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office of thrift supervision

Office of Thrift Supervision

Pritzker's Superior Bank Subprime Losses Blemish Resume

"Our goal is to allow thrifts to operate with a wide breadth of freedom from regulatory intrusion." - James Gilleran

"The Office of Thrift Supervision championed the thrift industry's growth during the housing boom and called programs that extended mortgages to previously unqualified borrowers as "innovations." - Binyamin Appelbaum and Ellen Nakashima

James Gilleran of the Office of Thrift Supervision (with the chainsaw) and John Reich (then Vice Chairman of the FDIC and later at the OTS) and representatives of three banker trade associations: James McLaughlin of the American Bankers Association, Harry Doherty of America's Community Bankers, and Ken Guenther of the Independent Community Bankers of America.

James Gilleran, an impassioned advocate of deregulation, cut a quarter of the agency's 1,200 employees between 2001 and 2004, even though the value of loans and other assets of the firms regulated by the Office of Thrift Supervision doubled over the same period.

Scott M. Polakoff claimed the Office of Thrift Supervision closely monitored allowances for loan losses at Countrywide Financial, Washington Mutual and Downey Savings among others and considered them sufficient.

Darryl W. Dochow, the official in charge of regulating Washington Mutual, Countrywide Financial and Downey Savings played a key role in the collapse of Charles Keating's Lincoln Savings and Loan by delaying and impeding proper oversight of operations.

Darryl W. Dochow, Ellen Seidman, James Gilleran and Scott M. Polakoff knew what was happening and let it happen.

Washington Mutual paid 13% of their budget in the 2007-2008 fiscal year while Countrywide provided 5%.



Countrywide Financial

Countrywide protected fraudsters by silencing whistleblowers

1985 IndyMac Bank is founded by David S. Loeb and Angelo Mozilo as a means of collateralizing Countrywide Financial.

2003 Stanford L. Kurland, at the center of that culture shift at Countrywide Financial, acknowledged pushing Countrywide into the type of higher-risk loans - loans that came with low "teaser" interest rates.

July 9, 2008 IndyMac shares closed at $0.31 in trading on the New York Stock Exchange, a loss of over 99% from its high of $50 in 2006.

July 11, 2008 $32 billion in IndyMac Bank assets are seized.

Stanford L. Kurland founds PennyMac with the purchase of $558 million in deliquent Countrywide mortgages held by the FDIC for pennies on the dollar.

Stanford L. Kurland then renegotiated the mortgage with the mortgagee writing down the value of the mortgage and reducing the interest rate.

Eric Lipton predicted PennyMac stands to make a profit of at least 50% on mortgage defaults.

Others suggest PennyMac may only return 15% to 25% a year.

"Kurland is seeking to capitalize on a situation that was a product of his own creation. It is tragic and ironic. But then again, greed is a growth industry." - Blair A. Nicholas



Washinton Mutual

Washington Mutual

US Faults Regulators Over Bank

"Three decades ago, a single income could purchase a house and pay taxes, utilities, gas, insurance, etc. Today, debt - not hard work and saving - makes the American dream possible. - Regina Powers 01/08

December 2006Washington Mutual states in a securities filing that it is continuing to qualify borrowers based on their ability to afford a teaser interest rate.

September 25, 2008 The Office of Thrift Supervision (OTS) seizes Washington Mutual and placed it into the receivership of the FDIC.

The FDIC sells Washington Mutual assets and liabilities, including covered corporate bonds and other secured debt valued in a 2007 SEC filing at $327.9 billion to JP Morgan Chase for $1.9 billion.



HUD loan investment program draws scrutiny


"Our efforts at The Hamilton Securities Group to help HUD achieve maximum return on the sale of its defaulted mortgage assets coincided with a widespread process of "privatization" in which assets were, in fact, being transferred out of governments worldwide at significantly below market value in a manner providing extraordinary windfall profits, capital gains and financial equity to private corporations and investors.

I now refer to privatization as "piratization." - Catherine Austin Fitts


1986   Camilo Padreda, a former conterintelligence officer for Fulgencio Batista and GOP campaign finance chair for Dade county, hires Jeb Bush to be the exclusive leasing agent of a Padreda building built with HUD funds.

1990   Camilo Padreda pleads guilty to falsifying HUD documents in order to get the $17.8 million loan for the building Jeb Bush leased exclusively.

1991   Hamilton Securities Group designs Community Wizard software is mapping financial flows of HUD government money to specific communities.

Hamilton Securities, a HUD contractor, is attempting to return excess market value to the community in which the repossession took place.

Concept: HUD sells a foreclosure to the local city government for a dollar.

Local city government resells the home to a low income family but in reality it is typically sold to a speculator who later flips it at a substantial profit.

"I started an investment bank and financial software firm in Washington called The Hamilton Securities Group. As I served as Assistant Secretary of Housing-FHA Commissioner at HUD, I tried on numerous occasions to persuade Secretary of HUD Jack Kemp not to propose new policies that would result in the abrogation of government contracts or contractual obligations with respect to financial assets." - Catherine Austin Fitts

Foreclosures are picked up for 1100 value and resold at substantial profit.

The flow of US government funds showed US agencies are complicit in the laundering of massive amounts of money from criminal activities.



Instead of selling repossessed properties at below market value where . thanks to HUD regulations the idea was to allow people in the community to purchase the distressed property creating equity value for the new community based property owners.

During the criminal investigation of the Hamilton Securities Group the departments of the federal government acted in a normative manner - normal for a fascist police state.


" We were later to discover that the Department of Justice was using CACI International Inc as a litigation support contractor on our case.

CACI, the leading supplier of Geographic Information Systems software, was in the headlines as a result of the prison at Abu Grahbi in Iraq.

DoJ took our entire digital infrastructure.

Shortly thereafter CACI came out with a geographic information systems mapping tool to help support increased policing and enforcement product.

This begs the question whether DoJ was paying our competitor to help themselves to our proprietary software and databases.

The fastest way to connect the dots would have been for me and my teammates to have looked at the maps of high HUD single family defaults.

Hamilton Securities software tools and databases dive into government financial flows would have identified patterns of mortgage securities fraud.

You had to wonder if this was the "Sheriff of Nottingham's" answer to Community Wizard - rather than using software to allow citizens to understand what government was doing, why not use software to provide increased surveillance of citizens by government.

contiguous to areas of significant narcotics trafficking that we had posted on the Internet and then use the

The destruction, suppression and theft of our software tools, databases and computer system was arranged by a series of events between late 1997 and early 1998 that was orchestrated throughout government." - Catherine Austin Fitts


CACI International Inc, motto Ever Vigilant, provides services and solutions to federal clients "for national security, improve communications and collaboration, secure the integrity of information systems and networks, enhance data collection and analysis, and increase efficiency and mission effectiveness."

According to the CACI paper Assymetric Threat Global Snapshot, November 2009 the greatest future terrorist threats will emanate from within from disgruntled radicalized Americans who are sympathetic with Islamic jihad.

"There is consensus that asymmetric threats, including acts of terrorism, will be a prominent feature of the threat environment." - National Security Strategy, asymmetricthreat.net

Herb Karr and Harry Max Markowitz* founded California Analysis Center Inc., precursor to CACI International Inc., in Santa Monica, California.

Harry Max Markowitz, a University of Chicago graduate, received the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.





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