Ocwen: Investors and Borrowers Move toward Unity of Purpose!

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Please consult an attorney who is licensed in your jurisdiction before acting upon anything you read on this blog.

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Anyone following this blog knows that I have been saying that unity of investors and borrowers is the ultimate solution to the falsely dubbed “Foreclosure crisis” (a term that avoids Wall Street corruption). Many have asked what i have based that on and the answer was my own analysis and interviews with Wall Street insiders who have insisted on remaining anonymous. But it was only a matter of time where the creditors (investors who bought mortgage backed securities) came to realize that nobody acting in the capacity of underwriter, servicer or Master Servicer was acting in the best interests of the investors or the borrowers.

The only thing they have tentatively held back on is an outright allegation that their money was NOT used by the Trustee for the Trust and their money never made it into the Trust and that the loans never made it into the Trust. That too will come because when investors realize that homeowners are not going to walk away, investors as creditors will come to agreements to salvage far more of the debts created during the mortgage meltdown than the money salvaged by pushing cases to foreclosure instead of the centuries’ proven method of resolving troubled loans — workouts. Nearly all homeowners would execute a new clean mortgage and note in a heartbeat to give investors the benefits of a workout that reflects economic reality.

Practice hint: If you are dealing with Ocwen Discovery should include information about Altisource and Home Loan Servicing Solutions, investors, and borrowers as it relates to the subject loan.

Investors announced complaints against Ocwen for mishandling the initial money, the paperwork and the subsequent money and servicing on loans created and a acquired with their money. The investors, who are the actual creditors (albeit unsecured) are getting close to the point where they state outright what everyone already knows: there is no collateral for these loans and every disclosure statement involving nearly all the loans violated disclosure requirements under TILA, RESPA, and Federal and state regulations.
The fact that (1) the loan was not funded by the payee on the note and mortgagee on the mortgage and (2) that the money from creditors were never properly channeled through the REMIC trusts because the trusts never received the proceeds of sale of mortgage backed securities is getting closer and closer to the surface.
What was unthinkable and the subject of ridicule 8 years ago has become the REAL reality. The plain truth is that the Trust never owned the loans even as a pass through because they never had had the money to originate or acquire loans. That leaves an uncalculated unsecured debt that is being diminished every day that servicers continue to push foreclosure for the protection of the broker dealers who created worthless mortgage bonds which have been purchased by the Federal reserve under the guise of propping up the banks’ balance sheets.

“HOUSTON, January 23, 2015 – Today, the Holders of 25% Voting Rights in 119 Residential Mortgage Backed Securities Trusts (RMBS) with an original balance of more than $82 billion issued a Notice of Non-Performance (Notice) to BNY Mellon, Citibank, Deutsche Bank, HSBC, US Bank, and Wells Fargo, as Trustees, Securities Administrators, and/or Master Servicers, regarding the material failures of Ocwen Financial Corporation (Ocwen) as Servicer and/or Master Servicer, to comply with its covenants and agreements under governing Pooling and Servicing Agreements (PSAs).”
  • Use of Trust funds to “pay” Ocwen’s required “borrower relief” obligations under a regulatory settlement, through implementation of modifications on Trust- owned mortgages that have shifted the costs of the settlement to the Trusts and enriched Ocwen unjustly;
  • Employing conflicted servicing practices that enriched Ocwen’s corporate affiliates, including Altisource and Home Loan Servicing Solutions, to the detriment of the Trusts, investors, and borrowers;
  • Engaging in imprudent and wholly improper loan modification, advancing, and advance recovery practices;
  • Failure to maintain adequate records,  communicate effectively with borrowers, or comply with applicable laws, including consumer protection and foreclosure laws; and,

 

  • Failure to account for and remit accurately to the Trusts cash flows from, and amounts realized on, Trust-owned mortgages.

As a result of the imprudent and improper servicing practices alleged in the Notice, the Holders further allege that their experts’ analyses demonstrate that Trusts serviced by Ocwen have performed materially worse than Trusts serviced by other servicers.  The Holders further allege that these claimed defaults and deficiencies in Ocwen’s performance have materially affected the rights of the Holders and constitute an ongoing Event of Default under the applicable PSAs.  The Holders intend to take further action to recover these losses and protect the Trusts’ assets and mortgages.

