The Real Story Behind Wells Fargo Scandals

So the question of the day is this: After tallying all of the Wells Fargo scandals why would anyone, much less a judge, accept the facial validity of documents knowing that the source of those documents had engaged in a long-term pattern of conduct that involved falsifying documents?

Why would any judge not insist on actual proof instead of allowing Wells Fargo to make use of presumptions based upon the apparent credibility of documents?

Good questions. So Judge, you follow this – can you answer these questions honestly? Are you compromised? Is (or was) your own mortgage with Wells Fargo? Are you invested in “preferred” (betting against the American Homeowners) MBS?

Source: The Real Story Behind Wells Fargo Scandals

Closely Watched Case on Disgorgement Could Have Effects on Foreclosure Litigation

There is nothing wrong with securitization. it has been the basis for capitalism for hundreds of years. You can argue about the flaws of capitalism but it is still the best system devised, so far, in human evolution. But theft is not capitalism.

Unfortunately the United States Supreme Court seems to be moving dangerously close the edge by allowing theft to prevail and the Securities and Exchange Commission is arguing with the court about it. For those concerned about the future of the country now i the time to start making calls to public figures and letting them know how you feel about this.

Source: Closely Watched Case on Disgorgement Could Have Effects on Foreclosure Litigation

In case you think I am making this stuff up….read this

Bottom Line: the consensus view that we are dealing with unpaid loans is false. There can’t be a default if all the players are getting paid and actually making money on the decline in the value of the loan data.

And those false pretenses included false or incomplete appraisals and other computations of viability of loans — a duty that is strictly put on the lenders (TILA) not the borrowers who as a matter of statute and public policy do not have the education, training skills or understanding of mortgage lending.

Source: In case you think I am making this stuff up….read this

Ex-OneWest Chief Surprises Wells Fargo With OCC Enforcement

On Thursday, the OCC banned former Wells Fargo CEO John Stumpf from the banking industry and fined him $17.5 million (13 million pounds) to settle charges he failed to put a stop to sales misconduct – the most it has ever secured from an individual. Among other former executives charged was retail banking head Carrie…

Source: Ex-OneWest Chief Surprises Wells Fargo With OCC Enforcement

Where are you George Bailey? You apparently are not in the White House…

Worth remembering.

Deadly Clear

In 2010, Meg Rehrauer, a J.D. Candidate at Northeastern University School of Law, wrote a memorable paper:

REGAINING THE WONDERFUL LIFE OF HOMEOWNERSHIP POST-FORECLOSURE DEFENDING HOMEOWNERS FROM EVICTION AFTER FORECLOSURE BY ATTACKING THE OWNERSHIP RIGHTS OF THE FORECLOSING ENTITY

It’s Christmas 2 years later and we’re still reeling in foreclosures and frauds committed by the banks because America is stuck in the portion of George Bailey’s dream as if he hadn’t been born.

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The Eerie Similarities Between American Homeowner Foreclosure and the US House Impeachment Inquiry(s)

By Sydney Sullivan

For over a decade, American Homeowners have been fighting the corruption that stems from the banks to legislators and down through the judiciary… and all the way up to the top of the political chain. Mortgages and Notes were faux pieces of paper created after American Homeowners filled out Fannie Mae 1003 applications where their personal  information and properties were sold into securitization/rehypothecation slavery before they signed the fake mortgage deals.

With this corruption grew tons of charlatans riding the gravy train at the expense of naive, sleepy homeowners and business owners who trusted their banks and

Answering the Shell Game

LivingLies: “Everything that happens in correspondence, statements and enforcement actions is specifically designed to make lawyers, homeowners and judges think that is not the case. Everything is designed to create the false impression that the parties involved have every legal right to originate, process and enforce residential loans when in fact no such authority exists.

The foreclosure process is just one step in many that results in unconscionable profits, fees and commissions distributed to a multitude of players whose livelihood depends upon successfully duping the courts into allowing foreclosure despite the fact that the money from the forced sale will never be paid to the investors who paid for the debt.”

Source: Answering the Shell Game

Interesting NY Decision on Acceleration: U.S. Bank N.A. v. Gordon, 176 A.D.3d 1006 (2d Dept. 2019)

LivingLies: “And of course the declaration of intent is contained in a “notice of default” that is a complete legal nullity, to wit: it is declared on behalf of U.S. Bank and a trust neither of which have any interest in the loan.

In short, the courts are willing to bend every rule, break any logical flow, and divert every rule in order to rule in favor of nonentities just like this case. U.S. Bank had no right, title or interest in the loan, debt, note or mortgage and neither suffered any financial loss for nor was it exposed to any default  declared or otherwise. And neither did any entity supposedly or presumably represented by U.S. Bank.”

Source: Interesting NY Decision on Acceleration: U.S. Bank N.A. v. Gordon, 176 A.D.3d 1006 (2d Dept. 2019)

Why Are All the Documents Fake in foreclosures?

LivingLies: While Judges recognize irregularities in the documents and procedures invoked in foreclosures, they are proceeding under the doctrine  of “damnum absque injuria.” The judges are saying that there might be a violation but there is no injury because you owe the money and didn’t pay it therefore you should lose your home and the interests of justice are thereby served.

DC: Did you know you were gambling your property and personal data on Wall Street? Did anyone disclose to you, at any time, that this was not a traditional mortgage – but rather a securities transaction?

Source: Why Are All the Documents Fake in foreclosures?

Capitalism is Not Failing

LivingLies: “Citing “capitalism” as a defense no assassin would be set free because he killed for money. Nobody in their right mind would accept a defense of capitalism for someone who robbed, poisoned, shot, stabbed, or stole from a person or company if the defense was “I did it for the money.” That’s not capitalism. It’s robbery, assault, murder or theft.

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Politicians manipulate us with labels. The goal is not capitalism or money. The goal is a better life. Capitalism has proved better than other systems at achieving prosperity, strength, consistency and quality, but it hasn’t been perfect. Like all systems it needs to be fine tuned continuously to make sure we don’t fall back into a feudal systems where a few mega rich people have all the power and use it to get more power by subjugating the rest of us.”

Source: Capitalism is Not Failing