So the question of the day is this: After tallying all of the Wells Fargo scandals why would anyone, much less a judge, accept the facial validity of documents knowing that the source of those documents had engaged in a long-term pattern of conduct that involved falsifying documents?
Why would any judge not insist on actual proof instead of allowing Wells Fargo to make use of presumptions based upon the apparent credibility of documents?
Good questions. So Judge, you follow this – can you answer these questions honestly? Are you compromised? Is (or was) your own mortgage with Wells Fargo? Are you invested in “preferred” (betting against the American Homeowners) MBS?
Source: The Real Story Behind Wells Fargo Scandals
There is nothing wrong with securitization. it has been the basis for capitalism for hundreds of years. You can argue about the flaws of capitalism but it is still the best system devised, so far, in human evolution. But theft is not capitalism.
Unfortunately the United States Supreme Court seems to be moving dangerously close the edge by allowing theft to prevail and the Securities and Exchange Commission is arguing with the court about it. For those concerned about the future of the country now i the time to start making calls to public figures and letting them know how you feel about this.
Source: Closely Watched Case on Disgorgement Could Have Effects on Foreclosure Litigation
Bottom Line: the consensus view that we are dealing with unpaid loans is false. There can’t be a default if all the players are getting paid and actually making money on the decline in the value of the loan data.
And those false pretenses included false or incomplete appraisals and other computations of viability of loans — a duty that is strictly put on the lenders (TILA) not the borrowers who as a matter of statute and public policy do not have the education, training skills or understanding of mortgage lending.
Source: In case you think I am making this stuff up….read this
On Thursday, the OCC banned former Wells Fargo CEO John Stumpf from the banking industry and fined him $17.5 million (13 million pounds) to settle charges he failed to put a stop to sales misconduct – the most it has ever secured from an individual. Among other former executives charged was retail banking head Carrie…
Source: Ex-OneWest Chief Surprises Wells Fargo With OCC Enforcement