Truth Coming Home to Roost: JPM Knew the Loans Were Bad

In a statement shortly after he sued JPMorgan Chase, Mr. Schneiderman [Attorney general, New York state] said the lawsuit was a template “for future actions against issuers of residential mortgage-backed securities that defrauded investors and cost millions of Americans their homes.”

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Editor’s Comment and Analysis: It’s been a long pull to get the real information about the misbehavior of the mega banks and their officers. But Schneiderman, Attorney general of the State of New York, is drilling down to where this really needs to go. And others, tired of receiving hollow assurances from the mega banks are suing — with specific knowledge and proof that is largely unavailable to borrowers — a good reason to watch these suits carefully.

Both internal emails and interviews have revealed that they repeatedly were warned by outside analysts of the perils of the mortgage lending process. The officers of JPM chose to change the reports to make them look more appealing to investors who gave up the pension money of their pensioners in exchange for what turns out to be bogus mortgage bonds issued by a non-existent or unfunded entity that never touched a dime of the investors’ money and never received ownership or backing from real loans with real security instruments (mortgages and deeds of trust).

A lawsuit filed by Dexia, a Belgian-French bank is being closely watched with justified trepidation as the onion gets pealed away. The fact that the officers of JPM and other mega banks were getting reports from outside analysts and took the trouble to change the reports and change the make-up of the bogus mortgage bonds leads inevitably to a single conclusion — the acts were intentional, they were not reckless mistakes, they weren’t gambling. They were committing fraud and stealing the pension money of investors and getting ready to become the largest landowners in the country through illegal, fraudulent, wrongful foreclosure actions that should have been fixed when TARP was first proposed.

The Dexia lawsuit focuses on JPM, WAMU and Bear Stearns, acquired by JPM with government help. The failure to provide bailout relief to homeowners at the same time sent the economy into a downward spiral. Had the Federal reserve and US Treasury department even ordered a spot check as to what was really happening, the “difficult” decisions in 2008 would have been averted completely.

Receivership and breakdown of the large banks would have produced a far more beneficial result to the financial system, and is still, in my opinion, inevitable. Ireland is doing it with their major bank as announced yesterday and other countries have done the same thing. Instead of the chaos and trouble that the banks have policy makers afraid of creating, those countries are coming out of the recession with much stronger numbers and a great deal more confidence in the marketplace.

The practice note here is that lawyers should look at the blatant lies the banks told to regulators, law enforcement and even each other. The question is obvious — if the banks were willing to lie to the big boys, what makes you think that ANYTHING at ground level for borrowers was anything but lies?  They went to their biggest customers and lied in their faces. They certainly did the same in creating the illusion of a real estate closing at ground level.

Lawyers should question everything and believe nothing. Normal presumptions and assumptions do not apply. Keep your eye on the money, who paid whom, and when and getting the proof of payment and proof of loss. You will find that no money exchanged hands except when the investors put up money for the bonds that were supposed to be mortgage backed, and the money that was sent down the pipe via wire transfer to the closing agent under circumstances where the “lender” was not even permitted to touch the money, much less use it in their own name for funding.

The diversion of money away from the REMICs and the diversion of title away from the REMICs leaves each DOCUMENTED loan as non-existent, with the note evidence of a transaction in which no value exchanged hands, and the mortgage securing the obligations of the invalid note.

The diversion of the documents away from the flow of money leaves the borrower and lenders with a real loan that, except for the wire transfer receipts, that was undocumented and therefore not secured. Yet nearly all borrowers would grant the mortgage if fair market value and fair terms were used. Millions of foreclosures would have been thwarted by settlements, modifications and agreements had the investors been directly involved.

Instead the subservicers rejected hundreds of thousands of perfectly good proposals for modification that would have saved the home, mitigated the damages to investors, and left the bank liable to investors for the rest of the money they took that never made it into the money chain and never made it into the REMIC.

Add to this mixture the rigging of LIBOR and EuroBOR, the receipt of trillions in mitigating payments kept by the banks that should have been paid and credited to the investors, and it is easy to see, conceptually, how the amount demanded in nearly all foreclosure cases is wrong.

Discovery requests should include, in addition to third party insurance and CDS payments, the method used to compute new interest rates and whether they were using LIBOR ( most of them did) and what adjustments they have made resulting from the revelation that LIBOR was rigged — especially since it was the same mega banks that were rigging the baseline rate of interbank lending.

Once you are in the door, THEN you can do not only your own computations on resetting payments, but you can demand to see all the transactions so that the applied interest rate was used against the alleged principal. At that point you will know if a loan receivable account even exists and if so, who owns it — and a fair guess is that it is not now nor was it ever any of the parties who have “successfully” completed foreclosure, thus creating a corruption of title in the marketplace for real estate that has never happened before.

E-Mails Imply JPMorgan Knew Some Mortgage Deals Were Bad

By JESSICA SILVER-GREENBERG

When an outside analysis uncovered serious flaws with thousands of home loans, JPMorgan Chase executives found an easy fix.

Rather than disclosing the full extent of problems like fraudulent home appraisals and overextended borrowers, the bank adjusted the critical reviews, according to documents filed early Tuesday in federal court in Manhattan. As a result, the mortgages, which JPMorgan bundled into complex securities, appeared healthier, making the deals more appealing to investors.

The trove of internal e-mails and employee interviews, filed as part of a lawsuit by one of the investors in the securities, offers a fresh glimpse into Wall Street’s mortgage machine, which churned out billions of dollars of securities that later imploded. The documents reveal that JPMorgan, as well as two firms the bank acquired during the credit crisis, Washington Mutual and Bear Stearns, flouted quality controls and ignored problems, sometimes hiding them entirely, in a quest for profit.

The lawsuit, which was filed by Dexia, a Belgian-French bank, is being closely watched on Wall Street. After suffering significant losses, Dexia sued JPMorgan and its affiliates in 2012, claiming it had been duped into buying $1.6 billion of troubled mortgage-backed securities. The latest documents could provide a window into a $200 billion case that looms over the entire industry. In that lawsuit, the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, has accused 17 banks of selling dubious mortgage securities to the two housing giants. At least 20 of the securities are also highlighted in the Dexia case, according to an analysis of court records.

In court filings, JPMorgan has strongly denied wrongdoing and is contesting both cases in federal court. The bank declined to comment.

Dexia’s lawsuit is part of a broad assault on Wall Street for its role in the 2008 financial crisis, as prosecutors, regulators and private investors take aim at mortgage-related securities. New York’s attorney general, Eric T. Schneiderman, sued JPMorgan last year over investments created by Bear Stearns between 2005 and 2007.

Jamie Dimon, JPMorgan’s chief executive, has criticized prosecutors for attacking JPMorgan because of what Bear Stearns did. Speaking at the Council on Foreign Relations in October, Mr. Dimon said the bank did the federal government “a favor” by rescuing the flailing firm in 2008.

The legal onslaught has been costly. In November, JPMorgan, the nation’s largest bank, agreed to pay $296.9 million to settle claims by the Securities and Exchange Commission that Bear Stearns had misled mortgage investors by hiding some delinquent loans. JPMorgan did not admit or deny wrongdoing.

“The true price tag for the ongoing costs of the litigation is terrifying,” said Christopher Whalen, a senior managing director at Tangent Capital Partners.

The Dexia lawsuit centers on complex securities created by JPMorgan, Bear Stearns and Washington Mutual during the housing boom. As profits soared, the Wall Street firms scrambled to pump out more investments, even as questions emerged about their quality.

With a seemingly insatiable appetite, JPMorgan scooped up mortgages from lenders with troubled records, according to the court documents. In an internal “due diligence scorecard,” JPMorgan ranked large mortgage originators, assigning Washington Mutual and American Home Mortgage the lowest grade of “poor” for their documentation, the court filings show.

The loans were quickly sold to investors. Describing the investment assembly line, an executive at Bear Stearns told employees “we are a moving company not a storage company,” according to the court documents.

As they raced to produce mortgage-backed securities, Washington Mutual and Bear Stearns also scaled back their quality controls, the documents indicate.

In an initiative called Project Scarlett, Washington Mutual slashed its due diligence staff by 25 percent as part of an effort to bolster profit. Such steps “tore the heart out” of quality controls, according to a November 2007 e-mail from a Washington Mutual executive. Executives who pushed back endured “harassment” when they tried to “keep our discipline and controls in place,” the e-mail said.

