JP Morgan Chase and Credit Suisse pay $416.9m in penalties over mortgages

"A Summary" – Apr 2, 2011 (Kryon channelled by Lee Carroll) (Subjects: Religion, Shift of Human Consciousness, 2012, Intelligent/Benevolent Design, EU, South America, 5 Currencies, Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Middle East, Internet, Israel, Dictators, Palestine, US, Japan (Quake/Tsunami Disasters , People, Society ...), Nuclear Power Revealed, Hydro Power, Geothermal Power, Moon, Financial Institutes (Recession, Realign integrity values ..) , China, North Korea, Global Unity,..... etc.) - (Text version)

“2011 and Beyond” - What you are seeing, and why - Jan 16, 2011 (Kryon channelled by Lee Carroll) - (Text version)

"The Timing of the Great Shift" – Mar 21, 2009 (Kryon channelled by Lee Carroll) - (Text version)

“ … Here is another one. A change in what Human nature will allow for government. "Careful, Kryon, don't talk about politics. You'll get in trouble." I won't get in trouble. I'm going to tell you to watch for leadership that cares about you. "You mean politics is going to change?" It already has. It's beginning. Watch for it. You're going to see a total phase-out of old energy dictatorships eventually. The potential is that you're going to see that before 2013.
They're going to fall over, you know, because the energy of the population will not sustain an old energy leader ..."

"Update on Current Events" – Jul 23, 2011 (Kryon channelled by Lee Carroll) - (Subjects: The Humanization of God, Gaia, Shift of Human Consciousness, 2012, Benevolent Design, Financial Institutes (Recession, System to Change ...), Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Nuclear Power Revealed, Geothermal Power, Hydro Power, Drinking Water from Seawater, No need for Oil as Much, Middle East in Peace, Persia/Iran Uprising, Muhammad, Israel, DNA, Two Dictators to fall soon, Africa, China, (Old) Souls, Species to go, Whales to Humans, Global Unity,..... etc.)

"The Recalibration of Awareness – Apr 20/21, 2012 (Kryon channeled by Lee Carroll) (Subjects: Old Energy, Recalibration Lectures, God / Creator, Religions/Spiritual systems (Catholic Church, Priests/Nun’s, Worship, John Paul Pope, Women in the Church otherwise church will go, Current Pope won’t do it), Middle East, Jews, Governments will change (Internet, Media, Democracies, Dictators, North Korea, Nations voted at once), Integrity (Businesses, Tobacco Companies, Bankers/ Financial Institutes, Pharmaceutical company to collapse), Illuminati (Started in Greece, with Shipping, Financial markets, Stock markets, Pharmaceutical money (fund to build Africa, to develop)), Shift of Human Consciousness, (Old) Souls, Women, Masters to/already come back, Global Unity.... etc.) - (Text version)

“… The Shift in Human Nature

You're starting to see integrity change. Awareness recalibrates integrity, and the Human Being who would sit there and take advantage of another Human Being in an old energy would never do it in a new energy. The reason? It will become intuitive, so this is a shift in Human Nature as well, for in the past you have assumed that people take advantage of people first and integrity comes later. That's just ordinary Human nature.

In the past, Human nature expressed within governments worked like this: If you were stronger than the other one, you simply conquered them. If you were strong, it was an invitation to conquer. If you were weak, it was an invitation to be conquered. No one even thought about it. It was the way of things. The bigger you could have your armies, the better they would do when you sent them out to conquer. That's not how you think today. Did you notice?

Any country that thinks this way today will not survive, for humanity has discovered that the world goes far better by putting things together instead of tearing them apart. The new energy puts the weak and strong together in ways that make sense and that have integrity. Take a look at what happened to some of the businesses in this great land (USA). Up to 30 years ago, when you started realizing some of them didn't have integrity, you eliminated them. What happened to the tobacco companies when you realized they were knowingly addicting your children? Today, they still sell their products to less-aware countries, but that will also change.

