Maher Soliman and Steve Kop have hit the nail on the head. The only grey area that needs to be explored is the same cinfused mess that started this. The SPE is a conduit by definitition. It is a REMIC. That means it does NOT own the mortgages and notes and it does not own …
Loan or investment . . . what did the homeowner receive? Read More »
Maher Soliman suggested that we consider throwing the SPV Trusts into receivership. Here was my response: MSOLIMan: Forcing the trust into receivership might be a good idea — or even forcing into involuntary bankruptcy. But be careful here. While the Trustee maintains that a trust exists and that the trustee has powers over the subject …
GRETCHEN MORGENSON of the New York Times Keeps Getting It Better and Better. In Today’s article she demonstrates tenacity, insight and combines it with her excellent writing skills. Send her some fan mail. What follows is one of my annotations on one of the many books, treatises and articles that I am constantly reading on …
Mortgage Meltdown: The institutionalization of fraud and criminality Read More »
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 …
Pretender Lenders — read and weep. Game Over. Over the next 6-12 months the entire foreclosure mess is going to be turned on its head as it becomes apparent to even the most skeptical that the mortgage mess is just that — a mess. From the time the deed was recorded to the time the …
OHIO SLAM DUNK by Judge Morgenstern-Clarren: US BANK TRUSTEE and OCWEN Crash and Burn Read More »
When U.S. Bank comes in as Trustee for the the holders of series xyz etc., the use of the words Trustee and series certificates give it an air of legitimacy. But this is probably just another bluff. Reading the indenture on the bond (mortgage backed security) and the prospectus, you will see that the “Trust” …
June 24, 2009 Editorial Real Consumer Protection The federal consumer protection system failed the country, disastrously, in the years leading up to the mortgage crisis. One big cause was the sharing of responsibility for compliance with laws and regulations among several agencies that communicate poorly with each other and tend to put the bankers’ interests …
Real Consumer Protection: New York Times Gets it Right This Time Read More »
And when that rakes hits them in the head, it will hopefully start a domino effect with the rest of the pretender lenders. OH Sup Ct – Wells Fargo Appeal WF has decided to go for the brass ring by bringing an appeal from a case they lost. What they are saying to the Ohio …
Wells Fargo Steps on A Rake (We Hope) — EGGS — a New Country Read More »
HOMEOWNER FIGHTS AND WINS WITH ACORN: watch HOMEOWNER FIGHTS AND WINS ON PRODUCE THE NOTE: watch BLACKMAIL: NO LATE PAYMENTS? NO PROBLEM. GET OUT!: watch PRODUCE THE NOTE: WHEN THE BANK LOST OR DESTROYED THE EVIDENCE: watch “EVERYONE SHOULD PUT THE ‘LENDER’ TO TASK”: watch Servicers do everything they can to keep loans in default, make money …
Media picks up on evil business practices of servicers: Watch These Videos Read More »
EDITOR’S NOTE: It might seem unrelated, but the foreclosure crisis is very much related to BOTH the state budget problems and solutions. While Wall Street tinkered with real property in each state, making unrecorded transfers at huge profits, state Treasurers and county revenue departments have sat idly by watching tens of billions of dollars in …
NY Times: State Revenues Buffeted by Downturn — Turning a Blind Eye to Tax Collection Read More »
Editor’s Note: The reason they “lost” the note is that it was a strategic decision to claim they lost it. There is a procedure for re-establishing a lost note and until recently the rules were extremely loose — because back in the days when those rules were established you had two parties (the borrower and …
Editor’s Note: The opinionators at NY Times have it right in their description but wrong in their prescription. The reality is that nearly all securitized mortgage loans are worthless and unenforceable. The marketplace seems to know that — with “mortgage-backed securities” (that are not backed by anything in reality) selling at 3 cents on the …
NY Times Says it All – Almost – Foreclosures: No End in Sight Read More »
