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Category: taxes

About those tax statements you have seen or received on home "loans"

May 25, 2020

Answering your question requires tracing the convoluted strategy of the investment banks.  Start with the proposition that each player is one of the separate business entities involved in the securities plan that claimed to “have” your loan in some manner, shape or form. Next go to the fact that the creditor role was extinguished in the plan. That leaves the debt with nobody to pay (no creditor). Nobody has an asset on their balance sheet corresponding to your transaction that was originated as a “loan.”  BUT you are making payments as directed by people whom you think are actually authorized to tell you

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The Devil is in the Details — The Mortgage Cannot Be Enforced, Even If the Note Can Be Enforced

September 30, 2014

Cashmere v Department of Revenue For more information on foreclosure offense, expert witness consultations and foreclosure defense please call 954-495-9867 or 520-405-1688. We offer litigation support in all 50 states to attorneys. We refer new clients without a referral fee or co-counsel fee unless we are retained for litigation support. Bankruptcy lawyers take note: Don’t be too quick admit the loan exists nor that a default occurred and especially don’t admit the loan is secured. FREE INFORMATION, ARTICLES AND FORMS CAN BE FOUND ON LEFT SIDE OF THE BLOG. Consultations available by appointment in person, by Skype and by phone.

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Powers of Attorney — New Documents Magically Appear

September 29, 2014

For more information on foreclosure offense, expert witness consultations and foreclosure defense please call 954-495-9867 or 520-405-1688. We offer litigation support in all 50 states to attorneys. We refer new clients without a referral fee or co-counsel fee unless we are retained for litigation support. Bankruptcy lawyers take note: Don’t be too quick admit the loan exists nor that a default occurred and especially don’t admit the loan is secured. FREE INFORMATION, ARTICLES AND FORMS CAN BE FOUND ON LEFT SIDE OF THE BLOG. Consultations available by appointment in person, by Skype and by phone. ———————————— BONY/Mellon is among those

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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

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Securitization for Lawyers: How it was Written by Wall Street Banks

September 3, 2014

For more information on foreclosure offense, expert witness consultations and foreclosure defense please call 954-495-9867 or 520-405-1688. We offer litigation support in all 50 states to attorneys. We refer new clients without a referral fee or co-counsel fee unless we are retained for litigation support. Bankruptcy lawyers take note: Don’t be too quick admit the loan exists nor that a default occurred and especially don’t admit the loan is secured. FREE INFORMATION, ARTICLES AND FORMS CAN BE FOUND ON LEFT SIDE OF THE BLOG. Consultations available by appointment in person, by Skype and by phone. ———————————— Continuing with my article

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Miami Sues JPMorgan Over Discriminatory Lending Practices

July 28, 2014

As further corroboration of the articles on this site and an infinite number of mainstream and not-so-mainstream sites, the banks sold mortgage bonds to investors under the presumption that the risk of loss was nearly zero. If done properly, securitization works. It gives a greater opportunity to more people to get home loan and other kinds of credit financing. And we now know that the primary target of many campaigns was to get new “customers” to take a loan (even if the bank wouldn’t give them a bank account) and in a huge number of cases consisted of those people

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AMGAR

May 19, 2014

After years of writing about the AMGAR program, people are finally asking about this program. So here is a summary of the program. As usual I caution you against using my articles as the final word on any subject. Before you make any decisions about your loans, whether you are in foreclosure, collection or otherwise you should seek competent legal counsel who is licensed in the jurisdiction in which the collateral is located. Also for those who think they would invest in such a program, you should seek both legal advice and consult with a person qualified and licensed as

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Fannie and Freddie Slammed by Massachusetts AG

May 16, 2014

Martha Coakley gets it. Read her letter. Being a politician she does not say that the abstract fear of strategic defaults on all loans across the board is absurd. Well, actually she does say it. Principal reductions and ending patently illegal policies preventing homeowners from buying back their own property at auction are at the center of the solution to the foreclosure mess along with one more thing: things will change when we get the answer to the question IF THESE POLICIES HURT LENDERS, INVESTORS AND BORROWERS, WHY WOULD ANYONE LISTEN TO A THIRD PARTY WHO BENEFITS? fhfa-letter-051414 As the

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Fatal Flaws in the Origination of Loans and Assignments