Even when flaws were flagged, JPMorgan and the other firms sometimes overlooked the warnings.

JPMorgan routinely hired Clayton Holdings and other third-party firms to examine home loans before they were packed into investments. Combing through the mortgages, the firms searched for problems like borrowers who had vastly overstated their incomes or appraisals that inflated property values.

According to the court documents, an analysis for JPMorgan in September 2006 found that “nearly half of the sample pool” – or 214 loans – were “defective,” meaning they did not meet the underwriting standards. The borrowers’ incomes, the firms found, were dangerously low relative to the size of their mortgages. Another troubling report in 2006 discovered that thousands of borrowers had already fallen behind on their payments.

But JPMorgan at times dismissed the critical assessments or altered them, the documents show. Certain JPMorgan employees, including the bankers who assembled the mortgages and the due diligence managers, had the power to ignore or veto bad reviews.

In some instances, JPMorgan executives reduced the number of loans considered delinquent, the documents show. In others, the executives altered the assessments so that a smaller number of loans were considered “defective.”

In a 2007 e-mail, titled “Banking overrides,” a JPMorgan due diligence manager asks a banker: “How do you want to handle these loans?” At times, they whitewashed the findings, the documents indicate. In 2006, for example, a review of mortgages found that at least 1,154 loans were more than 30 days delinquent. The offering documents sent to investors showed only 25 loans as delinquent.

A person familiar with the bank’s portfolios said JPMorgan had reviewed the loans separately and determined that the number of delinquent loans was far less than the outside analysis had found.

At Bear Stearns and Washington Mutual, employees also had the power to sanitize bad assessments. Employees at Bear Stearns were told that they were responsible for “purging all of the older reports” that showed flaws, “leaving only the final reports,” according to the court documents.

Such actions were designed to bolster profit. In a deposition, a Washington Mutual employee said revealing loan defects would undermine the lucrative business, and that the bank would suffer “a couple-point hit in price.”

Ratings agencies also did not necessarily get a complete picture of the investments, according to the court filings. An assessment of the loans in one security revealed that 24 percent of the sample was “materially defective,” the filings show. After exercising override power, a JPMorgan employee sent a report in May 2006 to a ratings agency that showed only 5.3 percent of the mortgages were defective.

Such investments eventually collapsed, spreading losses across the financial system.

Dexia, which has been bailed out twice since the financial crisis, lost $774 million on mortgage-backed securities, according to court records.

Mr. Schneiderman, the New York attorney general, said that overall losses from flawed mortgage-backed securities from 2005 and 2007 were $22.5 billion.

In a statement shortly after he sued JPMorgan Chase, Mr. Schneiderman said the lawsuit was a template “for future actions against issuers of residential mortgage-backed securities that defrauded investors and cost millions of Americans their homes.”

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69 Responses

  1. Ray Shelton, on December 19, 2013 at 12:20 am said:

    US Bank and SN Servicing has submitted Forged documents in our federal bankruptcy case too and we will never stop perusing them in court for damages. We are also asking our Federal judge to prosecute their current attorney out of Jacksonville Florida who continued to defend this case knowing that forged document are before a federal court. All the offending parties at SN Servicing and their attorneys are committing a serious crime against our country. We have filed a formal complaint with the FBI and the US attorney general and many great Judges all across this nation are finally stopping them from this kind of fraud on American families. US Bank and SN servicing and their attorneys are also violating a serious consent order that was to protect the people from these crimes but they could care less. Please feel free to have your clients join a class action suit so that we can end their behavior with a multi billion dollar punitive damage suit. Join us, call Ray Shelton in Florida at 352 274 8467

  2. This CRAP has been going on DECADES and the DOJ and FBI / US and State Government are the Crooked WHORES http://www.bing.com/search?q=Bank+Looting+Trillions+Stolen+Witham&go=&qs=n&form=QBRE&ghc=4&pq=bank+looting+trillions+stolen+witham&sc=1-36&sp=-1&sk=&gts=1

  3. ….or unless you are too busy, immoral or unethical to care….excuses….excuses…excuses…

  4. The Gates are control freaks…Social Jusice nut jobs….quite deceptive population control freaks & loons. In Africa, they are using innoculations to sterilize African woman without their knowledge or consent.

    These Social Justice scumbags are spreading their evil beliefs all over the world, they are playing God and are making decisions for the poor & uneducated. Like OBAMACARE & birth control, fraudclosure TBTF…IT IS ALL TOTALITARIANISM IN DISGUISE OF WHAT THEY BELIEVE TO BE MORALY AND/OR SOCIALLY JUST WHEN THEY HAVE NO INDIVIDUAL SOCIAL OR MORAL VALUES…..IT IS MORAL & SOCIAL COLLECTIVISM …..IT IS THEIR IMMORAL TOTALITARIAN WORLD VIEW………

    IT IS NOT NORMAL OR MORAL…..IT IS NOT WHAT WE WERE TAUGHT… DO ONTO OTHERS AS YOU WOULD WANT THEM TO DO ONTO YOU…..NO…

    IT IS DO WHAT WE WILT ONTO OTHERS AND MAKE EVERYONE BELIEVE THIS IS NEW THEORY IS MORAL & JUST….TELL THE CITIZENS….THIS IS MAJORITY RULE & IS ALWAYS THE WAY IT HAS BEEN…….NO IT’S NOT….THAT IS THE MOB MENTALITY THAT MAKES UP THEIR THINK TANK & BRAINWASHES IT INTO SOCIETY. IT IS NOT LEGAL, MORAL OR ETHICAL UNLESS YOU DON’T KNOW WHAT LEGAL, MORAL & ETHICAL IS.

  5. Yvonne,

    “… notable what the other billionaire and his wife are doing in other countries ‘teaching’ the natives how to grow food…feeding the hungry…. interesting…”

    I might have been very impressed by the Gates’ efforts, had I not known early on that what they are doing is simply pushing Monsanto on all the under-deverlopped countries of Africa. Monsanto in which they, themselves, have invested billions. Monsanto, also heavily pushed by Buffett’s son, a farm owner turned philanthropist. Monsanto, now banned in many countries including Brazil, Poland, Hungary, France, Russia, China (don’t touch our rice), India (250,000 farmers killed themselves in the last few years because of being heavily indebted to Monsanto and having lost the farm: see, Monsanto grains are not only toxic but also sterile. They can’t reproduce. You can’t sow 10% of your harvest as was done in the old days and keep growing and harvesting. Once you harvest, you must run back to Monsanto and buy more and they cost 10 times the price of regular seeds. They also require 4 times as much water… and once mixed with other seeds, they contaminate them). Monsanto, at the origin of the ruin for millions of farmers worldwide. Monsanto, who owns the patentes for many foods that once grew naturally and without human help (banana, pineapples, oranges, apples, pears, tomatoes, most veggies, etc.) Monsanto who has sued millions of farmers, accusing them of royalities theft: see, if birds and wind happen to carry Monsanto grains into your field and Monsanto finds that you are growing its OGM without having purchased them and without paying the requisite 5% royalties after harvest, you get sued and you lose everything: Monsanto can buy attorneys you can never, ever dream of paying.

    Monsanto that recently was able to develop a tripled-GM flu vaccine to become compulsory. Monsanto that our president Obama put in charge of the FDA,,, Talk about conflict of interest…

    Monsanto, the cause for mad cow disease… Cows organism can’t tolerate protein and OGMs are made with animal protein. Same for sheep. How many farmers worldwide lost their entire herds in the past 20 years? Scotland? England? NZ? Australia? India? Argentina and Chile? Remember? Monsanto.

    But what can we do? America is pushing Monsanto everywhere and no one has taken to the streets in this country. So, riots and protests will have to keep coming from abroad. And in the meantime, the BRIICS countries are helping Africa, Europe and Asia and increasing their participation into IMF to rid the world of vermin like Monsanto.

