MERS Can’t Kill Pa. Deed Recorders’ Class Action

Deadly Clear:

Does anybody really still believe it was all about the recording fees?! What a joke! It was all about securitization and skirting UETA safe harbor clauses.

Originally posted on Justice League:

MERS Can’t Kill Pa. Deed Recorders’ Class Action

Law360, Philadelphia (April 22, 2014, 7:02 PM ET) — A Pennsylvania federal judge on Monday upheld the constitutionality of a statute requiring the registration of deeds, in a ruling that keeps alive a class action brought by Pennsylvania counties alleging that Mortgage Electronic Registration Systems Inc. violated the law.

U.S. District Judge J. Curtis Joyner ruled in favor of the counties’ deed recorders, rejecting MERS’ claims that the state law that obligates it to record all mortgage assignments with county deed offices and to pay the attendant recording fees was too vague. 

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Sense on Cents Discovers More Documents Denoting TBTF Damage Awareness During Clinton Era

No President wants the economy to crash on his watch. This is like playing musical chairs or passing the Hot Potato(e) – when the music finally stops who will be taking us down?

Clinton Presidential Documents c.1998: “Who’s on First?”
By Larry Doyle

Abott&CostelloEvery now and then I come across a document or statement that simply stops me in my tracks. In the process of pondering the weight and importance of the embedded message, I am typically left totally aghast.

Today I had one of those experiences as I continued to review the treasure trove of material in the recently released documents from the Clinton Presidential Library. From a document covering the work of the Council of Economic Advisers, I almost spilled my coffee when I read the following: Continue reading

Only 3 days to destroy the world’s economy. Clinton Presidential Documents on Glass-Steagall Repeal Reveal: No Good Reason For Doing This

Larry DoyleBy Larry Doyle - Sense on Cents

I do not think there is any single piece of legislation in the last 50 years that has had such a profoundly detrimental impact on the American public than the repeal of the Glass-Steagall Act separating commercial and investment banking.

That repeal is certainly not the sole factor that led to the economic crisis of 2008 and the ongoing pain we experience today, but it was certainly critical to the eventual meltdown. There is no great revelation in that assessment. Continue reading

Don’t Admit the Default

Deadly Clear:

Amen Neil! You are so right. These trusts are winding down and they are (in many cases) being paid.

Originally posted on Livinglies's Weblog:

Kudos again to Jim Macklin for sitting in for me last night. Excellent job — but don’t get too comfortable in my chair :). Lots of stuff in another mini-seminar packed into 28 minutes of talk.

A big point made by the attorney guest Charles Marshall, with which I obviously agree, is don’t admit the default in a foreclosure unless that is really what you mean to do. I have been saying for 8 years that lawyers and pro se litigants and Petitioners in bankruptcy proceedings have been cutting their own throats by stating outright or implying that the default exists. It probably doesn’t exist, even though it SEEMS like it MUST exist since the borrower stopped paying.

There is not a default just because a borrower stops paying. The default occurs when the CREDITOR DOESN’T GET PAID. Until the false game of “securitization started” there was no difference between…

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U.S. Regulators Examining Departures at Mortgage Registry MERS

Originally posted on Justice League:

U.S. Regulators Examining Departures at Mortgage Registry MERS

As the rest of the housing industry recovers, a little-known firm with a key role in U.S. mortgage finance remains stuck in limbo, wrestling with regulators, lawsuits and the departures of senior employees.

The turbulence feeds uncertainty about the fate of Mortgage Electronic Registrations Systems Inc., or MERS, which documents the ownership and resale of about half of U.S. home loans. A breakdown could force clients such as Fannie Mae (FNMA) and Bank of America Corp. to make costly changes to their loan businesses.

Management hasn’t completed fixes promised in a broad 2011 U.S. settlement designed to stop foreclosure abuses, according to two people briefed on MERS’ operations. Regulators rejected one of the firm’s consultants as unqualified and are examining why four employees hired to help with reforms — including the chief legal officer — recently quit, said the people…

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Sense on Cents Book Review: All The Presidents’ Bankers by Nomi Prins

By Larry Doyle – Book Review:  All The Presidents’ Bankers by Nomi Prins

Prins bookWhile all too much of our analysis of market developments comes to us in the form of sound bites and snippets, leave it to the great writers of our time to provide real depth and study of the business and political relationships that ultimately impact all of us.

