Category Archives: business, economics, commerce

Mortgage Fraud in Florida – Attorney General suit Largest Mortgage Fraud Case in the United States

[b]For a real estate property appraiser who does not inflate housing prices, turn to Florida’s Mid-State Appraisals for trustworthy, accurate, and timely appraisals with a fast turnaround time.[/b]

http://midstateappraisals.org/

midstateappraisals@earthlink.net

The Florida Attorney General sued 10 companies and 15 individuals for their alleged roles in a major mortgage fraud scheme in September, 2008 precipitating and preceding widespread bankruptcies on Wall Street.

Given the number of defendants, the case may be the largest mortgage fraud case ever filed in the United States. According to the lawsuit filed here in Orlando, the ring obtained more than $37-million in mortgages for at least 60 home purchases and siphoned off more than $6-million of the proceeds for their own use. Approximately 50 of the houses later went into foreclosure.

The particular situation victimized the economy according to Florida’s Attorney General Bill McCollum. The group of white-collar professionals systematically defrauded banks and mortgage lenders, stealing millions for their own personal use and leaving a gaping hole in the system.

According to the St. Petersburg Times, starting in July 2005 and continuing through at least January 2007, three of the ring’s leaders allegedly defrauded lenders by recruiting “straw buyers” with good credit and using them to create false applications to buy homes throughout Central Florida.

Even more astonishing and frightening is the lawsuit, filed by the Attorney General’s Mortgage Fraud Task Force, claims the ring conspired with Realtors to artificially inflate purchase prices, thus enabling them to obtain larger mortgage loans.

Considering this type of fraudulent activity is happening nationwide with realtors, mortgage brokers, and straw buyers collectively conspiring to deceive the banking industry; the American economy could be bankrupted rather quickly without aggressive regulation and enforcement.

Artificially boosting the prices of homes and providing mortgages far more than the actual sales price with the buyer or a third party pocketing the difference is a federal offence. Unfortunately for the American economy, it seems this type of activity has been going on for quite some time.

[b]For a real estate property appraiser who does not inflate housing prices, turn to Florida’s Mid-State Appraisals for trustworthy, accurate, and timely appraisals with a fast turnaround time. [/b]

http://midstateappraisals.org/

midstateappraisals@earthlink.net

The Attorney General’s office said there may be a separate investigation by the state Department of Business and Professional Regulation, which oversees the real estate industry. Thankfully, Attorney General Bill McCollum is aggressively prosecuting the fraud ring. This is precisely the type of aggressive legal intervention Florida and the American economy so desperately need.

Otherwise we would all be better served investing our dollars in a stronger, less volatile currency, with a more stable and regulated banking system such as the Euro or Chinese Yuan. For those with less intestinal fortitude, gold has proven a sure safe haven for centuries during economic decline and times of turbulence.

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[b]Mid-State Appraisals founder Paul Davis has outstanding qualifications:[/b]

– State Certified Residential Real Estate Appraiser (License RD # 2667)

– Licensed Real Estate Broker (License BK # 161133)

– State Certified Building Contractor (License CBC # 040794)

– Over 20 Years of Professional Service to Eustis and Central Florida

– Unparalleled Knowledge and Outstanding Experience

– Efficient, Attentive, and Committed to Clients Needs

[b]Mid-State Appraisals[/b] provides professional services to Lake, Orange, Seminole, Osceola, Sumter, and the Davenport area of Polk County. Midstate Appraisals services are provided by committed professionals, dedicated to quality work, detailed research, and timely completion of assignments. Expect a speedy, accurate, and no hassle appraisal.

All appraisal reports comply with the Uniform Standards of Professional Appraisal Practice (USPAP).

Mid-State Appraisals staff has 20 years combined real estate experience of appraising properties in Eustis and Central Florida. They offer competitive fees, service 6 counties, are approved with nearly all major lenders, use the latest in computer technology, provide fast, consistent turnaround time and are licensed and insured by the State of Florida.

http://www.midstateappraisals.org

midstateappraisals@earthlink.net

[b]Paul Davis[/b] is a trusted and reputable property appraiser frequently called upon by Eustis and Central Florida’s banks, homeowners, and savvy real estate investors to assess property values. A builder for over 20 years and also a real estate broker, Paul Davis brings a wealth of knowledge to the table as an appraiser.

