.0   598.0   75,781.0   978.0   181,419.0   4,535.0      295,972.0   6,111.0      302,083.0
   Q2   41,985.0   770.0   82,369.0   958.0   188,225.0   4,697.0      312,579.0   6,425.0      319,004.0
   Q3   47,857.0   912.0   90,997.0   918.0   196,198.0   4,828.0      335,052.0   6,658.0      341,710.0
   Q4   54,036.0   951.0   99,515.0   872.0   207,198.0   4,947.0      360,749.0   6,770.0      367,519.0
1986   Q1   31,117.0   1,193.0   108,020.0   2,317.0   215,148.0   5,200.0      354,285.0   8,710.0      362,995.0
   Q2   71,153.0   1,224.0   123,676.0   2,277.0   223,838.0   5,366.0      418,667.0   8,867.0      427,534.0
   Q3   85,171.0   1,188.0   143,734.0   3,137.0   235,664.0   5,566.0      464,569.0   9,891.0      474,460.0
   Q4   95,791.0   1,383.0   166,667.0   4,705.0   256,920.0   5,777.0      519,378.0   11,865.0      531,243.0
1987   Q1   106,068.0   1,605.0   180,602.0   5,693.0   274,710.0   6,406.0      561,380.0   13,704.0      575,084.0
   Q2   119,617.0   1,653.0   194,238.0   6,046.0   286,091.0   7,155.0      599,946.0   14,854.0      614,800.0
   Q3   128,770.0   1,770.0   202,308.0   6,564.0   300,815.0   7,524.0      631,893.0   15,858.0      647,751.0
   Q4   137,988.0   1,972.0   205,977.0   6,657.0   309,806.0   7,749.0      653,771.0   16,378.0      670,149.0
1988   Q1   142,330.0   2,912.0   208,138.0   6,586.0   310,473.0   8,230.0      660,941.0   17,728.0      678,669.0
   Q2   153,253.0   4,185.0   209,702.0   6,453.0   314,728.0   7,888.0      677,683.0   18,526.0      696,209.0
   Q3   162,228.0   4,942.0   214,195.0   6,489.0   324,573.0   8,604.0      700,996.0   20,035.0      721,031.0
   Q4   172,331.0   5,919.0   219,988.0   6,418.0   331,257.0   9,270.0      723,576.0   21,607.0      745,183.0
1989   Q1   181,352.0   6,719.0   228,389.0   6,306.0   337,563.0   11,059.0      747,304.0   24,084.0      771,388.0
   Q2   188,774.0   7,727.0   238,446.0   6,796.0   342,545.0   11,214.0      769,765.0   25,737.0      795,502.0
   Q3   200,302.0   8,592.0   251,232.0   6,706.0   349,838.0   10,259.0      801,372.0   25,557.0      826,929.0
   Q4   219,577.0   8,655.0   266,060.0   6,810.0   358,142.0   10,225.0      843,779.0   25,690.0      869,469.0
1990   Q1   237,916.0   8,475.0   274,084.0   7,652.0   366,300.0   10,662.0      878,300.0   26,789.0      905,089.0
   Q2   254,811.0   8,519.0   287,232.0   8,108.0   374,960.0   10,496.0      917,003.0   27,123.0      944,126.0
   Q3   273,335.0   8,471.0   293,721.0   8,077.0   384,474.0   10,385.0      951,530.0   26,933.0      978,463.0
   Q4   291,194.0   8,639.0   308,369.0   7,990.0   391,505.0   12,108.0      991,068.0   28,737.0      1,019,805.0
1991   Q1   303,554.0   8,547.0   319,978.0   8,237.0   397,531.0   12,298.0      1,021,063.0   29,082.0      1,050,145.0
   Q2   322,444.0   8,645.0   332,624.0   8,509.0   403,679.0   12,403.0      1,058,747.0   29,557.0      1,088,304.0
   Q3   343,430.0   8,487.0   341,183.0   7,600.0   412,715.0   9,785.0      1,097,328.0   25,872.0      1,123,200.0
   Q4   362,667.0   9,317.0   351,906.0   7,257.0   415,767.0   9,528.0      1,130,340.0   26,102.0      1,156,442.0
1992   Q1   380,617.0   9,236.0   360,887.0   6,991.0   412,574.0   9,404.0      1,154,078.0   25,631.0      1,179,709.0
   Q2   403,940.0   9,286.0   376,177.0   6,620.0   413,828.0   9,094.0      1,193,945.0   25,000.0      1,218,945.0
   Q3   420,835.0   9,100.0   385,400.0   6,362.0   413,063.0   9,192.0      1,219,298.0   24,654.0      1,243,952.0
   Q4   435,979.0   9,000.0   401,525.0   5,989.0   410,675.0   8,841.0      1,248,179.0   23,830.0      1,272,009.0
1993   Q1   448,483.0   8,833.0   415,279.0   5,654.0   412,798.0   8,716.0      1,276,560.0   23,203.0      1,299,763.0
   Q2   456,645.0   8,575.0   417,646.0   5,236.0   404,425.0   8,741.0      1,278,716.0   22,552.0      1,301,268.0
   Q3   473,599.0   8,281.0   428,155.0   4,935.0   405,963.0   9,113.0      1,307,717.0   22,329.0      1,330,046.0
   Q4   486,804.0   8,721.0   442,612.0   4,535.0   404,864.0   9,202.0      1,334,280.0   22,458.0      1,356,738.0
1994   Q1   498,489.0   8,887.0   462,779.0   4,170.0   414,194.0   9,251.0      1,375,462.0   22,308.0      1,397,770.0
   Q2   505,730.0   9,125.0   475,733.0   3,822.0   426,363.0   9,346.0      1,407,826.0   22,293.0      1,430,119.0
   Q3   514,375.0   9,137.0   479,539.0   3,448.0   435,511.0   9,465.0      1,429,425.0   22,050.0      1,451,475.0
   Q4   520,763.0   9,580.0   487,725.0   3,126.0   441,198.0   9,736.0      1,449,686.0   22,442.0      1,472,128.0
1995   Q1   523,903.0   9,459.0   489,114.0   3,080.0   444,642.0   9,769.0      1,457,659.0   22,308.0      1,479,967.0
   Q2   533,091.0   10,578.0   495,182.0   3,034.0   446,862.0   10,246.0      1,475,135.0   23,858.0      1,498,993.0
   Q3   548,400.0   11,185.0   500,417.0   2,953.0   453,114.0   10,540.0      1,501,931.0   24,678.0      1,526,609.0
   Q4   569,724.0   13,235.0   512,238.0   2,813.0   461,438.0   10,845.0      1,543,400.0   26,893.0      1,570,293.0
1996   Q1   585,527.0   14,019.0   521,722.0   2,605.0   464,650.0   11,179.0      1,571,899.0   27,803.0      1,599,702.0
   Q2   606,271.0   15,014.0   534,238.0   2,433.0   473,825.0   11,491.0      1,614,334.0   28,938.0      1,643,272.0
   Q3   619,869.0   16,493.0   543,341.0   2,267.0   485,073.0   11,945.0      1,648,283.0   30,705.0      1,678,988.0
   Q4   633,209.0   17,570.0   551,513.0   2,747.0   494,064.0   12,182.0      1,678,786.0   32,499.0      1,711,285.0
1997   Q1   645,324.0   18,344.0   560,369.0   2,525.0   500,591.0   12,880.0      1,706,284.0   33,749.0      1,740,033.0
   Q2   654,826.0   19,105.0   564,445.0   2,742.0   507,618.0   13,320.0      1,726,889.0   35,167.0      1,762,056.0
   Q3   670,677.0   20,242.0   567,340.0   2,580.0   516,217.0   3,650.0      1,754,234.0   26,472.0      1,780,706.0
   Q4   687,981.0   21,601.0   576,846.0   2,539.0   523,225.0   13,654.0      1,788,052.0   37,794.0      1,825,846.0
1998   Q1   708,125.0   22,707.0   580,715.0   2,429.0   519,152.0   13,859.0      1,807,992.0   38,995.0      1,846,987.0
   Q2   737,631.0   23,728.0   607,469.0   2,322.0   523,400.0   14,343.0      1,868,500.0   40,393.0      1,908,893.0
   Q3   770,979.0   27,481.0   633,124.0   2,602.0   527,043.0   14,497.0      1,931,146.0   44,580.0      1,975,726.0
   Q4   804,204.0   30,313.0   643,465.0   2,994.0   522,498.0   14,948.0      1,970,167.0   48,255.0      2,018,422.0
1999   Q1   849,513.0   32,302.0   684,240.0   2,939.0   527,886.0   15,395.0      2,061,639.0   50,636.0      2,112,275.0
   Q2   877,863.0   33,572.0   714,844.0   3,241.0   537,287.0   15,909.0      2,129,994.0   52,722.0      2,182,716.0
   Q3   903,531.0   34,953.0   735,088.0   3,493.0   552,670.0   16,368.0      2,191,289.0   54,814.0      2,246,103.0
   Q4   924,941.0   35,942.0   744,619.0   35,942.0   565,189.0   17,074.0      2,234,749.0   88,958.0      2,323,707.0
2000   Q1   932,178.0   43,637.0   752,607.0   4,499.0   571,506.0   17,686.0      2,256,291.0   65,822.0      2,322,113.0
   Q2   957,584.0   38,231.0   763,890.0   4,751.0   572,661.0   18,047.0      2,294,135.0   61,029.0      2,355,164.0
   Q3   981,206.0   39,622.0   786,007.0   4,884.0   584,152.0   18,476.0      2,351,365.0   62,982.0      2,414,347.0
   Q4   1,016,398.0   41,352.0   816,602.0   41,352.0   592,624.0   18,929.0      2,425,624.0   101,633.0      2,527,257.0
2001   Q1   1,016,398.0   41,352.0   816,602.0   5,708.0   592,624.0   18,929.0      2,425,624.0   65,989.0      2,491,613.0
   Q2   1,116,534.0   47,444.0   867,924.0   5,826.0   577,228.0   20,792.0      2,561,686.0   74,062.0      2,635,748.0
   Q3   1,177,995.0   50,136.0   921,709.0   5,781.0   581,796.0   21,391.0      2,681,500.0   77,308.0      2,758,808.0
   Q4   1,238,125.0   52,226.0   940,933.0   52,226.0   569,460.0   21,908.0      2,748,518.0   126,360.0      2,874,878.0
2002   Q1   1,301,374.0   54,030.0   1,005,136.0   7,342.0   564,108.0   23,096.0      2,870,618.0   84,468.0      2,955,086.0
   Q2   1,349,442.0   55,152.0   1,045,981.0   55,152.0   559,549.0   24,196.0      2,954,972.0   134,500.0      3,089,472.0
   Q3   1,402,929.0   56,016.0   1,050,899.0   56,016.0   542,208.0   25,178.0      2,996,036.0   137,210.0      3,133,246.0
   Q4   1,478,610.0   59,677.0   1,072,990.0   59,677.0   512,098.0   25,790.0      3,063,698.0   145,144.0      3,208,842.0
2003   Q1   1,576,495.0   60,979.0   1,064,114.0   60,979.0   489,063.0   26,759.0      3,129,672.0   148,717.0      3,278,389.0
   Q2   1,687,263.0   62,633.0   1,042,417.0   62,633.0   460,430.0   27,499.0      3,190,110.0   152,765.0      3,342,875.0
   Q3   1,733,853.0   67,675.0   1,082,144.0   13,729.0   444,799.0   28,100.0      3,260,796.0   109,504.0      3,370,300.0
   Q4   1,780,884.0   76,161.0   1,141,241.0   16,098.0   444,820.0   28,918.0      3,366,945.0   121,177.0      3,488,122.0
2004   Q1   1,802,301.0   75,729.0   1,150,632.0   16,230.0   438,300.0   26,007.0      3,391,233.0   117,966.0      3,509,199.0
   Q2   1,803,584.0   75,425.0   1,168,494.0   16,482.0   427,943.0   30,581.0      3,400,021.0   122,488.0      3,522,509.0
   Q3   1,816,973.0   75,707.0   1,180,757.0   16,655.0   421,364.0   31,191.0      3,419,094.0   123,553.0      3,542,647.0
   Q4   1,673,339.0   69,722.0   1,173,847.0   15,546.0   409,089.0   32,147.0      3,256,275.0   117,415.0      3,373,690.0
2005   Q1   1,820,163.0   75,840.0   1,202,023.0   16,955.0   398,619.0   32,574.0      3,420,805.0   125,369.0      3,546,174.0
   Q2   1,824,143.0   76,006.0   1,228,600.0   17,330.0   388,057.0   32,858.0      3,440,800.0   126,194.0      3,566,994.0
   Q3   1,847,818.0   76,992.0   1,261,865.0   17,799.0   378,109.0   33,229.0      3,487,792.0   128,020.0      3,615,812.0
   Q4   1,753,708.0   73,071.0   1,294,521.0   14,503.0   371,484.0   33,762.0      3,419,713.0   121,336.0      3,541,049.0
2006   Q1   1,893,881.0   78,912.0   1,356,020.0   19,128.0   368,757.0   34,413.0      3,618,658.0   132,453.0      3,751,111.0
   Q2   1,924,275.0   80,178.0   1,381,468.0   19,487.0   370,469.0   34,966.0      3,676,212.0   134,631.0      3,810,843.0
   Q3   1,961,316.0   81,721.0   1,416,544.0   19,981.0   373,981.0   35,497.0      3,751,841.0   137,199.0      3,889,040.0
   Q4   1,894,396.0   78,933.0   1,442,306.0   8,415.0   373,886.0   36,135.0      3,710,588.0   123,483.0      3,834,071.0
2007   Q1   1,943,357.0   80,973.0   1,506,246.0   8,788.0   376,802.0   36,157.0      3,826,405.0   125,918.0      3,952,323.0
   Q2   1,999,762.0   83,323.0   1,561,920.0   9,113.0   380,808.0   36,211.0      3,942,490.0   128,647.0      4,071,137.0
   Q3   2,081,261.0   86,719.0   1,633,753.0   9,532.0   390,856.0   36,398.0      4,105,870.0   132,649.0      4,238,519.0
   Q4   2,206,263.0   91,928.0   1,706,684.0   10,658.0   406,822.0   36,640.0      4,319,769.0   139,226.0      4,458,995.0
2008   Q1   2,278,908.0   94,955.0   1,751,647.0   10,939.0   424,708.0   36,772.0      4,455,263.0   142,666.0      4,597,929.0
   Q2   2,346,853.0   97,786.0   1,791,127.0   11,185.0   473,272.0   36,945.0      4,611,252.0   145,916.0      4,757,168.0
   Q3   2,400,500.0   100,021.0   1,801,666.0   11,251.0   539,508.0   37,253.0      4,741,674.0   148,525.0      4,890,199.0
   Q4   2,417,077.0   100,712.0   1,786,906.0   14,829.0   597,206.0   39,406.0      4,801,189.0   154,947.0      4,956,136.0
2009   Q1   2,446,466.0   101,936.0   1,794,426.0   14,891.0   639,540.0   39,931.0      4,880,432.0   156,758.0      5,037,190.0
   Q2   2,498,725.0   104,114.0   1,810,595.0   15,026.0   699,277.0   40,978.0      5,008,597.0   160,118.0      5,168,715.0
   Q3   2,527,329.0   105,305.0   1,821,403.0   15,115.0   784,254.0   41,763.0      5,132,986.0   162,183.0      5,295,169.0
   Q4   2,592,868.0   59,852.0   1,824,656.0   14,263.0   836,761.0   43,509.0      5,254,285.0   117,624.0      5,371,909.0
2010   Q1   2,633,403.0   58,900.0   1,785,646.0   20,328.0   888,051.0   44,916.0      5,400,508.0   124,144.0      5,524,651.0
   Q2   2,622,016.0   61,972.0   1,764,927.0   22,407.0   949,829.0   46,973.0      5,336,772.0   131,352.0      5,468,124.0
   Q3   2,608,289.0   64,919.0   1,740,573.0   23,123.0   996,463.0   49,716.0      5,345,325.0   137,758.0      5,483,083.0
   Q4   2,618,455.0   77,251.0   1,707,539.0   24,049.0   1,037,538.0   52,223.0      5,363,532.0   153,523.0      5,517,055.0
2011   Q1   2,587,552.0   83,145.0   1,683,155.0   26,759.0   1,081,753.0   53,844.0      5,352,460.0   163,748.0      5,516,208.0
   Q2   2,612,018.0   89,098.0   1,672,004.0   30,390.0   1,124,607.0   55,991.0      5,441,736.0   142,372.0      5,584,108.0
                                    
