Principal Reductions – Some Are Waking Up To What Could Be A Win Win Situation

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This is a must read story published in the NY Times by Joe Nocera of a breakfast meeting he had with Laurie Goodman, a senior managing director of Amherst Securities.

Enter Laurie Goodman. One of the country’s foremost authorities on mortgage-backed securities, she is also one of the most data-driven people I’ve ever met; at breakfast, she was constantly pointing me to one chart or another that backed up her claims. “She’s not into politics,” says my friend, and her client, Daniel Alpert of Westwood Capital. “She is using data to tell us the truth.”

It always seemed to me that in order to correct his crisis, writing down everyone’s principal would be the only solution.  For those that do not have mortgages on their homes and own them free and clear some sort of tax break would be in order to compensate them for the decline in the value of their home.

Values declined not because of the market, they declined because those very same banks who oppose these write downs created this mess by providing mortgages to almost anyone creating a housing boom that was destined to crash.  Yes, they know what they were doing but greed took control of corporate governance and patriotic spirit.  The attitude of  let’s rake in as much cash as we can then when it all fails we can take back all those homes and rake in even more cash for homes we have no investment in.

The housing crash was created by the banks unlike what New York City’s Mayor Bloomberg says.  He says blame it on Congress (and Fannie Mae who he says makes loans – wrong!).  Yes, while I believe it was a direct mandate from the White House beginning with Bill Clinton, the banks could have and should have used their better judgment and declined the push from above.  But GREED is a very dangerous intoxicant.   Given the green light by those high up in our political circles – the ones in charge – they quickly did what they believed was their patriotic duty to comply and fill their own pockets

The idea of helping struggling homeowners by writing down some principal on their mortgages — as opposed to reducing the interest or reconfiguring the terms to lower the monthly payments — is much in the air right now. Banks loathe the idea of principal reduction; they fear that people who are current on their mortgages will start defaulting just to get their principal reduced. They also don’t want the hit to their balance sheets.

Yes, of course banks would “loathe” the idea of reducing principal.  For one, the reduction of principal to real value would lower their net worth and show that many of them are actually insolvent.  Their solvency is basically falsified books whereby they keep real estate owned on their books at its value when they first financed it.  We all know that most of us will never see housing values come back to these artificially high values.

Second, the fact that most of the banks REO’s – real estate owned – is also a falsified book entry.  This is where my gripe continues with the greed and dishonesty of this entire industry.

The “bank” made a loan.  The “bank” SOLD the loan to a Wall Street firm who in turn packaged that loan with thousands of others into a security which they sold to investors around the world.  NOTE:  It is the security owned by thousands of investors who actually own the note – NOT THE BANK.

In addition, the bank taking all the action is NOT REALLY A BANK!  You see, the entity taking the foreclosure action is actually a servicing company – a collection agency if you will – that is owned by “the bank” but is not in itself a bank under any situation or charter be it federal, state or local.

The servicing company often uses the same name as “the bank” and lead everyone to believe that it IS “the bank”.  They have everyone convinced including the courts – judges and Clerks of the Courts as well.

When a servicing company like  – listen now – Bank of America Home Loans (not “the bank”) gets the court to award the foreclosure, the court just hands them the title because they are falsley led to belive that they are the bank, they own the mortgage note and therefore can claim the property without paying.

Once they take – no – STEAL the property, the non bank servicing company everyone thinks is the bank – which in the illustration above would be Bank of Amercia – then takes the property and gives it to “the bank” (illustratively Bank of America) who now owns the property free and clear on their books valued at an inflated artificial value.

Not only are the banks using these artificial values to bolster their books (fraudulently inflate their net worth) they are using stolen property to do so as well.

Of course they do not want to write down mortgages.  Actually they CAN’T.  Neither the bank nor the banks servicing company has the authority to do so.  Only the investors who own a share of the bond issue that the mortgage note resides in have the authority to do so.  In fact, only these same bondholders (and it would take 100% of them to do so) can initiate a court action to foreclose.  They are the true owners who along with the rest of American have been swindled – a milder term the screwed – out of their money by “the banks”.

But the states’ attorneys general who sued over the robo-signing scandal have made principal reduction the central plank of the settlement they are close to completing. The settlement will force the big banks to begin a sustained program of principal reduction, and will heavily penalize banks that don’t comply. From what I hear, the goal of the states is to prove to the banks that principal reduction will not cause the sky to fall — and is, ultimately, less damaging to bank profits than foreclosures.