April 22, 2014

The secured party, the identified creditor, the payee on the note, the mortgagee on the mortgage, the beneficiary under the deed of trust should have been the investor(s) — not the originator, not the aggregator, not the servicer, not any REMIC Trust, not any Trustee of a REMIC Trust, and not any Trustee substituted by a false beneficiary on a deed of Trust, not the master servicer and not even the broker dealer. And certainly not whoever is pretending to be a legal party in interest who, without injury to themselves or anyone they represent, could or should force the

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The Step Transaction and Single Transaction Doctrine

April 11, 2014

Jim Macklin and Dan Edstrom did a great job of packing a great deal of information into 28 minutes of talk time on the Neil Garfield Show last night. I am taking a couple of weeks off the show to do some common follow-up procedures to my heart surgery two years ago. Jim Macklin stepped in and did a great job of getting information into the hands of lawyers and other listeners in what turned out to be a mini-seminar on how to apply Federal tax law to the issue of ownership of the the loan. It should be heard

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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

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3,900,000 Visits and Moving Faster. OUR 3RD ANNIVERSARY — THANK YOU!!

October 3, 2010

SUBSCRIBE TO LIVINGLIES MEMBERSHIP FOR DISCOUNTED SERVICES, NEWSLETTER AND FREE TELECONFERENCES Livinglies fulfills its commitment to becoming the #1 internet resource in foreclosure defense and offense (claims for damages for wrongful foreclosure or improper lending practices). DON’T ASSUME YOUR LOAN IS IN DEFAULT — IT PROBABLY ISN’T EVEN IF YOU DIDN’T MAKE A PAYMENT! DON’T ASSUME YOU OWE THE MONEY! DON’T ASSUME YOU ARE UNDERWATER — YOU HAVE CLAIMS THAT MAY MORE THAN OFFSET THE LOSS! DON’T ASSUME YOU HAVE A MORTGAGE — YOU MAY HAVE A DEBT BUT IT PROBABLY IS UNSECURED! DON’T ASSUME THAT YOU DID SOMETHING WRONG!

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MEDIATIONS, MODIFICATIONS, SHORT-SALES AND SETTLEMENTS

September 26, 2010

SERVICES YOU NEED AUTHORITY AND AGENCY In “Fair Game” Gretchen Morgenson continues to unravel the failing process of “saving homes” while the world ignores the simple truth that legally the homes are in no jeopardy but for the pranks and illusions created by the pretender lenders. There is no valid foreclosure, auction, mediation, modification, short-sale, satisfaction of mortgage, release and re-conveyance, or even settlement with a party to whom the money is not owed and a party owning no rights under the security instrument (the mortgage or deed of trust). It is all an illusion given reality by repetition not

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GMAC HALTS FORECLOSURES ADMITTING FALSE AFFIDAVITS

September 21, 2010

SERVICES YOU NEED From testimony in a Chase case, same as dozens of others I have seen —- Q. So if you didn’t review any books, records, and documents or computerized records, how is it that you had personal knowledge of all the matters contained therein? A. Well, I have personal knowledge that my staff has personal knowledge. That is our process. KEEP IN MIND that these admitted facts now are the same facts treated with incredulity and derision from the bench and opposing counsel. The Judges were wrong. The foreclosures were wrong. Now what? How will homeowners and counsel

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3 CASES THAT SHOW WE ARE ON THE RIGHT TRACK

September 18, 2010

SUBMITTED BY BRIAN Three cases that show we are on the right track. Indymac is a bad group that is going down further. http://www.scribd.com/doc/37596878/Paul-Nygen-Judgement-Against-Lenders-09-15-10 http://www.scribd.com/doc/37617034/FDIC-Indymac-V-Van-Dellen-Complaint-Officers-of-Indymac-sued-by-FDIC-Onewest-Bank-states-106-of-the-108-loans-are-non-performing-Must-be-to-the http://www.scribd.com/doc/37618538/Indymac-Certificate-ShareHolder-Class-Action-9th-Circuit-Interlocutory-Order-certifying-the-6th-Amended-Complaint

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44 Million in Poverty and Climbing

September 17, 2010

livinglies-newsletter-provides-more-strategic-info top-posts-and-pages RECOVERY HELD HOSTAGE BY WALL STREET AND POLITICIANS THIS IS WHAT I WANTED AVOID. WE ARE FAST APPROACHING THIRD WORLD STATUS, FORMER WORLD LEADER. AND THE REASON IS SIMPLE, WALL STREET OWNS THE GOVERNMENT PROCESS. THE RESULT IS THAT THE ONLY RIGHTFUL STIMULUS PACKAGE THAT WOULDN’T COST THE TAXPAYERS A DIME IS BEING BLOCKED. WAKE UP, AMERICA! IT DOESN’T HAVE TO BE THIS WAY! THE RIGHTFUL RETURN OF EQUITY TO HOMEOWNERS AMOUNTING TO TRILLIONS OF DOLLARS (WITHOUT A DIME MORE FROM TAXPAYERS) WOULD PRODUCE ALL THE STIMULUS NECESSARY TO JUMP START OUR ECONOMY FROM REVERSE GEAR TO FORWARD.