Paul’s company Mid-State Appraisals serves Central Florida (Lake, Orange, Seminole, Osceola, Sumter and Davenport in Polk counties).

Contact Paul Davis and Mid-State Appraisals for your next appraisal:

Office: 352-242-9973

Cell: 352-636-6672

Fax: 352-242-4912

midstateappraisals@earthlink.net

http://www.midstateappraisals.org

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Libor Rate Indicates a Dying Dollar and Sketchy U.S. Treasury

The LIBOR is among the most common of benchmark interest rate indexes used to make adjustments to adjustable rate mortgages.

Watch out for choking credit markets, as the financial crisis spreads from the U.S. to European stock markets causing a domino effect throughout the financial world.

Over the weekend, Germany implemented a bailout of its own, injecting €50 billion to help out struggling Hypo Real Estate bank, the nation’s Financy Ministry said.

Nevertheless as banks in Europe struggle, the European Central Bank has maintained its key lending rate. That tells me the Euro will be the strongest currency in the world and the one to invest in.

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If you like gold for asset protection – play it safe here.   http://www.bullionvault.com/#paulfdavis

The 3-month Libor rate seems to be getting higher as the global credit crunch tightens on national banks throughout the world. 

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www.PaulFDavis.com – author, worldwide speaker, and consultant 

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$700 Billion Bailout from U.S. Government for Wall Street Credit Default Swaps Weapons of Mass Financial Destruction

The U.S. government, rather than buying preferred stock in the failing banks and companies (like billionaire Warren Buffet who bought $5 billion worth of Goldman Sachs) to protect taxpayers and gov’t investment, opted to buy the defaulted loans and rubbish from the financial institutions’ basements.

As Wall Street tycoons and Washington insiders fade away with their millions before the entrance of a new presidential administration, the American people are wondering what is going on? Of course the Cngressional appropriations bill hasn’t been made available for the common people to read in detail. The extent of the secrecy and $150 billion worth of sweeteners to get Congressional representatives opposing the bill to sign on should tell us something. 

Buy gold and Euros before the dollar dies indefinitely.

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Paul Davis – worldwide speaker, consultant, and author

www.PaulFDavis.com

 

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Buy Gold or Euros – Dying American Dollar, Rising Euro and Gold, Crisis in U.S. Capitalism

[big]Buy gold and Euros as the American dollar dies amid a crisis in U.S. capitalism.[/big]

 

Warnings from Federal Reserve Chairman Ben Bernanke and Central Banks across the world. Turmoil and serious consequences for global financial markets. Buy gold or Euros to protect your savings.

 

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Bernanke’s fiscal policy speech to the Bank of International Settlements (BIS) on July 8, 2008 calling the U.S. economy in “turmoil” was quite revealing. Meanwhile Bernanke and Paulson reported to the media and American people the economy was fundamentally strong.

 

Bernanke told the BIS in July, 2008 it is “Unrealistic to think financial crisis can be eliminated”.

 

The euro was used in around 37% of all foreign exchange transactions in April, 2007. If you care about protecting your dollar invest in gold or Euros before inflation devours your dollar overnight.

 

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A massive 777 point drop in Wall Street stocks on September 29, 2008 is sufficient evidence of things to come.

 

If you still are not convinced and like many across America remain nieve trusting “big brother” to take care of you, think again!

 

“Despite the efforts of the Federal Reserve, the Treasury, and other agencies, global financial markets remain under extraordinary stress. Action by the Congress is urgently required to stabilize the situation and avert what otherwise could be very serious consequences for our financial markets and for our economy.”

 

Ben S Bernanke: Economic outlook when giving before the Joint Economic Committee, US Congress, Washington DC, 24 September 2008.

 

 

 

“As one banker famously said last year “As long as the music is playing, you’ve got to get up and dance”. Well, if it is the role of the central banker to take away the punch bowl just as the party gets going, perhaps the role of the supervisor is to silence the band so the bankers stop dancing.

