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Category: GARFIELD GWALTNEY KELLEY AND WHITE

Why Are We having So Much Trouble Connecting the Dots?

October 31, 2013

Matt Weidner reports that he went to court on a case where IndyMAc was the plaintiff. IndyMac was one of the first banks to collapse. It was found that they owned virtually zero mortgages and had “securitized” the rest which is to say they never loaned the money or got paid off by a successor. Now the servicing rights on IndyMac have been sold. So when the time came for trial he finds the lawyer fighting with his own witness. It seems that she would not say she worked for IndyMac because she didn’t. That meant there was no corporate

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2 Florida Cases Decided in Favor of Borrower

October 29, 2013

The Wadsworth case clearly shows that the appellate courts are requiring the trial court to scrutinize the claims and filings of would-be forecloser and that things like notice of acceleration and the right to cure are important enough to reverse summary judgment. This is directly contrary to the rulings of many judges who say that the lack of notice is NOT a basis for granting a motion to dismiss. It can be argued that if it is enough to defeat a motion for summary judgment, it ought to be sufficient to dismiss the complaint that does not allege the existence

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Why do we need to force the banks to accept more money in modification?

October 28, 2013

Selecting a forensic analyst or a lawyer to represent you in a mortgage dispute. You need to look at their credentials rather than listen to their sales pitch. And you need people who really believe that you can and SHOULD win. For our services and products call our customers service numbers at 520-405-1688 on the West Coast, and 954-495-9867. Or visit www.livingliesstore.com. Don’t waste your money if the people lack the credentials and experience and commitment to make things work out the way you want it. Everyone promises the world. We promise expertise and guidance on how to use it

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JPM Could Lose Its Charter for Criminal Responsibility in Madoff PONZI Scheme

October 25, 2013

From www.seekingalpha.com — JPM’s Madoff entanglement could prompt review of bank charter The Office of the Comptroller of the Currency (OCC) has reportedly told the office of U.S. Attorney Preet Bharara that a criminal money laundering conviction of JPMorgan (JPM) for turning a blind eye to Bernie Madoff’s Ponzi scheme could trigger a review of the bank’s charter. Editor’s Note: practically every day we hear of new gross violations of law and intentional misconduct by the large banks who squandered their brand recognition on absurd situations. I have always said that it was impossible for Madoff to have stolen $60

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Countrywide Found Guilty of Fraud, JPM Criminal Responsibility for Madoff PONZI Scheme

October 24, 2013

““The words PONZI SCHEME and FRAUD applied to the mortgage meltdown has been largely dismissed by policy makers, law enforcement and regulators. Instead we heard the terms RISKY BEHAVIOR and RECKLESSNESS. Now law enforcement has finally completed its investigation and determined that those who set the tone and culture of Wall Street were deeply involved in the Madoff PONZI scheme and were regularly committing FRAUD in the creation and sale of mortgage bonds and the underlying “DEFECTIVE” loans. The finding shows that these plans were not risky nor reckless. They were intentional and designed to deceive and cause damage to

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The rules matter — CASE DISMISSED, without prejudice

October 23, 2013

For assistance with your mortgage go to www.livingliesstore.com or call 520-405-1688. Remember these issues not only apply to homeowners not paying their mortgages. They apply to everyone who has a mortgage or who has acquired title from someone who had a mortgage that was subject to claims of securitization. Lenders and buyers can get a risk assessment report and recommendations to clear title from GGKW, with its home office in Tallahassee. Those in litigation can get information and their lawyers can get litigation support by calling 850-765-1236. For information on direct representation of clients in Florida, call 954-495-9867 in Broward

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Only $4 Billion of JPM $13 Billion Settlement Goes for "Consumer Relief"

October 23, 2013

For assistance in understanding the content of this article and purchasing services that provide information for attorneys and homeowners see www.livingliesstore.com. Josh Arnold has written an interesting article that reveals both realities and misconceptions arising from gross misconceptions. His misperceptions arise primarily from two factors. First he either ignores the fact that JPM was integrally involved in the underwriting, sale and hedging of the alleged mortgage bonds, never actually acquired the loans or the bonds on which they claimed a loss, and made huge “profits” from fictitious trades disguised as “proprietary” trading which was a cover for tier 2 yield

