Mortgage Assignments: Assignment of a Mortgage Without the Underlying Note is A Nullity

Oh, how naive people are. These transactions are not traditional mortgage loans.

Bankruptcy-RealEstate-Insights

In re Cornerstone Homes, Inc., 544 B.R. 492 (Bankr. W.D. N.Y. 2015)

A chapter 11 trustee sought a judgment that a series of mortgages were unenforceable as a matter of law because the written assignments transferring them to the current mortgagees were insufficient. If the trustee prevailed, the mortgage loans would be transformed from secured to unsecured claims.

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Foreclosure Fraud Is Supposed to Be a Thing of the Past, But It Happens Every Day

You can’t repeat these words enough!

Livinglies's Weblog

old-mortgage-deed-7611736.jpgBy David Dayen

https://theintercept.com/2016/05/18/foreclosure-fraud-is-supposed-to-be-a-thing-of-the-past-but-it-happens-every-day/

Every day in America, people continue to be kicked out of their homes based on false documents. The settlements over allegations of robosigning, faulty paperwork, and illegal mortgage servicing didn’t end the misconduct. And law enforcement, along with most judges and politicians, have looked away in the mistaken belief that they wrapped up a scandal that just goes on and on.

My new book, Chain of Title: How Three Ordinary Americans Uncovered Wall Street’s Great Foreclosure Fraud, is about three foreclosure victims who ended up doing more investigation of the corrupt U.S. mortgage industry than any state or federal law enforcement or regulatory official.

They exposed the mass production of false mortgage documents in courthouses and county records offices across the country.

It’s a work of history, depicting events that occurred from 2009 to 2012. But it’s a living history, and that’s one of…

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Elizabeth Warren Calls On Americans To Fight Wall Street

Justice League

On Tuesday, Sen. Elizabeth Warren (D-MA) headlined an event that launched a new coalition calling itself “Take On Wall Street.”

The group includes lawmakers like Warren, Reps. Keith Ellison (D-MN) and Nydia Velazquez (D-NY), labor leaders like the AFL-CIO’s Richard Trumka and the AFT’s Randi Weingarten, as well as civil rights groups, community groups, and the organizing giant Move On. It aims to put pressure on lawmakers at all levels to pass stricter rules governing the financial system.

Operating on two principles — “No cheating, and no pushing the risks on taxpayers,” as Warren put it — it’s making five key demands: breaking up the biggest banks; ensuring access to non-predatory banking products, including through the United States Post Office; ending the carried interest tax loophole that allows hedge fund managers to use a tax break for investment income on the income they make at work; reining in executive…

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Vista, CA is feeling the Bern at Sunday’s afternoon rally

Good report!

Justice League

Written by Biloxi

Disclosure: This is not to persuade any  Justice League readers in this political race. It is your right to exercise your vote on the candidate of your choosing. Get out and vote!

I decided to take a very long drive to San Diego this afternoon to attend Bernie Sanders rally for my own view of the rally since his rally is much talked about  in the media with the massive crowd by Sanders’ supporters. And all I can say is that there were alot of people at the rally and it took over close to 2 hours for the long line of people to enter the rally. While I was in line, I did talk to alot of milleniums in line ( and there were a lot young people attending the rally). They are not as dumb as the media make them appear to be. Some of…

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Monday Morning Cup of Coffee: Did Wells Fargo pay off new mayor’s mortgage?

Powerful, yeah? I know a mayor got kinda the same deal only it cost the county $40-odd million in a bad securities deal.

Justice League

The painful legacy of the great real estate swindle

Monday Morning Cup of Coffee takes a look at news across the HousingWire weekend desk, with more coverage to come on bigger issues.

Crime may not pay, but politics certainly does, and not just with hard cash.

According to the Clarion-Ledger, when Tony Yarber was elected to the office of mayor in Jackson, Mississippi, Well Fargo paid off his mortgage.

That may be two years ago, but Yarber is not shy about discussing the event.

“Bank records show that Wells Fargo authorized the release of the remaining lien, $91,621.94, on April 22, 2014, the day of his election. Essentially, they wrote it off, Yarber said.”