  6. Thanks, John…You know, some years ago(may have been around the housing bust) Buffett purchased all the GMAC real estate offices…he also purchased First Service Realty and who knows how many others…but he kept them under the same name so no one really knew…I always consider him a hippocrite…advising the president and all the time I believe he knew exactly what was happening and reaped huge profits as a result from the housing bust…

    I thought NationsBanc did not exist anymore? I had an account with Nations Bank (note the slight change in the spelling) years ago then it changed to First Union then to Bank of America…he owns that also…mmmm…I am convinced that all is not yet disclosed…there is more to come…the thought that people will always need shelter of some sort and food to eat…..housing and farming…notable what the other billionaire and his wife are doing in other countries ‘teaching’ the natives how to grow food…feeding the hungry….interesting….there is money in housing and commodity…there are the ignorant born everyday that want to invest their money and of course there will always be the greed factor…the control/manipulation factor and the one small group of power players factor…give these issues enough though, read enough and hear enough and experience enough and you will have a natural conclusion…

    So, are you saying that GMAC cannot now be sued by those that it defrauded? Like the borrowers? And how are they now related to Deutsche Bank?

  7. yvonne – obviously I’m not Christine, but last I heard, Buffet’s new co. ended up with GMAC / ResCap’s loans (for pennies on the dollar, it appears, and not subject to any liens or interests) and NationsBanc, think it was (bad memory these days) ended up with the servicing.

    MISTER King! I was really looking forward to banksters getting handed theirs, but all I say was rhetoric at your link. Sure like to see the material you referenced.

  8. NO ONE signed or agreed to a contract to do business with these credit whores…..these criminally deceptive wealth destroyers AKA….THE FEDERAL RESERVE BANK OWNERS.

  9. These fraudclosures are based on the theory that Securitization occurred……As financial expert Josh Rosner just stated on FOX BUSINESS…….It was apparent by 2007 that SECURITIZATION was a PONZI SCHEME BY THE FEDERAL RESERVE BANKSTERS….AS A RESULT, THE FED HOLDS MILLIONS OF MBS’s that are UNSECURED CRAP….. as a result of all of that CRIMINAL FRAUD…..WE HAVE THE COMMUNIZATION OF CREDIT IN AMERICA.

  10. UKG,

    Listen to Mandelman’s interview of Weidner and Cox and yuou’ll know why judges won’t hear those arguments.

    For the strict purpose of foreclosure, they are completely irrelevant. Yours is a civil matter. Libor is a criminal matter. Because banks have already been subjected to punishment (grossly insufficient fines) on the criminal matter, it is considered close. Those 2 heavy lifters make it a point to go over and over that subject for a reason. Listen to them.

  11. The banks SWAPPED CREDIT SLIPS JG………THAT FRAUD AND THE FEDS DEFAULT TO THE U.S. TAXPAYER’S WAS CRIMINAL, FELONIOUS, EGREGIOUS AND HEINOUS BECAUSE OF IT’S DECEPTION ……..THAT ACT OF DEFAULT THESE CROOKS ARE HIDING IS PROOF OF INTENT TO DECEIVE………AUDIT THE U.S. TREASURY…..

  12. @usedkarguy – i’ve found that judges do have a tendency to not respond to issues raised by a homeowner in filings. There are a couple things which might be useful to stop this. One is to style a mtn as an omnibus motion and recite the issues succinctly in the title of the motion. Another is to (also?) pinpoint and number the issues before the court in the body of the work. Then if the court has still ignored the points, one can file a rule 52 (think it is) mt for clarification of the decision which ignored the issues presented and ‘make’ the court address them. Cheaper than an appeal (which may yet be inevitable).
    One may also – alternatively- file a mtn in the instant court for reconsideration and re-raise the ignored issues.
    lay opinions – ask a lawyer or 10

  13. Nothing changes THE TRUTH…….The FACT THE BANKS AND THEIR “INVESTMENT HOUSES” WERE MERELY SWAPPING CREDIT SLIPS IS UPON PRESENTMENT OF THOSE UNINDORSED NOTES…….THESE CROOKS NEVER PAID A RED CENT TO DESTROY US…….AND THESE CROOKS MADE GAZILLIONS FROM THIS SCAM……

    UNINDORSED NOTES MEAN THEY FOREVER WILL HAVE TO PROVE STATE & FEDERAL LAW REQUIREMENTS OF….. ACCEPTANCE & CONSIDERATION…&…THEY CAN’T …..AND THOSE UNINDORSED COPIES OF NOTES & MORTGAGES THEY ENTERED UPON THE COURTS ARE EVIDENCE OF COUNTERFEITING, FRAUD & FORGERY UPON PRESENTMENT…..TO GAIN UNJUST ENRICHMENT (STEAL FROM US) ….3 FELONIES….LIFE IN PRISON……AIDING & ABETTING THESE FELONIES…..IS EQUAL PUNISHMENT UNDER THE LAW..

  14. Yvonne,

    According to Weidner who made the trip to NY for GMAC BK hearing, it was a costly joke for the tax payers and most people failed to timely file the proper documents ahead of time anyway. I would send you to his blog since i really didn’t follow all that closely (not one of my players). I do recall he wrote extensively about it.

    Deutsche Bank.. If you go on Justia, you’ll see that they have been sued over and over for the past 2 years, including by Dexia SA a couple of times. They also have been sued over and over in Europe, including for the 12 billions they “misplaced”, while suing in the same time Barcklays and RBS on Libor. It is a musical chair game at this point. Again, not one of my players. Therefore I don’t really follow too closely.

    Yvonne, the whole system is collapsing and being slowly replaced. I know it. People who follow the world economy know it. The real players are not individual banks but entire countries and IMF, BRIICS, LBIS, etc. That is where I spend the greater part of my energy and time. If that is what interests you, David E. Martin (Coup D’Twelve) has a blog that sheds quite a bit of light on the extent of that imbroglio and how difficult it will be to come out of it. He draws a very positive picture though. My kind of guy.

  15. What Mark Stoppa said is absolutely right re modifications…but if the banks were smart they would modifiy and create/secure a new note…

  16. I am also, I need the entire picture to draw the most obvious conclusion…but I believe Quiet T can be done successfully if one does his homework…tell me, Christine,…what is the status of the bankruptcy with GMAC and its companies? some big news seem to disappear fast with no followup…and what is the status with Deutche bank? they were the largest fraudclosure bank when it all started…

  17. CNBC reporting U.S. EXPORTING OIL AT A RECORD RATE …… U.S. PETROLEUM EXPORTS HIT A RECORD HIGH FOR DECEMBER…..THE POOR ECONOMY IS COMPLETELY MANUFACTURED….. As I said, all these. Commie Globalists do is ROB US……..AND THEY KEEP HANDING US BILLS FOR OUR OWN ROBBERY…

  18. Yvonne,

    Before posting that case, I looked for specifics but couldn’t find any. That’s why I warn people that it looks like a good result but without knowing what the entire case is about, one has to remain cautious.

    Bloomberg published something about Southstar Funding having filed Ch. 7 a while back and being shut down (see below). Under the circumstances, obtaining quiet title seems fairly easy and I expect Johnston did by… default. If Southstar liquidated, what is the likelihood that they answered the complaint? Pretty remote, if you want my opinion.

    “Company Overview

    On April 5, 2011, SouthStar Funding, LLC went out of business as per its Chapter 7 liquidation filing under bankruptcy. SouthStar Funding, LLC offers wholesale mortgage financing for the residential mortgage market. The company was founded in 1998 and is headquareted in Atlanta, Georgia.”

    Mandelman last week had 2 guests on his show: Matt Weidner and Charles Cox, both very involved in the homeowners’ fight. Both stated that obtaining quiet title is extremely rare and that they would rather push their client for a mod courts will sanction than push them to take risky chances their know from experience to backfire easily.

    http://mandelman.ml-implode.com/2013/02/scam-prevention-podcast-what-isnt-working-for-homeowners-facing-foreclosure-today/

    I’m always leery of cases I can’t read from A to Z.

  19. Quiet Titles are not easily done… There must be specific issues of Title and they must be plead correctly. If the Quiet fails – the creditor will then “re-establish & re-link” the DEBT – PLUS attorney fees & costs.

    Quiet Title is great “when” it works but it is VERY IMPORTANT to understand YOUR STATES laws and research Quiet Title cases within your-own state. Seriously, it is not as easy as it appears – there are other issues that MUST be established to succeed. In many cases a judge will dismiss the case if there is a debt attached. If the debt exists, the judge will look at it as-if someone is attempting to use their courtroom to get a free house.