Judge’s ruling deals blow to national mortgage servicer BY TIM O’REILEY A Las Vegas bankruptcy judge has dealt a blow to an obscure but critical piece of the mortgage enforcement machinery that could slow foreclosures. After a rare hearing in front of three judges last year that initially encompassed 27 cases, U.S. Bankruptcy Court Judge …
MERS Goes Down in Flames: 3 Judge Panel Rips Industry Practices Read More »
DOJ Probing Mortgage Data Processing Firms By Peg Brickley Of DOW JONES DAILY BANKRUPTCY REVIEW The Department of Justice is conducting a nationwide probe of the company whose automated systems handle half the mortgages in the U.S., looking for evidence Lender Processing Services Inc. (LPS) has “improperly directed” the actions of lawyers in bankruptcy court. …
Many Thanks to Ron Ryan, Esq. representing the Tucson Bankruptcy Bar for the submission below: Editor’s Note: Obama wasn’t kidding when he he said the thing that humbled or frustrated him the most was how slow Washington is to “get on board.” Dick Durbin had the class and guts to say it outright. The banks …
Time to Write to Obama, Senators and Congressman Read More »
Unfortunately, the bill would not only pay institutions handsomely for each modification they do — at $1,000 each, a bounty that could reach $10 billion — but it would also create opportunities for mortgage servicers to profit at the expense of investors who own the loans. Gretchen Morgenson deserves Kudos for her attempts to disclose …
A Reality Check on Mortgage Modification: NY Times Gretchen Morgenson Read More »
The whole thing is unraveling just we predicted 18 months ago. The largest transfer of wealth in world history is starting. The question is who is going to be behind the curve and who is going to be ahead of it? We are getting daily reports of many cases in which cases that have gone …
First From Comments: mers-info-excellent-submission-and-discovery And second: take a look at this site, which is under attack by Goldman Sachs for telling the truth and raising good questions. Goldman Masters of the Unvierse are going to try to shut it down. www.goldmansachs666.com
The article below by Andrew Rosenfield is an excellent summary of the problems and contradictions facing the Obama administration. But it misses the same point that everyone has failed to ask about. If the intent was to sell the loans to investors and Wall Street took money for that sale, then we must assume that …
The elephant in the living room: What is the Federal Government Buying? Read More »
Editor’s Note: This article is on the right track. Using the guidelines of resolution trust, a fair and equitable distribution of risk and loss could be achieved while at the same time demonstrating to the world that the United States accepts the responsibility for what our “masters of the universe” on Wall Street and Main …
By the METHOD of pooling and tranching, they converted from negotiable to non-negotiable instrument. (Article VIII UCC). That means that upon transfer the recipient of the payment is satisfied in full and a new obligation arises between the seller and buyer separate and apart from the borrower. Further, the method calls for the proceeds of …
BOTTOM LINE: Use of a nominee causes an irreconcilable cloud on title entitling the homeowner to recovery on his homeowner title insurance policy. If homeowners purchased title insurance, they were at the same time in the same closing agreeing that the names of MERS and Countrywide would be used, for example, but that off-record activity …
Curious "disclosure" by MERS and Countrywide: What is a nominee? Read More »
Many thanks to Alan Baron who has been staying on top of the research. Rand Corporation v Yer Song Moua: Manisy Moua, John Doe, Mary Roe, United States Court of Appeals Filed March 20, 2009. 8th-cir-tila-rand-march-20-2009 Phoenix, Az March 25, 2009. by Neil Garfield. Despite nearly heroic efforts by the banking industry to avoid an …
8th Circuit Comes Down Heavy for Homeowners on TILA Rescission Read More »
The Big Takeover The global economic crisis isn’t about money – it’s about power. How Wall Street insiders are using the bailout to stage a revolution MATT TAIBBI Posted Mar 19, 2009 12:49 PM ADVERTISEMENT It’s over — we’re officially, royally fucked. no empire can survive being rendered a permanent laughingstock, which is what happened …
