Investigators deduced Mnuchin’s OneWest was backdating documents because the dates were from before OneWest existed

Come on Donald, you can do better than this! Yes, all these mortgage slime guys backdated documents and the Obama Administration knew and did nothing about it! Stop protecting the banks.

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Treasury Nominee Steve Mnuchin’s Bank Accused of “Widespread Misconduct” in Leaked Memo

SAY INDYMAC, SAY INDYMAC – damnit! Don’t talk about Mnuchin without saying INDYMAC BANK and mentioning his pal NY U.S. Sen. Chuck Schumer and George Soros (the same guy funding the Democrat protests).

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By David Dayen

ONEWEST BANK, WHICH Donald Trump’s nominee for treasury secretary, Steven Mnuchin, ran from 2009 to 2015, repeatedly broke California’s foreclosure laws during that period, according to a previously undisclosed 2013 memo from top prosecutors in the state attorney general’s office.

The memo obtained by The Intercept alleges that OneWest rushed delinquent homeowners out of their homes by violating notice and waiting period statutes, illegally backdated key documents, and effectively gamed foreclosure auctions.

In the memo, the leaders of the state attorney general’s Consumer Law Section said they had “uncovered evidence suggestive of widespread misconduct” in a yearlong investigation. In a detailed 22-page request, they identified over a thousand legal violations in the small subsection of OneWest loans they were able to examine, and they recommended that Attorney General Kamala Harris file a civil enforcement action against the Pasadena-based bank. They even wrote up a sample legal complaint

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Donald Trump wants couriers to replace email claiming ‘no computer is safe’ from hackers

He’s correct…like it or not!

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President-elect Donald Trump believes secure communications should be handwritten and delivered through couriers, he said Saturday while celebrating the new year at his Florida mansion.

The tweeting Luddite — who rarely sends emails — fears no computer is immune to hack attacks and suggested rolling back modern communications to a middleman service dating back to ancient Rome.

“If you have something really important, write it out and have it delivered by courier, the old fashioned way because I’ll tell you what, no computer is safe,” Trump told pool reporters when asked about the role of cyber security in his upcoming administration.

“You want something to really go without detection, write it out and have it sent by courier,” he added before entering the Mar-a-Lago resort party alongside his wife, Melania Trump.

Read on.

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New York wants to cut ties with disgraced Wells Fargo

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New York to Wells Fargo: fuhgeddaboudit!

New York City is the latest state or city to consider cutting business ties with the embattled San Francisco banking giant in the wake of a sham-accounts scandal that exploded in September, The Post has learned.

Wells Fargo inked a contract with New York’s Department of Finance earlier this year to process credit-card transactions.

The deal runs from July 1 to June 30, 2021.

Wells Fargo will pocket $1.3 million a year under the deal, according to a copy of the paperwork obtained by The Post.

Read on.

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” the judge may react by saying something like, “You mean to tell me that some technicality of negotiable instruments law lets someone who’s failed to pay the mortgage get away with it if the promissory note can’t be found, and that I have to slow down my overly crowded docket in the hundreds of foreclosure cases I’ve got pending to hear about this nonsense?””

So, judge – do you know where your original note is at the moment? Oh, that’s right your half a million dollar mortgage was miraculously paid off in 2008 – I’m sorry, I forgot.

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Judges may be biased in favor of “national security” (i.e., protecting the banks), but they have a surprisingly low threshold of tolerance when they are confronted by the bank’s argument that they don’t have to accept the money and that it is the bank’s option as to whether to accept the money or proceed with the foreclosure. To my knowledge that argument has lost 100% of the time. And THAT means the homeowner was able to get the proverbial free house or otherwise settle under seal of confidentiality (which might include the “free house.”)

all too often the Golden Rule of Mortgage Foreclosure is simply ignored and the foreclosure goes ahead as if the rule were not the statutory law of every jurisdiction in the United States — Douglas Whaley

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Get a consult! 202-838-6345 to schedule CONSULT, leave message or…

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Cramdown Plan of Reorganization: Can A $2400 Tail Wag An $8.6 Million Dog?

FNMA wouldn’t have had an underwater asset had it not allowed (and promoted) inflated appraisals. The debtor relied upon the bank’s appraisal of the asset. The bank orders and hires the appraiser – not the borrower. It is a well known fact that banks intentionally inflated appraisals (a claim in almost every investor lawsuit and acknowledged by the appraisers’ association). The 2008 crash, which realized deflated real estate values, did not happen because the mortgaged real estate values were real figures. It happened because the banks mortgaged inflated real estate figures. In many cases real estate was inflated well over 200% of its actual value. Whatever the debtor’s real estate was valued today would likely reflect the value at the time of the original mortgage.

In bankruptcy debtors should be allowed to bring an AP and establish the appraised value prior to any mortgage after 2000. A 3%-6% value increase per year would be acceptable. Any unreasonable appraised inflated value used by the bank to establish loan value above a reasonable yearly increase should be allowed to be stripped in lieu of the fraud committed by the lenders.


Village Green I, GP v. Fed. Nat’l. Mortgage Ass’n. (In Re Village Green I, GP), 811 F.3d 816 (6th Cir. 2016)

The debtor sought confirmation of a plan of reorganization where the impaired accepting class consisted of two claims totaling less than $2400 which were to be paid over 60 days. The secured creditor objected that this did not satisfy the Bankruptcy Code confirmation requirements. The bankruptcy court initially confirmed the plan. After bouncing back and forth between the bankruptcy court and the district court, the case was dismissed and the automatic stay lifted. An appeal to the 6th Circuit followed.

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Couple sues JP Morgan after they can’t access safe deposit

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NY Post:

A Long Island couple’s safe deposit box is so secure, even they can’t get into it, they say in a lawsuit.

Brenda and Robert Fox have kept $48,000 in jewel­ry in a box at a Chase Bank in Huntington since 2009.

The Foxes had no trouble with the setup until last year, when Brenda was told there was no record of her owning the box.

Even after a supervisor opened it with Brenda’s key, managers declined to let her have the belongings inside because recently computerized records listed a different owner, the Foxes say in Brooklyn federal court.

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