Mortgage Servicing: You can Bank on Bad Service

Oh, it is so much bigger in reality than anyone realizes. It’s time to rally the troops to start educating the masses. The $3 TRILLION in underfunded pensions across the United States is a devastation that nobody in the main stream media has linked to the banks and the deregulation of Glass-Steagall and other laws that protected retirement funds. This “underfunding” or “shortfalls” terminology is a delusional ruse.

The pension funds were gambled away on Wall Street betting on risky unregulated derivative securities. Yeah, there are “shortfalls” due to bad investments – very bad investments! And believe me when I tell you that had this mortgage scheme been more highly regulated, these securities transactions would have been mandated to provide full disclosure to the homeowners and fraud would be fraud.

Had homeowners have been fully informed many would not have risked their properties in these NTMs. Average homeowners and honest attorneys have put the spotlight on this travesty – not politicians who intentionally did the damage. Now, it is time for all good men and women to link the pension-gate to the intentional deregulations without oversight and warn the world.

These shortfalls and underfunding of pension funds is not due to homeowners who don’t want to pay. Nine out of ten homeowners have tried to modify their loans under the HAMP scam. The banks won’t take their money because insurance pays quicker. Where’s the moral dilemma? It’s in the computer software scheme that has weaponized our own data against us.

Livinglies's Weblog

bankngbad

By The Lending Lies Team

The Goldman’s bought their house months prior to 9/11. For a decade before they had been able to supplement their income by restoring old homes and returning them to their original condition. On average they netted about 27k a home after taxes and expenses. They were so credit-worthy they were granted signature loan status.

Then 9/11 occurred and the markets froze. All of a sudden the Goldman’s had two homes and couldn’t sell either.   Within six months the markets started correcting and although they had gotten behind on their payments they had enough equity in each property- that they could have sold the homes and paid the banks back in full. The banks had different plans.

In fact, the servicer didn’t want to work with the Goldmans- they wanted their homes. The Goldman’s could easily make good on both loans with a little assistance based…

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Washington state invalidates common mortgage provision

Now, as long as the banks, servicers, Fannie and Freddie don’t thumb their noses at the statute and the courts – this will be a good thing. Wonder who their trying to buy off now?

Justice League

HIGHLIGHTS

Laura Jordan came home from work one day to find herself locked out.

She had missed two mortgage payments, and the company servicing her loan had changed the locks without warning.

Laura Jordan came home from work one day to find herself locked out. She had missed two mortgage payments, and the company servicing her loan had changed the locks without warning.

In a ruling this month, the Washington Supreme Court found that action illegal — a decision that clears the way for a federal class-action case that Jordan brought on behalf of at least 3,600 borrowers in the state, and one that could have broad ramifications on how some lenders respond when homeowners miss payments.

“This is criminal trespass and theft, and it should be treated as such,” said Sheila O’Sullivan, executive director of the Northwest Consumer Law Center. “There’s no basis for them to walk in…

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A Refreshingly Honest Email

IMHO – This was a refreshingly honest email received from the Alan Grayson for U.S. Senate by the Committee to Elect Alan Grayson campaign today.

Print  Dear Sydney,

ALAN GRAYSON 2016 PHOTOYou probably get the same nonsense e-mails from the Democratic Party as I do — touting nonexistent matching contributions, fake fundraising goals, feigned intimacy, faux indignation, etc. Until now, I could live with all that, because I always thought of the Democratic Party as a force for good. But now there is this whole new thing, this new Big Lie.

The dictators who have seized the machinery of the Democratic Party are raising money from Democrats and spending it to defeat a Democrat. Namely me.

Oh, they’ll screech in their e-mails about how much they’re concerned about Donald Trump’s election, or the Koch Brothers’ dirty money, or whatever. They beg relentlessly for us to contribute to them, lest we open the seventh seal and usher in the apocalypse.

Well, they’re bearing false witness. And if Judgment Day ever does come, they surely will go straight to hell.

One of these so-called Democratic groups, the Church of Senator Harry Reid (otherwise known as the Senate Majority PAC) is spending $1 million against our campaign, less than two months before our primary election. They are taking our blue money, under the false pretense of helping Democrats, and instead using it to defeat a member of our own party!

