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June 2016 Article Archive

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Possession of Note is Required
livinglies.wordpress.com | June 28, 2016
The problem with the great tidal wave of foreclosures has been that everyone (lawyers, judges and homeowners) have made great leaps of faith in accepting nonexistent facts. And the other problem is that all foreclosures are governed by the UCC which has been adopted in all 50 states as State Law. It is the source of all governing law as to the ability to negotiate the note, enforce the note and to enforce the foreclosure provisions contained in the mortgage.
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The Chase-WAMU Illusion
livinglies.wordpress.com | June 27, 2016
In the mortgage world "successor by merger" is simply a living lie that continues as you read this article. Like many other major illusions in our world economy, the Chase-WAMU merger was nothing more than illusion. The reason for the rebellion showing up as votes for Sanders and trump and the impending exit of the UK from the European Union is very simple --- every few decades the populace gets a ahead of their elected leaders and yanks their leash so hard that some of them choke.
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Ginnie Mae Tops Freddie Mac as MBS Issuer
nationalmortgagenews.com | June 25, 2016
Ginnie Mae surpassed Freddie Mac in total outstanding mortgage securities backed by single-family loans for the first time, according to researchers at the Urban Institute. "Ginnie has edged past Freddie Mac" in May, said Alanna McCargo, co-director of the Housing Policy Research Center at the Urban Institute, during a press briefing Thursday on the center’s release of its housing finance chartbook.
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The Writing is on the Wall: 2008 was a warm-up for 2017
livinglies.wordpress.com | June 22, 2016
Before any financial crisis, there are certain signs that appear that should cause homeowners and investors to batten down the hatches. Although this is an unscientific analysis, over the last three housing bubbles certain patterns emerged. First of all wages will stagnate, next the cost of living inflates, high-end condo sales slow, and then commercial real estate prices decrease while vacancies increase. After these events occur- the housing bubble appears next. We are seeing all of the economic indicators that were seen in 2007 before the Great Recession.
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Mortgage Madness Reignites at Wells Fargo and BOA
livinglies.wordpress.com | June 21, 2016
Wells Fargo and Bank of America have announced that they will be offering 3% down loans that are proven to be as high risk as no-money-down mortgages. These loans will be offered to people with poor credit. If 3% is too much to put down, the banks are offering insane “incentives” to entice borrowers to reignite a stalling real estate market.
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Your Day in Court—It’s not Personal
livinglies.wordpress.com | June 20, 2016
People take things seriously in court. Judges and lawyers, not so much. People think that the banks have feelings for them—negative but nonetheless feelings. They don't. It is all a game to them of strategy and tactics just like it has always been in trial work for centuries. Neither the banks nor their lawyers hate you. They just want to win and keep their losses to a minimum even while knowing that they are continuing the fraud in the hope of covering up their misdeeds. They don't care if you live or die, if your life is destroyed or you make millions. That is irrelevant to them.
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The Psychological Warfare of Loan Servicing
livinglies.wordpress.com | June 19, 2016
The banks commit felonious financial crimes against homeowners with impunity. But even more egregious and unconscionable than the theft of assets, is the theft of solitude, hope, and life quality. The banks decimate families and they eradicate a person’s belief in what is “just” and lawful.
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Countrywide co-founder won't face U.S. charges over mortgage crisis
houstonchronicle.com | June 19, 2016
The Justice Department's pursuit of Angelo Mozilo, one of Wall Street's most recognizable names tied to the subprime mortgage crisis, is ending with a whimper. After earlier dropping a criminal investigation of Mozilo, federal prosecutors recently decided against filing a civil fraud case against him, said two people briefed on the matter who spoke on the condition of anonymity.
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Allen A. Kolber, Esq. Wins Trial Dismissing $1 Million Mortgage Foreclosure Action
June 17, 2016
On March 21, 2014, after a trial where U.S. Bank failed to prove it actually owned the $1 million mortgage it was attempting to foreclose upon, Justice Gerald E. Loehr of the Supreme Court, Rockland County, dismissed U.S. Bank's foreclosure lawsuit.
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Did you Refinance? The Trust must sign the Release of Mortgage - not the Servicer
livinglies.wordpress.com | June 15, 2016
If you have refinanced your property over the past ten years, you may want to research who signed the the loan release. Only the true creditor, not a servicer, can sign the release. The presumption that most homeowners, attorneys and judges make is that the property was paid off in full, the funds were provided to the trust, and the servicing rights were extinguished. When it comes to anything having to do with financing, assignments, mortgages, or title- no presumptions should ever be made. Question and challenge everything.
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All payments made since 2011 Chase still forecloses wrongful foreclose complaint and Home Owners Bill of Rights Punitive Damages
timothymccandless.wordpress.com | June 15, 2016
Plaintiff, (collectively “Plaintiffs”), bring this action against Defendants, and challenges the legality of what transpired between the them and their Original Lender and Loan Servicer WASHINGTON MUTUAL BANK, FA, (hereinafter “WAMU”)[1]; Loan Servicer and Trust Beneficiary by the Assignment JPMORGAN CHASE BANK, N.A.; and Foreclosing Trustee QUALITY LOAN SERVICE CORPORATION, (collectively “Lender Defendants”) handling of their loan/mortgage file.
