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TX Realtor Arrested; JPM CEO Drops S-bomb; CFPB Sues ⚖️

By January 17, 2021 No Comments

Texas Realtor arrested for disorderly conduct on Capitol grounds

A North Texas Realtor was taken into custody by the FBI for participating in the Capital Riots. 

Jenna Ryan, who is a realtor in the DFW area will face charges for “knowingly entering or remaining in any restricted building or grounds without lawful authority” and “disorderly conduct on Capitol grounds.”
After arriving in DC on a private plane, Ryan’s social media posts made threats to storm the capitol and posted photos and video of her at the capitol during the riot involving a pro-Trump mob.A video posted the day (all of these videos are now taken down) of the riot to her Facebook account shows her saying: “We're gonna go down and storm the Capitol. They’re down there right now and that's why we came and so that's what we are going to do. So wish me luck.” In another, she walks past broken glass and says: “Y’all know who to hire for your realtor. Jenna Ryan for your realtor.”

Ryan was interviewed a few times about her role, after she returned to Texas, and she said she was answering the call of the president and believed the election was rigged.

NAR issued a statement condemning the attacks, but has not taken action against members who took part in the Capital Riots.

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JPM CEO tells management fintech startups should make the “scared s—less”

While speaking to analysts on a JP Morgan Chase conference call, he apparently said the new breed of fintech players, led by PayPal, Square and tech giants around the world including e-commerce giant Alibaba have skyrocketed in users and market cap are a threat to the bank.

“…we should be scared s—less about that,” Dimon said. “We have plenty of resources, a lot of very smart people. We’ve just got to get quicker, better, faster… As you look at what we’ve done, you’d say we’ve done a good job, but the other people have done a good job too.”

Meanwhile, JPMorgan’s net income rose 42% to $12.1 billion, or $3.79 per share, in the quarter ended Dec. 31. Revenue rose 3% to $30.2 billion.

Dimon added that speedy vaccine deployments and nearly $2 trillion in stimulus have raised hopes of a recovery from one of the worst downturn in decades, prompting banks to start unwinding some of their massive loan loss reserves.

“You will have a better economy in the second half [of the year] because we have the vaccine coming, we have fiscal stimulus and people have saved up a lot of money,” JPMorgan Chief Executive Jamie Dimon said. “There will be a lot of pent-up demand and, hopefully, optimism because of the fact that we are getting through this mess. By sometime this summer you could have a very healthy economy.”

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CFPB sues 1st Alliance for unlawful mortgage lending

The CFPB is alleging that since at least 2015, in the course of its mortgage-lending business, 1st Alliance used unlicensed employees to engage in mortgage-origination activities and interactions with consumers that required them to be licensed under state law, in violation of TILA and Regulation Z, its implementing regulation.

The CFPB also believes 1st Alliance used unqualified sales employees to deprive consumers of critical, accurate, and timely loan information was unfair.

The complaint is not a finding or ruling that the defendants have violated the law. The lawsuit seeks injunctions against the defendants, as well as damages, redress to consumers, disgorgement of ill-gotten gains, and the imposition of civil money penalties.

The CFPB also alleges that 1st Alliance representatives repeatedly engaged in misleading representations, omissions, or practices toward consumers. For example, it’s believed customers weren’t informed that their loans were being handled by unlicensed mortgage-loan originators.

—> In other news, Federal prosecutors say the former CEO of a New York real estate firm defrauded hundreds of investors out of more than $50 million after luring them in with a strategy involving “debt-free” Manhattan properties.

The Department of Justice charged Eric Malley, the founder and former chief executive of MG Capital Management, with securities fraud and wire fraud, alleging that he bilked investors out of millions of dollars through two real estate investment funds.

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