Archive for 'Uncategorized' Category
Securitization, by definition, means the acquisition of an asset through payment for a security (e.g. “certificate”). If that event has not occurred, then there is no securitization. If the asset is a loan account, then nothing has changed. If nothing has changed then claims regarding REMIC trusts, trusts, and holders of certificates are all false. […]
The bottom line of a successful defense to Foreclosure Defense is that those who are successful understand that Wall Street changed the conventional home loan equation from legal to illegal. This is not a technical point. If nobody is getting hurt by the refusal or failure of the homeowner to make a scheduled payment, then […]
It is not correct to say that anything was securitized. Issuing securities does not mean the securitization of an asset occurred. The purchase of an option is not securitization of an asset even though the option is a new “security.” I am currently in a spirited debate with a good faith reader who is struggling […]
Much has been said and written about various scams involving bid-rigging. That’s where the parties involved agree to not bid against each other in exchange for getting title to the foreclosed property at a low price. It’s illegal. It’s a violation of the Sherman Antitrust Act. And if anyone other than an investment bank does […]
The inability or unwillingness of the legal profession to admit its ignorance of advanced sophisticated financial innovations has produced an age-old problem. In 400 B.C. Socrates was put to death for revealing it. It’s a simple proposition with far-reaching consequences: people who excel in one thing and rise to power tend to believe they understand […]
Thursdays LIVE! Click into the WEST COAST Neil Garfield Show with Charles Marshall and Bill Paatalo Or call in at (347) 850-1260, 6pm Eastern Thursdays Very promising development in a recent judicial foreclosure case out of New York State. A principal issue in the case was whether the foreclosing party (mortgagee, the typical designate in a judicial […]
You can use the blog chat function for very narrow questions requiring a “yes” or “no” answer or a very short answer. Text messages are frustrating and accomplish virtually nothing. Voice mail messages are about the same as text messages. For the most part, lawyers and homeowners need more from me than that so I […]
Wall Street banks have weaponized confusion among people in the legal profession that starts in law school. In so doing they have created a virtual creditor when the law requires a real creditor. But they have used the confusion to apply legal presumptions of facts that are untrue. Let’s take a look at that. Start […]
The money proceeds from the forced sale of homes is not going to get paid to anyone who owns a loan account receivable. In effect, the courts are proceeding as though reformation has occurred without going through the process of reformation in which both sides would receive the benefit of a bargain (even if it […]
Tom Ice has been a successful litigator for homeowners challenging foreclosures. In 2015 he wrote an article that was published in the Florida Bar Journal detailing exactly what was wrong with the legal analysis in the courts. He pointed out exactly what was happening: * SEE https://www.floridabar.org/the-florida-bar-journal/negotiating-the-american-dream-a-critical-look-at-the-role-of-negotiability-in-the-foreclosure-crisis/ * Over time, the complaints have evolved such that […]
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