Fraud Alert: Color Copies being Used to Fabricate Alleged Originals

I have received a number of reports that “outsource providers” are servicing the foreclosers by creating color copies of documents and submitting them as originals. One report is that the “original” was examined at the courthouse and found to be a printout from a very good color printer. It’s a neat trick and one that [...]

Federal Reserve: The Holder in Due Course?

Remember that $700 billion in TARP? It was dwarfed by other government programs including one from the Federal Reserve. The Federal Reserve went from a non-existent player in the mortgage backed security market a year ago to owning $904 billion of the mortgage backed securities today. But we don’t seem to be getting or seeing [...]

HOUSE ARREST: CHOICE of WALKING AWAY OR SUFFERING IN PLACE

“I’m worried. Everyone’s worried,” said Karl E. Case, the Wellesley College economist who helped design the housing index that provided fresh cause for alarm on Tuesday. “If prices sink 15 percent from here, which is a possibility, and the 2008 and 2009 loans go bad, then we’re back where we were before — in a [...]

The Obama administration’s plan to rescue Americans from foreclosure plays out day after day in rooms like this. On this day, as on most, nothing happened.

“I don’t sleep at night, I don’t sleep at all,” he said, rising slowly. “I tell Maria, ‘If we lose the house, I want to stop my dialysis.’ I want to die, honestly.” Editor’s Note: The sad simple truth is that there are few options besides fighting this out in the courts. The simple concept [...]

Bostonian of the Year: Elizabeth Warren, Watchdog

Editor’s Note: Thanks to Allan again. If there is one person in a relatively high position who has understood the subprime crisis, acquired the information on securitization, named the villains and described their practices separating honest people from their money it is Elizabeth Warren, whose was barely heard over the din of back-slapping during the [...]

2009 Round-Up: What We Know, How to Go, and What’s Next

It’s time to consider the year 2009 and to plan 2010. At the beginning of this year most homeowners, lawyers, judges and legislators were still blaming the borrowers for their excessive borrowing. Our mission of reaching out to more people has been more successful than we planned. Caught by surprise, we were challenged by excessive [...]

Self Dealing Part II: Investigations Started

NY Times: “When you buy protection against an event that you have a hand in causing, you are buying fire insurance on someone else’s house and then committing arson.” Mr. Lippmann made his pitch to select hedge fund clients, arguing they should short the mortgage market. He sometimes distributed a T-shirt that read “I’m Short [...]

WSJ Commences Attack on Judges Granting Homeowner Relief

The Wall Street Journal has adopted the Murdoch brand of “news” reporting and with it, an attack on the basic principles of law that have been in place for hundreds of years. As you can see from the article below they acknowledge that more and more Judges are finding flaws in the foreclosure scheme, but [...]

SELF-DEALING Part 1: Goldman Scheme Revealed

“The problem is not that the mortgages are in default. The problem is that the investment banks are in default of their obligations to investors and homeowners. Until Government and the Courts realize this simple fact, they will never untangle the debris caused by the illusion of a crash. If that day ever comes, more [...]

Where does the money come from? Who is paying the bonuses?

Another excellent submission from Allan. Just think where all that money came from for these wild bonuses and that the bonuses represent only 50% of the reported profits from each of the investment banks. Leaving aside all the money that went off-shore, we are still left with a direct correlation between the decrease in the [...]

THE NEED TO MISLEAD: How to Use Expert Declaration: MBIA Sues Credit Suisse with Details on Securitization

MBIA V CSFB-DLJ Here you have a lawsuit that corroborates everything we have been telling you on Livinglies PLUS an example of how to use the third party report of an expert in pleadings. The content of the lawsuit is a clear explanation of the securitization process — the catch is that these are not [...]

MYTHS of MODIFICATION EXPOSED

MYTH  any imaginary person or thing spoken of as though existing any fictitious story, or unscientific account, theory, belief, etc. Kudos to investigative journalist Kevin Hall with McClatchy Newspapers for inserting himself into the so called “loan modification” process and exposing the farce that is being perpetrated on the American public in the article below. [...]

SEC JUST NOW SEEKING KEY INFORMATION ON MELTDOWN

THANK YOU ALLAN AGAIN!!! Submitted on 2009/12/17 at 2:00am Editor’s Note: Allan is right about his frustration with a government that is so slow on the draw. Yet if history teaches us anything it is that government, especially our govenment, tends tomove very slowly except for “emergency” situations, when most of the actions are flawed. [...]

Head in the Sand: 4 Big Mortgage Backers Swim in Ocean of Debt

 Editor’s Note: Nobody wants to hear it. The housing market is dragging the government and the economic future of this country down the drain. For decades the FDIC has followed a model of dismantling failed banks by letting healthy banks take over the assets. Despite the calls from Sheila Bair at FDIC, we are clearly [...]

That’s All I Can Stand, I Can’t Stands No More…

Hello, good morning Mr. Obama, this your wake up call Popeye, one of my favorite cartoon characters growing up as a a kid, was one of the good guys, but he had his breaking point. The quote at the top seems to pop up in my mind each time I hear stories like  those that follow:   We got [...]

House Fails on Cramdown in Chap 13

The outlook is bleak in terms of government providing for the common welfare and common defense. We have a coup d’etat that is a fait accomplit. The job is finished. Wall Street and the insurance companies are running the country. So it is up to us to go with the flow and have them wondering [...]

Remembering Economist Paul Samuelson

Submitted on 2009/12/15 at 1:14am IN MEMORIAM — December 13, 2009 Remembering Economist Paul Samuelson By: Murrey Jacobson Update: You can read economics correspondent Paul Solman’s reflections on Samuelson’s life and work here on Making Sen$e. The world lost one of the giants in modern economics Sunday when Nobel laureate Paul Samuelson died at his [...]

How to Use MERS on Deed of Trust or Mortgage

Many Thanks to Sal for pointing out the statute from California. It is time to use the presence of MERS on the originating loan paperwork as an OFFENSIVE TACTIC. Most states have some version of the statute below. It is simply common sense. A creditor is not a creditor unless they are owed something. A [...]

MORTGAGE ELCTRONIC REGISTRATION SYSTEMS, INC. V LISA MARIE CHONG, LENARD E SCHWARTZER, BANKRUUPTCY TRUSTEE, ET AL

Dist Ct. Case No. 2-09-CV-00661-KJD-L Bankr. Ct Case No. BK-S-07-16645-LBR MERS_Hawkins-DistCtAffirmsBK Appeal by MERS from Bankruptcy Court decision denying MERS’ motion for lift of automatic stay in 18 cases. Affirmed by District Court. The significance of this decision is that it gives a simple explanation for the findings by dozens of other judges. Here are [...]

Payback TimeMany See the VAT Option as a Cure for Deficits

The value added tax (VAT) has been around for decades in other countries. It is predicated on the  idea that ALL people should share in the cost of government. The way it works (see below) is that the government picks up 10% (for example) of each stepof the production and sales process. It is normally [...]