10 LIES WE LIVE BY AND SHOULD STOP BELIEVING IF WE WANT THIS TO STOP

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary COMBO TITLE AND SECURITIZATION SEARCH, REPORT, ANALYSIS ON LUMINAQ

Both the class action lawyers and the AG offices are looking for settlements that will cure the “foreclosure” problem. This is based upon the perceived benefit of getting the foreclosures either litigated or settled, SO THE “MARKET” CAN RESUME “FORWARD” MOTION. But what if the basic transaction was so defective as to be incapable of understanding, much less enforcement? We ignore the fact that the basic transaction was a lie, that lies are not enforceable and while they could be modified by agreement into enforceable written instruments (completely absent from the current landscape) the inescapable fact is that in order to do so, you will need the signature of borrowers on loans that are based upon fair market values, reality and set-off for the damages inflicted on the homeowners by the Great Securitization Scam.

So we start with the myth that there was a valid legal contract at origination, an assumption that upon examination by a paralegal, much less a first year law student, is patently untrue. Thus we proceed with the following ten (10) lies that form the foundation of our impotent financial and economic policies in the Great Recession triggered by the housing crisis:

  1. VALID MORTGAGE TRANSACTION: There was a loan of money, but not by either the payee, the mortgagee, the trustee or anyone else that is mentioned in the closing papers or the foreclosure papers filed anywhere. That is why the pretenders would rather play with the word “holder” than “creditor.”
  2. LEGAL MORTGAGE TRANSACTION: Even if the right parties were at the table, the transaction was illegal because of appraisal fraud, underwriting fraud, Securities Fraud and Servicing Fraud.
  3. LEGAL LOAN: Even if the right parties were at two different tables, the transaction was illegal because of ratings fraud, securities fraud, common law fraud, predatory loan practices and servicing fraud.
  4. KNOWN CREDITOR: Neither the investor who was the source of funds, nor the investment banker who only committed SOME of those funds to loan transactions, nor the borrower (homeowner) even knew of the existence of each other. After the “reconstituted” bogus mortgage pools that never existed in the first place, payments by insurance, credit de fault swaps, and federal  bailouts, it is at the very least a question of fact to determine the identity of the creditor at any given point in time — i.e., to whom is an obligation owed and how many parties have liability to pay on that transaction either as borrower, guarantors, insurers, or anything else? The dart board approach currently used in foreclosures and mortgage modifications, prepayments and refinancing has generally been frowned upon by the Courts.
  5. KNOWN OBLIGATION AMOUNT: The amount advanced by the Lender (investor in bogus mortgage bonds) was far in excess of that amount used by intermediaries to fund mortgages — the rest was used to create synthetic derivative trading devices and charge fees every step of the way. Part of the difference between the funding of the residential loans and the amount advanced by the lender (investor) is easily computed by applying the same formula used to compute a yield spread premium that was paid to mortgage brokers under the table. By obscuring the real nature of the loans in the mix that offered (sold forward without ownership by the investment bank with the intent of acquiring he mortgages later) a 6% return promised to an investor could result in a yield spread premium of perhaps 12% if the loan was toxic waste and the nominal rate was 18%. Thus a $900,000 investment was converted into a $300,000 loan with no hope of repayment based upon a wildly inflated appraisal. Payments by servicers, counterparties, guarantors, insurers and bailout agencies were neither credited to the investor nor to the obligation owed to that investor. Since there was no obligor other than the homeowner according to the documents creating the securitization scam infrastructure, the borrower was part of a transaction where he “borrowed” $900,000 but only received $300,000. Third party payments made under expressly and carefully written waivers of subrogation were not applied to the amount owed to the investor and therefore not applied to the amount owed by the borrower. The absence of this information makes the servicer “accounting” a farce.
  6. VALID ACCOUNTING BY ALL PARTIES: Continuing with the facts illuminated in the preceding paragraph, both mortgage closing documents and foreclosure documents are devoid of any reference to the dozens of transactions carried out in the name of, or under agency of, or as constructive trustee of the investor who as lender is obliged to account for the balance due after third party payments. So far, because, as so many people  have complained, Wall Street is controlling the message and people are believing it. We don’t want to believe our government has changed because that would mean we would be required to do something about it. The fact remains that the mortgage statements, notices of delinquency and notices of default are ALL WRONG. They fail to account for payments made to the creditor. Just because they were stolen from the lender, that doesn’t mean that payments received from other obligors on the liability owed to the investors should not be credited. Those in the Madoff scheme learned that if they received more than they put in, the “profit” they made was NOT theirs to keep — they had to give it back to restore the victims who were still in the position of being the victim of a loss resulting from fraud. The same holds true for the investors in bogus bonds and the same holds true for homeowners. Payments made to the investors (or their agents) who advanced money that was eventually used to fund homeowner loans MUST be credited to those investors and must be allocated to the loans, reducing the balances due. This has never been done in any mortgage, whether the payments are current or not. When it is done, both the investors and the homeowners will be far better off than they were before and the economy will be back on solid footing.
