Why Servicers Are Acting Against the Interests of “Lenders”

For further information please call 954-495-9867 or 520-405-1688

This is for general information purposes. Get a lawyer

=============================

see http://www.sanduskyregister.com/Blog/2015/12/25/Ocwen-pulls-rug-out-from-under-homeowner.html?ci=stream&lp=1&p=1

You see stories like this all the time. What Ocwen did is wrong, illegal, and unethical. It would also be stupid if their objective was to maximize the value received from the loan. Until we entered the world of fake securitization, banks would always look for ways to work out the loan rather than foreclose. It is the only reasonable way to approach a borrower who is in trouble.

But none of the assumptions work now.

First of all the servicer has no interest in saving or preserving the value of the loan. Their instructions are to foreclose on as many loans as they can regardless of whether or not the “loans” are current. Of course this violates the promised “review” process in the 50 state settlements and consent decrees. And it violates state and federal law.

Second, the corollary is that their entire business plan is to create opportunities for foreclosure. Stories like the one in the above link prove that repeatedly. If Ocwen was really interested in modification it would get it done — the same way and in the same time periods as getting the “loans” originated without documents and based upon false appraisals. If the banks truly wanted to avoid loans going into distress, they could have done it.

Ocwen has been penalized in a number of ways for its errant ways. That has not stopped it from proceeding full steam ahead with its business plan — getting as many loans as possible through foreclosure. That business plan exists solely because the Wall Street banks have given that instruction. If the servicer starts granting lots of modifications or short-sales, they won’t exist anymore.

Contrary to media reports that the foreclosure crisis is behind us, there is strong evidence that suggests that we are only about the half way mark, with the banks holding back foreclosures and pacing them so they don’t get media attention. SO it looks like foreclosures are shrinking when in fact there are about as many foreclosures in our future as there have been in our recent past.

19 Responses

  1. Obama Program That Hurt Homeowners and Helped Big Banks Is Ending

    When President Obama announced the Home Affordable Modification Program, or HAMP, on February 18, 2009, in Mesa, Arizona, he promised it would assist 3 to 4 million homeowners to modify their loans to avoid foreclosure. Almost seven years later, less than 1 million have received ongoing assistance; nearly one in three re-defaulted after receiving inadequate modifications; and 6 million families lost their homes over the same time period.

    Now the program is ending.

    https://theintercept.com/2015/12/28/obama-program-hurt-homeowners-and-helped-big-banks-now-its-dead/

  2. Dear Mr. Garfield. Please read my emails I am CC ing to you and hear my story. I am seeking a NY licensed attorney to step in at this point. I have a very strong case with exemplary evidence I have archived all documents for the entire 8 years of this train wreck. I haven¹t been able to find a NY attorney thus far, maybe you have a suggestion. I have retainer money and I know this case can win a large settlement as well as the house with the right attorney. Please, if you know of someone and can recommend I would be very grateful. Thank You Mary Colton

    From: Livingliess Weblog Reply-To: Livinglies’s Weblog Date: Wed, 30 Dec 2015 14:01:13 +0000 To: Microsoft Office User Subject: [New post] Why Servicers Are Acting Against the Interests of ³Lenders²

    WordPress.com Neil Garfield posted: “For further information please call 954-495-9867 or 520-405-1688 This is for general information purposes. Get a lawyer ============================= see http://www.sanduskyregister.com/Blog/2015/12/25/Ocwen-pulls-rug-out-from-und er-homeowner.html?ci=s”

  3. @iwantmynpv,

    It is an artful thing to ask a person, “if they are still beating their wife?”.

    The same must be said of an independent asking, “are you still benefiting from your husband’s probe of Monica Lewinsky?”.

    This is especially true as the person is an “Independent” that is relying on the democratic base to move him into the driver’s seat.

    The simple fact: “TRUMP will NEVER win a GENERAL ELECTION”!

    GET OVER IT.

    Here, I will say it again: TRUMP WILL NEVER WIN A GENERAL ELECTION…

    Because this is true, he is obviously enhancing HllBillary’s victimhood: questioning the frequency of her bathroom breaks, as an example…

    So… the question goes right back to you: “WHY ISN’T ANYONE FORCING THE HILLBILLARYS TO EXPLAIN THEIR SUPPORT OF THE SUPPRESSION OF “GLASS-STEAGALL” THROUGH SLICK WILLY’S ADVOCACY OF THE “GRAHM, LEACH, BLILEY ACT”???

