Tuesday, June 14, 2011

Finally, someone points the finger at the banks!

We've heard the government blaming mortgage brokers, lawyers, borrowers, etc time and time again, all the while ignoring what we called the "unindicted co-conspirators", the banks that actually made the loans.  Now we finally have someone that's pointing the finger directly at the banks that were at the root of the mortgage and real estate meltdown.  Defense attorney Michael Walsh in his opening statement in phase two of the Plantation cops mortgage fraud trial introduces the jurors to the "unindicted co-conspirators", from his opening statement...

It can't be the banks with all their investment bankers, all their certified financial planners, all their lawyers, all their licenses, all their charters.

Of course not!  They wouldn't dare commit a crime let alone financial fraud?!  Remember, it wasn't the banks fault, the blame was squarely on the borrowers and the brokers who lied on their loan applications...

Mr. Sullivan told you the banks are going to tell you that they relied on that. You will not hear from a single person, not one, nada, not a single person who processed a single loan in this case. Do you know where those people are?  Neither do I, neither does the Government.

Exactly!  It wasn't the banks or the people at the banks whose responsibility it was to process these loans or verify what was on the applications fault for dolling out all the money to these people who allegedly lied on the loan applications!

Every single bank, not the bank by name, but the individuals in the bank were criminals, and you will hear that the Government hasn't indicted a single banker except for one for all the stuff they did.

It was the banks and their reps that told the brokers what they needed in order to fund these loans, they set the guidelines for the debt to income ratios, they set the requirements for employment, etc.  It wasn't up to the broker or the borrower to approve the loans, it was strictly up to the bank.  The banks could have easily called and verified what was on the applications, but they chose not to, they chose not to as they needed to hand out the money as fast as they possibly could so they could resell the loans and make more money.

These institutions, call them the big banks. Little banks, obviously, LB, little banks. Little banks is where the crooks worked at, crooks, not people who would be guiled, but people in the business of beguiling, people who like to -- people who lie. I could use big words. When it comes down to it, it is a lie.

These little banks and these crooks, Matt Gulla and Rene Rodriguez, what they did, what they did is, on every single real estate transaction they made, guess who got paid? Matt and Rene, between five and $25,000 per loan. Guess how many people they committed fraud to? Every single loan they ever processed. Not just for the defendants the Government has decided to prosecute, but each and every single loan.

Nothing new here, just the first time that I know of that an attorney has decided to bring in the banks who till now have claimed that they were a victim of these alleged fraudsters.

What happens, John Q. Public, anybody that went into them, came into Matt Gulla and Rene Rodriguez -- Matt Gulla and Rene Rodriguez were in bed figuratively, in the criminal bed with the little banks and crooks. Why?  Because the little banks would take all these loans that they committed fraud on, package them up and sell them to the big banks, and the big banks would pay them.

So, in other words, A would borrow money from B. A's money would be paid back by C. The big banks never cared if B paid them back, if B did, that was icing on the cake.  The little banks, the money they lent to these borrowers through extortion is loans, predatorial type loans did everything. The fraud that is on the loans was perpetrated by the mortgage brokers and the banks.

So, these loans that the banks and mortgage brokers scammed up, that is why you will see the fraud in there, they sold them to the big banks and they hid all that fraud.

Taking into account what Mr. Walsh has outlined in his opening statement and the facts that we're already all to familiar with regarding the lenders complicity in these loans, why hasn't the government gone after any of these lenders?  Think of the tens of millions of dollars that state and federal prosecutors have spent prosecuting these crimes yet to date they haven't gone after the real culprits?  This is no different than law enforcement targeting the corner drug dealer but never going after the kingpin who's growing, processing and importing the drugs.  When will a prosecutor grow a pair and finally file charges against these banks? 


  1. Strawbuyer !! Finally the truth is coming out ! I just hope it helps those from the first trial also.

  2. I am so happy the truth is coming out! This is exactly what happened and this is what should have been brought up in the first trial!!! Why is it that the governments two witnesses are criminals with priors yet the government only went after the cops? Police officers with impeccible records!!! The government's witnesses's took a plea to save their own butts so they had to point the finger at the cops to take the attention away from them.Shouldn't the government be thanking the officers for protecting the community instead of prosecuting them? What is wrong with our world? The most important question is why would our government only go after the police officers when every loan the brokers ever did had fraud on them even their own family members. The government would rather have good head lines and ruin lives of wonderful people than go after the real culptits, THE BANKS!!!!

