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TILA

MICHELE REAGAN SENATE CANDIDATE GETS IT AND GETS SUED FOR HER TROUBLES WITHOUT DEFAULT!

21 Comments / foreclosure / By

SEE MICHELLE REAGAN, ARIZONA STATE SENATE CANDIDATE Finally a politician who puts principle ahead of politics!! Michele Reagan, currently an Arizona legislator, deserves support not only for her campaign for Arizona State Senate, but for her battle with her lender. Her lender, Colonial Savings, decided to sue her for asking too many questions about how …

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Reg Z TILA Amendment requires new owners and assignees of mortgage loans to notify consumers of the sale or transfer

6 Comments / bubble, CDO, Corruption, currency, Eviction, expert witness, Fannie MAe, foreclosure, HERS, Investor, Modification, Mortgage, securities fraud, Servicer / By

The Federal Reserve Board has issued an interim final rule under Regulation Z to implement the recent Truth in Lending Act (TILA) amendment that requires new owners and assignees of mortgage loans to notify consumers of the sale or transfer. While mostly helpful in foreclosure defense,  the rule leaves open the question of ownership of …

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TILA Rescission Revived Without Tender

30 Comments / bubble, CDO, Corruption, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage / By

Max Gardner’s Protoge Achieved This result as Reported Max’s Current Newsletter: Editor’s Note: Most of what we have seen reported indicates that although TILA is clear in is legislative expression that NO TENDER is required for the rescission remedy under TILA, Judges don’t like it. It seems they feel that Big Bad Borrowers are taking …

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White Paper Declares Securitization Illegal

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

Title: SECURITIZATION IS ILLEGAL. see Securitization is Illegal AUTHOR: MICHAEL NWOGUGU, Certified Public Accountant (Maryland, USA); B.Arch. (City College Of New York). MBA (Columbia University). Attended Suffolk Law School (Boston, USA). Address: P. O. Box 170002, Brooklyn, NY 11217, USA. Phone/Fax: 1-718-638- 6270. Email: datagh@peoplepc.com; mcn111@juno.com. Editor’s Note: I find this compelling. On the other …

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Why Show Me the Note Isn't Enough

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

see no-silver-bullet The reason lawyers should attend the forensics workshop is not so they can do forensic analysis (although they certainly would be in a better position to do so), but rather because they need to know what to do with the information once they get a report of results from a forensic review and …

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Trust, Trustees, Constructive Trust, Fiduciary Duties

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

Editor’s Note: I am currently working on the issue of fiduciary duty, so I would appreciate receiving material from any of you that have submissions on the subject. There is an article in the Florida Bar Journal this month on this topic. “If a fiduciary has special skills or becomes a fiduciary on the basis …

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Keiser's Forensic Analysis Workshop

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

You must remember the judiciary moves slowly is assimilating new facts or patterns in the marketplace. In order to break through a Judge’s preconception of the mortgage origination process, you need to have something that is clear in is presentation of facts, and obvious in its impact. The reasons for having analysis performed by an …

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Accounting for Damages: Madoff Ruling May Affect Homeowner Claims

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

Editor’s Note: Looking further down the road, when the Ponzi aspect of the Mortgage Meltdown is fully revealed, it will become obvious that both yield spread premiums and the proceeds of credit default swaps, insurance and federal bailout are subject to claims by homeowners. The Trustee’s conclusion as affirmed by the Judge’s ruling in the …

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Credit Default Swaps Defined and Explained

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

Editor’s Comments: Everyone now has heard of credit default swaps but very few people understand what they mean and fewer still understand their importance in connection with the securitization of residential mortgage loans and other types of loans.The importance of understanding the operation of a CDS contract in the context of foreclosure defense cannot be …

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Liability of Participants in Securitization Chain

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

The reason for this requirement of transparency and the cutting edge of claiming or clawing back the illicit profits is simple: in a true fair and free market, the lender would know his risk and the borrower would understand the terms. Both would be on alert if unusual fees, profits and kickbacks were known to …

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Mortgage Insurer Asks Court to Bless Claim Denials

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

Lawsuits like this one have been on the rise as ever more mortgages default. It is no secret that the housing market boom fostered poorly underwritten mortgages, in which it was common that a borrower’s income was inflated or never documented. Insurers are denying the claims on many loans, asserting they are not liable to …

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Yield Spread Premiums Prove Appraisal Fraud: The Key to Understanding The Mortgage Mess

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

OK I’m upping the ante here with some techno-speak. But I’ll try to make it as simple as possible. YIELD is the percentage or dollar return on investment. For example, if you buy a bond for $1,000 and the interest rate is 5%, the yield is 5%. You are expecting to receive $50 per year …

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2009-2010 Recap

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

No governmental relief is in sight for homeowners except in isolated instances of community action together with publicity from the media. State and federal governments continue to sink deeper into debt, cutting social and necessary services while avoiding the elephant in the living room: the trillions of dollars owed and collectible in taxes, recording fees, …

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How to Attack MERS and WIN!

