NY Times WaMu article - FAILS to address the role of the regulators, CRAs and FICO scores

An excellent article by the NY Times on the WaMu lending practices.  It does however leave me wondering why the NY Times fails to mention that the California and federal regulators CONSPIRED with banks like WaMu to deliberately create the greatest depression.

I filed my complaints about the illegal lending practices, kickbacks and entirely false mortgage advertising with the California Department of Real Estate and with the Arizona Department of Financial Institutions.  They REFUSED to investigate my MANY complaints since 2004.

Corrupt judges like justice of the peace John Taylor APPROVED the many illegal activities by DISMISSING my valid claims and awarding thousands in attorneys fees to now bankrupt First Magnus.  Fortunately, this case was overturned on appeal and I settled with First Magnus just prior to their bk.

I wasn't so lucky when I sued Dana Capital and its owner Dana Smith, infamous for illegal mortgage junk faxes and telemarketing.  They filed for bankruptcy shortly after I served them.

The CREDIT BUREAUS are a vital part of this conspiracy.

The CRAs provide credit reports for "preapproved offers" which rarely are preapproved offers TO ANYONE willing to pay for them.  And they sell mortgage credit reports to criminals even AFTER receiving notice of illegal access to consumer credit reports.  The CRAs don't even investigate notices of illegal access.

And then they PREVAIL in Phoenix federal court!

Here are some of my exhibits:

18) Trinity junk fax and Mutual Benefit loan approval at 1%

Here is my 2005 posting at CreditSuit (currently censored by Dr. [CENSORED] and a judge who granted the temporary restraining order without ANY evidence of any libelous statement.  Hopefully the site will be back up in a few weeks.)

8/26/05: Housing sales slowing down - house-poor Californians - mortgage fraud rampant

Notice the DATE -- 2005.

I DOCUMENTED in the courts since 2003 that the credit crisis was caused by the biggest conspiracy ever.  Regulators, bankers, credit bureaus and Fair Isaac with its totally fraudulent FICO scores and the MEDIA made it happen.

What's in it for the Media?

The media is OWNED by the largest corporations.

The members of the elite are making literally TONS of money and they strive to enslave the entire western (industrialized) world.

As described in the NY Times WaMu article, everybody knew what was going on at WaMu.  Many employees simply did their jobs, just like the guys in Auschwitz who opened the gas valves.

Whether they worked for the fed, states or banks, they did what they were told to do.  

People with no conscience, lacking any sense of right and wrong and without any integrity, like MOST people ...

Who are the PEOPLE in charge?

We read in the NY Times article about WaMu's CEO Killinger, who retires comfortably with his $88 millions. 

The mortgage brokers, appraisers and the entire industry raked in huge profits and the smart ones (like Dana Smith?) moved their assets to their offshore accounts prior to discharging their debts and especially judgments due to their illegal activities through bankruptcy.

The CRAs didn't just get money, but in 2003 new legislation to essentially allow them to sell credit reports for marketing without ANY permissible purpose -- in violation of the law, yet with impunity.

The Fact Act REMOVED the right to sue for private parties and enforcement of this section is limited to the REGULATORS who of course did NOTHING.

TO DATE, the regulators specialize in doing NOTHING.  The illegal activities CONTINUE.

Credit bureaus sell credit data for the purpose of debt settlement!

These scammers don't even pretend to offer credit, they only TAKE your money!

Why do the regulators CONDONE this illegal practice?

As always, follow the money.  The debt scammers take the practically insolvent and judgment-proof debtors' money and give it to the BANKS.  These outfits PRETEND to HELP people who should use what little money they have to stock up on food and to prepare for tough times.

Bush appointed infamous subprime lender Ameriquest CEO Arnall to ambassador as reward for their fraud and deception and stealing peoples' homes! 

If you think Obama is any different, have him order the FTC to prosecute the credit bureaus.

I'm not aware of a single FTC enforcement action against a credit bureau since Bush was elected in 2000.

What did the REGULATORS get out of creating the credit crisis? 

Is the "job" of commissioner all they got?

I suspect that they become well paid directors or lobbyists for the nation's largest corporations.

And then there's the Federal Reserve, the regulator for many banks.  I sued the FTC,  Federal Reserve Bank of Richmond and its VP James McAfee in 2003 and they were dismissed for lack of jurisdiction.

They can't say that they did not KNOW what was going on.   I explained the issues in great detail in my 67-page complaint.

NOBODY is talking about the REGULATORS who ensured that the credit crisis WOULD happen by REFUSING to enforce the laws!

What do the NY Times and other main stream media get for keeping quiet about this conspiracy?

Continued access to the White House?

Of course most media is corporate owned.  And the BIG corporations will end up buying many bankrupt competitors as the economy continues the get worse.

The credit crisis is no "accident" and was not just caused by greed.

For details on the WaMu mortgage operations, read the NY Times article.  Just don't expect any analysis of the regulators' and legislators' roles. 

When was the last time a reporter actually conducted an INVESTIGATION?

How about freedom of information requests to establish what REALLY went down?

Who ordered what when?

Bloomberg is one notable exception with its lawsuit against the Federal Reserve for refusing to disclose where TRILLIONS of dollars are going.

We are not NEARLY done yet with this "credit crisis", many more trillions of dollars will be moved from the people to the bankers and investors.

The Reckoning By Saying Yes, WaMu Built Empire on Shaky Loans

Published: December 27, 2008

“We hope to do to this industry what Wal-Mart did to theirs, Starbucks did to theirs, Costco did to theirs and Lowe’s-Home Depot did to their industry. And I think if we’ve done our job, five years from now you’re not going to call us a bank.”

 — Kerry K. Killinger, chief executive of Washington Mutual, 2003

SAN DIEGO — As a supervisor at a Washington Mutual mortgage processing center, John D. Parsons was accustomed to seeing baby sitters claiming salaries worthy of college presidents, and schoolteachers with incomes rivaling stockbrokers’. He rarely questioned them. A real estate frenzy was under way and WaMu, as his bank was known, was all about saying yes.

Yet even by WaMu’s relaxed standards, one mortgage four years ago raised eyebrows. The borrower was claiming a six-figure income and an unusual profession: mariachi singer.

Mr. Parsons could not verify the singer’s income, so he had him photographed in front of his home dressed in his mariachi outfit. The photo went into a WaMu file. Approved.

“I’d lie if I said every piece of documentation was properly signed and dated,” said Mr. Parsons, speaking through wire-reinforced glass at a California prison near here, where he is serving 16 months for theft after his fourth arrest — all involving drugs.

While Mr. Parsons, whose incarceration is not related to his work for WaMu, oversaw a team screening mortgage applications, he was snorting methamphetamine daily, he said.

“In our world, it was tolerated,” said Sherri Zaback, who worked for Mr. Parsons and recalls seeing drug paraphernalia on his desk. “Everybody said, ‘He gets the job done.’ ”

At WaMu, getting the job done meant lending money to nearly anyone who asked for it — the force behind the bank’s meteoric rise and its precipitous collapse this year in the biggest bank failure in American history.

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