Marc's Mortgage Matter's

A new order is emerging on Wall Street after the worst crisis since the Great Depression — one in which just a couple of victors are starting to tower over the handful of financial titans that used to dominate the industry.

On Thursday, JPMorgan Chase became the latest big bank to announce stellar second-quarter earnings. Its $2.7 billion profit, after record gains for Goldman Sachs, underscores how the government’s effort to halt a collapse has also set the stage for a narrowing concentration of financial power.

“One theme here is that Goldman Sachs and JPMorgan really have emerged as the winners, as the last of the survivors,” said Robert Reich, a professor at the University of California, Berkeley, who was secretary of labor in the Clinton administration.

Both banks now stand astride post-bailout Wall Street, having benefited from billions of dollars in taxpayer support and cheap government financing to climb over banks that continue to struggle. They are capitalizing on the turmoil in financial markets and their rivals’ weakness to pull in billions in trading profits......and more dribble.

Is it just me or does this sound so sick. I mean give me a few billions and I'll get my house in order, my friends, collegues, and neighbors. Heck I'll take just maybe $20 million if need be....spread the wealth....amazing crap!  Oh and Chase (like most other BIG banks) are still charging $35 for every infraction including breathing more then 30 times a minute when standing on line in branches between E21 and E59 in manhattan.

These are the same idiots that say the economy is great now.

New Jersey - State Attorney General Anne Milgram announced today two separate lawsuits charging 10 defendants with mortgage-related fraud. According to the lawsuits, filed on Friday, the companies promised to help modify mortgages for people struggling to keep their homes. But instead of providing assistance, they pocketed the fees paid by homeowners.

"It is some of the most egregious conduct we've seen," Milgram said. "They're trying to profit off someone's misery."

She said the state has identified 42 victims so far, for a minimum of $80,000 in losses. The defendants were charged with violating New Jersey's Consumer Fraud Act, the Debt Adjustment and Credit Counseling Act and state advertising regulations.

One of the lawsuits was filed in Mercer County against Best Interest Rate Mortgage Company, located in Haddon Township.

State officials said the company solicited distressed homeowners in the mail, sending a form that appeared government authorized.

The other lawsuit was filed in Essex County against nine defendants, including Newark attorney Ejike Uzor and Stephen Pasch of Green Brook Township. Also charged are seven corporate and nonprofit entities, including New Day Financial Solutions in Newark.

Including the two lawsuits announced today, the state has filed 11 civil mortgage fraud complaints since June 2008, naming 102 individual and corporate defendants.

Note..how pathetic but if you read into more details and past history on these despicable predators, they were mortgage consultants and salespeople in the past. Obviously they've screwed enough people and with mortgage options dried up, looking for new ways to make money!

Jim died.
His will provided $40,000 for an elaborate funeral.
As the last guests departed the affair, his wife Sharon turned to her oldest and dearest friend. "Well, I'm sure Jim would be pleased," she said.
"I'm sure you're right," replied Brenda, who lowered her voice and leaned in close.
"How much did this really cost?”
"All of it: $40k," said Sharon.
"No!" Brenda exclaimed. "I mean, it was very nice, but $40,000?”
Sharon answered, "The funeral was $6,500. I donated $500 to church. The whiskey, wine and snacks were another $500. The rest went for the Memorial Stone.”
Brenda computed quickly. "$32,500 for a Memorial Stone? How big is it?”

“5 carats.”