Note: Totals may not be exact matches to data due to consolidation of trust data and classification of certain securities.                                    
Source: Federal Reserve archives, Fannie Mae, Freddie Mac, Ginnie Mae; data                                     
Title: Bogus Loans -
Post by: citizensscience on March 10, 2018, 11:28:57 AM

Why are we focusing so much on what occurred 2007, 2008 and 2009… Because its actions taken by SunTrust Banks Inc. and its Subsidiaries that may ultimately have yet to play out…. Just stay with us, this is a bit of a deep dive perhaps for some, however it speaks to a supercharged investment vehicle that was set to fail from day one, leveraged in many cases by assets that did not exist.


Date   2010-05-05 03:29:54
From   robert.reinfrank@stratfor.com
To   marko.papic@stratfor.com, kevin.stech@stratfor.com

Re: it would be great...

Bayless advised that I temper my comments -- I did.

Kevin Stech wrote:
i was not able to comment this week

On 5/4/10 20:08, Marko Papic wrote:
to see your comments to G's weekly, if I may.
It's just my curiosity... but I also want to be educated by it.
--
Marko Papic

STRATFOR Analyst
C: + 1-512-905-3091
marko.papic@stratfor.com

--
Kevin Stech
Research Director | STRATFOR
kevin.stech@stratfor.com
+1 (512) 744-4086


Jen Richmond in red
Bayless in blue
Reinfrank in purple

Who is Stratfor? https://www.stratfor.com/about-stratfor

Since the trigger for what sparked this weekly is almost certainly the Goldman investigation, I do think addressing it in the very beginning would be an excellent primer before diving into a discussion of the 50,000 foot view of economic vs. political crises and the Wealth of Nations

The Global Crisis of Legitimacy

Financial panics are an integral part of capitalism.  So are economic recessions.  The system generates them and it becomes stronger because of them.  Like forest fires, they are painful when they occur, yet without them, the forest couldn’t survive.  They impose discipline, punishing the reckless, rewarding the cautious. They do so imperfectly of course, at times the reckless are rewarded and the cautious are penalized.  Political crises – as opposed to normal financial panics -- emerge when the reckless appear the beneficiaries of the crisis they have or have not caused, while the rest of society bears the burdens of their recklessness.

At that point, the crisis ceases to be financial or economic. It becomes political. [I understand the rhetorical point you’re trying to make, but the question is still very much economic -- just because politicians will be the ones answering it doesn’t make it a political question.] The finance and economics are subsystems of a broader political system.  A more precise way to think about this is to think of nations as consisting of three basic systems: political, economic and military.  Each of these systems have elites that manage those systems, and the three systems are constantly interacting and, in a healthy polity, balancing each other, compensating for failures in one, taking advantage of success. Every nation has a different configuration within these systems and between them.  The relative weight each system has differs, as do the importance of their elites.  But each nation contains these systems, and each has elites overseeing it. None exists without the other.

Consider the capitalist economic system.  Its foundation in modernity is the concept of the corporation [the foundation of capitalism is the market-based economy driven by supply and demand. A LLC is a consequence of political/legal influence in modern capitalism]. The corporation is built around the idea of limited liability for investors, the notion that if you buy part or all of a company, you yourself are not liable for its debts or the harm that it might do.  Your risk is limited to your investment.  In other words, you may own all or part of a company, but you are not responsible for what it does beyond your investment.

