Category: escrow agent

Homeowners need to understand that they are investors, not borrowers.

January 10, 2022

In nearly all cases that the amount of money paid to a “prior lender” is entirely or mostly fictional in all cases of refinancing and nearly all cases in purchase money mortgages. As long as the same underlying investment bank is the same for both the Buyer and Seller or the same for both the new “Lender” and the old “lender.” * But in cases where the Seller gets money (equity) at least some money is actually produced for closing. And as long as the refinancing produces cash to the homeowner, some money is actually produced at closing. So for

Magic Bullet? Maybe this: the foreclosure "team" are all witnesses, not claimants

April 15, 2020

The fact that the foreclosure players know — or even witnessed — the fact that you refused to make any further payments makes them a witness, not a claimant. * The investment banks say they are not liable as lenders for noncompliance with lending laws. OK. A good lawyer can make a powerful argument for estoppel — the investment banks cannot take one position — that it wasn’t a loan in terms of regulation of lenders — and then that it is a loan so they can foreclose without a creditor. * Two wrongs don’t make something right. The fact

"Lost notes" and the Sudden Appearance of "Original Notes."

March 27, 2019

Think of it this way: If someone wrote you a check for $100, which would you do? (1) make a digital copy of the check and then shred it or (2) take it to the bank? Starting with the era in which banks made what is abundantly clear as false claims of securitization the banks all chose option #1. And they collected incredible sums of money far exceeding the Madoff scam or anything like it. Back in 2008 Katie Porter was a law professor and is now a member of the US House of Representatives. For those of who don’t

Same Old Story: Paper Trail vs, Money Trail (Freddie Mac)

May 15, 2018

Payment by third parties may not reduce the debt but it does increase the number of obligees (creditors). Hence in every one of these foreclosures, except for a minuscule portion, indispensable parties were left out and third parties were in reality getting the proceeds of liquidation from foreclosure sales. The explanations of securitization contained on the websites of the government Sponsored Entities (GSE’s) clearly demonstrate what I have been writing for 11 years and reveal a pattern of illusion and deception. The most important thing about a financial transaction is the money. In every document filed in support of the illusion of securitization,

Deloitte and Touche Pays $149.5 Million Settling Claims of Audit Failure of Taylor Bean and Whittaker

March 1, 2018

One of the first cases I ever handled involved TBW in 2008. As usual they filed a lost note count in their foreclosure complaint. And as is required, they offered to indemnify the homeowner if someone else showed up with the original note. With financial firms dropping left and right, my position was two fold: (1) that an indemnification from a firm that was clearly in trouble as reported in the news was of dubious value and (2) that even if that wasn’t the case neither their complaint nor their affidavit recited any facts about when the loss occurred, who

BAP Panel Raises the Stakes Against Deutsch et al — Secured Status May be Challenged

November 26, 2014

Fur Further Information please call 954-495-9867 or 520-405-1688 ——————————– ALERT FOR BANKRUPTCY LAWYERS — SECURED STATUS OF ALLEGED CREDITOR IS NOT TO BE ASSUMED ——————————– I have long held and advocated three points: The filing of false claims in the nonjudicial process of a majority of states should not result in success where the same false claims could never be proven in judicial process. Nonjudicial process was meant as an administrative remedy to foreclosures that were NOT in dispute. Any application of nonjudicial schemes that allows false claims to succeed where they would fail in a judicial action is unconstitutional.

Foreclosure News in Review

October 10, 2014

For more information, services and products please call 954-495-9867 or 520-405-1688. CLICK ON LINKS FOR FULL STORY PRETENDER MENDERS: GOVERNMENT IGNORES THE ELEPHANT IN THE LIVING ROOM — DOW HEADED FOR 8,000? Starting with the Clinton and Bush administration and continued by the Obama administration (see below), the public, the media, the financial analysts, economists and regulators are uniformly ignoring the obvious pointed out originally by Roubini, myself and many others (Simon Johnson, Yves Smith et al). We are pretending the fix the economy, not actually doing it. The fundamental weakness of world economies is that the banks caused a

The Devil is in the Details — The Mortgage Cannot Be Enforced, Even If the Note Can Be Enforced

September 30, 2014

Cashmere v Department of Revenue For more information on foreclosure offense, expert witness consultations and foreclosure defense please call 954-495-9867 or 520-405-1688. We offer litigation support in all 50 states to attorneys. We refer new clients without a referral fee or co-counsel fee unless we are retained for litigation support. Bankruptcy lawyers take note: Don’t be too quick admit the loan exists nor that a default occurred and especially don’t admit the loan is secured. FREE INFORMATION, ARTICLES AND FORMS CAN BE FOUND ON LEFT SIDE OF THE BLOG. Consultations available by appointment in person, by Skype and by phone.

Powers of Attorney — New Documents Magically Appear

September 29, 2014

For more information on foreclosure offense, expert witness consultations and foreclosure defense please call 954-495-9867 or 520-405-1688. We offer litigation support in all 50 states to attorneys. We refer new clients without a referral fee or co-counsel fee unless we are retained for litigation support. Bankruptcy lawyers take note: Don’t be too quick admit the loan exists nor that a default occurred and especially don’t admit the loan is secured. FREE INFORMATION, ARTICLES AND FORMS CAN BE FOUND ON LEFT SIDE OF THE BLOG. Consultations available by appointment in person, by Skype and by phone. ———————————— BONY/Mellon is among those

Levitin and Yves Smith – TRUST=EMPTY PAPER BAG

September 26, 2014

Living Lies Narrative Corroborated by Increasing Number of Respected Economists It has taken over 7 years, but finally my description of the securitization process has taken hold. Levitin calls it “securitization fail.” Yves Smith agrees. Bottom line: there was no securitization, the trusts were merely empty sham nominees for the investment banks and the “assignments,” transfers, and endorsements of the fabricated paper from illegal closings were worthless, fraudulent and caused incomprehensible damage to everyone except the perpetrators of the crime. They call it “infinite rehypothecation” on Wall Street. That makes it seem infinitely complex. Call it what you want, it

When an assignment of a mortgage is invalid, does it require a foreclosure case to be dismissed?

