Friday, December 30, 2011

Bank Foreclosure Fraud - TWO Themes, ONE Connection, And a VERY Simple Solution

There are TWO primary themes associated with the worst bank foreclosure fraud in U.S. history, which was principally executed in North Carolina, sponsored by Morgan Stanley and executed in a collaborative manner by Wachovia Bank (now a wholly-owned subsidiary of Wells Fargo) and Paragon Commercial Bank, via close "good ole boy" ties in North Carolina at the senior executive level:
  1. Misuse of Bank Bailout Monies - Congress did not bail out banks so they could defraud and persecute the very taxpayers who bailed them out; and;
  2. Widespread Corruption - The corruption and unethical behavior observed in attorneys, judicial staff and public officials in this matter alone, suggests the integrity of the U.S. justice system is compromised.

This highly orchestrated bank foreclosure fraud was carried out on $22 million of real estate properties, and with one exception, the properties were located in North Carolina, which served to collateralize $9 million of mortgage loans.  

The North Carolina Connection

The CEOs involved at the time this audacious bank foreclosure fraud was executed were all born, raised and educated in North Carolina, to wit:  John Mack of Morgan Stanley; Bob Steel of Wachovia Bank; and Bob Hatley of Paragon Commercial Bank.  
  • John Mack was raised in Morrisville, NC and attended Duke University in Durham, NC.  
  • Bob Steel is from Durham, NC and he also attended Duke.  
  • Both Mack and Steel served on the Duke Board of Trustees at the time the Worst Bank Foreclosure Fraud was Executed in earnest
  • Bob Hatley is from Concord, NC and attended Appalachian State in Boone, NC.
  • Virtually EVERY banking executive at Paragon Commercial Bank had an extensive prior career at Wachovia Bank

The Solution

Resolving the worst bank foreclosure fraud in US history is quite simple:  merely commence criminal investigations on the brazenly obvious foreclosure fraud by Paragon Commercial Bank, and the house of cards culpability of Wachovia/Wells Fargo and Morgan Stanley will come tumbling down.  And note these banks received $35 billion in taxpayer bail-out monies, and hundreds of billions more in secretive "printed money" taxpayer loans from the Federal Reserve.