 

Investors did not perform their own due diligence. Instead, they relied on the due diligence of originators and packagers, who lacked interest in exercising this due diligence. They also placed undue reliance on the judgments of the credit rating agencies, and the capacity of modern technology and diversification to manage financial risks.

 

What can we draw from this? The combination of excess lending with an obvious failure to adhere to fundamental and sound risk management standards not only produced significant losses in mortgage portfolios; it also tainted an asset type that was key in the broader securitisation and credit distribution process.”

 

Nout Wellink: Responding to uncertainty

Remarks by Dr Nout Wellink, President of the Netherlands Bank and Chairman of the Basel Committee on Banking Supervision, at the International Conference of Banking Supervisors 2008, Brussels, 24 September 2008.

 

 

 

The United States is currently in the midst of a financial crisis, the backwash of which is sweeping through the global financial system. …The most recent wave of financial turbulence is the worst so far since the original US mortgage crisis broke out.

 

Inflation means that everyone gets less for their money. Oil, electricity and food prices have risen substantially. These goods are an important part of household consumption. …these goods have become more expensive in the world market.”

 

Stefan Ingves: Financial turbulence, monetary policy and inflation

Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank, to SACO, the Swedish Confederation of Professional Associations, Stockholm, 24 September 2008.

 

 

 

 

“What I was afraid of has occurred.

 

In the USA, the shortcomings of governance in the financial system have been revealed for all to see in the crisis….  To begin with, the Fed was not so well equipped with instruments for the liquidity policy action necessitated by the subprime crisis.”

 

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As I can report from my own experience, but [b]without giving too many secrets away[/b], [i]the Eurosystem has earned a great deal of respect in the international institutions and bodies which are dealing in depth with the financial crisis[/i] and the lessons and implications to be drawn from it.”

 

Hermann Remsperger: Fundamental issues of stabilising the financial system

Keynote speech by Professor Dr Hermann Remsperger, Member of the Executive Board of the Deutsche Bundesbank, at the conference on “Determinants and implications of the financial crisis” of the Frankfurt School of Finance & Management – Bankakademie, HfB, Frankfurt am Main, 17 September 2008.

 

 

 

First, we should further step up our efforts to build a truly integrated, safe and highly competitive European financial market. The tenth anniversary of the ECB one month ago gave us the occasion to take stock of the achievements in European financial integration over the past decade. We were proud to find that significant progress has been achieved and that the introduction of the single currency has acted as a major driving force in this regard. However, as I would like to underline today, [b]further efforts are necessary to make the single financial market a reality.[/b]

 

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While financial integration is first and foremost a market-driven process, authorities can play an important supportive role in a number of ways, for instance by acting as catalysts for private sector initiatives and by reducing policy-related obstacles to cross-border finance. The Eurosystem can also provide central banking services that support the financial integration process.

 

[b]Europe is one of the major building blocks of the global economy and, as such, needs to play a very active role in fostering sound financial globalisation.[/b]

 

Responding to the global financial market correction

 

[b]Financial integration is proceeding not only within Europe, but also at the global level.[/b] Financial globalisation enables the international community to share significant benefits in terms of enhanced financial efficiency and economic growth, but it also makes the safeguarding of financial stability a more interdependent endeavour. Effectively coordinated international action aimed at addressing financial system vulnerabilities has therefore become very important, as highlighted during the ongoing financial market correction.

 

The report of the Financial Stability Forum (FSF) on Enhancing Market and Institutional Resilience has been fully endorsed by the international community and provides the main reference point for the necessary improvements.

 

Lastly, closer ongoing cooperation should be pursued not only between supervisors, but also between supervisors and central banks. Such joint work, to be pursued at all levels (nationally, regionally and globally), would in particular aim to enhance the integration of supervisors’ micro-prudential functions and central banks’ macro-prudential functions in the assessment of possible financial risks and vulnerabilities. This would make a significant contribution to raising awareness of emerging financial system imbalances at an earlier stage and devising effectively coordinated public sector action to address them. …increasingly important to ensure a comprehensive and consistent treatment of the respective financial risks.