    The answer is, as any honest person will admit: THE ELECTORATE IS BEING MANIPULATED BY THE CLINTONS AND THEIR PLAYMATES, THE CENTRAL BANKING FILTH!!!!

    WHAT PART DON’T YOU GET????

  4. To ALL in advance cuz i know ill be busy tomorrow at the hospital
    So HAPPY NEW YEAR –
    may it be better than 2015 which in my case is an impossibility , but anyway love you all for the warriors that you are
    Move in truth and set yourself Free. Its going to get interesting i think next yr.

  5. Kudos ukg
    Dont let them get away with it

  6. I know things are kind of dead around here, but I need some quick info. All you Wisconsin folks who have lost or are losing their homes, who are still in the fight (Stan, Scott, Melissa, Chas, all you who know me) I’m hoping you’re still on the autosubscibe link to this page, I need some information right away.
    I don’t know about you, but I’m pretty sick of it.
    Those of you who have complained to the Wisconsin Department of Lawyer Regulation about forged and falsely sworn documentation used to foreclose by bank servicers, please e:mail me, PRONTO, if you can. I know you’re out there, and everyone is putting up a valiant fight.
    Need the dates of your complaints, the bank attorneys’ and the firms’ names, the dates they (OLR) responded and DISMISSED YOUR COMPLAINT. Please include the names of the “investigators” who handled your complaint.

    part of the complaint follows:
    OLR Director Sellen is derelict in his duty to assure that OLR investigators perform competent and diligent investigations, and has committed malfeasance in public office by neglecting his duty ….to investigate homeowner claims of forged documents that have been uttered into the court records, abuse of process, and falsely sworn affidavits, assignments of mortgage, false and fraudulent pleadings filed in courts in the State of Wisconsin, under the jurisdiction of the Wisconsin Supreme Court and Federal Circuit and Bankruptcy Courts by Wisconsin licensed attorneys……

    OLR has done NOTHING TO EARN A DIME OF THEIR COLLECTIVE SALARIES.

    Keith Sellen is the Director of the Office of Lawyer Regulation
    Investigators include J. Zeisser, C. Hahn, C Schally, A. O’Mahar, K. Galarowicz. Deput Director E. Estes.
    Looking for the dates you first contacted the Office of Lawyer Regulation, Names of respondents, and names of bank servicer attorneys AND firms FAST. Please and thank you.
    HAPPY NEW YEAR EVERYBODY!
    usedkarguy@yahoo.com

  7. The Certificates referred to in these materials are being sold when, as and if issued. The issuer is
    not obligated to issue such Certificates or any similar security and the underwriter’s obligation to deliver
    such Certificates is subject to the terms and conditions of the underwriting agreement with the issuer and
    the availability of such Certificates when, as and if issued by the issuer.

  8. the spread sheet , says

    original loan amount= 350,000 than next entry says

    loan amount= 349,349,78 than next entry says

    ISSUE_DATE_BALANCEPAID_TO_DATE, = 349,349,78.

  9. ISSUE_DATE_BALANCEPAID_TO_DATE

    anyone, i know what i would say this means . but am looking for others
    that might say the same. or different.

    so if you were looking at a spread sheet from a bank, and it said this. as to your balance . ????

  10. http://ow.ly/WsZjE Please see the attached story posted in Inman News on Dec 24.

  11. Servicer is the lender if it’s a too big too fail bank and no trust exist

  12. @ MKm, why hasn’t Bernie Sanders asked Hillary any of these questions during the debate or otherwise… He claimed, “We the American people are tired of hearing about your damned e-mails” on a national debate, no Benghazi, Syria or iraq???

    He seems like the candidate put in there that is so extreme that she looks conservative. Just my observation from my own perch… lol

  13. Welcome To The ResCap RMBS Trustee Website

    This website (http://www.rescaprmbssettlement.com) has been established by:

    THE BANK OF NEW YORK MELLON,

    THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

    DEUTSCHE BANK NATIONAL TRUST COMPANY,

    DEUTSCHE BANK TRUST COMPANY AMERICAS,

    U.S. BANK NATIONAL ASSOCIATION, AND

    WELLS FARGO BANK, N.A.

