The Hidden Truth Behind Mortgage Bonds Ever since the 2008 financial crisis, investors have slowly awakened to a harsh reality: the mortgage bonds in their portfolios are often worthless. Why? Because most were issued by nonexistent REMIC Trusts that were never activated by actual cash transactions. Key Points: The Trusts never received investor funds, meaning they never acquired high-quality mortgages.…[...]

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Posted in Servicer |

What Is a Real Estate Mortgage Investment Conduit? Insights from a Foreclosure Defense Attorney A real estate mortgage investment conduit, often called a REMIC trust, is a type of legal structure created to bundle and sell groups of mortgages to investors. It was designed to make mortgage investing easier and more tax-efficient. Here’s How it’s Supposed to Work Banks or…[...]

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Posted in Servicer |

Everyone is reporting balance sheets with assets that derive their value on one single false premise: that the trusts that issued the original mortgage bonds owned the loans. They didn't. SUPPORT LIVINGLIES! Get a consult! 202-838-6345 https://www.vcita.com/v/lendinglies to schedule CONSULT, leave message or make payments.  ======================== This article is not a substitute for an opinion and advice from competent legal counsel…[...]

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Tags: foreclosure offense, HOLDER, holder in due course, loan contract, mortgage backed securities, RE-REMIC, REMIC, securitization
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The DOJ continues to participate in this PR scheme to keep people from asking — “if everything was so illegal at the top of this food chain, why are we treating the bottom of the food chain as presumptively legal?” THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER. —————-…[...]

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It's time to sit up and take notice. Judges are turning the corner and getting pretty angry about what passed before as evidence. In April this order seemed like a shot in the dark. But now, we are seeing more and more judges actually study the chain of alleged transactions relied upon those who seek forced sale of a residence.…[...]

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Tags: Article 3 UCC, Assignment and Transaction, boarding process, consent order, HSBC, Kathleen Cully, Ocwen
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http://www.reuters.com/article/idUSFit973331   The following statement was released by the rating agency) NEW YORK, September 15 (Fitch) Ocwen Loan Servicing's (Ocwen) loan modification activity has roughly doubled beginning in July due to the implementation of the Streamline HAMP program, according to Fitch Ratings. Ocwen expects modification activity to remain elevated for several months as a result of the program. Ocwen expects…[...]

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Tags: ocwen fitch hamp
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http://www.standard.net/Business/2016/09/15/The-reason-the-Lehman-moment-still-is-with-us Barry Ritholtz Sept. 15 is the eighth anniversary of the Lehman Brothers bankruptcy. Not enough time has passed yet for me to recall those anxious days without getting angry.  Sen. Elizabeth Warren, D-Massachusetts, has used the occasion of this anniversary to suggest the next administration should “investigate and jail” those Wall Street bankers who committed crimes. Although I doubt…[...]

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Tags: Barry Ritholtz, Lehman Brothers, mortgage fraud
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As I have been writing and talking about the forced judicial sales, my opinion has always been that in most cases there is an absence of evidence that the party making the credit bid was in fact the creditor thus entitled to make a "credit bid" at the auction. The credit bid is an allowance for the creditor to bid…[...]

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Tags: beneficiary under deed of trust, cash bid, credit bid, deedof trust, foreclosure defense, fraud, securitization, Substitution of Trustee, wrongful foreclosure
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[caption id="attachment_40889" align="alignnone" width="300"] By David Dayen at the Intercept[/caption] https://theintercept.com/2016/09/15/elizabeth-warren-asks-newly-chatty-fbi-director-to-explain-why-doj-didnt-prosecute-banksters/ Like a lot of other Americans, Sen. Elizabeth Warren wants to know why the Department of Justice hasn’t criminally prosecuted any of the major players responsible for the 2008 financial crisis. On Thursday, Warren released two highly provocative letters demanding some explanations. One is to DOJ Inspector General Michael Horowitz,…[...]

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Tags: DAVID DAYEN, Elizabeth Warren, FBI Bank Fraud, the intercept
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[caption id="attachment_35460" align="alignnone" width="300"] The JPMorgan Paper Chase[/caption] Thursdays LIVE! Click in to the The Neil Garfield Show Or call in at (347) 850-1260, 6pm Eastern Thursdays   Connecticut attorney Stephen Wright and Investigator Bill Paatalo join Neil Garfield to discuss JPMorgan Chase issues. The WaMu/FDIC/Chase pattern where JPMorgan Chase claims sole ownership of specific Washington Mutual Bank loans by…[...]

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