In 1997, Congress suspended the Glass-Steagle Bill or Banking Act of 1933, and replaced it in 1999 by the Graham-Leach-Bliley Act.
This new federal law allowed the major banks to participate in buying and selling investments which were not regulated, and thus, banking customers had no regulatory protections.
Over the next eight to ten years, starting in 1998, lenders suborned appraisers to “meet the numbers in the loan documents” or be blacklisted.
To suborn means “to bribe or induce someone unlawfully or secretly perform some misdeed or to commit a crime.”
The legal charge for this cause-of-action is felony mortgage fraud; but the State Attorney Generals, and even the federal Attorney General, in three Presidential administrations, did nothing.
Then in October, 2010, Dr. William K. Black, a white-collar criminologist and banking regulator during the Reagan Administration exposed the fraud before Congress.
Dr. Black was primarily responsible for prosecuting and convicting over 800 CEOs of Savings and Loans in the 1980s.
Dr. Black has testified before both the U.S. House of Representatives and the U.S. Senate that the national banks had conducted a criminal act, a “control fraud” against the American people.
A “control fraud” is when a head of state or a corporate executive uses a legitimate entity, i.e., a government organization or corporation, as a weapon to defraud members of society through color of law, pretense of authority, or financial means (in this case, the creation and collapse of the mortgage bubble by the mortgage lending industry).
Dr. Black’s testimony provided the proof of the fraud from the top-down within the national mortgage lending industry.
As a result of this information, a team of attorneys, paralegals, and distressed homeowners have been working for the past three years to prepare a mass action federal RICO lawsuit against the banks in Florida for mortgage fraud.
This private cause of action under RICO (the Racketeering Influenced and Corrupt Organizations Act) provides the victim of the fraud with triple civil damages for felony criminal activity done as part of a pattern of racketeering.
This cause of action is now available to the public as part of a mass action RICO lawsuit.
You may be eligible to participate in this mass action RICO lawsuit.
If you are interested in learning if you are qualified to participate in this mass action RICO lawsuit:
Or, if you wish to bypass the remainder of this series and go directly to the information on how to obtain your documentation to calculate if you even have a personal injury in fact, click on the link below.