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December 2015 Article Archive

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Support Homeowners
gp.org | December 30, 2015
Recently, my family went to watch The Big Short which is a movie about the mortgage industry. The movie showed the banking industry selling collections of mortgages without knowing what they were worth. When the banking industry got in trouble, they asked the government for money. The politicians, both Democrats and Republicans, bailed out the banks-- the richest industry in the world-- to the tune of billions of dollars.
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'The Big Short' and '99 Homes' tackle the 2008 financial crisis from boom to bust
latimes.com | December 30, 2015
So-called "losing the farm" movies in 1984 yielded Academy Award nominations for lead actress winner Sally Field ("Places in the Heart"), Sissy Spacek ("The River") and Jessica Lange ("Country.") But Hollywood has been slow in responding to more recent hardships caused by the 2008 economic crash that cost some 8 million Americans their homes.
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The Mortgage Industry Keeps Showing It Doesn’t Care About You
thefiscaltimes.com | December 30, 2015
When the mortgage industry attributes some of its recent problems to TRID, they aren’t referring to some unheralded Star Wars character. They’re actually engaging in a uniquely unseemly lobbying tactic: using their own failings to bludgeon basic consumer protections.
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Mortgage Fraud Settlement Reached in Civil Case
ginvestor.biz | December 30, 2015
Cambridge Home Capital, LLC (“Cambridge”), Seth Kramer and Craig Hyman, two principals of the lender; Seth Lapidus and Jacqueline Derrell, two former managers at the company; and Cambridge Funding Group, LTD., an affiliated business, have settled a civil lawsuit concerning claims of mortgage fraud.
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Banking-Fed/Recorder Office Cartel: LA, San Diego, Riverside, San Bernardino County Owns "Secure" Electronic Recording System
secure-erds.com | December 22, 2015
SECURE is a system jointly owned by Los Angeles, Orange, Riverside and San Diego Counties. We are collectively responsible for the development, ongoing maintenance and vision of this multi-county electronic recording delivery system. Through monthly multi-county meetings, the owners and partners have charted a course for SECURE, from development to certification and finally to production.
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Six Degrees of Separation
December 18, 2015
In the simplest terms, what went wrong in the sub prime mortgage market is that the people responsible for making loans had too little financial interest in the performance of those loans and the people with financial interest in the loans had too little involvement in the how the loans were made.
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Calvo v. U.S. Bank NA | FL 4dca
stopforeclosurefraud.com | December 18, 2015
U.S. Bank did not prove that it was the holder when this action was commenced, and we find that U.S. Bank did not establish its standing to foreclose when the complaint was filed.
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Talaei v. Wells Fargo & US Bank Ninth Circuit 13-56314 12/14/15 Tila 15 USC 1641(g) is NOT RETROACTIVE
December 15, 2015
15 U.S.C.1641(g), a 2009 amendment to the 1968 Truth in Lending Act (TILA). Section 1641(g) requires a creditor who obtains a mortgage loan by sale or transfer to notify the borrower of the transfer in writing.
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The US Federal Reserve Money Laundry: Bank-sponsored Treason in Washington DC and New York City
alcuinbramerton.blogspot.com | December 14, 2015
The technical detail of the US Federal Reserve's illegal and anti-Consitutional money laundry is now known to the the US Supreme Court, the US Congress, the US Pentagon and the US Provost Marshal. The individuals, agents, agencies, constituent corporations, primary dealers and private owners of the US Federal Reserve nexus now have no lawful or legitimate claim to legal immunity. Nor do the individuals acting for the law enforcement authorities who are tasked with the arrest and proper public prosecution, in open court, of the accused persons.
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$5.4 Million! Jury Finds Wells Fargo Committed Fraud When It Used Robo-Signed Document
i-uv.com | December 14, 2015
Congratulations to the experts and attorneys on this. As Marie McDonnell states in the article reproduced below this case is important because it is the first time that Robo-signing has resulted in an award of damages for fraud. I would add that the lawyers must have done a fine job at trial — because ordinarily we don’t see jury instructions that would support punitive damages for robo-signing. The pages are turning on a new chapter.