In spite of all I say above, I feel forcing the write downs is a positive.  Not only will it stop the bleeding of continued declining values due to continued massive foreclosures, it will right the wrongs to many of the investors worldwide.  By writing down the mortgages thus allowing homeowners to continue living in their homes and making payments – albeit lower payments – it is a win – win situation for everyone.

The homeowner wins for obvious reasons.  The neighborhood wins as there will no longer be vacant and unattended deteriorating homes.  The investors win as they will get some return of their investment which is better then the zero they are getting now.  The economy wins as it will begin to turn the entire housing market around.  America wins as we can then begin to move forward again and make the American Dream of homeownership possible once again.  And we all know if the housing market is moving the economy moves.

Read Joe Nocera’s entire article To Fix Housing, See the DataPublished: November 4, 2011…click here

Let The Fraud Continue

Banks Continue ‘Robo-Signing’ Foreclosure Practices In Spite Of

Promises To Contrary: Investigation

NEW YORK/IMMOKALEE (Scot J. Paltrow) – America’s leading mortgage lenders vowed in March to end the dubious foreclosure practices that caused a bruising scandal last year.

But a Reuters investigation finds that many are still taking the same shortcuts they promised to shun, from sketchy paperwork to the use of “robo-signers.”

That is the headline in the Huff Post Business section yesterday, September 20th.

Remember that the banks promised to not do that any more?  Of course they did but that promise can be added to the other 3 promises one should never believe.

Imagine, a promise made by organizations that have exhibited no moral conviction, no human compassion and certainly no concern for the economies of the entire world.  A promise made by a consortium of global scoundrels, criminals, gangsters, liars and thieves.  And what a shock it is to hear that they have broken their comments.

Banks today are on a preplanned course of obtaining as much U.S. real estate as they can.  It is a part of an even greater plan by powers not yet identified to transfer as much American wealth to a handful of elite.  We have already seen the evidence of this cash wealth transfer.  Now the real evidence of the fraudulent activities surrounding banks in their attempts to transfer real property to the same handful of elite is rearing its ugly head.

It is as if the Matt Taibbi’s description of Goldman Sachs as the Great Vampire Squid has spawned an entire underground cave full of  Vampire Squids with Goldman as the Mother Vampire Squid.

Yet with all of our lawmakers in Congress, our U.S. Attornely General and all the Attorneys General in the United States, the FBI, the FDIC as well as our Executive branch does absolutely nothing.  In fact, they all turn the other way.  They to must fear these Vampire Squids.

But not enough is ever said of those people, the real people, living, breathing human beings who have been and are affected by this rash of asset transfers.

The Huff Post – Reuters Report – does put a face on the story.

In its effort to seize the two-bedroom ranch house of 87-year-old Margery Gunter in this down-on-its-luck Florida town, OneWest Bank recently filed a court document that appears riddled with discrepancies. Mrs. Gunter, who has lived in the house for 40 years and gets around with the aid of a walker, stopped paying her loan back in 2009, her lawyer concedes. To foreclose, the bank submitted to the Collier County clerk’s office on March 3 a “mortgage assignment,” a document essential to proving who owns a mortgage once the original lender sells it off.

But OneWest’s paperwork is problematic. Among the snags: state law permits lenders to file to foreclose only if they already legally own a mortgage. Yet the key document establishing ownership wasn’t signed and officially recorded until months after OneWest filed to foreclose on Mrs. Gunter. OneWest declined to comment on the case.

Problematic??!!

I would say problematically illegal.  The question is who signed the “key document” and  what was that persons authority to do so?  Part of the Florida Statute says that an Assignment (proff of transfer of ownership) must be filed and recoded prior to the foreclosure action being filed by the Plaintiff.  Again, I am not a lawyer but I would have to say that this fact alone is a procedural casue for the action to be dismissed by the court.

With proof positive of wrong and illegal practices, still nothing is done by our courts or legal justice system.  It is as if many of our courts have gone over to the dark side.

Now in years gone by, in a time and space far far away- almost as if in another galaxy – banks would have always preferred to “work something out” with a homeowner rather then to take their home.  The old (real old) saying that banks did not want to own real estate is no longer true.  They do want to own real estate.  They want to own it all.

One of the industry’s top representatives admits that the federal settlements haven’t put a stop to questionable practices.