  7. WINDFALLS TO BORROWERS VS WINDFALLS TO PRETENDERS: MIKEY DID IT! Like 3 year olds trying to get the heat off themselves, the players on Wall Street, the pretenders who faked having mortgages when they sold the mortgage bonds, the pretender lenders who faked the value and terms of the loans and the property, the STORY is that if the homeowners get any relief, the economy will stall further, and the homeowners are suddenly going to become some sort of elite class of wealth conferred by the taxpayer and government policy. As ridiculous a story as that sounds, more people than not actually believe it because they keep hearing it. That story doesn’t survive the first peek under the hood let alone drilling down on an analysis of the the transaction in which they received the “benefit” of a loan that in actuality put them into generations of being enslaved by debt. Every one of those transactions resulted in money in coming out of the pocket of the so-called borrowers, who were in fact unwitting investors in a PONZI scheme. The ONLY parties getting a “FREE HOUSE” are those who are foreclosing without ever having made or purchased a loan. The WINDFALL OCCURS EVERY DAY ANOTHER FORECLOSURE SALE OCCURS WHEN A NON-CREDITOR WITH NO MONEY IN THE DEAL BIDS IN THE HOUSE AT AUCTION WITH A “CREDIT BID” (I.E., NO MONEY). The way Wall Street tells it, 80 million transactions occurred at the sudden behest of scrupulousness greedy borrowers who came up with the most exotic, highly sophisticated economic history. Which sounds real to you, that homeowners understood the mountain of paper they signed at closing or that Wall Street depended on both investors and homeowners NOT reading and NOT understanding the mountain of paperwork, the exotic financial instruments, and the highly sophisticated PONZI scheme operating by control rooms that were under shells being used in a shell game of mammoth proportions? How many times in history did tens of millions of Americans get a windfall from a Wall Street scheme?
  8. ACTUAL LOSS VS. PAPER LOSS: You’ll notice in the legal cases that the pretenders are careful to talk about words like “holder” and “holder in due course” and possession of the note. They scrupulously avoid the word “creditor” because THAT describes the party who actually is losing money on the “lender” side of the transaction. That turns out to be the investors (pension funds etc.) who advanced trillions of dollars for a couple of extra points on the rate of interest income. NOT ONE CREDITOR IS FORECLOSING OR CLAIMING ANYTHING AGAINST A HOMEOWNER. NOT ONE CREDITOR IS COLLECTING MORTGAGE PAYMENTS FROM A HOMEOWNER. NOT ONE CREDITOR HAS A WRITTEN AGREEMENT WITH ONE HOMEOWNER REGARDING THE LOAN OF MONEY IN WHICH THE CREDITOR GAVE ACTUAL MONEY TO THE BORROWER AND THE BORROWER AGREED TO PAY IT BACK ON SPECIFIED TERMS TO THAT CREDITOR.
  9. LOSS ON MORTGAGE LOANS: Continuing with the thoughts carried forward from the last paragraph and all of the above, it is obvious that at not time in at least 96% of all foreclosures, and probably with all collections of monthly payments have any of the parties known to the “borrower” ever lost a penny on any transaction relating to the investor/lender or the homeowner/borrower. The courts, the media, lawyers, regulators, and policy makers continue to make this basic mistake. Virtually all “losses” reported were fabricated, and even when true did not result from default on mortgages but rather bad bets on securities RELATED to documentation (notes, mortgages etc.,) that were fabrications and sometimes forgeries that misrepresented the transactions as understood by the investor,lender and borrower/lender. In point of fact, the TARP money, insurance, counter-party payments, guarantor payments SHOULD have been disclosed to investors as lenders and SHOULD have been allocated to whatever part of the investor’s money was used to fund “loans.” The actual loss, if any, is not the the principal value as shown on any promissory note, whether signed or not, but is the amount due AFTER DEDUCTIONS FOR PAYMENTS MADE BY BORROWER AND ALL OTHER PARTIES THAT MADE ACTUAL MONETARY PAYMENTS. To assume otherwise, would be reward the pretenders with ill-gotten gains from fraudulent transactions. The analogy that comes to mind is the theft of money from someone and then going to the horse-track, and making money on the bets because you shot all the horses but one, and then counting the losses on other bets that were much smaller, but used to hedge in case somehow one of the horses that was shot, won anyway. The money given at the betting window is not a loss to the person from the money was stolen and the winnings from the bets at the very least should go toward giving back the money that was stolen.
  10. KNOWN DECISION-MAKERS: Given the fact that there are no agents whose accountability to the investor puts them at risk, the ONLY true decision-makers for purposes of modification, enforcement or settlement are the investor/lenders and the homeowner/borrower. Using the service companies as intermediaries for modification or settlement of predatory and fraudulent transactions is an absurd strategy using parties without any authority or even the required information to determine the amount due. If the investors elect to  pursue claims against individual borrowers it should be done through an authorized receiver whose objective is to make the investor whole and credit the borrowers accordingly to the extent that the recoveries are allocable to the alleged loans. In that sense, the HAMP program and every contested and uncontested foreclosure involves the wrong parties and creates defects in the chain of title throughout the country.  The same holds true for mortgages that are NOT in foreclosure and are “current”, which is to say, are being overpaid because of their receipt of payments from third party sources. The failure to require the true decision-makers and all the parties who EVER had an interest in the flow of principal or interest or investment income derived from the advance o funds by investors is a failure of profound importance because it compounds title breaks in the chain of title, and continues to destabilize the marketplace. far from presenting a threat to the housing market and the economy, the settlement of legitimate claims would stabilize the market and re-distribute, to the extent possible ill-gotten gains returning the money and wealth to their rightful owners. This would return a substantial amount of purchasing power to those most likely to use it to stimulate the economy. The mythology spin from Wall Street that it is better to get the foreclosures completed is a fabrication and is leading people, like lemmings, toward the edge of a cliff creating a brand new fall, from which we cannot recover.

