If a newly released report is correct, that may be the case. For those who don't know it, ActBlue is a major fund-raising operation of and for the Democratic Party, claiming to have raised up to $16 billion since its establishment. The question now becomes, where did at least some of that $16 billion come from?
It looks (at least on the basis of the information released so far) as if hundreds of millions of dollars in vaguely-sourced, unattributed funds was used to finance "mortgages" on properties that were overvalued by dozens or scores of times - and once inside the conventional banking system, those mortgage funds could be recycled and "washed" through entirely legal transactions, benefiting both the progressive left and the suppliers of the funds (who might have been drug cartels, agents for one or more foreign powers, billionaire oligarchs, or whatever).
For example, the report notes:
- A woman named Regina Wallace-Jones, along with Stefford Jones, presumably her husband, bought [a] home from Clarum Corporation on May 21, 2002, for $689,500.
- On the same day, Regina Wallace-Jones and Stefford Jones received a $651,600 loan mortgage from Wells Fargo Home Mortgage Inc.
- Also on that day, Regina Wallace-Jones received (1) a $651,600 loan and (2) a $552,253 loan from Wells Fargo Home Mortgage Inc.
- Also on that day, the sale price was listed as $68,950,000, with two unlisted sources making additional loans of $10,035,000 and $55,125,000.
- On May 21, 2002, when Steffond and Regina bought 1257 Runnymede St. from Clarum Corporation, there were five simultaneous filings on the same day, three with identical $689,500 “sale prices,” but with different loan amounts or borrowers, as well as two other wildly different sales prices and loan amounts.
- On May 21, 2002, the mortgage loan of $10,035,000 versus the listed “sales price” represented “a grossly inflated loan-to-value (LTV) ratio” that appeared to be a “highly likely synthetic debt injection or a placeholder loan.”
- Then, on December 6, 2002, Regina Wallace-Jones and Stefford Jones received two additional mortgage loans, totaling $551,520 from Wells Fargo Home Mortgage Inc. and $100,350 from Wells Fargo Bank.
- On December 24, 2004, Steffond Jones and Regina Wallace-Jones got a $160,000 mortgage loan from Wells Fargo Bank, and on January 13, 2005, the couple got a $250,000 mortgage loan from JPMorgan Chase Bank.
- On July 15, 2015, Steffond Jones appears to have sold the Runnymeade home to himself and his wife using three mortgage loans of (1) $565,000, (2) $74,800, and (3) $565,000, from Wells Fargo Bank.
Put that lot together, and the transactions begin to smell like a very old, very rotten fish, don't they?
As I said, this is very much at an early stage . . . but if further investigation proves the initial report to be accurate, we may be talking about money laundering in the billions, if enough transactions are uncovered. Is this why ActBlue appeared to go into crisis mode after President Trump was elected?
Pass the popcorn . . .
Peter
This sounds like another variation of the "art" or "author" scam. Create "art" or "author" a book. Have it highly valued (although people know it's not worth that much), sell it or donate it, and the claim the whitewashed money. Hunter did this with his paintings. Hillary did this with her books. Many other examples of the same thing...
ReplyDeleteSteve
My guess is the bankers at those institutions had to be knowing participants in this fraud. Who at the bank signed off on these phony mortgages? How did they benefit ? Arrest them all.
ReplyDeleteUntil and unless I see some of these people swinging at the end of a short rope tied to a tall tree... I don't give one flying fuck!
ReplyDeleteThe whole system is fucked beyond salvation at this point. What we're witness to here, is the fox distracting you from the state of the henhouse.
The only thing remotely surprising about that story excerpt is that there's no mention of funneling funds to politicians personally.
ReplyDeleteYet.
Will they find it, or will this be another case of the witness shooting themself in the back of their head a few times?
So let's see - this particular story began in 2002. It's only taken 23 years for any money laundering to show up on somebody's radar. I think even Joe Biden could have caught this in less than 23 years.
ReplyDeleteNo one has been charged. No one is looking out for us. We keep electing politicians who evidently agree this is OK. We let folks come into the U.S. as asylum seekers (N.B. especially Sudanese and other Moslems), whom we find out hate this country, but don't hate our benefits. We got the Republic we wanted 250 years ago, but we're not keeping it.
I understand that similar real estate transactions are common among senior DemonRat politicians in Arizona and New Mexico, possibly related to Mexican Cartels
ReplyDeleteJohn in Indy
I you have to ask.... Of COURSE the mortgage industry is used for money laundering. As is all other industries that deal in large sums of money that change hands frequently.
ReplyDeleteAgree with Sig... Yet... but it's coming!
ReplyDeleteStop the presses! Crooked politicians gaming the system, and shoving both hands in the taxpayers' pockets.
ReplyDeleteOh, wait, just like 24/7/365/forever.
The cure for this is to cut all government to the bone, and then start sawing off limbs too.