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BANKS FAIL AGAIN ON AMNESTY DEMAND
“If we follow the law, there doesn’t need to be a free house for anyone but that isn’t what the banks want.
“My message to the banks: Be careful what you wish for. If the choice becomes whether to give a free house to the borrower or a free house to the banks, the tide is turning and politically your stock, like in the stock market, is going down. Judges are going to give the free house to borrowers as collateral benefit after all the collateral damages we all suffered as a result of the securitization hoax.”
Editor’s Note: Not surprising. They weren’t going to get what they wanted so they pulled out rather than face the music. The battle is now escalating. Some of the AG’s wanted the settlement for political purposes, but more and more politicians are realizing that the key word in politics for the next election cycle is RUN AGAINST THE BANKS. Nobody likes them anyway.
As we enter the close of the 4th inning of a nine inning game, things are turning sour for the banks as they must. What they want simply isn’t possible unless we abandon our laws and an orderly society. Every week more courts at the trial and appellate level are coming to the same conclusion and the reason is the same: when you actually look at what the banks did versus what they said they did, you come up with two different scenarios — the truth and the lies.
The truth is that the Banks tried to obfuscate their actions with a snowstorm of paperwork. It worked up until now, because it was just too much for regulators and law enforcement to read all of that stuff. But some people, like our team at livinglies, DO look a the money trail and DO look at the Document trail (SEE COMBO) and DO the math in loan level accounting and forensic analysis. The end result is that the liens are not perfected in most instances and even where they were, they were unperfected when they split the obligation from the mortgage. The note was defective from the start just as the mortgage bond given to investors was defective from the start.
All of that means that there may be an obligation, but without a full accounting of all the money transactions related to the the each loan, there is no real claim of default or demand for payment that can be made. And even if there is anything left of the obligation after deductions for payments received by the real creditors, the investor/lenders, the mortgage either never attached to the land (most cases) or detached from the land (some cases). Either way, the mortgage lien does not exist today and either way there can no foreclosure.
If the Banks had their way, they would be able to foreclose anyway and keep the money like they have been doing. THEY GET A FREE HOUSE. The truth is that of course, the borrowers want a free house, who wouldn’t? But so do the banks who never loaned any money nor purchased the obligation. If we follow the law, there doesn’t need to be a free house for anyone but that isn’t what the banks want.
My message to the banks: Be careful what you wish for. If the choice becomes whether to give a free house to the borrower or a free house to the banks, the tide is turning and politically your stock, like in the stock market, is going down. Judges are going to give the free house to borrowers as collateral benefit after all the collateral damages we all suffered as a result of the securitization hoax.
Vexed by Securitization Suit, Banks Pull Out of Mortgage Fraud Settlement Meeting
The five biggest mortgage servicers have cancelled a planned negotiating session with representatives of the 50 State Attorneys General in apparent protest over a federal regulator filing suit against them, a source familiar with the matter tells TIME.
The banks canceled the meeting on Tuesday afternoon in protest over the announcement last Friday that the Federal Housing Finance Agency would bring a broad case against 17 firms, including those in talks with the State AGs. The FHFA, which oversees mortgage giants Fannie Mae and Freddie Mac, alleges the firms violated securities law by misrepresenting the value of bundles of high-risk mortgages they sold. FHFA did not say how much the case might be worth, but outside analysts have said it could potentially produce billions of dollars in compensatory damages from the firms.
The big mortgage servicers, including Bank of America, Citigroup, JP Morgan and others, were scheduled to meet late this week with the State AG negotiators as part of a separate investigation. Those talks are aimed at a settlement that will address standards for handling past and future mortgages, massive penalties (reportedly as high as $20 billion), and a release from legal liability for the servicers in other mortgage matters.
The State AGs did not foresee releasing the banks from liability for the kinds of violations alleged in the FHFA suit. The AGs are focused on the relationship between the banks and borrowers, while FHFA is focused on the bundled, or securitized, mortgages sold by the 17 firms. The big banks apparently were hoping they would be exempted from suits alleging they fraudulently sold bogus mortgages to investors, knowing they were less safe than advertised.
The State AGs, led by Iowa AG Tom Miller, have been desperately trying to finalize their settlement for months. The FHFA suit only complicates that process. Spokespeople for several of the large mortgage servicing banks did not respond to requests for comment on the canceled meeting.
Read more: http://swampland.time.com/2011/09/08/vexed-by-securitization-suit-banks-pull-out-of-mortgage-fraud-settlement-meeting/#ixzz1XTfmAdAT
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