TRUTH: Toxic Assets Held by Wall Street: $30 Billion, for everything else there’s MasterCard

The reason why the figure is so low is exactly why we have been saying that the Wall Street pretenders have no right to foreclose. They never owned the mortgage backed securities because they sold them “forward.” That’s a fancy way of saying they sold the securities before they existed. They were a figment of [...]

WHY WALL STREET ALWAYS BLOWS IT (and where the money went)

Atlantic Article Submitted by multiple readers, I read this as soon as my issue was delivered. It’s true.

And to add insult to injury, the answer to the question on everyone’s mind: Where did the money go? $350 billion disappeared down a black hole. The banks and investment banks got the money under the presumption that [...]

Trustee for Investors: Powers and Limitations (with livinglies annotations)— Critical in Your Presentation in Court

The complete Trustee powers from a standard Pooling and Servicing agreement:
Section 8.01 Duties of the Trustee. The Trustee, before the occurrence of an Event of Default and after the curing of all Events of Default that may have occurred, shall undertake to perform such duties and only such duties as are specifically set forth in [...]

Resources: Trade Periodicals and Research – Use of Professional Information Sources

Use of Professional Information Sources
Bank Systems & Technology
American Banker
Community Banker
Factiva
Independent Banker
Bank Technology News
Banking Strategies
Wall Street Journal/WSJ Online
Law firm/consultant/association-provided newsletters
ABA Banking Journal
NewsEdge
US Banker
Lexis/Nexis
Local associations publications
Internally provided news feed
Other; please specify — post on comments page

Beware of those offers of “modification”

The lenders are out in force trying to get you to sign something new. Most of the offers accomplish only two things: (1) ratification of a loan that was unenforceable and (2) a virtual guarntee that you will end up with worse problem than when you started in as little as 3 months;

QUESTION: I have [...]

Ponzi Scheme According to FBI — Billions of dollars in Fraud — and they want your house too?

madoffcomplaint
madoff-and-the-rest-of-wall-street-after-receiving-17page-report-sec-does-nothing-same-withy-mortgage-meltdown

DECEMBER 11, 2008, 7:08 P.M. ET

Madoff Charged With Securities Fraud

By AMIR EFRATI, TOM LAURICELLA and DIONNE SEARCEY

Madoff.com
Bernard Madoff

Bernard L. Madoff, the founder of Bernard L. Madoff Investment Securities and a fixture of the Wall Street trading world for decades, was arrested Thursday morning by Federal Bureau [...]

Is Your Money Safe? Probably Not — Unless YOU do something about it.

It’s along time since I wrote this piece on March 1, 2007 — before I even started the blog. I believed then as I do now that the safety of our nation, the soundness of our economy and the happiness and freedoms of our children and grandchildren depend entirely upon our actions today. In this [...]

Let them fall: AIG, AMBAC, Investment Banks

While my editorial opinion has been fairly obvious in these articles, I feel the need to express them directly.
The fundamental truth that is missed in the media and those in government and finance close to the microphones is that this did not start with the borrowers — it started with the investors who bought securities [...]

Foreclosure Defense: Contingency Fees

most vendors are looking for money up front that will make them rich while you go down the tubes
More and more “professionals” are coming out of the woodwork to “help” with your mortgage. Whether you are in default, foreclosure, in the midst of sale or eviction, or just sitting with a mortgage where the note [...]

Inflation: TILA-based Foreclosure Defense Key to Staunching the Bloodflow

Despite all efforts to conceal the pernicious effects of inflation and the rising tide of credit warning signals, it is now crystal clear that the underlying inflation rate in the United States is over 15% while the dollar declines in value at about the same rate. This double whammy is showing up in our pocketbooks, [...]