Category: foreign relations

Those VA Loans and Ginny Mae Loans Were ALso Securitized

December 9, 2013

Probably the most misunderstood aspect of the securitization process is that the banks are able to claim there was no securitization when in fact there was. This is especially true in GSE’s like Fannie, Freddie, Ginny and the VA. When you are researching loans you hit a brick wall when you get to the GSE. And there are terms thrown around like smoke and mirrors that this was or this is a Fannie loan and that therefore the loan was not securitized. This is wrong. None of the GSE’s are lenders. They don’t loan money to anyone. So if the

Another Small Fry Thrown Under the Bus

September 19, 2012

Another Small Fry Thrown Under the Bus Editor’s Comment: It is a familiar playbook in drug enforcement, police corruption, and now corruption arising out of the millions of faked, fraudulent Foreclosures — find a guy low down in the chain and throw him under the bus. This guy was making millions on False Inspections. But the government is complicit in an active way in public settlements like the Missouri settlement announced yesterday when they forgive and condone the continuing fraud arising from those who made False Appraisal Reports, false loan documents, false loan assignments, false Notices of Default, false monthly

Countrywide settlement pays fraction to investors – Shell Game Continues

August 16, 2010

EDITOR’S NOTE: The shell game continues. While the media picks up stories about “settlements” giving rise to the presumption that Countrywide Home Loans and Bank of America and the rest of the securitization players committed various violations of statutes, duties, rules and regulations, the main point gets lost. Where is this money going and WHY? What is the tacit or express admission in paying that money and what effect does it have on the average homeowner sitting with a loan whose obligation is being paid in these settlements? Think about it. If Bank of America, which now owns Countrywide, is

Mortgage bond holders taking collective action

August 13, 2010

SHELL GAME CONTINUES. WHO HAS THE BOND? WHO HAS THE RECEIVABLE? WHO HAS THE SECURITY INTEREST? WHO IS GETTING PAID? WHERE ARE THE MONTHLY PAYMENTS GOING? FANNIE MAE AND FREDDIE MAC ARE BIG PLAYERS, AS IS THE FEDERAL RESERVE. ARE THEY THE ONES REALLY FORECLOSING UNDER COVER OF SECURITIZATION? EDITOR’S NOTE: Another entry under the category of “I told you so.” Sooner or later the investors were going to figure out that they had real claims against the investment bankers and other intermediary entities in the illusion of the securitization chain, together with the servicers and other players at the

NON-DISCLOSURE DETAILS FROM THE OTHER SIDE

August 11, 2010

ONE MORE QUESTION TO ASK IN DISCOVERY: WHAT ENTITIES WERE CREATED OR EMPLOYED IN THE TRADING OF MORTGAGE BONDS, CDO’S, SYNTHETIC CDO’S OR TOTAL RETURN SWAPS (NEW TERM)? EDITOR’S COMMENT: LOUISE STORY, in her article in the New York Times continues to dig deeper into the games played by Wall Street firms. You’ll remember that the executives of the major Wall Street firms were spouting off the message that the risks and consequences were unknown to them. They didn’t know anything was wrong. Maybe they were stupid or distracted. And maybe they were just plain lying. The risks to these

WORLD HUNGER PROVIDES PROOF OF FINANCIAL DERIVATIVES INFLATING PRICES

July 7, 2010

One of the hardest things for people to get their minds around is how borrowers were defrauded. The nagging question keeps coming to mind “But you DID sign the loan and take the money, didn’t you?” Yes you did, but you did it because of a representation and virtual guarantee from several parties at the closing table who knew the appraisal was a lie, that you were believing it, that you relied on it, and that you never would have done a deal where the real appraised fair market value was far less than the amount of the loan. So

REMIC EVASION of TAXES AND FRAUD

July 6, 2010

I like this post from a reader in Colorado. Besides knowing what he is talking about, he raises some good issues. For example the original issue discount. Normally it is the fee for the underwriter. But this is a cover for a fee on steroids. They took money from the investor and then “bought” (without any paperwork conveying legal title) a bunch of loans that would produce the receivable income that the investor was looking for. So let’s look at receivable income for a second and you’ll understand where the real money was made and why I call it an