This extraordinary idea is the foundation of modern capitalism and it is fairly unique. Well then is this the foundation for all economies?  Certainly the most important ones, but while China may be an open market, it is hardly capitalist with a closed capital account.  This analysis could benefit from examples, it is very ethereal. It is also a political invention and not an economic one.  The decision to create corporations that limit liability flows from political decisions that are implemented through the legal subsystem of politics. This is the foundation of the modern marketplace, but it is an entirely political contrivance.  A more natural organization of the marketplace is that the owners are entirely responsible for the debts and liabilities of the entity they own.  That of course would create excessive risk, suppressing economic activity.  So the political system has, over time, reallocated risk away from the owners of companies, to its creditors and customers, by allowing corporations to become bankrupt, without that bankruptcy pulling in its owners.

The precise distribution of risk within an economic system is a political matter expressed through the law. It differs from nation to nation and over time. But contrary to the idea that there is a tension between the political and economic system, the modern economic system is unthinkable except for the eccentric but indispensible political-legal contrivance of the limited liability corporation. In the precise and complex allocation of risk and immunity, we find the origins of the modern market. This is why, among other reasons that the classical economists never spoke of “economics” but always of “political economy.”

The state creates the corporation it isn’t that the state creates the corporation, but rather that it establishes the conditions in which the corporation is able to arise, defines the structure of risk and liabilities, and assures that the laws are enforced. Emerging out of this complexity—and justifying it—is “moral” [normative] regime. Protection from liability comes with a burden—that poor decisions are penalized by losses, and prudent decisions are rewarded by greater wealth and that because of this, society as a whole will benefit.  The entire scheme is designed to increase, in Adam Smith’s words “The Wealth of Nations,” by limiting liability, increasing a willingness to take risk, and imposing penalties for poor judgment and rewards for wise judgment.  But the measure of the system is not whether individuals benefit, but whether in benefiting they enhance the wealth of the nation.

Systemic risk, therefore, is not an economic concept but a political one [this is contrary to what you’ve said above, namely that the three systems coexist and interact with each other]. Systemic risk emerges when it appears that the political and legal protections given to economic actors, and particular to members of the economic elite, have been used to subvert the intent of the system. In other words, the crisis occurs when it appears that the economic elite used the laws allocation of risk, to enrich themselves in ways that undermined the wealth of the nation. Put another way, the crisis occurs when it appears that the politico-legal structure was utilized by the financial elite to enrich themselves through systematically imprudent behavior, while those engaged in prudent behavior were harmed—and that the political elite took no action to protect the victims.  Examples? [This paragraph could very well be one sentence]

In the modern public corporation, the shareholders rarely control management. A Board of Directors technically oversees management on behalf of the shareholders.  In the recent crisis we saw behavior which devastated shareholder value, while appearing to enrich the management—the employees of the corporation.  In this case, the protections given shareholders of corporations were turned against them, when they were forced to pay for the imprudence of their employees, the managers, whose interests did not align with their employees this sentence is confusing; I’m assuming that the second use of “employees” is actually referring to shareholders.  They profited personally—through their compensation system—for actions that were inimical to the shareholders. [On the contrary, what was “dangerous” for the shareholders was that – in select cases – the compensation schemes motivated maximizing short-term shareholder value because their compensation was linked to it. The leverage, the short-term wholesale funding and the unsustainable business models employed to maximize the shareholder value eventually FAILED, which only then hurt shareholder’s value. This problem is so much more complex than as depicted here. EVEN IF you had taken a prudent approach to RMBS back in 2006 because you didn’t understand them and thought they were shady, the shareholders would have had you drawn-and-quartered as your company lost market share and underperformed – you couldn’t have done the “right” thing even if you wanted too.  Now all the shareholders are whining about how they got fleeced? Bernie Madoff is the best example – his investors didn’t want to know, where was the due diligence there? They didn’t give a $h!+ so long as their stable 10% per annum returns were rolling in. You make it sound like a few bankers’ compensation schemes brought the financial world to its knees – that is not only incredibly reductive, but far from the truth]

This is a political, not an economic crisis for two reasons. First, its because it qualitatively moves beyond the boundaries of a cyclical event. Second, because it is rooted in the political-legal definitions of the distribution of corporate risk, and the legally defined relations between management and shareholder.  In leaving the shareholder liable for actions by management, but without giving shareholders controls to limit managerial risk taking, the problem doesn’t lie with the market, but with the political system that invented and presides over the limited liability corporation. [What has happened in that the private sector risks have been transferred to the public’s balance sheet, and now the big question in how the world’s governments plan to unwind their balance sheets in an orderly way that won’t derail economic recovery, and that is the political question (that will answer an economic question).]

Financial panics that appear natural and harm the financial elite do not necessarily create political crises.  Financial panics that appear to be the result of deliberate manipulation of the allocations of risk under the law, and in which the financial elite as a whole appears to have profited from even while their shareholders and the public were harmed, inevitably creates political crises.  In the case of 2008 and the events that followed, we have a paradox.  The 2008 crisis was not unprecedented, nor was the federal bailout. We saw similar things in the municipal bond crisis of the 1970s, and the Third World Debt Crisis and Savings and Loan Crisis in the 1980s. Nor was the recession that followed behave oddly anomalous.  It was seven years after the previous one and compared to the 1970s and early 1980s, when unemployment was over ten percent, along with inflation and mortgages were at over 20 percent, this was painful but well within the bounds of expected behavior.

The crisis was rooted in the appearance that the crisis was triggered by the behavior, not of small town banks or third world countries, but in the global financial elite, who took advantage of the complexities of law to enrich themselves instead of the shareholders and clients to whom it was thought they had prior fiduciary responsibility.

This is a political crisis, not an economic one [False]. The political elite is responsible for the corporate elite in a unique fashion: the corporation was a political invention, and its behavior, by definition, depends on the political system. But on a deeper sense, the crisis is one of both political and corporate elites, and the perception that by omission or commission, they acted together, knowingly engineering the outcome that happened.  In a sense, it doesn’t matter whether this is what happened.  The fact that it is widely believed that this is what happened is the crisis.  You are making the crisis sound so homogeneous.  Can it really be broken down so neatly into a package that fits all polities/economies? So far I’ve basically been reading this as being focused on the US political/corporate elite and their actions.. if it’s meant to cover the scope of the globe, then that should be made more clear. Agree with Jen. [Seems very convenient the fact of the matter doesn’t actually matter.]

The public expects elites to benefit themselves.  The public is cynical about such things.  But at the same time there is a limit to the behavior that they will tolerate, and that might be defined, with Adam Smith, as the point in which the wealth of the nation itself is endangered—where the system is generating outcomes that harm the nation.  In extreme form, these crises can delegitimize regimes.  In the extreme form—and we are nowhere near that I know this is addressed in the following para, but I’m left unclear about what countries exactly you’re talking about in this specific example —this is where the military elite steps in to take control of the system.

This is not something that is confined to the United States by any means, although part of this analysis is designed to explain why the Obama Administration must go after Goldman Sachs, Lehman Brothers and others. The symbol of Goldman Sachs profiting from actions that devastate wc the national wealth, or of the management of Lehman wiping out shareholder value while they themselves did well, creates a crisis of confidence in the political as well as the financial system.  With the crisis of legitimacy not settling down after nearly two years, the reaction of the political system is predictable.  It will both anoint symbolic miscreants, and redefine the structure of risk and liability in financial corporations.  The goal is not so much to achieve something as to create the impression that it’s achieving something, in other words, to demonstrate that the political system is prepared to control the entities it created.

We see a similar crisis in Europe.  The financial institutions in Europe were fully complicit in the global financial crisis.  They bought and sold derivatives whose value they knew to be other than stated, the same as Americans.  The European  financial institutions have asserted that they were the hapless victims of unscrupulous American firms. But the Europeans were as sophisticated as their American counterparts. Their elite knew what they were doing. [I haven’t seen you mention the RATING AGENCIES who rubber-stamped all this corporate RMBS paper as “AAA”, which allowed all these subprime mortgages to be bundled, tranched, securitized and sold all over the world. Where’s the discussion of too big to fail? FNM and FDM not too big to fail? The fact that they’re always there to buy these bogus mortgages doesn’t motivate people to game that system? The government didn’t motivate bankers to originate/distribute subprime credit to boost home ownership for select groups? Financial systems are not naturally prone to boom and bust?]

Complicating the European position was the creation of the Economic Union and the Euro by the economic and political elite.  There has always been a great deal of ambiguity concerning the powers and authority of the EU, but its intentions were always clear: to harmonize Europe and to create European wide solutions to economic problems.  This was a goal that always created unease in Europe. First, there were those who were concerned that a united Europe would exist to benefit the elites, rather than the broader public.  There were also those who believed that it was designed to benefit the Franco-German core of Europe rather than Europe as a whole. This was, on the whole, minority sentiment, but it was a substantial minority.

The financial crisis came at Europe in three phases. The first was part of the American subprime crisis.  The second, wave was a unique European crisis. European banks had taken massive positions in the Eastern European banking systems. The Czech system was almost entirely foreign (Austria and Italy) owned.  These banks began lending to Eastern European home buyers, with mortgages denominated in Euros, Swiss Franc or Yen, rather than in the currencies of the countries involved, none yet included in the Eurozone.  By doing this the banks were able to reduce interest rates, as the risk of currency fluctuation was pushed over to the borrower.  When the Zlotys and Forints began to plunge, the monthly mortgage payments began to soar, as did defaults.  The European core, led by Germany, refused a European bailout of the borrowers or lenders, in spite of the fact that the lenders who created this crisis were in Eurozone countries. Instead the IMF was called in to use money that included American and Chinese, as well as European, to solve the problem.  This raised the question in Eastern Europe as to what it meant to be part of the EU.

