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February 2020 Article Archive

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Wells Fargo in $3B Settlement with Feds
nationalmortgageprofessional.com | February 21, 2020
Wells Fargo & Co. entered into agreements with the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC) to resolve investigations by the agencies into accusations of fraudulent retail banking practices, including the false records or misusing customers’ identities. The San Francisco-headquartered company will pay $3 billion to settle federal charges.
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Scams Against Elderly and Other Distressed Homeowners
livinglies.me | February 19, 2020
In our wild West society it is possible  for almost anybody to scam almost everybody. This is because most people lack the information to know whether an offer is real or fake. As a result they tend to "hire" people who tell them what they want to hear.
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Quiet Title — Not as Easy as It Sounds But It Could Lead to Successful Strategies and Tactics
livinglies.me | February 18, 2020
The failures to disclose material facts providing the real context of the "loans" deprived borrowers of choice between lenders and deprived them of the opportunity of bargaining for terms that were based upon the economic reality --- that the main point of the loan origination was not the loan but rather the sale of unregistered securities. THAT is where the profit is and was and without that the loan would never have occurred. None of that profit was disclosed.
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Hidden Taxes and Minimum Wage
livinglies.me | February 14, 2020
The public and the politicians have been sold a bill of goods by the banks who have now replaced earnings with debt. That is nuts. It hurts both the companies that "save" money on lower cost of employment and the employees. Henry Ford invented the middle class by simply doubling the rate of pay for all his employees. Although heavily criticized by his competitors he was right --- sales of cars exploded and a whole new class of consumers was born. It's all true. Look it up.
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Another Person Dies Fighting Fake Foreclosure by Wells Fargo
livinglies.me | February 13, 2020
Larry Delassus, of Hermosa Beach, California, lost his house two years ago after the bank thought he was behind on his property taxes - but it was actually his neighbor.
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New Business Idea: Underwriting for Borrower Loans
livinglies.me | February 12, 2020
So since the requirements of the Federal and State lending laws are not being enforced even in court, it seems to me that the thousands of financial advisers and planners who ply their trade should expand into a new niche --- underwriting loans before borrowers accept them. Their client should be the prospective or existing homeowner.
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New Rules Making Life Easier for Banks
livinglies.me | February 11, 2020
The most basic problem is still not addressed. The Volcker rule attempted to make banks play by rules of common sense, to which the banks rely that life is more complicated than that.
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Making Your Point In Court
livinglies.me | February 10, 2020
The problem with most presentations of foreclosure defense is that they focus exclusively on the technical requirements of foreclosure. That is necessary of course because the foreclosure fails if it is not done properly. But lacking in most presentations and present in all presentations in which the homeowner has won is the fact that the foreclosure is fundamentally wrong and that the court is not going to fill in gaps that the claimant can't or won't fill.
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How Can I find the Real Lender? Securitization in a Nutshell
livinglies.me | February 5, 2020
The point of securitization --- as practiced by Wall Street is that there is no risk in lending to consumer borrowers. Under existing law that means there is no lender and there usually isn't -- except where a conventional loan get paid off in a securitization scheme.
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Ex-OneWest Chief Surprises Wells Fargo With OCC Enforcement
livinglies.me | February 3, 2020
On Thursday, the OCC banned former Wells Fargo CEO John Stumpf from the banking industry and fined him $17.5 million (13 million pounds) to settle charges he failed to put a stop to sales misconduct - the most it has ever secured from an individual. Among other former executives charged was retail banking head Carrie Tolstedt, who has not yet settled and is potentially facing a whopping $25 million penalty.
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