The Notice was issued on behalf of Holders in the following Ocwen-serviced RMBS: see link The fact that the investors — who by all accounts are the real parties in interest disavow the actions of Ocwen gives rise to an issue of fact as to whether Ocwen was or is operating under the scope of services supposedly to be performed by the servicer or Master Servicer.
I would argue that the fact that the apparent real creditors are stating that Ocwen is misbehaving with respect to adequate records means that they are not entitled to the presumption of a business records exception under the hearsay rule.
The fact that the creditors are saying that servicing practices damaged not only the investors but also borrowers gives rise to a factual issue which denies Ocwen the presumption of validity on any record including the original loan documents that have been shown in many cases to have been mechanically reproduced.
The fact that the creditors are alleging imprudent and wholly improper loan modification practices, servicer advances (which are not properly credited to the account of either the creditor or the borrower), and the recovery of advances means that the creditors are saying that Ocwen was acting on its own behalf instead of the creditors. This puts Ocwen in the position of being either outside the scope of its authority or more likely simply an interloper claiming to be a servicer for trusts that were never actually used to acquire or originate loans, this negating the effect of the Pooling and Servicing Agreement.  Hence the “servicer” for the trust is NOT the servicer for the subject loan because the loan never arrived in the trust portfolio.
The fact that the creditors admit against interest that Ocwen was pursuing practices and goals that violate laws and proper procedure means that no foreclosure can be supported by “clean hands.” The underlying theme here being that contrary to centuries of practice, instead of producing workouts in which the loan is saved and thus the investment of the creditors, Ocwen pursued foreclosure which was in its interest and not the creditors. The creditors are saying they don’t want the foreclosures but Ocwen did them anyway.
The fact that the creditors are saying they didn’t get the money that was supposed to go to them means that the money received from lost sharing with FDIC, guarantees, insurance, credit default swaps that should have paid off the creditors were not paid to them and would have reduced the damage to the creditors. By reducing the amount of damages to the creditors the borrower would have owed less, making the principal amounts claimed in foreclosures all wrong. The parties who paid such amounts either have or do not have separate unsecured actions against the borrower. In most cases they have no such claim because they explicitly waived it.
This is the first time investors have even partially aligned themselves with Borrowers. I hope it will lead to a stampede, because the salvation of investors and borrowers alike requires a pincer like attack on the intermediaries who have been pretending to be the principal parties in interest but who lacked the authority from the start and violated every fiduciary duty and contractual duty in dealing with creditors and borrowers. Peal the onion: the reason that their initial money is at stake is that these servicers are either acting as Master Servicers who are actually the underwriters and sellers of the mortgage backed securities,
I would argue that the fact that the apparent real creditors are stating the Ocwen is misbehaving with respect to adequate records means that they are not entitled to the presumption of a business records exception under the hearsay rule.
The fact that the creditors are saying that servicing practices damaged not only the investors but also borrowers gives rise to a factual issue which denies Ocwen the presumption of validity on any record including the original loan documents that have been shown in many cases to have been mechanically reproduced.
The fact that the creditors are alleging imprudent and wholly improper loan modification practices, servicer advances (which are not properly credited to the account of either the creditor or the borrower), and the recovery of advances means that the creditors are saying that Ocwen was acting on tis own behalf instead of the creditors. This puts Ocwen in the position of being either outside the scope of its authority or more likely simply an interloper claiming to be a servicer for trusts that were never actually used to acquire or originate loans, this negating the effect of the Pooling and Servicing Agreement.
The fact that the creditors admit against interest that Ocwen was pursuing practices and goals that violate laws and proper procedure means that no foreclosure can be supported by “clean hands.” The underlying theme here being that contrary to centuries of practice, instead of producing workouts in which the loan is saved and thus the investment of the creditors, Ocwen pursued foreclosure which was in its interest and not the creditors. The creditors are saying they don’t want the foreclosures but Ocwen did them anyway.
The fact that the creditors are saying they didn’t get the money that was supposed to go to them means that the money received from lost sharing with FDIC, guarantees, insurance, credit default swaps that should have paid off the creditors were not paid to them and would have reduced the damage to the creditors. By reducing the amount of damages to the creditors the borrower would have owed less, making the principals claimed in foreclosures all wrong. The parties who paid such amounts either have or do not have separate unsecured actions against eh borrower. In most cases they have no such claim because they explicitly waived it.
This is the first time investors have even partially aligned themselves with Borrowers. I hope it will lead to a stampede, because the salvation of investors and borrowers alike requires a pincer like attack on the intermediaries who have been pretending to be the principal parties in interest but who lacked the authority from the start and violated every fiduciary duty and contractual duty in dealing with creditors and borrowers.