    Talk to a real estate attorney – ask them the requirements for taking such a case to court. If the bank walks in with paperwork, the judge will accept it – but worse, the borrower gets stuck with the banks costs for defending it AND the debt is then re-connected by the court – which might put the borrower in a much worse position if they could have used other arguements to win…

    Check Out – Clouded TItles – Dave has a book on it and its on his website – but you must know how your state deals with the issue – no-matter what you read on the net. Do you homework – then look up Quiet Title cases in your state. Sadly, I’ve heard folks getting burned for going in half-cocked picking a fight with the lenders. I believe they can be used successfully – but in many cases, they will backfire on the consumer…

    Just some thoughts

  20. Same thing goes for the Global Government Corp of thieves…Take your money out America and stop sponsoring these Totalitarian crooks who are ungrateful and dump all over US.

  21. Let’s see how well Hollywood and the entertainment industry maintains their lavish lifestyles without the American people participating.

  22. Keepon……How despicable …..Hollywood blaming the victims, the American people for decades of use & abuse by the traitor politicians..secrets, lies, deception & fraud.

    The American people make this country great, not this pathetic Global Government Corp of thieves and their traitor politicians who crept in under our radar to rob US.

    As Obama said early in his first term, the American people got into this mess mostly through no fault of their own.

    To say any other nation is free is a BIG LIE. Every nation has been hijacked by this totalitarian bunch of Crony Capitalist Globalist Corporate dictators.

    The difference between US and them is, we have a Constitution….The greatest document ever written by men.

    None of these foreign nations would have a pot to piss in or a window to throw it out of, if not for the American people, who all of these crooks have been stealing from for decades.

    The American people are who every nation stole from to try and free themselves from these dictators who without US, wouldn’t have a pot to piss in or a window to throw it out of either…..

    The American people are great, because without our cooperation, all of these so called “free nations” will wither and die. Therefore, hollyweird better watch their p’s & q’s or we will boycott them too….and they can go move to China or Russia or Europe and see how well they do there….

    Then they will find out they really were living in the greatest nation on Gods earth.

  23. Christine, am very much interested in Quiet Title cases…I looked this up and the info was limited…how can i get the entire case?

  24. Just a thought…

    If we could prove our loans were connected to investors in another country – such as Canada (or wherever), couldn’t they file criminal charges against those fraudsters in their country?

    Since it is obvious US Courts will not rule according to law – then let’s take the bastards to international courts and file criminal charges..! If the corruption of Wall Street caused the collapse of another country’s investments, then why not bring those charges in their courts?

    I might not be saying this correctly, but it appears that these fraudsters were quite skillful at spreading their greed across boarders – thus they should be charged accordingly.

    Somehow we need to go after these lying thieves and take them out. We are not the only ones this has affected. Giving the ammunition to others in another country might be the extra pounding we need to expose it.

    Maybe a little waterboarding for the Wall Street terrorist members until they confess and give up their files exposing their lies? It wouldn’t take long before those pukes started spewing their information… That said, I am not interested in exposing corrupt judges. I believe many (corrupt) judges are simply fools of their-own ignorance and have been spoon-fed filtered information to brainwash them into believing they are doing the right-thing. Granted some are just arrogant pukes and should be busted for corruption but most (IMHO) are probably convinced they are helping the country through a difficult time.

    Hopefully, Anonymous will crack the Wall Street data-files and put them on the internet for all to see. Going after the SCJ is a waste of time – IMHOP. They need to rip-open the files within Wall Street and connect the dots from the pretender-lenders; to the Trusts; to the investors; to the Libor (including overseas), etc… Showing how the average citizen thought they were borrowing funds to purchase their dream-homes but were instead being manipulated into rows of sheeples to the slaughter… Once those dots are connected THEN show how these lying theiving bastards deliberately bankrupted the pensions of millions upon millions of decent hard-working citizens.

    If they could produce evidence in an uncomplicated simple format for the average family to clearly see & understand; how they were defrauded, who defrauded them, – THEN THOSE AMERICAN FAMILIES WILL WAKE-UP & RISE UP and TAKE THEIR COUNTRY BACK – hopefully, before they take our guns and last resort. Thankfully – our military is sworn to protect the Constitution – let’s hope we are not forced to test that oath!

    Just some thoughts

  25. They were ALL liars loans because we were not told anything more than they may sell the “loan” to a second bank….we were not told that second bank was a Wall Street Investment Bank…..The loans that were given to people who couldn’t afford them made up a very small percentage of healthy risk according to financial experts. However, that small percentage of risk were the loans the crooks used to give all of us in fraudclosure the bad name of deadbeats ……when the FEDSTERS were the deadbeats…..and still are.

  26. The bank owners already had their cake…ate it….and had lots more…….they are greedy gluttons who thought we just didn’t give a darn if they stole everything from US…….and tattooed us to their crime spree…….Well apparently NOT…!

  27. QT is a lien strip search of the property title…..the owner is at the bottom …the issuer of the money honey…THE U.S. TAXPAYERS……the property is secured to WE THE PEOPLE…because the banks destroyed their lien at the ORIGINATION FRAUD….WALL STREET destroyed the value of everything…CLEAR TITLE TO WE THE PEOPLE….

  28. You can’t modify or refi a quadrillion dollars in fraud created by Wall Street and there is no legal correction for the FEDs massive default to U.S. TAXPAYER’S ….AKA……THE ORIGINATION FRAUD…..Make the crooks pay US back ….ABOLISH THE FED….ISSUE OUR OWN CURRENCY AS THE U.S. CONSTITUTION REQUIRES…

  29. Successful Quiet Title. Dangerous case without knowing what, where, when, who and how. Too much is missing to draw the conclusion that quiet title is a piece of cake and google gives absolutely nothing in terms of history.

    Yet… it still is a good news.

    http://www.msfraud.org/law/lounge/Quiet-Title-Judgment-Signed_12-12.pdf

  30. This is a must-read. It’s the difference between being on the offensive or being on the defensive. The psychological advantage of the offensive notwithstanding, there are serious considerations to acting versus reacting, including:
    1) You make the decision. Whatever the outcome, you will be stronger for having taken the lead. Filing first prepares you much, much better for any outcome even if it is not what you expected;
    2) You went on the attack. You filed the complaint on your allegations, based on your research. Until the bank goes through the entire discovery process, it does not know how much information you have and how strong your case is;
    3) You choose the timing. In other words, you file when you are good and ready.
    4) You decide the outcome. Really, you do. Whether it be to modify, walk away of go for broke. And you have the luxury to call it quits if you end up feeling that, after all, it no longer is worth fighting for.

    It’s called being in the driver’s seat.

    5000 years of documented history prove that he who goes on the attack has the advantage. The following is a defensive scenario. Know yourself, know your motives and your limits. Act accordingly.

    http://www.stayinmyhome.com

    Want a Loan Modification? Save Your Money!

    Posted on February 6th, 2013 by Mark Stopa

    Whenever a homeowner facing foreclosure tells me that he/she wants to obtain a loan modification, what’s the first thing I discuss? No, it’s not that loan modifications are hard to come by, especially those with principal reductions (even though that’s true). And no, it’s not that banks have all sorts of perverse financial incentives to foreclose rather than work out a mortgage modification (even though, sadly, that’s true as well).

    The first thing I ask my clients is how much money they’ve been able to save while the foreclosure lawsuit has been pending.

    Look … I’m not judgmental. I get that the economy sucks and that a lot of good people are unemployed or underemployed. I understand that, for many people, saving money just isn’t possible. And I understand that nobody wants to lose their home. That said, if you haven’t made a mortgage payment in two years, have been unemployed for 18 months, and have no savings, how do you think you’re ever going to get a loan modification? I think I’m pretty adept at defending foreclosure lawsuits, but if this is your financial situation, there’s nothing I can do to make a bank give you a loan modification. Can I fight the foreclosure lawsuit? Absolutely? But can I somehow force a bank to give you a modification (when you basically have no money)? Sorry, no.

    Here’s the cold, hard reality, as I see it (not intended to be harsh but to help homeowners realize the situation they face) … why would a bank modify your loan if you can’t afford to pay, even at a reduced rate? Even if we can get past the other hurdles to obtaining a modification (the perverse financial incentives to foreclose, the infrequency with which modifications are offered, and the perception that offering principal reductions would induce everyone to default), if you can’t afford to pay, then what’s the point? Ultimately, the best way you can prove your ability to pay is to save money. Saying you can pay is one thing – pulling out cash is another.