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Livinglies Recalibrates Forensic and Litigation Support Services

October 22, 2013

Responding to specific requests from lawyers and homeowners, the livinglies store has changed its offering. Www.livingliesstore.com You can still get the old Combo of just a title and securitization report, but we have added some levels and services to meet the demand for our services. Of course pricing has been adjusted to reflect the increased workload. Actual litigation support is provided throughout the country to any attorney by Garfield, Gwaltney, Kelley and White (GGKW) with offices now in Broward County and Leon County. We will soon have offices in the Florida Panhandle and Dade County. I’ll be posting separately on

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Fannie and Freddie Demand $6 Billion for Sale of "Faulty Mortgage Bonds"

October 21, 2013

You read the news on one settlement after another, it sounds like the pound of flesh is being exacted from the culprits again and again. This time the FHFA, as owner of Fannie and Freddie, is going for a settlement with Bank of America for sale of “faulty mortgage bonds.” And most people sit back and think that justice is being done. It isn’t. $6 Billion is window dressing on a liability that is at least 100 times that amount. And stock analysts take comfort that the legal problems for the banks has basically been discounted already. It hasn’t. For

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JPMorgan to Pay $13 BILLION in Mortgage Settlement: Which Homes are Affected?

October 20, 2013

The banks have paid tens of billions of dollars in settlements with Federal and State agencies and law enforcement. Where did the money go? But more importantly the real question arises out of the investigation and the question Elizabeth Warren keeps asking — which homes were found to have defective notes and mortgages as alleged by investors in their lawsuits against the investment banks? Which homes did the agency investigation find were foreclosed by parties who were strangers to the transaction. I agree with Sen. Warren who thinks that nothing could be more important to answer as required public informations

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Even if You Win, Homeowners Must Quiet title and Clear the Negative Report on Their Credit

October 18, 2013

This is a nice question to answer for people who have already won their cases successfully defending against a wrongful foreclosure. It is nice because homeowners are winning more and more cases. But it is equally relevant to those who are not in litigation and who think they have clear title and are out of the woods because they are current on their payments. The plain truth is that virtually everyone who has a mortgage lien filed against their property which is subject to claims of securitization, sales into the secondary market, assignments, or other transfers have a problem with

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Hearsay Practice Hints: Meeting Intimidation with Facts

October 17, 2013

I went to a hearing yesterday on the Bank’s Motion for Summary Judgment. The Motion had the usual deficiencies and the affidavit was, as usual, worthless because the witness failed to state any basis for personal knowledge. The attachments to the motion were absent. The Bank avoided the allegation that it ever made a loan and avoided any allegations that there was financial injury and if so, to whom. The Foreclosure Mill was rotating coverage attorneys who knew little about the case. We quickly agreed to drop the motion for summary judgment and move forward to a status conference in

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Foreclosure Defense: Notes on Practice

October 14, 2013

I went to a hearing a few days ago and discovered to my surprise a Judge, in a remote section of Florida, who was fully conversant in the rules of procedure, due process and the laws of evidence. It would be improper for me to name him as I am currently counsel of record in an active case before him. The first thing that caught my attention was that in a case before me the Judge reserved ruling on an uncontested motion for summary judgment, to give himself time to review the paperwork and make sure that the paperwork was

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Wells Fargo: Insured Mortgages Still Being Foreclosed After Death Benefit is Paid to Bank

October 9, 2013

In my newly formed practice and thanks to the diligent work of my partners at GGKW, we have discovered something that is over the top even by current standards in the current mortgage mess, to wit: servicers, banks and other entities are receiving complete payoffs of the mortgage upon the death of the insured homeowner and then either (1) getting the heirs to sign a modification agreement as though the debt was still owed or (2) FORECLOSING. (OR BOTH). This is not accident. The Banks are rolling the dice. Many of the mortgages were in foreclosure or had been declared

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Corroboration of Basic Thread of Livinglies Blog: Banks are Claiming Assets That Really Belong to Investors