37 Responses

  1. @ Michael Keane ,

    Iraq should have been broken up into it’s original 3 countries/territories by GB1 after the gulf war but it was kept whole to counter Iran ,, The British created Iraq out of 3 territories run by 3 different and warring tribes after ww1 to intentionally create internal conflict so a strong man leader would be their only possible real ruler…

    Now Iran will (THANKS John Kerry) have an atomic weapon which with one launch will put Israel into a EMP induced coma where they will be immobile , unfed and easy to destroy. Israel will not allow that.

    19 of the 20 hijackers were Sauds , that’s where the money is and GWB let their families leave the USA on jets immediately after 09/11/2001 … They should have been arrested , publicly humiliated and hung.

    No Muslim is our friend , if they are they aren’t Muslim according to their holy books , the Koran and the Hadith , Islam is a barbaric method of conquest and oppression NOT A RELIGION, not only of those they conquer but of their own. They are inbred , stupid and we should liberate the world of them.

  2. @ iwantmynpv,

    And I meant to add I like your analogy; everybody finds God in the octagon, particularly when some joker is fixin’ to break your arm.

    Good on ya.

  3. @ iwantmynpv,

    I have said it before, you and I are sympatico, no sweat.

    Nothing worth fighting for comes easy.

    Misdirection and callous indifference to the truth are the weapons of the international cartel, as we both know.

    People on this site are patriots, whether they know it or not and open discourse through the written word, was, once upon a time, one of the building blocks of this nation.

  4. @ louise,

    I do the best I can…read hundreds of cases and law books, every day I realize how little I still know and need to learn. I cannot fathom name calling when we are ALL suffering here and millions around the country too. Giving information is a great thing, berating and hurting people quite another. I miss the point when people say harsh things when the path to success varies for all of us!

    louise…go get them. If we do nothing they win automatically. At least there is pride in trying. Make it harder for them, let them work to steal your home, bastards….

  5. Amichaelkeane – you win. Nobody… and I mean Nobody can argue with “kickboxing Jesus” I believe he was also a stand-in sensei for my MMA class.

    I also became very religious during that class, begging of God not to let my arm snap as the hundred and fifty pound kid applied and arm-bar as I tried desperately to “tap-out”.

    I agree that the controlling powers (central banks) have long cheated the people and still stand in awe of our forefathers for predicting and warning us of today’s events at the inception of our own sovereign state.

    Here’s my beef with terrorists. If you are pissed at the US Government and western corporations – stop killing the innocent folks who also can’t stand them. Go wreak terrorist havoc on James Dimon John Stumpf, or any politicians family. Leave us regular folk alone, we struggle against the same corptocracy (make believe word) that they despise.

    We are on the same page. I agree with your overall view of the world, and also note the scumbags that hold us all hostage.

    … and finally; because I could not resist, “You can’t handle the truth”

  6. @ iwantmynpv,

    I follow a type of Catholicism that believes Jesus was really a kick-boxer and if you pushed him he would wup up on you. I frankly feel he had a hair trigger…

    Anyway, as a dispossessed homeowner, I feel I can empathize with some of those dispossessed in the middle east when you describe, “they simply want what they want”.

    How ‘bout THE TRUTH? Ring any bells?

    The West have been robbing their mineral rights for decades and they aren’t stupid, they know it.

    I am suggesting they “choose” a certain path based on that awareness and in many cases that path embraces suicide over complacency in the face of the status quo.

    I remember a time when troubled extremists were engaged in similar behaviors in Northern Ireland and now those people are all over the place… and, just for the record a lot of them are drinking… I don’t trust them.

    I don’t have a problem with my brand of Catholicism and if you don’t agree I will kickbox your @ss.

    Lol just kidding. Couldn’t resist.

    In my view, petroleum and the central bankers are fixin’ to go the way of Nixon and clip-on ties. After all, alternative energy works.

    The Truth is as close to God as any religion can get, IMHO, whether organized or disorganized the Truth is constant and it will supplant all else in the end.

