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Now It’s Fabricated or Unenforceable Student Loans

Livinglies's Weblog

The CFPB laid down some serious fines on National Collegiate Student Loan Trusts and its debt collector, Transworld Systems, Inc. The firms were collectively ordered to pay $26.1 million for attempting to collect on loans that were at best out of date and at worst nonexistent.

The Consumer Financial Protection Bureau (CFPB) specifically alleges that the firms would drag “borrowers” into court or pursue aggressive collection actions on consumers whose debts had already expired — or on debts that they could not actually prove were owed. The action against the entities further alleges that they relied on false and misleading legal documents to compel funds out of consumers illegally.

{Editor’s Note: Same dog, different house. When will the CFPB start prosecuting the same crimes and other illegal acts that lie at the heart of nearly all foreclosures?}

Get a LendingLies Consult and a LendingLies Chain of Title Analysis! 202-838-6345 or…

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Nardolillo V. Chase – Northern District of California: Motion to Dismiss Denied

That is good news that at least some judges are beginning to see through the smokescreen put out by the big banks and mortgage servicers.

Livinglies's Weblog

By J. Guggenheim/www.lendinglies.com

Note: Our ongoing gratitude to Investigator Bill Paatalo of BP Investigative Agency for keeping us updated with significant developments in nationwide foreclosure defense cases.  Paatalo is the preeminent investigator regarding WaMu/JPMorgan Chase “merger” issues.

See Nordolillo v. JPMorgan Chase Nardolillo v. Chase

Analysis by Neil Garfield:  Although Nardolillo’s case has merit, unfortunately he may lose because he already alleged that the loan was sold to a specific securitized trust.  We already know the loans weren’t transferred to the trusts, so Nardolillo has already compromised his own case by making erroneous presumptions.

Without an amendment to his pleadings, he will be forced to prove the trust bought the loan which is impossible because the trust didn’t buy the loan and therefore there is no evidence to support the allegation.

The flip-side is that if Nordolillo had not identified who the loan was sold to, the court would have…

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Back them into a corner — Request for Admissions

This is an excellent strategy if used correctly as requests for admission in California can “request that any other party to the action admit the genuineness of specified documents, or the truth of specified matters of fact, opinion relating to fact, or application of law to fact.” See Code of Civil Procedure section 2033.010.

Livinglies's Weblog

As part of my consultation on a case involving PennyMac and Citi, I suggested a strategy (see below) using the procedural route of a Request for Admissions. If not answered, the requests are deemed admitted — which in most cases will completely undermine the foundation for any of the evidecne proffered by the foreclosing party. If admitted, the same result applies. If denied, you have something to ask for in further discovery. If objections are filed then the lawyer must be prepared with cases, statutes and treatise authority to back up his claim that he/she is entitled to the information and that without it the trial will be a sham.

The usual response to a request for production is that they already gave you the paperwork — when you know and they know that isn’t what you were asking for. You hopefully asked for all documents in which there was…

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Morgan Stanley makes big push into mortgage originations

Justice League

Morgan Stanley plans to bring its mortgage origination business in-house, as the bank ramps up the business to create a bigger presence in the mortgage market.

According to the Reuters article by Olivia Oran, Morgan Stanley wants to bring the business in-house to improve customer service and generate more mortgages, citing two people familiar with the matter.

“Morgan Stanley executives hope that handling originations in-house will smooth out the process and give the bank a chance to market other products and services to wealthy clients,” the article stated.

Before bringing the business in-house, Morgan Stanley used PHH Corp. as a third-party provider for its originations.

Read on.

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CitiFinancial to Pay $907K for Seizing Soldiers’ Cars

That is disgraceful that CitiFinancial repossessed the vehicles of active-duty service members. I believe that the fine should be higher. An appropriate fine would be at least $10 million in my personal opinion.

Justice League

DALLAS (CN) – CitiFinancial Credit has agreed to pay $907,000 to settle claims it illegally repossessed cars belonging to active-duty service members, federal prosecutors said Monday.

The Department of Justice says at least 164 cars were repossessed between 2007 and 2010 in violation of the Servicemembers Civil Relief Act, which shields members of the military from certain civil actions while they are serving.

“During the investigation, the Department learned that CitiFinancial conducted repossessions without court orders even when CitiFinancial had evidence in its own records suggesting that a borrower could be a protected servicemember,” prosecutors said in a statement. “In several cases, loan servicing notes indicated that CitiFinancial was informed that the borrower was in military service or had received orders to report for military service. CitiFinancial, nevertheless, continued repossession efforts and eventually succeeded in repossessing the servicemembers’ vehicles.”

Read on.

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Recent class action lawsuits you may be eligible for

Via Class Actions Reporter TCPA Rules The Day Still Here is this week’s update on class actions and settlements. Clearly violations of the TCPA rule the day. Not sure what the TCPA is? You have to read one of the many lawsuits with TCPA in the title. Class Action Lawsuits Nextgen Leads TCPA Class…

via Recent Class Actions You May Be Eligible For — considertheconsumer

What’s Good for the Goose is Good for the Gander

Livinglies's Weblog

In the current judicial bubble, banks and servicers are almost always treated with far more leniency and and given far more leverage than borrowers — through the use of legal presumptions. This case is the exception — with the Maine Supreme Court deciding that Fannie Mae was not a creditor, that the dismissal with prejudice was affirmed, thus permanently barring any further action on a mortgage that was essentially void.

This does not eliminate the debt, but it does render the mortgage void, thus precluding foreclosure as a remedy to collect a debt from the putative borrower. The house is free and clear of the mortgage encumbrance, in this case, but the putative borrower is not free from the debt.

And if a real creditor can be produced (in nearly all cases that is impossible) then the creditor may obtain a judgment against the debtor/borrower that can in many states…

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