“Wells Fargo said don’t worry about sending no more money,” he said to local reporter Anna Wolfe.

Yarber, a pastor, delivered a sermon declaring the lien extinguished, mentioning being part of the “very unfortunate…

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An Exclusive LIVE Interview with Florida Trial Attorney Jacqulyn Mack Revealing the Hidden Secrets of Securitized Trusts

SUNDAY on The Foreclosure Hour:

An Exclusive LIVE Interview with Florida Trial Attorney Jacqulyn Mack Revealing the Hidden Secrets of Securitized Trusts

Gary Dubin FH

THE FORECLOSURE HOUR
Sundays:  3 pm (HST) / 6 pm (PST) / 9 pm (EST). Click HERE to listen.

Call toll free: (888) 565-8383

Hawaii attorney Gary Dubin and
co-host [former Hawaii Governor] John Waihee present An Exclusive LIVE Interview with Florida Trial Attorney Jacqulyn Mack Revealing the Hidden Secrets of Securitized Trusts.

While average foreclosure defense attorneys spin their wheels deposing the bank-prepped servicer-related witnesses – Jacqulyn Mack uses her investigative skills to dig out more knowledgeable witnesses to depose. The information she has uncovered had redefined the securitization operation – what goes on behind the securitization curtain. Continue reading

DOJ and IRS could have brought banksters to their knees on fraudulent securitized loans using 26 U.S.C. § 860G(d)(1)

Excellent research. Says a lot about our current politics.

Justice League

The Week wrote an opinion piece of a review of David Dayen’s book , Chain of Title. But, in the article written by Ryan Cooper, he discussed the penalities of securitization law in New York and federal if the securities (in this case mortgage loans that were sold to Wall Street to become a securitization trust) did not properly follow the original contract. From The Week: 

Not many noticed while the bubble was going up, but after it collapsed and the recession took hold, millions of people fell into default on their mortgages. Dayen’s book follows three private citizens, Lisa Epstein, Michael Redman, and Lynn Syzmoniak, all of whom were sucked into the foreclosure machine after the economic crash of 2008. In desperation they began poking around their foreclosure documents, and found howling, inconceivable errors — being foreclosed on by a bank that did not own the mortgage, obviously impossible…

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“IT IS HAPPENING AGAIN”: DAVID DAYEN ON THE EPIDEMIC OF FORECLOSURE FRAUD AND THE RIGGED ECONOMY THAT SETS IT IN MOTION

Delusional…IBG-YBG.

Justice League

“I think what struck me most about this story was the fact that the foreclosure fraud these ordinary citizens uncovered was so crude and so sloppy. I could only conclude that the people involved knew there was nobody minding the store. That says a lot about Americans’ sense of ethics. How many people working in that industry do you think knew they were committing fraud and just didn’t care? “

Earlier this week the New York Times featured a depressing story about homeless people living in the foreclosed and abandoned houses that still dot the landscape in Nevada, reminding everyone of that awful time just a few years ago when families all over the country lost their homes in what has become euphemistically known as “the housing crisis.” It was actually much more specific than that, it was an epidemic of criminal mortgageforeclosure fraud and it devastated millions of…

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David Dayen’s Chain of Title Interview Confirms What You Always Suspected: The Game is Rigged

Send a copy to your favorite legislators with a note that says: “Please take the time to read this educational material. From your constituents and the homeowners of our state.”

Livinglies's Weblog

Chain of Title should be required reading in every college-level business ethics class in America. At a time when “business ethics” is an oxymoron, perhaps the current generation that adores Bernie Sanders might better understand the dangers big banking monopolies hold. David Dayen’s book, Chain of Title, unearths a system with the power and collateral to stonewall millions of homeowners from obtaining one very simple answer: Who owns my mortgage?


If you haven’t been able to wrap your head around why the federal government has failed to prosecute one banker for the foreclosure crisis there is a very simple answer that Chain of Title alludes to. The federal government has a dark secret: the trusts are empty and the falsified notes cannot be traced back to their true owners so they must be “recreated” if a default occurs. This means that the investors, the pensions and the trusts own nothing…

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