New York Attorney General Eric Schneiderman filed a civil complaint against JPMorgan Chase for fraud in the selling of mortgage-backed securities. Schneiderman is the co-chairman of a presidential task force formed in January to investigate possible civil and criminal misconduct in the formation and sale of mortgage-backed securities. The allegation is over securities issued by the investment bank Bear Stearns in 2006 and 2007. JPMorgan acquired Bear Stearns in March 2008.

NYT:

The federal mortgage task force that was formed in January by the Justice Department filed its first complaint against a big bank on Monday, citing a broad pattern of misconduct in the packaging and sale of mortgage securities during the housing boom.
...

The complaint contends that Bear Stearns and its lending unit EMC Mortgage defrauded investors who purchased mortgage securities packaged by the companies from 2005 through 2007. The firms made material misrepresentations about the quality of the loans in the securities, the lawsuit said, and ignored evidence of broad defects among the loans that they pooled and sold to investors.

Moreover, when Bear Stearns identified problematic loans that it had agreed to purchase from a lender, it was required to make the originator buy them back. But Bear Stearns demanded cash payments from the lenders and kept the money, rather than passing it on to investors, the suit contends.

Always, it's about the money. No criminal charges, again, because the feds wouldn't receive a cash settlement. Yet over 7,000 Occupy Wall Street protesters have been beaten, pepper-sprayed, arrested, and jailed...bankers? Zero. No justice here.

However, this was done in Schneiderman's capacity as the New York Attorney General, not the task force. A lack of confidence in the task force, perhaps?

Tired of the big banks buying off our democracy?

Watch this video of us asking Jamie Dimon why he wants to regulate Jamie Dimon. Then join the campaign to push kick Jamie Dimon off the Fed.

We had brilliant all-star stunt-comedians Negin Farsad and Lee Camp out to deliver 30,000 petitions to CEO Jamie Dimon at Chase's HQ in Manhattan - watch what happened next.

http://DumpDimon.com

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If there's one way to unite the 99 percent, it’s direct actions aimed at the big banks. People are angry, and it's not hard to see why: Massive bailouts; exorbitant executive salaries; huge bonuses; dishonest and illegal lending practices; fee and rate hikes; all adding to American outrage. "Too Big to Fail" is a moniker that should be applied to the American people, not a financial institution whose collapse threatens the global economy.

One of the keys to the early momentum of the Occupy Movement was the outright anger people have for big banks. For example, the statistics surrounding November 5th Move Your Money Day are amazing. Credit Unions added over 650,000 new members with over $4.5 billion in deposits. There were hundreds of actions across the nation bringing people together to close accounts, and in many cases, close banks for the day. Individuals, small businesses, nonprofits, and more, all came together to fight back against the big banks, and their bottom line.

Direct action against the big banks is not new to the Occupy Movement. In the Bay Area, Occupy Oakland has shut down banks with massive marches roaming around the city shutting down every bank in sight. Occupy SF has marched on, and even occupied a Bank of America, tents and all! Marching on, and closing banks, happens all over the country. Occupy Wall Street has marched on Goldman Sachs on more than one occasion.

One action aimed at big banks happens weekly in San Jose, California. They call it Financial Friday. Members of Occupy San Jose, and the surrounding communities (recently, members of Occupy Oakland have joined in), rally together to shut down banks in downtown. Sometimes all it takes is one person to shut down a bank. The surrounding community “shows mad love," as one local protester shared on twitter, and why wouldn’t they? There's no love lost between the 99 percent, and massive financial institutions seemingly bent on the destruction of anyone in the path of their quarterly bottom line. People want to take action, and given the opportunity, they will.

Why not use Financial Fridays to unite this effort around the country? Sporadic actions held all over the country make much bigger waves when united together. A weekly national action can be used as outreach to educate people on the benefits of moving their money, and the terrible practices of their specific bank. But that’s not all, Financial Fridays can be organized around specific foreclosure defense actions. Occupy Oakland is currently helping homeowners in foreclosure with groups like ACCE, and Causa Justa (Just Cause). Just this week, Occupy Oakland shut down a local Union Bank in a community wide effort to save the home of 77 year old great grandmother Katie Mitchell. Mrs Katie, as she is known, has been trying to refinance for years while getting the financial runaround from JP Morgan Chase and Union Bank. The direct action forced the branch manager to meet with Mrs Katie and review her case. Helping families like Mrs Katie’s is one of the surest ways to unite communities and recapture momentum.

Continue reading »

Sheriff''s deputies and movers hired by Chase bank, arrived at the home of Vinia Hall on Tuesday after the bank foreclosed on the Atlanta, GA home and obtained an order of eviction. After meeting Ms. Hall -who turns 104 in December - and her 84-year old daughter who had lived in the home together for over 50 years...decided there was no way they were removing the women from the home and left.

Ms. Hall's daughter had to be rushed to a hospital because the possibility of becoming homeless with her mother proved to be just too much for her.

Seems the mother and daughter had been fighting for years with the bank - the loan is held by Deustche Bank but is being serviced locally by Chase - as they had enough money to pay the loan, but were having a difficult time getting Chase to accept a payment.

[WSBTV]