32 Responses

  1. I enjoy and trust your Website very much. I have been an Appraiser for almost (25) years. There are good and bad in every profession. In my territory I couldn’t beat down values. I feel it may have been the first time that the not so “above board” Appraisers had to work for their money. Due to Lenders giving loans to anyone with a pulse, values became over inflated because uneducated consumers were made to believe they could afford homes that were truly out of their league. Loan programs with (125%) financing, No Doc, Interest Only and ARMs just to name a few. These were all created to drive the masses of the uneducated into a home and then grab it right out from underneath them. STOP BELIEVEING THE LIES OF THE BANKS, THAT APPRAISERS OVER INFLATED VALUES. !!!!!!! Using the theory of Supply and Demand, at that time, all you needed to do was pick out your future home and sign on the dotted line. The masses of willing borrowers drove prices through the roof. Under The Uniform Standards of Professional Appraiser Practice, Appraisers’ can’t under or over appraise the subject property. Our opinions of value are based on the markets reaction as to what a borrower is willing to pay for the subject in a competitive and open market as of the effective date of the appraisal. Innocent borrowers who could never qualify for loans in previous years suddenly could obtain the American Dream. The over abundance of the willingness to lend on mortgages created prices to increase in my area about every three to four weeks. As the secret of mortgage guidelines being so creative and so relaxed got out, the massive amount of potential homeowners grew to large and too fast a pace. Potential homeowners were willing to make offers on homes higher and higher for the FEAR of being left out. Some seem to feel it was the appraisers fault. Perhaps they don’t understand simple economics. I point most of the flame on the banks but also on the borrowers closing attorney who didn’t adequately protect their clients’ present or future monetary interest at ALL. How can any closing attorney defend the fact that they’ve closed on loans using appraisals that are performed to protect the interest of the appraisers “Client” which is the “Lender” and not in the name of the “Attorney” for the protection of your “Client” the “Borrower”. Potential homeowners were willing to pay what ever it took to get them into homeownership. Our “Clients” the “Lender” were protected on the homes value as of the effective date of the appraisal, which was the scope of work the Lender ordered to be performed by the Appraiser. They Lender doesn’t appear to have cared if the borrower defaulted later down the road, because that’s just another avenue of income for them. Besides, they make most of their money in the earlier years of the loan. If Attorneys had ordered appraisals and reviewed them to protect their clients instead of trusting Bank ordered appraisals, the borrower would finally be protected by the Attorney, who would dictating the scope of work that the appraiser is to perform and not by relying on the scope of work the bank chooses. The appraisers bank “Clients” don’t need to be warned of the over abundance of availability of credit, they invented it. The Lender has every right to ask what he wants or doesn’t want in the appraisal, because it’s for their knowledge on their decision-making. It’s to protect their money, NOT the borrowers money. The Borrower and their Attorneys have the same rights to protect their clients’ monetary interest, yet never invoke them. WHY!!!! That’s like getting a second opinion from the same Dr. that chopped off the wrong leg and then using his attorney for advice on whether or not to sue. All banks want to know is how much they can lend to your client and the current marketing times in case of borrower default. Attorneys’ should start protecting their clients in what are usually ones, largest investment in their lives and go beyond just reviewing closing documents for errors. Using the other party’s appraisal to protect your party’s interest sounds insane. Insanity is doing the same thing over and over and expecting a different result.