    The truth is necessary in any human relationship as the alternative is ultimately untenable.
    It is the same as any suggestion the US send our soldiers to die under false pretenses. This particularly true in light of our recent misadventure, with the sole benefactors bankers and multi-national corporations.

    As someone once said, “In the End, this is about money and power and not religion at all”.

  7. @michaelkeane- I get it and i agree with your premise. here’s what we differ on. Many muslim terrorist are far from indigenous – they choose this life because they simply want what they want.

    Second, I am not as concerned about the religious fanatics in Iraq, as much as I am about the many that have become embedded in the american society over the past 30 years.

    Although, I see your point, and your reference to the faults or differences you have with Catholicism… The modern day Catholics tell you what they think, believe and choose to follow. If I as an American disagree with folks at your congregation, nobody is chopping my head off. In fact, many Catholics and other religious organizations disagree with my perspective, and i may disagree with the the lack of morals I see in America, but i would never kill the folks that do not meet my expectations.

    In the end, this is about money and power and not religion at all. The same Isis that were killing the hostages – now look to sell them as well.

    So, are they really Muslim terrorists, or greedy self serving men hiding behind the religious cloak.

    The Saudi’s are not even allies. They buy our Treasuries, take dollars for oil and we provide the muscle in the region. It is business and banking greed, run by people that are smart enough to know that organized religion has always been on the bankers side for money. “let us get our grab of the kitty tax free” and we will not compete with the State.

    We will enforce our own mind-control on the people, and you get to feed them your debt, and your bullshit monetary system.

    Where would be if Saddam and Gaddafi had simply continued on with the petrol dollar model… Think about it Michael…

  8. @ iwnatmynpv,

    The Kurds are our friends. There is a great book, “The End Of Iraq”. It forecast partition long before it was popular to admit a lost cause.

    There will never be a Jeffersonian democracy in the region we call “Iraq”; a cobbled-together collection of misfit states and culturally incompatibles; heirs not-so-much to the residue of the once Hashemite kingdom of the Hejaz as more the heirs to Western treachery in the aftermath of Anglo-French colonial misrule and Sykes-Pichot.

    Moreover, the Kurds are sitting atop Kirkuk, which, by the way is their ancestral holy land. It also happens to be where the third largest oil reservoir is located; as yet untapped.

    The Kurds boast the “Peshmerga” – those that face death; some of the finest fighters in the region.

    I never meant to suggest I feel “Sunni” Saudi Arabians are our “friends”, instead, merely allies.

    “The radical muslims want to kill us all because of their hatred for western culture.”.

    That may be true…

    If you were an indigenous and your religion precluded you from sex until you could provide for your prospective mate with the appropriate dowry, you might feel frustration also…

    Or, if instead, a Catholic, like me you would probably stretch the rules and answer to God later.

    I’m not sure if you have noticed it but sex is a big hit. It is also true that young men wish to provide for their families and be successful.

    The Western Oilmen have been exploiting the mineral resources of that region since forever and they oftentimes bring in foreigners to perform the work, to the exclusion of millions of frustrated young men…

    Come to think of it, “hatred” may not be a strong enough word.

    And don’t kid yourself, the bankers are on the ropes and a convenient war will more than suit their purposes. 30,000 Sunni extremists posing as an international terrorist threat is a “put-up” job.

    The real extremists are the Sauds whose ancestral coat of arms embraces their family name while linked through crossed Scimitar of their religious obeisance to Wahabism.

  9. People don’t take responsibility for their loss, don’t analyse what went wrong with their strategy and don’t have the elementary courage to fess up to it and warn others of what doesn’t work.

    That Sherman anti-trust bit was a real hoot!

    America in a nutshell. Keep selling your reports, NG. You got the right idea. Morons with still too much money and no brain. Go for it.

  10. @ michaelkeane – none of those folks in the middle east are our friends. We may act as a paid acquaintance to several of these states, but hardly friends.
    They may not have a bulkhead in south jersey – but one need go no further than Newburgh to NY to see that we have the same off-limit zones as France. Does not mean all Muslims are bad. But when Tim Mcveigh went on his rampage – I had no problem investigating all of the lads associated with him.
    McVeigh was a murderer who killed innocent people because of his hatred from the federal government. The radical muslims want to kill us all because of their hatred for western culture.
    This is not a diversion tactic, the timing of events may be diversionary – but the hatred is very real, and they hate us all equally.
    I do remember that 90 of the hijackers on 9/11 were of Saudi decent – “with friends like that – who needs Dick Cheney, er, i mean enemies.”

