Fannie & Freddie Repackage Defective Loans and sell them to Naive Investors.

Unfortunately, the investors are not naive. This is basically paper laundering. It has to stop because it is attached to fraudulent documents coast to coast.

Livinglies's Weblog

By J. Guggenheim/Lendinglies staff

Fannie Mae and Freddie Mac have separately announced sales of non-performing loans this week.   Offsetting these toxic mortgage securities target smaller investors, including nonprofits and minority- or women-owned businesses who can’t afford to take the hit when they realize they bought defective repackaged securities the big lenders now avoid.

In 2017, through both Fannie Mae and Freddie Mac, the Treasury guaranteed 70% of all new mortgage lending. The taxpayer’s total exposure to housing is unfathomable, at over $6trn, or 30% of GDP, but it is hidden off the government’s balance-sheet. Reform is long overdue but until then- keep repackaging defective merchandise and selling it off to the highest bidder.

    The Senate Banking Committee, is considering a draft proposal to replace them with multiple privately capitalized firms, whose equity holders would suffer first during any slump. The government would maintain an insurance fund, supported by fees…

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US Bank v. Arizumi — 15 Defects To Look For When Analyzing and Defeating a Foreclosing Plaintiff’s Motion for Summary Judgment

Sunday, February 11, 2018 – 3 PM HST
Upcoming Discussion for Sunday’s THE FORECLOSURE HOUR
Sundays: 3 pm (HST) / 5 pm (PST) / 8 pm (EST). Click HERE to listen.

Foreclosure Workshop #54: US Bank v. Arizumi — 15 Defects To Look For When Analyzing and Defeating a Foreclosing Plaintiff’s Motion for Summary Judgment
The main event in any judicial foreclosure is the summary judgment hearing in which a foreclosing plaintiff attempts to convince the court that it should immediately prevail and your property should be sold at auction, since it argues there is no need for a trial as it owns your mortgage debt, you are in default, and it is entitled to foreclose.

By defeating summary judgment, the odds of saving one’s home improve greatly as a borrower can thereafter generally look forward to securing either finally an attractive loan modification, a significant discounted payoff, or in rare cases wiping out one’s mortgage debt entirely. Continue reading

South Florida Attorney Evan M. Rosen asks “What’s Wrong with Florida’s Third District Court of Appeal? “

Stop dancing. Pull the judges’ financial disclosure statements. Then cross search EVERY mutual fund and investment with “MBS”, “Fannie” and then GSE. Either they’re conflicted or total idiots…so then push to get them off of payroll.

Livinglies's Weblog

By Samantha Joseph

Fort Lauderdale attorney Evan M. Rosen is criticizing a state appellate court  — via news release  — in a move that seems to flirt with breaking Florida Bar rules against impugning the integrity of judges.

Frustrated over the adjudication of foreclosure cases, Rosen issued a news release Thursday asking, “What’s wrong with Florida’s Third District Court of Appeal?”

“Sometimes things just need to be said,” Rosen told the Daily Business Review. “This is a story that needs to be told.”

Rosen, a Florida attorney since 1997, issued a 15-page document complete with a statistical analysis of foreclosure opinions from Florida’s five district courts of appeal. It shows Miami’s Third DCA outpaces its counterparts in ruling against homeowners sued by their lenders.

He said he’s spent years compiling appellate rulings from across Florida to create a database of…

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Servicer’s don’t want Payments they want Defaults

Dirty paper, dirty tricks! We’re all sick and tired of it. Let’s get real here folks – it’s not just Citibank and it’s probably not Citibank at all. It is likely that all roads lead to the fraudulently concealed Fannie Mae and Freddie Mac – along with their ol’ pal …U.S. Treasury.

Livinglies's Weblog

By J. Guggenheim

Servicers don’t want to modify.  They don’t want to short-sale, and they don’t want to allow you to refinance. In fact, the sole objective is to use whatever means are necessary to take one missed payment and leverage it into a future default while piling on the penalties and fees to erode all of your equity.  The service wants your house and they will lie, steal, forge and fabricate documents if required.

We have a client at Lendinglies who received a loan modification in 2010 and completed all three payments as agreed by the repayment plan offered by CitiMortgage. According to CitiMortgage, the agreement was done “in-house” and required no outside approval.

After receiving the modification the couple proceeded to renovate the entire home while complying with the monthly payments.  Once they had fully restored their home and made their last payment, they let friends know they…

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It’s the Rules of Evidence Stupid: 25 Ways in Which Foreclosure Attorneys Are Knowingly Committing Fraud on Our State and Federal Courts

Sunday, February 4, 2018 – 3 PM HST
(Rebroadcast from June 14, 2015 – Its Super Bowl Sunday – everybody deserves a day off now and then)
Upcoming Discussion for Sunday’s THE FORECLOSURE HOUR
Sundays: 3 pm (HST) / 5 pm (PST) / 8 pm (EST). Click HERE to listen.

Not very long ago lenders filing foreclosure actions merely went into court filing affidavits that a borrower was behind in mortgage payments, offering into evidence virtually no specific documentation, not even a loan payment accounting known as the “loan general ledger.”

Notwithstanding whatever evidentiary challenges borrowers might have made previously, unlike in other areas of American Law, foreclosure judges would merely take a foreclosing plaintiff’s printed word for it. Continue reading

Federal Reserve Replaces Board Members at Wells Fargo

Justice League

It’s about time…

The Federal Reserve on Friday ordered Wells Fargo & Co. to replace four of its board members and face restrictions on its asset growth.

The Fed’s order limits growth in the firm’s total consolidated assets beyond levels reported at the end of 2017, unless it receives prior approval from the regulator.

The bank will also replace three current board members by April and a fourth by the end of 2018, the Fed said in a press release.

“We cannot tolerate pervasive and persistent misconduct at any bank and the consumers harmed by Wells Fargo expect that robust and comprehensive reforms will be put in place to make certain that the abuses do not occur again,” Fed Chairwoman Janet Yellen said in a statement about what will likely be her last major act in charge of the Fed’s governing board. “The enforcement action we are taking today will…

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