  2. Cheryl:
    Article I US Constitution
    Congress creates laws, acts, federal administrative agencies, roles. OCC is only supervisor of Servicing and scope is minimal for what OCC monitors.

    OCC stated in writing after 16 months of a congressional inquiry and consumer reports unlawful business acts, that the OCC is without authority to adjudicate the alleged unlawful business matters.

    The FRB given supervisory authority over Originations limited in scope.

    The laws serve a purpose to protect consumers and welfare of nation.

    Congress prevents enforcement of laws that otherwise would have protected the economy.

    The FRB can’t be blamed and should not be looked at as the source of the problem.

    Congress is the problem holding the trump card ‘Sanctions’.

    Congress treats consumers as an inferior class. Consumers cannot report to DOBI any unlawful business matters in the state they are harmed because the spin is all matters which relate back to a ‘national bank’ must go to OCC.

    Huge Loophole used by banks who choose to break laws its more profitable to take the sanctions and no fault settlements.

    Huge Loophole using the ‘private brand label’ on all of the cascading transactions of the ‘national bank’ which is not just a national bank enables the bank to force all consumer complaints into the dead post office.

    All consumer complaints forced to the OCC by each of the 50 states are copied and sent to the banks for a response.

    The OCC does not send alleged unlawful acts information to other departments.

    Congress may be notiifed by the OCC they are without authority to adjudicate alleged unlawful busness acts. Congress notifies FBI to investigate. All consumers are without accurate business statements which is intentional on the banks part. FBI, Attorney Generals say to consumers we don’t see an issue here.

    Consumers are an inferior class who are unable to be protected as individuals and the banks use this as part of their strategy to target consumers one by one with any real unlawful business acts.

    Investors of $100K or more can try to seek as a protected class complaints seeking remedies for wrongs..

    Consumers can’t add to a Complaint for Foreclosue the necessary cross compalints and ‘joinder’ for banking & insurance frauds for Congress vested Jurisdictino to the Attorney Generals.

    Congress is the reason the economy is harmed. The foreign organizations spit upon the Federal Republic and with intent don’t follow the laws that Congress won’t enforce. So the laws serve no purpose.

    Huge loophole.

  3. Banking, & Insurance & Real Estate Frauds

    Substantive omissions of material facts during origiantion mask deceptive acts.

    Largest producer of non-conforming mortgage products (Originations & Servicing) sells discounted loans.

    Real Estate Industruy of the United States controlled by ‘private brand label’ Wells Fargo, who allows their valuable trade name to mask the real entities who take residential property into the pipeline.

    One mortgage at a time the ‘SELLER’ Wells Fargo sells discounted loan#’s wholesale. ‘BUYER’ purchases the ‘loan#s’ and in agreement sells back right to service ‘Loan#’s”.

    SELLER collecing moniies from consumers.

    Skip to default event, consumer late 90 days.

