YOU CAN FOOL ALL OF THE PEOPLE SOME OF THE TIME, AND SOME OF THE PEOPLE ALL OF THE TIME, BUT YOU CANNOT FOOL ALL OF THE PEOPLE ALL OF THE TIME
“The goal of this article is not to deny, by any means, the right of a mortgage lender to foreclose on a borrower who has failed to meet their financial obligations. However, it is intended to elucidate for fellow attorneys and members of the judiciary that while these financial obligations exist, so do the legal protections of our judicial system that were instituted to protect the property rights of Americans that are rooted in the United States and Florida State Constitutions. The judicial system was never meant to be evaluated by how swift justice could be dispensed or by how quickly a particular judge could dispose of cases on his or her docket. As officers of the court, both judges and attorneys are responsible for protecting the integrity of the sys- tem, ensuring that the system is never compromised solely for financial expediency.”
EDITOR’S COMMENT: This article, attached by link, has explicitly articulated the basic problem with foreclosures today as well as providing insight into the changing mortgage approval process. It should be used as an authoritative treatise in memos to the Court. It is balanced and applies knowledge of the mortgage approval and mortgage foreclosure process in the context of a correct perception of the difference between the theoretical workings of the securitization of debt and the actual practice.
While it is about Florida, it is also about the Nation. Basic to our national identity is the adherence to principles of natural and man-made law. The emphasis on the rights of individuals has long been recognized but increasingly ignored over decades of poorly reasoned decisions in favor of big business in what the authors call one of the darkest hours in judicial history.
These authors clearly explain how the system was rigged to provide the appearance of passive entities to avoid tax consequences and in so doing ignored basic requirements of substantive law.
Those entities, the “trusts” were never properly created, nor were they the recipients of transfers of loans into the pools in accordance with the requirements of the Internal Revenue Code nor did they comply with explicit instructions in the pooling and servicing agreements. They then show clearly how the requirements of procedural law, due process, have been systematically undermined and thrown under the bus of an ideology that treats the individual as last in the chain of priorities instead of first.
“In 2008, the author appeared before a particular court in defending a foreclosure, at which time the judge was rubber stamping a large stack of uncontested summary judgments. Counsel remarked to the judge that in many of those cases, the bank did not establish the necessary predicate for filing foreclosures based on issues of standing and other legally re- quired foundations. The court asked if the author was representing the defendants in those files, and the author said he was not. The author then suggested to the court that his honor had sworn the judicial oath of office, including to uphold the Code of Judicial Conduct which in relevant part requires a judge to “respect and comply with the law and act at all times in a manner that promotes public confidence in the integrity and impartiality of the judiciary.” The court then said to counsel that if he continued in that line of discussion that he would be held in contempt in his court. Interestingly enough, this judge has recently stepped down to accept a position at a Florida foreclosure mill.”
“DECONSTRUCTING THE BLACK MAGIC OF SECURITIZED TRUSTS: HOW THE MORTGAGE-BACKED SECURITIZATION PROCESS IS HURTING THE BANKING INDUSTRY’S ABILITY TO FORECLOSE AND PROVING THE BEST OFFENSE FOR A FORECLOSURE DEFENSE”
REQUIRED READING: Securitization_Crisis
By ROY D. OPPENHEIM AND JACQUELYN K. TRASK-RAHN
Roy D. Oppenheim is a senior partner at Oppenheim Law, a South Florida law firm focusing on real estate and foreclosure defense law. Mr. Oppenheim is a recognized expert in foreclosure defense, and has been used as a source by major media outlets including the Wall Street Journal, New York Times, AP, USA Today, FOX, NBC, CBS, the BBC and The Florida Bar News as well as The Daily Show and 60 Minutes.
Filed under: alternative medicine, AMERICAN HOMEOWNERS COOPERATIVE, AMGAR, ATM, bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: | bankruptcy, borrower, countrywide, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, JACQUELYN K. TRASK-RAHN, LOAN MODIFICATION, modification, quiet title, rescission, RESPA, ROY D. OPPENHEIM, securitization, standing, TILA audit, trustee, WEISBAND