Chorniki's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/164377/comments http://seekingalpha.com/article/152432-liar-loans-scheduled-for-extinction?source=feed#comment-608199 608199 packages as "AAA" loans to sell to the investment banks in 100
million packages to be sliced and diced and repackaged for sale
globally as real AAA paper. GS was one of the biggest players in
this scam. Just ask "Hunkering Hank" for the details.
For documentary evidence the authorities need only provide
assurances to the ambulatory notaries that notarized the packages
immunity from prosecution and perhaps some substantial reward
for their efforts. These notaries can also supply information on the
number of ethical Americans who refused to participate in the fraud
and turned down these fraudulent loans by refusing to have their
signatures notarized]]> Thu, 30 Jul 2009 12:12:55 -0400 packages as "AAA" loans to sell to the investment banks in 100
million packages to be sliced and diced and repackaged for sale
globally as real AAA paper. GS was one of the biggest players in
this scam. Just ask "Hunkering Hank" for the details.
For documentary evidence the authorities need only provide
assurances to the ambulatory notaries that notarized the packages
immunity from prosecution and perhaps some substantial reward
for their efforts. These notaries can also supply information on the
number of ethical Americans who refused to participate in the fraud
and turned down these fraudulent loans by refusing to have their
signatures notarized]]> http://seekingalpha.com/article/105570-number-of-u-s-homes-with-negative-equity-is-stunning?source=feed#comment-304768 304768 The following has been published before: There was no need to make a
fraudulent application to the bank to get a loan to buy a house. The bank, with no help from the applicant house buyer, prepared the fraudulent loan docs. If anyone were serious about bringing the criminals to justice, the procedure needed to put them in jail is stunningly simple.
Advertise for applicants who refused to sign the fraudulent loan docs prepared by the banks. Hopefully they kept copies of the phony papers.
Offer ample financial rewards for whistle blowers that worked at the banks. Immunity from prosecution is, of course, a must. The best source
of evidence is the ambulatory notary who worked for several banks. If he/she kept copies of the fraudulent bank prepared docs we will have to build more jails to house all the guilty parties.
The banks at the retail Countrywide level were being offered ample
rewards to supply product to the investment banks to slice and dice. This
phony paper was sold throughout the world for huge fees. The role of our
Treasury Secretary between Jan.2006 and June 2006 should be investigated. As chief honcho
he had to have approved the role of his two 10 million dollar bonus babies. These worthies operated under a restricted budget. To do what
they accomplished(shorting the WaMus & Wachovias of this world) and
making billions for their firm had to have approval from the CEO of the firm where they worked because they needed a whole lot more cash to operate than what was allotted to them.
And let's , please, not forget other major players in this fiasco: the real
estate brokers. The brokers had lists of "buyers" that they used to "flip"
the properties. These "buyers" were paid a fee for lending their name.
A broker of my acquaintance was paid $8,000.00 per package by the
banks for whom he worked. He astutely shared this wealth with his buyers. Add in sales commissions and other fees received for processing
the "sale" of the property, times the number of times in one year that the
property was "flipped", and you will quickly get the idea of the incentive
propelling the fraud train. Plus, please do not forget, Harry Reid and Barney Frank, et al, urging all parties to make home buying for the
underpriviledged a priority to allow them to share in the American Dream.
That the Dream is now a nightmare is not really a problem. Just throw
more funny money at it and everything will turn out all right.




On Nov 12 07:19 AM Useral7899 wrote:

> The people that got the loans, based upon farlse information, are
> also fraudulant. How many have been prosecuted since this began?
> These are the same people that are seeking a bailout.
> What are we teaching our kids? Fraud pays !]]> Thu, 13 Nov 2008 01:37:04 -0500 The following has been published before: There was no need to make a
fraudulent application to the bank to get a loan to buy a house. The bank, with no help from the applicant house buyer, prepared the fraudulent loan docs. If anyone were serious about bringing the criminals to justice, the procedure needed to put them in jail is stunningly simple.
Advertise for applicants who refused to sign the fraudulent loan docs prepared by the banks. Hopefully they kept copies of the phony papers.
Offer ample financial rewards for whistle blowers that worked at the banks. Immunity from prosecution is, of course, a must. The best source
of evidence is the ambulatory notary who worked for several banks. If he/she kept copies of the fraudulent bank prepared docs we will have to build more jails to house all the guilty parties.
The banks at the retail Countrywide level were being offered ample
rewards to supply product to the investment banks to slice and dice. This
phony paper was sold throughout the world for huge fees. The role of our
Treasury Secretary between Jan.2006 and June 2006 should be investigated. As chief honcho
he had to have approved the role of his two 10 million dollar bonus babies. These worthies operated under a restricted budget. To do what
they accomplished(shorting the WaMus & Wachovias of this world) and
making billions for their firm had to have approval from the CEO of the firm where they worked because they needed a whole lot more cash to operate than what was allotted to them.
And let's , please, not forget other major players in this fiasco: the real
estate brokers. The brokers had lists of "buyers" that they used to "flip"
the properties. These "buyers" were paid a fee for lending their name.
A broker of my acquaintance was paid $8,000.00 per package by the
banks for whom he worked. He astutely shared this wealth with his buyers. Add in sales commissions and other fees received for processing
the "sale" of the property, times the number of times in one year that the
property was "flipped", and you will quickly get the idea of the incentive
propelling the fraud train. Plus, please do not forget, Harry Reid and Barney Frank, et al, urging all parties to make home buying for the
underpriviledged a priority to allow them to share in the American Dream.
That the Dream is now a nightmare is not really a problem. Just throw
more funny money at it and everything will turn out all right.