FRAUD IS THE CENTRAL PROBLEM

July 3, 2010

It is hard to state this strongly enough. The entire mortgage backed securitization structure was based upon FRAUD. An intentional misstatement of a material fact known to be untrue and which the receiving party reasonably relies to his detriment is fraud. BOTH ends of this deal required fraud for completion. The investors had to believe the securities were worth more and carried less risk than reality. The borrowers had to believe that their property was worth more and carried less risk than reality. Exactly the same. Using ratings/appraisals and distorting their contractual and statutory duties, the sellers of this crap

"KING" DEUTSCH CITED FOR DESTRUCTION OF CITIES

July 2, 2010

The article below was purloined from www.foreclosureblues.wordpress.com — the comments are mine. Neil Garfield “According to the Federal Deposit Insurance Corporation (FDIC), Deutsche Bank now holds loans for American single-family and multi-family houses worth about $3.7 billion (€3.1 billion). The bank, however, claims that much of this debt consists of loans to wealthy private customers. (EDITOR’S NOTE: THUS ALL THE OTHER LOANS IT CLAIMS TO OWN, IT DOESN’T OWN) The bank did not issue the mortgages for the many properties it now manages, and yet it accepted, on behalf of investors, the fiduciary function for its own and third-party CDOs. In

JP Morgan: 8 people, 18,000 signed affidavits per month

June 8, 2010

The bottom line is that none of these signors of affidavits have ANY personal knowledge regarding any document, event, or transaction relating to any of the loans they are “processing.” It’s all a lie. In a 35 hour workweek, 18,000 affidavits per month computes as 74.23 affidavits per JPM signor per hour and 1.23 per minute. Try that. See if you can review a file, verify the accounting, execute the affidavit and get it notarized in one minute. It isn’t possible. It can only be done with a system that incorporates automation, fabrication and forgery. Editor’s Note: Besides the entertaining

In States Requiring Mediation

June 3, 2010

More and more states are following the example set by the federal government in requiring mediation or modification attempts before going forward with litigation. We think that is a good idea in theory, but without the teeth that is in the enabling rules and statutes in Florida, you are just going to end up playing the same game of “who’s my lender.?” Even in Florida, as in all cases, YOU must bring up the the issue of the authroity of the person being offered as a decision-maker.” 99 times out of a hundred they are not. The most they have

Lender Processing Services, Inc. Contact Info

June 3, 2010

In the secured offices (and network operations center) of this entity is the REAL STORY about the fraud being perpetrated upon the U.S. Court system and every post 2001 borrower, whether they are in distress or not. Here is where the system works its charms — from avoiding actual title reports, relying upon much less expensive credit reports, to the fabrication and probable forgery of thousands of documents in hundreds of thousands of foreclosures. In law there is a duty to preserve evidence once party is aware of litigation concerning that evidence. If you are filing a fraud count you

Borrower Bailout?: Goldman Sachs Conveyor Belt

April 27, 2010

If you have a GSAMP securitized loan you might want to pay particular attention here. In fact, if you ever had a securitized loan of any kind you should be very interested. Hudson Mezzanine: The use of the word “mezzanine” is like the use of the word “Trust.” There is no mezzanine and there is no trust in the legal sense. It is merely meant to convey the fact that a conduit was being used to front multiple transactions — any one of which could be later moved around because the reference to the conduit entity does not specifically incorporate

Foreclosure Prevention 1.1

April 22, 2010

Nobody ever thought that returning a lady’s purse to her after a purse snatcher ran away with it was a gift. So why is anyone contesting returning the purse to homeowners who had their lives snatched from them? The baby steps of the Obama administration are frustrating. Larry Summers, Tim Geithner and those who walk with Wall Street are using ideology and assumptions instead of reality and facts. First they started with the idea of modifications. That would do it. Just change the terms a little, have the homeowner release rights and defenses to what was a completely fraudulent and