The third wave is represented by crisis in sovereign debt in countries that are part of the Eurozone but not in the core of Europe—Greece of course, but also Portugal and possibly Spain.  In the Greek case, the Germans in particularly hesitated in intervening in Greece, until it could draw the IMF—and non-European money and guarantees—into the mix.  This obviously raised questions in the periphery about what membership in the Eurozone meant, just as it created questions in Eastern Europe about what membership in the EU meant.

But the a much deeper crisis of legitimacy arose.  In Germany, elite sentiment accepted that some sort of intervention in Greece was inevitable.  Public sentiment opposed it overwhelmingly.  The political elite moved into tension with the financial elite, under public pressure.  In Greece, there was a similar crisis between an elite that accepted that foreign discipline would have to be introduced, and a public who saw this discipline as a betrayal of their interest and national sovereignty.

In Europe you have a double crisis.  As in the United States there is a crisis between the financial and political systems. This is not as intense as in the United States because of a deeper tradition of integration between the two.  But the tension between mass and elite is every bit as intense.  The second part of the crisis is the crisis of the European Union, and a growing sense that the European Union is the problem and not the solution.  As in the United States, there is a growing movement to distrust, not only of national arrangements, but of multi-national arrangements as well.

The United States and Europe are far from the only areas of the world where there are crises of legitimacy.  In China, for example, the growing suppression of all dissent derives from serious questions as to whom the financial expansion of the past thirty years benefits, and who will pay for the downturns.  It is also interesting to note that Russia suffers from this crisis much less than others, having lived through its crisis before. The global crisis of legitimacy has many aspects worth considering at some point.

But for now the important thing is to understand that both Europe and the United States are facing fundamental challenges to the legitimacy of, if not the regime, at least the manner in which the regime has handled itself.  The geopolitical significance of this crisis is obvious. If the Americans and Europeans both enter a period in which managing the internal balance becomes more pressing than managing the global balance, then other powers will have enhanced windows of opportunities to redefine their regional balances. May be obvious, but still a very good point, would consider stating this earlier as well

In the United States we see a predictable process.   With the unease over the elites intensifying, the political elite is trying to stabilize the situation by attacking the financial elite.  It is doing this to both demonstrate that the political elite is distinct from the financial, and to impose the “moral” [normative] consequences on the financial elite that the impersonal system was unable to do.  There is precedent for this and it will likely achieve its desired end: greater control over the financial system by the state, and an acceptable more tale ? for the public.

It is the European process that this process is much more unclear. The lack of clarity comes from the fact that this is a test for the European Union.  This is not simply a crisis within national elites, but within the multinational elite that created the EU.  If this leads to the deligitimation of the EU, then we are on in uncharted territory.

But the most important point is that almost two years since what was a normal financial panic, the polity has still not manage to absorb the consequences of that event.  The politically contrived corporation, and particularly the financial corporations, stand accused of undermining the wealth of nations.  As Adam Smith understood, markets were not natural entities but the result of political decisions, and it is the political system that creates the allocation of risk that allows markets to function.  When that system appears to fail, the consequences go far beyond the particular financials of that event. They have political consequences and in due course, geopolitical consequences.

I found the argument a bit hard to follow.  The theoretical intro could be cut down to focus on examples to make the argument.

Title: Suntrust Mortgage Scandal
Post by: citizensscience on March 10, 2018, 05:49:07 PM
#SunTrust Scandal

(https://uploads.tapatalk-cdn.com/20180311/b68116002aa26cc3bcbfa82552626757.jpg)
Title: Wells Fargo “Rats-Out” SunTrust Mortgage over Fake Loan…
Post by: citizensscience on March 10, 2018, 07:13:14 PM
Wells Fargo “Rats-Out" SunTrust in "Fake Loan" Scheme...

Holder, Owner, Investor, Lender or “Noteholder”…

How long has SunTrust Mortgage had you snowed, collecting on a Fake Loan they do not own??

Below is an amazing set of events best described as a metamorphosis… One that effects the two founding elements of a promissory note…

1) The Right to “Collect”

2) The Right to "Enforce"

Keep in mind, this is all relating to the same Fake Loan number that SunTrust has been collecting on for years…  SunTrust doesn’t know what rights they have under the Note… That is until Wells Fargo appears to yank an knot in SunTrust Mortgage, who is Wells Fargo’s Loan Servicing Sub-SubContractor.  With quite the checkered past we might add…

- SunTrust Mortgage acting as the "Servicer" States the "NoteHolder" is SunTrust Bank.

- Next SunTrust Mortgage as the Servicer, states it’s the Owner / Investor in the “Same” said loan.

-  Wells Fargo then, calls out SunTrust giving rise to the rights to collect and enforce may lie within a RMBS Trust that’s controlled by Wells Fargo and NOT SunTrust.

- SunTrust Mortgage "Backs-Off" its prior statements by inserting specific language - "For Information Purposes" SunTrust Mortgage is the Owner / Investor of said loan.

- Wells Fargo sends another letter saying in summary...  Wells Fargo as likely the Master Servicer over its Loan Level Servicing “Sub-Contractor” SunTrust Mortgage and we are investigating why SunTrust Mortgage continues to pursue and collect on loans they do not own….

And this Borrower just wants to know who to pay?

Who’s your Noteholder?  Do you have a SunTrust Loan?  Are your paying the party that has the “Right to Collect” or just anyone at SunTrust that sends you a statement?

 
(https://uploads.tapatalk-cdn.com/20180310/b7d06f4683469cc88ef5dfc2df0c7cfc.jpg)

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Title: Who’s you “Noteholder”?
Post by: citizensscience on March 11, 2018, 07:10:49 AM
SunTrust Mortgage Scandal


For those just joining this unbelievable story, one where two banks Wells Fargo and SunTrust seem to be fighting it out over who has the 1) Right to Collect and 2) Right to Enforce… 

Here’s an internal email from Wells Fargo instructing its employees on what NOT to say when the borrower calls to inquire…

All the borrower wanted to know is who had the right to collect (payoff) on their loan… 

Who are you paying, do they have the right to collect on your loan?  Current borrowers want to know…

(https://uploads.tapatalk-cdn.com/20180311/b234fc2521205fa0a20571df03a19d2a.jpg)
Title: Jerome Lienhard, Fake Loans and the “Great” SunTrust Scandal
Post by: citizensscience on March 11, 2018, 02:29:49 PM
#SunTrust Scandal, Jerome Lienhard, SunTrust Mortgage, SunTrust Bank

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Jerome Lienhard was named chief risk officer of SunTrust Banks, Inc., effective November 1, 2015. In this role, he is responsible for the company’s risk discipline including market, operational, credit and compliance risk and oversees the risk review assurance function, and portfolio risk analytics and modeling.   

Prior to being named to this position, Lienhard served as president and chief executive officer of SunTrust Mortgage, Inc. Lienhard joined SunTrust Bank in 2006 as senior vice president and treasurer responsible for funding, treasury operations, portfolio management and asset liability management. Prior to joining SunTrust, he was senior vice president and treasurer for Freddie Mac. He joined Freddie Mac after an eighteen-year career with Toyota, his last role being corporate treasury manager for Toyota Motor Credit Corporation.

Lienhard earned a bachelor’s degree in Accounting and a master’s degree in International Finance from the University of Southern California. He currently chairs Housing Policy of the Financial Services Roundtable. He is a a board member of the Virginia Council of Economic Education and a Trustee of Virginia Union University.


(Below) SunTrust get caught yet again in its “Fake Loan” Scheme, inventing documents that did not exist nor were the documents SunTrust speaks to present at the closing table…. This is why its so important to know who you are paying and if they have the “Right to Collect".  SunTrust does not own this loan, they know this and we thought we would let a few others know this too.  Meaning the borrower cannot pay off their loan.  No one at this point really knows who has the “Right to Collect” and SunTrust is for some reason trying to mask who the real “Noteholder" is.  Were not giving in, so stay tuned and see the latest below.


Date: March 11, 2018 at 2:04:25 PM EDT
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>, Ben Barco <Ben.Barco@brockandscott.com>, jim.bonner@brockandscott.com, greg.scott@brockandscott.com, Elizabeth Stone <ecstone@williamsmullen.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: Little Bo-Peep and... SunTrust Mortgage...

Mr. Lienhard -

First, let me congratulate the Virginia Cavaliers for a great win over the Heels yesterday. 

As this relates to us... Now and again it's good to rejoice in unity... 

It's even more meaningful when it's between us... Two opposing parties, the Trustee SunTrust Appointed, and best yet SunTrust’s own expert witness, who had “personal knowledge”. 

It's not often when the Attorney for Substitute Trustee, and SunTrust Mortgage own Operations Manager all agree with the SunTrust Attorney and defendants counsel, whereas stating the Note is in fact, not lost, nor has it ever been...

Kinda started off sounding a little bit like “Little Bo-Peep”…  didn’t it…

Hey, but in all seriousness... 

Mr. Lienhard - Wells Fargo is trying to get-up with you over this…  Among others… In fact, another big bank may be looking to connect with you too…

While your trying to figure out what just happened, and how all of us agree so easily, I've been trying to tell you I'm easy going and one who strives for consensus, I don't know?  Perhaps ur just hard headed?

At this point it has nothing to do with me, or this file.  Rather everything to do with:

- MBS's, PSA's, MLPA's, Article 9, SPV's, Securitization, Delivery, REMIC, Entity Level Tax Exemption, SFAS Rules, GAAP, Pierced and "Not-So" Bankruptcy Remote... 

Let's not forget @ the Federal Home Loan Bank... You know...

SunTrust has some real problems... Are you planning on disclosing to your shareholders all those 2011 NC Mortgages that appear to be of no effect, you know it's in the $100's of millions... 

Or are you just going to wait on the next HAMP program so you can falsely claim federal modification credits to "Re-Connect Lost Lien-holds"?

SunTrust has a real credibility problem -

Now, all of us agreeing on the Note, now that's special... Not to mention it's SunTrust contracted Attorney & Trustee firm that underscored it.

As if all that wasn't enough, you need to let me know how ur gonna handle your Double Pledged / ARM Rate Change Scheme as it relates here... 

You sure have a lot to get to krack'in on...