 

Jean-Claude Trichet: Fostering sound financial globalisation – the role of Europe

Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the Paris Europlace Financial Forum “The Paris Marketplace Contribution to the Global Economy”, Paris, 2-3 July 2008.

 

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http://www.PaulFDavis.com

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Death of the Dollar – Avalanche of Bankruptcies on Wall Street

My suggestion is invest in gold, Euros, or the Paulson Credit Opportunities Fund (Paulson & Co. Inc.) since he just made $3 to $5 billion on the sub-prime mortgage crisis and is making all the major decisions on the U.S. economy, bringing in investors into his fund from Europe, and has Greenspan working for him.
 
To do currency exchange or invest online go through my forex account (same price for you, just commission goes to me): http://ads.easy-forex.com/Gateway.aspx?gid=104994
 
Read about Paulson, who billionaire George Soros and his brother also invest in his fund.  They got front page coverage on the Wall Street Journal. http://online.wsj.com/public/article/SB120036645057290423.html
 
Greenspan is one of the most astute on global financial markets and he is advising Paullson.
http://www.reuters.com/article/pressRelease/idUS136083+15-Jan-2008+PRN20080115
 
Amazing 60% gains for Paulson’s fund in a single month (February 2007) also come with occasional monthly losses of 3 to 5% (miniscule in proportion) so be in it for the long term and have some intestinal fortitude so as to not unecessarily panic.  I’d rather put my money with the international bankers, merger titans, and guys pulling political strings on the economy than anybody else. http://www.nypost.com/seven/05042008/business/paulsons_funds_slide_109389.htm
 
To do currency exchange or invest online go through my forex account (same price for you, just commission goes to me): http://ads.easy-forex.com/Gateway.aspx?gid=104994

Paul F Davis – worldwide speaker, author, and prophet

www.PaulFDavis.com

RevivingNations@yahoo.com

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America – Bankruptcy Central, Global Financial Turmoil

Global financial markets were mightily shaken when Lehman Brothers declared chapter 11 bankruptcy.  Australian banks took a big hit as did Asian banks across the Orient.  Banks across Japan were hammered taking losses between 5 to 20% depending how heavily invested they were in Lehman Brothers, some say up to $700 million for some.

Asian stock markets plummeted Tuesday as the collapse of Lehman Brothers and takeover of Merrill Lynch spurred fears of an imminent global financial crisis. European markets extended losses in early trading after falling sharply Monday.

Tokyo’s Nikkei 225 index sank nearly 5 percent to 11,609.72, its lowest close since July 2005, while Hong Kong‘s blue-chip Hang Seng Index shed 5.4 percent to its lowest point in nearly two years.

America is quickly becoming bankruptcy central as major corporations and governmental institutions go belly up.  Fannie Mae and Freddie Mac governmental lending institutions themselves are having difficulty remaining solvent considering all the bad loans and sub-prime mortgage crisis.

Singapore wisely hasn’t tied itself too tightly to the U.S. having a bit of foresight it seems.  Others will have to live and learn.

Paul F Davis – debt arbitrator and author of United States of Arrogance

www.PaulFDavis.com

RevivingNations@yahoo.com

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Thrifty Car Rental – Blue Chip Member

I have been faithfully using Blue Chip Thrifty for several years and just discovered you have not been crediting my US Airways account, nor my Delta skymiles account.

I am a consumer advocate, author, publicist, and blogger.

Please take all Blue Chip miles and add to my US Airways account above immediately.

Please confirm when this has been taken care of.  I am tired of talking to people in the Philippines at your 888-400-8877 who have no power to do anything, nor an ability to serve your customers as you don’t give your Philippine reps access to your online system. Hence they cannot serve your Thrifty customers and when they are at a loss concerning what to do, simply say phone 888-400-8877 for help, which just re-routes the call back to the Philippines.

What a horrible level of customers service at Thrifty.

Paul F Davis – consumer advocate
www.PaulFDavis.com

RevivingNations@yahoo.com

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