Archive for 'Uncategorized' Category
The deal offered to and accepted by the the real lenders (creditors/investors) who ended up being trust beneficiaries to an unfunded trust with no assets, was that there would be multiple co-obligors so there was practically no way on earth that the investor could lose money — except of course in the case of fraud. […]
LivingLies is crowd-sourcing this one. Send your transcripts, articles, letters to neilfgarfield@hotmail.com. We want to know what you have about the Chase WAMU merger and what effect your information has on the ownership of loans that were originated or acquired by WAMU. Remember there were multiple parties involved in this — Washington Mutual and subsidiaries, […]
In thinking about how to present the issues in cases where the loans are part of a securitization process, whether successful or unsuccessful, I realized that one of the things that I failed to do was bring the attention of the court to the the cornerstone of the transaction — the loan closing, rather than […]
When the news of Madoff first made it into the media from which we think we get the information on what is happening in the world, I had two thoughts — both related to my own experience on Wall Street. The first thing was that at $60 Billion it was impossible for all the big […]
Darline Spencer hit the bulls-eye once again. Here she talks about how one loan was multiplied into many loans all of which were sold to investors, but resulted in accounting anomalies that had to be covered up. Here is what she says: Confusing but it appears as I have claimed initially. They took a real […]
Darlene Spencer wrote an excellent piece in a comment on our Facebook page. I had heard rumblings from inside the industry when HSBC got tagged for laundering money for terrorists et al. But thus far I have come up with no actual corroborative evidence, which is why I didn’t write about it. Darlene explains it […]
US bank is popping up as the substitute Plaintiff in cases I have where BOA claimed to be the trustee of the REMIC Trust by virtue of being a “successor by merger.” Now I see them popping up where Chase was the Plaintiff. In all cases the bank originally filed under an assumed name by […]
So if this covered 716,000 different mortgages and the average is $200,000 per mortgage, that equates to around $143 Billion in mortgages on which there are charges of fraud, breach of underwriting duties, buy backs etc. The settlement of $404 million is a joke. It is only about $500 per mortgage. The question is how […]
If the revenue stream from trustee fees can be packaged for sale, then the next logical step will be the securitization of that package. Investors in such securitization vehicles will be laying for their own screwing. The duties of the trustee, already clouded, will be further diluted into thousands of pieces, effectively eliminating any accountability […]
The question is always posed — why did banks need to fake, fabricate, forge, and robo sign mortgage documents? The answer is partially revealed on salon.com citing Lynn Symoniak’s settlement in which she received more than $30 million personally for challenging the banks. According to the Salon article the reason for the fakery was that […]
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