Phil Angelides, the former state treasurer of California who is the commission’s chairman, told Mr. Blankfein "it sounds more like you were selling cars with faulty brakes and then buying insurance on the driver." Mr. Angelides, who lost the governor’s race in California to Gov. Arnold Schwarzenegger in 2006, pointedly compared some Wall Street chief executives to blackjack players who…[...]

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Tags: Amnesty for Everyone, Bank of America, Blankfein, Brian Moynihan, FCIC, Financial Crisis Inquiry Commission, Jamie Dimon, John Mack, KKenneth Lewis, Mark Leibovich, New York Times, Phil Angelides, principal reduction
Posted in bubble, Corruption, Eviction, securities fraud |

There are several scenarios that could play out. I will list the ones I know and concentrate on the one that is most likely to bring this crisis to a constructive conclusion. SCENARIOS: The current scenario remains unchanged resulting in a thirty-year battle over all kinds of debt besides home loans --- student loans, business loans, commercial real estate debt,…[...]

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Tags: homeowners, investors
Posted in bubble, Corruption, Eviction, securities fraud |

Using the voluminous amount of feedback to Livinglies.wordpress.com, some observations about the words you use in litigation and in your correspondence, QWR and DVL might well be of some assistance. CREDITOR: It seems that using the word creditor has much more power than lender, pretender lender or even holder in due course. I've been told that the word "creditor" conveys…[...]

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Tags: agent, conduit, consumer, creditor, holder in due course, lender, MBS, pool, Power of Attorney, pretender lender, REMIC, SPV, trust, trustee
Posted in bubble, Corruption, Eviction, securities fraud |

It will be interesting to see if the "bi-partisan" group charged with investigating the  causes of the financial crisis will simply let these guys make prepared statements or grill them like a witness in a deposition or on the stand. They will be under oath so it should should make for some interesting viewing, however if people didn't lie under oath we…[...]

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Posted in Uncategorized |

Editor's Comment: As long as principal reduction on falsely appraised mortgage loans is off the table, the world will view our economy as vapor and our economic and fiscal policies as unrealistic. As the perception of our economy and stewardship worsens so goes the dollar. The cheaper the dollar the more expensive it is to buy anything with it especially…[...]

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Posted in bubble, Corruption, Eviction, securities fraud |

In practice, this surfaces as a demand letter, affidavit or assignment or other document used by the pretender lender to establish its case. The path to defeat of the homeowner is paved when they fail to object to the introduction of these documents as anything other than an allegation that raises a question of fact. If you make the objection…[...]

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Tags: 6th Amendment, affidavits, allonge, assignment, Briscoe v. Virginia, demand letter, FOUNDATION, law firm, limited signing officer, Melendez-Diaz v. Massachusetts, MERS, personal knowledge, reports, service mills, servicing company, Supreme Court, voir dire, witness
Posted in bubble, Corruption, Eviction, securities fraud |

The signature comes from people who  justifiably relied upon hundreds of years of banking tradition that identified lenders as risk averse. Unknown to the homeowner is that these parties were not risk averse. They were risk indifferent because the capital to fund the loan came from the other side of the securitization chain from institutional investors. I was reading an…[...]

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Posted in bubble, Corruption, Eviction, securities fraud |

"Americans must be told the full story of how Wall Street gamed and inflated the housing bubble, made out like bandits, and then left millions of households in ruin. Without that reckoning, there will be no public clamor for serious reform of a financial system that was as cunningly breached as airline security at the Amsterdam airport. And without reform,…[...]

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Tags: bailout, Citi, Ferdinand Pecora, financial system, Frank Rich, Geithner, Gretchen Morgenstern, housing bubble, Katrina Brooker, Llyod Blankfein, Mortgage, Mother JOnes, New York Times, paul Volcker, Phil Angelides, profits, Rubin, securitization, Summers, Warren Buffett
Posted in bubble, Corruption, Eviction, securities fraud |

Editor's Note: Baltimore decided to take on one of the worst "Club 100" players in the mortgage meltdown, Wells Fargo. The thrust of their argument is that Wells Fargo targeted poor people and made a bad situation worse, causing collateral damage all over the city. Baltimore will now file a narrower amended complaint, but the Judge is clearly not sympathetic.…[...]

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Tags: Baltimore, John p. Relman, Judge J. Frederick Motz, Michael, New York Times, Powell, securitization, subprime mortgages, Wells Fargo
Posted in bubble, Corruption, Eviction, securities fraud |

See AOSC09-54_Foreclosures. A good step in the right directions. I would add that you should be very careful that you don't get trapped into the "lender narrative." The Judges are going to very receptive and even enthusiastic about referring these cases to mediation, so don't annoy them with motions, pleadings or hearings that attempt to circumvent the mediation process. As…[...]

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Tags: administrative order, discovery, Florida, forensic analysis, intake form, interrogatories, mediation, request to produce, Supreme Court, TILA audit
Posted in bubble, Corruption, Eviction, securities fraud |