A FEW THOUGHTS ON THE ATTACHED AND SOME CONCLUSIONS: COUNTRYWIDE - E-LOAN LOAN PURCHASE AGREEMENT THE MANUAL: I have heard about the MANUAL from several sources but never seen it. This reminds me of another banking practice where the national and regional credit and debit card networks refer to the rules and regulations governing electronic payments and ATM transactions only nobody…[...]

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Tags: borrower, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, Mortgage, securitization, TILA audit
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

Read it and use it: judge-youngs-decision-on-nosek Challenge everything: As we have repeatedly stated, the entire position of the would-be foreclosers is a bluff and a fraud upon the court, the borrower and the system. Non-judicial process is improper procedure and unavailable for securitized mortgages: These astonishing breaches of ethics, duties and contract law together with manipulation of procedure to the…[...]

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Tags: bankruptcy, borrower, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, predatory lending, securitization, trustee
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

Editor's Note: The reason they "lost" the note is that it was a strategic decision to claim they lost it. There is a procedure for re-establishing a lost note and until recently the rules were extremely loose --- because back in the days when those rules were established you had two parties (the borrower and the bank) instead of hundreds…[...]

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Tags: borrower, countrywide, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, lost note, mortgage meltdown, predatory lending, securitization, TILA audit
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

Editor's Note: The opinionators at NY Times have it right in their description but wrong in their prescription. The reality is that nearly all securitized mortgage loans are worthless and unenforceable. The marketplace seems to know that --- with "mortgage-backed securities" (that are not backed by anything in reality) selling at 3 cents on the dollar. Reality is that some…[...]

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Tags: borrower, disclosure, foreclosure defense, fraud, Lender Liability, mortgage meltdown, predatory lending, securitization, TILA audit
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

It's happening.... the word is spreading. Read this carefully. It has lots of good quotes for you to use. But the narrative on who owns the loan is wrong --- the investor purchases a bond and a share of the loans. The  SPV "Trust" owns nothing.  It is a REMIC conduit which means there are no tax events under the…[...]

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Tags: borrower, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, Mortgage, predatory lending, rescission, securitization, TILA audit, trustee
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

Massachusetts is a power of sale state (non-judicial, but there is plenty of securitized meat in here for everyone). Good stuff to quote from --- with Banks making the arguments that we are promoting on this Blog. The issues include (a) notice (b) unmarketable title and unable to get title title insurance (c) void certificate of title involving improper notice…[...]

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Tags: borrower, disclosure, foreclosure defense, foreclosure offense, fraud, lender, Lender Liability, Mortgage, securitization, trustee
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

EDITOR'S NOTE ON SAL D'ANNA CONTRIBUTION: Excellent submission Sal. I have a few thoughts in addition to what you have stated in your post. You make a great point about the distinction between void, voidable and invalid. They are three different things. In the context of a securitized mortgage and note, there are additional factors that should be kept in…[...]

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RESPONSE TO MOTION FOR SUMMARY JUDGMENT AND TO TAX ATTORNEYS FEES AND ANSWER Defendant, DOUGLAS SCHWARTZ AND TAMMY SCHWARTZ, files its response and additional answer to plaintiffs U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR STRUCTURED ASSET SECURITIES CORPORATION (SASCO) 2007-BNC1, Mortgage Pass-through Certificates, Series 2007-bnc1 motion for summary judgment and to tax attorneys fees. 1. Plaintiff alleged that they had…[...]

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Tags: borrower, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, Mortgage, predatory lending, securitization
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

Judge’s ruling deals blow to national mortgage servicer BY TIM O’REILEY A Las Vegas bankruptcy judge has dealt a blow to an obscure but critical piece of the mortgage enforcement machinery that could slow foreclosures. After a rare hearing in front of three judges last year that initially encompassed 27 cases, U.S. Bankruptcy Court Judge Linda Riegle has ruled that…[...]

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Tags: bankruptcy, borrower, foreclosure defense, foreclosure offense, fraud, Lender Liability, mortgage meltdown, securitization
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

The actual certificates of asset backed securities (ABS) and in particular mortgage backed securities (MBS) were sold to investors. And they weren’t just sold, they “sold forward.” This is a form of short selling wherein the investment bank sells the security first and THEN waits until it can get the underlying mortgage and note at the cheapest possible price to…[...]

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Tags: bankruptcy, borrower, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, rescission, securitization
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |