It's no secret that I admire Gretchen Morgenson of the New York Times. Her articles have penetrated deeper and deeper into the realities and logistics of the Great Financial Meltdown. But she continues to drag myth alongside of reality. True, it is difficult to get your mind around the idea that Wall Street managers WANTED bad mortgages, but that simple…[...]

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Posted in bubble, Corruption, Eviction, evidence, expert witness, foreclosure mill, Modification, Motions, Pleading, securities fraud, Servicer |

WHAT IS ABOUT TO HAPPEN: The appointment of the head of the Bureau of Consumer Financial Protection recently created by the new federal legislation on financial reform. Elizabeth Warren and Mary Schapiro essentially defined the job. Ms. Schapiro is already head of the SEC and is  vigorously investigating and prosecuting the mortgage fraud business across the board. That covers the…[...]

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STICKIER THAN THEY THINK: These are not the only mortgage securities they hold and they all amount to ownership of the risk on every loan they purchased. The purchase of course was accomplished in one of many ways --- direct and indirect. But when you come down to it, between the GSE's (which are now departments of the Federal Government),…[...]

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Tags: BINYAMIN APPELBAUM, CDO, CDS, Federal reserve, loans, mortgage bonds, mortgage securities, SPLITTING NOTE FROM MORTGAGE
Posted in bubble, Corruption, evidence, expert witness, foreclosure mill, Modification, Motions, Pleading, securities fraud, Servicer |

Editor's Note: The simple reasons for the failure of the Federal program are not just that they lack clearly defined goals; they lack clearly defined understanding of the problems of title and appraisal fraud. Homeowners are sitting with property that is (a) hopelessly underwater (b) with hopelessly clouded title and (c) hopelessly engaged in mandated modification process with disinterested parties.…[...]

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Posted in Uncategorized |

Editor's Note: This proposal would reveal what really happened during the lead-up to the mortgage meltdown. The receiver would first take an objective inventory of what AIG (with taxpayer dollars) paid and track the actual transactions instead of REPORTS of the transactions. It would reveal the theme for this week, which is that the loans were never securitized, which means…[...]

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Tags: A.I.G., financial reform, receivership, Steven M. Davidoff, University of Connecticut School of Law
Posted in Uncategorized |

press_details.aspx?id=240 Despite hundreds of decisions over the last three years stating in no uncertain terms that MERS can't assign anything because it doesn't have anything to assign, they found this one case to crow about. It all boils down to the fact that since their name is in the title record, they are entitled to notice --- something which I…[...]

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I just finished a seminar given by NBI which was basically in lay terms "How to Repair the Chain of Title." We covered everything about assignments, breaks in the chain etc. The opportunity arose for questions. I was the first to ask a question, in which I posed a hypothetical that is an accurate reflection of the manner in which…[...]

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Posted in Uncategorized |

This week we are examining the consequences of the proposition that the entire securitization chain is in fact a fabrication. I have likened the situation to a trust, interestingly enough, that has never been funded. The intent to fund the trust does not justify treating the asset as owned by the trust. The intent to execute a deed does not…[...]

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Posted in Uncategorized |

Many questions are coming after yesterday's post. The main point is that there is no paper trail because nobody wanted it. Up at the top of the "securitization chain" fabricated by the securitization documents, nobody was checking loans at the level of actually looking at the loan documents, so they never asked for the loan documents, much less any assignments,…[...]

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SOMEBODY SEND ME THE COMPLAINT PLEASE ---> NGARFIELD@MSN.COM Registration Statements omitted and/or misrepresented the fact that the sellers of the underlying mortgages to JP Morgan Acceptance were issuing many of the mortgage loans to borrowers who: (i) did not meet the prudent or maximum debt-to-income ratio purportedly required by the lender; (ii) did not provide adequate documentation to support the…[...]

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Tags: Coughlin Stoia, HERS, JP MORGAN ACCEPTANCE CORPORATION
Posted in bubble, Corruption, expert witness, Pleading |