Foreclosure Hour – Surviving in an Inconsistent Legal System

Upcoming Discussion for Sunday’s THE FORECLOSURE HOUR
Sundays: 3 pm (HST) / 6 pm (PST) / 9 pm (EST). Click HERE to listen.

What Every Homeowner Needs To Know About the Latest Foreclosure Trends and Developments in American Law in Order To Survive in an Inconsistent Legal System Largely Out of Service Which Treats Like Cases Differently.

all-the-justice-money-can-buyIt is a natural law of Justice in virtually every legal system in the history of the world that “like cases should be treated alike,” except it seems in the field of foreclosure defense in America where national inconsistency has become the norm.

Thus, for nearly a tumultuous decade following (the continuation of) the Mortgage Crisis of 2008, American Courts have created a record of contradiction, confusion, and uncertainty, ignoring established rules of evidence and even its own case precedents governing other areas of the law, while often pompously looking the other way in the tradition of Pontius Palate, routinely favoring lenders, often misusing the doctrine of stare decisis to protect previously egregiously mistaken case precedents. Continue reading

Wells Fargo Slammed With $2.6 Billion Lawsuit By Terminated Workers

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And I wonder when the Wells Fargo former and current employees will sue the bank for OT (certainly they did OT) that they most likely weren’t paid for their time when they were pressured by upper management for sales goals to open fake accounts for customers who had know idea of these accounts.


The lawsuit (Polonsky v. Wells Fargo Bank & Co., BC634475, California Superior Court, Los Angeles County )  filed on Thursday, alleged that “Wells Fargo fired or demoted employees who failed to meet unrealistic quotas while at the same time providing promotions to employees who met these quotas by opening fraudulent accounts.”

The lawsuit on behalf of people who worked for Wells Fargo in California over the past 10 years, including current employees, focuses on those who followed the rules and were penalized for not meeting sales quotas. It accuses Wells Fargo of wrongful termination…

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Wells Fargo Whistleblower: “They Are All Riding the Stagecoach to Hell”

What a wicked web they weave when first they practice to deceive.

Onc’t they was a little boy would n’t say his pray’rs—
An’ when he went to bed at night, away up stairs,
His mammy heerd him holler, an’ his daddy heerd him bawl,
An’ when they turn’t the kivvers down, he was n’t there at all!
An’ they seeked him in the rafter-room, an’ cubby-hole, an’ press,
An’ seeked him up the chimbly-flue, an’ ever’wheres, I guess;
But all they ever found was thist his pants an’ roundabout!
An’ the Gobble-uns ’ll git you
Ef you

An’ little Orphant Annie says, when the blaze is blue,
An’ the lampwick sputters, an’ the wind goes woo-oo!
An’ you hear the crickets quit, an’ the moon is gray,
An’ the lightnin’-bugs in dew is allsquenched away,—
You better mind yer parents, and yer teachers fond and dear,
An’ churish them ’at loves you, an’ dry the orphant’s tear,
An’ he’p the pore an’ needy ones ’at clusters all about,
Er the Gobble-uns ’ll git you
Ef you

It’s getting so close to Halloween…ya know? Don’t you just love James Whitcomb Riley?

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I recently spoke to a former Wells Fargo employee turned whistleblower about the ongoing issues of fraud and predatory banking practices implemented by the bank regarding the ongoing housing and mortgage fraud. Beth Jacobson is a former high level employee of the bank, who told me:

“In 1998, I was hired by Wells Fargo Home Mortgage as a ‘Home Mortgage Consultant’ or loan officer. I worked for Wells Fargo Home Mortgage (‘Wells Fargo’) until December, 2007. After a period of time, I was promoted to Sales Manager. I told DOJ over six years ago about Wells Fargo’s quotas. At that time it was subprime loans. A loan officer had to fund three subprime loans per month. If there was a quarter when that didn’t happen, they were fired. So the result is prime borrowers were put in subprime loans so that the loan officer kept their job.

[John] Stumpf…

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Sen. Elizabeth Warren raved about David Dayen’s book Chain of Title

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From Elizabeth Warren facebook:

Elizabeth Warren

I was on a plane recently, waiting to get off when the guy in the row in front of me turned around and said, “You look a lot like Elizabeth Warren.” (I get that a lot.) He laughed when I told him I was, and he said he was a big fan (always nice to hear). But then he paused and said he didn’t think that I should be so angry with the big banks. I told him: “The truth is, I AM angry.” And then, because I’d just read it, I added: “And if you read David Dayen’s new book, you will be too.”

