NY Times: AG Settlement Without Investigation a Sham: $700 billion in negative equity

MOST POPULAR ARTICLES GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE EDITOR’S COMMENT: The Times is finally getting it. They haven’t gone all the way yet, but they are moving in the right direction. There are bumper stickers around saying “Honk if I’m paying your mortgage.” Sounds crazy, doesn’t it? But it raises the [...]

NY TIMES: LOUSY JOBS, NO JOBS, NO GOOD PROSPECTS

MOST POPULAR ARTICLES GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE EDITOR’S NOTE: The Times Editorial hits the nail on the head, but uses the wrong hammer. Jobs and growth of the middle class is the only thing that will stand between us sustaining ourselves as a world power or becoming a banana republic. [...]

$600 TRILLION IN SWAPS: WHO OWNS THE DEBT?

SEE LIVINGLIES LITIGATION SUPPORT AT LUMINAQ.COM REGISTER FOR CLE SEMINAR, HOMEOWNERS WELCOME EDITOR’S ANALYSIS: Here is the problem: $600 TRILLION in swaps seems like a big number. It is. And it is only an estimate, so we can assume there is some variance. How big is it? Well the combined currency issued across the world [...]

“Phantom” Trustees: Tools of Wall Street

SEE LIVINGLIES LITIGATION SUPPORT AT LUMINAQ.COM GET COMBO TITLE AND SECURITIZATION SEARCH, REPORT, ANALYSIS ON LUMINAQ EDITOR’S ANALYSIS: There are so many “Trustees” running around these days, it is impossible to figure out what they do and if they even really exist. In the article below, Streitfield points out that the “Trustees” on deeds of [...]

DOJ JAILS BORROWER WHILE MOZILO AND OTHERS SETTLE

SEE LIVINGLIES LITIGATION SUPPORT AT LUMINAQ.COM EDITOR’S COMMENT: I sat on this story for a while checking out some facts. Words alone can’t describe my reaction to this. They were called “liar’s loans” because the no-doc loans were intended to be approved regardless of actual income. Under TILA and industry standards for underwriting loans, the [...]

LIQUIDATE EVERYTHING: LET THEM EAT CAKE

SEE LIVINGLIES LITIGATION SUPPORT AT LUMINAQ.COM GET COMBO TITLE AND SECURITIZATION SEARCH, REPORT, ANALYSIS ON LUMINAQ EDITORIAL COMMENT: Conservatives don’t conserve anything and liberals are not liberating anyone. Regulators don’t regulate, and congress isn’t passing laws that make any sense. Policy makers are getting their orders from Wall Street instead of originating the policy decisions. [...]

WHY ELIZABETH WARREN SCARES THE CRAP OUT OF BANKS

SEE LIVINGLIES LITIGATION SUPPORT AT LUMINAQ.COM “If there had been a cop on the beat to hold mortgage servicers accountable a half dozen years ago,” she said at one point, “the problems in mortgage servicing would have been found early and fixed while they were still small, long before they became a national scandal.” EDITORIAL [...]

QUOTE OF THE DAY: MARK TWAIN AND THOMAS FRIEDMAN

“Why should homeowners take responsibility for the screw-ups of the financial geniuses on Wall Street and the screw-ups of those who did their closings?” — Neil Garfield Op-Ed Columnist NY Times Too Good to Check By THOMAS L. FRIEDMAN Published: November 16, 2010 “A lie can travel halfway around the world while the truth is [...]

YOU MAY BE ENTITLED TO CASH PAYMENT FOR WRONGFUL FORECLOSURE — Coming to a Billboard Near YOU

SERVICES YOU NEED EDITOR’S NOTE: Well it has finally happened. Three years ago I couldn’t get a single lawyer anywhere to consider this line of work. I predicted that this area of expertise in their practice would dwarf anything they were currently doing including personal injury and malpractice. I even tried to guarantee fees to [...]

