First a little background. On February 6, 2018 a California federal judge certified a nationwide class of borrowers accusing Countrywide Financial Corporation of using inflated real estate appraisals to inflate its loan origination business from 2003 to 2008, overturning successor Bank of America’s claims that borrowers won’t be able to back up their racketeering claims …
Regulators have confirmed that there were widespread errors by banks but that the errors didn’t really matter. They are trying to tell us that the errors had to do with modifications and other matters that really didn’t have any bearing on whether the loans were owned by parties seeking foreclosure or on whether the balance …
Today is National Honesty Day. While it should be a celebration of how honest we have been the other 364 days of the year, it is rather a day of reflection on how dishonest we have been. Perhaps today could be a day in which we say we will at least be honest today about …
Kudos again to Jim Macklin for sitting in for me last night. Excellent job — but don’t get too comfortable in my chair :). Lots of stuff in another mini-seminar packed into 28 minutes of talk. A big point made by the attorney guest Charles Marshall, with which I obviously agree, is don’t admit the …
I have frequently commented that one of the first things I learned on Wall Street was the maxim that the more complicated the “product” the more the buyer is forced to rely on the seller for information. Michael Lewis, in his new book, focuses on high frequency trading — a term that is not understood …
When I first got into this mortgage mess I called counsel for Aurora on a foreclosure case pending in California. I asked him how the currently self-designated entity pursuing foreclosure could justify its actions. His answer was “we are the holder.” So I asked him again why a company that has no financial stake in …
““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 …
Countrywide Found Guilty of Fraud, JPM Criminal Responsibility for Madoff PONZI Scheme Read More »
We have come a long way in six years. Back in 2007 almost everyone thought that the mortgage bonds were valid instruments issued by a valid entity that owned valid mortgages. Now we have Reuters news service reporting that “home loans underlying securities were rotten from the start.” Thus we are crossing that line where …
Reuters: Mortgage Bonds Were "Rotten from the Start." Read More »
CHECK OUT OUR DECEMBER SPECIAL! What’s the Next Step? Consult with Neil Garfield For assistance with presenting a case for wrongful foreclosure, please call 520-405-1688, customer service, who will put you in touch with an attorney in the states of Florida, California, Ohio, and Nevada. (NOTE: Chapter 11 may be easier than you think). Editor’s …
Appraisal Fraud: The Real Deal exposed in Declining Market Read More »
What’s the Next Step? Consult with Neil Garfield CHECK OUT OUR NOVEMBER SPECIAL For assistance with presenting a case for wrongful foreclosure, please call 520-405-1688, customer service, who will put you in touch with an attorney in the states of Florida, California, Ohio, and Nevada. (NOTE: Chapter 11 may be easier than you think). Editor’s …
CLICK HERE FOR CONSULTATION WITH NEIL “We can account for small to reasonable increases in values,” Mr. McKinnon said. “We cannot account for $20,000 jumps in a month.” Editor’s Comment: An amazing quote from someone who obviously is NOW stressing the fundamental elements of an appraisal, especially where there is a loan involved. During the …
The REMICS are mirror images of the NINJA loans — no income, no assets, no job the borrower did not realize that the false appraisal and other deficiencies in underwriting had shifted the risk of loss to the homeowner and the investors Editor’s Notes: Our economy and the economic structure in other countries is stuck …
Appraisal Fraud and Facts: Essential to Securitization Scam Read More »
Editor’s Note: It’s not final but it looks like Ireland is going to do pretty much the same thing that Iceland did, except this one is based upon the heart of the crisis — housing and bad mortgages, falsely presented to lenders and borrowers alike. The answer? Reduction in the balance due on mortgages that …
Ireland Joining Iceland for Mortgage Principal Corrections Read More »