  11. Poppy, You go, girl. Apparently when people are hospitalized for a mental breakdown, Christine thinks it is hilarious. Glad to hear about your case. I am wring my appellate brief and need all the help I can get.

  12. Correct…no hiding here. Like you; have the where-with-all to calculate anything I might do or say, Dah….I have nothing of value to add these days AND I do not give legal representation of cases or CPA advisement, I am not qualified, nor do I want “to do harm”, with anything that is beyond my ability. ‘Nuff said!

  13. Hyena moment. Just as expected. Works every time. Idiot.

  14. response to: christine March 01, 2015 1:32 pm

    Konar’s here, vulva vagabond…..I have no need to address a dialog, if that’s what you call what you do, with a mean, mental midget like you! And for the record, you have no law degree, no CPA designation, it is illegal to give advice under the auspice of expertise one does not have christine…why Neil allows you back over and over is curious.

    Your suspense case….LOL, mine with BOA, filed pro se, completed with Nathan Coleman, Esq (He’s in the book, see what he tells you, got the guts?) all verifiable, call him. Never went to court. Bank paid lawyer and ALL fees…Pender County, NC….cost them, but I am not a braggart, cause maybe I was just lucky. Had more than one loan, multiple cases still ongoing. Buy Pacer, just got a case with peer reversed in appeal on claims, with New Century, insufficient, heading to Third Circuit, they unjustly enrich themselves when the claims are far less. Liars the lot of them… Not using Neil’s theories, but there is information leading to things that matter, look for them, find your own path!

    Quit using me…We are not equals, peers, etc…leave me out of your diatribe. No response needed, either in my personal email or otherwise. YOU leave me alone.

    Advice from me: be very careful what advice you take….you really know no one online. Very courageous when unseen. Has this party, berating many for YEARS come forward with her personal name, cases, town, etc….a resounding NO. Intimidating other’s to get clients or cohorts is very, very shady!

    E. ToLLe you are spot on, very insightful…you are my hero!

  15. Bottom Line is fraud robosigning legal in the United States of America?
    Is Obama allowing Fraud under the guise of Too Big Too Fail?

    It is interesting that the Obama administration is using the same propoganda against Bibi Netanyahu that the Banksters are using against us.

    Obama and Kerry: Bibi is not credible he is a Chicken Sh$t etc…
    Banksters: Homeowners are deadbeats parasites etc…

    NEVER AGAIN

  16. Sorry hand eye co ordination is shot ( excuse typing) no specs handy

  17. That word brings me to tears – the faltering steos we humans make in the never ending ” pursuit of happiness” my favorite saying is
    ” he who touches the joy as it flys, knows hiw to live” ( i think native amerucan in origin) and on that note ill go about my study for my 2 yearly test on advanced adult cardiac life support. I wish there could be a 2 yrly on advanced soul searching life support.

  18. @ Deborah wynn,

    I think you are trying to describe a yearning for the “Pursuit of Happiness”; probably a good name for the lawsuit that will ultimately manifest itself and you’re right, Americans, as heirs to our common birthright, not least of which, the Bill Of Rights should, at least expect We shouldn’t be used this way

    This mind-bend and soul-sucking ploy designed by criminal bankers was experienced first-hand by those that established freedom from English-Banking-Rule, in the first place as evidenced by the terminology above.

    You sell yourself, short. I see your posts and you have a better handle on the legal mumbo-jumbo than I ever will.

  19. I took my foreclosure fight to the courts and got steamrolled and with a Lawyer that understood what was going on. The judge didn’t want to hear that the original lender did not exist. He did not want to hear about the forged documents the violations of the UCC the predatory lending. The Judge allowed the new servicer to step in place of the original plaintiff and struck all of my affirmative defenses from the record. I would love to see to big to fail pay for what they did and if the homeowners could finally see some retribution that would be awesome too. I would like to move on from this but having a tough time doing so I still can’t believe I contested with a very good fight and lost.This is the first time investors have even partially aligned themselves with Borrowers. I would welcome having a long talk with the investor but the mortgage was transfered four times before it even got to the Judge.

