Based on the totality of the circumstances, the Court concludes that CashCall, not Western Sky, was the true lender. CashCall, and not Western Sky, placed its money at risk. It is undisputed that CashCall deposited enough money into a reserve account to fund two days of loans, calculated on the previous month’s daily average and that Western Sky used this…[...]

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Tags: borrower, CashCall, disclosure, foreclosure, foreclosure defense, foreclosure offense, fraud, INDIVIDUALY LIABILITY OF OFFICERS OF LENDERS, PREDOMINANT INTEREST, securitization, single transaction, step transaction, substance over form, true lender, usury
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By Rob Blackwell and Ian McKendry September 13, 2016 WASHINGTON — In this political environment, it was always going to be a challenge for bankers to win much-sought structural reforms to the Consumer Financial Protection Bureau. But the revelation that thousands of Wells Fargo employees committed what amounted to bank fraud just put the final nail in the coffin for the effort…[...]

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The FCCPA has a 2 year statute of limitations which gives one more  year of potential actions and it allows for more actions in violation of the statute. It is intended to be a state version of the FDCPA, and explicitly defers to interpretations of the FDCPA. Any lawyer that does not see the potential for (a) helping their clients…[...]

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http://news.morningstar.com/all/market-watch/TDJNMW20160913341/wells-fargo-ceo-says-bad-employees-were-behind-scandal-over-unsolicited-accounts.aspx By Emily Glazer CEO John Stumpf says: ' There was no incentive to do bad things'  John Stumpf, chief executive of Wells Fargo & Co., began to speak publicly Tuesday for the first time since the bank was slapped with a $185 million fine last week over its sales practices, defending the firm and the work he said it…[...]

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Tags: wells fargo controversy, wells fargo fraud
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[caption id="attachment_40691" align="alignnone" width="318"] “If you put the federal government in charge of the Sahara Desert, in five years there’d be a shortage of sand.”-Milton Friedman.  Not to mention sand would be priced like diamonds.[/caption][...]

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[caption id="attachment_40658" align="alignnone" width="300"] Not only can Wells Fargo create mortgage documents out of thin air, but they can create new accounts and customers too! It's oh so amazing what Wells Fargo can do![/caption] By the Lending Lies Team It is now obvious that the major banks have gone rogue. The latest Wall Street scandal shows that 5,800 Wells Fargo…[...]

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Tags: Wells Fargo, wells fargo fraud
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So is there a loan contract at all? Can you force the homeowner into a nonexistent contract without forcing the investors in also? The courts have been doing this for more than a decade --- thus opening up a canyon of moral hazard for future generations. [the banks] have positioned themselves as apparent real parties in interest thus using the…[...]

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The fundamental problem is that while virtually anyone can be accepted as an expert, the weight given to their testimony is zero. The reason is simple. The author most often lacks any traditional credentials other than experience as a "forensic analyst" and their work product sounds pretty good to the homeowner but sounds like advocacy to the court, presented in…[...]

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Tags: advocacy, affidavit, declaration, disclosure, expert testimony, foreclosure, forensic analyst, fraud, opinion evidence, securitization
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When the courts finally come to terms with the fact that the "lenders" are an undefined and undisclosed group of investors who cannot be identified, they will then be required to deal with the the most basic issue of "what is an enforceable loan contract?" What seems obviously true is most probably wrong. THIS ARTICLE IS NOT A LEGAL OPINION…[...]

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What happened with Metric 31? Editor's Note: This "go-ahead" may be why many LivingLies readers have recently received random notifications from Ocwen that they didn't qualify for a loan modification when they never applied for one.  In the past several months, borrowers have informed LendingLies that they received random notices from Ocwen that appeared to be mailed in error.  Ocwen…[...]

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Tags: metric 31 ocwen, mortgage settlement oversight, Ocwen
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