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Banks Make Money on Settlements Too

Posted by Neil Garfield | October 30, 2017

If you are waiting for one of those “settlements” to mean something before your home goes up for auction, don’t hold your breath. Relief is not coming. The “simple” truth is that the investor is interested in the debt (i.e., the money owed by you) but everyone else is only interested in the paper. If you can absorb and accept this fact, you have a significantly improved your chance of successfully defending your home from foreclosure.

It’s all about the paper and fabrication of most of the paper. The puppet masters like Credit Suisse, Chase and others are taking credit for debt relief on debt they don’t own or that have been discharged in bankruptcy.

The banks get to write off the “loss” while investors and borrowers actually suffer the loss. The banks pay less in taxes. And then they “resecuritize” the loans they don’t own into “new” securitizations (like Metlife’s latest offering), sell the new “toxic” (i.e., bogus) bonds as “mortgage backed” securities. Neither the borrower nor the investor is informed of any of these paper illusions. The borrower still thinks he has a loan according to some paperwork and the investor has other paperwork causing him to think he is owed money by a trust that has no money and never will.

This explains why borrowers never see any significant results out of the 50 state settlements or any of the civil settlements with the department of justice. The banks are forgiving loans owned by other people who are actually suffering the loss, less any confidential settlement the investor or borrower has already received.

Those settlements and the conduct of the banks after the settlements merely provide cover for the banks that sold “toxic” mortgage bonds. Those bonds were worthless because they were issued by a trust that never received ownership of the loans. This pretense lies at the root of the foreclosure nightmare and at the root of the slow economic recovery. The banks literally took the money and ran.

 

 

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"CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea–it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-CFLA (2352) for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online)".

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