    The SELLER, is the Origination LENDER on the Mortgage, and document custodian for BUYER, and SERVICER. I asked myself why the SERVICER did not process the ‘Loan#’ against the real ‘loan trust’. The only reason they create a new Loan using the same Loan#, and clearly with intent planned in the event of a default, they would reference a loan trust that the loan# did not appear inside of the PSA. Could Foreclouse Gate really be Banking & Insurance Frauds? Claims paid through ERRORS AND OMISSIONS POLICIES.

    Does the BUYER get notified of the DEFAULT event? I would say yes. Does the BUYER process insurance claims against the sameLoan# for a different loan trust the loan# actually is placed within, YES.

    MASTER SERVICER BUYER & MASTER SERVICER SELLER each have a loan trust that each other can play off of the ‘Errors and Omissions Policies.

    Each Master Servicer able to ‘keep the property’ and keep the insurance claims and note of the currency gets to the investors. That is what the RECONSTITUTUED SERVICING AGREEMENTS and SUBSTITUTE TRUSTEES benefit from.
    Its huge. 95% of the foreclouses uncontested.

    Wells Fargo Home Mortgage Institutional Lender is responsible for SERVICING (Des Moines Iowa). The Executive Specialist of ‘708’ Lehman Brothers ‘loan#’ pulls the RECONSTITUTED SERVICING AGREEMENT and creates the ‘robo’documents’ to process the complaint of foreclouse.

    The Credit Risk Manager tracks the ‘forecasted foreclosures’ for the new ‘loan#’ (which may just be an A/R account not a real financial product.

    The private members of the Financial Exchance collaborated and figured out a way to profit from the valuable ‘ERRORS & OMISSIONS POLICIES’.

    The SERVICER is the Credit Risk Manager , DOCUMENT CUSTODIAN, Lender. The only meaty unlawful act is the intent of the reconstituted agreement to place an insurance claim for a loan# that was never in the PSA.

    The same loan# used in Origination so the BUYER is setup in a different loan trust using the same loan# and processes insurance claims for credit enhancements.

    Mary_Cochrane@saveamericaone.com

  4. […] SEE 10-lies-we-live-by-and-should-stop-believing-if-we-want-this-to-stop […]

  5. […] see 10-lies-we-live-by-and-should-stop-believing-if-we-want-this-to-stop […]

  6. Abby

    I will call OCC John Walsh again. You are right. OCC is the worst regulator in the US. They put me down and put me down because BOA is their boss. The BOA attorney sat across the table from me and said ”She has called everyone in the US about us and that is true” People call them all.

  7. I have filed complaints for 3 years with Attorney General, Fannie Mae, FTC, FDIC, HUD, Title companies, SEC, OFHEO (SEC’s regulator), State Dppartments, and OCC and many more. I hated OCC. I sent them all the proof regarding BOA and the fraud mortgage. THEY ARE A BIG JOKE AND THEY ARE OWNED BY WHO ELSE BUT BOA. P

  8. To vegasdude:

    You raise an important concern about this “settlement”. Will existing individual foreclosure fraud issues/defenses be foreclosed by this agreement? How can preexisting private causes of action be swept away by these political hacks under the guise of reforming servicer procedures.

    Living in this country is becoming a nightmare.

  9. Ian,

    Great post.

  10. Thats just because they are to stupid to pay attention and know they are going down for the count.

  11. Here’s the worst part about the AG “lawsuits” against the “lenders”…..in the settlement, there will be conditions which limit the types of lawsuits or amounts of judgments which borrowers may bring AFTER that settlement. So, get your lawsuits filed and get grandfathered in before your local Attorney General destroys that opportunity for you.

    Nevada has placed a limit on medical malpractice recovery from this same type of situation, so I wouldn’t put it past any AG to allow a similar foreclosure limitation as part of the terms of a “settlement” with these corrupt institutions. After all, the banks still want to win, even when they lose.

  12. STILL OVER $50 MILLION IN CASH ON HAND IN THE NEW CENTURY BANKRUPTCY IN DELAWARE!!

    THEY’VE BEEN IN BKR SINCE 4-2-2007.

    BOTH NEW CENTURY MORTGAGE AND HOME123 CORPORATION ARE INVOLVED IN THIS BKR.

    GO HERE TO READ THE FINANCIAL REPORT OF THE BKR TRUSTEE.

