Sheila Bair Had a Plan to Make Banks Pay for Dishonest Dealing Causing the 2008 Crash

Livinglies's Weblog

Sheila Bair (ex FDIC Chairwoman) has always understood. She was fired for understanding. It’s hard to understand that the TBTF banks were NOT speculating and never lost any money. Harder still to understand how they stole trillions of dollars from the US economy. And finally harder still to understand how “lenders” could cause a crash.

It’s really quite simple. Usually prices and values are within the same range. Fair market value has always been closely related to the ability of people to pay for housing — i.e., household income. Prices rise when demand becomes high OR, and this is the big one, when the big banks flood the market with money.

Like the 2008 crisis if you look at the Case Schiller Index, you will see that prices went through the roof by unprecedented increases while fair market value was flatlined. The crash was thoroughly predictable and was predicted on…

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Wells Fargo to lay off 638 mortgage lending employees

Justice League

The big bank announced this week it is laying off 638 mortgage employees in California, Colorado, Florida and North Carolina, according to an article written by Hanna Levitt for Bloomberg.

The bank’s latest earnings report indicated it continues to struggle following its fake accounts scandal. Not only did the bank report a lower net income, its latest earnings report shows that although originations are increasing, it is still struggling with mortgage banking revenue.

Affected employees were informed of the upcoming layoffs on Thursday. Employees will be eligible to receive pay and benefits through Oct. 21, the company said.

However, employees unable to find another position within the company may be eligible to participate in the Wells Fargo salary continuation plan for separation benefits based upon the number of years of service with the bank, according to Wells Fargo’s SVP of Consumer Lending Operations Tom Goyda.

Read on.

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BREAKING NEWS – GEORGIA INVESTOR GETS $3.5-MILLION + COURTESY OF THE 11TH U.S. CIRCUIT APPELLATES!

Great case. For those of you that don’t know, Ocwen bought Homeward Residential a few years ago.

Clouded Titles Blog

(BREAKING NEWS) —

You gotta love this!  It was even a jury award and Taylor, Bean & Whitaker was involved!

Focus on what Jane did (without Tarzan) … and shellacked Homeward Residential too!

McGinnis v American Home Mtg Svcg Inc, 11th App Cir No 14-13404 (Aug 22, 2018)

Study this 21 pages!  It’s full of “nuggets”!

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THE FHFA IS A CONSERVATOR … NOT A RECEIVER, COURT RULES!

What have we been saying for at least 8 years?! Now, add this little tidbit. The HERA Act, which governs FHFA, was created by Congress AGAINST the constitutional balance of powers specifically eliminating the judicial branch. If you don’t think this was by intentional design – think again.

Just like the CFPB, judicial review is specifically exempted. Without the balance of powers, agency directors can become more powerful than the President & Congress. It begins the slippery slope to deteriorating our LIBERTY.

Congress has given Cart Blanche to the banks to steal our properties through the process of securitization/rehypothecation and MERS by the very entities involved in the creation of the overt corruption. And you can’t sue them unless you want to sue the government. How miraculously convenient?!

Clouded Titles Blog

(BREAKING NEWS, OP-ED) —

For those of you who might have missed this Memorandum and Order out of Rhode Island (whose courts typically favor the banks and their servicers), you may wish to read this 19-page ruling:

Sisti v FHFA et al, US D. R.I. No 17-005 (Aug 2, 2018)

The FHFA attempted to get a judgment on the pleadings, which the court denied!   While this isn’t much of a setback, it does make clear a few potential misconceptions about Fannie Mae, Freddie Mac, the FHFA, the FDIC and the mortgage loan servicers who deal with these entities:

THE BUCK STOPS WHERE?

(1) Following the subprime mortgage crisis, Congress passed the Housing and Economic Recovery Act, which created the FHFA (Federal Housing Finance Agency), giving it the power to supervise and regulate Fannie Mae and Freddie Mac (the government-sponsored entities, or GSEs). The FHFA pretty much has complete control…

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Hacker v. Homeward Residential; M&T Bank v. Plaisted; and U.S. Bank Trust v. Barbier — Ten Strategies for Defeating Foreclosure by Objecting to the Admissibility of Business Records as an Exception to the Hearsay Rule

Your Host: Attorney Gary Victor Dubin
with
Co-Host:  Former Hawaii Governor John D. Waihee 

Foreclosure Workshop #65: Hacker v. Homeward Residential; M&T Bank v. Plaisted; and U.S. Bank Trust v. Barbier — Ten Strategies for Defeating Foreclosure by Objecting to the Admissibility of Business Records as an Exception to the Hearsay Rule

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Three especially noteworthy judicial decisions occurred this week: (1) Hacker, appeal decided 8/16/18 in the California Court of Appeal, Second Appellate Division, (2) Plaistead, appeal decided 8/16/18 in the Supreme Judicial Court of Maine; and (3) Barbier, motion for summary judgment orally decided 8/15/18 in the Second Circuit Court in Hawaii on the Island of Maui. Continue reading

Another bank whistleblower case, this time at Goldman Sachs

Justice League

NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N) was sued on Thursday by a former managing director who said the Wall Street bank retaliated against him and fired him after he complained about its dealings with an unidentified, “notorious European businessman.”

Christopher Rollins, now chief executive of BTIG Ltd, a London-based unit of investment banking and trading firm BTIG LLC, is seeking at least $50 million plus punitive damages in his complaint filed with the U.S. District Court in Manhattan.

The 2000 Harvard University graduate accused Goldman and Jim Esposito, promoted this week to global co-head of its trading business, of violating his rights as a whistleblower under the federal Dodd-Frank law, and also accused Goldman of defamation.

“The suit is without merit and we intend to vigorously contest it,” Goldman spokesman Michael DuVally said in an email, responding to a request for comment on behalf of…

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U.S. Bank v. Jewel Moore — Learn from Jewel Moore Live How She Was Victimized by the Foreclosure System in Kailua-Kona, Hawaii and What Her Case Teaches Us About the Reforms in the Foreclosure System That Are Desperately Needed

Your Host: Attorney Gary Victor Dubin
with
Co-Host:  Former Hawaii Governor John D. Waihee 

For years, following the Mortgage Crisis of 2008, lenders have been fined by regulators nearly one-half-trillion dollars, if not more, for admittedly submitting fraudulent loan documentation under oath in foreclosure cases in state and federal courts.

And more recently a growing number of state and federal judges have understandably denied lenders summary judgment where their supporting foreclosure documents have either been in violation of the rules of evidence or suspiciously or outright fraudulent.

Yet, despite all such welcome, albeit belated, official leadership, the legal system, including its appellate courts, have woefully lacked Continue reading

Defective Mortgages: There Is Constructive Notice, and Then There Is Inquiry Notice

Bankruptcy-RealEstate-Insights

Kelley v. USAA Fed. Sav. Bank (In re Jones), 580 B.R. 916 (Bankr. M.D. Ga. 2017) –

A chapter 7 trustee sought to avoid a lender’s lien on property of the debtor. The recorded deed of trust was not signed by the borrower since it was missing a signature page. The trustee argued that as a consequence the document was not eligible to be recorded, and thus did not provide constructive notice of the lender’s interests.

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