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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Tags: collateral lawsuit, counterclaim
Posted in discovery, Fabrication of documents, foreclosure mill, legal standing, securities fraud |

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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May everyone welcome the New Year with a sense of "relief in sight."  [...]

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OK. This is subject to rehearing, reconsideration and appeal. But in Delaware where the financial industry is coddled to the point of absurdity (statutory trusts are not trusts), this ruling is highly significant. Allow me to say "I told you so." Here is the decision: REMIC Trust MTD-AC-decision-2021.12.13 Here is an article about the decision written by Ori Lev on December 16,…[...]

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see Better%2520Markets%2520-%2520Wall%2520Street%2527s%2520Six%2520Biggest%2520Bailed-Out%2520Banks%2520FINAL.pdf&clen=3848125&chunk=true Out of sign, out of mind. This report correctly describes the total in "bailouts" that went not to depository institutions but to risk-takers and frankly law violators on Wall Street. And part of the "bailout" was that those same businesses were suddenly chartered overnight to be licensed as commercial banking institutions -- so that the "bailouts" could be…[...]

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Disclaimer: This article is for educational purposes only and not legal advice. Always consult with a licensed attorney regarding your specific situation. Why Does “Wilmington” Keep Showing Up in Foreclosures? The name “Wilmington” appears with increasing frequency in foreclosure cases across the country. On the surface, it gives the impression of legitimacy — suggesting a trusted financial institution is pursuing…[...]

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Posted in discovery, evidence, expert witness, Fabrication of documents, foreclosure defenses, Pleading |

The latest issue of the Florida Bar journal contains several interesting articles. One of them is entitled "Spoliation of Evidence and Non-party witnesses." The author is Gary M Glassman, who is the attorney for Daytona Beach. The major points of the article that I think are relevant to Foreclosure Defense litigation are that (A) spoliation has a very broad meaning…[...]

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Posted in discovery, Eviction, evidence, foreclosure defenses, foreclosure mill, Pleading |