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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Class Action Complaint filed against Northwest Trustee Services

Deadly Clear:

Spread the word. Every state should have the guts to do this!

Originally posted on Justice League:

H/T from Deadlyclear.com:

Plaintiffs bring this action as a Class Action pursuant to CR 23 on behalf of all persons in the state of Washington who received defective Notices of Default (as specified below) from Northwest Trustee Services, Inc. (NWTS).

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Margaret Hanrahan…a giant of a woman…who deserves our support

Deadly Clear:

If we think only America is condemned to this bankster disease… Think again – it has spread around the world and where there is not this unjust foreclosure there is just plain war. Sydney Sullivan

Originally posted on Awaken Longford:

I spent the best part of the day with Margaret Hanrahan at her farm in Burncourt, Tipperary on Tuesday of this week, I left there humbled by the resolve and sheer tenacity of this woman, but I suppose when I listened to her story which is harrowing, uplifting and a testament to her strong character it is not hard to see where she has cultivated the backbone to take on the might of not only ACC Bank/RaboBank but also the institutions of the State.

Margaret has had an incomprehensible experience of the downside of the Celtic Tiger, she is, at this moment engaged in a monumental battle for her very existence and she is ostensibly alone in her battle.

I know Margaret from meeting her in the Four Courts and through some friends but I didn’t know the full extend of her trouble until I went down to see her on Tuesday…

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Executive Who Committed Suicide Anxious Amid Deutsche Bank Probes

Deadly Clear:

All roads appear to lead back to Merrill Lynch, don’t they? Interesting.

Originally posted on Justice League:

Executive Who Committed Suicide Anxious Amid Deutsche Bank Probes

LONDON—A former senior executive at Deutsche Bank AG DBK.XE +1.30% committed suicide earlier this year after complaining that he was anxious about government investigations into the bank, a London coroner said Tuesday.

The executive, William Broeksmit, was found hanging in his London home in January. The 58-year-old Chicago native left a senior role at Deutsche Bank’s investment bank in February 2013, but he remained an adviser until the end of last year. The London coroner, in an inquest on Tuesday, didn’t give more details on what caused Mr. Broeksmit’s anxiety.

People familiar with the matter say he had been involved in investigations by U.S. authorities probing the bank. In the months before his death, he told friends that he felt abandoned by former colleagues whom he had spent years supporting, according to people he spoke with.

The London coroner’s office, which investigates…

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9th Circ. Revives Libor Suit Against Deutsche, Barclays

Originally posted on Justice League:

9th Circ. Revives Libor Suit Against Deutsche, Barclays

Law360, Los Angeles (March 27, 2014, 9:54 PM ET) — A Ninth Circuit panel on Thursday revived a putative class action alleging a Deutsche Bank AG subsidiary and Barclays Bank PLC manipulated the London Interbank Offered Rate to drive up mortgage rates, ruling the plaintiffs were injured when they bought mortgages without knowing about the manipulation.

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