    This is why my first discussion with clients who say they want a loan modification is to inquire about the amount of money they’ve saved. In my view, if you haven’t been able to save any money while the foreclosure case has been pending, then you probably can’t afford to pay, even if a loan modification were offered. After all, if you were able to pay on a monthly basis, then you’d have some money saved.

    Sometimes, this advice creates some understandable anger. “You don’t know what you’re talking about, Stopa. I just chose to spend my money in other ways. I paid other debts. I have a job now. I can afford a modification.”

    OK. But here’s the problem. On the rare instances where I’ve seen modifications offered, they often look like this.

    At first glance, this loan modification offer looks appealing, and in some ways, it is. The monthly payments are reduced, and it even has a principal reduction! For some homeowners, this sort of offer is a godsend, creating the ability to keep ones home and avoid foreclosure.

    However, look closer.

    Do you see how the agreement requires that monthly payments begin immediately? There’s no “wait 60 days until I get a job” – the monthly payments start now.

    Do you see how the agreement is predicated on proof of insurance? For the homeowner to get this modification, he/she will have to immediately obtain homeowners’ insurance – and pay for it. For anyone whose insurance lapsed, getting insurance right away will not be easy, or cheap.

    Do you see how “any payments for taxes and insurance will be [the homeowner's] responsibility in addition to the payments of principal and interest”? Hence, the homeowner not only has to pay the monthly payment, he/she has to pay property taxes, too. Does that include delinquent taxes? The agreement is not entirely clear, but I’d say so. Of course, these taxes could be many thousands of dollars.

    Do you see how “fees and charges that were not included in [the new] principal balance will be [the homeowner's] responsibility”? What does this mean, exactly? Frankly, your guess is as good as mine – this agreement, as written, is clear as mud. Does it mean that the fees and costs the bank incurred in the foreclosure case have to be paid by the homeowner? If so, when? And how much are these fees and costs? We really don’t know, but that’s the problem – arguably, the bank could simply hand you a bill and say “pay this.” Sure, you could fight that. But if you signed, and those are the terms on which the bank is giving the modification, you may have no choice but to pay.

    Do you see how “any expenses incurred in connection with the servicing of [the] loan, but not yet charged to [the] account as of the date of this Agreement, may be charged to [the] account after the date of this Agreement.” What does this mean, exactly? How much are these charges? When are they due to be paid? Again, you may get stuck paying this bill in order to get your modification.

    There are other problems with this modification as well, including (1) there is no representation from the lender that it is the owner/holder of the Note and Mortgage; (2) the foreclosure case proceeds unless/until the homeowner has done everything the agreement requires, including obtain Ocwen’s signature; and (3) nothing in the agreement requires the foreclosure case to be dismissed even if all of the terms are complied with.

    The point here, though, is that even if the homeowner wanted to do this modification, it requires immediate, out-of-pocket payments – monthly payments, starting immediately, but also payments for insurance, property taxes (including back due taxes), and, arguably, some unspecified amounts for fees, costs, and service charges.

    This is a good illustration why I encourage homeowners who want a loan modification to save their money. As you can see, if you don’t have cash on hand to pay these expenses, then even if a loan modification does come your way, you won’t be able to take advantage. So when you hear me asking about whether you’ve saved your money, please realize – I’m not being judgmental. I’m trying to assess whether you can comply with the terms of a loan modification even if you’re one of the lucky homeowners to whom such a modification is offered.
    Mark Stopa

  31. GEORGE CARLIN: God bless you.

    even your dead is more useful and much more valuable to this country than our living leaders!!!

  32. I proved the above article’s core facts a year and a half ago with this comment:

    http://livinglies.wordpress.com/foreclosure-defense-forms/people-players-and-resources/state-laws/california-laws/#comment-97961 This one is a bonus:

  33. Apparently according to the book by Dick Morris… Here Come The Black Helicopters! THE UN GLOBAL GOVERNANCE ….The new name for the WORLD TAX is THE UNIVERSAL TAX…on top of all the other tax…..That will be the Globalists SOCIAL JUSTICE FIX for a Quadrillion dollars in credit fraud by the FED bank owners & Wall Street……SOCIAL JUSTICE & UNIVERSAL TAX…..ARE POLITICALLY CORRECT TERMS FOR NEW COMMUNISM WHICH IS TOTALITARIANISM…

  34. Who do you think you are kidding Christine…? You work for the TBTF GLOBALISTS…For the latest on their scam to overthrow our Constitutional Republic….Go here..

    http://www.fourwinds10.net/

  35. That’s right ding a ling Christine…..Because of the internet, the truth about this evil totalitarian plan by the Globalists cannot be hidden from those who wish to seek it…

  36. Do I know who qualifies….? Certainly not a person from hell….

  37. Yvonne,

    The wonderful thing about internet is that… none of it can remain hidden for very long anymore. But a very, very big effort is made by TPTB to keep as many people as confused as possible by spreading disinformation in any way, shape or form can be found. For the right price, some people will do anything, including destroy completely a website they never created, thoroughly disgust anyone from reading it, attack them personally even though they don’t know anything about the people they do attack, etc.

    That’s counting without human genius: common sense. There is plenty of it going around. Disclosure is happening. Best times to be alive.

  38. Know someone else who qualifies?

  39. Christine, it will be sooner than most think…there is so much more to all this than is yet disclosed…am sure he knew…but their past experiences and control over the powers that be are such that they knew they would be properly protected…what they did not anticipate was the waking up of the sleeping giant of we the people…albeit it a trickle at first, nor did they anticipate the law suits from the other players such as the AG’s and even investors on such a scale…so that is what they are now concern about…they have been doing all this for years and getting away with it…
    However, it will be an Armageddon similar to that mentioned in the Bible…an economic one…

    Ponder on this for a bit….lets say that the reason for not using the original note account number to follow all the alleged assignments, but instead creating new accounts on the same notes…wow…imagine the possibilities…and the obscene profits as we are beginning to realize in all the disclosures to date…ponder, they could go on to infinity creating new accounts on the same not…so why not use the original account I repeat…just so the layers and layers of accounts and the trillions earned as a result…and all the loans that were supposedly paid in full, those accounts still remaining on the books and being sold over and over under different account numbers…who is going to investigate or question those accounts? But maybe someone now will? I’ve actually consider doing that myself but maybe someone else can?
    Also, what if someone investigate the time it took for a bank to file or send to the borrower the letter of satisfaction? Suppose the loan is paid off and the other bank that held the old note does not return the note to the borrower as many of them don’t, what if they hold on to those notes for another year or more????MMMMM

    It would be another Pandora’s Box…

    Blessings…

  40. DECIPHER THEIR CRIMINAL CODE…..NEOCON…..A POLITICALLY CORRECT WORD FOR TOTALITARIAN DICTATOR.

  41. The veil has already been lifted. What this was always about …. creating TOTALITARIANISM …… There where many secrets, lies, deceptions & fraud….evil machinations that were used to try and destroy our Constitutional Republic by the Globalists and their Crony Capitalist bank owners, their cohort & minions…..

    When you get to the center of their onion…they are a really a completely sickening, sadistic, boring bunch of control freak evil doers who bring nothing good to the world.

    The latest mantra by the Globalist crooks is this is a new America and a new world…..Don’t comply, cooperate or conform with these Totalitarian Globalist control freaks….Their meme is every American is their enemy…..kill first, ask questions later…..Therefore it is up to WE THR PEOPLE to Stop cooperating & sue the beast….

    Kudlow called himself a NEOCON….for agreeing with Obamas drone policy…..Kudlow called himself a NEOCON …WHICH IS THE POLITICALLY CORRECT WORD FOR NEW COMMUNIST….A COMPLETE COMMUNIST …A TOTALITARIAN DICTATOR…

    ALL TRAITORS ARE SLOWLY BEING REVEALED….

  42. Yvonne,

    Sinclair Noe really has a way of narrowing down everything to the simple facts. Here is the Dexia summary, in a nutshell.

