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  • 1. Reclaimed Space
  • 2. And Mummified a System
  • 3. For a 300 Year Old Ponzi's
  • 4. Predatory Structured Finance The simple fact of the matter is that originating lenders (and the brokers who bring borrowers to them) too often do not have to live with the consequences of the loans they originate. If they were to have to take the loss on a predatory loan, they would be less likely to originate such loans in the first place. There is no doubt that the secondary, securitized market enables predatory lending. But it is also that market which is often the real target of lending scams. (Equity- skimming loans aside.) Many predatory loans cannot be justified under either an income analysis or an asset analysis. The scam is designed by brokers (and originating lenders) to get the money from the lender (or the secondary market). The damage inflicted on the borrower is merely collateral. Why do you rob banks? That's where the money is.
  • 5. Hired Puppets For
  • 6. Who Paid Loan Originators To Have Borrowers, Sign here...
  • 7. And Close, BUT Disregard Underwriting Guidelines and IRS FORM 4506-T Verification
  • 8. Striking Out Suitability and Sustainability
  • 9. For Tier 1 Pay Grade: 4-5 figures
  • 10. Directed Loan Servicers (Tier 2 Pay Grade: 5-6 figures)
  • 11. Bundle Mortgages Create Mortgage Backed Securities (MBS)
  • 12. Then Bundle Pools of Mortgage Backed Securities
  • 13. Creating a Subprime Mortgage Derivative This Subprime Vehicle Will Then Be
  • 14. Sliced Up Into 5 Different Pieces Called Tranches AAA all the way up, where 24% of the losses are below that. Taking Subprime Notes AA and Created GE Quality Paper Sold To Investors A Worldwide What happens Next? BBB They are going to take the first losses from whoever BBB- is in the pool (somebody stops paying)all the way to about 8% of the losses they are are assuming in return for a relatively high % rate
  • 15. Loss Causation The Analytics Of Loss Causation A Material Misrepresentation (or omission) Scienter, i.e. wrongful state of mind A Connection With The Purchase or Sale of a Security Reliance, often referred to in cases involving public securities, markets (fraud on the market) Economic Loss “Loss Causation” i.e. a casual connection between the material misrepresentation and the loss.
  • 16. Financial Armageddon
  • 17. Since late 2006 311 Major U.S. Lending Operations Have quot;implodedquot; special thanks to: www.ml-implode.com
  • 18. 265. Lehman Brothers SBF 311. BankUnited - Wholesale 264. IndyMac Bancorp 310. Solstice Capital Group - HSBC 263. Mortgages Ltd. 309. MortgageIT 262. Wilmington Finance - Wholesale 308. HCL Finance Inc. - Wholesale 261. Accredited Home Lenders, Home Funds Direct 307. LIME Financial Svcs. - Wholesale 260. Assured Lending Corp. - Wholesale 306. Mortgage Network Inc. - Wholesale 259. Homewide Lending Corporation 305. Fortes Financial - Wholesale 258. Vanguard Mortgage & Title, Inc. 304. HSBC Mortgage Corp. - Wholesale 257. Chase Home Equity - Wholesale 303. CBRE Realty Finance 256. Chase Subprime - Wholesale 302. Franklin Bank, SSB 255. Evergreen Investment & Carnation Banc 301. Mortgage Lion, Inc. - Wholesale 254. Casa Blanca Mortgage/Shearson - Wholesale 300. HMS Capital, Inc. 253. Guaranty Bank - Correspondent 299. American Sterling Bank - Wholesale 252. Citi Residential Lending 298. CTX Mortgage Co. - Retail 251. Montgomery Mortgage Capital Company 297. Equity One Commercial 250. E*Trade Wholesale Lending 296. Coldstream Financial Svcs. 249. Shearson Financial Network, Inc. 295. Banco Popular North America - Wholesale 248. American Bank Mortgage Group - Wholesale 294. Ace Mortgage Funding, LLC 247. AmeriBanc Corp. 293. E-Loan 246. Washington Mutual - Wholesale 292. Gateway Bank, F.S.B. - Wholesale 245. Century Bank, F.S.B. - Wholesale 291. First Call Mortgage Co. 244. Diversified Mortgage, Inc. 290. Downey Savings and Loan - Wholesale 243. National Wholesale Funding 289. Prospect's Metrocities Mortgage - Wholesale 242. Centennial Mortgage and Funding, Inc./Award Mortgage 288. ComCor Mortgage - Wholesale 241. Fidelity Home Mortgage Corp. 287. Chevy Chase Bank - Wholesale 240. LMI Funding, Inc. 286. Washington Mutual - Retail and Warehouse 239. Millennium Mortgage - Wholesale 285. Hometown Commercial Capital 238. Origen