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Whistleblower Goes Public

berkeleydailyplanet.com | November 24, 2014

By Jagjit Singh

The courageous whistleblower, Alayne Fleischmann, who exposed JPMorgan Chase’s mortgage fraud has finally moved out of the shadows and gone public. She provided details how she witnessed massive criminal securities fraud in the bank’s mortgage operations. Her story is profiled in Matt Taibbi’s new Rolling Stone investigation, "The $9 Billion Witness . .” Fleischmann accused JP Morgan of committing outright fraud by overstating the quality of mortgages it was selling to investors. When the toxic securities turned sour investors lost faith in the banking system which precipitated the housing crisis of 2008 that caused millions of home foreclosures.  

Fleischmann voiced her complete frustration in her earlier attempts to motivate the Department of Justice and the Securities and Exchange Commission to take remedial action – both seemed to be paralyzed with inaction – afraid to confront the all-powerful and politically connected bank. She complained that an iron curtain had descended between the compliance and the due diligence departments to ensure that the dirty business of toxic mortgages was well hidden. No emails were allowed between the two departments. In short a massive fraud was being perpetrated – the ‘liar loans’ were like selling like old beat up cars advertised as new. Eventually, The Justice Department was forced to act and imposed large fines on JP Morgan and other large banks and agreed to wash away all the incriminating details of the guilty corporate executives. None faced jail time and many were rewarded hefty bonuses.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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