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How the banksters try to wiggle out of rescission

livinglies.files.wordpress.com | June 28, 2015

by Neil Garfield

Bank Lawyer’s Seminar: Rescission Changes Everything

From one of my readers, I received the Power Point Presentation (PDF) given by a law firm representing the banks. It confirms everything I have been saying. It also offers a glimpse of some of the ways they will try to wiggle out of it.

Suffice it to say that in addition to losing far more cases than what has been previously been reporting, the banks are now stuck with a problem that they can't fix, to wit: when they try to "securitize" a pool of new loans they cannot say that the deal is done because the borrower could assert a right to rescind triggering a nightmare of problems for all the parties starting with origination. The appetite for mortgage backed securities is almost certainly going to decline or vanish completely.

Key points from seminar: (You would think I was the presenter!)

  • Mailing the notice is sufficient to cancel the loan, note and mortgage.
  • No tender or money or property is required
  • It is risky for lender to ignore notice of rescission
  • Rescission is really a borrower's remorse remedy
  • Bringing suit immediately is the only way to end the issue --- but only if you have absolute proof of the loan and the disclosures conforming to TILA.[Editor's note: any failure to disclose compensation off the books of the "closing" would probably be evidence of non-disclosure on multiple levels]
  • AFTER the lender has complied with 1635(b) (termination of security interest), after the lender has returned the canceled note and after the lender has complied with 12 CFR 1026.23(d)(2) (Return of any money or property that has been given to anyone) THEN the borrower must tender[Editor's Note: This imposes a requirement that will put the trusts in immediate conflict with the investors and the facts. In order to "return" the money to borrower somebody has to pay it. The servicers, the banks sand the trusts don't have any investment in these loans. They have been getting a free ride for years. They can't go to the investors for the money and ask them so they can only advance the funds and hope they will get it back or just steal it from investors, which looks eerily like the start of mortgage securitizations]
  • According to TILA the lien is void upon mailing of the notice.
  • Banks better do their homework and identify all the loans that are not supported by TILA disclosures. [Editor's note: My observation is that this is approximately 90%-96% of all alleged mortgage loans. As I said in 2007-2008: In my opinion the vast majority of all loans produced void notes and mortgages or were subject to rescission which results in the same thing --- cancellation of the note, cancellation of the encumbrance, and disgorgement of all money paid.]

 

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Nancy Duffy McCarron, CBN 164780
Attorney, Real Estate Broker, BBB Arbitrator, CA Notary Public
Certified Forensic Loan Auditor, Property Manager

 

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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 888-758-2352 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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