    In their several capacities as trustees or indenture trustees (collectively, the “RMBS Trustees” and each, an “RMBS Trustee”), to the holders of Certificates, Notes or other securities (the “Certificateholders”) under certain residential mortgage-backed securitization trusts (collectively, the “Settlement Trusts” and each a “Settlement Trust”), to provide public access to information of interest to Certificateholders under the Settlement Trusts, and to other persons potentially interested in the Settlement Trusts.

    all 600 plus securitzed trust.

    EXECUTION COPY
    -7-
    ny-1040888
    ARTICLE VII. RELEASES.
    Section 7.01 Releases. Except as set forth in Article VIII, as of the Effective Date, with
    respect to each and every Trust for whom the Trustee accepts the compromise contemplated by
    this Settlement Agreement, the Investors, Trustee, Trust, and any Persons claiming by, through
    or on behalf of such Trustee (including Institutional Investors claiming derivatively) or such
    Trust (collectively, the “Releasors”), irrevocably and unconditionally grant a full, final, and
    complete release, waiver, and discharge of all alleged or actual claims, demands to repurchase,
    demands to cure, demands to substitute, counterclaims, defenses, rights of setoff, rights of
    rescission, liens, disputes, liabilities, losses, debts, costs, expenses, obligations, demands, claims
    for accountings or audits, alleged events of default, damages, rights, and causes of action of any
    kind or nature whatsoever, whether asserted or unasserted, known or unknown, suspected or
    unsuspected, fixed or contingent, in contract, tort, or otherwise, secured or unsecured, accrued or
    unaccrued, whether direct or derivative, arising under law or equity, against ResCap that arise
    under the Governing Agreements. Such released claims include, but are not limited to, claims
    arising out of and/or relating to (i) the origination, sale, or delivery of Mortgage Loans to the
    Trusts, including the representations and warranties made in connection with the origination,
    sale, or delivery of Mortgage Loans to the Trusts or any alleged obligation of ResCap to
    repurchase or otherwise compensate the Trusts for any Mortgage Loan on the basis of any
    representations or warranties or otherwise or failure to cure any alleged breaches of
    representations and warranties, (ii) the documentation of the Mortgage Loans held by the Trusts
    including with respect to allegedly defective, incomplete, or non-existent documentation, as well
    as issues arising out of or relating to recordation, title, assignment, or any other matter relating to
    legal enforceability of a Mortgage or Mortgage Note, or any alleged failure to provide notice of
    such defective, incomplete or non-existent documentation, (iii) the servicing of the Mortgage
    Loans held by the Trusts (including any claim relating to the timing of collection efforts or
    foreclosure efforts, loss mitigation, transfers to subservicers, advances, servicing advances, or
    claims that servicing includes an obligation to take any action or provide any notice towards, or
    with respect to, the possible repurchase of Mortgage Loans by the applicable Master Servicer,
    Seller, or any other Person), (iv) setoff or recoupment under the Governing Agreements against
    ResCap, and (v) any loan seller that either sold loans to ResCap or AFI that were sold and
    transferred to such Trust or sold loans directly to such Trust, in all cases prior to the Petition
    Date (collectively, all such claims being defined as the “Released Claims”). For the avoidance
    of doubt, this release does not include individual direct claims for securities fraud or other
    disclosure-related claims arising from the purchase or sale of Securities

  14. The servicers insert themselves into the transactions and basically steal the mortgage payments, then when the homeowner starts into foreclosure, they steal the entire house. The note has already been paid off.

  15. Maybe the hottest topic in foreclosure defense in this day and age of securitized mortgages — that is, those which are bundled together by the thousands into pools or trusts and sold as stock certificates — is whether the party seeking foreclosure is the right one to be doing so. In the law, this issue is called standing.
    McGookey Law Offices was fortunate to be able to assist in striking a blow for Ohio homeowners on this issue last week in Douglas’ case.
    THE PROMISSORY NOTE AND MORTGAGE
    The two main instruments in a mortgage loan transaction are the promissory note and the mortgage. The Note is the document which evidences the indebtedness while the mortgage secures or collateralizes the debt.
    With respect to the standing issue in Ohio foreclosures, there has been a great deal of confusion among the courts as to whether the foreclosing party must show it has rights in both the Note and the mortgage in order to prevail, or whether rights in either would suffice. Proof or rights in both is a much higher and stricter standard, and thus more favorable to the homeowner.
    THE GEORGE DECISION
    In U.S. Bank v. George, a case involving Wells Fargo, the Franklin County Court of Appeals based in Columbus held that the bank must first prove it is entitled to enforce the Note before the analysis proceeded onto consideration of the mortgage.
    Because bogus assignments of mortgages can easily be manufactured and recorded, the George case has huge implications on Ohio foreclosures in that it significantly raises the bar on the banks.
    Congratulations, Doug!