Chain of Title is a careful documentation of the mortgage fraud at the heart of the 2008 financial crisis, and the story of how three people fought back. If you’re looking for a…

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First investor suit against Wells Fargo against board for breaching fiduciary duty by not clawing back exec pay

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Wells Fargo & Co.’s board was accused of breaching its duty to investors in a lawsuit that also names Carrie Tolstedt, the executive whose community banking unit created unauthorized customer accounts to reap extra fees.

The suit adds to the mounting pressure on Wells Fargo and Chief Executive Officer John Stumpf since the bank agreed Sept. 8 to pay $185 million in fines and penalties to resolve regulators’ allegations it created more than 2 million deposit and credit-card accounts without customers’ authorization. Analysts and congressional leaders have called for the bank to claw back Tolstedt’s compensation and for Stumpf to resign.

Board members’ refusal to scale back Tolstedt’s retirement benefits is “a breach of their fiduciary duties to shareholders,” according to the complaint, which may be the first such investor case. The suit, in which Stumpf is a defendant along with Tolstedt and the board, asks a San Francisco state…

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I called the Wells Fargo ethics line and was fired

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wells fargo whistle blowers 1CNN Money:

Now CNNMoney is hearing from former Wells Fargo (WFC) workers around the country who tried to put a stop to these illegal tactics. Almost half a dozen workers who spoke with us say they paid dearly for trying to do the right thing: they were fired.

“They ruined my life,” Bill Bado, a former Wells Fargo banker in Pennsylvania, told CNNMoney.

Bado not only refused orders to open phony bank and credit accounts. The New Jersey man called an ethics hotline and sent an email to human resources in September 2013, flagging unethical sales activities he was being instructed to do.

Eight days after that email, a copy of which CNNMoney obtained, Bado was terminated. The stated reason? Tardiness.

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Wells Fargo: A basket of deplorable banksters

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Rebuild trust??? Stumpf wouldn’t know the word “trust” if it bit him in the butt. Will he give back all of the customers’ monies that they screwed,  will restore all screwed customers’ credit report, will he and all board members give back all of the stock and bonuses that they profitted for 5 years and will Stumpf and the entire board get clawback of their salaries??? Sorry Stumpf, don’t want to hear your sob story. Yer just got caught!

From Wells Fargo press release:

Wells Fargo Chairman and CEO John Stumpf Outlines a Series of New Actions to Strengthen Culture and Rebuild Trust of Customers and Team Members at Senate Banking Committee Hearing

Accepts Accountability for Wrongful Sales Practices

Washington, D.C., September 20, 2016

In testimony today before the U.S. Senate Banking Committee on Banking, Housing, and Urban Affairs, Wells Fargo & Company (NYSE: WFC) Chairman and Chief Executive…

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RE-REMIC: The Re-Securitization of Real Estate Mortgage Investment Conduits.

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The Art of Re-REMICing Fraudulent REMICs The Re-REMIC Gimmick at JPMorgan Chase


Ever since the 2008 implosion that was created by the TBTF banks, investors have awakened to the fact that the mortgage bonds in their portfolio are worthless. They are worthless because they were issued by a nonexistent REMIC Trust that has never been activated by the receipt of cash from the sale of those securities.

So the Trusts were unable to fulfill their one basic function — acquisition of high-grade mortgages. Instead the money was used or originate mortgages without the use of the Trust as Real Estate Mortgage Investment Conduit (REMIC).  And the mortgages that were originated were mostly fatally flawed in their underwriting and fatally flawed in their execution.

Caught with their giant hands in the largest cookie jar ever imagined, the banks negotiated with investors who still don’t want to tell their pensioners or investors that there isn’t enough…

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Wells Fargo CEO John Stumpf has to go, shareholder says

It’s about time!!!

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Wells Fargo shareholder wants Stumpf out

Wells Fargo Chairman and CEO John Stumpf continues to blame everyone else for the opening of unauthorized accounts and he absolutely has to go, shareholder rights activist Gerald Armstrong said Monday.

Armstrong also wants to see a shake-up of the board of directors.

“I think it should be rejuvenated, reactivated and made into a very intense entity that is monitoring the managing of the corporation. That is a board’s duty,” he said in an interview with CNBC’s “Closing Bell.”

Armstrong has a “significant” personal investment in the company.

Read on.

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