(https://uploads.tapatalk-cdn.com/20180311/469639ba9a17005a2e0dc4393c8c6fa7.jpg)

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Title: Fake Loans and Lost Notes - SunTrust Scandal
Post by: citizensscience on March 11, 2018, 08:45:08 PM
SunTrust Scandal


Fake Loans, Lost Notes and SunTrust Mortgage -

SunTrust will not fund a loan where the original wet ink note isn't present, so why then, does SunTrust not have any of these Orginial Notes?

Did SunTrust loose the notes after they bought them or after they double-pledged the notes? 

Wells Fargo purchased these worthless Fake Loans from SunTrust, later discovering the underlying documents (assets) do not exist.   

Click here - https://vimeo.com/citizensscience/mortgagemill


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Title: Re: Suntrust Mortgage Scandal
Post by: Jimmy Taylor on March 12, 2018, 12:44:51 AM
Suntrust bought my mortgage, so I only have experience with P&I payments and paying off the loan--I can't review their underwriters, etc. I did not use them for escrow, so I can't comment on their handling of that, either. I aggressively paid down my loan for the last year, sending them large payments with a few months over $10k. They received those payments as a direct payment from my checking account just fine. But on the final month, they rejected my payment and sent no notice to me. I called them inquiring about it because I didn't see my balance go to zero. I was told that they had received my final payment, congratulated me on paying it off, and it should take a day or two to post. It didn't post.

Instead, they have a policy that any payoff amount greater than $5k would only be accepted if it was done by wire. They blamed the reason for that on "costs to close the account." If that were true, then they wouldn't require it for final payments less than $5k. And it wasn't a problem for my earlier large payments--they accepted and cashed those just fine. If I had instead paid (as usual) all but $1 and then paid (as usual) a final payment of $1, everything would have been fine and I wouldn't have needed to buy a wire.

In the end, I had to pay a bit more interest, which isn't really a big deal. They couldn't confirm when they could receive a wire, so I had to pay more and then wait two weeks for the extra to be refunded. Also, that doesn't really bother me too much. Once they got the wire, they took care of everything, sent me my refund, etc., properly. However, the simple practice of discouraging people from paying off their loan, making it difficult to do so, not informing me of rejection of my payment, having employees who don't know the rule, and then told me bad information that my payment had been received IS a problem.

Another problem is their online security. I had an online account with password which they decided wasn't good enough. I don't care for companies going to stupid lengths for passwords because when they are hacked it's not because people didn't use special characters, capitals, greek letters, or emojis. It's because the company's system is breached and individuals' passwords are stolen. Also, their 'security' questions were entirely made up things I couldn't answer or the answer might change over time. How am I supposed to remember what my favorite food was decades after signing up for an account? What it tells me is they don't actually care about real security or user experience. They were given some generic advice & probably a bad list of security questions and rolled it out without even reviewing or testing it. In the end, I don't like them or trust them. I will not do business with them again.
Title: Suntrust Mortgage Scandal
Post by: citizensscience on March 12, 2018, 08:54:17 PM
SunTrust Scandal

Big shake-up at SunTrust.  22yr longtime SunTrust Employee and CEO Dorinda Smith is out... 

The press release gives the glaze that Ms. Smith is simply retiring... Humm...

We seem to feel a "Very Serious Investigation" into SunTrust could be affecting the enterprise as it relates to its most recent alleged Bankruptcy Fraud, spanning from December 2015 - January 2017.

Citizens Science covered and illustrated where SunTrust had filed Fake Proof of Claims Forms with the United States Trustee.  STM alleged U.S. Trustee Criminal Fraud -
http://forum.citizensscience.org/index.php/topic,613.msg2083.html#msg2083

Let's not forget SunTrust Mortgage had just recently utilized $320,000.00 of shareholder equity (funds) to likely keep some of their staff from being criminally indicted.  (See video link below)


(https://uploads.tapatalk-cdn.com/20180313/7454f80733a4acd0556deccfbf21f4df.jpg)

https://www.thestreet.com/video/12766279/suntrust-to-pay-up-to-320-million-to-settle-mortgage-fraud-probe.html


https://www.nationalmortgagenews.com/news/suntrust-taps-ex-pnc-mortgage-exec-for-top-mortgage-job
Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on March 13, 2018, 09:15:07 PM
SunTrust Scandal

Is the Federal Home Loan Bank (FHLB) the "Document Custodian" for SunTrust??

With Mortgage Backed Securities being sold, represented and warranted as being "Bankruptcy Remote" did SunTrust commit securities fraud as it relates to the Special Purpose Entity, violate the "Purpose" of this Special Entity?

Where is U.S. Bank Association N.A as Trustee on all of this??  Crickets...

More specifically did SunTrust "Pledge" unknowing MBS Certificate Holders "Wet-Ink" Notes at the FHLB to gain over $10,000,000,000.00 "Billion" in private loans from the "Lender of Last Resort" via the Discount Window "Workaround" better known as the Term Auction Facility... 

Are you a #SunTrustShareholder? 

(https://uploads.tapatalk-cdn.com/20180314/1300ce801ad8b7daafef809047ddfc63.jpg)(https://uploads.tapatalk-cdn.com/20180314/29d42cb8a2c59e4f8f6dd2d868eada2c.jpg)

(https://uploads.tapatalk-cdn.com/20180314/f21997090f8e4e6e38ee5ec4a234676d.jpg)

Wells Fargo, SunTrust Securities, US Bank National
Title: Suntrust Mortgage Scandal
Post by: citizensscience on March 13, 2018, 09:21:54 PM
SunTrust Scandal and Fake Loans

What is a "Fake Loan"??

If your loan got "Double Pledged" to the Federal Home Loan Bank, you may now have a "Fake Loan"...

(https://uploads.tapatalk-cdn.com/20180314/10435ab2aaf2f201926db98c5a99e2a8.jpg)

(https://uploads.tapatalk-cdn.com/20180314/4063c8eaea03a2b517a1fc2eff444aa1.jpg)
Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on March 13, 2018, 10:32:12 PM
Wells Fargo, SunTrust Scandal


Date: March 13, 2018 at 10:23:31 PM EDT
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: Jerome's got a "Collateral" problem...


Mr. Lienhard -

When was the last time SunTrust Bank as Collateral Custodian had its "Floor-plan" checked?  - http://forum.citizensscience.org/index.php/topic,613.msg2224.html#msg2224

You know against the Warranties and Representations made to MBS Certificate Holders??

Don't you have a collateral problem?

Come on and fess up...  or have you retired like all the others in the past few weeks?

Finally, have you alerted your Master Servicer's and the Trustees about the hundreds of millions, worth of loans SunTrust securitized that seem to be of "No-Effect" and a "Nullity", the public knows them better as just "Securitized" Fake Loans??

(https://uploads.tapatalk-cdn.com/20180314/7e9bd474c3b8f08f8962c73e8a01d1ed.jpg)

(https://uploads.tapatalk-cdn.com/20180314/ac9ad26abd9dd9b68af79e3072b2dddd.jpg)






Title: Fake Loan Complaint
Post by: citizensscience on March 14, 2018, 06:35:13 PM
Why will SunTrust Mortgage not simply identify the Noteholder…???   


180223-2XXX126
CLOSED
Submitted

STATUS
Submitted to the CFPB on 2/23/2018

SunTrust Mortgage Inc.
ISSUE
Trouble during payment process.
We received your complaint. Thank you.

We will review your complaint. Depending on what we find, we will typically:

Send your complaint to the company for a response; or
Send your complaint to another state or federal agency, or help you get in touch with your state or local consumer protection office;

YOUR COMPLAINT

This new qualified written request is not duplicate nor should it be construed as such. As SunTrust Mortgage Inc. is aware, on February 13, 2018 I requested that SunTrust Mortgage provide me with the identity of the “Noteholder” for loan number XXXXXXXXX. However, the response provided by SunTrust Mortgage did not identify the requested “Noteholder”, rather SunTrust Mortgage identified itself as the “Holder”.  Please identify the “Noteholder”.  Thank you -


 


180314-2XXX516
OPEN
Submitted

STATUS
Submitted to the CFPB on 3/14/2018

SunTrust Mortgage Inc.

ISSUE
Trouble during payment process
We received your complaint. Thank you.

We will review your complaint. Depending on what we find, we will typically:
Send your complaint to the company for a response; or
Send your complaint to another state or federal agency, or help you get in touch with your state or local consumer protection office;

YOUR COMPLAINT

Third Request - Again, please provide me with the “Noteholder” for loan # XXXXXXXXX as defined from inception through 8/1/2017. Thank you -



STATUS
Sent to company on 3/14/2018
We've sent your complaint to the company, and we will let you know when they respond.

Their response should include the steps they took, or will take, to address your complaint.
Title: Who is you Noteholder?
Post by: citizensscience on March 14, 2018, 06:50:34 PM
Are you interested to learn who the Noteholder is for your loan?   

Simply click the below link and when prompted ask the company that collects your payments likely a loan servicer, to provide you with the Noteholder for your loan number.

Heres the link, takes less than 4 minutes all you will need is your loan number.  -

https://www.consumerfinance.gov/complaint/getting-started/


Suntrust Scandal, Wells Fargo, SunTrust Mortgage, Suntrust Bank
Title: Bryan Bly - "Vice President" SunTrust Mortgage
Post by: citizensscience on March 17, 2018, 10:16:13 PM
SunTrust Scandal

Citizens Science has tracked down the "Vice President" of SunTrust Mortgage...

We traveled to sunny Florida, ending up at a place better known a "Bayside Trailer Gardens"... 

Home of "Vice President" of SunTrust Mortgage, Bryan Bly...


(https://uploads.tapatalk-cdn.com/20180318/7b962ebb4d01186001de366b79299565.jpg)

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Robo Sign, Foreclosure Fraud, NWTC Assignments, Nationwide Title Clearing
Title: Vice President SunTrust Mortgage Bryan Bly
Post by: citizensscience on March 17, 2018, 10:41:31 PM
SunTrust Scandal

(https://uploads.tapatalk-cdn.com/20180318/1d9b560144389c94e84be049e1f12e28.jpg)

More on SunTrust Mortgage "Vice President" Bryan Bly...

