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Fannie & Freddie Repackage Defective Loans and sell them to Naive Investors.

i agree that the government should get out of the housing market entirely and that the free market would come up with innovative solutions but for the politically connected and wealthy that are making huge profits from the present system.

Livinglies's Weblog

By J. Guggenheim/Lendinglies staff

Fannie Mae and Freddie Mac have separately announced sales of non-performing loans this week.   Offsetting these toxic mortgage securities target smaller investors, including nonprofits and minority- or women-owned businesses who can’t afford to take the hit when they realize they bought defective repackaged securities the big lenders now avoid.

In 2017, through both Fannie Mae and Freddie Mac, the Treasury guaranteed 70% of all new mortgage lending. The taxpayer’s total exposure to housing is unfathomable, at over $6trn, or 30% of GDP, but it is hidden off the government’s balance-sheet. Reform is long overdue but until then- keep repackaging defective merchandise and selling it off to the highest bidder.

    The Senate Banking Committee, is considering a draft proposal to replace them with multiple privately capitalized firms, whose equity holders would suffer first during any slump. The government would maintain an insurance fund, supported by fees…

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Two Damning Videos Point to Parkland School Psyop — The New Modern Man

The United States – in a true display of Neoconservative philosophy based on using the mainstream media to invent phantom enemies in order to influence public policy (as documented by BBC filmmaker Adam Curtis in a film that strongly suggests most, if not all “terror” events since 2001 have been staged) has unleashed yet another […]

via Two Damning Videos Point to Parkland School Psyop — The New Modern Man

This post details some of the reasons why I no longer reside in the United States. I grew up there and love the country and its ideals. Unfortunately the United States is no longer a republic based on democratic principles.

Government Bankruptcies: Needs of Citizens Take Priority Over Creditor Claims (Assured Guaranty v. Puerto Rico) — MEDIATBANKRY

By: Donald L Swanson Puerto Rico’s long-standing financial straits, rendered more dire by Hurricane Maria, create an issue of bankruptcy priority: should available funds be used to, (i) address hurricane devastation and daily citizen needs, or (ii) pay creditor claims when due? –The answer to this priority is simple and easy in Puerto Rico: citizen needs […]

via Government Bankruptcies: Needs of Citizens Take Priority Over Creditor Claims (Assured Guaranty v. Puerto Rico) — MEDIATBANKRY

I agree that the needs of the citizens should come first.  I would not be surprised if there is more litigation in the bankruptcy courts regarding this issue.

Royal Bank of Scotland Trained Employees on How to Forge Signatures — Livinglies’s Weblog

Fraud for the first time in history has been institutionalized into law. It is foolishness to believe that the banking industry is trustworthy and that they have the right to claim legal presumptions that their fabricated documents, and the forged documents are valid, leaving consumers, borrowers and in particular, homeowners to formulate a defense where […]

via Royal Bank of Scotland Trained Employees on How to Forge Signatures — Livinglies’s Weblog

Unless the big banks are forced to face the consequences of their actions this type of behavior will continue.  Governments around the world need to follow the lead of Iceland and begin prosecuting and jailing bankers.

Act Now: California Legislators take the Teeth out of the California Homeowner Bill of Rights

Anyone living in California needs to contact their local legislators and demand that they restore the protections that were repealed at the beginning of this year. You can locate your local California legislator at this link: http://www.legislature.ca.gov/legislators_and_districts/legislators/your_legislator.html

Livinglies's Weblog

By Attorney Patricia Rodriguez
Due to no legislation being enacted/amended to extend borrower protections currently found within the Homeowner Bill of Rights (“HBOR”) (2013) California borrowers have lost the following protections against often overzealous and aggressive mortgage/loan servicers:
1. On and after January 1, 2018, prior to recording an NOD, borrowers will no longer be entitled to a statement from their servicer/lender that the borrower may request the following: (1) A copy of the borrower’s promissory note or other evidence of indebtedness; (2) A copy of the borrower’s deed of trust or mortgage; (3) A copy of any assignment, if applicable, of the borrower’s mortgage or deed of trust required to demonstrate the right of the mortgage servicer to foreclose; (4) A copy of the borrower’s payment history since the borrower was last less than 60 days past due; and/or (5) And…

View original post 663 more words

TILA RESCISSION: The Bottom Line for Now

Livinglies's Weblog

Probably the main fallacy of the people who say that TILA Rescission is not possible or viable is that they project the outcome of a lawsuit to vacate rescission. Based upon their conjecture, they assume that Rescission is no more than a technicality. Congress, and SCOTUS beg to differ. It was enacted into law 50 years ago in an effort to prevent unscrupulous banks from screwing consumer borrowers.

Let us help you plan your TILA RESCISSION narrative and strategy: 202-838-6345. Ask for a Consult.

Register now for Neil Garfield’s Mastering Discovery and Evidence in Foreclosure Defense webinar.

Get a Consult and TEAR (Title & Encumbrances Analysis and & Report) 202-838-6345. The TEAR replaces and greatly enhances the former COTA (Chain of Title Analysis, including a one page summary of Title History and Gaps).
https://www.vcita.com/v/lendinglies to schedule CONSULT, leave message or make payments. It’s better than calling!

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Servicer’s don’t want Payments they want Defaults

That is outrageous what CitiMortgage did to that couple and the company should have to face the consequences.

Livinglies's Weblog

By J. Guggenheim

Servicers don’t want to modify.  They don’t want to short-sale, and they don’t want to allow you to refinance. In fact, the sole objective is to use whatever means are necessary to take one missed payment and leverage it into a future default while piling on the penalties and fees to erode all of your equity.  The service wants your house and they will lie, steal, forge and fabricate documents if required.

We have a client at Lendinglies who received a loan modification in 2010 and completed all three payments as agreed by the repayment plan offered by CitiMortgage. According to CitiMortgage, the agreement was done “in-house” and required no outside approval.

After receiving the modification the couple proceeded to renovate the entire home while complying with the monthly payments.  Once they had fully restored their home and made their last payment, they let friends know they…

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