  20. Sorry to digress

  21. Wow MK bravo. Im now lost in the understanding of all that you just wrote, to study that i would not have time to sleep i have full time demanding job plus extra studies on my day off to go into another career direction to stay on top of my freakin taxes – trapped we are trapped into slavery my situation is a common people situation, im not unique by ant shadow of the imagination but i do all i can without dropping dead from too much work and not enough play. You see humans cant go on like that – its against natural law.

  22. @ Deborah wynn,

    The same criminal bankers own and operated the intentionally mislabeled “Federal Reserve” and they, in turn, are in league with what the disenfranchised Europeans call the “Troika”.

    Central Banking is the property of the English Banking system.

    The American banking system is something else entirely and it hasn’t been practiced in this country for 100 years.

    “Central Banking” and “Free Trade Agreements” are the double-edges to the dagger, private, international bankers employ to eviscerate target economies.

    In these United States, our collective windpipe has been severed by a privately-owned, private-banker-supportive, bought-and-paid-for media.

    This is why the recent victory for “Net Neutrality” is so important as it will enable conversations such as this.

    Need I explain to anyone on this site our Bill Of Rights is routinely ignored while open, criminal behaviors go unnoticed as jaundiced “news reporters” fill time between election cycles touting fluff ?

    The rule of law has been abandoned because private bankers have explained to their pets and puppets within our political system, the dominance of the American Dollar is at risk if the crimes are prosecuted.

    I would like to counter and say, “The rest of the world already embraces the notion the Euro will fail and ‘Austerity’ is a price most Europeans will never endure so that Wall Street and the international central bankers can continue along destroying Humanity in pursuit of Greed”.

    The government and those individuals within it is not a “pro-active”, “self-aware”, “self-adjusting” entity. The government, and those within it are an extension of “We The People”.

    I believe in the rule of law.

    I believe the truth will out.

    The alternative is canned hams in a cave with Glenn Beck. I confess I feel he is better-suited to the demands of cannibalism before I would endure conversation with him… and besides, hasn’t the canned ham suffered enough?

    It occurs to me that last sentence applies equally to the Glenn beck and the poor, unfortunate currently occupying the can.

    Anyway, the fdic and the sec and the cftc and the GSEs and the rest of the alphabet soups will continue to take until such time as the truth comes out.

    The truth will come when We The People stop blaming the government due to our own inactivity and force money out of politics.

    After all, there are remedies, even after foreclosure, within the law.

    The same bankers, incidentally, the ones that own your politicians, your insurance industries, your media outlets, your intentionally mislabeled, “federal reserve”, also own and operate the privately-owned corporation that handles the short-sale “bets” you won’t pay your mortgage.

    That’s right, the DTCC and the DTC.

    They sabotaged the world economy through a deliberate “Boom-and-Bust-Cycle”, counterfeited the ownership of your home, sold it any number of times in the absence of a true paper trail, tricked millions into phony promises of modifications, destroyed the pension system, while concealing discovery under phony claims of ownership and are currently attempting to hoodwink the US into another misadventure in the Middle East to distract the simple-minded viewers of Honey-Boo-Boo, Kim Kardashian and Bill O Really? You gotta be kidding me.

    Oh, yeah, and that’s right they have destroyed themselves, according to their own rules while presently lying about that too.

  23. See securitization is such a scam, however i never agreed to be placed as patsy of choice, along with thousands of others and my future financial well being put into a food processor and made into a smoothie ( love that analogy too Louise)

  24. And this is it as above :
    “The fact that the creditors are alleging imprudent and wholly improper loan modification practices, servicer advances (which are not properly credited to the account of either the creditor or the borrower), and the recovery of advances means that the creditors are saying that Ocwen was acting on tis own behalf instead of the creditors. This puts Ocwen in the position of being either outside the scope of its authority or more likely simply an interloper claiming to be a servicer for trusts that were never actually used to acquire or originate loans, this negating the effect of the Pooling and Servicing Agreement.”

  25. And you know it all dove tails into my 1099a and the trustees deed upon sale – the debt amount is wrong and i maintain the issuer of that 1099a is not the lender.
    Most of us asked under a qualified written request and the verification of the debt but got bupkis and some rescinded the contract but tendered minus equitible set offs, all we got was a computer printout and copies of documents and were basically steamrollered.
    well things changed since the US Supreme court decision re recission, and as we are now seeing that other suits are revealing the truths of the biggest scam in the history of civilisation and what this world has become due to greed pure greed.

