Required reading for participants in the workshops in San Francisco and Anaheim. Should Bankers Go to Jail? by Neil F Garfield, Esq., August 20, 2012 BACKGROUND New York Attorney Marc Dreier was sentenced to jail (20 years) for economic crimes in which he defrauded hedge funds out of $400 Million, some of which was recovered by the sale of seized…[...]

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Posted in Uncategorized |

People are asking in emails and calls why I think this decision from Washington State is so basic and decisive. So here is my answer. If MERS was right, then there would be no point to having a statutory scheme for recording of deeds and mortgages. Let's take a simple example, if MERS was named on the deed as the…[...]

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Tags: MERS, recording statutes
Posted in bubble, Corruption, Eviction, securities fraud |

THE WASHINGTON SUPREME COURT DECISION WILL BE USED EXTENSIVELY AT THE EMERYVILLE AND ANAHEIM CLE WORKSHOPS. The Stunning clarity of the decision rendered by the Washington Supreme Court, sitting En Banc, corroborates the statements I have made on this blog and under oath that they might just as well have put the name "Donald Duck" in as the mortgagee or…[...]

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Tags: agency, Anaheim, Bain, beneficiary, credit bid, creditor, Deutsch Bank as trustee, emeryville, INDYMAC, MERS, perfected lien, principal and agent, servicers, TRUSTEES, Washington Supreme Court, wrongful foreclosure
Posted in bubble, Corruption, Eviction, securities fraud |

DEBT SERVITUDE Standing ovation to Yves Smith from Naked capitalism and Moe Tkacik for his article on the 40 year war on students. It is like eating our young. We want a country that is vibrant, that offers hope for advancement, and that provides superior services and products. But we alone make it impossible for most students to justify the…[...]

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Tags: Das Krapital, Moe Tkacik, student debt, student loans, yves Smith
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In questions certified from the United States District Court, the Supreme Court of the State of Washington En Banc concludes that MERS is not and cannot be a lawful beneficiary under Washington State Law. They decline to opine on the effect of the decision but the effects are obvious. They essentially said that only the real creditor ("the actual holder…[...]

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Tags: Bain, DEED OF TRUST, MERS, Washington State Supreme Court, wrongful foreclosures
Posted in bubble, Corruption, Eviction |

Just in case you were wondering if anything is changing in the world of finance, the answer is no, not really. Ocwen here is announcing that they are securitizing mortgages backed by the government, and selling the pieces to investors, who really ought to know better by now. They are doubling down on a failed strategy in the hope that…[...]

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Tags: government backed, housing market, Ocwen, securitization of mortgages, Wall Street
Posted in bubble, Corruption, Eviction |

Whether it is just battle fatigue or simply good business sense, homeowners are looking at short sales, getting cash for keys and trying to get relocation fees to move. The banks are loosening up their standards for short-sales because failure to do so clearly reveals their malevolent intent to steal homes that they could not otherwise get if the judicial…[...]

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Tags: debt forgiveness, short-sale, tax, title
Posted in bubble, Corruption, Eviction, securities fraud |

In responding to an attorney request, I thought the end product, while not perfect, was worthy of sharing with our readers, especially the lawyers and paralegals. Hat tip to Dan Hanecek who wrote most of it. In compliance with Code of Civil Procedure Section 2033.220, each response to the requests for admission shall: (a)                          Admit so much of the matter…[...]

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Tags: request for admissions
Posted in bubble, Corruption, Eviction, securities fraud |

First thing to add to the list of things you ought to know before you buy is (a) whether the home is part of an Homeowners Association or Condominium or Cooperative association and second whether there are major repairs that are needed or under way because that may mean really big assessments. Once you have purchased the property, YOU are…[...]

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Tags: assessments, Condo, coop, DUES, foreclosure, HOA, MAINTENANCE
Posted in bubble, Corruption, Eviction, securities fraud |

Dan Edstrom, our senior securitization analyst who will be one of the presenters in both the San Francisco (Emeryville) seminar and the Anaheim Seminar, ran across some material that should assist many homeowners and attorneys representing homeowners. Remember that part of the seminar is devoted to the business model for making money --- a lot of it --- in representing…[...]

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Tags: appraisal fraud, fraud in the execution, fraud in the factum, fraud in the inducement
Posted in bubble, Corruption, Eviction, securities fraud |