    Thursday, February 7, 2013
    Thursday, February 07, 2013 –

    Waiting for the Apocalypse
    by Sinclair Noe

    DOW – 42 = 13,944
    SPX – 2 = 1509
    NAS – 3 = 3165
    10 YR YLD -.02 = 1.95%
    OIL – .74 = 95.88
    GOLD – 6.30 = 1672.00
    SILV – .39 = 31.56

    Some day this war will end. Some day we will have an apocalypse, not in the terrifying version of the word but in the original Greek definition of “apokalypsis”, meaning an “uncovering”, a “lifting of the veil”, or “the disclosure of something hidden”. One day we will wake up and realize that money is printed out of thin air and it is not a store of wealth but a vessel of debt; the veil will be lifted and we will see the debt masters for what they truly are. Until then we get little surprises in the form of troves of emails revealing the reality that the financial markets are not bastions of cool rationalism, nor are they temples to integrity; and the lubricant of commerce may be nothing more than a tar pit.

    We have been reading the emails from Barclays, UBS, and S&P describing how they would rig rates or rate deals for a cow if only they could get their cut. Sometimes the language is clipped in an instant messaging style of prose, sometimes it is profane in a way that would make Tony Soprano blush, and it seems to be flowing forth in a never-ending stream of culpability. Some day this war will end. But not today.

    Today we learn of the emails from JPMorgan Chase and they show that executives at the firm knew there were problems; an outside analysis discovered serious flaws with thousands of home loans; the executives responded by slapping lipstick on a pig. Rather than disclosing the full extent of problems like fraudulent home appraisals and overextended borrowers, the bank adjusted the critical reviews. As a result, the mortgages, which JPMorgan bundled into complex securities, appeared healthier, making the deals more appealing to investors.

    We learn this because of a lawsuit against JPMorgan filed in Manhattan by the French-Belgian bank Dexia, which went belly up after buying into the lipstick slathered securities which of course, ultimately imploded. Documents filed in federal court include internal emails and employee interviews. After suffering significant losses, Dexia sued JPMorgan and its affiliates in 2012, claiming it had been duped into buying $1.6 billion of troubled mortgage-backed securities. The latest documents could provide a window into a $200 billion case that looms over the entire industry. In that lawsuit, the Federal Housing Finance Agency has accused 17 banks of selling dubious mortgage securities to the two housing giants, Fannie Mae and Freddie Mac. At least 20 of the securities are also highlighted in the Dexia case.

    The Dexia lawsuit centers on mortgage-backed securities created by JPMorgan, Bear Stearns and Washington Mutual during the housing boom. As profits soared, the Wall Street firms scrambled to pump out more investments, even as questions emerged about their quality. JPMorgan scooped up mortgages from lenders with troubled records. In an internal “due diligence scorecard,” JPMorgan ranked large mortgage originators, assigning Washington Mutual and American Home Mortgage the lowest grade of “poor” for their documentation. The loans were quickly sold to investors. One executive at Bear Stearns told employees “we are a moving company not a storage company.” As they raced to produce mortgage-backed securities, Washington Mutual and Bear Stearns also scaled back their quality controls.
    Washington Mutual cut its due diligence staff by 25 percent to prop up profit. A November 2007 email from a WaMu executive described the cutbacks as steps that “tore the heart out” of quality controls. The email said: executives who pushed back endured “harassment” when they tried to “keep our discipline and controls in place.” Even when flaws were flagged, JPMorgan and the other firms sometimes overlooked the warnings.
    JPMorgan hired third-party firms to examine home loans before they were packed into investments. Combing through the mortgages, the firms searched for problems like borrowers who had vastly overstated their incomes or appraisals that inflated property values. An analysis for JPMorgan in September 2006 found that “nearly half of the sample pool” – or 214 loans – were “defective,” meaning they did not meet the underwriting standards. The borrowers’ incomes, the firms found, were dangerously low relative to the size of their mortgages. Another troubling report in 2006 discovered that thousands of borrowers had already fallen behind on their payments.
    And what did JPMorgan do when confronted with the defects? They ignored them or they whitewashed the findings or they just lied about them. Certain JPMorgan employees, including the bankers who assembled the mortgages and the due diligence managers, had the power to ignore or veto bad reviews. In other words, they knew the mortgage backed securities they were bundling and selling were full of garbage loans and they just didn’t give a damn about it as long as they could sell it. Of course we all know that employees and analysts and due diligence directors say the darnedest things in emails, but if the emails reveal what the investigators think they reveal; then JP Morgan actually defrauded its clients, and the bank and its executives should obviously pay a big price for that.
    Jamie Dimon, the CEO of JPMorgan has tried to differentiate his bank from the rest of Wall Street. He recently lashed out at what he called the “big dumb banks” that “virtually brought the country down to its knees.”
    If this sounds like yesterday’s news or the news from 5 years ago; well, it is but it is also tomorrow’s news. Some four years after the 2008 financial crisis, public trust in banks is as low as ever. Sophisticated investors describe big banks as “black boxes” that may still be concealing enormous risks, the sort that could again take down the economy. In the fall of 2008, when the meltdown hit, all the banks stopped, well they stopped pretty much everything, they stopped lending to each other; they stopped trading with other banks, and the reason they stopped was because after Lehman Brothers was allowed to collapse, no one understood the banks’ risks. There was no way to look at a bank’s disclosures and determine whether that bank might implode.
    Was any given bank the next IndyMac, was it the next Northern Rock, the next Dexia? Did JPMorgan have toxic assets on their books or had they already dumped their trash on Dexia? JPMorgan was supposed to be one of the safest and best-managed corporations in America. Jamie Dimon, the firm’s charismatic CEO, can charm the cufflinks off journalist in New York or high rollers in Davos, and he had kept his institution upright throughout the financial crisis, and by early 2012, it appeared as stable and healthy as ever. And then the London Whale washed up on the banks of the River Thames.
    The London Whale ran a little bit of a trading desk, and he had gambled away $6 billion, maybe more; investigators are still investigating; still the losses are not enough to destroy the House of Morgan, even though it wiped out one-third of the market capitalization. After all, JPMorgan is considered to have the best risk management operations in the industry.
    And what this really tells us is that they haven’t learned how to manage the risks; in part because the culture is corrupted. JPMorgan started reporting small losses, then they had to admit that its reported numbers were false. Federal prosecutors are now investigating whether traders lied about the value of the London Whale’s trading positions as they were deteriorating. JPMorgan shareholders have filed numerous lawsuits alleging that the bank misled them in its financial statements; the bank itself is suing one of its former traders over the losses. Jamie Dimon didn’t understand or couldn’t adequately manage his risk, or maybe he knew and just slapped some lipstick on the pig. Investors are now left to doubt whether the bank is as stable as it seemed and whether any of its other disclosures are inaccurate.
    And of course, it’s not just JPMorgan; that is just the biggest player. Toss in Libor rate rigging from Barclays, UBS, and RBS. Toss in money laundering from HSBC and Standard Chartered, and don’t forget robo-signing from a host of banks more concerned with being moving companies than storage companies; more concerned with their own profits than with pesky legal details like due process. And only after the fact do we see the emails that provide the colorful stories of how the banks misled clients, sold them garbage and then bet against them.
    So, the question is: do you trust the banks? Chances are you answered “no”. Depending upon the survey, about 4 out of 5 people say they have no trust in our financial system; and I doubt the fifth person holds the banks in high regard. And four-and-a-half years after the meltdown, the Too Big To Fail banks are bigger than before, and because they’ve received get out of jail free cards they operate with impunity and disregard for the rule of law or requirements for transparency. The Geithner Policy insured the banks did not have to change their wicked ways; they were too big and too systemically important to be bothered.
    Do you know what the banks have on their books? Are the assets vintage or toxic? You don’t know because the banks are a black box of disclosure. And guess what? Jamie Dimon doesn’t know how much risk JPMorgan is taking. And if he doesn’t know how much risk his own bank has, then there is no way he knows about the garbage the other banks hold on their books. And here is the big problem. All it takes is a bump in the road and the financial institutions will freeze up once again.
    Some day, the veil will be lifted. Some day the we will learn the secrets. Some day the war will be over.
    Not today.

  43. Yvonne,

    My pleasure.

  44. Thank you, Christine…much appreciated…

  45. Banks suing each other or the U.S. GOVERNMENT suing the banks does no good..WE THE PEOPLE NEED TO SUE THE FEDERAL RESERVE BANK…..

