Wells Fargo “Lending” Securities It Didn’t Own

This is why there is over $11 TRILLION in UNREGULATED MBS DERIVATIVE debt when there are only 100 million mortgageable properties in the U.S. housing universe. Securitization and rehypothecation have taken down the American Dream and creamed Fannie & Freddie.

Livinglies's Weblog

Translation: WFB was the “custodian” of alleged “mortgage-backed” certificates issued for the benefit of investors who paid billions of dollars for ownership of the certificates. WFB “Loaned” those alleged securities to brokers. The brokers in exchange provided “collateral” the proceeds of which were reinvested by WFB. In short, WFB was laundering the investors money for the sole benefit of WFB and not for the investors who owned the certificates and certainly to the detriment of the brokers and their buyers of derivative instruments based upon the loan of the securities.

This case reveals the flowering of multiple levels arising from false claims of securitization. First WFB issues certificates from a fictitious trust that owns nothing. Then it keeps both the money paid for those certificates and it keeps the certificates as well. On Wall Street this practice is called holding securities in “street name.” Then WFB engages in trading on…

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Falling prey to Predatory Lenders & Scavenger Attorneys: Tell me your story.

Livinglies's Weblog

Are you a victim of a predatory foreclosure attorney?

Email me at:  info@predatorylies.com

Homeowners who are subjected to a predatory servicer’s tactics to foreclose on a home are desperate for a solution and highly vulnerable to being exploited by an unethical attorney.   Over a period of years, or even decades, a servicer with no proof of standing can emotionally, physically, mentally and financially break down a homeowner to the point where a scavenger attorney can come in and finish off any remaining savings, assets or retirement funds.

Predatory tactics by servicers include fabricating documents to create the appearance of standing, refusing to identify the true creditor, revoking completed modifications, retaining modification payments, breaking and entering, intimidation tactics, and other unsavory behaviors meant to drive a homeowner from their home or stop fighting.

This is a time when a homeowner is at an elevated risk for divorce, unemployment, illness, depression, and…

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The Former Khmer Rouge Slave Who Blew the Whistle on Wells Fargo

Justice League

After Duke Tran escaped from slavery, but before he became a millionaire, he was a Wells Fargo employee.

He worked at the bank’s debt-collections center near Portland, Ore., talking on the phone to customers who owed Wells Fargo money. It wasn’t glamorous, but the job enabled him to afford a two-story suburban house with mustard-colored aluminum siding. After more than three decades in the United States, Mr. Tran felt that he was the living embodiment of the American dream.

And then it all started to crumble.

In 2014, according to Mr. Tran, his boss ordered him to lie to customers who were facing foreclosure. When Mr. Tran refused, he said, he was fired. He worried that he wouldn’t be able to make his monthly mortgage payments and that he was about to become homeless.

Joining a cadre of former employees claiming they were mistreated for speaking out about problems at…

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NY AG fines Bank of America $42 million for fraudulent ‘masking’ scheme

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Marketwatch:

New York Attorney General Eric Schneiderman said it has reached a record $42 million settlement with Bank of America Merrill Lynch BAC, -4.52% over a fraudulent “masking” scheme in the bank’s electronic trading division. The bank told customers it was executing their orders in-house, but instead was actually routing them to ELPs (electronic liquidity providers), like Citadel, Two Sigma, Knight and others. The bank “masked” the deals by replacing the identity of the ELP with a code that indicated it was done by BofAML. “Bank of America Merrill Lynch went to astonishing lengths to defraud its own institutional clients about who was seeing and filling their orders, who was trading in its dark pool, and the capabilities of its electronic trading services,” Schneiderman said in a statement. The AG’s office found the bank had engaged in the practice starting in 2008, and that more than 16 million client orders…

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WELLS FARGO SHAREHOLDER ALERT: ClaimsFiler Reminds Investors with Losses in Excess of $100kof L ead Plaintiff Deadline in Class Action Lawsuit Against Wells Fargo

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NEW ORLEANS–(BUSINESS WIRE)–ClaimsFiler, a FREE shareholder information service, reminds investors that they have untilApril 16, 2018 to file lead plaintiff applications in a securities class action lawsuit against Wells Fargo & Company (NYSE:WFC), if they purchased the Company’s securities between January 13, 2017, and July 27, 2017, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.

Read on.

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URGENT! Washington Homeowners Demand Governor Inslee reject Bill 2057 NOW!

We all need to be active – All across the USA.. Every legislator ought to have a copy of David Dayen’s Chain of Title! https://www.amazon.com/Chain-Title-Americans-Uncovered-Foreclosure/dp/1620971585

Livinglies's Weblog

By J. Guggenheim, LendingLies

http://apps2.leg.wa.gov/billsummary?Year=2017&BillNumber=2057&Year=2017&BillNumber=2057

The Washington State Legislature is one vote away from making changes to Bill  2057 that would be detrimental to homeowners.  The changes would clear the way for anyone, without proof, to claim to be in possession of a promissory note, and to make it a slam-dunk to foreclosure non-judicially.