In Guilford County, N.C., the office that records deeds says it received 456 documents with suspect signatures from Oct. 1, through June 30 in one year alone.  The documents, mortgage assignments and certificates of satisfaction, transfer loans from one bank to another or certify a loan has been paid off.

Suspect signatures on the paperwork include 290 signed by Bryan Bly and 155 by Crystal Moore. In the mortgage investigations last fall, both admitted signing their names to mortgage documents without having read them.

(https://uploads.tapatalk-cdn.com/20180318/c4241088b6ec058cf50eaee7dbd9ccdf.jpg)(https://uploads.tapatalk-cdn.com/20180318/bfd5f45671191ee9d0b9a305f66cf30b.jpg)


Question...  Do you Bank at SunTrust??
Title: SunTrust Scandal and Fake Mortgage Documents…
Post by: citizensscience on March 19, 2018, 09:38:56 AM
SunTrust Scandal and Fake Loans


Bryan Bly, Vice President of SunTrust Mortgage never worked for SunTrust!! (see notary application below)

SunTrust Mortgage ‘Willfully and Knowingly” allowed critical, Chain of Title Mortgage documents to be executed by Mr. Bly who, admitted he didn’t even read what he was signing!  Mr. Bly further held himself out to be a Vice President of SunTrust Mortgage, knowing full well this was a false.

So where does this SunTrust “Vice President” really work?  Mr. Bly is employed by Nationwide Title Clearing, a vender of SunTrust Mortgage…

Yes, the Vice President of SunTrust Mortgage admitted he just signed mortgage documents having never read them!

This is not so much about Mr. Bly, rather it falls squarely on Mr. Jerome Lienhard who at the time served as CEO of SunTrust Mortgage. 

Mr. Lienhard rose to prominence after utilizing $320M of shareholder assets to settle a massive Criminal Investigation into the actions of SunTrust Mortgage.  Currently Mr. Lienhard holds the title of Chief Risk Office of Suntrust Banks Inc. with a reported annual income exceeding $2.5M.
 

(https://uploads.tapatalk-cdn.com/20180319/d71a4331dca7c51ffd6d3bf4ba5b7c22.jpg)

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(https://uploads.tapatalk-cdn.com/20180319/a1bab3ec7441d96e6ccdc100566b7123.jpg) 

SunTrust Scandal, Foreclosure, SunTrust Mortgage, SunTrust Bank
Title: SunTrust “Invented” Docu’ Production Department and Fake Assignments
Post by: citizensscience on March 19, 2018, 03:12:24 PM
SunTrust Mortgage and the Production Departments “Signing” Workshop!! 

New Video 3/19/ 2018 -

Departing 2017 document signer from within the SunTrust Mortgage “Production” Department on Inventing the Mortgage Assignment Chain as outlined by longtime SunTrust document signer deposition.   

(https://uploads.tapatalk-cdn.com/20180319/aa1fea3edc6f0568b238b9151f1debea.jpg)

It's nice to know the level of QC that goes into signing your mortgage documents on behalf of SunTrust.  Is that research or just securing signature specimens??


Video https://vimeo.com/citizensscience/fakeloans


foreclosure, bankruptcy, suntrust bank, suntrust scandal, suntrust mortgage, lender liability, lost note, lost note affidavit, robo signing, robo signer, mortgage fraud,
Title: Time Machine, Whistles and SunTrust Mortgage Scandal…
Post by: citizensscience on March 20, 2018, 12:25:09 PM
SunTrust Mortgage Scandal


Date: March 20, 2018 at 12:08:41 PM EDT
To: jackie.ballos@suntrust.com

Cc: Jerome Lienhard <jerome.lienhard@suntrust.com>, rcullen@mcguirewoods.com, abrackett@mcguirewoods.com, jadams@mcguirewoods.com, ellen.fitzsimmons@suntrust.com, allison.dukes@suntrust.com, aleem.gillani@suntrust.com, margaret.callihan@suntrust.com, scott.case@suntrust.com

Subject: Time Machine, Whistles and SunTrust Mortgage...


Ms. Ballos -

Can you tell me @ SunTrust Mortgage's "Time-Machine"?

You know, it's the one housed in the elusive SunTrust Mortgage "Production" Department.

That's the department where SunTrust "Invents" the Documentation needed, then SunTrust "Staff" willfully and knowingly instruct unknowing full-time "Temps" to "Attach" the newly "Minted" Fake Documents to Mortgages, to "Create" and Define the Chain of Title... 

A chain that had never before existed.

Has SunTrust considered a US Patent on its "Time-Machine" Invention interface housed within the SunTrust Mortgage "Production" Department?

So, Ms. Ballos...  Do you have a "Whistle" or just the "Time -Machine"?? 

Video - "Time-Machine" Users Manual below...

https://vimeo.com/260816183



Title: SunTrust Mortgage - “Mandatory” Tax Fee Scheme…
Post by: citizensscience on March 20, 2018, 01:48:06 PM
SunTrust Mortgage Scandal


(https://uploads.tapatalk-cdn.com/20180320/4d27d5efc56cdbe59fc8a7c68bc10422.jpg)



Shhh…. Don’t disclose SunTrust Mortgage “Tax” Service Scheme…

SunTrust subsidiary, ValuTree brought in a million dollars in “Fee” profit, during the first year alone. ValuTree employees received 22 percent of their salaries in bonuses–four times what they would have made had they stayed at SunTrust.


When Pat Rollins, division manager of ValuTree, was given the chance to forma new real estate services company within SunTrust Mortgage, she wanted to be sure that every employee on her team was committed to its success. The new company brought procurement and payment of SunTrust clients’ tax bills in-house–services previously performed by external vendors.

SunTrust employees had often complained about the out source system, but they also used it as a scapegoat, Rollins says. “If something went wrong with a taxbill, there was always someone to blame,” she says. “At ValuTree we arefully responsible for all of the tax services. If we mess up, it’s our fault.”

She took half of the staff from Sun Trust’s tax service department to launch the new venture. To secure their loyalty and excitement, Rollins crafted a new pay-for-performance reward and recognition system that includes financial incentives, parties, and weekly conferences to recognize performance. The program encourages employees to improve accuracy in billing, lower error rates, and reduce overall costs. At the end of the year, if Rollins’s team meets a set savings goal, they receive a percentage of every dollar beyond it that they save the company.

But providing a financial payoff wasn’t enough to make the program successful. It would only work if employees understood the impact their behaviorhad on the company, she says. “It required a cultural shift, forcing the employees to think of ValuTree as their own business.”


(https://uploads.tapatalk-cdn.com/20180320/73ae5b383cc85ebd78867b5978a63a55.jpg)


She thinks it would have worked without the financial incentive as long as there was recognition, but the money got it rolling faster.


So Rollins introduced weekly meetings, in which one group of employees stands in front of the rest of the group and explains how their efforts that week affected the business–positively or negatively. In preparation for a busy fourth quarter, for example, one group set up tax bill payments in advance to avoid last-minute overtime costs. “The meetings force everyone to understand the dynamics of what they do and to see how all of their efforts tie together,” Rollins says.

In the beginning, teams attended meetings grudgingly, but after a while they got excited, and more and more team members started showing up to support each other. “Now, when one group has a success story to share, everyone celebrates,”she says. And when they make a mistake, instead of attacking each other, they try to find ways to fix the problems.

An individual employee, for example, might have missed an important due date, which resulted in significant financial penalties. Rollins was afraid they would all blame the individual responsible for the error, but instead many of them acknowledged that they knew she was overwhelmed that week and did not offer to help. They spent the rest of the meeting brain storming ways to avoid making similar mistakes in the future. “As a manager, it is amazing to see lower-level employees that committed to the business.”

When errors happen, ValuTree uses corporate funds from SunTrust to pay the costs, then the company has to pay that money back before it sees any new profits. In the past, no one cared about that debt, and it easily got out ofcontrol, Rollins says. Now she posts the debt on a board in the office, updating the balance twice weekly. “It’s like a credit card; if they don’t pay it off, they lose their incentives.”


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At the end of each month, Rollins throws a low-cost party to celebrate the team’s efforts, and to go over the cost-savings they’ve compiled over the year. At those parties she acknowledges individuals who have contributed significantly to the savings for that month. Several employees have told her they’ve never received this kind of recognition from a manager before. “Just to hear their names tied to an accomplishment gives them a sense of pride in their work,” she says.

The incentive program has had a huge impact on the success rate. In the first year, ValuTree saved SunTrust a million dollars and her team received 22 percent of their salaries in bonuses–four times what they would have made had they stayed in SunTrust.

It also has changed the way they approach their jobs, she says. In early 2002, for example, the team began evaluating the duties of any employees who quit to determine whether they should be replaced or if the team could absorb their workload. As a result, this year they opted not to replace two employees who left, in order to improve efficiency and profits. “They are thinking like business owners, and seeing the value their choices and efforts have to the company,” Rollins says.

The key to the program is not the money. It’s making sure employees understand their role in the business, Rollins says. She thinks it would have worked without the financial incentive as long as there was recognition, but the money got it rolling faster. Within six months of launching the program, she saw a reduction in billing errors. “The incentive tied it all together. When they do well they see the rewards, and when they screw up they feel the pain.”


