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Hawaii Supreme Court: Yes to wrongful foreclosure counterclaim BEFORE foreclosure is completed and no to”plausible” pleading

This decision is great news for homeowners in Hawaii. If only the California Supreme Court would issue a decision like this.

Livinglies's Weblog

Now that the courts are no longer in fear of precipitating an economic meltdown, it’s time to return to legal decisions instead of political decisions. The Hawaii Supreme Court has done just that in a common sense decision that sweeps aside most of the Wall Street arguments against allowing homeowners to raise the fraudulent foreclosure issue. The decision goes back decades in reaffirming the law and the intent of the rules of civil procedure.

The bottom line is that homeowners must be allowed an opportunity to prove their claim at the same time they are defending a foreclosure action. This levels the playing field and hopefully is a harbinger of future decisions from the high court in each of the states.

Let us help you plan for trial and draft your foreclosure defense strategy, discovery requests and defense narrative: 202-838-6345. Ask for a Consult.

I provide advice and consultation to…

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GUTTING THE UNDERBELLY OF THE BEAST – PART 9

I love this blog post! This is the best one of the 10 part series. Working within the system itself and using its own tools to get what you want and make the big banks, lawyers, judges and mortgage servicers that screwed you over pay for what they did.

Clouded Titles Blog

(OP-ED, first posted: September 25, 2018) —

The writer of this post is a paralegal and consultant to attorneys on matters involving chain of title, foreclosures and document manufacturing.  The opinions expressed herein are that of the writer’s only and do not constitute legal or financial advice.  Any use of the theories or ideas suggested in this post is entirely at your discretion and will probably result in disaster without the proper legal help.

As we near the close of this 10-part segment, I posit that this may not be the climactic end you were hoping for.

Creating a big, bad ass paper trail to be used to trigger those “safeguards” in “the system of things” takes time, time that a lot of litigants don’t have because they didn’t make the time.  Maybe they weren’t afforded the time … the time to learn about how “the system of things” works.  …

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Central Banks Have Gone Rogue, Putting Us All at Risk

WEB OF DEBT BLOG

Central bankers are now aggressively playing the stock market. To say they are buying up the planet may be an exaggeration, but they could. They can create money at will, and they have declared their “independence” from government. They have become rogue players in a game of their own.

Excluding institutions such as Blackrock and Vanguard, which are composed of multiple investors, the largest single players in global equity markets are now thought to be central banks themselves. An estimated 30 to 40 central banks are invested in the stock market, either directly or through their investment vehicles (sovereign wealth funds). According to David Haggith on Zero Hedge:

Central banks buying stocks are effectively nationalizing US corporations just to maintain the illusion that their “recovery” plan is working . . . . At first, their novel entry into the stock market was only intended to rescue imperiled corporations…

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THE FHFA IS A CONSERVATOR … NOT A RECEIVER, COURT RULES!

This case just goes to show that just because a particular judge usually rules against homeowners does not mean that they always will.

Clouded Titles Blog

(BREAKING NEWS, OP-ED) —

For those of you who might have missed this Memorandum and Order out of Rhode Island (whose courts typically favor the banks and their servicers), you may wish to read this 19-page ruling:

Sisti v FHFA et al, US D. R.I. No 17-005 (Aug 2, 2018)

The FHFA attempted to get a judgment on the pleadings, which the court denied!   While this isn’t much of a setback, it does make clear a few potential misconceptions about Fannie Mae, Freddie Mac, the FHFA, the FDIC and the mortgage loan servicers who deal with these entities:

THE BUCK STOPS WHERE?

(1) Following the subprime mortgage crisis, Congress passed the Housing and Economic Recovery Act, which created the FHFA (Federal Housing Finance Agency), giving it the power to supervise and regulate Fannie Mae and Freddie Mac (the government-sponsored entities, or GSEs). The FHFA pretty much has complete control…

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Homeowner using Wells Fargo glitch admission against them

Great. More homeowners need to use the admissions of Wells Fargo against them.

Justice League

Let the blowback begin.

A New York homeowner last week fought back against the denial of a mortgage modification by Wells Fargo — using as a cudgel in the bitter spat the bank’s admission just weeks earlier that a computer glitch wrongly denied hundreds of customers home loan help.

The move by Mia Derosa is the first known effort by a Wells Fargo customer to act on the bank’s Aug. 3 admission that its goof led to about 625 homeowners being denied mortgage relief.

Roughly 400 of those homeowners who were battling a foreclosure action between April 2010 and October 2015 eventually lost their homes because of Wells Fargo’s mistake, the bank said in a regulatory filing.

Derosa, who lives in Nyack, NY, about 30 miles north of Midtown Manhattan, took out a $650,000 “Pick-a-Pay” mortgage in February 2006 — and by 2011 was in financial trouble.

“Pick-a-Pay” mortgages…

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Congress Wakes Up to Continuing Lies from Major Banks

Hopefully the members of Congress of both parties will do what they should have done years ago to punish Wells Fargo and the other big banks.

Livinglies's Weblog

The takeaway from this is that when Wells Fargo lies it is telling a whopper. The same is true for Chase, Citi and Bank of America. They tell lies that lead to ruin of working American families and they don’t care. Their only concern is protecting the fraudulent scheme that brought trillions of dollars in illicit revenue to them and then paying a “cost of doing business” fine or settlement that is literally a few cents on the dollars.

Let us help you plan your foreclosure defense strategy, discovery requests and defense narrative: 202-838-6345. Ask for a Consult

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Beware of the new lending bubble

Livinglies's Weblog

What is clear to me is that nothing has changed except the government complicity in predatory lending practices is increasing despite the passage of Dodd Frank. A fact that keeps getting buried here is that Federal Law (Truth in Lending Act) puts the burden of determining affordability of an alleged loan product on the lender, not the borrower. That is the whole point of the Act — to avoid mistakes that borrowers might make with sales pitches that will result in financial ruin for borrowers and extreme wealth for underwriters on Wall Street.

When you see “CashCall” offering loans to people who have a FICO score of 585, we all should ask “how can they make money on alleged loans that are going to fail.” Legally the question becomes one that scares the hell out of the banks: having given a loan to someone who needed their help in making…

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