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Securitization and Standing

Livinglies's Weblog

Like other decisions establishing  the law of the land, the decisions of SCOTUS are often taken as advisory or optional. Nevertheless TILA Rescission and Article III standing have been affirmed by the Court of last resort. Reluctant judges in trial and appellate courts will get their hands slapped one more time but all the bad prior decisions and their consequences  are neither reversed nor redressed.

Standing is pretty easy — it must be alleged in facts that will be proven at trial. If it isn’t alleged or isn’t proven at trial, the Court lacks jurisdiction to do anything other than to dismiss the claims of any party seeking satisfaction because they have no claim for redress.

Let us help you plan your defense strategy, discovery requests and defense narrative: Dial 954-451-1230 or 202-838-6345. Ask for a Consult.

Purchase now Neil Garfield’s Mastering Discovery and Evidence in Foreclosure Defense webinar including 3.5…

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ZeroHedge: It’s Subprime Time! 2008 Part Deux-Coming to a Market near You!

This is very bad news that virtually ensures that the next real estate crash will be worse than the last one.

Livinglies's Weblog

Injured by a predatory attorney? Email: info@predatorylies.com


The stock market is at record highs and people with FICO scores as low as 500 are once again happily obtaining mortgages. Not only that, but these mortgages are once again being securitized and are in demand by yield chasers.

All of the elements that are necessary for the 2008 subprime crisis to repeat itself are starting to fall back into place. Aside from the fact that we have inflated bubbles across basically all asset classes for the most part, not the least of which is evident in the stock market, the Financial Times reported today that not only are subprime mortgage backed securities becoming prominent again, but that the chase for yield was what fueling demand:

Issuance of securities backed by riskier US mortgages roughly doubled in the first quarter from a year earlier, as investors lapped up assets blamed for bringing…

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Wells Fargo “Lending” Securities It Didn’t Own

The government really needs to revoke the national banking charter for Wells Fargo, either permanently, or for a minimum of 5-10 years. That will send a message to the other big banks that fraudulent behavior will not be tolerated.

Livinglies's Weblog

Translation: WFB was the “custodian” of alleged “mortgage-backed” certificates issued for the benefit of investors who paid billions of dollars for ownership of the certificates. WFB “Loaned” those alleged securities to brokers. The brokers in exchange provided “collateral” the proceeds of which were reinvested by WFB. In short, WFB was laundering the investors money for the sole benefit of WFB and not for the investors who owned the certificates and certainly to the detriment of the brokers and their buyers of derivative instruments based upon the loan of the securities.

This case reveals the flowering of multiple levels arising from false claims of securitization. First WFB issues certificates from a fictitious trust that owns nothing. Then it keeps both the money paid for those certificates and it keeps the certificates as well. On Wall Street this practice is called holding securities in “street name.” Then WFB engages in trading on…

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Bank of American Class-Action Certified: Countrywide via LandSafe used inflated Real Estate Appraisals

That is good news that a United States District Court judge has ruled in favor the plaintiffs in this class action. It is common knowledge that appraisal fraud was, and still is, rampant in the real estate industry.

Livinglies's Weblog

First a little background.  On February 6, 2018 a California federal judge certified a nationwide class of borrowers accusing Countrywide Financial Corporation of using inflated real estate appraisals to inflate its loan origination business from 2003 to 2008, overturning successor Bank of America’s claims that borrowers won’t be able to back up their racketeering claims with  proof.

The class-action covers borrowers who received an appraisal from LandSafe Inc. between 2003 to 2008 in connection with a loan that was originated by Countrywide. Countrywide, that owned LandSafe, was acquired by Bank of America in July 2008. LandSafe was sold and is now owned by CoreLogic Inc.

The Plaintiffs have submitted substantial evidence that could be used to prove an alleged RICO scheme existed.  The lead attorney is Roland Tellis who believes the class-action reflects the fact that borrowers were scammed by phony appraisals but never received a refund, despite the…

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Sick Puppy Ocwen to acquire Sick Puppy PHH Corporation: Homeowners Beware — Livinglies’s Weblog

PHH Mortgage Corporation-Consent Order By LendingLies Staff Shares of struggling mortgage servicer Ocwen jumped after the company announced it would buy rival, PHH Corporation- another small loan servicer that is able to operate without the servicing limitations imposed on big banks . In a release, Ocwen said the agreement was for $360 million in cash […]

via Sick Puppy Ocwen to acquire Sick Puppy PHH Corporation: Homeowners Beware — Livinglies’s Weblog

This is bad news as it will allow Ocwen to screw over even more homeowners.

Investigator Bill Paatalo: JPMorgan Chase Ordered To Produce Wire Transfers Of Borrower’s Payments To Trust — Livinglies’s Weblog

http://www.bpinvestigativeagency.com/jpmorgan-chase-ordered-to-produce-wire-transfers-of-borrowers-payments-to-trust/ Posted by Bill Paatalo on Feb 26, 2018 (See: Proodian-V-Chase-Order) Things are going to get real interesting now! On February 15th, 2018, the following Order was handed down in the Circuit Court for Palm Beach County, Florida. Here is a little background on this case. The Plaintiff is current on his loan that was originated […]

via Investigator Bill Paatalo: JPMorgan Chase Ordered To Produce Wire Transfers Of Borrower’s Payments To Trust — Livinglies’s Weblog

At least one judge wants to force the big banks to produce evidence that is clearly relevant in a foreclosure case.

Wells Fargo Bank admits to charging over 100,000 customers with inappropriate fees for locking in mortgage rates

Wells Fargo is in trouble once again — this time for fees charged to customers trying to nail down a mortgage. The scandal-ridden bank said on Wednesday that some mortgage borrowers were inappropriately charged for missing a deadline to lock in promised interest rates, even though the delays were Wells Fargo’s fault. Wells Fargo said it will […]

via Wells Fargo wrongly hit homebuyers with fees to lock in mortgage rates — Justice League


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