Why me? Because I am unbought, unbossed, and unwilling to worship their Wall Street idols. Because my flock is The People — citizens who believe in democratic government free from special interests and corruption, where our leaders are chosen by us, not dictated by the Establishment.

What’s at stake now in our election? Democracy itself. And an opportunity to take back our Party from the corrupt bag-men who have stolen it from us.

As long as YOU still believe that it’s possible for We, the People, to beat the liars, we can win. Will you lift up our campaign, with a contribution of $15 or whatever you can afford?

We’re not willing to pass the collection plate on Wall Street to fund this campaign. We’re leaving it to our opponents to collect their thirty pieces of silver. We’re counting on you, and thousands of other progressives, to come together — to fund our movement, and to fuel our political revolution. Whether I win or lose this election should be up to the voters, not the party autocrats.

It’s still possible for ordinary people to come together and take charge of our government and our lives, and defeat the un-Democratic Party oligarchs. Chip in $15, or whatever you can afford, to help us do just that >>

Courage,

Rep. Alan Grayson

CONTRIBUTE

This post is for information purposes only. It is not meant a a political advertisement.

SOL – “As the action is time-barred, it cannot be commenced again and the controversy therefore has reached an ultimate outcome.”

A Sydney Sullivan Report

Source: Stopforeclosurefraud – HSBC v CLARK-MOORE | NY SC – As this action is time-barred, it cannot be commenced again and the controversy has therefore reached an ultimate outcome. 

ExpiredThis is a most interesting case. Statutes of limitations exist for both civil and criminal causes of action, and begin to run from the date of the injury, or the date it was discovered, or the date on which it would have been discovered with reasonable efforts. In foreclosure cases there have been controversies stemming at times from the games the servicers play with “trial” payments and modifications.

Many statutes of limitations are actual legislative statutes, while others may come from judicial common law. Source: Cornell University Law School, Legal Information Institute. Both federal and state have various statutes and federal bankruptcy statutes of limitations that may even trump the others.

Here, in CLARK-MOORE, the Supreme Court of the State of New York clarified several controversies found in other circuits by specifying precisely when the SOL begins, “by the commencement of the first action” simply stating:

Fel Moore SOL

Continue reading

CFPB Sanctions Law Firm and Debt Buyer For Failing to Review Account Documentation

“Using the law firm’s own software, CFPB determined that the law firm lawyers typically spent less than a few minutes reviewing a complaint package and comparing it to the summary information on the spreadsheet before signing the complaint and filing it with the court. The lawyers did not review the account level documentation…”

Justice League

On April 25, the Consumer Financial Protection Bureau (CFPB) entered an enforcement order against New Jersey law firm Pressler and Pressler and its debt-buyer client, New Century Financial Services, for pursuing hundreds of thousands of debt collection lawsuits without reviewing the underlying documentation supporting the existence of a debt. The law firm agreed to pay a $1 million fine, the debt-buyer client agreed to pay a $1.5 million fine, and both agreed to extensive recordkeeping and compliance measures going forward. These recordkeeping and compliance measures include an obligation to file account information in the court file of defaulted debt-collection cases before obtaining a final judgment, and to do no prejudgment discovery of a debtor’s assets.

The sanction stemmed from the manner in which the debt-buyer client communicated with its law firm. Rather than sending account files of the purchased debts, the client would electronically send spreadsheets showing debtor information and…

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Trump’s GOP Calls for Significant Changes to Housing in 2016 Platform

HOUSINGWIRE says: Party platform blasts “corrupt business model” of Fannie Mae, Freddie Mac

Okay, think about this – Fannie and Freddie were collaborators, if not the actual architects, and helped set up and patent this corrupt housing scheme. If you haven’t watched THE BIG SHORT yet, the time is NOW (it’s on Netflix). Then watch it again – there were good guys on Wall Street. Not everyone was involved in the corruption, albeit it few and far between. In fact, for many years America had a moral and more ethical financial community. But shortly after President Reagan began deregulating the industry and President Clinton signed off on the whip cream and cherry topping by deregulating Glass-Steagall – Wall Street went to hell in a hand-basket.