I recently completed reading just such a study, All The Presidents’ Bankers by Nomi Prins. The author is not only a Wall Street insider but also highly regarded for her prior books and well documented written and spoken commentaries.

I very much had the sensation of sitting in on a semester long tutorial in Financial and Political History while working my way through this book. Continue reading

LEVERAGE – Exposes Mortgage Securitization Ponzi

“The rich and powerful, they take what they want. We steal it back for you. Sometimes bad guys make the best good guys. We provide… “leverage”.”                – Nathan Ford

In terms simple enough for even a circuit court judge to understand, Nathan Ford explains the mortgage-backed securitization scheme. When the wife of a missing mortgage banking executive said, “Alan said they were seizing properties they didn’t even own and signing foreclosure forms without even reading them…” Ford replied, “Oh yeah, robo-signing… yeah, that’s what they call it. What they do is they sign a thousand foreclosures and they bet that the homeowners don’t have the money to fight the case. Now the courts, they’ll stop it if your husband had proof…”

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CONFISCATE THE PATENTS!

By Sydney Sullivan

confiscatedIf you really want to revive SAVE the economy… Either the Congressional legislature or the courts are going to have to confiscate the bank patents.

Those on the cutting edge of foreclosure defense realize that the “new” securitization system was completely patented from the cradle to the grave in the USPTO… as if to make it appear legal. From the very inception of securitization starting with the Fannie Mae 1003 loan application software to the Wells Fargo targeted sales system… to foreclosure, REO and beyond …each and every step has been developed by some sharp IT guy and likely the idea and eventual purpose, patent and use was created from an idea by the higher-ups.

If the fraudulent foreclosure scheme, a defunct economy and the lack of any meaningful indictments within the TBTF cabal is bothersome… even in lieu of the huge fines, penalties and settlements for fraudulent activities that would send the average individual to the hoosegow for 150 years (just ask Mr. Madoff), then think about this: Okay, you don’t want to indict them – then confiscate the patents that the banks are using to perpetrate the fraud… ’cause they are still operating business as usual. Continue reading

BOMBSHELL REVELATION: ALL WAMU LOAN DOCS WERE UPLOADED TO MERS & DESTROYED

Deadly Clear:

TBTF too big to ask for permission – rather steal it and ask for bailout. Confiscate the USPTO patents that made this all possible.

Originally posted on Justice League:

BOMBSHELL REVELATION: ALL WAMU LOAN DOCS WERE UPLOADED TO MERS & DESTROYED

Remember those big moving trucks being loaded with scores of WAMU loan documents down in the heart of Texas and then transported to Mexico as caught on film by a local TV news group.  The saga continues.

Intrepid foreclosure fighter, Dr. James Madison Kelley, has filed a sworn affidavit of  WMBFA borrower, Karen Armstrong, in US Bankruptcy Court in San Jose, California in support of his adversarial proceedingsagainst JPMorgan Chase Bank NA and Washington Mutual Bank FA   The revelations may prove to be groundbreaking relative to the locations (or absence thereof) of the true blue-ink original mortgage loan documents, i..e. Notes, Mortgages, Deeds of Trust.

Karen Armstrong, stated under oath that in July and August 2013 she had spoken three times by telephone with Chase employee, Ashley Curry, of the Chase Executive Offices concerning the destruction of all the Washington Mutual Bank…

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Wells Fargo fails to end lawsuit over German bank WestLB CDO vehicle

Deadly Clear:

All right! Now confiscate the patents as part of the deal when Wells Fargo tries to settle.

Originally posted on Justice League:

Wells Fargo fails to end lawsuit over German bank WestLB CDO vehicle

(Reuters) - Wells Fargo & Co failed to persuade a U.S. judge to dismiss a lawsuit accusing it of mismanaging a collateralized debt obligation vehicle created by WestLB AG, a state-owned German bank that was dissolved after the 2008 financial crisis.

While dismissing several claims, U.S. District Judge Richard Sullivan in Manhattan said Wells Fargo must face claims by House of Europe Funding I Ltd, a Cayman Islands-based CDO issuer, that its oversight led to losses that could reach $163 million. The decision was made public on Tuesday, and is dated March 31.

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