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

  NOW AVAILABLE OF AMAZON/KINDLE! EDITOR’S NOTE:MY WIFE WILL KILL ME IF SHE FINDS OUT I’VE BEEN WORKING. SHHHHHHHHH. This news is irresistible. MERS is all but dead with this single decision (see below). Here are the salient points:   MERS is not a beneficiary even if the mortgage deed or deed of trust states …

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How to Negotiate a Modification

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

See how-to-negotiate-a-short-sale See Michael Moore — Modifications See Template-Lawsuit-STOP-foreclosure-TILA-Mortgage-Fraud-predatory-lending-Set-Aside-Illegal-Trustee-Sale-Civil-Rico-Etc Includes QUIET TITLE and MOST FEDERAL STATUTES — CALIFORNIA COMPLAINT See how-to-buy-a-foreclosed-house-its-a-business-its-an-opportunity-its-a-risk My statements here relate to general information and not legal advice. Generally we are of the opinion that the loan modification programs are a farce. First they end up in foreclosure in 6-7 months …

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Some stories don't end well in this battle for justice — A Smiling Judge Refuses to Get it

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

WHY WE ARE PLANNING 2-3 DAY BOOT-CAMPS AND MANUALS FOR LAWYERS, BOOT-CAMPS FOR FORENSIC ANALYSTS, AND BOOT-CAMPS FOR LAYMEN. IT’S JUST NOT AS SIMPLE AS YOU MAY WANT IT TO BE. NOT EVERYTHING ENDS WELL. THE BATTLE IS ON. THIS JUDGE SAID THE ASSIGNMENT DOESN’T NEED TO BE RECORDED TO PROVE OWNERSHIP. HE’S TECHNICALLY RIGHT, …

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JC question shows the way to recovery of equity and helping two or more homeowners for the price of one

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

JC question shows the way to recovery of equity and helping two or more homeowners for the price of one. Seek damages under any of the theories we have suggested here or any one we have a not thought of and if you get a final judgment for damages it will either be paid by …

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TOXIC TITLE: Cloud in Massachusetts: Getting Back Your Home AFTER Foreclosure Sale

13 Comments / bubble, CDO, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage / By

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 …

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Kansas: Waking up to discover the mortgage market was a giant criminal enterprise

15 Comments / bubble, Bush, CDO, Corruption, Eviction, foreclosure, GTC | Honor, Investor, Modification, Mortgage, securities fraud, Servicer, Statutes / By

Matt Taibbi in Huffington Post: Waking up to discover the mortgage market was a giant criminal enterprise A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme …

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Where Has All the Money Gone – Short Time Passing

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

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 …

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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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California District Court Magistrate Hits Nail on Head for Standing by MERS and Servicer

26 Comments / CDO, currency, Eviction, foreclosure, GTC | Honor, Investor, Modification, Mortgage, securities fraud / By

Magistrate Chen, in this excellent and simple analysis shows how the middlemen are trying to steal homeowner’s property, defraud investors who put up the money to fund the loan, and abuse the non-judicial and judicial process of foreclosure. See also Judgment Against Ameriquest, Deutsch Bank et al for Rescission, damages and Attorneys Fees at ameriquest-mortgage-company-deutsche-bank-national-trust-and-amc-mortgage-services-inc …

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From Gator Bradshaw: New "pretender lender" Tactic — Beware of Attempts to Get Borrowers to Verify Non-Existent Obligation

10 Comments / CDO, Corruption, Eviction, foreclosure, foreign relations, GTC | Honor, Modification, securities fraud / By

Fellow travelers, I just had my first incident and wanted to warn everyone. New client comes to see me after just being served. Wells (not original lender) sends them a “package” of documents after they are 30 days late telling them all about their efforts to work with them and prevent foreclosure. Enclosed was a …

From Gator Bradshaw: New "pretender lender" Tactic — Beware of Attempts to Get Borrowers to Verify Non-Existent Obligation Read More »

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