What did you do a few years ago when you realized that your bankers were actually selling you homes that they knew you couldn't pay for later? They were walking away, smiling greedily, not thinking about the heartbreak that was to follow when a life's dream would be lost. Dear American, you are in a recession. However, this is like when you prune a tree and cut back the branches. When the tree grows back, you've got control and the branches will grow bigger and stronger than they were before, without the greed factor. Then, if you don't like the way it grows back, you'll prune it again! I tell you this because awareness is now in control of big money. It's right before your eyes, what you're doing. But fear often rules. …”

"The Great Escape" - Mar 11, 2017 (Kryon Channelling by Lee Carroll)

“… The Fall of Many - Seen It Yet?

You are going to see more and more personal secrets being revealed about persons in high places of popularity or government. It will seem like an epidemic of non-integrity! But what is happening is exactly what we have been teaching. The new energy has light that will expose the darkness of things that are not commensurate with integrity. They have always been there, and they were kept from being seen by many who keep secrets in the dark. Seen the change yet?

In order to get to a more stable future, you will have to go through gyrations of dark and light. What this means is that the dark is going to be revealed and push back at you. It will eventually lose. We told you this. That's what you're here for is to help those around you who don't see an escape from the past. They didn't get their nuclear war, but everything else is going into the dumper anyway. … “

Saturday, November 17, 2012

JP Morgan Chase and Credit Suisse pay $416.9m in penalties over mortgages

Fines and compensation are related to mortgage bond losses regarded as the 'ground zero' of the global financial crisis

guardian.co.uk, Reuters in Washington and New York, Saturday 17 November 2012

JP Morgan Chase will pay $296.9m in penalties while Credit Suisse will pay
$120m over mortgage bond scandals. Photograph: Bebeto Matthews/AP

JP Morgan Chase and Credit Suisse will pay a combined $416.9m (£262.4m) to settle US civil charges that they misled investors in the sale of risky mortgage bonds prior to the 2008 financial crisis, regulators have said.

JP Morgan would pay $296.9m, while Credit Suisse will pay $120m in a separate case, with the money going to harmed investors, the US Securities and Exchange Commission said.

Both settlements addressed alleged negligence or other wrongdoing in the packaging and sale of risky residential mortgage-backed securities (RMBS), including at the former Bear Stearns Co, which JP Morgan bought in 2008. The banks settled without admitting wrongdoing and in separate statements said they were pleased to settle.

"In many ways, mortgage products such as RMBS were ground zero in the financial crisis," SEC enforcement chief Robert Khuzami said in a statement. "Misrepresentations in connection with the creation and sale of mortgage securities contributed greatly to the tremendous losses suffered by investors once the US housing market collapsed."

Goldman Sachs in 2010 agreed to pay $550m, also without admitting wrongdoing, to settle SEC charges that it misled investors in a complex mortgage bond transaction.

The enforcement actions are the second and third from a "working group" of federal and state agencies created this year by President Barack Obama to investigate misconduct related to RMBS that contributed to the financial crisis.

Khuzami said the working group was investigating other RMBS transactions.

The SEC accused JP Morgan of materially overstating in a prospectus the quality of home loans that backed a $1.8bn RMBS offering it underwrote in December 2006.

According to the SEC, the largest US bank represented that just four loans were delinquent by 30 to 59 days, when in fact there were more than 620, or about 7% of the total. Investors lost at least $37m as a result, the SEC said.

The regulator also faulted Bear's failure to disclose its having arranged discounted cash settlements with originators that left investors stuck owning many problem loans, rather than forcing the originators to buy the loans back. It said Bear reaped at least $137.8m from the practice.

Credit Suisse failed to disclose similar settlements, which netted $55.7m, the SEC said. The Swiss bank also misled investors by falsely claiming when it would buy back mortgage loans in two offerings in which borrowers had defaulted on their initial payments, and that "all first payment default risk" had been removed, the SEC added.

About $84m of JP Morgan's payout and $39m of Credit Suisse's represented fines. The JP Morgan accord requires approval by a federal judge in Washington DC, while Credit Suisse's case was resolved in an SEC administrative proceeding.

JP Morgan had in June 2011 agreed to pay $153.6m to settle a separate SEC fraud case over its sale of mortgage securities to investors, also without admitting wrongdoing.

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Saturday, November 17, 2012

JP Morgan Chase and Credit Suisse pay $416.9m in penalties over mortgages

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