By Walter Hackett, Esq. The federal government has trumpeted its Home Affordable Modification Program or “HAMP” solution as THE solution to runaway foreclosures – few things could be further from the truth. Under HAMP a homeowner will be offered a “workout” that can result in the homeowner being “worked out” of his or her home. …
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 …
Another example of why a TILA audit is grossly inadequate. A forensic audit is required covering all bases. Although dated, this article picks up on a continuing theme that demonstrates the title defect, the questionable conduct of pretender lenders and the defects in the foreclosure process when you let companies with big brand names bluff the …
Don’t get misled by titles. The wording of the statute clearly uses “verification” not validation. Verification generally means some sworn document or affidavit. This means when you contest the debt under FDCPA (in addition to sending a QWR) the party who is supposedly collecting or enforcing the debt has a duty to “obtain verification”. And …
Even before he defaulted on a rental property, Vladimir Diaz of Broward County started “to educate myself” with information he found on the Livinglies Web site. So he knew how to challenge IndyMac Bank when it filed a notice of foreclosure even though it didn’t own the loan “note” — the borrower’s obligation to repay. …
PRODUCE THE NOTE AND LIVINGLIES STRATEGIES GET MORE PRESS Read More »
A FEW THOUGHTS ON THE ATTACHED AND SOME CONCLUSIONS: COUNTRYWIDE – E-LOAN LOAN PURCHASE AGREEMENT THE MANUAL: I have heard about the MANUAL from several sources but never seen it. This reminds me of another banking practice where the national and regional credit and debit card networks refer to the rules and regulations governing electronic payments …
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 »
It’s happening…. the word is spreading. Read this carefully. It has lots of good quotes for you to use. But the narrative on who owns the loan is wrong — the investor purchases a bond and a share of the loans. The SPV “Trust” owns nothing. It is a REMIC conduit which means there are …
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. …
Editor’s Note: Nationwide (described in the article below) is not the only company that is in the business of trying to “clear up” the title, assignment and, ownership and recording problems caused by the manner in which the loans were securitized. In many cases we are seeing fabricated documents, signatures from unauthorized people, notarization in …
Pretender Lenders Try to Get Third Parties to Clear Up Title, Assignments Read More »
Thank you Alan Baron for submitting the article. Editor’s Note: Maybe too little too late but a good start nonetheless. This issue is very simple. In the law it is called “fraud on the market.” Wall Street targeted specific swaths of geography and made it look like the entire market was going wild in that …
Appraisal Fraud: Rules set to cut off mortgage originators from appraisers this week Read More »
FAIR GAME Guess What Got Lost in the Loan Pool? By GRETCHEN MORGENSON Published: February 28, 2009 WE are all learning, to our deep distress, how the perpetual pursuit of profits drove so many of the bad decisions that financial institutions made during the mortgage mania. But while investors tally the losses that were generated …
NY Times: Morgenson — Guess What Got Lost in the Loan Pool? Read More »
From M Solimon: {Editor’s Note: Lots more here than meets the eye. You want to know what ledger entries were made by each entity and by what individuals and under whose supervision or instructions the entry was made. Besides being able to trace the holder in due course you will probably eliminate most of their …
Get those Ledger Entries from everyone — they tell a long story 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 …
it follows that the investors are the ONLY parties with standing to make any claim on the mortgage, note or obligation. But they won’t make that claim because of the exposure to risk that could leave them with even more loss than the current loss on their investment. This leaves trillions of dollars in unclaimed …
I am a lawyer in Georgia and it has been my experience in Georgia the lender will move the court to modify the rescission procedure by having you tender the money into the court registry (15 USC 1635(b)) within a specified amount of time., usually 6 months. The mortgage will only be removed after this …
Georgia Lawyer's Strategy on "Bond" Requirement Has Merit Read More »
President Obama is taking on a very challenging task. A direct statement to the American people that their mortgages and notes are invalid, unenforceable or void would be portrayed as undermining contractual obligations. It would infuriate the investors who bought the worthless CDOs and undermine Obama’s enormous popularity with allegations of throwing the finance system …
CBS News HOUSE OF CARDS CBS aired a 2 hour news special on the mortgage meltdown. For a change, the facts in it were entirely correct although some important facts were left out. There still remains a bias against the borrowers. While the case was made that the investors were defrauded and didn’t know what …
Obama on who owns the mortgage: Watch Marcy Kaptur D- Ohio on who owns the mortgage: Watch Geithner’s plan of buying up toxic assets assumes there is a value. There isn’t. The paper is all bad from one end to the other. The Certificates of Asset Backed Securities are bad, the mortgages are bad, the …
countrywide-061308 “Fraud on the Market” at the core of the mortgage meltdown is hotly contested: millowitzvcitigrioup1-30-07
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through …
SUBMITTED BY NY Problems with a Loan Modification: The borrowers will think they are modifying their current loan when in fact they are starting all over again. The Foreclosing entity which lacks standing to bring lawsuit, is not authorized to modify anything since they are not the owner of the loan in question. Since the …
Problems with a Loan Modification: 10 POINTS TO CONSIDER Read More »