Financial, Inc. (Correspondent) 284. Mid Atlantic Capital LLC 237. CitiMortgage - Home Equity Wholesale 283. Kemper Mortgage, Inc. 236. Bear Stearns Residential Mortgage 282. Liberty Mortgage Funding Co. 235. East West Mortgage Co. of VA 281. Freddie Mac 234. New Vision Residential Lending 280. Fannie Mae 233. Washington Savings Bank, F.S.B. - Wholesale 279. Pacific Community Mortgage, Inc. - Gold Reverse, Inc. 232. Macquarie Mortgages USA Inc. 278. Homecomings Financial, LLC 231. Global Mortgage, Inc. 277. Thornburg Mortgage 230. Unique Mortgage Solutions (UMS, LLC) 276. CSB Mortgage 229. First Franklin - Merrill Lynch 275. Carteret Mortgage Corporation 228. First National Mortgage Sources 274. Accredited Home Lenders, Lone Star Funds - Wholesale 227. Resource Mortgage (Wholesale) 273. Western Residential Mortgage 226. KH Financial 272. Liberty Home Lending 225. Lydian Mortgage 271. Equipoint Financial Network, Inc. 224. OMG Wholesale Lending 270. Ideal Mortgage Bankers, Ltd. - Wholesale 223. Saxon Mortgage (Wholesale) 269. Silver State Bank - Wholesale 222. Beazer Mortgage Corp. 268. Irwin Union Bank & Trust Co. - Wholesale 221. Allpointe Mortgage (Broker Program) 267. SunTrust Bank Equity Wholesale 220. Popular Warehouse Lending 266. Wachovia Mortgage, FSB - Wholesale 219. Allied Lending Corp. (Wholesale)
  • 19. 168. Honor State Bank 167. Spectrum Financial Group 218. BF Saul Wholesale Lending 166. Priority Funding Mortgage Bankers 217. Community Resource Mortgage 165. BrooksAmerica Mortgage Corp. 216. Lehman/Aurora Loan Services 164. Valley Vista Mortgage 215. Residential Mortgage Capital 163. New State Mortgage Company 214. Maverick Residential Mortgage 162. Summit Mortgage Company 213. Countrywide Financial Corp. 161. WMC 212. First NLC Financial Services 160. Paragon Home Lending 211. First American Bank (Wholesale) 159. First Mariner Wholesale 210. Soma Financial 158. The Lending Connection 209. National City Corp. (Wholesale) 157. Foxtons, Inc. 208. Heartland Wholesale Funding 156. SCME Mortage Bankers 207. Homefront Mortgage Inc. 155. Aapex Mortgage (Apex Financial Group) 206. PNC Bank H.E. 154. Wells Fargo (various Correspondent and Non-prime divisions) 205. Family First Mortgage Corp. 153. Nationstar Mortgage 204. First Fidelity Financial 152. Decision One (HSBC) 203. BSM Financial 151. Impac Lending Group 202. 1st Choice Mortgage 150. Long Beach (WaMu Warehouse/Correspondent) 201. Wescom Credit Union 149. Expanded Mortgage Credit Wholesale 200. Coast Financial Holdings/Coast Bank 148. The Mortgage Store Financial 199. WaMu (Subprime) 147. C & G Financial 198. First Madison Mortgage 146. CFIC Home Mortgage 197. Southern Star Mortgage 145. All Fund Mortgage 196. TransLand Financial 144. LownHome Financial 195. Secured Bankers Mortgage Company (SBMC) 143. Sea Breeze Financial Services 194. ComUnity Lending 142. Castle Point Mortgage 193. Delta Financial Corp 141. Premium Funding Corp 192. BayRock Mortgage 140. Group One Lending 191. Empire Bancorp 139. Allstate Home Loans / Allstate Funding 190. Option One - H&R Block 138. Home Loan Specialists (HLS) 189. Citigroup - FCS Warehouse 137. Transnational Finance Wholesale 188. Charter One (Wholesale) 136. CIT Home Lending 187. Wells Fargo - Home Equity 135. Capital Six Funding 186. Paul Financial, LLC 134. Mortgage Investors Group (MIG) - Wholesale 185. Webster Bank (Wholesale) 133. Amstar Mortgage Corp 184. Fieldstone Mortgage Company 132. Quality Home Loans 183. Tribeca Lending Corp. (Wholesale) 131. BNC Mortgage (Lehman) 182. WAMU Comm. Correspondent 130. First National Bank of Arizona 181. Marlin Mortgage Company 129. Chevy Chase Bank Correspondent 180. Countrywide Specialty Lending 128. GreenPoint Mortgage - Capital One Wholesale 179. UBS Home Finance 127. NovaStar, Homeview Lending 178. MortgageIT-DB (Retail) 126. Quick Loan Funding 177. Edgewater Lending Group 125. Calusa Investments 176. ResMAE Mortgage Corp. 124. Mercantile Mortgage 175. Citimortgage Correspondent (2nds) 123. First Magnus 174. AMC Lending 122. First Indiana Wholesale 173. Liberty American Mortgage 121. GEM Loans / Pacific American Mortgage (PAMCO) 172. Exchange Financial (Wholesale) 120. Kirkwood Financial Corporation 171. FirstBank Mortgage 119. Lexington Lending 170. Bank of America (Wholesale) 118. Express Capital Lending 169. Diablo Funding Group Inc.
