Homebuyers lose life savings during wire fraud transaction, sue Wells Fargo, realtor & title company

Wouldn’t surprise me if there was a Bankster patent for this type of scam. Folks, if you are reading this – please understand privacy and complete safety on the Internet does not exist.

Justice League

DENVER –  A Colorado couple, who lost their life savings while trying to buy their dream retirement home, has filed suit against Wells Fargo Bank, Land Title Guarantee Co., Envoy Mortgage Ltd., Kentwood Real Estate Services LLC and realtor Karen Porras, alleging that none of them did enough to protect sensitive financial information.

James and Candace Butcher sold their house in Longmont and were using the proceeds — more than $272,000 — as a down payment on a new home, at 41467 Sunny Farm Circle in Parker.

They said they wanted a place closer to their son and one big enough for grandchildren.

“We were truly excited, when through negotiations, we won the bid,” Candace Butcher said. “Through the entire process, I kept saying, ‘I can’t believe this is going to be our house.’”

Within 24 hours of closing, not only was it not their house, but they lost all…

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The Pooling and Servicing Agreement: Why eat just half the enchilada?

Some REMICs do not contain a PSA – they use a Trust Agreement so reading everything is essential. Sad part of these unregulated financial transactions is that many of the controlling and underpinning documents are not required to be filed. Bankruptcy Courts like New Century have ordered files to be destroyed. Why the necessity to destroy a cloud, you might ask? Oh, that’s another good chapter waiting to be written!

Clouded Titles Blog

Securitization Issues — Throughout the trials and tribulations of pouring over thousands of documents, the same issue keeps popping up in my head.  Why are attorneys claiming to rely ONLY on the Pooling and Servicing Agreement (the “PSA”) to establish REMIC failure and nothing else?

How many cases have you read in the last two years that there was strict reliance on the use of the PSA to win a foreclosure case?

I have read of very few instances that go into extreme detail in an attempt to educate a judge (unless you’re in one of the “sand states”, which got hit the hardest and well before the rest of the nation caught on), who really didn’t major in securities law (unless you happen to be “seated” somewhere in the Southern District of New York), all the while opposing counsel is objecting to entering the PSA into evidence at trial…

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9th Circuit: Assignment in Breach of PSA is Voidable not Void. Here is why they are wrong

Assignments are used to hide rehypothecation and other unauthorized actions. Clearly, another episode in unclean hands. KEYSTONE CO. v. EXCAVATOR CO. 290 U.S. 240 (1933):
“The meaning and proper application of the maxim are to be considered. As authoritatively expounded, the words and the reasons upon which it rests extend to the party seeking relief in equity. “It is one of the fundamental principles upon which equity jurisprudence is founded, that before a complainant can have a standing in court he must first show that not only has he a good and meritorious cause of action, but he must come into court with clean hands. He must be frank and fair with the court, nothing about the case under consideration should be guarded, but everything that tends to a full and fair determination of the matters in controversy should be placed before the court.” Story’s Equity Jurisprudence, 14th ed., § 98. 3The governing principle is “that whenever a party who, as actor, seeks to set the judicial machinery in motion and obtain some remedy, has violated conscience, or good faith, or other equitable principle, in his prior conduct, then the doors of the court will be shut against him in limine; the court will refuse to interfere on his behalf, to acknowledge his right, or to award him any remedy.” Pomeroy, Equity Jurisprudence, 4th ed., § 397. This Court has declared: “It is a principle in chancery, that he who asks relief must have acted in good faith. 2The equitable powers of this court can never be exerted in behalf of one who has acted fraudulently or who by deceit or any unfair means has gained an advantage. To aid a party in such a case would make this court the abetter of iniquity.” Bein v. Heath, 6 How. 228, 247. And again: “A court of equity acts only when and as conscience commands, and if the conduct of the plaintiff be offensive to the dictates of natural justice, then, whatever may be the rights he possesses and whatever use he may make of them in a court of law, he will be held remediless in a court of equity.” Deweese v. Reinhard, 165 U.S. 386, 390.

Livinglies's Weblog

The thousands of trial court and appellate decisions that have hung their hat on illegal assignments being “voidable” demonstrates either a lack of understanding of common law business trusts or an adherence to a faulty doctrine in which homeowners pay the price for fraudulent bank activities.

Get a consult! 202-838-6345
https://www.vcita.com/v/lendinglies to schedule CONSULT, leave message or make payments.
THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.
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see Turner v Wells Fargo

Some of the problems might be in the presentation of evidence, failures to object and failure to move to strike evidence or testimony. But most of it deals with the inability of lawyers and the Courts to pierce the veil of uncertainty and complexity with which the banks have covered their fraudulent tracks.

Here are the reasons the assignment might be void. No self-serving newly invented…

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Deutsche Bank reaches $95 million RMBS settlement with Maryland

We’ll probably never know how much Maryland lost in this deal as a result of gambling with Wall Street.

Justice League

The state of Maryland announced last week that it reached a $95 million settlement with Deutsche Bank over claims that Deutsche Bank misled investors about its securitization and sale of residential mortgage-backed securities and collateralized debt obligations during the run-up to the financial crisis.

The settlement, which was announced last week by the office of Maryland Attorney General Brian Frosh, includes a requirement that Deutsche Bank provide $80 million in relief to consumers in Maryland.

Read on.

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Bloomberg Law: Ocwen Loses Bid for Early Test of CFPB’s Constitutionality

Livinglies's Weblog

Ocwen Loses Bid for Early Test of CFPB’s Constitutionality

https://www.bna.com/ocwen-loses-bid-n73014451876/

By Chris Bruce

A federal judge June 2 blocked Ocwen Financial Corp.’s bid to test the constitutionality of the Consumer Financial Protection Bureau in the early stage of a closely watched enforcement case ( Cons. Fin. Protection Bureau v. Ocwen Fin. Corp. , S.D. Fla., 17-cv-80495, 6/2/17 ).

The ruling by Judge Kenneth Marra of the U.S. District Court for the Southern District of Florida allows the CFPB to proceed unimpeded with its April lawsuit alleging that Ocwen violated consumer protection laws in servicing loans of distressed borrowers.

Ocwen sought an early case conference on the constitutional question, saying it should be settled before allowing the CFPB to go further. Marra disagreed, saying that would depart from settled procedural rules and might delay the case. He said Ocwen may still make its constitutional…

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Document forgery in financial industry more common than you’d think, past employees say

It’s not right to cheat anyone…not just older people. It’s also not right to conceal the real party or the true intent of confiscating the collateral.

Livinglies's Weblog

Requiring proof from the foreclosing party without legal presumptions would reverse many if not most foreclosures.
The origination and “transfers” of documents is rife with forgery and fabrication. It’s not the exception. It’s the rule. It’s the only way that foreclosures could be pursued. The question is “Why?” This is an industry that basically created all of the documents and standards for custody, control and transfer of those documents. Why did they need to forge or fabricate anything? The answer is the complete absence of a money trail, except for payment of fees, commissions and bonuses.
Which brings us to the essential question of why would any document proffered by a bank or servicer be subject to any assumptions or presumptions. It’s in the public domain. The likelihood that the document is forged or fabricated or both is somewhere around 90%. There should be no presumption. The party proffering the…

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