Kansas S Ct Decision Annotation 2: Reversing Default

September 24, 2009

The point must be made, and the evidence must be allowed, that the pretender lenders are gaming the system every day and literally stealing homes from both homeowners and investors who thought they had an interest in those homes when they bought mortgage backed securities. This leaves the borrower in a position of financial double jeopardy wherein the true owner of the loan can still make a claim and the investor is simply out of luck — usually have been misinformed about the payments or status of the pool of assets the investor bought into. From Landmark v Kesler —

Give me a little help here: Trusts, REMICs, and the Authority of the Trustee or Trustee's Attorney to Represent

June 25, 2009

When U.S. Bank comes in as Trustee for the the holders of series xyz etc., the use of the words Trustee and series certificates give it an air of legitimacy. But this is probably just another bluff. Reading the indenture on the bond (mortgage backed security) and the prospectus, you will see that the “Trust” may or may not be the the Special Purpose Vehicle that issued the bonds. And of course I remind you that the “borrower” (whom I call an “issuer” for reason explained in other posts) signed a note with one set of terms and the source

Wells Fargo Steps on A Rake (We Hope) — EGGS — a New Country

June 22, 2009

And when that rakes hits them in the head, it will hopefully start a domino effect with the rest of the pretender lenders. OH Sup Ct – Wells Fargo Appeal WF has decided to go for the brass ring by bringing an appeal from a case they lost. What they are saying to the Ohio Supreme Court is that if the borrower doesn’t raise the issue of “who owns the loan” early enough, they have waived it. They are also saying that when they finally record the assignment documents should have no effect on who can enforce the note and

Due Process, Discovery and Burden of Proof

June 15, 2009

Non-judicial process was never intended and could never be constitutionally applied as a mere trick to avoid due process. If these parties wish to initiate foreclosure they must, whether it is a judicial process or a judicial process, possess the attributes of the basic jurisdictional elements of standing and they must possess the attributes of being authorized to proceed by the true parties in interest i.e., the necessary and indispensable parties. The fact that a state allows non-judicial process does not grant carte blanche to any wily person or entity to try its hand at foreclosure and see if they

Media picks up on evil business practices of servicers: Watch These Videos

June 6, 2009

HOMEOWNER FIGHTS AND WINS WITH ACORN: watch HOMEOWNER FIGHTS AND WINS ON PRODUCE THE NOTE: watch BLACKMAIL: NO LATE PAYMENTS? NO PROBLEM. GET OUT!: watch PRODUCE THE NOTE: WHEN THE BANK LOST OR DESTROYED THE EVIDENCE: watch “EVERYONE SHOULD PUT THE ‘LENDER’ TO TASK”: watch Servicers do everything they can to keep loans in default, make money on foreclosures too: watch FED BAILOUT BUYING DEFAULTED LOANS? Why servicers try to force homeowners into foreclosures: watch I WANT SOME TARP — THEY’RE GIVING MONEY AWAY FOR FREE: watch CHILLING PARODY: watch TAKE YOUR COUNTRY BACK: I WANT MY BAILOUT MONEY RAP: watch “THE

Time to Write to Obama, Senators and Congressman

May 3, 2009

Many Thanks to Ron Ryan, Esq. representing the Tucson Bankruptcy Bar for the submission below: Editor’s Note: Obama wasn’t kidding when he he said the thing that humbled or frustrated him the most was how slow Washington is to “get on board.” Dick Durbin had the class and guts to say it outright. The banks own the city — and we the taxpayers gave them the money. WHERE IS YOUR OUTRAGE AND WHY ARE YOU NOT EXPRESSING IT? The Troubled Asset Relief Program money went to bank holding companies that were (a) not holding any troubled assets and (b) not

