WELLS FARGO PROVES OUR POINT IN OHIO: SUPREME COURT WON'T EVEN HEAR IT

SEE wells-fargo-steps-on-a-rake-we-hope-eggs-a-new-country

SEE 2009-Ohio-1092

Exactly as we predicted, the Wells Fargo appeal was an arrogant display of attempting to alter the law simply on the basis of the size of the institution. Bullying at its stupidest. They were looking to create precedent to say that anyone in the securitization chain can bring enforcement of a note, anyone can bring enforcement of an obligation, and anyone can bring enforcement of an encumbrance (mortgage or deed of trust). Their brazen approach was rejected by Ohio trial and appellate courts, and then summarily rebuffed by the Ohio Supreme Court who simply won’t even hear their argument.

Arthur Meyer, arguably one the most preeminent experts on banking, has repeatedly said that every five years bankers like to step on a rake. This they did when they decided to play in a game of financial Russian roulette and then tried to steamroll over their mistakes in court. You can of course fool some of the courts all the time, and for a while they were fooling all the courts all the time, but they cannot get past the adage in paraphrase that “you can’t fool all the courts all the time.” These players — all of them — are impostors with only a fraudulent scheme on the agenda. In the process they are causing a massive national bottleneck of title problems that will haunt anyone involved in land transfers for decades to come.

The inescapable fact is that there are two ends of a stick. You cannot pick up one without picking up the other. On one end is the “investor” who purchased a financial product defined as mortgage backed securities; on the other end is the homeowner who purchased a financial product defined as an asset backed security. The two securities are inextricably linked. Without the investor, there would be no homeowner doing any transaction. Without the homeowner, there would be no investor doing any transaction. This simple truth requires us to center in on one single question: who is the Lender in this transaction and how do we talk to him/her/them/it?

Tags: borrower, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, mortgage meltdown, securitization, Wells Fargo
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