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MBS Investors waking up to the fact that servicers represent servicers — not investors.

Stan Burman:

Great blog post by Neil Garfield discussing a New York Times article from several years ago which shows that even several years ago investors in Mortgage Backed Securities were becoming aware that the big banks and mortgage servicing companies are protecting only their own interests as the expense of the investors.

Originally posted on Livinglies's Weblog:

Hat Tip to Patrick Giunta, Esq.

Stumbled across this 5 year old article that supports the view that servicers are the real parties in interest who are protecting only their own interests at the expense of investor and borrower alike. The facts are undeniable. If the loans were modified or worked out, the investors would have done much better than the self inflicted crash imposed by banks posing as servicers on loans for trusts that exist only on paper and not in real life.

The fact remains that if the servicers were eliminated and a new venue was created to intermediate between borrowers and investors, the investors, the borrowers and the taxpayers would all be better off. Only the banks would ,lose out on prospective illegal gains that they have been faking for a decade. The government should have provided this venue. The crash would not have occurred and the…

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Proof of Ongoing Foreclosure Fraud and Mortgage Document Fabrication, in Five Emails

Stan Burman:

As long as the big banks and mortgage companies are given the velvet glove treatment by the bureaucrats in Washington, D.C. foreclosure fraud will continue.

Originally posted on Justice League:

Five years ago this month, GMAC became the first mortgage servicer to announce that they would suspend foreclosure operations, due to irregularities in their document preparation. Within a few weeks every major mortgage servicer in America followed suit. This is usually called the robo-signing scandal, but to be more precise we gave it the name foreclosure fraud. It ended with the five leading servicers, including GMAC, signing the $25 billion National Mortgage Settlement.

Except it didn’t end, and this past week I was handed inconvertible proof of that fact. The scenario is so fantastical that if I didn’t have a working knowledge of foreclosure fraud I wouldn’t have believed it. But it appears to be very real.

Bill Paatalo is a former cop who worked in the mortgage industry as a loan officer and, from 2002-2008, the President of Wissota Mortgage in the Midwest. Since 2009, after experiencing his own…

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Obama Administration Helps Wall Street Criminals Dodge Accountability

Stan Burman:

No surprises here. It is, or should be, common knowledge that Barack Obama was elected and also re-elected with the support of much of Wall Street.

Originally posted on Justice League:

Citigroup and JPMorgan Chase appeared to score a significant victory Tuesday after the Department of Housing and Urban Development suggested it won’t punish lenders for major crimes committed by their corporate parents.

The announcement concerns a requirement that lenders in HUD’s mortgage insurance program certify they haven’t been convicted of violating federal antitrust laws or other serious crimes. Citi and JPMorgan in May pleaded guilty to felony charges that they broke federal antitrust laws for their traders’ participation in a yearslong scheme to manipulate currency markets for profit. Both companies own banks that make mortgages that are later insured by the HUD-overseen Federal Housing Administration.

But on Tuesday, Secretary Julián Castro’s housing agency proposed modifying the required certification in a way that would apply only to HUD-registered lenders. The lenders’ parent companies wouldn’t be on the hook, thus seemingly enabling Citi and JPMorgan’s HUD-registered units to continue certifying that they haven’t…

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The U.S. foreclosure crisis was not just a subprime event

Stan Burman:

I agree with this blog post. Anyone that still believes that it was all hairdressers and other low income individuals that lied their way into a large mortgage that they could not afford that was the cause of the foreclosure crisis is uninformed, stupid or a shill for Wall Street and the financial industry.

Originally posted on Justice League:

While I agree that the foreclosure crisis was not caused by subprime event, the article leaves out  that The Financial Crisis Inquiry Commission’s report (you can get it online) on the housing meltdown found most of the blame with risky lending practices by the banks, inflated home values by appraisers, and banks making money from originated fees by bundling and selling off a lot of the risk as MBS mixed with good and bad loans and getting the blessing of an A+ rating by the credit rating agencies.

Each month, the NBER Digest summarizes several recent NBER working papers. These papers have not been peer-reviewed, but are circulated by their authors for comment and discussion. With the NBER’s blessing, Making Sen$e is pleased to begin featuring these summaries regularly on our page.

The following summary was written by the NBER and doesn’t necessarily reflect the views of Making Sen$e. We will tell you, however…

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When the Bank Robs You: Wells Fargo Contractors Allegedly Stole Family Heirlooms Rescued From Nazis

Stan Burman:

This story is outrageous! A homeowner from New Jersey has filed a lawsuit alleging that contractors working for Wells Fargo illegally broke into his home and stole family heirlooms that his father retrieved from his family’s apartment in France before fleeing the Nazis in 1940!

Originally posted on Justice League:

wells-fargo-hells-cargo

The few remaining defenders of the Obama administration’s failure to prosecute the executives who helped cause the 2008 financial crisis argue that the bankers’ actions were unethical but not criminal. President Obama himself has made this claim: “Some of the most damaging behavior on Wall Street … wasn’t illegal,” he told Steve Kroft on 60 Minutes in December 2011.

The president might want to take this up with David Adier, who says he was victimized by Wells Fargo breaking and entering into his family’s home in Morris Township, New Jersey, and then committing property damage and theft. Burglary is a felony subject to prison time — if anybody but a bank does it.

Adier’s case is doubly disturbing because of what was taken: items his father retrieved from his family’s apartment in France before fleeing the Nazis in 1940, including a Kiddush cup, a Seder plate and a sewing…

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When does the Three Years Start to Run? How the “CHAIN OF CLAIMS” is Pure Wind

Stan Burman:

Good blog post from Neil Garfield in which he argues that the three year statute of limitations governing the right to rescind a loan under the Truth in Lending Act (TILA) does not begin to run until the true source of the loan is identified. He makes a very persuasive argument that I agree with.

Originally posted on Livinglies's Weblog:

Livinglies Team Services: see GTC HONORS Services, Books and Products

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For more information please email us at gtchonors.llblog@gmail.com or call us at 954-495-9867 or 520-405-1688

This is not legal advice on your case. Consult a lawyer who is licensed in the jurisdiction in which the transaction and /or property is located.

NOTE; THE NEIL GARFIELD SHOW WILL RESUME ON THURSDAY SEPTEMBER 10, 2015 6PM EDT
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I’m in trial mode so I just wanted to post some articles that I found interesting. My own opinion is exactly what is expressed in this article about when consummation has occurred. And that is a question of fact that is neither obvious nor a closed matter when the true creditor’s identity has never been revealed and continues to be withheld. The banks seem to want to say that the borrower has no right to learn the identity of his or…

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Countless Consumers Are Paying Off Someone Else’s Debt Because Of Default Judgments

Reblogged on WordPress.com

Source: Countless Consumers Are Paying Off Someone Else’s Debt Because Of Default Judgments

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