  13. Here’s a big lie. Trust blindly… It’s the trust that can’t be fixed …. Not unless there are prosecutions and consequences to the fraud and not a lil slap on the hand. The people are full of distrust broke jobless and have no place to call home and if they do title is more than likely clouded so we deal with it now or we keep on dealing with it fir a much longer time prolonging the pain the mistrust and the banks end up hurting themselves anyway ( but the individuals that make up the banks need to ask themselves W)y….we know why but to keep on doing it when in the cold light of day you see the harm. It starts with self, change must start with each
    individual being responsible for what they did are
    doing and continue to do causing further harm
    our nations people and FUTURE generations, they will also pay dearly this mother if all frauds
    these crimes agsinst humanity.

  14. Okay and if you’re making the call suggested by
    Abby, tell him HAMP damn well better have created a cause of action by the homeowner for non-compliance with HAMP by those jerkies who took the funds, and that judges also damn well better get this message because he damn well better see to it. (Most courts are holding that a homeowner can’t sue since he/she was not a party to the HAMP participation contract and further holding the homeowner is not an intended beneficiary, which is the biggest crock to come down the pipe, with a few exceptions)

  15. Here’s some good news for homeowners! Hark, one and all! The notorious Quality Loan Services has been nailed by the NV Financial Institutions Diviison for being an unlicensed debt collector! On information and belief, QLS does all the foreclosures by Aurora Loan Services and I don’t know who else. You know, Aurora Loan Services, the guys who are the real party in interest unless TILA or RESPA violation litigation has been filed, in which case ALS is ‘only the servicer’ and not subject to TILA and Respa claims. Grrrr.

    Here is the link:

    Here is a link to what you can do (at least try) in court with this information: http://www.scribd.com/doc/50266931/Pleading-Integration-of-Order-to-Cease-and-Desist-to-Quality-Loan-Services

  16. msoliman- servicer or holder is referenced in the 1st page of the 27pg AGs fraudclosure “settlement” draft. Whereas under TILA, it is the borrower’s God-given right (well,FRB-given right,anyway) to know who their creditor is. I suspect that pages 2 thru 27 never mention creditor either. Now,can you explain why creditor has been swapped out for servicer/holder? Not even holder in due course,holder means that the note was grabbed while it was blowing down the street. Practically. Means nothing, negates all the safeguards put in place to guarantee authenticity.

  17. MSoliman,

    You are justifying gimmick accounting.

  18. That is why the pretenders would rather play with the word “holder” than “creditor.”

    M.Soliman – Damn good point here. But the creditors are the preferred and bank ownership of the commons were charged to ZERO. It leaves the FDIC in a predicament as you cannot foreclose on zero Bubba ! Want to really know about MERS and open assignments and endorsements. MERS is for you as lenders will never go uncovered with an assignment. NEVER. They did not sell any loans into a security. Told people this from day one. Reverting equity to debt is impossible. Got it. Each trustee sale is a reverse repurchase for capitation of a divested asset brought back to life by establishing a new basis and flipping it through loss risk under FDIC control receivership etc.

    M.Soliman
    Expert.witness@live.com

  19. Securities fraud = MERS Fraud: +Servicer Fraud :+ Trustee and successor Trustee Fraud = Bear Stearns;
    MERS or who ever Robo signed an assignment of Mortgage 16 days after the Lis Pendens, I have an original Document from MERS dated 2002 that says MIN # Deactivated, removed from the MERS system. I have sworn affidavit from the servicer, filed at the court house that says we assigned the note to ____ but they were never prepared. To top it all off I have the original wet ink note in my posession endorsed in blank . The OCC , FDIC, FRB, FBI, AG, state AG , inspector general ETC… all know of the fraudulant Assignment and foreclosure they do not care…. Good luck to all

  20. Finally – people are onto OCC tactics.

    Great list — except, the support tranches were “funded” first — by debt buyers/hedge funds – who “invested” a small principal amount in order to claim collection rights upon default. The biggest proportion of the SPVs (tranches) – were not funded at all — they were an accounting conversion by the banks who purchased the loans from originators, converted to securities by accounting gimmick, and then “purchased” the securities themselves.

