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 […]

Tags: borrower, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, Mortgage, 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 […]

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 […]

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

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. […]

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

UCC: possession is not an indication of ownership of the note. Recording of collateral assignments is not required under Revised Article 9. Enforcement of the debt without the note is allowable under Article 3. Equitable arguments are available to prevent a borrower from benefiting from the industry’s inability to keep track of its documents. by […]

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

DOJ Probing Mortgage Data Processing Firms By Peg Brickley Of DOW JONES DAILY BANKRUPTCY REVIEW The Department of Justice is conducting a nationwide probe of the company whose automated systems handle half the mortgages in the U.S., looking for evidence Lender Processing Services Inc. (LPS) has “improperly directed” the actions of lawyers in bankruptcy court. […]

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

The Judge authored a 58 page opinion ”to share my education with participants in the bankruptcy system who may be similarly unfamiliar with the extent that a third party intermediary drives the Chapter 13 process.” Opinion, p. 30.

where, as here, the debtor contests the relief sought, the flaws in the automated process become apparent. At this juncture, an attorney must cease processing files and act like a lawyer. That means she must become personally engaged, conferring with the client directly and abandoning her reliance on computer screens as an expression of her client’s will. This did not happen in this case until the Court became involved. It should not have taken judicial intervention to bring the Claim Objection to its conclusion.

Tags: bankruptcy, borrower, Chapter 13, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, lost note, Mortgage, rescission, securitization
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

Sen. Dick Durbin (D-Ill.) introduced legislation in the Senate Thursday which would allow homeowners in bankruptcy to renegotiate — or cramdown — mortgages with banks. His corresponding amendment to the House-passed bankruptcy reform bill is scheduled to be voted on at 2:30. (Read the whole thing.) The measure is widely expected to fail, as crucial […]

Tags: bankruptcy, borrower, Chapter 13, foreclosure defense, foreclosure offense, fraud, Lender Liability, Mortgage, predatory lending, securitization
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

WaMu faulted on home loans Colluded to inflate property values, N.Y. attorney general says By AUBREY COHEN AND BILL VIRGIN P-I REPORTERS New York’s attorney general has accused Washington Mutual Inc. of pressuring a real estate appraisal company to deliver inflated home values in order to justify making loans, a practice that some appraisers have […]

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

Thank you Alan Baron for submitting the article. Editor’s Note: Maybe too little too late but a good start nonetheless. This issue is very simple. In the law it is called “fraud on the market.” Wall Street targeted specific swaths of geography and made it look like the entire market was going wild in that […]

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