  16. Agree MK
    The repubs will get enough seats to stop her getting anything done

  17. I have been attempting to ‘broadcast” the following post and would appreciate if anyone and everyone pass it along:

    ANY support for Hillary Clinton is a support for the status quo and contrary to the well-being of the US Dollar as it currently exists as the “Sovereign Currency”, or “International RESERVE Currency”.

    The “central banks”, the world-over, are insolvent and they are resolute, in their refusal to open their books for inspection, as is expected through disclosure of “M3”- an aggregate of banking assets versus liablities.

    There are, presently, 1200 Trillion Dollars owed (google “Quadrillion”) to an international shortfall in central banking, described as “Notional Derivatives”. These “derivatives” are simply, “short sale bets” predicated upon fraud.

    Google: “Lynn Szymoniak”.

    To begiin to understand the importance of “derivatives” and why they are a threat to the US Dollar, go watch Michael Lewis’ new movie, “The Big Short”.

    Put simply, after his probe of Monica Lewinsky, while facing impeachment, Slick Willy went on a double date with three republican senators,: “Graham, Leach and Bliley”. The “Act” that bears their name suppressed “Glass-Steagall” and opened the door to: “PHONY SECURITIZATION”; “BOGUS TRUSTS”; “THEFT OF PENSION PLAN FUNDS”; “SUBPRIME LENDING”; “SHORT-SALE BETS: AKA, CREDIT DEFAULT SWAPS, COLLATERALIZED DEBT OBLIGATIONS”; “NOTIONAL DERIVATIVES”; TREASON”.

    The banks destroyed themselves through subprime lending- the emperor has no clothes- the banks have not allowed inspection of their books (“M3”), since 2006.

    Thanks to the Clintons and their 3 republican playmates, in the aftermath of the demise of “Glass-Steagall” and subprime lending, the banks next experimented in “Notional Derivatives”, that are, in turn, predicated upon forgerys and fraud.

    Google: “Securitization Fail”. The pension plans have been robbed, as has the middle class and it is an intentional scam.

    Donald Trump’s rudeness to HillBillary is a scam, no less than “Benghazi”, insofar as it is a direct attempt to provide her further victimhood and thereby influence the simple-minded.

    The Clintons are a very real threat to the national security of the US because they, and their elitist minority PALS are fixing to disrupt property rights, here and abroad; the rule of LAW, here and abroad; and ultimately debase the US Dollar.

  18. @ iwantmy npv,

    Your comment…:

    It is quickly approaching the time when the people of these united states should give the world the fed dollar, it’s debt and our reserve banks, and bring about state issued currency that is not pegged to their dollar.

    … Is correct.

    I have stated, repeatedly, We The People Must renounce the imposters and force our elected officials to repudiate the intentionally, mislabeled, “Federal reserve” and renounce, at least, one hundred years of their bogus debts that are simply, “Un-Constitutional”, hence fraudulent.

    THE “GREENBACK DOLLAR” IS THE VIABLE ALTERNATIVE.

    The only candidate that has, consistently proclaimed his disdain for the banks and his willingness to prosecute Wall Street is Senator Sanders.

    It is beyond ridiculous to suggest Trump can win a general election, hence, he is a PHONY foil to HillBillary.

    A PHONY FOIL…

    He is there merely to enhance her victimhood and thereby sustain the banker’s status-quo.

    EXHIBIT A: No one will ask about Bill Clinton’s infidelity, hence, his participation in the production of , “Graham, Leach and Bliley Act”, and, the resulting suppression of “Glass-Steagall” never becomes part of the narrative.

    Therefore, HillBillary, the victim of her husband’s philandering, mustn’t be questioned on her husband’s philandering, hence suppression of the facts: Bill Clinton and 3 republican senators facilitated “PHONY SECURITIZATION”, hence “Servicing banks” acting as if they are “Lending Banks”.

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