  26. Ricco Pitts gets it!

    Well Said!

    Plant more acorns, We’re gonna need more trees.

  27. So MK what do you make of the
    fDIC and the loss sharing surely you have to know the disposition of the asset (s) to know its value to sell the asset , i had written to fdic under foia request asking such questions and then some but was told to ask the servicer because all files were transfered ( cop out) in an earlier correspondence i was told that the assets were transfered one being ” servicing rights” but did not describe the other ” assets” purchased.
    I think it may be time for class actions of borrowers under foia and the sol is 6 years.
    Not a lawyer just my non lawyer opinion.

  28. Sorry, next to last paragraph should have said:

    Of course, these investors are offered higher rates as the risk to the supply of beer begins to become more pronounced and the actual supply of beer becomes limited until, and ultimately, the bartender is forced to commingle what is left within multiple pitchers once those first in line have had their fill.

    I gotta stay away from smoothies, they impair my cognitive process.

  29. I would be willing to bet that someone at Ocwen’s ends up in jail. You see in our world today we have unwritten laws that more or less give the 1% the ok to steal as much as they can from us 99% At times our government will make a big deal out of “enforcement action” and collect $$$ in fines, but it is only a small faction of the amounts they got away with. Good old greed, will in the end force the facts out into the light of the day. The mortgages servicers just couldn’t leave it along, had to have more and more until it started eating into the profits of the investors. They wiped out the middle class, had to look for more to scam. Investors in mortgage backed securities are 1% themselves. They have the power, the pull, to see that our laws are enforced. Fraud has always been a crime. It was just the past twenty years that the 1% paid off our government so that their crimes would not be viewed as criminal, only civil, crimes were the government was more than willing to forgive all, if they could have a share also of the blood money. Now the day has come when the 1% are turning on themselves. Yes I can hear it now, they were shocked to hear that fabricated documents were used in court, shocked!! Can’t believe all the fraud, never knew that the mortgage servicers were gaming our courts for a free house. They will cry out for justice! None of this had to happen. If during the worst recession in history our laws had been enforced correctly, had our courts demanded that only the real parties to the loans be allowed to make claims, if true standing was required, then millions would still be in their homes and the real owners of the mortgages would be receiving a return on their investment. But no, wall street with their money and love for greed, screwed it up for all. We can learn for this, but first we need to demand that all come clean, we need to fill up the cross bar hotel with some 1% from wall street.

  30. @ louise,

    I like the description “loan smoothie”; good for you.

    I respectfully submit, you and I are after the same thing.

    Neil Barofsky described your “loan smoothie” as composed of contents of multiple pitchers of beer with bar patrons assembled as first-served as those who made the most conservative investments to those multiple pitchers…

    … With riskier investments subject to commingled remains from multiple pitchers right on down the line.

    My understanding places a “credit default swap” as less-commingled therefore, or, as louise would have it, less of a blend and possibly, therefore, more of a solid.

    In other words, “collateralized debt obligations”, while also “swaps”, are more commingled than “credit default swaps”, with “synthetic collateralized debt obligations” the most-commingled of the bunch.

    I will stick with beer, although I think you get my point:

    “Hello Bartender”, says the smug, thieving banker sidling, belly-up to the bar. “I would like access to the choicest, coldest beer, freshly-poured, please”.

    The Banker, with a knowing grin, then adds,
    “And I don’t want to take a chance the flow might run out”.

    “Of course, your Honor”, says the bartender, “you are a ‘preferred customer’ and your purchase into the future performance the beer will stay cold, fresh (not mixed with other beer from other pitchers) and flow continuously can be had for a low interest rate”.

    As the night wears on and the most-privileged customers begin to thin out, having had their fill, less-privileged bar patrons arrive in waves willing to purchase futures their thirst will be quenched at any cost.

    Of course, these investors are offered higher rates as the risk to the supply of beer begins to become limited and ultimately, the bartender is forced to commingle what is left within multiple pitchers once those first in line have had their fill.

    The point is: the latecomers are willing to pay more as they are exposed to greater risk even as they feel their investment will enjoy a greater return despite the fact the dregs of what is left within the pitchers may best be described as a “beer smoothie”.

  31. Where theres fraud there is no SOL so all the millions of borrowers who were screwed under the contract have a private cause of action and no matter what these atty g, s settled they cant take that right away, i believe, but check for yourself.