Cramdown Vote: Banks Bought Senators On The Cheap

May 1, 2009

Sen. Dick Durbin (D-Ill.) introduced legislation in the Senate Thursday which would allow homeowners in bankruptcy to renegotiate — or cramdown — mortgages with banks. His corresponding amendment to the House-passed bankruptcy reform bill is scheduled to be voted on at 2:30. (Read the whole thing.) The measure is widely expected to fail, as crucial Democratic senators, whose votes are needed to overcome a filibuster, have publicly declared their opposition. Democratic Sens. Ben Nelson (Neb.), Mary Landrieu (La.) and Jon Tester have indicated they plan to vote against the amendment. Sen. Evan Bayh (D-Ind.), who supported the bill last time

Cuomo Spotted Appraisal Fraud as Core Problem in 2007

May 1, 2009

WaMu faulted on home loans Colluded to inflate property values, N.Y. attorney general says By AUBREY COHEN AND BILL VIRGIN P-I REPORTERS New York’s attorney general has accused Washington Mutual Inc. of pressuring a real estate appraisal company to deliver inflated home values in order to justify making loans, a practice that some appraisers have complained of increasingly in recent years. The suit filed Thursday in a New York court by Attorney General Andrew Cuomo doesn’t name Seattle-based WaMu as a defendant. Instead, it charges First American Corp. and its eAppraiseIT subsidiary of engaging in “deceptive, fraudulent and illegal business

Appraisal Fraud: Rules set to cut off mortgage originators from appraisers this week

May 1, 2009

Thank you Alan Baron for submitting the article. Editor’s Note: Maybe too little too late but a good start nonetheless. This issue is very simple. In the law it is called “fraud on the market.” Wall Street targeted specific swaths of geography and made it look like the entire market was going wild in that area. It wasn’t. It was all a big lie. They did it by inflating ALL appraisals in the area. This gave them the cover of plausible deniability. In the end, the “appraisals” were improperly rendered and could not withstand the test of time or any

A Reality Check on Mortgage Modification: NY Times Gretchen Morgenson

April 26, 2009

Unfortunately, the bill would not only pay institutions handsomely for each modification they do — at $1,000 each, a bounty that could reach $10 billion — but it would also create opportunities for mortgage servicers to profit at the expense of investors who own the loans. Gretchen Morgenson deserves Kudos for her attempts to disclose the reality of the foreclosure scam that is ongoing. She is correctly identifying the factors that have enabled the predators and thieves to get paid multiple times and now to get immunity for their misdeeds that gave rise to the problems in first place. The

Category: foreign relations

Those VA Loans and Ginny Mae Loans Were ALso Securitized

Another Small Fry Thrown Under the Bus

Countrywide settlement pays fraction to investors – Shell Game Continues

Mortgage bond holders taking collective action

NON-DISCLOSURE DETAILS FROM THE OTHER SIDE

WORLD HUNGER PROVIDES PROOF OF FINANCIAL DERIVATIVES INFLATING PRICES

REMIC EVASION of TAXES AND FRAUD

FRAUD IS THE CENTRAL PROBLEM

"KING" DEUTSCH CITED FOR DESTRUCTION OF CITIES

JP Morgan: 8 people, 18,000 signed affidavits per month

In States Requiring Mediation

Lender Processing Services, Inc. Contact Info

Borrower Bailout?: Goldman Sachs Conveyor Belt

Foreclosure Prevention 1.1

Kansas S Ct Decision Annotation 2: Reversing Default

Give me a little help here: Trusts, REMICs, and the Authority of the Trustee or Trustee's Attorney to Represent

Wells Fargo Steps on A Rake (We Hope) — EGGS — a New Country

Due Process, Discovery and Burden of Proof

Media picks up on evil business practices of servicers: Watch These Videos

Time to Write to Obama, Senators and Congressman

Cramdown Vote: Banks Bought Senators On The Cheap

Cuomo Spotted Appraisal Fraud as Core Problem in 2007

Appraisal Fraud: Rules set to cut off mortgage originators from appraisers this week

A Reality Check on Mortgage Modification: NY Times Gretchen Morgenson

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