Violation of the Fair Debt Collection Practices Act (“the FDCPA”)

From Sal Danna: When Countrywide took over the servicing from Greenpoint, the loan was already in default which automatically makes Countrywide a debt collector. If it was not in default, then a loan servicer is not considered a debt collector.  When I received the first letter from Countrywide, it contained the standard “This is an [...]

DON’T WALK AWAY — LET THE BANK WALK AWAY!

“The way mortgages are bundled and resold, it can be enormously time-consuming just trying to determine what company holds the loan on a property thought to be in foreclosure.” Susan Saulny of the NY Times gets credit for her story on the front page today. It points out what we have been saying here all [...]

How securitization nullifies the original note and mortgage. The Originating Lender is PAID IN FULL

By the METHOD of pooling and tranching, they converted from negotiable to non-negotiable instrument. (Article VIII UCC). That means that upon transfer the recipient of the payment is satisfied in full and a new obligation arises between the seller and buyer separate and apart from the borrower. Further, the method calls for the proceeds of [...]

Curious “disclosure” by MERS and Countrywide: What is a nominee?

BOTTOM LINE: Use of a nominee causes an irreconcilable cloud on title entitling the homeowner to recovery on his homeowner title insurance policy. If homeowners purchased title insurance, they were at the same time in the same closing agreeing that the names of MERS and Countrywide would be used, for example, but that off-record activity [...]

8th Circuit Comes Down Heavy for Homeowners on TILA Rescission

Many thanks to Alan Baron who has been staying on top of the research. Rand Corporation v Yer Song Moua: Manisy Moua, John Doe, Mary Roe, United States Court of Appeals Filed March 20, 2009. 8th-cir-tila-rand-march-20-2009 Phoenix, Az March 25, 2009. by Neil Garfield. Despite nearly heroic efforts by the banking industry to avoid an [...]

The Big Takeover The global economic crisis isn’t about money – it’s about power. How Wall Street insiders are using the bailout to stage a revolution

The Big Takeover The global economic crisis isn’t about money – it’s about power. How Wall Street insiders are using the bailout to stage a revolution MATT TAIBBI Posted Mar 19, 2009 12:49 PM ADVERTISEMENT It’s over — we’re officially, royally fucked. no empire can survive being rendered a permanent laughingstock, which is what happened [...]

Why Show Me The Note Matters

Why Show Me The Note Matters —- kudos to the Bankruptcy Law Network By Wendell Sherk, Missouri Attorney on Mar 17, 2009 in Bankruptcy Practice and Procedure, Credit, Bankruptcy, and Society, Featured, Missouri More bankruptcy courts are demanding mortgage servicers prove they are entitled to collect on a mortgage loan note before foreclosing.  The fight over [...]

US Treasury Sales Off Sharply — Doubt That U.S. Can Finance Recovery Plans: Nuclear Mortgage Option Grows More Likely

Plain Truth. The securities (all 16 layers of them) are not worth anything because the mortgages, notes and obligations are either paid or unenforceable. It may not be politically correct but there is only one way out of this as I see it — REALITY. Those “mortgages” are worthless which means they don’t exist. That [...]

Holder in Due Course — What’s the Big Deal?

The big deal is that it is ONLY the holder in due course who is allowed in court to make claims or enforce any rights regarding the mortgage and note. No servicer (e.g. Countrywide), administrator (e.g. MERS), or trustee has any right to do a judicial or non-judicial foreclosure because they are not the holder [...]

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TONITE: Homeowners/Layman Teleconference Podcast Show

Subject: Homeowners and Lawyers Teleconference Podcast Shows  March 26, 2009 Live Interview with Florida Attorney “Gator” Bradshaw  Click on Upcoming Events tab for Access Info

Florida Petition Seeks Mediation of Foreclosures

As reported in the Florida Bar News dated March 1, 2009, The Supreme Court of Florida has received a petition to require foreclosure mediation. The article by Mark D Killian, managing editor states “Contending that prejudgment mediation could save more than 130,000 Florida homes from foreclosure  and assist more than 360,000 borrowers,” the plan is [...]

QUANTS — The Guys Behind the Guise

it follows that the investors are the ONLY parties with standing to make any claim on the mortgage, note or obligation. But they won’t make that claim because of the exposure to risk that could leave them with even more loss than the current loss on their investment. This leaves trillions of dollars in unclaimed [...]

AIG Complaining About Terms of Takeover

They just don’t get it. The party is over and this is never going to be the same. AIG stood on a street corner like a hooker selling default swap insurance as though they were apples. Only they had no apples — or assets to be more specific, to back them up. Bears Stearns did [...]

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No title can arise from a fraudulent act

“Our position is that the mortgage with IndyMac is toilet paper — it has no legal standing,” March 8, 2009 Mortgage Fraud Case Poses Federal Quandary By MICHAEL POWELL Waver Brickhouse, gray-haired and soft-spoken, has come undone twice during the nation’s housing crisis. In 2005, she fell behind on her mortgage payments and turned to [...]

Arizona Now Requires “Due Diligence” by Parties Seeking Foreclosure

Submitted by a gifted pro se litigant. See Comments. My only comment before quoting his comment (editor’s discretion) is that the obligation to perform due diligence is present in all cases, in all courts and in all legal procedures. Failure to do so will negate any attempted action once it is pointed out by the [...]

The trap of Forbearance agreements

From one of our more sophisticated readers. see Comments ——————————- Obviously there are a lot of home owners in trouble. You need to warn them of a trap that has been set for them. I’ve given you some information concerning my case, but I would appreciate 5 minutes of “talk time” at your convenience. The [...]

Investors Bet on Mortgage Backed Securities — Former Countrywide Officers

We are receiving numerous reports of “vulture” investors picking up MBS securities and where possible buying actual pools of mortgages for 8-10 cents on the dollar. The basic assumptions are two: (a) the securities and the mortgages, notes and obligations are worthless and (b) the government guarantees and willingness of borrowers to “modify” will result [...]

AIG Mystery: Where’s the Money?

Greetings! I hope you like our new look. Our team has been working on producing a more user friendly atmosphere and the work continues. I hope you like it. More improvements are coming. 3/2/09 Bailouts are going to the perpetrators rather than the victims. The mystery deepens as to where all this money went and [...]