Some loan servicers “continue to cut corners,” said David Stevens, president of the Mortgage Bankers Association. Nearly all borrowers facing foreclosure are delinquent, he said, but “the real question is whether the servicer complied with all legal requirements.” The loss of a home is “the most critical time in a family’s life,” and if foreclosure paperwork is faulty homeowners should contest it. “Families should be using every opportunity they can to protect their rights.” (emphasis added)

From our mouths to the mouth of the President of the Mortgage Bankers Association.  “Families should be using every opportunity they can to protect their rights”.  Yes, we all do have rights.  Protecting our rights is an even bigger issue for the long run.  We must protect and preserve our rights if we expect our children and their children to live in a free Republic.

There are some in the judicial arena that are as concerned with the preservation of our rights as we are.  While not yet in the majority of judges we are seeing more and more taking a stand for justice against fraud and criminal behaviour of banks and the attorneys that represent them.

Increasingly, though, courts are holding that the trusts suing to foreclose don’t actually own the mortgages. Judges have ruled that foreclosing based on flawed or missing evidence violates longstanding laws meant to protect all Americans’ property rights. (emphasis added)

In a landmark decision in January, the Massachusetts Supreme Judicial Court overturned a foreclosure (emphasis added) because of a lack of proper documentation.

“The holder of an assigned mortgage needs to take care to ensure that his legal paperwork is in order,” wrote Justice Robert Cordry in a concurring opinion. “Although there was no apparent actual unfairness here to the (homeowners), that is not the point. Foreclosure is a powerful act with significant consequences, and Massachusetts law has always required that it proceed strictly in accord with the statutes that govern it.”

(U.S. Bank National Association, trustee, vs. Antonio Ibanez, 458 Mass. 637.)

Justice Robert Cordry is among the handful of judges in this country “who gets it”.  He joing the ranks of Federal Judge Boyko of Ohio who denied 17 cases for lack of standing and proper paperwork and Supreme Court Judge Schack of New York both of whom have been on the right side of justice since this crisis began.

We applaud these judges and the few others out there who “get it”.   There are others and we would love to hear about them from you.  If you have had a positive, legal experience let us know.  If you have know of judges and/or cases where they have ruled on the side of the law not on the side of fraudulent banks, trusts and servicing companies please let us know.

Please view the entire story from Reuters on the Huff Post…click here

NOTE:  Soon an important announcement from TheForeclosureDetonator.  We are gong to become proactive in the fight against illeal foreclosures.  Stay tuned.

Foreclosure Victims Plan Protests Across U.S.…click here 

This is the action we need.  We need to show our lawmakers that we are serious about our rights.  Click on above to read more.  THIS IS IMPORTANT.

Related articles

• ‘Robo-signing’ foreclosures haven’t gone away (msnbc.msn.com)
• Admission of Guilt With No Consequences…We Need Justice For All (jpmorgan666.com)
• Big Bank Fraud Exposed…Finally! As Published in GoldmanSachs666.com (themortgagecorner.blogspot.com)
• Bank Fraud Edition: Fraud Fraud and More Fraud (themortgagecorner.blogspot.com)
• Goldman Sachs – Public Enemy No. 1 (goldmansachs666.com)
• The Wall Street Conspiracy…As broadcast on TruTV’s “Conspiracy Theory” (themortgagecorner.blogspot.com)
• Robo Signers List (theforeclosuredetonator.wordpress.com)
• Judge Schack Strikes Out Again For Justice (theforeclosuredetonator.wordpress.com)
• Banks Still Fabricating Docs, Commiting Foreclosure Fraud (ritholtz.com)

Goldman Sachs To Stop Robo Signing

 

 

 

 

 

 

I can’t resist this one.  Robo signing is an illegal practice.  It is the practice of having many people sign one persons name onto documents such as affidavits attesting to a court that the information was examined by that person is is known to be true and correct.
So Goldman – in a deal to sell its servicing company Litton – has agreed not to Robo sign documents anymore.  Let me see if I understand this.

Read my post in GoldmanSachs666.com

 

 

 

Click here…Goldman Sachs Information, Comments, Opinions and Facts: Goldman Sachs To Stop Robo Signing.

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• Who Should Regulate Goldman Sachs Now? (goldmansachs666.com)
• Who Else Helped Goldman Sachs Bring Down the Economy? (goldmansachs666.com)
• Goldman Sachs Generously Agrees to Stop Illegal Mortgage Practice – Outrage (thestreet.com)

Bank Fraud Continued Cover Up From The White House

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Some call it a settlement, the effort by The White House and its’ resident Obama, to a wide-ranging state settlement with banks over dubious foreclosure practices.