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http://www.workforce.com/2003/09/18/employees-act-like-business-owners/

foreclosure, tax service, mortgage escrow, bankruptcy, suntrust bank, suntrust scandal, suntrust mortgage, lender liability, lost note, lost note affidavit, robo signing, robo signer, Brock and Scott, Brock and Scott foreclosure, mortgage fraud
Title: crooked suntrust
Post by: Jeff Richer on March 21, 2018, 08:14:49 AM
I don’t know who the heck citizens science is but you guys are damm good.  thankfully I don’t have a suntrust loan and after reading this you can bet I will never have a loan with them.  my family is in charlotte, nc and we passed a gigantic billboard that said suntrust fake loans and my buddy said well suntrust has poked the wrong bear.  so we googled suntrust scandal up and have been cracking up reading the emails you all have sent to the head people at suntrust. 

if you had a link id donate to help buy more fake loan suntrust billboards. 

suntrust = crooks!!!!!!    jeff
Title: SunTrust Mortgage “Tax” Scheme -
Post by: citizensscience on March 21, 2018, 06:49:01 PM
SunTrust Mortgage Scandal

Did SunTrust Mortgage “Hood-Wink” you over the Tax Service Fee?  Let’s not forget those who may be enrolled in escrow, in the below borrowers state SunTrust retains the interest earned on the borrowers escrow funds.  Nothing like low hanging fruit…

Go pull your HUD statement tonight and see if you were charged a Tax Service Fee!

For those just joining us, click here to see just how hard SunTrust worked to cover this all up and circumvent the Truth in Lending Disclosures….  http://forum.citizensscience.org/index.php/topic,613.msg2236.html#msg2236

Perhaps its time for the SunTrust Board of Directors to have a serious sit-down with their Chief Risk Officer… Mr. Jerome.Lienhard@SunTrust.com


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Section 2 of the Deed of Trust


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Wells Fargo
Title: Corelogic “Entangled” in SunTrust Mortgage Tax Scheme
Post by: citizensscience on March 22, 2018, 08:12:58 PM
SunTrust Mortgage Scandal


Corelogic becomes "Entangled" in SunTrust Mortgage "Tax" Scheme...

Begin forwarded message:

From: <redacted>
Date: March 21, 2018 at 11:44:29 PM EDT
To: Citizens Science <info@citizensscience.org>
Subject: Tax fee


Thank you for exposing this, we hate SunTrust.  They imply the tax service fee is imposed charge from Corelogic.

Suntrust never asked us which tax service company we wanted to use.

Redacted 
Maryland 


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Title: Suntrust Mortgage Scandal
Post by: citizensscience on March 22, 2018, 08:52:05 PM
Mortgage Fraud SunTrust Scandal Corelogic Tax Service


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Date: March 22, 2018 at 8:47:15 PM EDT
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>
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: Corelogic has a "Jerome" problem...


Mr. Lienhard -

As the former CEO of SunTrust Mortgage and current Chief Risk Officer of SunTrust Bank I thought I'd remind you of your Wet-Ink Criminal Settlement "Signature"...

Based on the link below it appears as if "Corelogic" is "Entangled" with SunTrust??   

Is this Assurant 2.0??

Racketeering or just Steering?  I'm not sure so thought I'd ask...

Kinda makes ur head hurt doesn't it... 


http://forum.citizensscience.org/index.php/topic,613.msg2239.html#msg2239

Title: Suntrust Mortgage Scandal
Post by: citizensscience on March 24, 2018, 05:54:05 PM
SunTrust Scandal, US Bank National Association, US Bank Corp, Wells Fargo

US Bank Corp. “Snared” in SunTrust Mortgage Scandal

NOTICE - Alleged Material Breach of RMBS Trustee Fiduciary Duties  by Mortgage Backed Security “Trustee” U.S. Bank National Association N.A. - US Bank Corp.

Below specific information is conveyed to US Bank a large MBS Trustee, with Wells Fargo acting as Master Servicer over its sub-contracted Sub-Servicer SunTrust Mortgage Inc. 

It is the Trustee (US Bank) who holds the securitized mortgages on behalf of the pool of Certificate Holders commonly referred to as Investors or Bond Holders.  These can be GSE's such as Freddie Mac, Fannie Mae, large institutional investors and Pension Funds such as the North Carolina State Employees Trust Fund who historically were heavily invested in these securities.

When these deals as they are commonly called are put together, the custodian is to check each file within generally 90 days to ensure the documents actually exist, like the Wet-Ink Note for example.  These exceptions are tabulated and controlled by various rule ticklers and specific codes to identify the severity of the exception and compare to what was warranted and represented within the PSA.   Not are the hard files to be examined but the electronic data file must be checked in to ensure for example it includes the correct “Notice of Rate Change”, “Property Address” and note balance to name a few.

Exceptions / Breach examples included:

- Pmt Change Frequency Does Not Agree With Schedule
- First Interest Rate Adjustment Date differs from Schedule
- Incorrect ARM Index
- Interest Rate Adj Frequency Does NOT Agree with Schedule
- Pmt Change Frequency Does Not Agree With Schedule
- ARM Lookback Period is Missing and Incorrect

Next the custodian tabulates the finding and sends all interested parties a Certification / Exception report listing all the missing: Notes, Final Note Endorsement to Specific Trust, Deed of Trust, Final Assignment.

Corrective actions rolls back up-line to cure these material breaches to ensure the Certificate Holders are brought whole.  Said another way, its much like buying a vehicle based off the items and options listed on the window sticker, then executing the purchase sight unseen, to only later find when your vehicle arrives it lacks the “Engine”.

Once these initial interested parties have been provided specific set about of time to cure the documented exceptions, missing documents and material deficiencies at that point the burden would shift to US Bank National Association N.A. as Trustee to “Enforce” the warranties and representation conveyed by both the seller and depositor.  The Trustee MUST FOLLOW UP on each action of enforcement or can sustain significant risk inclusive of lost earnings, reputational risk, compliance risk, regulatory risk given the very intent of the Trustee purpose is, to have responsibility over the deal documents / PSA’s.  These responsibilities include the review and legal oversight over every aspects the transactions as the Trustees very intent is to, act as the Fiduciary to the MBS Trust and FOLLOW UP on known ticklers and or issues brought forward to the Trustee.

Therefor if US Bank as Trustee is “CAUGHT” not acting in the best interest of the Certificate Holders it represents the Trustee may become exposed to risk and damages brought on behalf of specific Certificate Holders like, for example the North Carolina State Employee Pension Fund.

In the email string below, US Bank as Trustee shows NO intent to cure this alleged breach that was specifically brought to US Banks attention.


 
From: Redacted [Redacted]
Sent: Wednesday, February 21, 2018 12:29 PM
To: Goldade, Kevin J <kevin.goldade@usbank.com>
Subject: [EXTERNAL] Re: Suntrust
 
 
Mr. Goldade -
 
As discussed - Please find the 2006 note with MERS# included.  Second, please find the Certified letter rcvd from Wells Fargo.  Third, you find a letter from STM dated 2/15/2017 that alters their longstanding statutory language, seeming to take a deliberate effort to walk back what has been previously conveyed. 
 
Specifically, STM inserted "For informational purposes" rather than simply stating who the owner / investor of the underlying instrument is.
 
STM, is very aware of what has occurred with these loans between Wells, US Bank National and SunTrust Bank Inc as "Collateral Custodian"...
 
Further, I'm in possession of documents acknowledging the wide spread issues inclusive of Double Pledged assets known by Wells Fargo acting as Master Servicer. 
 
Finally, I’ve attached 3 different LNA that the Sub-Servicer has presented, one stating STB (SunTrust Bank) was the NoteHolder with the other two LNA’s stating based on personal knowledge STM (SunTrust Mortgage) is the NoteHolder. 
 
I look forward to working with U.S. Bank National Association NA and providing documents in my possession to aid your firm in its investigative efforts into the widespread allegations previously discussed at length.
 
I'd like to also thank you and US Bank National Association for the quick response given the seriousness of my investigative finding and subsequent allegations.



From: "Goldade, Kevin J" <kevin.goldade@usbank.com>
Date: February 21, 2018 at 2:07:05 PM EST
To: Redacted <Redacted>
Subject: RE:  Re: Suntrust

 
Redacted - I went to county records and cannot find anything that indicates we are or even were the trustee so unless you can provide something that shows we are trustee I cannot move forward as we are not a party to the complaint.
 
Regards
 
Kevin J. Goldade |
GSF Specialized MBS Services | Mortgage Research

US Bank National Association
60 Livingston Avenue | St. Paul, MN 55107
EP-MN-WS3D 
 

 
From: Redacted[mailto:Redacted]
Sent: Thursday, February 22, 2018 1:43 PM
To: Goldade, Kevin J <kevin.goldade@usbank.com>
Subject: [EXTERNAL] Release Deed
 

Mr. Goldade -

I think you will find this document serves to identify what the Sub-Servicer (SunTrust Mortgage) has done.  I have also included the first page of two of the notes serving to identify the initial loan amounts.

It appears, the Sub Servicer knowingly released the security that backed at least two mortgages that contractually remain active inside their respective trust.

Please identify each of these Trust as it relates to U.S. Bank National Association NA as I would like to see if my finding aligns.

If this could be expedited it would be greatly appreciated.

Thank you -


From: "Goldade, Kevin J" <kevin.goldade@usbank.com>
Date: February 22, 2018 at 3:39:56 PM EST
To: Redacted <Redacted>
Subject: RE:  Release Deed

We contacted Suntrust and they stated we are not the trustee. Since we are not a party to your complaint
 
and have no further information to provide to you, we will not respond to any future correspondence from you.
 
Please direct all future correspondence to Suntrust and/or their counsel
 
Regards
 
Kevin J. Goldade |
GSF Specialized MBS Services | Mortgage Research

US Bank National Association
60 Livingston Avenue | St. Paul, MN 55107
EP-MN-WS3D


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Title: Re: Suntrust Mortgage Scandal
Post by: citizensscience on March 26, 2018, 10:38:54 PM
SunTrust Mortgage Scandal

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Wells Fargo, US Bank, Sun Trust Mortgage Scandal
Title: Wells Fargo "Hood-Winked" in Massive "Fake" Loan Scheme...
Post by: citizensscience on March 27, 2018, 09:15:48 PM
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Wells Fargo gets "Hood-Winked" in SunTrust "Fake" Loan Scheme...

Wells Fargo loan servicing employee "Fired" for refusing to lie to consumers who were sold "Fake" Loans from SunTrust...