  46. Yvonne,

    As you can see, Dexia SA has been very busy suing everything that moves. It has been going after JPMorgan for a couple of years under different actions with different players. And it is not over yet.

    Dexia SA/NV et al v. Bear, Stearns & Co. Inc. et al
    Filed: February 4, 2013 as 3:2013mc00016
    Plaintiffs: Dexia SA/NV, Dexia Holdings, Inc., FSA Asset Management LLC and Dexia Credit Local SA
    Defendants: Bear, Stearns & Co. Inc., The Bear Stearns Companies, Inc., Bear Stearns Asset Backed Securities I LLC, EMC Mortgage LLC (f/k/a EMC Mortgage Corporation), Structured Asset Mortgage Investments II Inc. and others
    Movant: David C. Schneider
    Court: Fifth Circuit > Texas > Northern District Court
    Type: Other Statutes > Other

    Dexia SA/NV et al v. Bear Stearns Companies, Inc. et al
    Filed: January 28, 2013 as 1:2013mc00008
    Plaintiffs: Dexia SA/NV, Dexia Holdings, Inc., FSA Asset Management LLC and Dexia Credit Local SA
    Defendants: Bear Stearns Companies, Inc., Bear Stearn Asset Backed Securities I LLC, EMC Mortgage LLC (f/k/a AMC Mortgage Corporation, Structured Asset Mortgage Investments II Inc., J.P. Morgan Acceptance Corporation I and others
    Movant: Cheryl A. FeltgenÂ
    Court: Sixth Circuit > Ohio > Southern District Court
    Type: Other Statutes > Other

    Dexia SA/NV et al v. Bear, Stearns & Co., Inc. et al
    Filed: June 18, 2012 as 1:2012cv04761
    Plaintiffs: Dexia SA/NV , Dexia Holdings, Inc. , FSA Asset Management L.L.C. and Dexia Credit Local S.A.
    Defendants: Bear, Stearns & Co., Inc. , The Bear Stearns Companies, Inc. , Bear Stearns Asset Backed Securities I L.L.C. , EMC Mortgage L.L.C. , Structured Asset Mortgage Investments II Inc. and others
    Cause Of Action: R&R re motions to remand (non-core)
    Court: Second Circuit > New York > Southern District Court
    Type: Torts – Property > Other Fraud

    Dexia SA/NV et al v. Merrill Lynch & Co. et al
    Filed: May 22, 2012 as 1:2012cv04032
    Plaintiffs: Dexia SA/NV , Dexia Holdings, Inc. , FSA Asset Management LLC and Dexia Credit Local SA
    Defendants: Merrill Lynch & Co. , Merrill Lynch, Pierce, Fenner & Smith Inc. , Merrill Lynch Mortgage Investors, Inc. , Merrill Lynch Mortgage Lending, Inc. and First Franklin Financial Corporation
    Cause Of Action: Notice of Removal
    Court: Second Circuit > New York > Southern District Court
    Type: Torts – Property > Other Fraud

    Dexia Holdings, Inc. et al v. Countrywide Financial Corporation et al
    Filed: August 30, 2011 as 2:2011cv07165
    Plaintiffs: College Retirement Equities Fund, Dexia Credit Local, New York Branch, Dexia Holdings, Inc., FSA Asset Management LLC, Mainstay VP Series Fund, Inc. and others
    Defendants: Joshua N. Adler, N. Joshua Adler, BAC Home Loans Servicing, L.P., Bank of America Corp., Thomas H. Boone and others
    212) 213-0849 (fax: David Spears
    212)213-0849 (fax: Debra A Karlstein
    Court: Ninth Circuit > California > Central District Court
    Type: Other Statutes > Securities/Commodities/Exchanges
    Dexia SA/NV et al v. Deutsche Bank AG et al
    Filed: August 15, 2011 as 1:2011cv05672

    Plaintiffs: Dexia SA/NV , Dexia Holdings, Inc. , FSA Asset Management LLC and Dexia Credit Local SA
    Defendants: Deutsche Bank AG , Deutsche Bank Securities , DB Structured Products Inc. , ACE Securities Corp. and Deutsche Alt-A-Securities Inc.
    Cause Of Action: Notice of Removal
    Court: Second Circuit > New York > Southern District Court
    Type: Torts – Property > Other Fraud

    Dexia Holdings, Inc. et al v. Countrywide Financial Corproation et al
    Filed: February 23, 2011 as 1:2011cv01259
    Plaintiffs: Dexia Holdings, Inc. , FSA Asset Management LLC , Dexia Credit Local, New York Branch , New York Life Insurance Company , New York Life Insurance and Annuity Corporation and others
    Defendants: Countrywide Financial Corporation , Countrywide Home Loans, Inc. , Countrywide Home Loans Servicing LP , CWalt, Inc. , CWabs, Inc. and others
    Cause Of Action: Notice of Removal
    Court: Second Circuit > New York > Southern District Court
    Type: Other Statutes > Securities/Commodities/Exchanges

    Dexia Real Estate Capital Markets v. Henley Holding Company et al
    Filed: February 7, 2011 as 1:2011cv00103
    Plaintiff: Dexia Real Estate Capital Markets
    Defendants: HHC Amber Oaks III, LLC, HHC Amber Oaks V, LLC and Henley Holding Company
    Cause Of Action: Petition for Removal- Declaratory Judgemen
    Court: Fifth Circuit > Texas > Western District Court
    Type: Contract > Other Contract

    Dexia SA et al v. John Does 1 through 12
    Filed: January 11, 2011 as 3:2011cv00148
    Plaintiffs: Dexia SA and Dexia Credit Local
    Defendant: John Does 1 through 12
    Cause Of Action: Personal Injury
    Court: Ninth Circuit > California > Northern District Court
    Type: Other Statutes > Other Statutory Actions

  47. Once our Constitutional Republic is restored there needs to be a cap on crony capitalism….say a billion dollars….that keeps the free markets open and prevents monopolization by control freaks…the Rothschilds are worth an obscene amount of wealth….some estimates their worth is an astounding $60 trillion dollars….the bank owners hiding behind the Vatican Jesuits wealth is innumerable that is why we are here today.

  48. Don’t allow the crooks to withdraw or fraudclose…..demand your legal right to due process and the rule of law be upheld & sue these FOREIGN & DOMESTIC BANK OWNER CROOKS….!

  49. The TRUTH IS…..the banksters can withdraw their fraudulent complaint in Florida and redo nothing…..there is no legal correction for the Origination Fraud of the FEDSTERS and their is no monetary correction for a quadrillion dollars in credit fraud created by Wall Street……ANY SOCIAL JUSTICE FIXES ARE TOTALITARIAN THEORIES …..SUCH AS A WORLD TAX…..REPAYING THESE CROOKS FOR THE ORIGINATION FRAUD IN THE FORM OF RE-SOCIALISM BY A WORLD TAX…..ANY NEW TAXES, REFIS, LOAN MODS OR FRAUDCLOSURES ARE IN FACT ROBBERY AND AN ONGOING BAILOUT OF THE TBTF WHO ARE INSOLVENT ON THEIR BALANCE SHEETS….

  50. where can I get a copy of this case you spoke of in this report? With the Begian bank? Thanks

  51. A Florida Supreme Court ruling involving a Greenacres foreclosure allows banks to get away with fraud, as long as they voluntarily dismiss the case, attorneys said today.

    The case, Roman Pino v. the Bank of New York, was the first significant foreclosure complaint heard by the high court since the state’s legendary housing collapse.

    At issue was whether a bank can escape punishment for filing flawed or fraudulent documents in a case by voluntarily dismissing it. A voluntary dismissal allows the bank to refile at a later date.

    Royal Palm Beach-based foreclosure defense attorney Tom Ice, who represented Pino, had challenged a document created by the former Law Offices of David J. Stern and sought to question employees about its veracity. On the eve of those depositions, the bank moved to dismiss the case, blocking the court’s ability to address any sanctions.

    “I would say the Supreme Court has spoken loud and clear that it doesn’t care about litigants that abuse the court system and that fraud is OK,” Ice said about the ruling. “There are no ramifications if you get caught defrauding the court. Just take a voluntary dismissal and start over.”

    The case was unusual because the Supreme Court decided to pass judgment on the case even after Ice had negotiated a settlement with the bank that allowed his client to keep his house.