LABOR DAY ABYSS

EDITOR’s comment: Everyone seems to agree that nobody really knows the identity of the creditor in the millions of mortgage transactions that were created from 2001 to 2008. Yet the general consensus from the administration and the media is that these transactions should be enforced anyway. The idea of enforcing a transaction in which only [...]

Revenue Sharing? How About Revenue Withholding?

It is time to bring back true general revenue sharing — temporarily — to stimulate the economy. Hundreds of articles in political science and public policy journals have studied past efforts, and analyzed the concept of fiscal federalism, without establishing general revenue sharing as a fundamental pillar of Keynesian stabilization policies. This lapse is understandable: [...]

The Obvious: Bankers Told Recovery May Be Slow

“I’m more worried than I have ever been about the future of the U.S. economy,” said Allen Sinai, co-founder of the consulting firm Decision Economics and a longtime participant in the symposium. “The challenge is unique: poor and diminishing growth, a sticky unemployment rate, sky-high deficits and a sovereign debt that makes us one of [...]

Lakeside Bank, St. Charles, La — The Way Banking Should Be

Editor’s Comment: Only one Bank has failed in Louisiana since the financial crisis began. And only one bank in the United States has commenced operations in the year 2010 — this one in Louisiana. Despite an unofficial moratorium on new bank charters of 70-year-old retiree, Hartie Spence, managed to navigate the regulations and got the [...]

NON-DISCLOSURE DETAILS FROM THE OTHER SIDE

ONE MORE QUESTION TO ASK IN DISCOVERY: WHAT ENTITIES WERE CREATED OR EMPLOYED IN THE TRADING OF MORTGAGE BONDS, CDO’S, SYNTHETIC CDO’S OR TOTAL RETURN SWAPS (NEW TERM)? EDITOR’S COMMENT: LOUISE STORY, in her article in the New York Times continues to dig deeper into the games played by Wall Street firms. You’ll remember that [...]

TBW Taylor Bean Chairman Arrested On Fraud Charges

“The fraud here is truly stunning in its scale and complexity,” said Lanny A. Breuer, assistant attorney general in the criminal division of the Department of Justice. “These charges send a strong message to corporations and corporate executives alike that financial fraud will be found, and it will be prosecuted.” Once they determined that that [...]

Student Loans Non-Dischargeable? — NOT SO FAST

If the government guarantee was waived in whole or in part, which I am sure is the case, then the rationale for non-dischargeability disappears. So I am suggesting that the assumption that the student loan is non-dischargeable should be challenged based upon the individual facts of your student loan. If it was securitized and it [...]

Non-Profit Lenders Step in to Provide Post-Foreclosure Modification

Editor’s Note: Principal reduction can be achieved in more ways than one. Here Non-profit Lenders see the clear opportunity to buy mortgages from dubious sources and then enter into new mortgages with the homeowner thus preventing eviction and restoring the homeowner to non-distress status. The problem here is that title is not clear and eventually [...]

States Look Beyond Borders to Collect Owed Taxes

as more states catch on and start investing in more payroll auditors and data mining tools to get money back, the end result may be an arms race until every state comes out more or less evenly. Editor’s Note: There is no better place to start than the trillions in profits from securitized mortgages and [...]

States Ignore Obvious Remedy to Fiscal Meltdown

without raising taxes one cent, many states could recover much or all of their deficit and perhaps some states could be looking at a surplus. The money is sitting on Wall Street waiting to be claimed through existing tax laws, regulatory fees, and even damage claims much like the Tobacco litigation. Editor’s Note: Bob Herbert [...]

Trust, Trustees, Constructive Trust, Fiduciary Duties

Editor’s Note: I am currently working on the issue of fiduciary duty, so I would appreciate receiving material from any of you that have submissions on the subject. There is an article in the Florida Bar Journal this month on this topic. “If a fiduciary has special skills or becomes a fiduciary on the basis [...]