October 9, 2013

Corroboration of Basic Thread of Livinglies Blog: Banks are Claiming Assets That Really Belong to Investors From complexity to simplicity: the banks diverted title to the loans from the investors to their puppets — bankruptcy remote vehicles whose sole purpose was to act as though they were lenders or acquirers or aggregators of the loans. If the loans were properly securitized, the investors or the REMIC trust would show up in property records and there really wouldn’t be any question about who owned the loans. Similarly the banks controlled the issuance of the mortgage bonds. The investors advanced money to

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Gretchen Morgenson: Tide Turning as Judges Get Irritated by Bank and Lawyer Behavior

October 7, 2013

“Two recent rulings — one in New York involving Bank of America and one in Massachusetts involving Wells Fargo — serve as examples. In the Wells Fargo case, a ruling on Sept. 17 by Judge William G. Young of Federal District Court was especially stinging. In it, he required Wells Fargo to provide him with a corporate resolution signed by its president and a majority of its board stating that they stand behind the conduct of the bank’s lawyers in the case.” Editor’s Comment: As I am litigating directly now I see evidence of the same trends discussed in the

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PONZI SCHEMES: Liability Of Lawyers and Accountants to be Considered

October 7, 2013

“Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi, (March 3, 1882 – January 18, 1949), commonly known as Charles Ponzi, was an Italian businessman and con artist in the U.S. and Canada. His aliases include Charles Ponci, Carlo and Charles P. Bianchi.[1] Born in Italy, he became known in the early 1920s as a swindler in North America for his money making scheme. Charles Ponzi promised clients a 50% profit within 45 days, or 100% profit within 90 days, by buying discounted postal reply coupons in other countries and redeeming them at face value in the United States as a form of

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How Does Insurance Payee Match Up with Claims of Ownership of the Loan?

October 3, 2013

There have been many admissions by government officials and even parties to the litigation over mortgage Foreclosures to the effect that at this point the ownership of most loans is in doubt. Even President Obama said it, reflecting the views and advice of the senior advisors at the White House. On appeal, recently in California, BOTH sides admitted they had no way of identifying the true creditor — and that is why we have all this litigation, why we have gridlock on modifications and settlements. So what do we do? One insurance expert I interviewed suggested that his industry might

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Reuters: Credit Unions Fail As a Result of Buying Mortgage Bonds

October 2, 2013

As regulators conclude their long investigation into the cloud of companies and the maze of paths of paperwork and money the real victims are being revealed. We know Pension funds got hit hard and are now underfunded strictly as a result of buying worthless mortgage bonds from investment bankers who promised them protection and transparency but instead proved to be the predator. Now regulators are suing Morgan Stanley for defrauding two credit unions that failed as a result of taking a loss on those bonds — a loss that was a gain to the investment banker. But they still don’t

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Servicer's Advance Payments When Borrower Stops

October 1, 2013

The following message and article brings up questions that I have been receiving with increasing frequency as homeowners, their forensic analysts and attorney dig further and further. They are following the money and coming up with the fact that servicers are advancing payments to investors when the borrower stops paying. In fact, they advance those payments to investors after the declaration of default and even after the foreclosure is complete. Where do they get the money from? The answer is that they either get the money from their own pockets or funds they “borrow” from the investment banker that did

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Quicken Loans Cut to the Quick for $3.5 million on $180k Loan

September 30, 2013

“[Customers and employees] accuse the company of using high-pressure salesmanship to target elderly and vulnerable homeowners, as well as misleading borrowers about their loans, and falsifying property appraisals and other information to push through bad deals…. A group of ex-employees, meanwhile, have gone to federal court to accuse Quicken of abusing workers and customers alike. In court papers, former salespeople claim Quicken executives managed by bullying and intimidation, pressuring them to falsify borrowers’ incomes on loan applications and to push overpriced deals on desperate or unwary homeowners.” Internet Store Notice: As requested by customer service, this is to explain the

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Rescission Returns in 3rd Circuit Opinion

September 29, 2013

Forbes has taken notice. There is a shift toward borrowers in mortgage litigation. The decision points back to the origination of the loan. This decision follows a similar decision in the 4th circuit. It all comes down to what actually happened at closing? And we don’t actually know if the decision to allow rescission indefinitely on second mortgages will extend to the first mortgage if it is all part of the same transaction. The result of rescission is that all payments of every kind must be returned to the borrower plus interest and attorney fees and potentially treble damages. All

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