Attorney General of N.Y. Is Said to Face Pressure on Bank Foreclosure Deal
By GRETCHEN MORGENSON
Published: August 21, 2011

Eric T. Schneiderman, the attorney general of New York, has come under increasing pressure from the Obama administration to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices, according to people briefed on discussions about the deal.

In recent weeks, Shaun Donovan, the secretary of Housing and Urban Development, and high-level Justice Department officials have been waging an intensifying campaign to try to persuade the attorney general to support the settlement, said the people briefed on the talks.

Mr. Schneiderman and top prosecutors in some other states have objected to the proposed settlement with major banks, saying it would restrict their ability to investigate and prosecute wrongdoing in a variety of areas, including the bundling of loans in mortgage securities.

Basically, the banks want a “get out of jail free” card.  They do not want any investigations into any of their wrong doings causing our economic collapse while they profited personally and corporate wise.  They want immunity from prosecution.

Fortunately, there are some defenders of the public interest like Schneiderman of New York that will not go along with this.

Mr. Schneiderman began objecting a few months ago to the proposed releases barring future litigation, declining to participate as long as they were included.

“The attorney general remains concerned by any attempt at a global settlement that would shut down ongoing investigations of wrongdoing related to the mortgage crisis,” said Danny Kanner, the spokesman for Mr. Schneiderman. His office has opened several inquiries into mortgage practices during the credit boom.

Read all of Gretchen’s article in The New York Times…click here

In a related editorial in The New York Times,

It’s a Flawed Settlement – Published: August 22, 2011

The Obama administration has turned up the heat on Eric Schneiderman, New York’s attorney general, to go along with a proposed settlement with the nation’s largest banks over dubious foreclosure practices. Mr. Schneiderman should stand his ground in not supporting the deal. The administration says that a settlement would quickly deliver much needed relief to hard-pressed borrowers, but it’s doubtful it would provide redress on a par with the banks’ wrongdoing or borrowers’ needs.

The deal has been in the works for nearly a year, after the state attorneys general announced an investigation into a robo-signing scandal in which banks were found to have filed false foreclosure papers in state courts. It was widely believed that the scandal would lead to a broad inquiry into how banks inflated the housing bubble, profiting as it expanded.

Here again, with definite evidence of “wrong doing” or more correctly – illegal activity – nothing is being done.  In fact, our government is attempting to sweep it all under the rug – a cover up – leading us to believe it is in our best interest to do s0.

What is in our best interest is to prosecute those responsible for committing crimes.  The evidence is there, has been there and has been made public.  The banking industry is an organized criminal activity looking to use their economic hold over us to avoid prosecution and be allowed to continue their criminal activities for their own personal gain.

Shaun Donovan, the secretary of Housing and Urban Development, however, says that a settlement on the narrow issue of robo-signing would not preclude other investigations by individual attorneys general. But, clearly, once the robo-signing issue is off the table, investigators would lose leverage to pursue remedies for other possible illegalities in the packaging, marketing and transferring of mortgage securities.

But some AG’s like New York’s Schneiderman are not going along with it even though there may be some very real personal consequences for them.

Read the entire Editorial in the The New York Times…click here

It is important for all of us to wake up and realize that we are being duped at every junction in the road.  We are being lied to, deceived and set up for even greater misfortune while protecting and enriching those who have brought this misery upon us.

We must not only fight foreclosure but we must stand up for what is right and just.  We need justice.  We need to see this new breed of criminal do the time for their crimes.

While those in the White House may be following their predecessors in covering up and looking the other way, there are those in Congress not willing to let go and continue to push on to expose these criminals.

It is up to us to support those in Congress who – like us – would see justice done.  After all, the will of the people is greater then the greed of a few, be they Presidents of countries, bureaucrats, politicians or greedy, immoral corporate executives.

The fight for justice goes beyond the foreclosure court.  We must see those guilty punished.

Related articles

• NYT editorial says Schneiderman shouldn’t go along with foreclosure settlement (americablog.com)
• White House Pressuring Schneiderman to Drop Objections to Foreclosure Fraud Whitewash (news.firedoglake.com)
• Is Secretary of HUD, Shaun Donovan, Pressuring NY State Attorney General Schneiderman on Behalf of Wall Street Banks? (johnmurphyreports.com)
• New York Fed Director Kathryn Wylde Provokes Accusations Of Conflict Of Interest (huffingtonpost.com)
• Attorney General Said to Be Pressed to Support Bank Deal (dealbook.nytimes.com)

An Attorney Answers … Who is holder of a note

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One of our readers – who  appears to be an Ohio attorney  well versed in foreclosure defense – offered a comment to which I replied and to which he again replied giving a more detailed explanation of  who is considered to be the holder of a promissory note therefore having the Standing to foreclose.

