Liability of Participants in Securitization Chain

The reason for this requirement of transparency and the cutting edge of claiming or clawing back the illicit profits is simple: in a true fair and free market, the lender would know his risk and the borrower would understand the terms. Both would be on alert if unusual fees, profits and kickbacks were known to [...]

Florida Judge Forced to Recuse Himself as Conflicts of Interests Start to Emerge

Editor’s Note: The problem is not just a Judge who received favorable treatment from the lender in a foreclosure action. It is the highly politicized environment of elected and even appointed judges who received, directly or indirectly some form of “generosity” from the financial services sector or whose perception is fundamentally flawed by the constant [...]

Obama Considers Ban on Foreclosures

the obligation created when the debtor entered the transaction may well be satisfied in whole or in part by the U.S. Taxpayer, insurers, or counterparties in credit default swaps. Wall Street attempts to frame the argument as giving a free house to the unworthy homeowner. The TRUE argument is what to do with all the [...]

This RMBS “Trust” has quit reporting to the SEC in 2007

Here is a direct link to this particular “Trust”… http://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001352650&owner=exclude&count=40 The PSA is contained within the 330 page Prospectus (424B5). I have not found any of the other relevant “Purchase Agreements” … This “Trust” has quit reporting to the SEC in 2007 yet is still actively providing monthly payments to the Investors according to the [...]

HERS INFO: Invalid Notarization?

How do we verify that the signatures purported to be those of the notorious fraudulent ”MERS’ employee, Marti Noreiga, is actually her signature? My docs with her signature do match others I’ve found but I have yet to verify that those are her valid signature. [Yep, Marti we know you REALLY work at LITTON/CBASS.] Also, [...]

Verifying that the ‘Substitute Trustee’ is indeed a TRUST

BTW, I ask about verifying that the ‘Substitute Trustee’ is indeed a TRUST since I saw a post that made a point that any named ‘TRUSTEE’ must really be a TRUST. Quality Loan Servicing was nominated by Litton Loan Service’s employee (via MERS) as the Substitute Trustee in place of ReconTrust. I may have a [...]

Marti Noriega Signor for MERS is Litton Employee

You referenced ‘one Noriega’ on a post today. May I presume that to be the ‘Marti Noreiga’ who has already been ‘outed’ for her signatures as a MERS employee when her own Facebook and Linkedln pages declare she is a Litton or CBASS employee (CBASS being the corporation that owns Litton)? Do we have any [...]

More Bank failures, More Foreclosures, More Homes Under Water

Editor’s Note: Home sales will continue to drop, home prices will continue to drop, banks will continue to fail until principal reduction is recognized as the reality of the situation. More than 11 million homeowners are reportedly under water. The real number is closer to 20 million. see Modifications Pushing More Homes Underwater. Our economy cannot [...]

Ohio Appeals Court Bangs BONY For Not Owning the Loan

see 2010-ohio-542 After-acquired interest not good BONY v Gendele Significant Excerpts: By the way this is why we need title and escrow agents to act as experts or forensic analysts. A simple title chain analysis reveals the defect and now  Trial Judges in Ohio have a rule to follow. Will the real party in interest [...]

Secret AIG Document Shows Goldman Sachs Minted Most Toxic CDOs

Editor’s Note: This article is very important. It reveals that many loans that have been declared in default are still getting paid by participants in the securitization chain through a variety of means. It highlights why discovery is so important in order to render a full accounting for all transactions allocable to a particular loan. [...]

Cramdown in Chapter 13!!

see Bradsher Cramdown in Chapter 13 This case is an example of why forensic audits need to go much further than they currently do. Brad Keiser’s Workshop on forensic analysis will focus on the important issues that are usually missed in TILA or other reviews. As the case points out, the usual rule is that [...]

Obama quietly funding principal reduction

The Treasury Department will divide the $1.5 billion in assistance programs among those states and Arizona, California and Michigan. (Editor’s Note: That is about .01% of what is required. And the method need not be by issuing MORE MONEY. The method is to let the loss fall on the banks and let the targeted victims [...]

Man Sends Message to Banks-Bulldozes $350k House

 Sending Banks a Message - Cincinnati OH  - Click Here to View Video “The average homeowner that can’t afford an attorney or can fight as long as we have, they don’t stand a chance,” he said. Hoskins said he’d gotten a $170,000 offer from someone to pay off the house, but the bank refused, saying they could [...]

Fed Loses Power to Move Markets

REALITY IS A BITCH: In 1983, the nominal value of credit derivatives was zero. These instruments have been used as “cash equivalents” which means they are the same thing as money. Thus the issuance and trading and use of credit derivatives and their offspring equates to an increase in money supply. Their “value” derives from [...]

A New Kind of Recession — with Decades of Impact Yet to Come

Editor’s Comment: It’s too late to cure the problem entirely. We can’t unbreak the glass and we’ll never be done cleaning up the mess. But we can start somewhere. It is obvious to all economists of every persuasion that this is a recession of a different kind than anything else we have experienced. That’s because [...]

Stimulus Working While Message Lags

It seems absurd that a measure of such gargantuan proportions would manage to be twisted into disinformation. The fact is, it worked. And as hard as it might be to imagine that things could have been worse, they WOULD have been far worse. But the democrats have let the narrative be framed by the minority [...]

Matt Taibbi Gives Them the Respect They Deserve

I confess an affinity for Taibbi’s reporting. This one is a gem. He goes over the top a few times and misses the bulls-eye (narrowly) in his understanding, but he comes closer than anyone else in describing how our economy, our society, our government, and our lives are being eviscerated by a country where banks, [...]

Mortgage Insurer Asks Court to Bless Claim Denials

Lawsuits like this one have been on the rise as ever more mortgages default. It is no secret that the housing market boom fostered poorly underwritten mortgages, in which it was common that a borrower’s income was inflated or never documented. Insurers are denying the claims on many loans, asserting they are not liable to [...]

Florida 2d DCA Gets It — Rules of Evidence Prevail!

See 2D08-3553 Fla 2d DCA BAC v Ginelle Jean-Jacques This is the reason why I am offering the workshop on Expert Witnesses, i.e. — to highlight the rules of evidence, to coach those who would present opinions as evidence and to hone the skills of the litigator. While apparently narrow in its scope and reasoning, [...]

Monster From Below, Not from Above — Appraisal Fraud

Editor’s Comment: Again, myth prevails. The monster that gobbled our home equity and the value of our pension funds came from the waters beneath the market not from some economic disaster or sudden migration of population to Australia. The “loss of value” was nothing of the sort. Prices were going up during a decade when [...]