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SunTrust Scandal, Wells Fargo Scandal fake accounts, US Bank Scandal
Title: Billions in “Fake” SunTrust Loans…
Post by: citizensscience on March 28, 2018, 07:09:24 PM
BILLIONS

SunTrust, Wells Fargo and “Fake” Loans…


Attention - SunTrust Consumers…

If you have a SunTrust Mortgage or Home Equity Line from SunTrust Bank you will want to pay close attention.

Shortly after SunTrust originated your loan, your loan is typically bundled with other loans and transferred in this case to Wells Fargo.  However, Wells Fargo and the Investors in these large pools of loans in many cases (Hundreds of Thousands) never physically received the loan documents from SunTrust.  These must have documents include, the Wet-Ink Note, Deed of Trust or Mortgage and are required to convey the 1) Right to Receive Payments under the underlying Note and 2) The Right to Enforce.   

Meaning, many homeowners are paying a party that lacks any rights in your loan.  These rights include for example, the right to collect your payments.  Said another way… Do you know who owns the rights to your loan? 

Are you paying the party who holds the rights to receive your payments or just a third party loan level sub contractor such as SunTrust Mortgage?

Suppose they didn’t have your loan documents?  Suppose they knew these documents did not exist yet you continued to pay this disinterested party.   Being a party not privy to the loans benefits how would this party be able to cancel your specific debt after you satisfied the debt?

This leaves many still owing the original face about of the loan plus years of interest and fees, all payable to the correct Noteholder.

It's through this scheme Wells Fargo, defrauded the United States by collecting over $1 billion in taxpayer funded credits for loans the bank knew  it lacked the required Original Promissory Notes and Mortgage commonly known as the Collateral Files.  What exactly did Wells do to receive these these credits… More on Credits later…

When you call to inquire about your loan, they use 5 terms interchangeable by design… They are: Lender, Servicer, Owner, Investor and Holder.  However it's the “Note-Holder” who in most every case holds both the right to collect and the right to enforce.

Recently a borrower called SunTrust to pay off their loan, the employee looked in the company’s computer system for the Promissory Note, telling the borrower it was an original.  When questioned SunTrusts Single Point of Contact went on and next, the note had morphed from an “original” into an “original copy”, “original imaged copy” and finally she said it was a “CURRENT VERSION” of the Original Note”. 
Click to listen, 
- https://vimeo.com/citizensscience/suntrustwellsfargoscheme

In a separate case when one Wells Fargo employee became aware of all of these missing notes from SunTrust they honestly conveyed the issue to the customers, their supervisor and others within Wells Fargo.  Within 24 hours they had received multiple emails from Wells Fargo headquarters that the loan documents were in-fact missing and that the company did not have the customers note to enforce the loan or collect the past payments.

Rather than Wells Fargo forwarding the wrongfully collected payments to the correct note holder, something big occurred…   Wells Fargo trickled out “Balloon” Letters to borrowers and directed its employees to lie to its customers and treat the loan like it was a “Balloon-Loan” and its final balloon payment was soon due….

This achieved several things… First, an unsophisticated borrower or elderly homeowner perhaps may actually believe the bank and pay off the fake balloon loan again that was far from being due.  Second, those families that were unprepared and unable to pay off the fake balloon loan were fortunate, in a sick way… Wells was ready to help them by way of a “Modification” or in its true sense “Double-Book” a loan that SunTrust nor Wells Fargo held a right to, all by way of all new wet-ink loan contract. 

You see, this really helps SunTrust.  As SunTrust escaped having to buyback / repurchase hundreds of thousands of defecent loans stemming from SunTrust materially misrepresenting and warranting said loans in the secondary market.  You see SunTrust was broke.  They owed the Private Federal Home Loan Bank “Billions” in off balance sheet loans secured by “questionable" collateral…. This while the SunTrust shareholders dividends remained at near recored lows.

Meaning the “Too Big to Jail” bankers make out, the elderly likely cashed in financial products resulting in costly prepayment penalties and those who modified their loans now owe a SECOND loan and STILL Owe the Original loan which is payable to the current Holder of that still VALID Debt and is hidden behind a wall known as MERS.

For more on how Wells Fargo colludes with SunTrust , Click to listen,
- https://vimeo.com/citizensscience/mortgagemill

If you found this of interest please consider sharing with others…

Thank you…
Title: Wells Fargo "Rats-Out" SunTrust over "Fake" Loan Scheme...
Post by: citizensscience on March 31, 2018, 02:18:19 PM
SunTrust Mortgage Scandal, Wells Fargo Fake Accounts, Fake Loans


Wells Fargo "Rats-Out" SunTrust after "Collecting" $1.5M off a totally "Fake" Loan...

Please consider sharing... #SunTrustScandal


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Title: Wells Fargo, Billboards and Jerome's "Double-Booked" Mortgage Miscarriage...
Post by: citizensscience on April 02, 2018, 01:17:03 AM
Date: Monday, April 2, 2018 at 9:34 AM
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>, <tom.brock@brockandscott.com>, <jim.bonner@brockandscott.com>, <greg.scott@brockandscott.com>, Kevin J Goldade <kevin.goldade@usbank.com>, <ctslitmanagement@wellsfargo.com>, <boardcommunications@wellsfargo.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: Part 1 of 7 - Wells Fargo, Billboards and Jerome's "Double-Booked" Mortgage Miscarriage...


Mr. Lienhard, as the Chief Risk Officer of SunTrust Bank and former CEO of SunTrust Mortgage,

Why is your Trustee using an old superseded Substitution of Trustee to indirectly foreclose on You?  (SOT attached)

Meaning your foreclosing on SunTrust, to indemnify a fake loan and it’s your Trustee and their related attorney that makes off with $700K of your shareholders funds.

I know right, but I'm serious... He's really foreclosing on SunTrust!  Can't make this stuff up!! (Correction Agreement Attached)

This is the same Trustee that’s owned by SunTrust’s  contracted law firm Brock and Scott PLLC.   Same outfit that just dismissed the previous bogus foreclosure after 5 rounds.  All brought with expired documents I might add...

Problem is, with the same Trustee “Knowing" this was a contested Fake Loan case and the Trustee then went ahead and refiled all the while set to pick up $700K in combined "Fee's" off serving as a "Disinterested Party" while representing both sides at inception of filing. 

Next the Trustee brought SunTrust forward in this new proceeding for the “Sixth” time as a "NoteHolder", that's problematic as the Trustee could only bring a "Holder" or "Owner" forward given NC 45-10 (pre HB770).  Square Peg Round Hole kinda deal...

Now this is good... Why do you expect Trustee Services of Carolinas, LLC. allowed TWO separate Lender Affidavits one with STM posturing as an admitted Fake "NoteHolder" (of a Wet-Ink "Copy" of the Original Note) and another with STM as the "Holder" each the Clerk "Time Stamped" at identical times??

Never have I applied my wet ink signature to a "Copy" of an Original Note...

Nor have I been provided an opportunity by the Trustee or a court to "Authenticate" this specific Wet Ink "Copy" of the Original note.

My "Genuine" Wet-Ink Signature was applied to one original Note, that's not been lost.

I'd suggest some might call this a Willful Failure of a "Friendly" Fiduciary...

Or perhaps just a "Lying-Lender"...   

On another note, why is the “SunTrust Executive Vice President of Mortgage Operations” nominating “Convicted Criminals” to "Execute and Deliver” certain loan documents such as “Affidavits, Attestations, Pleadings, Assignments and Insurance Activities” on behalf of SunTrust Mortgage, Inc. (the “Corporation”)??

I didn’t realize SunTrust was so reliant on “Convicted Criminals” to carryout its Mortgage Miscarriages. 

Any chance they stole all your Lost Notes?

Or are they still “Double-Pledged” like the original loan among others via December 22, 2008 SOT.  SunTrust continues to use this "Borrower" to "Wrongfully" create over $6M of fake loan value for SunTrust.

Jerome - You my friend and SunTrust have a serious Double-Pledging problem...

Has SunTrust disclosed this all to the Wells Fargo Board of Directors serving "Notice" of the fallacies and as Master Servicer?  Or how about U.S. Bank National as Trustee?

That's the last thing Wells Fargo needs after SunTrust stuck them with all those Fake Balloon Loans... Whereas, the fed slapped Wells with an order, "Stunting" their growth...

Be sure you closely review the attached Substitution of Trustee dated December 22, 2008, and compare the Borrowers to the signatures on the "uncanceled" notes from 2005...  it's clear your Trustee didn't.

It's still hard to top SunTrust foreclosing on itself byway of indemnification...

Are you going to Subrogate against Brock and Scott and their segregate Trustee as this is kinda like "Mosqueda" 2.0...  Except this one just keeps getting worse...

While I've got you, anybody fired this past week?

I know you announced your shutting down Mortgage and the CEO of Mortgage is out, following the recent departure of former SunTrust Bank CFO, General Counsel and Chief Information Officer of the bank.  That's close to a "Clean-Sweep" of SunTrust's C-Suite...

indemnify
[in-dem-nuh-fahy]
verb (used with object),in·dem·ni·fied,in·dem·ni·fy·ing.

to foreclose on yourself indirectly due to tangled web of lies, false testimony and double pledged SEC Securitized loans you do not hold. 

Finally, my young son asked me the other night, daddy when are you going to come play with me.  I told him shortly, I was emailing my friend "J"...

He said is he the bank man that "times'es" all the banks notes twice??

I said no son, he's just a nice man at the bank that had that "Special Loans Department" where they allegedly did "Laundry" from September 18, 2007 through December 31, 2010.

This is great... He says...  Daddy....  I said yes son... My son ask...

Did he get any allowance for folding the laundry...

I said no son, but something cost $320,000,000.00 so you be sure and keep getting good grades because daddy doesn't want you growing up stuck washing your "arms" in some special laundromat... 

More here -  http://forum.citizensscience.org/index.php/topic,613.msg2250.html#msg2250

Happy Easter -

Sent from iPhone


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Wells Fargo fake accounts, SunTrust Bank, SunTrust Mortgage Scandal, Mortgage Scandal, robo signer, foreclosure, bankruptcy, CFPB