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California Attorney Charles Marshall Returns for Talk on Rescission and Foreclosure
Charles Marshall returns tonight to delve deeper into the non-judicial cancellation of loans (TILA Rescission). We are getting reports of seminars across the country devoting a large part of their presentation to rescission. The Banks know they are in trouble — rescission levels the playing field and will force the disclosure of the identity of the true creditors. The answer is likely to be they are unknown because investor money was (a) never delivered to the trusts that issued the certificates that investors thought they bought and (b) investors money was never segregated into separate accounts, never subject to the control of the trustee or its trustee, and was all mixed together from thousands of trusts. There is most likely no way to determine whose money was used to fund any loan.
Rescission could clear the path to solutions for homeowners and Federal, State and Local governments deprived of revenue by entities that existed only on paper to obscure the real transactions and avoid taxes, fees and costs.
Filed under: foreclosure