    Florida law professors said the case, which was heard by the Supreme Court in May, was significant because it speaks to the integrity of Florida’s judiciary.

    The 4th District Court of Appeal had previously agreed that a voluntary dismissal couldn’t be reversed, but said it wanted the high court to weigh in because “many, many mortgage foreclosures appear tainted with suspect documents.”

    Banks warned of a “widespread financial crisis” if the Supreme Court rules in favor of Pino.

    They argued banks will cut back on awarding home loans and be discouraged from filing legitimate claims if, when they find a paperwork error, they can’t voluntarily dismiss the case, correct the error and refile.

    “With large numbers of defaulted loans in their portfolios, members of the Mortgage Bankers Association and Florida Bankers Association no doubt occasionally will make clerical errors, lose promissory notes, or discover other deficiencies in their foreclosure complaints that mandate correction in the interest of fairness,” the brief states.

    Ice made headlines with the Pino case in 2010 when he was featured in a national magazine article about Florida’s so-called “foreclosure mills” and the discovery of allegedly fraudulent documents.

    The robo-signing scandal was just breaking at the time, Florida’s foreclosure “rocket dockets” were full speed ahead, and David J. Stern’s Plantation-based firm was a foreclosure empire handling more than 100,000 cases statewide. It has since closed after losing most of its clients in the wake of the scandal.

    Lenders halted home repossessions to revamp and rework cases. Beginning last year, foreclosures ramped up again.

    “The banks won again, and like everything else in this state, we missed the chance to just say ‘stop,’” said St. Petersburg defense attorney Matt Weidner about the Pino ruling. “This is the final piece, we have legalized bank fraud and we now have a court system, an entire judicial system, that supports fraud.”

  52. I heard a little bit about a decision on PINO today on the radio news but only a little of it… the part I heard sounded dreadful .. can someone post up what happened..

    Thanks.

  53. ILOVEMTMPV, I pleaded LIBOR manipulation way back when. Judge never addressed it. Lucky for me I preserved all those claims with second action. LIBOR exposed can be the linchpin for your argument of forced defaults. Borrower never had a chance. It’s in the four corners, so the extrinsic fraud IS the manipulation. All you need is a LIBOR panel bank who is a party to the securitization (or even a related CDO?) in any capacity to make the argument.

  54. Well ain’t that special….. of course they knew. Meanwhile some decent news from Lorayne Souders:

    THURSDAY, FEBRUARY 7, 2013

    KingCast & Mortgage Movies see Judge Christopher Conner slam Bank of America: Lorayne Souders FDCPA complaint proceeds against BoA in PA Case No. 12-CV-1074.

    http://mortgagemovies.blogspot.com/2013/02/kingcast-mortgage-movies-see-judge.html

  55. How much debt do the U.S. TAXPAYERS SECURE…..VIA THE GSE’S, THE FHA….$12 TRILLION……

    CNBC REPORTED HOW MUCH U.S. TAXPAYER MONEY HAS BEEN STOLEN BY THE FED BANK OWNERS SINCE 2008 FROM THE U.S. TAXPAYERS……..$60.4 TRILLION U.S. TAXPAYER DOLLARS & THE FED BANK OWNERS HAVE STOLEN 20 MILLLION PROPERTIES…AND THEY NEVER PAID FOR ANYTHING…..

    THIS IS HIGH TREASON BY TRAITORS FROM WITHIN BY OUR FOREIGN ENEMIES ….

  56. Never admit to their debt fraud….it is unsustainable ….. never give up your legal rights or allow them to be replaced by SOCIAL JUSTICE FIXES FOR CRIMINAL FRAUD…..LIKE TAXATION SUCH AS A WORLD TAX…AKA….RE-SOCIALISM IS SLAVERY…..IT IS INDENTURED SERVITUDE…..IT IS TOTALITARIANISM ……NEVER, EVER GIVE UP YOUR GUNS…..STOP COOPERATING & SUE THESE BANK OWNERS, WHO ARE THESE FEDERAL RESERVE BANK/WALL STREET CROOKS..

  57. They have brainwashed the American people to live under a moral code of ethics that the bank owners or their perps do not follow.

    If you pay these crooks for an underwater mortgage that they misrepresented and destroyed the value of or hand them your property or pay any restitution in the form of taxation..OR REPAY THE UNSUSTAINABLE DEBT THEY CREATED WITHOUT YOUR KNOWLEDGE OR CONSENT …when they use monetary policy as a weapon to bankrupt the people by causing inflation/deflation …… when they hijack our liberties by CRONY CAPITALISM…..DAS KRONY KAPITALISTS CREATE TOTALITARIANISM …

    THESE THINGS ARE SELF EVIDENT…..THEREFORE, THE CONSTITUTIONAL REPUBLIC MUST REVOLT…

  58. Remember….investment or indorsement does not guarantee security entitlements …..Obama, the Congress and Senate BROKE THE LAW when they bailed out the so called TBTF public sector by misusing and abusing the 14th amendment …. The 14th amendment does not guarantee public sector pension funds….

    The politicians are using the 14th amendment to bankrupt the American people and create TOTALITARIANISM… under the guise of “entitlements”……

    THE ONLY ENTITLEMENTS IN THE UNITED STATES OF AMERICA ARE IN THE FOURTEENTH AMENDMENT….SECTION 1….NO STATE SHALL MAKE OR ENFORCE ANY LAW WHICH SHALL ABRIDGE THE PRIVELEGES OR IMMUNITIES OF CITIZENS OF THE UNITED STATES; NOR SHALL ANY STATE DEPRIVE ANY PERSON OF LIFE, LIBERTY OR PROPERTY WITHOUT DUE PROCESS OF LAW; NOR DENY TO ANY PERSON WITHIN ITS JURISDICTION THE EQUAL PROTECTION OF THOSE LAWS…. WE THE PEOPLE ALREADY PAID FOR THOSE THINGS….UPFRONT…..

    THE BANK OWNERS & WALL STREET DESTROYED THE VALUE OF OUR PROPERTY…..IN ORDER TO USE THEIR MASSIVE DEBT FRAUD AS A WEAPON TO STEAL OUR WEALTH THEY USED THE FOURTEENTH AMENDMENT AS AN ILLEGAL ENTITLEMENT PROGRAM FOR THE PUBLIC SECTOR TO NATIONALIZE THEIR FRAUD….BANKRUPT THE AMERICAN PEOPLE & CREATE TOTALITARIANISM ….

  59. ” defrauded investors” and “cost ” americans their homes. Umm. The word is also Defrauded- americans out of their homes rather. Remember you cant pickup one end of the stick, the matket was hostile the real value was not the sppraised value.

  60. Don’t do business with these tyrant Globalist investors America…!

  61. ALLOW ME TO REPHRASE THIS…..THE U.S. CONSTITUTION & THE U.S. BILL OF RIGHTS PROTECTS OUR LEGAL RIGHTS FROM THESE BANK OWNER TYRANTS WHO WISH TO OVERTHROW OUR CONSTITUTIONAL REPUBLIC…..NEVER GIVE UP YOUR GUNS….THESE FOREIGN INVADERS & TRAITORS ARE WELL ARMED….

  62. NEVER, EVER GIVE UP YOUR GUNS AMERICA….DON’T BELIEVE THE AGENTS IN THEIR MEDIA THEY CONTROL BY INVESTMENT…INVESTMENT OR INDORSEMENT IS NOT OWNERSHIP UNDER ALL OF THE LAWS OF THIS LAND….TH U.S. CONSTITUTION & THE U.S. CONSTITUTION PROTECTS OUR LEGAL RIGHTS….BECAUSE WE THE PEOPLE PAY FOR EVERYTHING UPFRONT……DON’T COMPLY, CONFORM OR COOPERATE WITH THESE TYRANTS WHO WISH TO OVERTHROW OUR CONSTITUTIONAL REPUBLIC….NONE OF THEIR EX POST FACTO LAWS ARE LEGALLY ENFORCEABLE….NOT ONE…

  63. Of course they knew…..the left hand always knows precisely what the right hand is doing. Time to throw the bank owners, these foreign invaders out and restore our Constitutional Republic to it’s original form……boycott the foreigners wherever possible…..especially the Chinese….

  64. Can’t wait to see the referee trying to compute costs with the LIBOR – definitely using thsi defense going forward.

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