On Nov 12 07:19 AM Useral7899 wrote:

> The people that got the loans, based upon farlse information, are
> also fraudulant. How many have been prosecuted since this began?
> These are the same people that are seeking a bailout.
> What are we teaching our kids? Fraud pays !]]> http://seekingalpha.com/article/98439-wells-wachovia-good-for-everybody-but-citi?source=feed#comment-273124 273124 those dodgy loans will cause WFC more than a minor headache. A further ten per cent drop in real estate prices, perhaps more, is a given.
Extending the time to 240 days before declaration of default won't help either. Option ARM loans often did not even require the payment of the
monthly interest. World Savings was specially good at devising creative ways to qualify dodgy borrowers chasing the American dream.
The jingle mail should be heavy in the coming months as unemployment numbers gather steam.
Disclosure: Own synthetic shorts in WFC.]]> Fri, 03 Oct 2008 19:27:17 -0400 those dodgy loans will cause WFC more than a minor headache. A further ten per cent drop in real estate prices, perhaps more, is a given.
Extending the time to 240 days before declaration of default won't help either. Option ARM loans often did not even require the payment of the
monthly interest. World Savings was specially good at devising creative ways to qualify dodgy borrowers chasing the American dream.
The jingle mail should be heavy in the coming months as unemployment numbers gather steam.
Disclosure: Own synthetic shorts in WFC.]]> http://seekingalpha.com/article/98102-talk-me-down-from-the-wells-fargo-ledge?source=feed#comment-272180 272180 everyone with an excuse to dump WFC common. RB1253 has it exactly
right. The double whammy is what will hammer the common. Unemployment + no equity left in many homes because of the 40% drop
in prices in many areas of California will cave in WFC. I live in a very affluent community and even here the complaints are many about the
outside condition of neglected homes. Neglected because the maintenance expense is unaffordable when your income stream has
been replaced by an unemployment check. Mortgage + HELOC payment? Well, maybe when things improve.

Disclosure: synthetic short portfolio of WFC]]> Thu, 02 Oct 2008 19:01:08 -0400 everyone with an excuse to dump WFC common. RB1253 has it exactly
right. The double whammy is what will hammer the common. Unemployment + no equity left in many homes because of the 40% drop
in prices in many areas of California will cave in WFC. I live in a very affluent community and even here the complaints are many about the
outside condition of neglected homes. Neglected because the maintenance expense is unaffordable when your income stream has
been replaced by an unemployment check. Mortgage + HELOC payment? Well, maybe when things improve.

