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WELLS FARGO GETS POUNDED BY U.S. GOVT FOR $2.09-BILLION … WITH A “B” … FINE!

This is good news although the government should have asked for a more substantial penalty such as $10 billion or more. The amount of $2.09 billion seems enormous to the average person but compared to the profits that Wells Fargo makes it is very small.

Clouded Titles Blog

(BREAKING NEWS / OP-ED) — 

Why are we not surprised?

Wells Fargo Bank, N.A. has agreed to pay the United States $2.09-billion for purposefully misrepresenting the quality of loans it sold to 118 individual REMIC trusts.

See the Settlement Agreement here: Wells Fargo RMBS Settlement Agreement (August 1, 2018)

We caution you that when checking into your particular REMIC, if in fact one of these named entities shows up in your chain of title, to have any related assignments reviewed by competent counsel (we have one if you don’t) who can testify as to the false and misleading statements contained within said assignment in court, should you be facing foreclosure.  Any bank attorney making oral misrepresentations and false statements in court regarding any one of the named REMIC’s (given the fact we don’t yet know if the actual investors are being reimbursed out of these settlement funds and to what…

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Bullseye! Investors Are “Far Removed” from Alleged Underlying Mortgages — Livinglies’s Weblog

IF YOU ARE IN FORECLOSURE WITH SOME BANK CLAIMING TO BE TRUSTEE FOR CERTIFICATE HOLDERS YOU NEED TO READ THIS ARTICLE. It is in tax litigation that some of the truth comes out. While the courts have yet to determine if the REMIC Trust ever existed, they are coming to some interesting conclusions — corroborating […]

via Bullseye! Investors Are “Far Removed” from Alleged Underlying Mortgages — Livinglies’s Weblog

What Accountants Say About the REMIC Trusts — Livinglies’s Weblog

“Because securitization entities are typically insufficiently capitalized, with little or no true “equity” for accounting purposes, and are rarely designed to have a voting equity class possessing the power to direct the activities of the entity, they are generally VIEs. [Variable Interest Entities]. The investments or other interests that will absorb portions of a VIE’s […]

via What Accountants Say About the REMIC Trusts — Livinglies’s Weblog

“Legal Impossibility”: REMIC Trust does not own the loan, the debt, the note or the mortgage

The Glaski affidavit submitted by Thomas Adams is the subject of this brief blog post by Neil Garfield in which he correctly points out that the REMIC trust does not own the loan, the debt, the note or the mortgage.

Livinglies's Weblog

For further information please call 954-495-9867 or 520-405-1688

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see Glaski_Affidavit-Thomas-Adams_5-15

Hat tip to Dan Edstrom, Senior Forensic analyst for livinglies.

Thomas Adams, whose name sounds like one of the founding fathers, has submitted an affidavit as an expert witness in the Glaski case in California. He is completely qualified as an expert in securitization practices and documentation. He was one of the lawyers who worked on the first pooling and servicing agreements back in 1989. For those who have given up trying to convince a judge that the securitization aspect of their case is relevant, this affidavit should help.

He concludes that the Trust did not ever come to own the subject loan, and further (like the case Patrick Giunta and I won in January in Florida) he found that nobody in the chain ever owned the loan. He is right of course, but he boils it down into…

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