Seeking A Smoking Gun In A Toxic Asset by Chana Joffe-Walt April 16, 2010 Audio for this story from Morning Edition will be available at approx. 9:00 a.m. ET Transcript April 16, 2010 Recently, I got an e-mail. "Subject: Do you know your toxic asset is being sued?" NPR's Planet Money team had recently pooled $1,000 to buy a toxic…[...]

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IF THE PRETENDER LENDER DOES NOT HAVE THE POWER, AUTHORITY, RIGHT TITLE OR INTEREST TO EXECUTE A SATISFACTION OF MORTGAGE, THEN THEY HAVE NO RIGHT TO FORECLOSE IT. HERE IS ARIZONA'S STATUTE ON SATISFACTION OF MORTGAGES: NOTE THE REFERENCES TO LOST NOTES VERSUS LOST MORTGAGES. 33-707. Acknowledgment of satisfaction; recording A. If a mortgagee, trustee or person entitled to payment…[...]

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Tags: 30 DAY PERIOD FOR OBJECTION, Acknowledgment of satisfaction; recording, ARIZONA, disclosure, foreclosure defense, foreclosure offense, pretender lender, satisfaction of mortgage, securitization, TITLE INSUROR, trustee
Posted in bubble, Corruption, Eviction |

REGISTER NOW FOR DISCOVERY AND MOTION PRACTICE WORKSHOP MAY 23-24 Editor's Note: As these hearings progress, you will see more and more admissible evidence and more clues to what you should be asking for  in discovery. You are getting enhanced credibility from these government inquiries and the results are already coming out as you can see below.The article below is…[...]

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Tags: admissible evidence, appraisals, Carl Levin, collateralized debt obligations, corrupt, credibility, David A. Skeel, discovery, enhanced credibility, HERS, inflation of the appraisals, loan product, market forces, Moody's Investors Service, Motion Practice, pattern of illegal conduct, rating agencies, rating system, Rating=Appraisal, reasonably relied, Securities and Exchange Commission, SEWELL CHAN, Standard & Poor's, Stockholm syndrome, University of Pennsylvania
Posted in bubble, Corruption, Eviction, expert witness, foreclosure mill, Modification, securities fraud, Servicer |

Judge Bashes Bank and Stern Law Firm in Foreclosure Case By AMIR EFRATI A Florida state-court judge, in a rare ruling, said a major national bank perpetrated a "fraud" in a foreclosure lawsuit, raising questions about how banks are attempting to claim homes from borrowers in default. The ruling, made last month in Pasco County, Fla., comes amid increased scrutiny…[...]

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Tags: affidavit, AMIR EFRATI, Anthony Rondolino, assignment of mortgage, David Stern law firm, disclosure, Fla., Florida, foreclosure defense, Forrest McSurdy, fraud, fraud upon the court, GMAC Mortgage LLC, Harpster, HERS, Judge Lynn Tepper, Law Offices of David J. Stern, Lender Liability, securitization, St. Petersburg, Steve Dale, trustee, U.S. Bank, Wall Street Journal, Wells Fargo
Posted in bubble, Corruption, Eviction, expert witness, foreclosure mill, Modification, securities fraud, Servicer |

Discovery Tips – A summary and reminder!! In the discovery for each link in the securitization chain there must be: a note, a purchase and sale agreement; a transfer receipt; a delivery receipt; a bond if the notes are endorsed in blank; a receipt of funds for the purchase of the note; and a disbursement of funds for the acquisition…[...]

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Tags: bond if the notes are endorsed in blank;, delivery receipt, disbursement of funds, Master Document Custodian, note, purchase and sale agreement, receipt of funds, RMBS, securitization chain, transfer receipt
Posted in Corruption, Eviction, securities fraud |

April 16, 2010 Editorial NY Times Fighting Foreclosures From the start, the central concern about President Obama’s antiforeclosure effort has been that it would postpone foreclosures but ultimately not prevent enough to ease the economic strain from mass defaults. That concern seems increasingly justified. In the first quarter of 2010, there were 930,000 foreclosure filings — an increase of 7…[...]

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Tags: BlackRock, JPMorgan Chase, RealtyTrac, Wells Fargo
Posted in bubble, Corruption, securities fraud |

see Magnetar%20Mortage%20Recovery%20Backstop%20Whitepaper%20Jun09.pdf Magnetar Mortage Recovery Backstop Whitepaper Jun09 Two things jump out at me with this paper from June, 2009. First it is obvious that the "real money" investors are defined as those seeking low risk and willing to take lower yield. The fact that they are called "Real Money Investors" underscores my point about the identity of the creditor.…[...]

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Tags: "true" fair market value, borrower, creditor, DEBTOR, fair market value, HERS, identity of the creditor, infrastructure, Investor, Magnetar, Moral Hazard, mortgage backed securities, mortgage modification, principal reduction, real money, real money investors, REAL PARTY IN INTEREST, recovery, risk, status quo, whitepaper, yield
Posted in bubble, Corruption, Eviction, expert witness, foreclosure mill, Modification, securities fraud, Servicer |

Nobody ever thought that returning a lady's purse to her after a purse snatcher ran away with it was a gift. So why is anyone contesting returning the purse to homeowners who had their lives snatched from them? The baby steps of the Obama administration are frustrating. Larry Summers, Tim Geithner and those who walk with Wall Street are using…[...]

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Tags: Appraisal, credit default swaps, false assumption, false rating, false value, Federal Bailout, foreclosure, homeowners, illegal fees, insurance, interest rate reduction, Larry Summers, loan product was viable, modification, Obama administration, principal reduction, release, servicers, temporary modification called a "trial", Tim Geithner
Posted in bubble, Corruption, Eviction, expert witness, foreclosure mill, Modification, securities fraud, Servicer |

class_action_against_boa1_kahlo HAMP Editor's Note: Excellent Pleading on HAMP, TARP and related matters. They also bring up unjust enrichment which might also be applicable to the receipt and non-disclosure of third party payments. Good facts on illicit "modification" practices and the reasons why the modifications usually don't become permanent. KAMIE KAHLO and DANIEL KAHLO, on behalf of themselves and all others…[...]

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Tags: Ari Y. Brown, BAC, BAC HOME LOANS SERVICING, Bank of America, BOA, BofA, class action, cOMPLAINT, FORM, HAGENS BERMAN SOBOL SHAPIRO LLP, HAMP, HERS, Kahlo, Steve W. Berman, TARP, UNJUST ENRICHMENT, WASHINGTON
Posted in bubble, Corruption, Eviction, expert witness, foreclosure mill, Modification, securities fraud, Servicer |

SO who is the beneficiary? We can't take the word of the Trustee unless he has satisfied his duty to inquire. 33-810 Sale by public auction; postponement of sale A. On the date and at the time and place designated in the notice of sale, the trustee shall offer to sell the trust property at public auction for cash to…[...]

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Tags: Auction, beneficiary, credit bid, ministerial acts, trustee
Posted in Corruption, Eviction, securities fraud |