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The Logic of Wall Street "Securitization:" The transaction that never existed

30 Comments / AMGAR, CASES, Corruption, discovery, evidence, expert witness, Fannie MAe, foreclosure, foreclosure defenses, GTC | Honor, investment banking, Investor, MBS Trustee, Modification, Mortgage, Motion Practice and Discovery, Motions, originator, Pleading, securities fraud, Trust Beneficiaries, trustee / By

For more information on foreclosure offense and 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 …

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Relevance: THE FORECLOSER HAS NO RIGHT TO BE IN COURT WITHOUT THE SECURITIZATION DOCUMENTS AND RECORDS

76 Comments / AMGAR, Corruption, discovery, escrow agent, evidence, expert witness, Fannie MAe, foreclosure, foreclosure defenses, GTC | Honor, investment banking, Investor, MBS Trustee, Modification, Mortgage, originator, Pleading, securities fraud, Servicer, Title, Trust Beneficiaries, trustee / By

 Courts and lawyers are continually ignoring the obvious. By zeroing in on the NOTE, they are ignoring the documents that allow the person in possession of the note to be in court. That results in elimination of critical elements of a prima facie case in which the Defendant borrower lacks the superior knowledge and resources …

Relevance: THE FORECLOSER HAS NO RIGHT TO BE IN COURT WITHOUT THE SECURITIZATION DOCUMENTS AND RECORDS Read More »

The Banks: Consideration is Irrelevant, Really? Then so is payment!

65 Comments / Corruption, evidence, expert witness, foreclosure, foreclosure defenses, GARFIELD KELLEY AND WHITE, GTC | Honor, investment banking, Investor, MBS Trustee, Modification, Mortgage, Pleading, Servicer, Title, Trust Beneficiaries, trustee / By

The issue is what are the elements of the loan contract? Who are the parties? And who can enforce it? I would agree that an overpayment at closing from the source of funds is rare. What is not rare and in fact common is that the wire transfer instructions that accompany the wire transfer receipt …

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Where is the Loan Receivable? Invitation to Investors Who Bought Mortgage Bonds

97 Comments / bubble, CDO, Corruption, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud / By

INVESTORS READ CAREFULLY IF YOU BOUGHT MORTGAGE BONDS DURING THE MELTDOWN As for the Borrower, we have the obligation, then the note supposedly evidence of the obligation, and then the mortgage which pledges the home as collateral for faithful performance as per the terms of the note. As for the investor/lenders we also have a …

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Barofsky: We Are Headed for a Cliff Because of Housing

3 Comments / bubble, CDO, Corruption, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud / By

Editor’s Note: Hera research conducted an interview with Neil Barofsky that I think should be  read in its entirety but here the the parts that I thought were important. The After Words are from Hera. After Words According to Neil Barofsky, another financial crisis is all but inevitable and the cost will be even higher …

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Libor vs Mortgage Scandals: Amount of Money Appears to be the Only Difference

29 Comments / bubble, CDO, Corruption, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud / By

COME TO THE ANAHEIM 1/2 SEMINAR WEDNESDAY MORNING It appears as though LIBOR is being thrown under the bus as a distraction from the much larger mortgage securitization scam. Both cases relied upon trust that was breached, money that was invented, figures that were fabricated, lying, cheating and inside trading to the detriment of the …

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Finally, Borrowers Score Points

11 Comments / bubble, CASES, Corruption, Eviction, evidence, expert witness, Fannie MAe, foreclosure, foreclosure mill, Forensic Analysis Workshop, GTC | Honor, HERS, investment banking, Investor, Modification, Mortgage, Motion Practice and Discovery, Motions, Pleading, Securitization Survey, Servicer, trustee, workshop / By

“The court certainly agrees that ‘mistakes happen,’ ” Judge Bohm wrote. “However, when mistakes happen not once, not twice, but repeatedly, and when actions are not taken to correct these mistakes within a reasonable period of time, the failure to right the wrong — particularly when the basis for the problem is a months-long violation of …

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New Workshop on Motion Practice and Discovery

5 Comments / bubble, CDO, Corruption, currency, Eviction, foreclosure, GTC | Honor, HERS, Investor, Mortgage, securities fraud / By

why-you-should-attend-the-discovery-and-motion-practice-workshop VISIT LIVINGLIES STORE FOR FREE VIDEOS AND OTHER RESOURCES START WINNING CASES!! May 23-24, 2010 2 days. 9am-5pm. Neil F Garfield. CLE credits pending but not promised. Register Now. Seating limited to 18. INCLUDES LUNCH AND EXTENSIVE MANUAL OF FORMS, NARRATIVE AND CASES. An in-depth look at securitized residential mortgages and deeds of trust. …

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Obama Considering Expansion of Cash for Keys With Taxpayer Money

10 Comments / bubble, CDO, Corruption, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud / By

Editor’s Note: It seems to me that this concedes the battle to Wall Street. It encourages homeowners to take the loss that at the very least should be shared with ALL the players in the securitization scheme and creates more problems in housing and social services. Excerpt from NYT – do not buy into this …

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More Bank failures, More Foreclosures, More Homes Under Water

8 Comments / bubble, CDO, Corruption, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud / By

Editor’s Note: Home sales will continue to drop, home prices will continue to drop, banks will continue to fail until principal reduction is recognized as the reality of the situation. More than 11 million homeowners are reportedly under water. The real number is closer to 20 million. see Modifications Pushing More Homes Underwater. Our economy cannot …

