When you compare these reports, realize that you cannot use any of the information directly in a dispute over a mortgage. You must TRANSLATE the generality of predatory lending into specific causes of action from injuries you suffered at the inception of your loan. Those include appraisal fraud, loan application fraud, excessive origination fees, bait and switch tactics, excessive interest rate, improper calculations and disclosures, to name just a few.
If you need help translating them, gather and scan in all your loan related docs and send them to me, then give me a call at 727 669 5511, or email me through http://mortgageattack.com/contact
Bob Hurt
WALL STREET AND THE FINANCIAL CRISIS: Anatomy of a Financial Collapse
http://www.hsgac.senate.gov//imo/media/doc/Financial_Crisis/FinancialCrisisReport.pdfWikipedia summarizes:
Wall Street and the Financial Crisis: Anatomy of a Financial Collapse is a report on the financial crisis of 2007–2008 issued on April 13, 2011 by the United States Senate Permanent Subcommittee on Investigations. The 639-page report was issued under the chairmanship of Senators Carl Levin and Tom Coburn, and is colloquially known as the Levin-Coburn Report. After conducting "over 150 interviews and depositions, consulting with dozens of government, academic, and private sector experts" found that "the crisis was not a natural disaster, but the result of high risk, complex financial products, undisclosed conflicts of interest; and the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street." [1] In an interview, Senator Levin noted that "The overwhelming evidence is that those institutions deceived their clients and deceived the public, and they were aided and abetted by deferential regulators and credit ratings agencies who had conflicts of interest."[2] By the end of their two-year investigation, the staff amassed 56 million pages of memos, documents, prospectuses and e-mails.[3] The report, which contains 2,800 footnotes and references thousands of internal documents [4]focused on four major areas of concern regarding the failure of the financial system: high risk mortgage lending, failure of regulators to stop such practices, inflated credit ratings, and abuses of the system by investment banks. The Report also issued several recommendations for future action regarding each of these categories.
The Financial Crisis Inquiry Commission released its report on the financial crisis in January 2011.
Financial Crisis Inquiry Commission report,
You might also avail yourself of this report released on 27 Jan 2011.
http://fcic-static.law.stanford.edu/cdn_media/fcic-reports/fcic_final_report_full.pdf
Wikipedia summarizes:
The Financial Crisis Inquiry Commission (FCIC) is a ten-member commission appointed by the United States government with the goal of investigating the causes of the financial crisis of 2007–2010. The Commission[1] has been nicknamed the Angelides Commission after the chairman, Phil Angelides. The Commission has been compared to the Pecora Commission, which investigated the causes of theGreat Depression in the 1930s, and has been nicknamed the New Pecora Commission. Analogies have also been made to the 9/11 Commission, which examined the September 11 terrorist attacks. The Commission does have the ability to subpoena documents and witnesses for testimony, a power that the Pecora Commission had but the 9/11 Commission did not. The first public hearing of the Commission was held on January 13, 2010, with the presentation of testimony from various banking officials.[2] Hearings continued during 2010 with "hundreds" of other persons in business, academia, and government testifying.[3]
The Commission reported its findings in January 2011. In briefly summarizing its main conclusions the Commission stated: "While the vulnerabilities that created the potential for crisis were years in the making, it was the collapse of the housing bubble—fueled by low interest rates, easy and available credit, scant regulation, and toxic mortgages—that was the spark that ignited a string of events, which led to a full-blown crisis in the fall of 2008. Trillions of dollars in risky mortgages had become embedded throughout the financial system, as mortgage-related securities were packaged, repackaged, and sold to investors around the world. When the bubble burst, hundreds of billions of dollars in losses in mortgages and mortgage-related securities shook markets as well as financial institutions that had significant exposures to those mortgages and had borrowed heavily against them. This happened not just in the United States but around the world. The losses were magnified by derivatives such as synthetic securities."[4][5]
In April 2011, the United States Senate Homeland Security Permanent Subcommittee on Investigations released the Wall Street and the Financial Crisis: Anatomy of a Financial Collapse report, sometimes known as the "Levin-Coburn" report.
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