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Rescission is One Strategy — But Don’t Abandon Your Other Defenses

Livinglies's Weblog

Just a short notice to everyone who has been following my blog. I may have over-emphasized Rescission as a strategy to the point where people are getting the impression that they don’t need to raise traditional defenses of standing, ownership, rights to enforce, authority, balance compliance with the contract in issuing notice of default etc.

Rescission is only one of the strategies to be employed in the right circumstances. We analyze the entire case and search for discrepancies, inconsistencies, lack of standing and many other defenses that have been successfully employed by us and others in foreclosure defense work.

The reason I am writing this is that in the last couple of weeks people have been calling saying that they have gotten nowhere with the traditional defenses and now want to try rescission. The problem is that most of those are coming after a final judgment of foreclosure and even…

View original post 550 more words

California AG backs expansion of Homeowners’ Bill of Rights

Justice League

California Attorney General Kamala Harris is throwing her support behind a bill that expand the state’s Homeowners’ Bill of Rights to include a provision designed to help widowed spouses and children stay in their homes after the primary mortgage holder passes away.

The bill, called the Homeowner Survivor Bill of Rights, would expand on the California Homeowners’ Bill of Rights, which was enacted in 2012 and provides a series of protections for homeowners against foreclosures.

The Homeowner Survivor Bill of Rights closes a loophole in California law that fails to provide surviving spouses and children important protections against foreclosure that are available to other homeowners, according to the offices of California State Senators Mark Leno and Cathleen Galgiani, who authored the bill.

According Harris’ office, the proposed legislation would allow survivors or heirs to simultaneously apply for both loan assumption and loan modification and provide a single point of…

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Table Funded: The Student Loan Scam

Livinglies's Weblog

The essential question I pose is this: if the student loan was table funded (and it does appear to me that they were, in many cases), then why is the originator/broker receiving the government guarantee and the exemption from discharge? By definition they didn’t loan any money to the student. It seems to me that government, lawyers, and courts are overlooking the fact that many banks (large and small) have been acting as brokers and not as lenders.

Like the so-called mortgage loans, the underwriting decisions lie outside of the organization that “granted” the alleged loan from an undisclosed third party. Yet they claim and receive and sell government benefits as though they were lenders.

My theory under current law is that if the loan was funded from the sale of student debt pools there are two outcomes, to wit: (1) the government guarantee does not attach because there is…

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Non-bank servicers creating bigger mortgage problems

Justice League

The government and Congress have been asleep at the wheel as usual of the rise of non-banks in the financial world. Big banks were clever to sell off their mortgage servicing rights of non-performing loans little by little to the non-banks such as Ocwen, Nationstar, and other non-banks. And government sold off their non-performing loans to the non-banks because the big banks refused them. What the big banks know and the government will soon realize that the Dodd-Frank bill doesn’t have tight regulations for the non-banks but only the large banks. The bill doesn’t go as far to regulate the non-banks but only the big banks. The government agency that has tight regulations for non-banks is CFPB. Both the big banks and the government have been made the non-banks much bigger which will create much bigger mortgage problems.

It’s hard to find a more sympathetic foreclosure story than Kathleen Conrad’s.

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Is New Century Mortgage in Your Chain of Title? Act Now!

Anyone that has a New Century Mortgage anywhere in their chain of title needs to act quickly to obtain their loan file as they are planning to shred all of the loan files by June 30, 2016.

Livinglies's Weblog


Attention: If you have New Century Mortgage anywhere in your documents you might want to act quickly and obtain your New Century file.  The information contained in your file may help you discover critical information about your “loan”.  Even if you aren’t in Foreclosure we advise you to obtain your file because it may contain data that may help you ascertain what happened to your Note.  Once the files are destroyed by the bankruptcy court, your “servicer” might utilize a document “restoration” service to “fill in the blanks”, if you know what we mean- an indorsement here, and an assignment there.

The Website DeadlyClear sounded the warning.  Apparently New Century Mortgage has been in financial trouble since 2008 when a bankruptcy court examiner discovered a number of “improper and imprudent practices related to its loan originations, operations, accounting and financial reporting processes.”   Not that New Century Mortgage wasn’t…

View original post 175 more words

Big Banks Still Counting on Government Bailout

Livinglies's Weblog

This is the second time they failed and regulators are justifiably worried.


For a description of our services  click here: https://wordpress.com/post/livinglies.wordpress.com/32498


The 5 Major Banks once again failed both stress tests and the “living will” provisions of the Dodd/Frank Act. This means they have no viable plan to break themselves up in the event their assets need to be sold off. This is the second time they failed and regulators are justifiably worried. It also means that if they do fail again — and given the valuation of MBS as assets this is a likely outcome — the taxpayers would once again be called upon to float these monster banks while everyone else is left paying the bill.


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How Legal Presumptions Work

Livinglies's Weblog

We must accept the unacceptable premise that judicial public policy and assumptions are in direct conflict with legislative public policy…

If all other elements of HDC [Holder in Due Course] are present then the only one that obviously doesn’t exist is a business transaction in which the REMIC Trust paid money for the acquisition of the loan. If they didn’t pay for it then they didn’t acquire it. If they didn’t acquire it then it follows that neither the trust nor the servicer has any right to collect on the debt or enforce the alleged loan documents. And no “successor” acquires any greater rights than its predecessors.



This is a summary of my research and analysis of presumptions as they are used in…

View original post 4,199 more words


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