Shack Blasts Chase, Fannie Mae for Bad Faith on Wamu Merger It is obvious that documents were produced for Shack to issue these rulings. The affidavits to which he refers should be obtained in their entirety. There is lots to take away from this decision, but most important, is that Chase never acquired the loans from WAMU. The loans originated…[...]

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Tags: American Brokers Conduit, assignment of rents, Chase, Chase-Wamu merger, contribution, Fannie MAe, FDIC, Freddie Mac, TILA, UNJUST ENRICHMENT, WAMU, Washington Mutual
Posted in Corruption, Eviction, evidence, expert witness, foreclosure mill, Modification, Motions, Pleading, securities fraud, Servicer |

The process is simple and frankly most of the orders denying the motion for recusal are probably defective. So you end up facing the same Judge whom you have already accused of being biased. Besides that obvious fact that you won't get the result you want, there is another more important reason. You are most probably wrong. Now that I…[...]

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I was in court yesterday battling out an attempt by U.S. Bank to have all rent turned over to them from several investment properties. The Florida Statute, like many others, allows for a summary procedure and allows the Judge to grant the Motion even if the owner if the properties has defenses. I had many problems both with the statute…[...]

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I've talked about this before. It is why we offer a Risk Analysis Report to Community Banks and Credit Unions. The report analyzes the potential risk of holding MBS instruments in lieu of Treasury Bonds. And it provides guidance to the bank on making new loans on property where there is a history of assignments, transfers and other indicia of…[...]

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Tags: BANK REGULATION, community banks, credit unions, FDIC, Federal reserve, insurance, MBS, OCC, OTS, reserves at small institutions, risk analysis report, SEC
Posted in Corruption, evidence, expert witness, Modification, Motions, Pleading, securities fraud, Servicer |

An ordinary individual finds a sack of promissory notes, and you might expect him to try to locate the owners of those notes. After all they are the equivalent of cash. But the banker sells the stolen notes with false assignments, insures them, gets them guaranteed with payment proceeds to himself and then settles with the lender for pennies on…[...]

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Tags: affirmative defenses, answer, existence of the debt, financial injury alleged, foreclosure defense, jurisdiction, pleading requirements for foreclosure, proving annegative
Posted in Corruption, evidence, expert witness, foreclosure mill, Modification, Motions, Pleading, securities fraud, Servicer |

Apparently I have been unsuccessful in getting the main point across about the so-called securitization of loans --- show me the money is the demand, not show me the note. First, in most cases, the securitization process never happened despite the pile of paper generated by the sham securitization scheme. The "mismanaged" money of investors really amounts to intentionally NOT…[...]

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The Banks are now like the proverbial frog in the water that gradually heats up to boiling. Their arrogance causes them to disregard all the warning signs. The "mismanagement" of investor's funds and documents is a euphemism. What they are talking about is that the banks never put the money into the trusts. So it is impossible for the trusts…[...]

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Tags: Bank of America fraud
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Brent Bertrim brought to my attention that I forgot to add in yesterday's post that when the property is refinanced or sold, (even a short-sale), the wrong party is probably being paid or at least they are being overpaid. I have several cases in the pipeline now where the party executing the satisfaction of the prior mortgage has failed to…[...]

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One of the more controversial statements I have made is that certain types of payments from third party sources should be applied, pro rata, against loan balances. Some have stated that the collateral source rule bars using third party payments as offset to the debt. But that rule is used in tort cases and contract cases are different. There are…[...]

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Tags: Allocation of Third Party Payments, asset pool, credit default swaps, CREDIT EVENT, discovery, foreclosure, guarantees, insurance, Master Servicer, offset
Posted in Corruption, evidence, Modification, Motions, Pleading, securities fraud, Servicer |

Thanks to all who inquired about my health. I am fine. Just busy with cases getting ready for trial. Recent trends show a number of things. First, more actual judgments are being rendered in favor of borrowers. Sometimes, it is procedural, like the statute of limitations that limits actions to 5 years in Florida. But most times, it is simply…[...]

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Tags: DAVID STERN, foreclosures, Guarantee of title, Marshall Watson, mortgage modification, mortgage scams
Posted in Corruption, evidence, expert witness, Modification, Motions, Pleading, securities fraud, Servicer |