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August 2019 Article Archive

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How one woman beat the big banks: The amazing, true story about how Wall Street's mortgage fraud unraveled
salon.com | August 15, 2019
None of Lisa Epstein’s options for dealing with her foreclosure seemed very attractive. She could try the Home Affordable Modification Program, or HAMP, which President Obama announced from Mesa, Arizona, on February 18, 2009, the day after Lisa was served. She pulled the speech up at the White House website. The idea was that the Treasury Department would give mortgage servicers incentive payments to modify delinquent loans.
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Investor Syndicate At Hundreds of Billions And Growing
subprimeshakeout.com | August 15, 2019
Heard on this Street this week: the super-secret Syndicate of MBS Investors discussed previously is gaining momentum. A confidential source has informed me that some of the largest institutional investors in mortgage-backed securities have now joined the group, bringing the amount under management to ”hundreds of billions of dollars in MBS investments.” The source further informed me that this number is expected to swell to a “jaw-dropping dollar figure.”
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How to Use Forensic Auditors During Discovery
livinglies.me | August 14, 2019
Discovery is a process that can be used in litigation. That means you have to be in court. Discovery is the process of asking for information that don’t already have or information that will corroborate information that you do already have. Almost by definition it is a fishing expedition. But the days in which you can throw out a wide net are over. Neither federal nor state judges will permit discovery unless it is specific, and relates directly to the functional narratives of the case proffered by both sides of the lawsuit.
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Keep the Envelopes! Attention Forensic Auditors! How to Show They Are Lying About Everything
livinglies.me | August 14, 2019
I have long described the practice of sending out correspondence and notices from, say for example PennyMac, from an address that has never been PennyMac. Summer Chic discovered with some snooping that the letter she received from “PennyMac” was sent from a Bank of America location. Bank of America claims no connection with PennyMac. In many such scenarios Bank of America claims no connection with the loan.
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2018 DOJ Lawsuit Reveals Securitization Equivalent to “Leprosy” According to Wall Street Insiders
livinglies.me | August 13, 2019
Although the US Department of Justice has never filed criminal charges against anyone, they clearly wanted to do so. Having been limited by some sort of executive direction, they have been filing civil complaints. Such cases often bear the name of an entity not publicly known as a player in securitization scheme that started 20 years ago.
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Nat'l Credit Union Admin. Bd. v. UBS Sec. LLC
casetext.com | August 8, 2019
This Opinion addresses the calculation of prejudgment interest applicable to the National Credit Union Administration Board's ("NCUA") claims in the above-captioned actions against defendant UBS Securities LLC ("UBS"), and defendants Credit Suisse Securities (USA) and Credit Suisse First Boston Mortgage Securities Corp. (collectively "Credit Suisse").
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