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Suit for violation of Bankruptcy Stay 11 USC 362 K Ocwen loan servicing
timothymccandless.wordpress.com | June 15, 2016
Plaintiff, FAYE MYRETTE CROSLEY complains against the above-captioned Defendants (collectively, the “Defendants”), and each of them, as follows...
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UNSEALED Tran vs Wells Fargo – DOJ Declines to Intervene, Banks Continue to Foreclose with Impunity
4closurefraud.org | June 12, 2016
A Damascus man claims he was terminated by Wells Fargo & Co. in 2014 after he discovered the bank was repeatedly collecting on mortgage loans for which it did not have the proper documentation. When Duke Tran, 54, complained about the practice, he claims he was told to lie to customers. When he resisted, the bank fired him in November 2014, Tran said.
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Court says Bank of America must disclose communications
finance.yahoo.com | June 10, 2016
ALBANY, N.Y. (AP) — New York's highest court ruled Thursday that Bank of America must disclose to an insurer communications it had with Countrywide Financial six months before the bank bought the mortgage lending company in 2008. The insurer, Ambac Assurance Corp., claims in a lawsuit that Countrywide illegally misrepresented its mortgage-backed securities.
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DOJ Confirms: Holders of Securitized Loans Cannot Be Traced
June 9, 2016
This comes as not surprise and I have to imagine anyone who has been dealing with foreclosure issues has to know this. The difference.....now it's confirmed! I remember back around 2008 when I first started digging around into the mortgage fraud arena, I ran into these alphabet soup Plaintiffs, including on my own home, and I could never get to the bottom of it. I actually called the Trustee's office listed on the PSA (Pooling and Servicing Agreement), the bank, the servicer, and got nowhere. No one was doing audits and getting the info was next to impossible.
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Wells Fargo - Wachovia - World Savings - Golden West Financial
impactlitigation.com | June 9, 2016
Wells Fargo stipulated settlement regarding "pick a payment" negative amortization loan and the loan modification waterfall requirements and procedure. Settled April 2015. As usual, not a beep on news networks.
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Interesting Content from Right After The Great Depression
catalog.archives.gov | June 9, 2016
Act of June 13, 1933 (Homeowners Loan Act), Public Law 73-43, 48 STAT 128, which provided emergency relief with respect to home mortgage indebtedness, to refinance home mortgages, to extend relief to the owners of homes occupied by them and who are unable to amoortize their elsewhere, to amend the Federal Home Loan Bank Act, and to increase the market for obligations of the United States.
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Fannie Mae to Publish Reperforming Loan Data
dsnews.com | June 6, 2016
How are delinquent residential single-family mortgage loans modified by Fannie Mae performing after their modifications? The industry is about to find out. Fannie Mae announced on Monday it will release historical data on a portion of the loan modifications the Agency completed on delinquent loans. The purpose of publishing this data is to give the industry a greater ability to analyze the performance of loans that were modified in support of the Agency’s reperforming loan (RPL) securitization program that was announced in April, according to Fannie Mae.
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Can’t find an Attorney to take your Case? Here is How to Avoid being Perceived as the Foreclosure Client from Hell
livinglies.wordpress.com | June 5, 2016
Due to the number of people in foreclosure, there is currently more demand than supply for competent attorneys who specialize in foreclosure defense. The most aggressive and successful attorneys now have the luxury of choosing the clients they decide to take-on. Therefore, it is important that the homeowner represent themselves in the best possible light when contacting a prospective attorney.
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15 U.S. Code § 1635 - Right of rescission as to certain transactions
law.cornell.edu | June 3, 2016
Except as otherwise provided in this section, in the case of any consumer credit transaction (including opening or increasing the credit limit for an open end credit plan) in which a security interest, including any such interest arising by operation of law, is or will be retained or acquired in any property which is used as the principal dwelling of the person to whom credit is extended, the obligor shall have the right to rescind the transaction until midnight of the third business day...
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Eight Firms Settle RMBS Fraud Claims with FDIC
dsnews.com | June 3, 2016
Eight financial firms have settled for a combined total of $190 million with the Federal Deposit Insurance Corporation (FDIC) over claims of misrepresenting the quality of certain residential mortgage-backed securities to five failed FDIC-insured banks, according to an announcement from the FDIC on Thursday.
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Former AIG Chief Hank Greenberg Must Stand Trial For Fraud, N.Y. Court Rules
npr.org | June 3, 2016
Maurice "Hank" Greenberg, who built AIG into an insurance-industry powerhouse only to be forced out under pressure from regulators, must stand trial for accounting fraud, New York's highest court has ruled. The New York Court of Appeals ruled that state officials can try to recover millions of dollars in bonuses and interest from Greenberg, 91, and his co-defendant, Howard Smith, 71, former AIG chief financial officer.