I feel this information is important enough to reprint these comments.  The information is important to all those who are facing and/or currently fighting foreclosure.

As this attorney states, it is always recommended that you seek the counsel of a qualified  – I stress qualified – foreclosure defense attorney.  While I understand that many of you facing foreclosure believe you cannot afford an attorney, I assure you that there are some out there whose fees are reasonable and affordable.

You will not often hear me say this, but if you are in foreclosure then you are not making mortgage payments or paying rent.  If you are evicted from your current home you will have to pay rent somewhere so use your diverted funds to fight for your rights and defend your foreclosure.

And to the many who have been so wiped out that eviction would mean absolute homelessness I encourage you to also look for an attorney who can help.  There are some out there that are willing to work Pro Bono (without fees). At the very least  represent yourself  Pro Se.  Learn what you can from blogs like this and the several others that are credible and offer sound advice and information.  Just answering your summons (in a judicial state) will buy you more time and time is what everyone needs.

Here now the comment conversation from the post Financial Turmoil Evokes Comparison to 2008 Crisis – NYTimes.com as posted on August 11, 2011:

On August 17, 2011 at 10:34 AM Ohio lawyer said: 

I disagree about ownership of the note being the only issue. Under the UCC, to be entitled to enforce the note, a person MUST be in possession of it (except when they can claim the note was lost, destroyed, etc.). In fact, a person in possession of a note endorsed in blank, even if they stole it, may enforce the note. Ownership is not necessary. Likewise, a person who “owns” the note may not enforce it unless they are also in possession of it. I was not sold on the “show-me-the-note” defense for a long time. But after briefing the issue several times in Ohio, I accepted its importance. Without actual possession of the note, a lender cannot prevail. I agree that standing is a major issue, but “ownership” is not the proper way of thinking about it.

Reply

• On August 21, 2011 at 3:31 PM Larry Rubinoff said: |Edit This

  Thank you for your take on this very important subject. Since standing is a major issue and “”ownership” is not the proper way of thinking about it”, then what is the way to think about it.

  Possessing the note, as you say, endorsed in blank, gives the holder the right to foreclose. I was always under the impression that a mortgage note endorsed in blank is not like a bearer bond where anyone in possession of it can execute it. In other words, mortgage notes are not bearer bonds. What is your take on this?

  Of course, if a mortgage note is held by someone but has never been endorsed in blank then it is your argument that now the bearer does not have standing. If this is what you are saying, I must agree.

  On the issue of lost, stolen or destroyed, banks often use this as an argument and basically are using a “trust me your honor, I did have it at one time but it was lost, stolen or destroyed, therefore I should have the right to proceed with the foreclosure action”.

  Too many judges simply accept this from a bank because they are “the bank” and of course, banks don’t lie. Only one judge questioned this in the past asking the plaintiff which occurred.

  Was the note lost, stolen or destroyed? It could not have been all three and if you don’t know which it was then you probably did not have it. I believe it was now Supreme Court Judge Schack in New York who questioned and disallowed this argument.

  DISCLAIMER: i am not an attorney and my comments do not reflect legal advice in any way. My comments come purley from my research and experience in these matters.

  I do, very much, welcome comments from attorneys like the one I am responding to for their legal opinions. More dialogue like this can be of great assistance to our readers and the millions facing foreclosure.

  If you are an attorney and would like to publish your views and opinions here at TheForeclosureDetonator please contact me at lrubinoff@theforeclosuredetonator.org.

  Reply
  • On August 21, 2011 at 10:50 PM Ohio Lawyer said: |Edit This

    The question is whether someone is a “person entitled to enforce” the note. This status is defined by the Uniform Commercial Code. Below are the relevant provisions of the U.C.C. as adopted in Ohio:
    UCC 3-301
    (A) “Person entitled to enforce” an instrument means any of the following persons:
    (1) The holder of the instrument;
    (2) A nonholder in possession of the instrument who has the rights of a holder;
    (3) A person not in possession of the instrument who is entitled to enforce the instrument pursuant to section 1303.38 or division (D) of section 1303.58 of the Revised Code.
    (B) A person may be a “person entitled to enforce” the instrument even though the person is not the owner of the instrument or is in wrongful possession of the instrument.
    A “holder” is defined in U.C.C. 3-301
    (T)(1) “Holder” with respect to a negotiable instrument means either of the following:
    (a) If the instrument is payable to bearer, a person who is in possession of the instrument;
    (b) If the instrument is payable to an identified person, the identified person when in possession of the instrument.

