Rigging the Bids at Foreclosure Sales

From Dan Edstrom: Department of Justice Press Release For Immediate Release April 16, 2010 United States Attorney’s Office Eastern District of California Contact: (916) 554-2700 Stockton Real Estate Executive Pleads Guilty to Bid Rigging at Auctions of Foreclosed Properties SACRAMENTO, CA—United States Attorney Benjamin B. Wagner and Assistant Attorney General Christine Varney of the Department [...]

ID THEFT: Example of one person’s response

Editors’ Note: In response to my post on ID THEFT I received a number of comments and ideas. Here is one example of how someone stuck to the message and forced the issue using ID theft as a defensive tactic as well as preparing for an offensive response. Are you reading my mind? Out of [...]

Housing Starts UP with Market Glut?

Three years ago, when this derivative housing mess caught my attention, the reason I started looking into it was that the basic facts didn’t make any sense. Housing prices had been going up at a rate of as much as 20% in one month. Coming from Wall Street with an M.B.A. and having studied, written [...]

Berating the Raters and Appraisers

“of AAA-rated subprime-mortgage-backed securities issued in 2006, 93 percent — 93 percent! — have now been downgraded to junk status.” Editor’s Note: What homeowners and their lawyers, forensic analysts, and experts need to realize is that the ratings scam on Wall street was only one-half of the equation in a scheme to defraud homeowners. If [...]

Identity Theft as a Cause of Action

From Beth Findsen, Attorney in Scottsdale, AZ, she comments that ID Theft may just be the heart of the matter in seeking damages. The logic is simple: they used every borrower’s signature for selling a pool of loans that included OTHER borrowers and a huge undisclosed profit was generated by using the borrower’s signature. Without [...]

Credit Buster: Tucson Accountant Katz Shows Debtors How to Fight Back and Collect Damages and Attorney Fees

Editor’s Note: I don’t know him but I am going to get to know him. It sounds like you should too. Every  time the servicer violates the law, you have a  remedy. Katz is leading the charge collecting damages and there are usually awards of attorneys fees. I would add that if they don’t pay [...]

SEPARATION OF DEED OF TRUST FROM NOTE: Bellistri Opinion

There is a lot of conflicting opinions about this. My opinion is that the confusion arises not from the law, not from application of the law and not from what is written on the note or deed of Trust. If you look at the Bellistri Missouri case the issue is well settled. And the problem [...]

Investors Settle for $600 million — so which loans get credit for that payment?

Editor’s Note: This is what we are hearing about. What about the settlements that go unreported? The number of settlements that are off-record (unreported) is unknown but suspected to be very high. [One of the reasons why it is SO important to get the true CURRENT status of the SPV and the true FULL accounting [...]

Starting Action AFTER the Non-Judicial Sale: Get the Information

33-809. Request for copies of notice of sale; mailing by trustee; disclosure of information regarding trustee sale A. A person desiring a copy of a notice of sale under a trust deed, at any time subsequent to the recording of the trust deed and prior to the recording of a notice of sale pursuant thereto, [...]

Trustee May Not Delegate But Usually Does

Most “Trustees” or Substitute Trustees get a package from some unknown source with everything already prepared and instructions to proceed. That is the exact opposite of the protections intended by the legislature in this statute under Arizona law. Your state is probably the same. 33-803.01. Trustee of trust deed; delegation of duties A. A trustee [...]

Shareholders Sue Goldman, Blankfein Confirming Trusts Do NOT Own the Loans

Leo II bgitt47@verizon.net 2010/04/25 at 12:26 am Editor’s Note: I believe Leo is right. These suits allege that the SPV do not own the loan portfolios. They also allege directly that the Trust Assets included insurance — payments from credit default swaps. Two revealing lawsuits filed against Goldman-Sachs that I believe further support arguments that [...]

Borrower Bailout?: Goldman Sachs Conveyor Belt

If you have a GSAMP securitized loan you might want to pay particular attention here. In fact, if you ever had a securitized loan of any kind you should be very interested. Hudson Mezzanine: The use of the word “mezzanine” is like the use of the word “Trust.” There is no mezzanine and there is [...]

WHAT IF THE TRUSTEE DOESN’T QUALIFY UNDER LAW AS A TRUSTEE?

DON’T TAKE ANYTHING FOR GRANTED. Just because the NAME WELLS FARGO APPEARS, IT MIGHT NOT BE QUALIFIED. If the entity named is a Wells Fargo subsidiary or other entity that is NOT a bank or other institution described here, then they can’t be a trustee. If they can’t be a Trustee, the Trust deed is [...]

Tourre: The CDO’s I Create Are “Pure Intellectual Masturbation”

“a ‘thing’ which has no purpose, which is absolutely conceptual and highly theoretical and which nobody knows how to price.” Editor’s Note: Think about it. The foundation of the supply of money that was pressure pumped into our economic housing system resulted in inflation of home appraisals. It was so large that everyone thought the [...]

Goldman Sachs Messages Show It Thrived as Economy Fell

Editor’s Note: Now the truth as reported here two years ago. There were no losses. They were making money hand over fist. And this article focuses only on a single topic — some of the credit default swaps — those that Goldman had bought in its own name, leaving out all the other swaps bought [...]

Motion Practice: Arizona Statutes Requires GOOD FAITH and ALL Parties to be Notified

The statute says that the trustee mails the notice to all affected parties at least three months before the sale date. In a non-judicial sale, then, ALL parties having a potential stake in the outcome must be notified. This is the only way the statute can be constitutional. It’s not up to the Trustee to [...]

AZ STATUTE DEFINES BENEFICIARY and CREDIT BID: NOT “NOMINEE”

33-801. Definitions In this chapter, unless the context otherwise requires: 1. “Beneficiary” means the person named or otherwise designated in a trust deed as the person for whose benefit a trust deed is given, or the person’s successor in interest. [Note that this does not include a nominee like MERS. There is a reason for [...]

Discovery Hints: Goldman Sachs may not be the only firm in SEC cross hairs

REGISTER NOW FOR DISCOVERY AND MOTION PRACTICE WORKSHOP 5/23-24 Editor’s Notes: These lawsuits from the SEC, the Class Action lawyers etc., are already producing fall-out — dozens of articles and production of secret emails etc. that can only help your case. Follow them closely as they will inevitably lead to admissible evidence of what you [...]

Seeking A Smoking Gun In A Toxic Asset

Seeking A Smoking Gun In A Toxic Asset by Chana Joffe-Walt April 16, 2010 Audio for this story from Morning Edition will be available at approx. 9:00 a.m. ET Transcript April 16, 2010 Recently, I got an e-mail. “Subject: Do you know your toxic asset is being sued?” NPR’s Planet Money team had recently pooled [...]

IF THE GLOVE DOESN’T FIT, YOU MUST ACQUIT

IF THE PRETENDER LENDER DOES NOT HAVE THE POWER, AUTHORITY, RIGHT TITLE OR INTEREST TO EXECUTE A SATISFACTION OF MORTGAGE, THEN THEY HAVE NO RIGHT TO FORECLOSE IT. HERE IS ARIZONA’S STATUTE ON SATISFACTION OF MORTGAGES: NOTE THE REFERENCES TO LOST NOTES VERSUS LOST MORTGAGES. 33-707. Acknowledgment of satisfaction; recording A. If a mortgagee, trustee [...]