Some of the facts recited here are taken from the true story of one entrepreneur who turned $25,000 into $300 Million. Has anyone ever asked how entrepreneurs with only $25,000 to their name in 2001 now have a net worth of $300,000,000? Has anyone done the math? That money could not possibly have come from making loans using $25,000. That…[...]
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Finding the FINTECH Companies who really do the work of "servicing" payments and disbursements.
Jan 6, 2022
The Core Problem: Servicers Who Don’t Service Here’s the truth that banks and their lawyers won’t answer: there is no real loan account receivable. That’s why they avoid tough questions like this Qualified Written Request (QWR), which cuts to the heart of the issue: Who is actually handling the money? A homeowner recently demanded answers about PennyMac’s supposed role as…[...]Continue Reading
Thursdays LIVE! Click into the LendingEyes Radio Show LIVE with Neil Garfield, Charles Marshall, and Bill Paatalo Or call in at (347) 850-1260, 6 pm EST, 3 pm PST Thursdays FIRST MOCK TRIAL: THURSDAY JANUARY 6, 2022 AT 6 PM EST 3 PM PST WE ARE TRYING A NEW FORMAT TO BE MORE INFORMATIVE AND TO DO A BETTER JOB AT…[...]
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THREADING THE NEEDLE: IT IS WHAT THEY DON'T SAY THAT REVEALS THE TRUTH — AND YOU CAN USE IT!
Jan 5, 2022
So talk about splitting hairs --- here is a statement from a company that is claimed by third parties to be the servicer of a "loan." Note that the parties making the claim do NOT swear that PennyMac is servicing claims to administer, collect and enforce for them, but rather for some unknown creditor or some other entity that does…[...]
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All homeowners who think they have a mortgage loan have received one payment at a "closing" --- or a payment allegedly made on their behalf. For reasons explained elsewhere on this blog, such payments on their behalf are mostly fictional where the underlying investment bank is the same "director" of funds. * The significance is that a second tree springs…[...]
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From "Summer Chic" with some edits The investment banker was acting as the agent or conduit for both the actual creditor (“investor) who was lending the money to an investment bank and the homeowner "debtor" (borrower) was "borrowing" the money. Credit Default Swaps realte not to thye "laons" but rather tot he securities. The payment of proceeds in a CDS…[...]
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SECURITIZATION CHANGED THE BARGAIN. ONLY THE FINANCE SIDE GOT WHAT THEY WANTED. People often criticize the points I make an appearance, articles, and pleadings because they think I am raising technical objections that won't change anything. "You got the loan, didn't you?" Actually no --- virtually none of the transactions with homeowners resulted in anything resembling a loan agreement arising…[...]
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Here is a line from another lawyer that I spoke with: "The investment banks were not selling securities and they can't say that they were because if they did say that then they would be saying that they were subject to registration requirements for initial public offerings. Their entire position is based on the assertion that compliance with SEC rules…[...]
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I would ask HUD, and CFPB why they are not investigating and fining entities like PennyMac and Wells Fargo who frequently start cases in which the lawyers claim they are the creditor and then later admit to only being the servicer without ever actually identifying the party who maintains and a trust account or a loan account receivable. In what other universe would a…[...]
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