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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…

View original post 425 more words

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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living in California needs to contact their local legislators and demand that they restore the protections that were repealed at the beginning of this year.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

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By Attorney Patricia Rodriguez
2013 vs. 2018: CALIFORNIA’S HOMEOWNER BILL OF RIGHTS:
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!
THIS ARTICLE IS…

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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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Ghostwriter: Fabricating Original Wet Blue Ink Signatures — the Underlying Fraud Behind Nearly all Foreclosures

It would not surprise me if the banks and mortgage servicers are also retaining questioned document experts and handwriting experts to ensure that the fabricated “original note” looks as authentic as possible.

Livinglies's Weblog

Want to know how they popped up with an “original” note that looked like the original?

“Our machines have been in government installations worldwide for over 60 years. The Ghostwriter T550 has been a popular machine. It offers the ability to sign signatures or short phrases on letters, awards, forms, and other correspondence. You are also able to enlarge or reduce the size of the signature to fit the signing area of the document. As with all Ghostwriter machines, security is a priority. Signatures are not stored in the machine but on a removable device. Machines are also equipped with passcode entry.”

Let us help you plan your 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…

View original post 345 more words

CAUTIONING FEDERAL STUDENT LOAN BORROWERS ABOUT REFINANCING

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Trump watches Berkeley

What happens when federal student loan borrowers refinance? Refinancing might be right for certain borrowers, but refinancing federal loans means losing out on certain borrower protections, including the opportunity for forgiveness. American Financial Benefits Center (AFBC), a private document preparation company that specializes in applying for repayment plans, cautions federal borrowers when it comes to refinancing.

“The things that are lost when a federal borrower refinances can be important,” said Brandon Frere, CEO of AFBC. “One of the biggest is forgiveness. Many people appreciate income-driven repayment plans because they know forgiveness is always an option at the end of the life of the loan.”

Refinancing — which means a new loan pays off an existing loan or loans — is possible only in the private sector. This means a borrower must take out a private loan to replace the federal loan, so any protections that are exclusive to federal…

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Even the Bank Attorneys Admit that NO Tender or lawsuit is Required in TILA Rescission. Burden is on the “lender” side.

Livinglies's Weblog

It appears that I have struck a nerve with many of the people who seek to prove me wrong in my “theories.” They are facts, not theories. And as explained by yet another attorney writing an article for the banks and bank attorneys, it is up to the “bank” side of the equation to do anything about rescission. The borrower need do nothing except send the notice. If the “bank” side does nothing they do so at their own peril — not the homeowner’s peril. READ THE STATUTE and the unanimous decision by SCOTUS in Jesinoski v Countrywide.

Although trial judges treat the matter as unsettled or even settled opposite to the express wording of the statute and the only case that matters, the issues raised defensively by the “bank” side relative to TILA Rescission are plainly without merit and well-settled by statute and SCOTUS.

The article below seeks to…

View original post 1,398 more words

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