The state of Arkansas masterminded this type of non-judicial rule, that allows complete strangers in nice suits, and in possession of well photo-shopped documents to waltz into court and claim ownership.  If this bill is passed, the servicer will provide doctored prima facie evidence consisting of a fabricated mortgage note, fake assignment(s) and even a perjured or deceptive affidavit from a servicer to establish the right to foreclose.

This bill will pave the way for banks to commit massive fraud with the homeowner having no defenses until after their home is foreclosed by a stranger who…

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David Dayen at the L.A. Times: One thing Democrats and Republicans apparently agree on: Destabilizing the banking sector again

Livinglies's Weblog

http://www.latimes.com/opinion/op-ed/la-oe-dayen-deregulation-bank-bill-20180309-story.html

Next week marks the 10th anniversary of the run on Bear Stearns, the investment bank that collapsed under the weight of toxic subprime mortgages. Although JPMorgan Chase snapped up Bear Stearns for pennies on the dollar, this maneuver failed to stop the bleeding from the mortgage meltdown, leading to the biggest economic crisis in nearly a century.

That seems like a terrible political backdrop for the Senate to pass a bill that deregulates the banking sector. But that’s exactly what’s about to happen.

The Economic Growth, Regulatory Relief and Consumer Protection Act, which pro-regulation groups have called the “Bank Lobbyist Act,” advanced in the Senate this week with the support of 50 Republicans, 16 Democrats, and one Democratic-leaning independent. Bipartisanship, it seems, isn’t dead.

We’re witnessing a familiar swing of the pendulum: toward regulation when banks crash the economy, away from regulation when memories fade. The next…

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HOW TO APPLY THE DEFINITION OF A COMMON LAW TRUST

Just like the judicial pension investments loaded with MBS. NEITHER THE TRUSTS NOR THE PENSIONS EXIST. Won’t those judges be pissed in a few years? And who do they answer to at the end of this life for all the wrongful foreclosures they allowed and homeowners they screwed? Think there will even be any remorse?

Livinglies's Weblog

It’s always best to start at the beginning. All REMIC Trusts appear to be written up as common law trusts permitted under the laws of the State of New York or the State of Delaware. The problem with the REMIC Trusts is that they are not common law trusts nor trusts of any kind.

Consider the definitions available. Based upon a modicum of research all definitions of common law trusts can be summed up as the following:

trust is created by a settlor, who transfers title to some or all of his or her property to a trustee, who then holds title to that property in trust for the benefit of the beneficiaries. … Trusts have existed since Roman times and have become one of the most important innovations in property law.

So a common law trust must be created by a settlor.

The settlor is the party…

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Denied a Loan Modification or Refinance from Bank of America?

Spread the word, because you won’t hear this on the MSM.

Livinglies's Weblog

wright-schulte-logoThanks to Investigator Bill Paatalo for bringing this class action to our attention.

http://homeloanjustice.com/

ATTENTION!
IF YOU WERE WRONGLY DENIED OR DELAYED FOR MODIFICATION OF YOUR MORTGAGE PAYMENTS, YOU MAY BE ENTITLED TO SUBSTANTIAL COMPENSATION. CONTACT US NOW TO RECEIVE A FREE EVALUATION.

Bank of America Lawsuit Information

The U.S. Government introduced the Home Affordable Modification Program (HAMP) as part of the Making Home Affordable (MHA) plan to stabilize the housing market. Under this federal loan modification program, monthly mortgage payments were reduced by modifying components such as interest rates, maturity date, and even loan principal.

Several homeowners benefited from this loan modification program, but if you were a Bank of America customer you may have been wrongly denied this benefit. The U.S. Department of Justice has uncovered several facts suggesting that Bank of America intentionally delayed or wrongfully denied homeowners requests for refinancing their mortgage. B of A delayed or denied…

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Investigator Bill Paatalo: FOIA Request Reveals Servicer’s “Justification” For Fraud In Obtaining Limited Power Of Attorney From FDIC

Livinglies's Weblog

This FOIA response from the FDIC dated June 29, 2017 contains a request to renew CIT Bank, N.A.’s “Limited Power of Attorney” from the FDIC regarding the failed IndyMac Bank, fsb and IndyMac Federal Bank, fsb. The “Justification” for CIT Bank’s request states as follows:

                                                                                  Justification

We have undertaken a thorough review of our books, records, and existing loan files for all Group 2 loans and believe we have completed assignments into the appropriate entity for both portfolios where appropriate, available, and where such a need for an assignment is…

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