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Category: SEC

Geoff Walsh of National Consumer Law Center (NCLC) publishes very informative article regarding foreclosure

March 29, 2022

Almost everyone writing articles about consumer finance, mortgage loans, and servicing is now in agreement that there are viable meritorious defenses for the consumer. True, they are not obvious to the casual observer, which is part of the problem. see NCLC Digital Library – 12 Ways to Fight Foreclosure of Zombie Second Mortgages – 2022-03-28 But the defenses available to consumers and to homeowners, in particular, are sufficient to defeat most attempts to administer, collect or enforce any alleged loan account receivable mostly because no such account exists on the books of the party named as the owner of the”note”.

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Why the SEC Needs to Regulate Falsely Labeled "Mortgage Backed Securities"

February 14, 2022

The SEC should be regulating these transactions because the investment banks are evading regulation through claiming an exemption that defines their financial product as a private contract and not a security subject to regulation by the agency. But they still label the financial product as a “mortgage backed security.” It does not take a legal genius to know that they can’t have it both ways. Either it is a security or it is not. * Consumers and homeowners have been continually frustrated by the lack of any support from any federal or state agency whose charter requires them to protect

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WHAT IS A SERVICER ADVANCE? According to Ocwen it has zero credit risk and is not really an advance

January 29, 2021

One place where securitization players and foreclosure players don’t lie is in reports that are formally filed with the SEC. So in my research, I found a document in which Ocwen describes itself and which is subject to judicial notice because it is a government document downloaded from the Sec.gov website. The filing of 8k and other reports required by securities laws and regulations is an official act. It is a sworn representation by the issuer (Ocwen here) that the facts being presented are accurate and true on penalty of going to jail. Here we see a filing that identifies

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