The banks have paid tens of billions of dollars in settlements with Federal and State agencies and law enforcement. Where did the money go? But more importantly the real question arises out of the investigation and the question Elizabeth Warren keeps asking — which homes were found to have defective notes and mortgages as alleged by investors in their lawsuits against the investment banks? Which homes did the agency investigation find were foreclosed by parties who were strangers to the transaction. I agree with Sen. Warren who thinks that nothing could be more important to answer as required public informations hand the finding already made by investigators and admitted by the banks to be illegal Foreclosures on defective mortgage liens based on enforceable notes.
Practitioners should be filing requests for public information disclosures and issuing subpoenas to the investigators and agencies to find out what was revealed in the investigation. As Warren has already revealed, the number might be as high as 95%. Nobody wants to reveal the details because they all reveal what I have said all along — none, or nearly none of the the mortgages were actually securitized, none of those mortgages were ever valid liens on the property, none of the notes were enforceable, no money was due from the borrower to the banks trying to collect, none of the Foreclosures were legal, which means that legally all of the foreclosed homeowners still legally own their homes because the Foreclosures were void, not voidable.
Filed under: CORRUPTION, credit unions, evidence, expert witness, Fannie MAe, foreclosure, GARFIELD GWALTNEY KELLEY AND WHITE, GTC | Honor, investment banking, Investor, MODIFICATION, Mortgage, Motions, Pleading, Servicer Tagged: | defective mortgage liens, Elizabeth Warren, government settlements, illegal foreclosure, JPMorgan, unenforceable notes, wrong ful foreclosure