It is difficult to imagine anything more obvious than splitting the risk taking core model of Wall Street from the risk averse core model of banking. The dilution of Glass-Steagel over the years and its eventual repeal is exactly how we got into this mess. Coupling that with deregulation and non-transparency created a context in …
Thanks to Deontos: Editor’s Note: The logic is simple, basic and the law is old, accepted and “black letter.” No new law is needed to overturn all the foreclosures since 2001, no fancy footwork is required to throw the bums out of court and sue them for the damage they created when they filed false …
Editor’s Note: From Home, to Car to Shelter. It’s a common story and a tragedy. But if that is a tragedy then where is the outrage when we add the component that she was probably wrongly dispossessed, that she probably still owns her house and that if she had proper legal representation in a court …
First, you must realize that they are not “Law” with a capital “L”. Other jurisdictions could return opinions that are completely the opposite of the ones we have seen recently. I consider that unlikely. The reasoning is exactly what I have been saying for 2 years when I predicted the title issues, the enforcement issues, …
Kathleen Engel, professor of law at Suffolk University, said the federal government should step in to help states deal with “toxic titles’’ that are clogging up the system from California to Florida. She said until recently few people were scrutinizing paperwork of foreclosing lenders, whose actions are causing problems for borrowers, investors, and municipalities. No …
TOXIC TITLE: Cloud in Massachusetts: Getting Back Your Home AFTER Foreclosure Sale Read More »
SEE Entire Article: porter While concentrating on Bankruptcy Court all of her points are instructive in all types of litigation. “From external indicia, the claims process in consumer bankruptcy cases seems like an exemplar of a well-designed legal system that balances the interests of consumers and industry. The claims rules are unambiguous; all parties typically …
SEE wells-fargo-steps-on-a-rake-we-hope-eggs-a-new-country SEE 2009-Ohio-1092 Exactly as we predicted, the Wells Fargo appeal was an arrogant display of attempting to alter the law simply on the basis of the size of the institution. Bullying at its stupidest. They were looking to create precedent to say that anyone in the securitization chain can bring enforcement of a …
WELLS FARGO PROVES OUR POINT IN OHIO: SUPREME COURT WON'T EVEN HEAR IT Read More »
Editor’s Note: It’s hard to imagine that we could have been any more scared than we were a year ago when it looked like we were going over a cliff. And yet we wasted the crisis and continue business as usual despite dire warnings from Simon Johnson (see article below) who has the prospective of …
Multiple Tsunamis of Defaults and Crises Seen Resulting from Failure of Finance Reform Read More »
October 9, 2009 Editorial Another Kind of Foreclosure Crisis The foreclosure crisis is being made substantially worse by a shortage of lawyers for people whose homes are at risk. According to a new study, an overwhelming number of homeowners who face foreclosure do not have legal help in protecting their rights. As a result, people …
LAWYERS TAKE NOTE — THIS IS YOUR CHANCE –NY Times Editorial hits the nail on the head Read More »
Editor’s Note: They just WON’T get it. Of course they will need a bailout because prices must continue to go down. Just look at the Schiller index that removes inflation from the price of housing and compares it to median income. A child could see where this is going and Washington is covering its eyes …
No FIX WITHOUT THE TRUTH ABOUT SECURITIZED MORTGAGES Read More »
Thank you Deontos Comment: I always thought TWO for the price of ONE was a GOOD thing. Everybody’s talking about the Kansas Appellate Decision? What about this one from Arkansas’s Supreme Court? Same issues, MERS and “black letter law” …. MERS **Lost** and the Arkansas Supreme Court cited the Landmark v KESLER Kansas Decision. ————————————————————— …
Arkansas Supreme Court Denies MERS Legal Standing Read More »
If I am right, then why are judges are not buying this? see msnbc discussion of “What’s in the Bag?”> object> The problem here is becoming increasingly apparent with Judges of many different ideological persuasions. This all looks like a gimmick to them. And they are right. It’s just that the one finessing the gimmick …
Getting Through to Judges Unfamiliar with Securitization Read More »
Thanks to Nye Lavalle for this Submission Editor’s Note: Tacit Procuration Available in Most States. Watch those procedural requirements on reversing foreclosure. The main procedural points are first file to reverse the sale alleging fraud etc. Second, have a court reporter present at any hearing if you need to appeal. In addition whether it is …
Tacit Procuration Available in Georgia and Procedural Pitfalls in Reversing Foreclosures Read More »
The movement is growing and approaching critical mass. It won’t be long now before everyone — including politicians are singing a different song. The fact is most of these foreclosures are wrong — legally, morally, ethically, politically and economically. Kudos to this fine lawyer who is showing some gumption and outrage — something lacking in …
Another Litigant Who Gets It: Barbara Ann Jackson Read More »
The Reno Class Action attorneys and others, including Elizabeth Warren, Chairwomen of the Congressional Oversight Committee, want to know where this money went, whether it satisfied obligations, and whether the obligations satisfied inure to the benefit of homeowners who purchased loan products from a Ponzi securitization scheme or otherwise. $13 trillion in mortgages were issued …
Where Has All the Money Gone – Short Time Passing Read More »
Makes for very good reading. Shows that the advent of low-doc and non-doc loans were, as epected, sure to result in higher delinquencies. As we have pointed out before here, that was the point — to get loans that were sure to go into default. That was the only way they collect the “insurance” (credit …
For Lawyers: Sophisticated Study on "Liar's Loans Read More »
BofA’s Countrywide loses court ruling on mortgages — Modifications Not Authorized By Investor May be Invalid There is lots of significance about this decision. First it shows that if the investor is going to sue it is going to be against the intermediary pretender lenders and not the borrower — because they don’t want to …
From Kevin A McKenna. A very good explanation about MERS and nominees. Note especially the reference to creating two entities to exercise collection and foreclosure instead of one thus reinforcing the argument of financial double jeopardy. The MERS deed would therefore be void, as he says. Thus there would be no security, probably no note …
See Asset Securitization Comptroller’s Handbook The basic model we have developed tracks the money and with that, the intent behind seemingly irrational decisions. For example, why would any lender seeking to make a profit grant a loan whose interest payments were greater than the gross income of the borrower? That is not taking a risk. …
Another Resource Corroborating Our Securitization Model Read More »
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 …
It’s not just that servicers get more money by pushing the loan further and further into distress. They certainly have that incentive. When the loan becomes “delinquent”, they get more money, when the loan goes into “default”, they get more money, and when the loan goes into “foreclosure”, they get more money. So of course …
Doesn’t it bother you that you pay your taxes for doing business in the state of Arizona or whatever state you hail from, but the Wall Street players made trillions of dollars in trading securities based solely (deriving value from)upon interests in real property situated within the boundaries of your state and never reported any …
That's It: The Gloves Are Off — AZ LEADS EFFORT TO SCREW HOMEOWNERS Read More »
Pretender lenders and lawyers for pretender lenders should take warning. The operation described in this article is virtually identical to the operation used by pretender lenders. See also LENDER LIABILITY pdf July 23, 2009 N.Y. Claims Collectors of Debt Used Fraud By JONATHAN D. GLATER Tens of thousands of New York consumers had money seized …
Cuomo Files Civil and Criminal Charges Against Debt Collectors for Fraud on Courts Read More »
“The people running this system remind me of gangsters who manage to walk out of the courthouse with a suspended sentence and can’t wait to get back to their nefarious activities.” “Today’s business model is about making money through tricks and traps.” –Elizabeth Warren Chairman of Oversight Committee There is nothing free or fair about …
Wall Street Throttles Up Battle Against Consumer Protection Read More »