According to the Republican Party platform, which can be read in full here, one of the GOP’s goals for 2016 and beyond is to “advance responsible homeownership while guarding against the abuses that led to the housing collapse.” Continue reading

Lenders Cannot Seize Property For Delinquent Mortgages Before Foreclosure

Justice League

The Washington state Supreme Court has ruled that lenders cannot take possession of a property due to missed mortgage payments without first going through foreclosure. This ruling opens the door to a federal class action spearheaded by Laura Jordan and joined by more than 3,600 borrowers. Jordan started the case after her mortgage provider seized her property following two missed payments. The lender made a forced entry into her home while she was at work and changed the locks.

While many view the lender’s actions as trespassing and theft, others in the industry say that the ruling is in conflict with many terms listed in standard mortgage agreements. The language found in many of these documents states that lenders can take several steps to maintain the value of a property that has been abandoned or is in default, including changing the locks. A brief filed by Freddie Mac supported…

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Glass-Steagall: Wall Street is not happy with Donald Trump

It appears there are 2 sides at large here. Keep that in mind while you watch this election. Reviving Glass-Steagall is a bold anti-Clinton move. Think about the 11 states that screamed at the convention (11 out of 50) and apparently lead by none other than the MERS state of Virginia… Gotta make you want to connect some of the dots, yeah?

Justice League

Traders at the New York Stock Exchange watch Donald Trump speaking on TV.I bet they are pissed.. lol!

CNBC:

After the surprise announcement, which came on the first day of the Republican National Convention, Wall Street sources sounded off on the idea that a Republican would reverse course on policies nearly 20 years old and now taken for granted by big banks.

One lawyer, who works with financial institutions on behalf of a white-shoe firm in New York, called the idea “scary.” Even Wilbur Ross, one of the Trump campaign’s biggest supporters from the finance industry, called it “surprising.” Others on Wall Street who spoke to CNBC used stronger language that can’t be printed.

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The Republican Platform’s Surprise Revival of Glass-Steagall Legislation

Maybe there are 2 sides as The Big Short suggests. What would Michael Burry think about Donald Trump? Let’s face it – you can’t fight it unless you understand it and you certainly can’t lead the fight if you are in bed with the “other side”.

Justice League

David Dayen

THE LAST-MINUTE DECISION to include in the Republican platform a call to restore the firewall between commercial and investment banking comes as a surprise, because Donald Trump himself has never publicly addressed or endorsed such a reform in his year-long presidential run.

Trump did once say at a debate in New Hampshire, “nobody knows banking better than I do,” but a review of the transcripts of all 12 Republican debates shows that he never endorsed restoring Glass-Steagall, legislation first passed in 1933. Websitesdevoted to detailing Trump’s positions find no record of him having any opinion on the Depression-era law. The issuespages of Trump’s presidential website steer clear of anything related to banks or finance.

In fact, Trump campaign manager Paul Manafort, who first leaked word that the platform would endorse the reintroduction of Glass-Steagall, ran a campaign consulting firm in the 1980s that helped elect to…

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Client Alert: From the Scheer Law Group: Servicer Claims for Mishandling Loan Modifications are Held to be the Obligations of the Lender

Justice League

Client Alert: From the Scheer Law Group: Servicer Claims for Mishandling Loan Modifications are Held to be the Obligations of the Lender

To All SLG Clients and Affiliates.
From: Spencer Scheer
Date: July 7, 2016
Subject:  Client Alert: From the Scheer Law Group

Court are upholding Negligence Claims against Servicers for Mishandling Loan Modification Applications and holding that the Lender/Investor can be liable under agency Principles.

A California appellate court has held that borrowers can assert claims for both misrepresentation and negligent loan administration against a loan servicer and against an indenture trustee (lender/investor), as the servicer’s principal, resulting from allegedly mishandling a loan modification application  (See Daniels v. Select Portfolio Servicing, Inc., 246 Cal. App. 4th 1150, 201 Cal. Rptr. 3d 390 (2016)).

There is currently a split of authority under California law on whether there is a duty of care imposed by law on a servicer handling a…

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