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Judge Calls For US Marshals and FBI To Arrest Congress and The President
beforeitsnews.com | December 11, 2015
On November 28th, 2015, Alaska State Judge Anna von Reitz (Anna Maria Riezinger) addressed an open letter to all federal agents, including the FBI and US Marshals to arrest Congress, the President and the Secretary of the Treasury. She goes into incredible detail on the fraud that has been committed. Anyone who reads this is sure to learn at least something. Below is the text and you can open the original pdf here. This has been encouraged to be shared widely.
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Wells Fargo Agrees To $25.7M Settlement In RICO Suit
law360.com | December 11, 2015
A group of homeowners has asked an Iowa federal court to approve a $25.7 million settlement of a putative RICO class action accusing Wells Fargo of ordering unnecessary property inspections and charging delinquent borrowers, calling the agreement fair, reasonable and adequate.
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RealtyTrac: Bank Repos Up 26 Percent Year To Date
capradio.org | December 11, 2015
Real estate data out today show the number of California homes entering the first-stage of the foreclosure process is down to pre-recession levels. But it's a different story for properties in the final stage. Research firm RealtyTrac's November statistics show banks repossessed more than 2,500 California homes in November.
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Mortgage lender gets 42 months for $12M fraud
courier-journal.com | December 11, 2015
A once high-flying California mortgage lender was sentenced Thursday to three-and-a-half years in prison for defrauding two Louisville banks out of $12.7 million. But Brady Bunte's lawyer said he was prosecuted because he was a "small fish" while the government bailed out bigger lenders because they were "too big to fail."
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USURY: Another pathway to relief created by the banks
livinglies.wordpress.com | December 9, 2015
If the banks have proved anything beyond a reasonable doubt it is that neither their methods nor their documents entitle them to any presumptions in their favor. Interesting points here. In addition to all the defects in securitization, the banks have long been violating both the spirit and letter of State usury laws. Originally the rates were increased in the Jimmy Carter years when the prime rate went over 20%. It was thought to be “only fair” that the credit card companies be able to get the interest rates required to make a profit.
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Class Counsel Garners $74 Million Fees/Costs In JP Morgan Chase Mortgage-Backed Securities Settlement And Eleventh Circuit Decision Holds Percentage-Of-Fund Analysis Applies To Claims
calattorneysfees.com | December 7, 2015
On December 4, 2015, a New York federal district judge awarded class counsel in the JP Morgan Chase mortgage-backed securities class action about $74 million in fees and costs based on a $388 million settlement. This was less than the $100.8 million in fees and expenses requested by class counsel.
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Industry warned about fraudulent reverse mortgage appraisals
mpamag.com | December 2, 2015
The Office of the Inspector General for the Department of Housing and Urban Development (HUD OIG) is warning the industry about inflated reverse mortgage appraisals.
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CFLA Bloomberg property Securitization Analysis are picking up Steam & Credibility in the International Markets
moneyweb.co.za | December 2, 2015
Securitization audits present a new problem for banks attempting to repossess the homes of defaulting borrowers. A newly formed company called Virtual Velocity has completed four audits so far and in each case the loans were apparently found to have been transferred to new owners in Taiwan and Thailand.
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Ostrich farmer from Eastern Cape shows court his mortgage loan is now in Taiwan
news.acts.co.za | December 2, 2015
An ostrich farmer from Grahamstown has thrown the local court into a spin by apparently proving that his mortgage loan with Standard Bank has been on-sold to an investor in Taiwan. This is the first time a securitization audit has been presented in a SA court. On the basis of the evidence presented, the farmer says Standard Bank has no right to be in court.
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5 out of 5 CFLA South African Securitization Audits suggest the banks have been, well, less than honest
news.acts.co.za | December 2, 2015
Securitization audits have only been available in South Africa for a few months, but what they are revealing is fascinating. Five out of five audits so far conducted by Virtual Velocity, the company that is offering this service, appear to show that all of the mortgage loans examined have travelled across the ocean to Asia, sometimes being sold multiple times.
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