Discussion Started Between Livinglies and AZ Attorney General Tom Horne

Featured Products and Services by The Garfield Firm NEW! 2nd Edition Attorney Workbook,Treatise & Practice Manual LivingLies Membership – Get Discounts and Free Access to Experts For Customer Service call 1-520-405-1688 Editor’s Comment: Dear Kathleen, Thank you very much for taking my call this morning. The question that Neil F. Garfield, Esq. had asked AZ [...]

ACCEPTANCE OF THE ASSIGNMENT AND STATUS OF THE ASSIGNMENT

OK so you feel a little lost. That is because most of us are jumping in at the end of a long series of events and documents. The most important point for you to make in order to jar the Judge’s thinking is that the closing with the borrower took place in the middle of [...]

Specialized Loan Services: “MISTAKE” Costs Elderly Couple Their Home

Editor’s Note: Besides the obvious, there are a number of not-so-obvious things to keep in mind. The reason why they made the “mistake” is probably related to errors in procedure because they receive information from multiple sources. It is possible but unlikely that this was a normal error in posting. In Motion Practice and Discovery [...]

Magnetar Echoes Livinglies call for Alignment of Investors, Servicers and Borrowers

see Magnetar%20Mortage%20Recovery%20Backstop%20Whitepaper%20Jun09.pdf Magnetar Mortage Recovery Backstop Whitepaper Jun09 Two things jump out at me with this paper from June, 2009. First it is obvious that the “real money” investors are defined as those seeking low risk and willing to take lower yield. The fact that they are called “Real Money Investors” underscores my point about [...]

Regulation and Prosecution on Wall Street

In my opinion, the growing anger at Wall Street is giving Lloyd Blankfein and Jamie Dimon another chance at misdirection. They are using the current popular angst to steer the debate into whether derivatives and synthetic CDOs should be banned. In the end they will win that debate, and they should win it. What they [...]

About those TRUSTS

Submitted by dan, whom I think is 100% right here: After a closer look at trust law (see Gilbert Law Summeries on Trusts by Edward C. Halbach Jr), the 4 critical elements of a trust are: 1. trust intent. 2. specific trust res or property. 3. properly designated parties. 4. valid and legal trust purpose. [...]

Lehman dissection provides clues for discovery and motion practice

Challenge everything, assume nothing. The chances are that through this shadow banking system, your loan was paid in whole or in part through third party insurers, counterparties, federal bailout etc. Without an accounting from the CREDITOR, there is no basis for claiming a default. What the other side is doing is centering in on the [...]

Notarized MERS Assignment of DOT as Nominee: Forensic Analysis and Motion Practice

I was looking at an assignment signed by Margaret Dalton, “Vice President”, Mortgage Electronic Registration Systems, Inc (MERS) “as nominee” for “Hoecomings” (sic) Financial Network, Inc. with an execution date of March 5, 2010 and a notarization date of the same date, notarized by D. Pakusic in Duval County, Florida, naming United Independent Title as [...]

Garfield Continuum White Paper Explains Economics of Securitization of Residential Mortgages

SEE The Economics and Incentives of Yield Spread Premiums and Credit Default Swaps March 23, 2010: Editor’s Note: The YSP/CDS paper is intentionally oversimplified in order to demonstrate the underlying economics of securitization as it was employed in the last decade. To be clear, there are several things I was required to do in order [...]

Credit Default Swaps Defined and Explained

Editor’s Comments: Everyone now has heard of credit default swaps but very few people understand what they mean and fewer still understand their importance in connection with the securitization of residential mortgage loans and other types of loans.The importance of understanding the operation of a CDS contract in the context of foreclosure defense cannot be [...]

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 [...]

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 [...]

Taxing Wall Street Down to Size: Litigation Guidelines

The mistake I detect from those who are not faring well in court is the attempt to treat preliminary motions and hearings as opportunities to prove your entire case. Don’t talk about conspiracy and theft, talk about evidence and discovery. every debtor is entitled to know the identity of the creditor, the full accounting for [...]