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GREAT "Anti-Bankster LIBOR Fraud" News from Canada
bloomberg.com | June 2, 2016
Sixteen of the world’s largest banks including JPMorgan Chase & Co. and Citigroup Inc. must face antitrust lawsuits accusing them of hurting investors who bought securities tied to Libor by rigging an interest-rate benchmark, a ruling that an appeals court warned could devastate them.
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Santa Cruz County Supervisors Leaders in Stance Against Wall Street
santacruzsentinel.com | June 2, 2016
Santa Cruz is known for its liberal bent and progressive politics, so it’s no surprise that the county recently took a stand against Wall Street, inspiring others to think about doing the same. Since the Board of Supervisors voted earlier this summer to stop buying investments from the five big banks that agreed in May to plead guilty to criminal felony charges, word spread nationwide. Former Labor Secretary Robert Reich, financial blogs and interest groups — from Occupy to the Public Banking Institute — touted the small but significant stance.
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Nevada Supreme Court Ruled that Only Nine Months Of Delinquent HOA Payments can be Included in Super Priority Lien Status
lasvegas4us.com | June 2, 2016
Nevada Supreme Court HOA ruling is in favor of banks and distressed property buyers from Nevada Trustee Sale Auction where the act of foreclosing on properties takes place.  Home Owner Associations (HOA), and especially collection agencies who charged exuberant amounts in collection fees in addition to delinquent HOA fees.
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FDIC Wins $190m Settlement for Toxic Countrywide Mortgage Bonds
housingwire.com | June 2, 2016
The ghosts of Countrywide past just struck again, as the Federal Deposit Insurance Corporation announced Thursday that eight major financial institutions will pay $190 million total to settle a series of lawsuits tied to toxic Countrywide mortgage bonds that subsequently led to the failure of five banks during the housing crisis.
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Wells Fargo vs US Trustees and CJ Green
bloomberg.com | June 2, 2016
Wells Fargo & Co. agreed to pay a $70 million penalty in ending the bank’s five-year fight to settle legal claims over foreclosure missteps after the 2008 credit crisis. U.S. regulators announced the fine for the San Francisco- based bank on Wednesday as part of an agreement that also frees the nation’s biggest mortgage lender from loan-servicing restrictions imposed last year.
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First Mortgage Settles SEC RMBS Fraud Charges
themreport.com | June 2, 2016
California-based First Mortgage Corporation, a lender that issued Ginnie Mae residential mortgage-backed securities (RMBS) backed by loans it originated, has agreed to pay $12.7 million to settle fraud charges brought on by the Securities and Exchange Commission (SEC).
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From One Collateral Shortage to the Next
swissinfo.ch | June 1, 2016
(Bloomberg) -- In 1863, with the U.S. still reeling from a bloody civil war, a plan was launched in Washington to simultaneously fund its military loans and strengthen the nascent American banking system. "We cannot maintain our nationality unless we establish a sound and stable financial system; and as the basis of it we must have a uniform national currency," Senator John Sherman urged at the time.
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'Hustle' Mortgage Fraud Case Falls Into Crevice of the Law
nytimes.com | June 1, 2016
Proving fraud usually starts with finding a lie made to mislead someone into pursuing a transaction or spending money when they would not have done so if they knew the truth. Figuring out exactly what constitutes the type of deception that can support a case remains a challenge, however, as shown by a federal appeals court decision last week. The United States Court of Appeals for the Second Circuit in Manhattan threw out one of the few verdicts finding fraud in how banks handled mortgages before the meltdown in the housing market.
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First Mortgage, executives to settle SEC fraud charges
reuters.com | June 1, 2016
California-based First Mortgage Corp and six of its executives have agreed to pay $12.7 million to settle charges of defrauding investors, the U.S. Securities and Exchange Commission said on Tuesday. According to the SEC, the executives said loans in good standing were delinquent and pulled them from residential mortgage-backed securities guaranteed by the government corporation Ginnie Mae.
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What Happened When the FBI Investigated Foreclosure Fraud in Florida
vice.com | June 1, 2016
Six years ago, FBI agents in Jacksonville, Florida, wrote a memo to their bosses in Washington, DC, that could have unraveled the largest consumer fraud in American history. It went to the heart of the shady mortgage industry that precipitated the financial crisis, and the case promised to involve nearly every major bank in the country, honing in on the despicable practice of using bogus documents to illegally kick people out of their homes.
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TARP Funds - The Office of the Special Inspector General for the Troubled Asset Relief Program
June 1, 2016
SIGTARP has investigated 78 bank officials who have been charged by prosecutors with a crime. Already, 57 have been convicted by jury verdict after trial or by pleading guilty. Others await trial.
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SEC Settles Fraud Charges With Mortgage Company and Executives
247wallst.com | June 1, 2016
The U.S. Securities and Exchange Commission (SEC) recently announced that a California-based mortgage company and six of its senior executives have agreed to pay $12.7 million to settle charges regarding a scheme to defraud investors in the sale of residential mortgage-backed securities (RMBS) guaranteed by the Government National Mortgage Association (Ginnie Mae).
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