In this study, the authors provide an exhaustive and invaluable aid, with plenty of charts and explanations of the mortgage meltdown, sub-prime and general credit crisis. This is MUST reading for anyone who is filing securities actions and foreclosure defense. With this paper, you can understand who the players are and what they were doing. This paper is thus far more inclusive than what we have written here which is designed to give you the information in bite-sized pieces.
Filed under: bubble, CDO, CORRUPTION, education, Eviction, foreclosure, foreign relations, inflation, interest rates, Investor, McCain, Mortgage, Obama, politics, securities fraud Tagged: | 10b-5 claims, disclosure, foreclosure claims, foreclosure defense, Harvard, mortgage meltdown, sub-prime, TILA
What I keep seeing is that a lot of “professionals” do not realize that SEC laws and rules and even discipline actions re: SEC are a completely seperate set of rules and just because a loan pool rules ( for example) states that a Trustee or Servicer Bank should act or perform specific duties, does not mean in any way shape or form, the the Local Pertaining REAL ESTATE laws are considered or even obeyed.
This is why LOAN POOL DEFAULTS of HOMES , suddenly change text to “collection accounts” and the rules I have read 2006-4 CSMC clearly show special circumstances for “FAULTY LOAN INSTRUMENTS” Defaults and Trustee Auctions and DEEDS,
If a lender forecloses and “buys it back at auction” They MUST take LEGAL OWNERSHIP, in which there is a Trustee’s deed which is redeemed for a full and clean title deed/ at least here in Non-jUDICIAL California.
So Immediately the chain of title show somewhere a substitiution from the loan pool to trustee service or bank, they typically are named on the same but a servicer bank will be the one with the bottom feeders to try to empty the house for a cheap cash only price, ALWAYS sold in my neighborhood, even 1 hour after the MLS listing goes live.
Well Start with the substitutions, a California judge has set a precedent, all subs need to be in place PRIOR to any duties such as recording a default, or conducting an auction, get copies of everything recorded. your copies taped to the door will almost always differ,
When in doubt write or FAX ( a fax log will show you sent and they recieved it) the Attorney of record, or the highest executive you can find with any bank NAMED AS OWNER. ask FOR A RESPONSE IN WRITING, AS TO WHOM THE legal documentED OWNER OF RECORD IS. IF IT WAS A LOAN POOL FORECLOSURE, AND A TRUSTEE BANK CLAIMS OWNERSHIP , CHALLENGE IT, UNLESS THE LOAN POOL SHOWS THE SALE AS A PROFIT, it will screw up tax shelters etc,. also its heavey evidebce of a lie if they actually send it to you.
I asked for this from a robosigner Atty.. they dropped the case after I demanded in writing the name and address of owner!
FYI I am not an attorney. What I posted is what I have learned and found myself thru reading every rule, law , judges bench guides,Real Estate Laws, Banking Laws. I have been ripped off foreclosed evicted , victim of slumlord theft abuse and harassment, and face eviction in may as a lowly renter, who wouldnt run away, and move out, I leanred my rights and used them, and the new owner is aware I know all about the most recent chapter in fraud this one is a real slime! ( REPORTED!!)
[...] Harvard Study Analyzing Mortgage Meltdown, Lawsuits and Claims [...]
That is very important section. You are possibly that a good broker. Thanks.
Hey Sam, it is you! Link is fine!
works fine for me
Let’s kick things off by getting the link to the Harvard article working. It seems to go nowhere – perhaps I am the only one who cannot get it to work?