  32. Obama the Demagogue was voted in to fix the problems.
    Obama the Demagogue not only did not fix the problems he contributed to the problem

    NO TRANPARENCY
    NO ENFORCMENT OF THE LAW (Robo signing is Fraud)

    NEVER AGAIN

  33. http://www.pewresearch.org/daily-number/was-tarp-passed-under-bush-or-obama/
    TARP was signed into being by President Bush not Obama. Please see the above link.
    David, the big question is: who has what and where are your loans and who owns them. Since there were made into a loan smoothie, I think that is going to be very difficult to determine. Lots of federal laws trampled on in this mess right from the start. Also, the fact that an alleged lender who is not in the mortgage and note was involved in the alleged loan. So, you signed a note and mortgage with the wrong parties. The note and mortgage do not accurately represent the transaction.

  34. @ david belanger,

    How does a victim of this nonsense discover the actual derivatives that exist as taken against the borrower’s default?

    I think I read you are a broker.

    I am hoping you can give me a blueprint to follow that will lead me directly to the credit default swaps, collateralized debt obligations and synthetic collateralized debt obligations that someone obviously placed against the ability of my wife and I to pay our loan.

    I wouldn’t begin to know where to look, although I know these “swaps” are out there somewhere.

  35. Oops I forgot he made a deal with the Banksters bailing them out with our money. Obama the demagogue found a way for us the US taxpayer to pay for our own enslavement.

    NEVER AGAIN

  36. Obama the Demagogue President has enslaved 60 Million Americans who are under alleged contract with MERS.

    Obama has allowed rampant alleged forgery fraud called Robo Signing of the American people.

    NEVER AGAIN

  37. AS YOU CAN SEE BY THIS.

    GMACM , MORTGAGE LOAN TRUST, IS A PRIVATELY HELD
    COMPANY. THIS IS WHAT IS ON MORTGAGE DOC’S, ON BOTTEM
    LEFT. SHOWING THE DOC’S REALLY BELONG TO THIS COMPANY.

    GMACM, IS A TOTALITY,SEPERATE, DIFFERENT ENTITY,LLC,CORP,
    INC. ETC,ETC.

    GMAC MORTGAGE CORPORATION, SOLD,ASSIGNED, THIS MORTGAGE TO THEM, A SECURITZED MORTGAGE TRUST COMPANY PRIOR TO CLOSING. WITH OUT THE CONSENT OF
    WILLIAM A MARSHALL,OR JOANNA L. BELANGER KNOWING THERE
    MORTGAGE WAS ALREADY ASSIGN OR SOLD TO THIS ,TRUST COMPANY.

    THIS GO’S TO CORE ISSUE, THAT BORROWER WASN’T GIVEN ANY
    DISCLOSURES UNDER TILA, , AND STATE LAWS OF FRAUD, UNDER
    TILA IF THE BORROWER WASNT GIVEN ALL DISCLOSURES AT CLOSING IDENTIFYING ALL PARTYS TO MORTGAGE TRANS ACTION
    THEN MORTGAGE AND NOTE IS VOID. AND UNTIL THE BORROWER RECEIVES ALL ( DISCLOSURES TO CONTRACT, THE CONTRACT,I.E. MORTGAGE / NOTE IS NOT COMPLETED.

    .
    Gmacm Mortgage Loan Trust,

    200 Witmer Road
    Horsham, PA 19044 – View Map
    Own This Business?
    Gmacm Mortgage Loan Trust,
    A privately held company in Horsham, PA. Is this your business? Claim This Profile
    More Details for Gmacm Mortgage Loan Trust,

    Categorized under Mortgages. Our records show it was established in 2005 and incorporated in Pennsylvania. Current estimates show this company has an annual revenue of 200000 and employs a staff of approximately 2.
    Company Contacts

    Is this your business? Claim This Profile
    John Dicrocco
    Principal
    Search for more contacts
    Business Information

    Location Type Single Location
    State of Incorporation Pennsylvania
    Year Established 2005
    Annual Revenue Estimate 200000
    Employees 2
    SIC Code 6162, Mortgage Bankers and Loan Correspondents
    NAICS Code 522390, Other Activities Related to Credit Intermediation
    Business Categories
    Mortgages in Horsham, PA
    Mortgage bankers and loan correspondents
    Mortgage Banker/Correspondent

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