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Category: FDIC

From the Horse's Mouth: WAMU Originated "Loans" Are not Assets of Chase or Even Any trust If the Sale was to a "Depositor"

July 7, 2020

Many thanks to Bill Paatalo for bringing this to my attention. This article brings to the forefront a central issue that Wall Street cannot escape unless we let them: in the context of securitization, the paper transfers to the “depositor” is not a sale even if it is treated as a sale by the “Seller.” That means that the homeowner transactions that were falsely labeled as loans were never securitized. In other words, the whole thing is a lie. A LivingLie, which is why I named named this blog as such. == I would suggest that practitioners take note of

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Could IRS Enforcement of REMICs Bring Wall Street Into Line? Yes but they won't do it. Investors and homeowners continue to suffer as victims of fraud.

May 14, 2020

The most obvious places to look for correction in the illegal conspiracies masquerading as securitization of residential debt were the IRS , the SEC, the FDIC and the FTC and probably later the CFPB. Qui tam (whistleblower) actions were regularly dismissed because the agency that lost money due to false claims rejected the notion that it was a false claim or that anything bad had occurred. Sheila Bair lost her job as head of the FDIC for protesting policy set by Presidents Bush and Obama that failed to hold the line. So here is a 2014 article that talks about

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Chase-WAMU: Is it time to Declare Non Judicial Foreclosure Unconstitutional As Applied?

August 9, 2019

Faced with a notice of foreclosure sale from a company claiming to be the trustee on a deed of trust, homeowners in judicial states are forced to defend using well known facts in the public domain that are not evidence in a court of law. This is particularly evident in scenarios like the Chase WAMU Agreement with the FDIC and the US Bankruptcy Trustee on September 25, 2008. In my opinion the allowance for nonjudicial foreclosure in circumstances where a new party appears under a lawyer’s claim that the new party is the beneficiary under a deed of trust under

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SCOTUS Revives Qui Tam Actions

May 22, 2019

Until this decision I had assumed that Qui Tam actions were essentially dead in relation to the mortgage meltdown. Now I don’t think so. The question presented is whether actions brought by a private person acting as a relator on behalf of a government entity can bring claims for damages under the False Claims Act. Such actions are barred by the statute of limitations, which requires a violation to be brought within six years of the violation or three years “after the date when facts material to the right of action are known or reasonably should have been known by

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Why Regulation is Failing the Mortgage Market

March 26, 2019

A new report from the Federal Reserve Board identifies the central issues confronting regulators — issues that regulators have avoided assiduously. The bottom line is that the FED knows that it lacks accurate information and knows that it is not confirming information given to it by banks who are now all in the background of lending. The real information should be coming from small thinly capitalized private entities that serve as sham conduits for loans. Neither the FED nor any other regulator gets any information on those loans which now account for more than 50% of all loans. This presents

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Federal Court 2015 Deutsch Bank Case Reveals Bank Willingness to Lie Directly to the Court

January 31, 2019

A mere glance at the procedure invoked by the attorney supposedly representing Deutsch Bank reveals the arrogance with which the lawyers present false cases based upon false documents and false execution of documents. “Words matter, especially in real estate transactions. See Univ. Sav. Ass’n v. Springwoods Shopping Ctr., 644 S.W.2d 705, 706 (Tex.1982) (“the terms set out in a deed of trust must be strictly followed”); see also Mathis v. DCR Mortg. III Sub I, L.L.C., 389 S.W.3d 494, 507 (Tex.App. — El Paso, 2012) (“The rules of interpretation that apply to contracts also apply to notes and deeds of

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"True Lender" Lawsuits Causing Business and Legal Headaches for Banks

January 21, 2019

hat tip Bill Paatalo You can’t pick up one end of the stick without picking up the other end as well. Or, if you like, you can’t eat your cake and still have it. Banks used third party intermediaries all the time, and in non-mortgage loans they are considered as the real lender for purposes of being able to charge the interest rate stated in the consumer loan agreement. But the situation is quite different and maybe the reverse in most alleged mortgage loans for the past 20 years. Usually a non-bank funding source was using a third party intermediary

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Forbes: TBTF Banks have $3.8 Trillion in Reported Loan Portfolios — How much of it is real?

July 2, 2018

The five largest U.S. banks have a combined loan portfolio of almost $3.8 trillion, which represents 40% of the total loans handed out by all U.S. commercial banks. See Forbes: $3.8 Trillion in Portfolio Loans I can spot around $300 billion that isn’t real. Let us help you plan your foreclosure defense strategy, discovery requests and defense narrative: 202-838-6345. Ask for a Consult. Purchase now Neil Garfield’s Mastering Discovery and Evidence in Foreclosure Defense webinar including 3.5 hours of lecture, questions and answers, plus course materials that include PowerPoint Presentations. Presenters: Attorney and Expert Neil Garfield, Forensic Auditor Dan Edstrom, Attorney

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Wells Fargo "Lending" Securities It Didn't Own

March 28, 2018

Translation: WFB was the “custodian” of alleged “mortgage-backed” certificates issued for the benefit of investors who paid billions of dollars for ownership of the certificates. WFB “Loaned” those alleged securities to brokers. The brokers in exchange provided “collateral” the proceeds of which were reinvested by WFB. In short, WFB was laundering the investors money for the sole benefit of WFB and not for the investors who owned the certificates and certainly to the detriment of the brokers and their buyers of derivative instruments based upon the loan of the securities. This case reveals the flowering of multiple levels arising from

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FDIC "endorsements" of Note or "Assignments of Mortgage"

February 15, 2018

The FDIC does not want to get into the middle of a court battle over the validity of ownership claims etc. Most endorsements and assignments occurring while the estate of a failed bank is in receivership are of dubious validity and often outright fraud. Chase for example claims ownership of loans when it suits them but denies ownership — or any liability arising out of the loan ads service practices — when it would place Chase in a bad position. Let us help you plan your case narrative and strategy: 202-838-6345. Ask for a Consult. Register now for Neil Garfield’s

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