In the introduction of pleadings or memorandums of law, I often read that tens of millions of mortgage loans were sold into the secondary market. It might look like that, but nothing could be further from the truth. * I think the big trapdoor can be found in such pleadings and memoranda --- this is how we end up admitting…[...]

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If servicers were actually collecting money and dispersing money they would not be reporting heavy losses. The truth is that they don't collect any money and they don't make any disbursements to "investors." That is why they can't answer questions about collection or disbursements. They are not servicers as we think of servicers. The only real purpose for these companies…[...]

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We are in roaring twenties mode. All asset prices are inverted to value. Value in any society is completely dependent, in any society, on median income. If you want to have a rising tide for the economy as a whole, median income must rise. It is an immutable principle. But periodically speculative irrational fever takes over and this time it…[...]

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Just to make sure readers understand that my writing on securitization is based on the actual definition of securitization and not some theory, it would behoove cynical readers to read the original source material for securitization of loans. This is not academic. Securitization exists only becasue Federal lagencies allow it to exist. And so Federal  agencies determine the elemetns of…[...]

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The application for modification licenses New Rez aka PHH aka Ocwen to sell, distribute the personal data and transaction data to third parties. Besides the obvious problems with data privacy, this confirms the apparent voluntary participation of the homeowner in a securities scheme that was and still is concealed from the homeowner. By filing the application the homeowner is waiving…[...]

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Tags: Florida Attorney General, Florida Supreme Court, modification, motion for sanctions, New Rez, Ocwen, PHH, Power of Attorney, res judicata florida, Rule 57.105 Fla. R.C.P., SASCO, U.S. Bank
Posted in Modification |

A mistake is not the less so, and will never grow into a truth, because we have believed it a long time, though perhaps it be the harder to part with; and an error is not the less dangerous, nor the less contrary to truth, because it is cried up and had in veneration by any party."—Locke, in King's Life of him, second…[...]

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Thursdays LIVE! Click in to the WEST COAST Neil Garfield Show with Charles Marshall and Bill Paatalo Or call in at (347) 850-1260, 3PM Pacific, 6pm Eastern Thursdays The contrived complexity of the securitized home "mortgage" industry is confounding lawyers, judges, homeowners, regulators and legislators. But it is no more contrived to great complexity than the use by Wall Street banks who were…[...]

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see https://www.youtube.com/watch?v=EDw6w0r4yZ8 The only names you see are the ones that the Wall Street banks want you to see. They're all placeholders, brokers, or conduits. None of them do anything. They don't lend money, they don't collect money and they don't own any debt, note or mortgage. And for those in litigation, they don't create records at or near the…[...]

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The key to all successful foreclosure defense strategies is to test the facts instead of assuming you know. Most people have their eyes glaze over as soon as you start talking about this. Does the mortgage follow the note or does the note follow the mortgage? The real  question in the minds of nearly every layperson, lawyer, and judge is…[...]

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Be aware that in many cases no human hand has ever touched the documents. Nobody signed it. Securitization was always intended to extinguish the debt without barring the ability to enforce it. This legal impossiblity has been treated as "law" for nearly 25 years.  This is increasingly true as human forgers and robosigners are no longer necessary due to technology…[...]

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