  3. This truth was at the first trial, the prosecution was out for badges as well as FDLE. Shameful!

  4. Funny how people want on here want to turn "street level dealers" into innocent parties...they were all guilty and all culpable for their actions. Guilty is guilty across the board and all should be punished.

  5. It seems personal to me. Why is anonymous so eagerly hateful toward the cops? It's simple... The government wants to take good men with good careers and make examples out of them simply to take the attention off of the banks. A government ran institution couldn't possibly have been the beginning of a national debt crisis right? So instead innocent men are being blamed for their mishaps. Anything to win right? What a shame...guilty is guilty? The government has been corrupt from the beginning! The juror says their all innocent, then two days later their guilty? The only people who should feel guilty are the prosecutors who knew they didn't have enough evidence to pursue this case. Like I said..They'll do anything to win!!

  6. You should be punished for your animosity towards these men! These men have good hearts with families. The investigation was done by an investigator with no prior mortgage fraud experience!! Why is it that the Matt and Rene get awarded for their crime with three years of tax breaks and keep all their fraudulent money? The cops have nothing, public defenders, no careers, no money, etc, but oh yeah they were in on some scheme? Why would any law enforcement officer decide out of nowhere to become fraudsters in order to make no money and lose their careers? Stop the plea deals that only make the guilty lie and the innocent look like something they're not. I guess if the government wants to dirty up someone they will whatever the cost.... it's scary that we all live in a world where the government made the laws and can change them whenever they choose...

  7. Wow - the last two postings sure are full of conspiracy theorists - not sure why you blindly believe that just because they're law enforcement, they're all innocent. I'm sure they are great family men, but they tried to line their pockets by participating in a mortgage fraud scheme and therefore should be punished. I'm sure if they knew the full ramifications of what they were doing, they might have thought twice...but they chose to stay "ignorant" to the details or so they testified as such (which should be perjury). There's no doubt the banks are to blame as well, but that doesn't excuse the behavior of all involved...why can't people realize that crime is crime and it's all illegal no matter the role you play.

  8. There is obviously more than enought greed to go around in this case but to think for one minute that any of these defendants did not know what was going on is naive. They were all looking for an easy buck including the banks. And who among us is so gullible to believe that just because you are a police officer you are impeccible???

  9. Strawbuyer, I think you are too bias, and really pulling crap out of your ass. This case is not about Matt Gulla, Rene, the lenders, or the work of the government and its agents. Its about JOE GUARACINO. Look at the facts, look at what he did and how many times he did it and who he did too. Its plain and simple. Who cares about the rest, thats minute compared to what your boy Joe Did.

  10. First the Feds sue five banks in January for creating and preparing I'll documents for investors then they turn around and sue the borrowers for signing what the banks were in trouble for? This makes no sense!!! Talk about double dipping!!!

  11. If this case is about Joe Guaracino then why take down the others who had no idea? The strawbuyer is not biased, he just doesn't agree with you! He is a real person, with a mind of his own. Most people do not agree with you. Unfortunately the government runs the show and can dirty anyone up they choose to. The people in this case are soulfully beautiful and are nothing they're be painted as. They should never have been indicted in the first place...all we can do is pray for justice and truth.

  12. wow do you even know anything about this case. these guys paid all their house payments and sold the homes nobody just took money and ran. the banks and the brokers made the most money. over and over and over again. strawbuyers right. This case was done by two goverment agents one who was assigned to the goverment to help investigate banks but he cant read his job discription. the other agent has a hard on for cops because he's a wife beater and the hollywood pd almost arrrested him and his own wife had to have a restraing order put on him. as for the poor attorneys that have to try this case they just get stuck with whatever Mr Kay gives them. it is a very weak case if not kay would have tried it instead of hiding in his office. I wouldn't show up in court either if i filed this big of a bullshit case. when these guys get off i hope they sue the goverment.