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Wave of Voluntary Strategic Defaults Coming: 20% Under water

14 Comments / bubble, CDO, Corruption, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud / By

Editorial Comment: Actually the number is far higher. We compute it as around 45% when all is said and done. First of all there is consensus that property values are actually around 15% less than seller’s are asking. Second costs of selling the home makes up the rest, taking another 6-10% off the selling proceeds. …

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Fraud Alert: Color Copies being Used to Fabricate Alleged Originals

17 Comments / bubble, CDO, Corruption, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud / By

I have received a number of reports that “outsource providers” are servicing the foreclosers by creating color copies of documents and submitting them as originals. One report is that the “original” was examined at the courthouse and found to be a printout from a very good color printer. It’s a neat trick and one that …

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Federal Reserve: The Holder in Due Course?

12 Comments / bubble, CDO, Corruption, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud / By

Remember that $700 billion in TARP? It was dwarfed by other government programs including one from the Federal Reserve. The Federal Reserve went from a non-existent player in the mortgage backed security market a year ago to owning $904 billion of the mortgage backed securities today. But we don’t seem to be getting or seeing …

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How to Use Lost Documents and Destroyed or Withheld Documents

32 Comments / bubble, CDO, Corruption, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud / By

EDITOR’S NOTE: Earth,the final frontier. Somewhere there are people who grasp the concept of reality. But to give credit where credit is due Floyd gives primary print space to contrary points of view. Even better, he shows his professionalism by asking the two questions (1) why would banks lose the note and (2) “what am …

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The Elephant in the Room – Well One of Many…

8 Comments / brad keiser, bubble, CDO, Corruption, currency, Eviction, foreclosure, inflation, interest rates, Investor, Mortgage, politics, securities fraud / By

By Brad Keiser For those of you who have been to our seminars, (coming to Southern California next month) You have heard me ask about Hank Paulson and Ben Bernanke…”Are they stupid or were they lying when they said everything was OK through out all of 2007 and most of 2008?” You have seen and heard why Neil and I declare …

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TRUTH: Toxic Assets Held by Wall Street: $30 Billion, for everything else there's MasterCard

3 Comments / bubble, CDO, Corruption, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud / By

The reason why the figure is so low is exactly why we have been saying that the Wall Street pretenders have no right to foreclose. They never owned the mortgage backed securities because they sold them “forward.” That’s a fancy way of saying they sold the securities before they existed. They were a figment of …

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WHY WALL STREET ALWAYS BLOWS IT (and where the money went)

24 Comments / bubble, CDO, Corruption, currency, Eviction, foreclosure, foreign relations, GTC | Honor, interest rates, Investor, Mortgage, politics, securities fraud / By

Atlantic Article Submitted by multiple readers, I read this as soon as my issue was delivered. It’s true. And to add insult to injury, the answer to the question on everyone’s mind: Where did the money go? $350 billion disappeared down a black hole. The banks and investment banks got the money under the presumption …

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Trustee for Investors: Powers and Limitations (with livinglies annotations)— Critical in Your Presentation in Court

5 Comments / bubble, CDO, Corruption, Eviction, foreclosure, foreign relations, GTC | Honor, inflation, Mortgage, securities fraud / By

The complete Trustee powers from a standard Pooling and Servicing agreement: Section 8.01 Duties of the Trustee. The Trustee, before the occurrence of an Event of Default and after the curing of all Events of Default that may have occurred, shall undertake to perform such duties and only such duties as are specifically set forth …

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Resources: Trade Periodicals and Research – Use of Professional Information Sources

1 Comment / CDO, Corruption, credit unions, currency, education, Eviction, foreclosure, foreign relations, GTC | Honor, Investor, Mortgage, politics, securities fraud / By

Use of Professional Information Sources Bank Systems & Technology American Banker Community Banker Factiva Independent Banker Bank Technology News Banking Strategies Wall Street Journal/WSJ Online Law firm/consultant/association-provided newsletters ABA Banking Journal NewsEdge US Banker Lexis/Nexis Local associations publications Internally provided news feed Other; please specify — post on comments page

Beware of those offers of "modification"

11 Comments / bubble, CDO, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, politics, securities fraud / By

The lenders are out in force trying to get you to sign something new. Most of the offers accomplish only two things: (1) ratification of a loan that was unenforceable and (2) a virtual guarntee that you will end up with worse problem than when you started in as little as 3 months; QUESTION: I …

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Ponzi Scheme According to FBI — Billions of dollars in Fraud — and they want your house too?

6 Comments / bubble, CDO, Corruption, Eviction, foreclosure, GTC | Honor, interest rates, Mortgage, securities fraud / By

madoffcomplaint madoff-and-the-rest-of-wall-street-after-receiving-17page-report-sec-does-nothing-same-withy-mortgage-meltdown DECEMBER 11, 2008, 7:08 P.M. ET Madoff Charged With Securities Fraud By AMIR EFRATI, TOM LAURICELLA and DIONNE SEARCEY Madoff.com Bernard Madoff Bernard L. Madoff, the founder of Bernard L. Madoff Investment Securities and a fixture of the Wall Street trading world for decades, was arrested Thursday morning by Federal Bureau of Investigation …

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