Editor’s Notes: It is already well -established that write-down of principal is the only sane thing to do in these circumstances. De Marco standing as head of of the GSE’s refuses to consider that and even refuses to push for modifications, preferring foreclosures instead. Foreclosures are what is killing the economy, destroying lives and providing …
Editor’s comment: There are two “good” reasons why Wall Street wanted the appraisals inflated. The first was that the higher the appraisals (the real values be damned) the more money they could show that was moving, and the more sure they could be that even good loans would be defaulted strategically by people unwilling to …
Fraudulent Appraisals: The Centerpiece of Securitization PONZI Scheme Read More »
Hat Tip to Ken McLeod, private investigator serving livinglies LIVINGLIES VINDICATED!!! 99% of the Loans Never Were Transferred into Trusts Editor’s Comment: The truth is coming out piece by piece. In this complaint a thorough examination revealed what we have been saying all along — the loans were NOT pooled, bundled or put into any …
Editor’s Comment: At the heart of the entire scam called securitization was the abandonment — in fact the avoidance of repayment of the loans. The idea was to make bigger and bigger loans without due any evidence of due diligence, so that the “lender” could claim plausible deniability and more importantly, make a claim for …
Appraisal Fraud: Triaxx Inching Toward the Truth Read More »
Dan Edstrom, our senior securitization analyst who will be one of the presenters in both the San Francisco (Emeryville) seminar and the Anaheim Seminar, ran across some material that should assist many homeowners and attorneys representing homeowners. Remember that part of the seminar is devoted to the business model for making money — a lot …
Fraud in the Factum: The Core of the Securitization Myth Read More »
CREDITORS CAN ONLY GET PAID ONCE Editor’s Note: If you are news junkie like I am and watch and read everything about the financial markets it is absolutely amazing how everyone seem to be in agreement that we are headed for a financial cliff and nobody wants to do anything about it. Sen Merkley, with …
Sen. Merkley (Ore) Proposes Principal Correction for 75% of Underwater Homeowners Read More »
Featured Product by The Garfield Firm NEW! 2nd Edition Attorney Workbook,Treatise & Practice Manual For Customer Service call 1-520-405-1688 —————————————————————————– No doubt some of you know that we have had some challenges regarding the Forensic TILA analysis. It’s my fault. I decided that the plain TILA analysis was insufficient for courtroom use based upon the …
Message on the Forensic TILA Analysis — It's a Lot More Than it Appears Read More »
MOST POPULAR ARTICLES CLICK HERE TO GET COMBO TITLE AND SECURITIZATION REPORT CUSTOMER SERVICE 520-405-1688 Editor’s Comment: Thanks to Home Preservation Network for alerting us to John Griffith’s Statement before the Congressional Progressive Caucus U.S. House of Representatives. See his statement below. People who know the systemic flaws caused by Wall Street are getting …
MOST POPULAR ARTICLES CLICK HERE TO GET COMBO TITLE AND SECURITIZATION REPORT CUSTOMER SERVICE 520-405-1688 Editor’s Comment: There is no doubt that the tide is turning and that Judges are increasingly uncomfortable with the presence of forged, fabricated documents containing fraudulent statements of fact on transactions that never actually occurred. As this article explains, in …
MOST POPULAR ARTICLES CLICK HERE TO GET COMBO TITLE AND SECURITIZATION REPORT CUSTOMER SERVICE 520-405-1688 “I wonder how many audience members know that Bair’s plan is more or less exactly the revenue model for all of America’s biggest banks. You go to the Fed, get a buttload of free money, lend it out at interest …
Current Bank Plan Is Same as $10 million Interest Free Loan for Every American Read More »
MOST POPULAR ARTICLES CLICK HERE TO GET COMBO TITLE AND SECURITIZATION REPORT CUSTOMER SERVICE 520-405-1688 Editor’s Comment: In my many conversations with both attorneys and pro se litigants they frequently express intense frustration about those invisible relationships and entities that permeate the entire mortgage model starting in the 1990’s and continuing to the present day, …
Bringing in the Clowns Through Breach of Fiduciary Duties Read More »
