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Predatory Grizzly Bear Attacks Innocent, Elderly, Poor, Minorities, Disabled & Disadvantaged With Predatory Lending Scams & Frauds

Predatory Grizzly Bear Attacks Innocent, Elderly, Poor, Minorities, Disabled & Disadvantaged With Predatory Lending Scams & Frauds

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Published by Foreclosure Fraud
This report documents what is now known to be one of the largest predatory lending, servicing and financial scandals in America. The report documents and provides conclusive proof of widespread corruption, accounting fraud and abuse existing at Bear Stearns & Co., a major Wall Street investment bank and related subsidiaries.

This report is being provided as a service to Federal and State regulatory agencies; members of the media and press; politicians and congressional committees investigating predatory lending; concerned Bear Stearns stockholders; Bear's auditing firm, Deloitte & Touche; partners, employees and members of the board of directors of Bear Stearns; and civic, consumer and legal groups investigating predatory lending.

4closureFraud
www.4closurefraud.org
This report documents what is now known to be one of the largest predatory lending, servicing and financial scandals in America. The report documents and provides conclusive proof of widespread corruption, accounting fraud and abuse existing at Bear Stearns & Co., a major Wall Street investment bank and related subsidiaries.

This report is being provided as a service to Federal and State regulatory agencies; members of the media and press; politicians and congressional committees investigating predatory lending; concerned Bear Stearns stockholders; Bear's auditing firm, Deloitte & Touche; partners, employees and members of the board of directors of Bear Stearns; and civic, consumer and legal groups investigating predatory lending.

4closureFraud
www.4closurefraud.org

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Categories:Types, Research, Law
Published by: Foreclosure Fraud on Jan 26, 2010
Copyright:Attribution Non-commercial

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06/11/2010

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Predatory Grizzly "Bear"Attacks Innocent, Elderly,Poor, Minorities, Disabled& Disadvantaged!
The Story of Bear Stearns Direct Involvement In And Support Of Predatory Lending In America!
ye avae3491 Buckhead Loop #1605Atlanta, GA 30326404/844-4000
 
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Predatory Grizzly "Bear"Attacking Elderly, Disabled,Minorities, Disadvantaged &Poor With Predatory LendingScams & Frauds
 Executive Summary & Overview Of Findings & Facts
INTRODUCTION
This report documents what is now known to be one of the largest predatorylending, servicing and financial scandals in America. The report documents andprovides conclusive proof of widespread corruption, accounting fraud and abuseexisting at Bear Stearns & Co., a major Wall Street investment bank and relatedsubsidiaries.This report is being provided as a service to Federal and State regulatoryagencies; members of the media and press; politicians and congressionalcommittees investigating predatory lending; concerned Bear Stearnsstockholders; Bear's auditing firm, Deloitte & Touche; partners, employees andmembers of the board of directors of Bear Stearns; and civic, consumer and legalgroups investigating predatory lending.The objectives of this report are as follows:(a)
 
Shed focus and light on Bear Stearns and its predatory lending practices;(b)
 
Cause Bear Stearns to cease its predatory lending practices;(c)
 
Cause Bear Stearns to change its policies, practices and procedures;(d)
 
Insure that Bear Stearns complies with Federal and state laws andregulations;(e)
 
Cause Bear Stearns to provide fair, reasonable and just compensation to thevictims of its predatory lending abuses;(f)
 
Provide regulators, lawyers, press, media, civic groups, Congress, State AGsand others investigating predatory lending with a "blueprint" and "genetic"map of how predatory lenders actually operate and their various schemes,scams and programming methods;(g)
 
Focus attention on the national and community crises called predatorylending;(h)
 
Educate consumers, the public, the courts, Congress and corporate Americaon the subject of predatory lending; and(i)
 
Define and highlight actual predatory lending practices, schemes and abuses.
 
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Bear Stearns & Co. [Bear Stearns] is one of the nation's leading "market makers"in what is called the mortgage backed securities market. From complexmortgage backed securities, collateral mortgage obligations and other mortgage"derivative" products, Bear Stearns has been actively involved in thedevelopment, placement and market ["manufacturing"] of mortgage securities inwhat is termed the sub-prime B & C markets for the past decade.Sub-prime lending has recently come under intense scrutiny by various federaland state regulatory agencies, the U.S. Congress, state legislatures and variouscivic groups for "predatory lending" abuses. Attention, however, has beenprimarily focused upon unscrupulous mortgage brokers who use a variety of fraudulent, predatory and abusive practices to take advantage of elderly,disadvantaged, minority and disabled Americans. Yet, what is unreported is that the mortgage brokers are mere "street" dealersthat only sell, at the highest price, the supply "made available" to them withinvestment help from the "suppliers." Without the supply and support of "keysuppliers" and "manufacturers" there would be no supply of such mortgages forthe brokers to sell. The brokers only "make the deal" and then immediately "sellthe deal" [the actual mortgages] to various Wall Street firms. Bear Stearns isone such firm. However, In Bear Stearns case, besides "manufacturing" and"supplying" the product for the dealers to sell, Bear also provides "enforcementand protection" though the use of various other subsidiaries and affiliates.In Bear Stearns case, the enforcement and protection activities are left to EMCMortgage Corporation in Las Colinas, Texas. Classified as a "mortgage servicer,"EMC actually acts as "collectors and henchmen" to secure and collect mortgagemortgage loans with predatory provisions and even "usurious" debts. Unlike mobloan sharks and henchmen however, EMC employs a factory of collectors, lawyersand "foreclosure specialists" to literally steal the roof from under its customer'snoses.EMC Mortgage is one of the nation's leading practitioners of what is termedpredatory lending. However, EMC is not an actual lender, but mortgage servicer.That is why I use the word "predatory servicing" in this report for it is after theloan is closed that EMC does its most damage. In reality, EMC operates like an"enforcer" for the suppliers [Bear Stearns and other investors]. Though a varietyof abusive, aggressive and even illegal collection acts, EMC willfully engages inextortion and threats against its customers.First, EMC intentionally programs its computers to unlawfully increasecustomer's payments and escrow and account balances. It' collectors then go towork to collect such unlawful payments. Then, by using threats againstproperty, home and family, EMC collectors are taught by their own collectionmanuals to use "fear" as a method for collection.Instead of threatening the breaking of bones however, EMC collectors threaten totake someone's home away, ruin their credit, destroy their business, and/or ruintheir family unless the unlawful payment is made and continued to be made.When questioned, EMC refuses to provide rightful answers to their customer'squestions about increases of their customer's payments.

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