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Wednesday, October 6, 2010

It Begins...Ohio Files Suit:: As Posted in

This Open Door Into Fraud Could Lead All Way Up The Ladder.
Even Goldman Sachs may not be immune from further investigations of fraud.  Goldman still owns mortgage companies but their real problem will come when fraud investigations into the securitization process and Credit Default Swaps begin as a result.  Isn't that how things usually happen.  One small item leads to much bigger ones.  The lid of Pandora's Box is officially open.

Thank you Sean for sending this link.  Here now the story from the Huff Post:

Ohio Attorney General Sues Ally Financial Over Alleged Foreclosure Fraud, First In A Possible Wave Of Lawsuits

WASHINGTON — Ohio's attorney general is suing Ally Financial Inc. and its GMAC Mortgage division, alleging the company violated state fraud laws in handling foreclosure cases.

The action could be the first in a wave of lawsuits by state regulators over what appear to be widespread problems in documents used by the nation's largest mortgage lenders.

Attorney General Richard Cordray said Wednesday the alleged fraud could involve hundreds of foreclosures in the state. The lawsuit claims the company's employees signed and filed false affidavits to mislead courts. Cordray called the alleged fraud the "tip of an iceberg of industrywide abuse of the foreclosure process."

A message left at Ally was not immediately returned.

Read the here 

The truth is finally coming out and our government and legal structure can no longer sweep this under the rug. Action will be taken and will have to be taken. Look for many of our Too Big To Fail friends to begin to fail. I don't believe there will be any more bailouts. Understand that Ally Financial 0 once GMAC - is still living and working under the bailout we gave them. How dare they use our money to commit more fraud.

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