  21. This video as it directly relates to the mess created by Wall Street. It aired on 60 Minutes last night. This is as real as it gets.

    http://www.cbsnews.com/video/watch/?id=7358670n&tag=related%3Bphotovideo

  22. Abby in California,
    I just called the OCC and they are becoming aware that we are not “STUPID AMERICAN’S”. We can read and write and do the math. They are fielding many many calls right now and yes there is a huge crowd out front of the OCC. Great info Abby. Thanks.

    James in California

  23. Yeah! what happened to the other four lies?

    Anyhow, how do we make a loan mod with these idiots that makes the loan mod legal? I may be getting a loan mod. In order to do that legally, I will have to know who the actual creditor is. Also, where did the money I already paid go? They will need to bring the principal down and make the payments 31% of my income. I want to keep my rights to sue the a@#$%^&*s again when they breach the contract. The cherry on the cake is that the loan never defaulted, because it was paid for through TARP, other government bailouts, insurance and credit default swaps. Burmese8@yahoo.com

  24. Why don’t we ask that John Walsh be prosecuted for aiding and abetting the biggest crime in U.S. history. I called the OCC and let them know that I will be fighting for his criminal prosecution should he continue hiding the truth. How about the people create our own prison and put the “terrorists” in there until they can prove their innocence. They are a danger to our society and should be immediately removed fro their jobs.

  25. CALL TO ACTION–PLS MAKE PHONE CALL

    Right now, more than 500 people are making lots of noise outside the Office of the Comptroller of the Currency – the worst bank regulator that you never heard of. They are demanding that the OCC stop throwing homeowners under the bus in the their tireless efforts to protect the big banks.

    Join the crowd by calling OCC Chief John Walsh right now at 202-874-5000. Tell him, “We need the OCC to take its responsibility seriously and hold banks accountable for fixing the foreclosure mess.” And be sure to follow the day’s events on Twitter at #makewallstpay

    Over the past weeks, it has emerged that this little-known bank regulator is working hard to weaken any settlement that the Attorneys General and other bank regulator reach with the big banks on their fraudulent foreclosure practices.

    Yes, that’s right. The biggest threat to a strong settlement actually comes from the very regulator who is supposed to be protecting us from the bank’s abusive behavior. But this isn’t anything new for the OCC. For years, they’ve turned a blind eye to the worst financial abuses on Wall Street.

    We have to tell them, “Stop!” Call OCC Chief John Walsh right now at 202-874-5000.

    Together, we can make sure this a “settlement that fits the crime.”

    Thank you,

    National People’s Action
    PICO National Network
    Alliance for a Just Society
    Alliance of Californians for Community Empowerment
    IAF Southeast

  26. Loan mods. have always been a way for the banksters to legal up paper work.It’s just none of us were smart enough to see it soon enough.We as a people want to trust there for we do .Not a good place to be for any of us.As far as “Trusts” go they used that word again to sucker us in.You would of course believe you could trust them and so because of that mis placed trust we got duped again.They took all of us hook,line and sinker.Never trust them again with anything or we will all be here again.

  27. Neil

    Where is the other four (out of 10) lies??

  28. They will never admit the fraud or the truth. They will do everything to prevent it getting mainstream knowledge. If they did, people would default en mass and that would collapse the MBS market. Some percentage of defaulters would tip it over because of the leverage. They keep mentioning Housing Market Recovery. They do not have control over “word of mouth”, so tell your friends.

  29. Hey mate,

    Here’s our latest over at Mortgage Movies as Jeanne Ingress seeks help to bring Rodney Class to address NH Legislature.

    http://mortgagemovies.blogspot.com/2011/03/rodney-class-sought-to-address-nh.html

    As usual, I made certain to keep you in the clip.

    Keep in touch.
    Christopher King, J.D.
    KingCast.net
    Mortgage Movies Journal

  30. the loan i recieved was already listed in a ficticious pool of mortgages which were backing bonds being sold on wall street before i even signed the mortgage contract! my mortgage already had a mers MIN #, meaning it was already in the MERS system, already sold and already securitized… all before i even signed it. hows that for fraud? on top of it all, the “trust”, its funny thatt they use a word like trust by the way, never produced a valid executed psa or any other evidence the transactions ever really occured. had they really occured, they wouldnt have their lap dog GMAC dupe me into signing a fresh note through a loan mod to assign to the trustee four years after the fact of the trusts closing and cut-off dates.

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