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Saugus Family At Risk Of Foreclosure Due To ‘Immoral, Outrageous’ Behavior By Carrington Mortgage

Justice League

The family’s home loan was sold to a servicer called Carrington Mortgage, who Kelly says was incredibly difficult to communicate with as she tried to avoid foreclosure on her Saugus home of eight years.

“We couldn’t get them to talk to us,” Kelly told KHTS last week, with a foreclosure date of July 17 looming over her. “They were telling us they had no records of our stuff; they had no payments, (but) they weren’t sending us payment notices… It was really just confusing.”

When all hope seemed lost, what Kelly called a “godsend” came into their lives: the help of a Santa Clarita realtor who provides free loan modification and foreclosure defense services to the public.

Rich Szerman of Alta Realty Group promptly got to work on submitting a loan modification request to Carrington Mortgage, and quickly realized this seemingly simple task would be nearly impossible.

While Szerman claims…

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Wells Fargo as MBS trustee ‘looted’ trusts to pay legal fees

Livinglies's Weblog

(Reuters) – Several Pimco investment funds are accusing the mortgage-backed securities trustee Wells Fargo of misusing noteholder money to pay its own legal expenses.

In a newly filed complaint in Manhattan State Supreme Court, the Pimco funds are asking for a declaratory judgment that Wells Fargo is not entitled to use MBS trust money to fund its defense against noteholder claims that the bank breached its duties as an MBS trustee. Pimco’s lawyers at Bernstein Litowitz Berger & Grossmann allege that Wells Fargo has improperly reserved about $95 million across 20 MBS trusts.

The Pimco complaint is the latest wrinkle in increasingly complex litigation between MBS noteholders and trustees. Pimco is one of several major institutional investors pursuing Wells Fargo, Deutsche Bank, HSBC and other MBS trustees for supposedly failing to take action against MBS sponsors as the trusts began to lose money. As I’ve reported, noteholders…

View original post 578 more words

REMIC Trusts Do NOT Exist

Livinglies's Weblog


Like legal standing, there must be some THING that is involved or the court has no jurisdiction. If you look up any source on the definition or elements of a legal trust, there is no “Trust” if no THING (property) has been conveyed to the intended Trustee to hold in “Trust.” Without a THING, property in the Trust instrument is both nonexistent and irrelevant and does not create a legal “person” in any court in any state. Trusts of all types do not exist unless and until property is entrusted to the Trustee.

Get a consult and Chain of Title Analysis! 202-838-6345
https://www.vcita.com/v/lendinglies to schedule CONSULT, leave message or make payments.

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Homeowners seek to halt Wells Fargo loan changes in high-profile bankruptcy case

Justice League

The Gaston County homeowners who have filed a class-action lawsuit against Wells Fargo are asking a judge in Charlotte this month to stop the bank from making alleged loan changes without borrower approval.

The suit filed in June by Christopher and Allison Cotton gained national attention over its allegations that the San Francisco-based bank was making “stealth modifications” that could vastly increase homeowners’ borrowing costs.

The complaint was another black eye for the bank as it tries to recover from a major scandal over its consumer banking sales practices.

Lawyers for the Cottons, who live in Dallas, N.C., filed a motion for a preliminary injunction last week against the practices outlined in their suit. The request applies to all Wells Fargo borrowers nationwide who have filed Chapter 13 bankruptcy cases. A hearing is scheduled for July 26 in federal bankruptcy court in Charlotte.

“We want to make sure that…

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FHFA’s MBS litigation offers 25 billion reasons why government should hire private law firms

Livinglies's Weblog

(Reuters) – On a fateful day in 2010, Philippe Selendy and Manisha Sheth of Quinn Emanuel Urquhart & Sullivan took the train to Washington, D.C., to pitch officials at the Federal Housing Finance Agency on a radical proposal: FHFA should hire Quinn Emanuel to sue the banks that sold toxic mortgage-backed securities to Fannie Mae and Freddie Mac, FHFA’s wards. The firm already had MBS expertise, thanks to partner Peter Calamari’s groundbreaking litigation for the insurer MBIA, and Quinn partner Shon Morgan was already advising Fannie on potential claims.

Selendy and Sheth laid out a grand vision in which Quinn Emanuel would use federal securities laws and the statute that created FHFA to go after the entire MBS industry in federal court. The banks would hire an army of lawyers to fight the suits, they told FHFA officials, but Quinn Emanuel pledged to match it.

“That was…

View original post 772 more words

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