September 23, 2014

Securitization for Lawyers: Conflicts between reality, the documents and the concept.

September 10, 2014

Giunta Prevails on Wells Fargo Motion to Dismiss — Federal Court

September 9, 2014

Maine Moving toward the Truth About the Mortgages, MERS and Foreclosures

September 5, 2014

submitted by anonymous reader: Article by Elena A. Lovoy and D. Brian O’Dell Bradley Arant Boult Cummings LLP The Maine Supreme Court has been active in the last few months – issuing several decisions that will likely impact foreclosure actions in that state. The decisions covered a full range of foreclosure issues, from whether a lender can establish standing when it holds an assignment of the mortgage from Mortgage Electronic Registration Systems, Inc. (“MERS”) to the amount a borrower must pay to cure a default. If you originate and/or service RESIDENTIAL MORTGAGE LOANS in this state, you may want to review these recent cases. This

Securitization for Lawyers: How it was Written by Wall Street Banks

September 3, 2014

Holder in Due Course and Due Process

August 29, 2014

The first thing I want to do is add to my previous comments. I believe there is an implicit admission of failure of consideration in any case where a holder in due course is not identified. In addition, where a REMIC trust not alleged or asserted to be a holder in due course it means by definition that they did not purchase the loan for value in good faith without knowledge of the defense of the “borrower” (maker of the note). I believe that what this means is that any court that enters an order or judgment against the

Pretender Mender: Foreclosure Crisis Continues to Rise Despite Obama Team Reports

August 27, 2014

Despite various “reports” from the Obama Administration and writers in the fields of real estate, mortgages and finance, the crisis is still looming as the main drag on the economy. Besides the fact that complete strangers are “getting the house” after multiple payments were received negating any claim of default, it is difficult to obtain financing for a new purchase for the millions of families who have been victims of the mortgage PONZI scheme. In addition, people are finding out that these intermediaries who received an improper stamp of approval from the courts are now pursuing deficiency judgments against people

"Teaser" Payments: Trick or Treat?

August 19, 2014

Loan Without Money

August 18, 2014

It Makes No Sense

August 4, 2014

For further information and consultations please call 520-405-1688 or 954-495-9867. We offer litigation support to attorneys throughout the country. Consultations outside of Florida require an attorney to be on the line with you. ——— We received so many calls from my post on Friday asking me to write more on the Burden of Proof that I decided to write a supplement. See The Burden of Proof Must be Changed: BofA Slammed Again IT MAKES NO SENSE “Your Honor this is a simple foreclosure on an ordinary mortgage.” Those words, uttered by most foreclosure attorneys are very misleading. Because the attorneys

Chase Slammed By CA Appellate Panel: Bank committed fraud in order to show ownership

July 16, 2014

Housing Wire, Ben Lane (see link to article below): “Bank committed fraud in order to show ownership.” We are entering the 6th inning of the game started by Wall Street when it created the smoke and mirrors game based upon false claims of successors and securitization. As lawyers actually do the work investigating and researching, they are getting results that come closer and closer to the reality that the whole thing was a sham. For each Appellate decision, like this one, there are hundreds of rulings from Trial courts in which Orders were entered finding for the borrower and against

It Was the Banks That Falsified Loan Documents

July 9, 2014

I know it doesn’t make sense. Why would a lender falsify documents in order to make a loan? I had a case in which a major regional bank had their loan representatives falsify loan documents by having the borrower certify that there were houses on his two vacant lots. The bank swore up and down that they were never involved in securitization. When the client refused to make such a false statement — the bank did the loan anyway AS THOUGH THE NONEXISTENT HOMES WERE ON THE VACANT LOTS. Thus they loaned money out on a loan that was guaranteed

How the Banks Literally "Made" Money Out of Nothing

June 30, 2014

For the last few weeks I have been harping on the concepts of holder in due course, holder with rights of enforcement, and holder. They are all different. The challenge in court is to get them treated as different in Court as they are in the statutes. The Banks knew through their attorneys that the worst paper in the world could be turned into real value if they could dress up junk paper and sell it to an unsuspecting innocent third party. They did it with junk bonds, and then they did it again when they created a strategy of

Relevance: THE FORECLOSER HAS NO RIGHT TO BE IN COURT WITHOUT THE SECURITIZATION DOCUMENTS AND RECORDS

June 27, 2014

Courts and lawyers are continually ignoring the obvious. By zeroing in on the NOTE, they are ignoring the documents that allow the person in possession of the note to be in court. That results in elimination of critical elements of a prima facie case in which the Defendant borrower lacks the superior knowledge and resources of the Plaintiff and its co-venturers that would show the truth about his loan ownership and balance. Premise: Chronologically the document trail starts with the securitization documents. Without the securitization documents there is no privity or nexus between the borrowers and the lenders. Neither one