  • 20. 117. Deutsche Bank Correspondent Lending Group (CLG) 66. Home Equity of America 116. MLSG 65. Opteum (Wholesale, Conduit) 115. Trump Mortgage 64. Innovative Mortgage Capital 114. HomeBanc Mortgage Corporation 63. Home Capital, Inc. 113. Mylor Financial 62. Home 123 Mortgage 112. Aegis 61. Homefield Financial 111. Alternative Financing Corp (AFC) Wholesale 60. First Horizon Subprime, Equity Lending 110. Winstar Mortgage 59. Platinum Capital Group (Wholesale) 109. American Home Mortgage / American Brokers Conduit 58. First Source Funding Group (FSFG) 108. Optima Funding 57. Alterna Mortgage 107. Equity Funding Group 56. Solutions Funding 106. Sunset Mortgage 55. People's Mortgage 105. Nations Home Lending 54. LowerMyPayment.com 104. Entrust Mortgage 53. Zone Funding 103. Alera Financial (Wholesale) 52. First Consolidated (Subprime Wholesale) 102. Flick Mortgage/Mortgage Simple 51. EquiFirst 101. Dollar Mortgage Corporation 50. SouthStar Funding 100. Alliance Bancorp 49. Warehouse USA 99. Choice Capital Funding 48. H&R Block Mortgage 98. Premier Mortgage Funding 47. Madison Equity Loans 97. Stone Creek Funding 46. HSBC Mortgage Services (correspondent div.) 96. FlexPoint Funding (Wholesale & Retail) 45. Sunset Direct Lending 95. Starpointe Mortgage 44. Kellner Mortgage Investments 94. Unlimited Loan Resources (ULR) 43. LoanCity 93. Freestand Financial 42. CoreStar Financial Group 92. Steward Financial 41. Ameriquest, ACC Wholesale 91. Bridge Capital Corporation 40. Investaid Corp. 90. Altivus Financial 39. People's Choice Financial Corp. 89. ACT Mortgage 38. Master Financial 88. Alliance Mortgage Banking Corp (AMBC) 37. Maribella Mortgage 87. Concord Mortgage Wholesale 36. FMF Capital LLC 86. Heartwell Mortgage 35. New Century Financial Corp. 85. Oak Street Mortgage 34. Wachovia Mortgage (Correspondent div.) 84. The Mortgage Warehouse 33. Ameritrust Mortgage Company (Subprime Wholesale) 83. First Street Financial 32. Trojan Lending (Wholesale) 82. Right-Away Mortgage 31. Fremont General Corporation 81. Heritage Plaza Mortgage 30. DomesticBank (Wholesale Lending Division) 80. Horizon Bank Wholesale Lending Group 29. Ivanhoe Mortgage/Central Pacific Mortgage 79. Lancaster Mortgage Bank (LMB) 28. Eagle First Mortgage 78. Bryco (Wholesale) 27. Coastal Capital 77. No Red Tape Mortgage 26. Silver State Mortgage 76. The Lending Group (TLG) 25. ECC Capital/Encore Credit 75. Pro 30 Funding 24. Lender's Direct Capital Corporation (wholesale division) 74. NetBank Funding, Market Street Mortgage 23. Concorde Acceptance 73. Columbia Home Loans, LLC 22. DeepGreen Financial 72. Mortgage Tree Lending 21. American Freedom Mortgage, Inc. 71. Homeland Capital Group 20. Millenium Bankshares (Mortgage Subsidiaries) 70. Nation One Mortgage 19. Summit Mortgage 69. Dana Capital Group 18. Mandalay Mortgage 68. Millenium Funding Group 17. Rose Mortgage 67. MILA 16. EquiBanc
  • 21. 15. FundingAmerica 14. Popular Financial Holdings 13. Clear Choice Financial/Bay Capital 12. Origen Wholesale Lending 11. SecuredFunding 10. Preferred Advantage 9. MLN 8. Sovereign Bancorp (Wholesale Ops) 7. Harbourton Mortgage Investment Corporation 6. OwnIt Mortgage 5. Sebring Capital Partners 4. Axis Mortgage & Investments 3. Meritage Mortgage 2. Acoustic Home Loans 1. Merit Financial
  • 22. It's Bad Enough That We Go Through: Depression Mass Layoffs Unemployment Homelessness Bankruptcies Stress Suicide
  • 23. Worse, We PAY
  • 24. Created by These Puppets
  • 25. Who Executed As Ordered: Privatize Gains and Socialize Losses U.S. NATIONAL DEBT CLOCK The Outstanding Public Debt as of 12 Dec 2008 at 04:45:11 AM GMT is: The estimated population of the United States is 305,258,550 so each citizen's share of this debt is $34,899.04. The National Debt has continued to increase an average of $3.74 billion per day since September 28, 2007!!
  • 26. If You Love Our Country And Care For The World Wake Up
  • 27. Fight Back!!! Save Your Home, Save The Economy. www.avenue-s.us www.avenue-s.info

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