OneWest “is not above the law,” said Helen Kelly, a 67-year-old former Minnesota state prosecutor that spoke out during a public hearing on a proposed merger with CIT Group and asserted she encountered difficulties with the lender when she wanted to modify the terms of her mortgage on her Pleasanton, Calif., house. She then compared bankers to an “Ebola virus” that had spread to contaminate homeowners.
THE FORECLOSURE HOUR
3 pm (HST) / 5 pm (PST) / 8 pm (EST)
Call toll free: (888) 565-8383
The topic for the Sunday, March 1st show will be: An Exclusive Interview with David Krieger, author of Clouded Titles, on How You Can Reverse Mortgage Fraud at Your Local Recording Office: Defending in Court Is Not Enough.
Learn and discuss why it is important for your land records to be audited and how to actively approach your local registrar and legislators to institute a full audit.
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Gary Dubin • Dubin Law Offices • Harbor Court, Suite 3100 • 55 Merchant Street
Honolulu, Hawaii 96813 • gdubin@dubinlaw.net •(808) 537-2300 (office)
http://www.foreclosurehour.com/
Isn’t it amazing after all these years you’ve never heard the government mention a word about rehypothecation and the added undisclosed risk to your collateral? This is still the best suggestion so far – but it will take a united community from coast to coast to make the tsunami of change:
“The best thing to do is strip ALL the mortgage loans, including REOs, written for the last decade from the banks; have the states take them over and reconstruct them with the borrowers at 0%-2% for 30 years and start creating the desperately needed revenues, in lieu of litigation.”
So, what’s this? Another charade? Did Geithner or Bernanke suggest, “Hey Barack we’ll fix it, we’ll just file a big lawsuit against everybody and then we’ll cut a deal that let’s the banks off the hook for everything for the $20 billion the AG’s won’t settle on…”
The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation.
The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the…
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(Bloomberg) — Ocwen Financial Corp., the mortgage servicer under attack for its handling of home loans, is being fired from overseeing debt backing two bond deals, according to notices sent to bondholders.
Wells Fargo & Co., the trustee for the transactions, said in letters dated Feb. 24 that a majority of investors had directed it to terminate Ocwen. The bank said that it had issued Atlanta-based Ocwen notices informing the servicer that it was doing so.
Downgrades of Ocwen’s servicing ratings last year triggered technical defaults in the bonds, prompting Wells Fargo to solicit instructions from investors on what to do next. They were also among deals where some bondholders had accused Ocwen of “imprudent and improper servicing practices.”
No one should be allowed to rehypothecate your collateral without full disclosure and explicit consent. And if Congress is too blind to see this – how can anyone expect the judiciary to take off their blinders? It’s time to take these issues to the Supreme Court under securities related claims. The rehypothecation agreements were in place long before the borrowers unwittingly entered into the collateral procurement to securitization and rehypothecation scheme.
see FORECLOSURE, SECURITIZATION DON’T MIX ROCKY'S+ARTICLE+in+the+CAPE+COD+TIMES+February+21,+2015
As I write this, I have no recall of Mr. Ludden before today. BUT his article in of all places, the Cape Cod Times, struck me as astonishing in its concise description of the illegal foreclosures that are skimming past Judges desks with hardly a look much less the usually required judicial scrutiny. He says
No one should have the legal right to take your home merely by winking and nodding their way around a significant flaw in the securitization model and whatever burrs it may leave on the industry’s saddle. …
Is there anyone with a present contractual connection to you or the loan who has actually suffered a default? If not, any… foreclosure begins to bear an uncanny resemblance to double dipping.
It is time for Judges to dust off the principle of fundamental fairness that lies at the heart of our…
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Cross-posted from The Law Offices of Evan M. Rosen:
Plaintiff starts off wanting leave to amend to add lost note count at the beginning of trial. Despite pleading owner and holder in a “verified” complaint, they now know the note was lost all along. First, opposing counsel attempts to place blame on the court clerk of court but the clerk who he calls to testify, proffers during their motion that the original was never filed. What they show was that a Notice of Filing of original note was filed in a prior 2009 case but when the bank was ordered to transfer the original note via an order from the Judge in the current 2013 case, they found that only a copy of the note was attached to Plaintiff’s notice of filing the “original note.” This is not the first time we’ve seen or heard this…
Without me saying a…
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SUPERIOR COURT OF JEW JERSEY CHANCERY DIVISION- GENERAL EQUITY PART MERCER COUNTY IN THE MATTER OF RESIDENTIAL MORTGAGE FORECLOSURE PLEADING AND DOCUMENT IRREGULARITIES
Here the court document. Click here.
Excellent insight. The interview provides us with a financial overview of the world economy and touches on the reason for property to be included in the basis of the banking evaluation.
One year after the great stock market crash in 1987, US President Ronald Reagan launched the “Working Group on Financial Markets.” Conspiracy theorists believe, however, that the real task of this committee is to protect against a renewed slump in the stock market. In the jargon of Wall Street, the working group is known as the “Plunge Protection Team.”
One glimpse at a few days suring 2007/8 and it is clear that ‘someone’ with infinitely deep pockets was able to support markets on several critical days – though, of course, anyone proclaiming intervention was propagandized away as a conspiracy theory wonk. However, as Dr. Pippa Malmgren – a former member of the U.S. President’s Working Group on Financial Markets – it is not conspiracy theory, it is conspiracy fact: “there’s no price discovery anymore by the market… governments impose prices on the market.”
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This was before we found Rehypothecation in the securities scheme. Add that to the mix and the banks’ intent to permanently destroy homeownership becomes crystal clear. As long as we allow Congress to get away with ignoring the necessity of regulation – we are acknowledging and accepting the destruction of an integral part of the American life and human rights.
It’s about time somebody recognized it. David Reiss and Brad Bordon posted a dynamic review of the most recent ‘slap down the banks’ cases of Saldivar and Erobobo and the potential impact on the [failed] REMIC tax shelters in REFinBlog.
David Reiss writes: “Brad Borden and I have warned that an unanticipated tax consequence of the sloppy mortgage origination practices that characterized the boom is that MBS pools may fail to qualify as REMICs. This would have massively negative tax consequences for MBS investors and should trigger lawsuits against the professionals who structured these transactions. Courts deciding upstream and downstream cases have not focused on this issue because it is typically not relevant to the dispute between the parties.
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THE FORECLOSURE HOUR
3 pm (HST) / 5 pm (PST) / 8 pm (EST)
Call toll free: (888) 565-8383
The topic for the Sunday, February 22nd show will be: 20 Winning Ways To Defeat Promissory Notes In Foreclosure Proceedings.
Understanding The Differences Between Traditional Paper Notes, Securitized Notes, and Cyber Notes
Gary Dubin • Dubin Law Offices • Harbor Court, Suite 3100 • 55 Merchant Street
Honolulu, Hawaii 96813 • gdubin@dubinlaw.net •(808) 537-2300 (office)
http://www.foreclosurehour.com/
