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Ready to jump back into the Mortgage Minefield? Take these precautions.

Livinglies's Weblog

by K.K. McKinstry/Lendinglies.com

Despite knowing what I know about the corrupt practices of the Federal Reserve, Government sponsored enterprises- Fannie Mae and Freddie Mac; not to mention originators, lenders, trustees, and the banks themselves- I decided the benefits of home ownership outweighed the risks and decided to jump back into the lending minefield in order to purchase a home.

Knowing that my loan could always go into default in the future, especially if I have the unfortunate luck of being assigned to a corrupt loan servicer who attempts to engineer a default-  I decided to be pro-active and take some protective measures.  First of all, I emailed the originator and asked if they are the lender or merely an originator.  The broker, either unaware or deliberately lying to me, told me that his company would be funding the loan with its own money.  He likely just made his first RESPA…

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Foreclosure Mills Don’t Know Their Client

Livinglies's Weblog

If a lawyer goes into court claiming he represents X when in fact he never had any contact with X, was never retained by X and is not being paid by X, he is misrepresenting his status and that of X. The fundamental problem is that the lawyer has shown up without a client and X is not present. In judicial states this is simply a matter of jurisdiction or lack thereof. With X not there as Plaintiff there is no case to be decided.

When a lawyer files a notice of appearance but does not appear, it has its own consequences on the lawyer (Sometimes) and certainly on the party designated as the Plaintiff (A designation that is in most cases FALSE.)

Get a consult! 202-838-6345
https://www.vcita.com/v/lendinglies to schedule CONSULT, leave message or make payments.
THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY…

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David Dayen: Why Trump Didn’t Have to Obstruct Justice: The US No Longer Holds the Powerful Accountable

Mortgage Crisis 2.0: BofA CEO Wants To Slash Down Payments To Help Poor Millennials

Livinglies's Weblog

http://www.zerohedge.com/news/2017-05-19/mortgage-crisis-20-bofa-ceo-wants-slash-down-payments-help-poor-millennials

Among a host of other issues, one of the critical things that contributed to the housing crisis of 2008 was the fact that speculative borrowers had nearly no “skin in the game.”  Anyone who decided they wanted a piece of the rapidly inflating housing bubble could go out and buy multiple houses with no money down or, in some cases, even do “cash out” purchases whereby banks would finance more than 100% of the purchase price leaving ‘buyers’ to pocket the excess.

Shockingly, such terrible underwriting standards was a really bad idea.  Turns out that offering investors infinite returns on capital, given that they could purchase millions of dollar worth of assets without ponying up a single penny, causes wild speculation resulting in devastating asset bubbles.

But, in the wake of one of the worst asset bubbles in history, new legislation came along requiring traditional mortgage borrowers to put…

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A Quarter Of American Adults Can’t Pay All Their Monthly Bills; 44% Have Less Than $400 In Cash

Livinglies's Weblog

There was some good news and some not so good news in the Fed’s latest annual Report on the Economic Well-Being of U.S. Households.

First the good news.

The report, based on the Board’s fourth annual Survey of Household Economics and Decisionmaking conducted in October 2016, presents a “picture of improving financial well-being among Americans”, at least according to the report (read on to see if this is merited). Overall, 70% of the more than 6,600 respondents said they were either “living comfortably” or “doing okay,” up 1% from 2015 and up 8% from the first survey results in 2013.

Not surprisingly, the highest percentage, or 92%, of those who responded they were “living comfortably” was among the group with more than $100,000 in family income. For Americans making less than $40,000 the breakdown was almost evenly split with 49% saying they are “just getting by.”  According to the…

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Citigroup Agrees to $97.4 Million Settlement in Money Laundering Inquiry

Justice League

But no jail time…

For years, Citigroup employees feared that millions of dollars the bank was moving to Mexico might be suspicious. Yet in many cases, the bank did not alert regulators or step up its monitoring for money laundering, federal prosecutors said Monday.

Even as the Citigroup unit Banamex USA was growing to dominate remittances from the United States to Mexico, the bank did not properly safeguard its systems from being infiltrated by drug money and other illicit funds, prosecutors said.

On Monday, Citigroup agreed to pay $97.4 million in a settlement after a long federal investigation into Banamex USA. In exchange, the Justice Department will not file criminal charges against the bank in connection with inadequate oversight of Banamex USA, which is based in California.

As part of the agreement, Banamex USA “admitted to criminal violations by willfully failing to maintain an effective anti-money-laundering” compliance program, the…

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John Does, Jane Roes, Trusts and Zuni Trust

Livinglies's Weblog

The answer is always the same — follow the money trail to the truth or follow the fabricated paper trail to a grand illusion.

Get a consult! 202-838-6345
https://www.vcita.com/v/lendinglies to schedule CONSULT, leave message or make payments.
THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.
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Since the banks, servicers, originators, aggregators and others maintain radio silence as to what is going on and who is doing anything it should come as no surprise that lawyers will find it necessary to resort to “placeholder names” because they don’t yet know the actual name of an entity they have figured out must be involved but whose name is being withheld.

This is developing into a trick question: The research needs to be concentrated on “placeholder names”. LendingLies has added drafting and research services wherein our paralegal team to do the…

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