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UNDISCLOSED MIDDLE: Repurchase Obligation in the Mortgage Loan Purchase Agreement

September 17, 2010

FROM ANONYMOUS, MY FAVORITE CONTRIBUTOR 🙂 EDITOR’S NOTE: I would be better off and so would our readers if I could be as succinct in my writing as Anonymous. Somehow it always takes me longer to say what he does in a few sentences. Use HIS version instead of mine whenever possible. My version is more academic and runs the risk of putting the Judge to sleep. This piece written by Anonymous underscores the BASIC point that needs to be made from the start: the TOTAL agreement between lender and borrower consists of far more than the loan closing documents.

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Taxation of Securitized Trusts

September 17, 2010

TAXATION OF SECURITIZED TRUSTS(2) For those litigators advanced enough in their knowledge of accounting and taxation, you will uncover here and upon closer search of this blog and other resources that a rich store of materials can be used to great effect in attacking the pretender lenders, but you really must know what you are talking about and you must pick your choice of strategy very carefully. Since our friends are not the only ones reading this blog, I will reserve further comment for those who retain expert services. FROM JOSE Pinnacle, Indymac, Wells, Cendant through PHH, with head quarters

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REad This: Now We are Getting Down to Business

August 31, 2010

My only comment is that this is an excellent piece of reporting by Bernstein and Eisinger at ProPublica that should be read and used as the basis for understanding what is going into your legal memorandums across the country. GREAT JOB!! 2010/08/29 at 1:52 am The Wall Street Money Machine Banks’ Self-Dealing Super-Charged Financial Crisis by Jake Bernstein and Jesse Eisinger ProPublica, Aug. 26, 10:09 p.m. Over the last two years of the housing bubble, Wall Street bankers perpetrated one of the greatest episodes of self-dealing in financial history. Faced with increasing difficulty in selling the mortgage-backed securities that had

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The Truth? Read Matt Taibbi in Rolling Stone

July 26, 2010

64868?RS_show_page=0 EDITOR’S NOTE: How refreshing to see someone who approached this not with caution but with a desire for truth. Read this and you will understand a lot more about the Great Recession. “The “Pig in the Poke” scam is another key to the entire bailout era. After the crash of the housing bubble — the largest asset bubble in history — the economy was suddenly flooded with securities backed by failing or near-failing home loans. In the cleanup phase after that bubble burst, the whole game was to get taxpayers, clients and shareholders to buy these worthless cats, but

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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

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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

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Regulation: Big Government or Big Business

April 21, 2010

“the banks should not be allowed to be larger than the government’s ability to regulate them” If you ask someone about big government, they will probably tell you they don’t want government meddling in their personal business. What they really mean is that they don’t want ANYONE meddling in their lives. In reality, that opened the door to the finance sector to meddle, control and alter our lives. Banks, insurance companies and non-bank financial institutions have co-opted governmental decision making, and forced us all to pay dearly — far more than those taxes that everyone is worried about. Just look

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Tax Apocalypse for States and Federal Government Can be Reversed: Show Me the Money!

March 31, 2010

SEE states-look-beyond-borders-to-collect-owed-taxes states-ignore-obvious-remedy-to-fiscal-meltdown tax-impact-of-principal-reduction accounting-for-damages-madoff-ruling-may-affect-homeowner-claims taxing-wall-street-down-to-size-litigation-guidelines taking-aim-at-bonuses-based-on-23-7-trillion-in-taxpayer-gifts payback-timemany-see-the-vat-option-as-a-cure-for-deficits As we have repeatedly stated on this blog, the trigger for the huge deficits was the housing nightmare conjured up for us by Wall Street. Banks made trillions of dollars in profits that were never taxed. The tax laws are already in place. Everyone is paying taxes, why are they not paying taxes? If they did, a substantial portion of the deficits would vanish. Each day we let the bankers control our state executives and legislators, we fall deeper and deeper in debt, we lose more social services and it endangers our

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