The consent order requires SLS to pay $1.275 million in monetary relief to consumers in the form of redress and waiver of borrower deficiencies, pay a $250,000 civil money penalty, which will be paid to the Bureau and deposited into the Bureau’s Civil Penalty Fund, and implement procedures to ensure compliance with the Real Estate Settlement Procedures Act (RESPA) and…[...]

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The creditor is by definition the party who claims to own the debt. If they own the debt then they are reporting the debt as an asset receivable on their accounting records. Since investors do NOT buy homeowner debts, there is no party anywhere that is a creditor. If there is no creditor, there can be no debt, because there…[...]

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No "almost" about it. The key to home prices --- proven over the last 140 years (see Case Schiller index) , is median income. Median income is what determines home value. Home value cannot be manipulated. But home PRICES can be manipulated. The difference between the two is what causes booms and busts. And the ability to confuse consumers into…[...]

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The most obvious places to look for correction in the illegal conspiracies masquerading as securitization of residential debt were the IRS , the SEC, the FDIC and the FTC and probably later the CFPB. Qui tam (whistleblower) actions were regularly dismissed because the agency that lost money due to false claims rejected the notion that it was a false claim…[...]

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Tags: CFPB, FDIC, FTC, investment bank, REMIC, RMBS, SEC, trust
Posted in Corruption, discovery, evidence, expert witness, Fabrication of documents, foreclosure defenses, legal standing, Pleading, securities fraud, Servicer |

The interesting thing is that the cost of producing an expert witness has just been cut by Coronavirus and COVID 19. Experts can testify via various video mediums that are now appearing in most courtrooms. So what had cost thousands of dollars in travel expense and time expense in travel has been eliminated. And in most cases the time expense…[...]

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Take ten steps back from the transaction with homeowners and you can see all the reasons why the documents need to be fabricated. You can also see how there should never have been a single foreclosure of any mortgage or deed of trust involving a transaction that was part of a securitization scheme. And if you think about it you'll…[...]

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lawyers and pro se litigants have littered the judicial landscape by a Texas two step: first they admit that they have a loan contract and second they try to get out of it. First they admit a breach and then they try to deny the breach. First they admit a loan and then they deny the loan. First they admit…[...]

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Debts were never securitized but information about them was securitized, to wit: based upon the third place finish in a horse race you never went to and your bet that two of the horses would snort twice as they crossed the finish line you were paid money. That doesn't mean you own the horse, the finish line or the race…[...]

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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, 6pm Eastern Thursdays This comes back to the fact that we all know we were screwed by the banks in the mortgage meltdown (1996-2008) and that they are still screwing us. Most of us just don't know how they are…[...]

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  The Great Realization is that securitization is a myth. A very profitable myth. A myth that resulted in profits that were geometrically higher than any transaction with any homeowner, consumer or borrower. A myth that enabled Wall Street to collect everything from everyone without any accounting for the money. It is up to us to make this a point of…[...]

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