Category: Student Loans

How Could This Not Be a Loan?

December 3, 2021

if the investment bank paid the homeowner as an incentive payment rather than as a loan, then there is no debt any more than salary or wages can later be called a loan. The fact that the consumer/homeowner thought or even wished it were otherwise makes no diffeerence. If I pay you money and you think it is a loan but I paid you for services you rendered, the substance of the transction is “fee for services” — not a loan — and there is no legal or ethical or moral obligation to pay it back. I think the one

Deja Vu for Homeowners: 5 Flaws That Kill Student Loan Collection Lawsuits

November 27, 2017

With the same false claims of securitization of student debt as purported mortgage loans it is apparent that the courts are treating students differently from homeowners. Although the defenses are identical students are gaining much more traction in collection suits than their counterparts who are battling foreclosure. The article cited below appeared in the New York Times. It spells out the defenses that work for students defending collection suits on their student loans. Each one is the same as the proper defense of a foreclosure: The “creditor” cannot prove that it owns the debt. (Quote marks added) The “creditor’s” business

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

New Mexico Supreme Court Wipes Out Bank of New York

February 18, 2014

bony-v-romero_nm-sup.ct.-reverses-with-instruction_2-14 There are a lot of things that could be analyzed in this case that was very recently decided (February 13, 2014). The main take away is that the New Mexico Supreme Court is demonstrating that the judicial system is turning a corner in approaching the credibility of the intermediaries who are pretending to be real parties in interest. I suggest that this case be studied carefully because their reasoning is extremely good and their wording is clear. Here are some of the salient quotes that I think it be used in motions and pleadings: We hold that the Bank

THE NEIL GARFIELD SHOW STARTS THIS THURSDAY AND EVERY THURSDAY AT 6PM

January 27, 2014

Thanks to the folks at Blog Talk Radio, we are finally going back on the air on a weekly basis every Thursday at 6PM Eastern Time, 3PM Pacific Time, and if there is no operator error (that would be me), the shows will be saved as Podcasts and you can listen to them anytime you want. IT’S FREE! (Except for the sponsors). Our intended audience includes, investors who were duped out of their money to buy bogus mortgage bonds, investors or buyers of resales or foreclosures who think they have clear title but don’t, and homeowners as investors who stand

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

Why Do Subservicers Continue to Pay Investors After Borrower Stops Paying?

August 22, 2013

It is now common knowledge that subservicers are continuing to pay investors and reporting the loan as “performing” after they have sent a default and right to reinstate notice as required by the mortgage (usually paragraph 22) and by the uniform debt collection laws. The first problem about this is that the actual creditor does not show a default whereas the bookkeeper Servicer is declaring the default. With the investor receiving his regular payments, how can a default exist? This appears to apply to securitized student loans as well. Bottom line is that the subservicer is reporting to the borrower

LAST CHANCE FOR JUSTICE

August 19, 2013

“We are still in the death grip of the banks as they attempt to portray themselves as the bulwarks of society even as they continue to rob us of homes, lives, jobs and vitally needed capital which is being channeled into natural resources so that when we commence the gargantuan task of repairing our infrastructure we can no longer afford it and must borrow the money from the thieves who created the gaping hole in our economy threatening the soul of our democracy.” Neil Garfield, livinglies.me We all know that dozens of people rose to power in Europe and Asia

Big Banks Headed For Break-Up

March 14, 2013

“What policy makers are starting to realize is that the absence of prosecutions and regulatory action against these banks has produced a profound loss of confidence not only in the financial markets but in the leader of the financial markets (the United States) to control itself and its own participants in finance. It’s not just fair to enforce existing laws and regulations against the banks who so flagrantly violated them and nearly destroyed all the economies of the world, it’s the only practical thing to do.” — Neil F Garfield, livinglies.me If you are seeking legal representation or other services

Student Loans Are The Next Major Crack in Our Finance

April 9, 2012

MOST POPULAR ARTICLES CLICK HERE TO GET COMBO TITLE AND SECURITIZATION REPORT CUSTOMER SERVICE 520-405-1688 Disclosure to Student Borrowers: www.nytimes.com/2012/04/08/opinion/sunday/disclosure-to-student-borrowers.html?_r=1&ref=todayspaper Editor’s Comment: “We have created a world of finance in which it is more lucrative to lose money and get paid by the government, than to make money and contribute to society. In the Soviet Union the government ostensibly owned everything; in America the government is a vehicle for the banks to own everything.”—Neil F Garfield LivingLies.me While the story below is far too kind to both Dimon and JPMorgan, it hits the bulls-eye on the current trends. And if we

Why Everyone Should Support Principal Corrections on Mortgages

March 3, 2012

First, let’s talk to the guy that says homeowners shouldn’t get a break because it would be unfair to him. After all he paid his mortgage and he is still paying his mortgage and nobody is helping him, right? Wrong. Everyone who has a mortgage is getting a federal subsidy. They get to pay less in taxes and the more they owe, the less taxes they pay. That is the interest deduction for home ownership. So the question is not whether homeowners should get help, because they all get help. And if the guy who still has his home doesn’t

Student Loans Non-Dischargeable? — NOT SO FAST

June 5, 2010

If the government guarantee was waived in whole or in part, which I am sure is the case, then the rationale for non-dischargeability disappears. So I am suggesting that the assumption that the student loan is non-dischargeable should be challenged based upon the individual facts of your student loan. If it was securitized and it most likely was, then the party seeking to enforce the debt must prove that the government guarantee still applies. Otherwise it should be treated like any other unsecured debt. —————————- Editor’s comment: Fact: Nearly all finance was securitized and still is. Ron Lieber talks below

Category: Student Loans

How Could This Not Be a Loan?

Deja Vu for Homeowners: 5 Flaws That Kill Student Loan Collection Lawsuits

Levitin and Yves Smith – TRUST=EMPTY PAPER BAG

New Mexico Supreme Court Wipes Out Bank of New York

THE NEIL GARFIELD SHOW STARTS THIS THURSDAY AND EVERY THURSDAY AT 6PM

Those VA Loans and Ginny Mae Loans Were ALso Securitized

Why Do Subservicers Continue to Pay Investors After Borrower Stops Paying?

LAST CHANCE FOR JUSTICE

Big Banks Headed For Break-Up

Student Loans Are The Next Major Crack in Our Finance

Why Everyone Should Support Principal Corrections on Mortgages

Student Loans Non-Dischargeable? — NOT SO FAST

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