Everyone seems to be having trouble with winning these cases outright. I think I have discovered the problem. Most attorneys start in the middle of things because that is how it comes to them. Basic Contracts Law, first day of law school. For an agreement to be enforceable it must have all three of the these components: offer, acceptance and…[...]

Continue Reading

Tags: acceptance, accounting, consideration, contracts law, loan receivable, mortgage bonds, offer, Ponzi, shadow banking, shell game
Posted in bubble, Corruption, Eviction, securities fraud |

Editor's Note: I don't want to get technical but it is quite necessary in order to understand a corroboration of my statements regarding (a) whether a loan is secured (b) whether the terms of repayment to the creditor were stated the same way in both the offer to the investor-lender and the borrower and (c) the identity of the creditor…[...]

Continue Reading

Tags: fake debt, legitimate debt, negotiable instruments, real debt, secured transaction
Posted in bubble, Corruption, Eviction |

JP Morgan, because he can, gets $23 Million for mismanaging a bank with fake assets and losing money hand over foot, while the head of the most profitable bank in the world gets paid $308,000. That means Dimon makes 70 times what a good bank manager makes. The worse you get, the more you get paid. That is our system.…[...]

Continue Reading

Tags: Dimon, financial dysfunction, ICBC, Jiang Jianqing
Posted in bubble, Corruption, Eviction, securities fraud |

Has Obama Awakened? Appraisal Fraud Alleged by this Blog is found to be Centerpiece of this Action Editor's Note: The FDIC claims it studied a rough sampling of the securitized loans and alleges more than 60% of the loans packed into each deal contain material untrue or misleading statements. In a resounding acceptance of the principles enunciated first on this…[...]

Continue Reading

Tags: Ally Securities, Bank of America, Countrywide Securities, DEUTSCHE BANK, Deutsche Bank Securities, FDIC, Goldman Sachs, JPMorgan Securities, Merrill Lynch, RBS Securities and WaMu Asset Acceptance Corp
Posted in Eviction |

Seniors Banking... PRICELESS!! Shown below, is an actual letter that was sent to a bank by an 86 year old woman. The bank manager thought it amusing enough to have it published in the Times. Dear Sir: I am writing to thank you for bouncing my cheque with which I endeavoured to pay my plumber last month. By my calculations,…[...]

Continue Reading

Posted in Uncategorized |

Editor's Note: Yves wrote the piece I was going to write this morning. See link below. The salient points to me are mentioned below with comments. The principal point I would make is that Obama has been listening to people who are listening to Wall Street. The Wall Street spin is that this is just another housing bust. It isn't.…[...]

Continue Reading

Tags: Banana republic, banks, housing policy, Naked Capitalism, regulation, REMIC, servicers, Wall Street, yves Smith
Posted in bubble, Corruption, Eviction, securities fraud |

Editor's Note: Same caveat as before --- this consent ruling, although potentially persuasive to other courts is not evidence of the violations in and of itself, but provides a good pep talk to attorneys out there who are too timid to make statements about the treachery in the acts of the Bank of America, and all others who use the…[...]

Continue Reading

Tags: BOA, Consent decree, ReconTrust, WASHINGTON
Posted in bubble, Corruption, Eviction, securities fraud |

Editor's Note: Great article from Truth-Out. See the link below. While I agree in principle with the idea of eminent domain, and like I said this morning it might be a good idea, I wonder if problems will be solved as efficiently as simply outright seizure of the mortgages because of illegal acts committed. Efficiency comes into play and will…[...]

Continue Reading

Posted in Uncategorized |

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…[...]

Continue Reading

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…[...]

Continue Reading

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