Where’s the Beef? Hell if the Banks know.

Livinglies's Weblog

To listen to the West Coast Foreclosure Show:

Note: For those readers too young to remember, in 1984, the Wendy’s corporation launched an epic ad campaign called, “Where’s the Beef?” It was aimed at McDonald’s and insinuated that the hamburgers at McDonald’s skimped on the beef.  This campaign was launched at the same time McDonald’s was accused of using earthworm as meat filler.  The campaign was a huge success and began Wendy’s expansion.

By J. Guggenheim

Investigator Bill Paatalo joined attorney Charles Marshall on the West Coast Foreclosure show to discuss why the major banks are unable to provide a bank witness in litigation who has knowledge of the loan.  Bank witnesses are unable to provide information regarding the note location, who the creditor is, what the bank paid for the loan, or if the loan was transferred in compliance with the Trust’s Pooling and Servicing agreement.  When deposed, the…

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JPMorgan Chase and the Fed in Collusion: The National Mortgage Settlement Sham

Livinglies's Weblog

Six years ago, in February 2012, JPM was fined $5.3 billion under the National Mortgage Settlement reached with Attorney General Eric Holder. It was one of those sweetheart deals that Holder cut over and over with the big banks — by imposing cost-of-doing-business fines, instead of criminal charges, in keeping with his “too big to jail” policy.

However, as financial muckraker David Dayen reports at The Nation, only $1.1 billion of that $5.3 billion total had to be paid in cash; “the other $4.2 billion was to come in the form of financial relief for homeowners in danger of losing their homes to foreclosure.”

Here’s the rest of the story: “JPMorgan moved to forgive the mortgages of tens of thousands of homeowners; the feds, in turn, credited these canceled loans against the penalties due under the 2012 and 2013 settlements. But here’s the rub: In many instances, JPMorgan was…

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MERS Unraveling

“And as for the free house, most homeowners only want to work out the terms of a real note and a real mortgage and pay back the money that the investor would otherwise lose if that portion of the loan that has not already been paid as “settlement” when the investors discovered what had been done with their money.”

Livinglies's Weblog

“Aside from the inappropriate reliance upon the statutory definition of “mortgagee,” MERS’s position that it can be both the mortgagee and an agent of the mortgagee is absurd, at best. — Judge Grossman, Federal Bankruptpcy Court

The Court recognizes that an adverse ruling regarding MERS’s authority to assign mortgages or act on behalf of its member/lenders could have a significant impact on MERS and upon the lenders, which do business with MERS throughout the United States.

However, the Court must resolve the instant matter by applying the laws as they exist today. It is up to the legislative branch, if it chooses, to amend the current statutes to confer upon MERS the requisite authority to assign mortgages under its current business practices.

MERS and its partners made the decision to create and operate under a business model that was designed in large part to avoid the requirements of the traditional…

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Katherine Ann Porter, Author of 2007 Study Revealing the Destruction of Notes, Is Running for Congress

2018 is the year of the no-name, non-politician dedicated to restoring decency and MAGA! It’s the year to clean House & Senate of all the lifers. Maybe we’ll even get Term Limits done!

Livinglies's Weblog

Ms. Porter was the first person who broke through the ruse of securitization and confirmed what I thought, in 2007, leading to the creation of this blog. As a Professor at the University of Iowa she conducted a study that revealed that, at a minimum, 40% of all executed notes were destroyed shortly after the “closing” of a home loan. Negotiable notes are the equivalent of cash. I was left with the question “why would anyone shred money?”

Now in California, this former protege of Elizabeth Warren is running for Congress. I think she deserves all the support she can get. She is one of the few people running for public office who understands the mortgage meltdown and who will keep fire to the feet of fellow legislators as the country continues to sort out fraudulent loans, fraudulent “meltdowns,” and fraudulent foreclosures.

Ten years ago, when I was a lone…

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David Dayen: How America’s Biggest Bank- JPMorgan Chase Paid its Fine for the 2008 Mortgage Crisis—With Phony Mortgages! Alleged fraud put JPMorgan Chase hundreds of millions of dollars ahead; ordinary homeowners, not so much.

Not enough attorneys have included their state AG in the defense action, and fail to quote the National Mortgage Settlement terms, or OCC Consent Orders in detail. Forged documents ought to raise to the level of fraud on the court, right?

But let’s not let our legislators off the hook, either. Why have they all failed to pass a bill to mandate all endorsements be dated. In the words of Ina Garten, “how simple is that?”

Livinglies's Weblog

JPMorgan is a criminal Racketeering Organization

by David Dayen, for The Nation:

“You know the old joke: How do you make a killing on Wall Street and never risk a loss? Easy—use other people’s money. Jamie Dimon and his underlings at JPMorgan Chase have perfected this dark art at America’s largest bank, which boasts a balance sheet one-eighth the size of the entire US economy.

After JPMorgan’s deceitful activities in the housing market helped trigger the 2008 financial crash that cost millions of Americans their jobs, homes, and life savings, punishment was in order. Among a vast array of misconduct, JPMorgan engaged in the routine use of “robo-signing,” which allowed bank employees to automatically sign hundreds, even thousands, of foreclosure documents per day without verifying their contents……….