Disclosure: synthetic short portfolio of WFC]]> http://seekingalpha.com/article/92766-wells-fargo-is-not-interested-in-others-junk-surprised?source=feed#comment-243379 243379 to maturity" portfolio are the same as the securities in the "for sale portfolio", whether the valuations are the same for like securities, and
what is the bank's rationale for the difference in valuations for like securities. That is 0.22 cents in the "held for sale" portfolio and same
securities valued in the "held to maturity" portfolio valued at $1.00.
The disingenuosness of his reply should be hilarious.
]]> Mon, 01 Sep 2008 15:54:45 -0400 to maturity" portfolio are the same as the securities in the "for sale portfolio", whether the valuations are the same for like securities, and
what is the bank's rationale for the difference in valuations for like securities. That is 0.22 cents in the "held for sale" portfolio and same
securities valued in the "held to maturity" portfolio valued at $1.00.
The disingenuosness of his reply should be hilarious.
]]> http://seekingalpha.com/article/77629-the-home-start-numbers-are-not-a-positive?source=feed#comment-169176 169176 Enjoyed the article. I give you credit for knowing the following and you
probably edited the info to save space:
Every building department is loaded with wannabee or failed engineers, architects, urban planners, landscape planners, you name it. So what?
By the time your typical builder runs the gauntlet of all these nice people, perhaps a year or two will have passed. Meaning obviously that these multiple family homes, i.e. apartments, were on the planning boards eighteen to twenty four months ago. Not building is
not an option. BK looms on the horizon if you make that choice. So
the builder puts his head down and charges ahead hoping for the best. His banker is right along side him probably because he made the builder a "loan to own".
]]> Fri, 16 May 2008 22:23:24 -0400 Enjoyed the article. I give you credit for knowing the following and you
probably edited the info to save space:
Every building department is loaded with wannabee or failed engineers, architects, urban planners, landscape planners, you name it. So what?
By the time your typical builder runs the gauntlet of all these nice people, perhaps a year or two will have passed. Meaning obviously that these multiple family homes, i.e. apartments, were on the planning boards eighteen to twenty four months ago. Not building is
not an option. BK looms on the horizon if you make that choice. So
the builder puts his head down and charges ahead hoping for the best. His banker is right along side him probably because he made the builder a "loan to own".
]]> http://seekingalpha.com/article/77500-cpi-numbers-for-april-spotlight-on-energy?source=feed#comment-168550 168550 that they know it's only good while they are there in power. They
could not care less what happens after they leave office. Nice pension,
automatic honorifics where ever they go until they are too old to know they are being "honored". Where is Joe MacCarthy when we need him? You commie crum, you! LOL.]]> Fri, 16 May 2008 00:43:03 -0400 that they know it's only good while they are there in power. They
could not care less what happens after they leave office. Nice pension,
automatic honorifics where ever they go until they are too old to know they are being "honored". Where is Joe MacCarthy when we need him? You commie crum, you! LOL.]]> http://seekingalpha.com/article/77285-why-bank-debt-looks-attractive?source=feed#comment-168512 168512 that of a slicker hoping to cop an unjustified gain at the expense of his fellow man. Why would a moral man touch it with a ten foot pole??]]> Thu, 15 May 2008 22:51:50 -0400 that of a slicker hoping to cop an unjustified gain at the expense of his fellow man. Why would a moral man touch it with a ten foot pole??]]> http://seekingalpha.com/article/77401-the-cat-s-meow-cramer-s-lightning-round-5-14-08?source=feed#comment-168449 168449 $250.00 high has traded as low as $140.00. Simple market fluctuation,
right? Today at $188.59 and slumping.
Mr. Dan Sparks and Mr. Josh Birnbaum should be invited to an SEC
meeting investigating the rationale used to convince Hank Paulson
to allow them to trade tens of millions on sub-prime mortgages. Mr. Paulson certainly will have credible deniability. Nevertheless, he did have to approve the scope of the two gentlemen's trading. What did
these two gentlemen know that made them so confident to make
such outlandish trades? Certainly, they must have been aware of
the enormous demand being made by the investment banks for more "product". Anyone have any idea how that "product" was being generated to as to satisfy the demand from the investment banks?
Hint: ask any ambulatory notary that worked for the big banks
supplying the investment banks request for more "product".
Please ask the notary if any clients refused to sign the "docs" and if
the answer is "yes", why did those clients refused to sign?
Advertise for such "refuseniks". If a sufficient reward is offered, there should be many who will answer the call.
]]> Thu, 15 May 2008 20:07:36 -0400 $250.00 high has traded as low as $140.00. Simple market fluctuation,
right? Today at $188.59 and slumping.
Mr. Dan Sparks and Mr. Josh Birnbaum should be invited to an SEC
meeting investigating the rationale used to convince Hank Paulson
to allow them to trade tens of millions on sub-prime mortgages. Mr. Paulson certainly will have credible deniability. Nevertheless, he did have to approve the scope of the two gentlemen's trading. What did
these two gentlemen know that made them so confident to make
such outlandish trades? Certainly, they must have been aware of
the enormous demand being made by the investment banks for more "product". Anyone have any idea how that "product" was being generated to as to satisfy the demand from the investment banks?
Hint: ask any ambulatory notary that worked for the big banks
supplying the investment banks request for more "product".
Please ask the notary if any clients refused to sign the "docs" and if
the answer is "yes", why did those clients refused to sign?
Advertise for such "refuseniks". If a sufficient reward is offered, there should be many who will answer the call.
]]> http://seekingalpha.com/article/72683-a-warning-in-the-bond-market?source=feed#comment-152501 152501 as AAA. Purchase completed, the realtor would share his profit with the buyer. The house would then be rented for a few months and a new "buyer" would then purchase the flipper, at a higher price, of course. Some properties were "flipped" three and four times in a span of less than two years. Illegal immigrants owned two and three houses bought in this fashion with the connivance of the usual suspects. Today they continue to collect the rents on these houses
even though they have stopped making the mortgage payments for some months now. Dilatory mortgage foreclosure procedures at the banks(the "AAA" paper was passed on to WS investment banking firms to slice and dice to their heart's content) is aiding and abetting these scams. The next shoe to fall will be when all these properties are thrown on the market for the value investors to place in their portfolios. We are not even half way there yet in my opinion, witness
MER's most recent write down. ]]> Thu, 17 Apr 2008 18:02:02 -0400 as AAA. Purchase completed, the realtor would share his profit with the buyer. The house would then be rented for a few months and a new "buyer" would then purchase the flipper, at a higher price, of course. Some properties were "flipped" three and four times in a span of less than two years. Illegal immigrants owned two and three houses bought in this fashion with the connivance of the usual suspects. Today they continue to collect the rents on these houses
even though they have stopped making the mortgage payments for some months now. Dilatory mortgage foreclosure procedures at the banks(the "AAA" paper was passed on to WS investment banking firms to slice and dice to their heart's content) is aiding and abetting these scams. The next shoe to fall will be when all these properties are thrown on the market for the value investors to place in their portfolios. We are not even half way there yet in my opinion, witness
MER's most recent write down. ]]>