In the palace of smoke and mirrors that is securitization, everyone is allowed to say they understand the infrastructure even though hardly anyone has the education, training, information, and experience to know anything about it. Even most investment bankers do not grasp the enormity of this scheme which was part straight fraud and part PONZO …
BofA Acquired Countrywide But Tried to Say It Didn't Read More »
In analyzing the paperwork in front of you, make sure you read every word and do not accept anything said at face value. A popular ruse by foreclosure mills is the use of the word “successor.” I have been saying that this word is used as a cover-up for “we don’t have title to the …
As I have previously stated the alleged merger of Bank of America with Countrywide is by no means a foregone conclusion, although lawyers invoke the merger as the basis for ownership and authority over loans. As between insurance companies and Bank of America the merger is referred to as de facto, which means that for …
Most of the questions I get come from lawyers and homeowners who are totally confused by the array of names of companies that appear, disappeared and replaced by lawyers operating under instructions from command central — a group of lawyers who oversee the foreclosures of loans claimed to be securitized. They are the ones who …
I have distilled the legal points and procedure of TILA Rescission down to their essentials and specifics as you can see below. In the case presented the 9th Circuit ruled in favor of the homeowner but in so doing continued to violate the law of the land enunciated by the Supreme Court of the United …
Now that the courts are no longer in fear of precipitating an economic meltdown, it’s time to return to legal decisions instead of political decisions. The Hawaii Supreme Court has done just that in a common sense decision that sweeps aside most of the Wall Street arguments against allowing homeowners to raise the fraudulent foreclosure …
The five largest U.S. banks have a combined loan portfolio of almost $3.8 trillion, which represents 40% of the total loans handed out by all U.S. commercial banks. See Forbes: $3.8 Trillion in Portfolio Loans I can spot around $300 billion that isn’t real. Let us help you plan your foreclosure defense strategy, discovery requests and …
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 …
Fraud for the first time in history has been institutionalized into law. It is foolishness to believe that the banking industry is trustworthy and that they have the right to claim legal presumptions that their fabricated documents, and the forged documents are valid, leaving consumers, borrowers and in particular, homeowners to formulate a defense where …
Royal Bank of Scotland Trained Employees on How to Forge Signatures Read More »
While this case turned upon an inadequate foundation for introduction of “business records” into evidence, I think the real problem here for Keystone National Association was that they did not and never did own the loan — something revealed by the usual game of musical chairs that the banks use to confuse and obscure the …
Banks use several ploys to distract the court, the borrower and the foreclosure defense attorney from the facts. One of them is citing a merger in lieu of presenting documents of transfer of the debt, note or mortgage. We already know that the debt is virtually never transferred because the transferor never had any interest …
This is one more nail in the coffin of false securitization: the only assets attributed to apparent “Buyers” were those related to and including servicer advances. By severing the investors from their positions as creditors, the banks were able to create the illusion that they — or their “originators”, brokers, nominees, fronts and sham operators …
This decision is brilliant. If this actually is paid (which is some time off) then the large award to the homeowners who will gift most of it to the law schools in California will have penetrated academia and therefore the education of law students who will learn, for the first time, what is wrong with …
https://www.vice.com/en_us/article/how-a-cruel-foreclosure-drove-a-couple-to-the-brink-of-death A married couple resorted to self-harm after being physically and psychologically terrorized by Bank of America over their house—until a judge fined the bank $46 million. “Franz Kafka lives… he works at Bank of America.” Judge Christopher Klein’s words kick off an incredible ruling in a federal bankruptcy court in California last week, condemning …
David Dayen: How a Cruel Foreclosure Drove a Couple to the Brink of Death Read More »
LAWYERS WAKE UP! THERE IS GOLD IN THESE HILLS! The Sundquist decision stands out as the clearest denunciation of Bank of America yet. In this colorfully written opinion Judge Klein in California burst out of a shell of false orthodoxy plaguing the courts and gave us rays of sunshine. Get a consult! 202-838-6345 https://www.vcita.com/v/lendinglies to schedule …
BofA Slammed with $45 Million Sanction for Violation of BKR Stay Order Read More »
IF THE SERVICER IS NOT AFFILIATED WITH US BANK “IN ANY WAY” THEN EITHER US BANK HAS NO TRUST DUTIES OR THE SERVICER HAS NO SERVICING AUTHORITY BOTTOM LINE: A trust without a trustee holding fiduciary duties and actual powers over trust assets is no trust at all. This signals corroboration for what is now well known …
What is unique and instructive about this decision from the Montana Supreme Court is that it gives details of each and every fraudulent, wrongful and otherwise illegal acts that were committed by a self-proclaimed servicer and the “defective” trustee on the deed of trust. You need to read the case to see how many different …
Read more here: http://www.charlotteobserver.com/news/business/banking/bank-watch-blog/article116470198.html#storylink=cpy By Deon Roberts The U.S. government let a high-profile mortgage case against Bank of America quietly fizzle out this week. The Department of Justice had until Monday to ask the U.S. Supreme Court to take up its “Hustle” lawsuit against the Charlotte-based bank. In May, the 2nd U.S. Circuit Court of …
Feds allow high-profile case against Bank of America to quietly fizzle out Read More »
The crux of this fight is that if the foreclosing parties are forced to identify the creditors they will only have two options, in my opinion: (a) commit perjury or (b) admit that they have no knowledge or access to the identity of the creditor Get a consult! 202-838-6345 https://www.vcita.com/v/lendinglies to schedule CONSULT, leave message or …
FDCPA and FCCPA (or similar state legislation) claims are getting traction across the country. Bank of America violated the federal Fair Debt Collection Practices Act (“FDCPA”) and the related Florida Consumer Collection Practices Act (“FCCPA”). (Doc. 26). The Goodin case is a fair representation of the experience of hundreds of thousands of homeowners who have …
Achieving standing via merger also requires that the surviving entity prove that it “acquired all of [the absorbed entity’s] assets, including [the] note and mortgage, by virtue of the merger.”Fiorito v. JP Morgan Chase Bank, Nat’l Ass’n, 174 So. 3d 519, 521 (Fla. 4th DCA 2015). see http://4closurefraud.org/2016/06/07/fl-4th-dca-segall-v-wachovia-bank-na-reversed-wachovia-failed-to-prove-standing-to-foreclose/ Finally the courts are turning back to …
When BOA says it is a “Successor by merger” to Countrywide, it is no more true than Chase’s claims that it is the successor by merger to WAMU and no different than the false claims of OneWest as to IndyMac. In each instance there was a merger but in none of them were loans acquired …
Red Oak Merger Corp. a/k/a Countrywide, a/k/a BAC a/k/a Bank of America Read More »
Why are modifications being undermined when they would so obviously preserve the value of the “loan?” The answer is because the real party in interest in the foreclosures is the servicer, not the trust, which doesn’t own the loan anyway, nor even the investor/beneficiaries, who reap very little out of the proceeds of foreclosure. The …
SIGTARP HAMP FINDINGS: SERVICERS REVOKING COMPLIANT HAMP PLANS Read More »
From www.housingwire.com — Reuters published an article on the situation late Friday, BofA settles claims of “misleading shareholders about its exposure to risky mortgage securities and its dependence on an electronic mortgage registry known as MERS.” So, yes, it’s just another settlement for BofA, which is probably really used to this kind of development. “The …
