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Documents filed with the SEC are not evidence of the legitimacy of a PSA. The PSA was not filed with the SEC although the banks would like you to think so. The document, such as it is, was loaded onto the SEC website without any review or acceptance process. Anyone can load documents onto the […]
http://www.latimes.com/opinion/op-ed/la-oe-dayen-deregulation-bank-bill-20180309-story.html Next week marks the 10th anniversary of the run on Bear Stearns, the investment bank that collapsed under the weight of toxic subprime mortgages. Although JPMorgan Chase snapped up Bear Stearns for pennies on the dollar, this maneuver failed to stop the bleeding from the mortgage meltdown, leading to the biggest economic crisis in […]
Thursdays LIVE! Click in to the The Neil Garfield Show Or call in at (347) 850-1260, 6pm Eastern Thursdays Prior to the securitization era began, no party to litigation was entitled to a legal presumption of facts when they had engaged in patterns of conduct in which they had forged, fabricated or otherwise attempted to […]
http://www.wect.com/story/37671186/new-billboard-accuses-mortgage-company-of-fraud WILMINGTON, NC (WECT) – A Wilmington resident and businessman has taken out a billboard on Eastwood Road accusing SunTrust Mortgage of dishonest business practices. The billboard has a picture of a home on it, and says “bogus loans” and “#SunTrustScandal,” directing people to a website which details allegations against the mortgage company. Scott Griffin had […]
The US was a trial run and it worked perfectly for the investment banks. They got money from investors in exchange for what investors thought were RMBS. As they sold more and more of the junk “mortgage bonds” the Ponzi scheme grew geometrically and has now been institutionalized in the US. Globally the loan standards […]
Of the number of people who “purchased” a loan product leading up to the mortgage meltdown- most were refi’s on refi’s. At one point it was reported that MERS had data on 80 million mortgages — but that includes mortgages that were paid off by sale, refi etc. At last count the number of people […]
It’s always best to start at the beginning. All REMIC Trusts appear to be written up as common law trusts permitted under the laws of the State of New York or the State of Delaware. The problem with the REMIC Trusts is that they are not common law trusts nor trusts of any kind. Consider […]
Message of the day to homeowners and their lawyers: “stop admitting things that you assume are true. By admitting those facts you are hanging your client or yourself. Even the client is apt to say “Yes that is my signature on the note” when it has been described by opposing counsel as the original. In […]
Editor’s Note: S.2155 is known in Washington as the Crapo bill. A fitting name. Even Georgetown Law professor and former CFPB adviser Adam Levitin in a blog post warns the dangers of further bank deregulation. This bill functionally exempts 85% of US banks and credit unions from fair lending laws in the mortgage market By […]
First a little background. On February 6, 2018 a California federal judge certified a nationwide class of borrowers accusing Countrywide Financial Corporation of using inflated real estate appraisals to inflate its loan origination business from 2003 to 2008, overturning successor Bank of America’s claims that borrowers won’t be able to back up their racketeering claims […]
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