To continue to The Nation click here: https://www.thenation.com/article/how-americas-biggest-bank-paid-its-fine-for-the-2008-mortgage-crisis-with-phony-mortgages/

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BREAKING NEWS! SCUMBAG EX-FORECLOSURE MILL ATTORNEY IN CONGRESS TRYING TO AMEND THE FDCPA TO EXEMPT ATTORNEYS FROM LIABILITY!

It would have been more appropriate for Nationstar to change its name to Mr. Potter.

Clouded Titles Blog

BREAKING NEWS, OP-ED — 

Three items just crossed my desk that you should be aware of:

FIRST:

Congressman David Trott (of the foreclosure mill law firm Trott & Trott) is “hot to Trott” this legislative session, again trying to proffer amendments to the Fair Debt Collection Practices Act to exempt attorneys from liability.  Here is a pdf downloadable copy of this scumbag’s bill (sponsored only by him): H.R. 1849 (FDCPA Amendments, 2017).

The language speaks for itself and you should be speaking out against it!   Call your Congressperson and Senator immediately and tell them NOT to support this bill.  This bill takes all of the fairness out of debt collection and once again attempts to make it easier for attorneys to break the law!

SECOND: 

If you are facing Bank of America in court during your foreclosure proceeding, you should know that:

1. Bank of America will likely produce…

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Did your state Attorney General deny your LPS/Black Knight FOIA request? Contact the ACLU!

Livinglies's Weblog

State AGs have not forced LPS/Black Knight to comply with the Consent Judgment

Editor’s Note:  Eric Mains, a former FDIC Team member who saw the securitization fraud first hand, has been encouraging homeowners who are in foreclosure, or were foreclosed upon, to send FOIA requests to their state Attorney Generals and ask for information about the enforcement of the LPS/Black Knight consent judgment they signed.  The LPS consent judgment was agreed to by all 50 state AGs and it appears the states took the funds, but did little else to ensure compliance with the order- including the remediation of fraudulent documents filed in county records.  For background on FOIA strategy and Eric Mains, see here and here, and listen here.

Filing a Complaint with the ACLU if the AG’s office in your State refuses to Comply with An FOIA/Public Records Act Request regarding the LPS Consent Judgment

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UNMASKING FANNIE MAE: It Appears Fannie’s Role in Foreclosures May Be Linked to Obamacare Funding Scheme

By Sydney Sullivan

In May 2017, US Secretary of Treasury, Steve Mnuchin, confirmed GSE Sweeps May Have Funded Obamacare. The meaning of this significant confirmation went virtually unnoticed by homeowners, their attorneys, and lawmakers for several reasons. The top of the list is the mainstream media suppression.

No matter what side of the political aisle you stand on, if you are a homeowner in or facing foreclosure – or if you lost your home since 2008, or are an investor in the Government Sponsored Enterprises (GSE), Fannie and the Treasury

Risk Transfer and Reform

Quarterly Net Sweeps consist of WRONGFUL FORECLOSURE funds and fraudulent concealment that has been perpetrated on American homeowners for years. Fraudulent documents, fraud on the courts and fraudulent concealment are the business model of this racketeering industry. The banks are losing ground because the courts aren’t under the Obamacare gun any longer and they see the sleazy scheme.

American homeowners and Americans made homeless are tired of propping up Obamacare with fraudulent foreclosure funds stemming from unclean hands of the GSEs, the banks’ and their attorneys.

American Homeowners want the rule of law back. They want their legislators to stop regulating and changing statutes to benefit the banks. Courts do not want to be collection agencies for crooks.

Trump won the worst foreclosure states and it’s time his administration woke up to the needs of the millions of Americans that have been duped since the new NTMs arrived, pensions were sucked dry and the markets crashed.

HOWARD ON MORTGAGE FINANCE

On September 26 I participated in a conference call hosted by the Washington D.C. investment firm Compass Point, on the topic of “Mortgage Finance Reform and Credit Risk Transfers.” Below is the text of my prepared remarks for that call.

The topic I’d like to address this morning is credit risk transfers, and the role they might play in a reformed mortgage finance system.

Today there are two competing approaches to resolving the conservatorships of Fannie and Freddie. The first is what Treasury and those I call the “Financial Establishment”—commercial and investment banks and their supporters—have sought from the day the conservatorships began: to wind Fannie and Freddie down, and have Congress replace them with some mechanism more to the liking of large primary market lenders. Over the past few years there have been a number of proposals for doing this: Corker-Warner, Johnson-Crapo, proposals from the Urban Institute and…

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JPMorgan Ordered to Pay More Than $4 Billion to Widow and Family

Justice League

That’s billion with a B….

• Outsize punitive damages awards are often reduced by courts
• Bank found by jury to have mismanaged estate of Max Hopper

JPMorgan Chase & Co. was ordered by a Dallas jury to pay more than $4 billion in damages for mishandling the estate of a former American Airlines executive, but the verdict will probably be knocked down on appeal.

Jo Hopper and two stepchildren won the probate court verdict over claims that JPMorgan mismanaged the administration of the estate of Max Hopper, who was described as an airline technology innovator in a statement issued by the family’s law firm.

Large punitive damages verdicts like the one in the Hopper case are often scaled back because the U.S. Supreme Court has ruled they can’t be disproportionate to actual damages. In this case, the jury awarded less than $5 million in actual damages.

Read on.

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