    These two provisions have to be read together to get the complete picture. Let’s go through each type of person listed in U.C.C. 3-301.

    1. Holder – is someone in possession of an instrument which is either payable to that person (i.e. initially made payable to that person, or payable to that person via a special endorsement) or payable to bearer (e.g. endorsed in blank). This person need not be be the “owner” of the instrument, and may be in wrongful possession of it. Under this provision a thief could be a person entitled to enforce the note. All he needs is possession of a note endorsed in blank.

    2. Non-holder with rights of a holder – To qualify under this provision a person must: (1) be in possession of the note, but it need not be order or bearer paper; and (2) the person must have been given the rights of a holder. How does someone get the rights of a holder without being a holder? A holder transfers possession to the person and also grants to that person rights through a separate document, but doesn’t get around to negotiating the note. For example, Bank A sells a group of notes to Bank B. The notes are physically transferred to Bank B, but are not endorsed. Bank A also executes a bill of sale acknowledging that it sold the notes to Bank B. Think of it as possession plus ownership without endorsement.

    3. Someone not in possession under certain circumstances: There are two possibilities here. The first in the “lost, stolen, or destroyed” note. We see that often in foreclosure cases. The bank has to submit evidence to the Court to prove it can enforce the lost note. The other circumstance is almost never seen so I won’t go into it.

    That’s it. Only three classes of people can sue on a promissory note. Aside from “lost note” cases, possession is required. After that you need either negotiation (payable to order or an endorsement in blank) or some other evidence that you are intended by the last holder to be the person to enforce the note.

    This framework addresses commercial paper in general. That said, there may be other restrictions on transfers of certain types of mortgage notes. For instance, an FHA note cannot be sold to just anybody. They can only be transferred to other FHA-approved lenders. Some have suggested that such FHA or VA regulations renders notes issued under their programs to be something other than negotiable instruments. I do not know much about those arguments, but want to caution people that generalities are just that – general. Every situation is different and must be evaluated on its own facts.

    I can’t emphasize that last point enough. It’s all well and good for people to know the law, but too many borrowers try to go it alone. Law is not viewed in a vacuum; it is applied to fact. Most of the time the fact is harder to come by than the law. I urge borrowers to find counsel to help them. Doing it yourself almost never turns out well.

    I agree, Judge Schack drew attention to these issues by asking the simple questions and demanding some proof. Now, judges everywhere are more likely to listen to a borrower who challenges broad assertions of standing. Currently, this issue is pending before the Ohio Supreme Court and will likely be decided late this year. You can see the briefing on the issues on the Court’s website. The case name is U.S. Bank v. Antoine Duvall, Case No. 2011-0218.

Thank you Ohio Lawyer for taking your valuable time to offer these comments and help educate our readers.

To all attorneys:  Feel free to send your information for publication to me at lurubinoff@TheForeclosureDetonator.org.  You can remain Anonymous, use a screen name or if you wish have your name, address and phone number published.  If you choose to use only your name or screen name, please let us know what state you are in or what state(s) you practice in.

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Financial Turmoil Evokes Comparison to 2008 Crisis – NYTimes.com

I know that this blog is dedicated to Foreclosure Defense but this post, I feel, is important to all of us, especially those of us in or facing foreclosure.  For me, it is all the more reason to fight your foreclosure, which is still laden with fraud from the inception of the loan to the filing.

Standing is still the main issue.  You cannot get around the fact that those taking the action DO NOT HAVE the right to do so as they do not OWN your mortgage note.  I don’t care about the “show me the note” defense as merely holding the document does not mean your “own” the document.  Sorry, all you lawyers and judges who think that way.  If I give you the title to my car – unsigned – to “hold” for me does that mean you have ownership of my car? No!  Does that mean you can “sell” my car?  No! Then obviously possession is not 100% of the law, is it?

As the Recession deepens once again, banks will be moving to foreclose even more so as to retain the financial benefits they derive from doing so.

In addition, knowing that things will be getting worse, we can all try to make new plans to survive the tide once again.

For those who think the Recession has been over, think again.  Talks of another Recession have been in the media for weeks now.  However, I believe that the Recession has never ended.

Here now the link to the title story:

Financial Turmoil Evokes Comparison to 2008 Crisis – NYTimes.com.

For those who think the Recession has been over, think again. Talks of another Recession have been in the media for weeks now. However, I believe that the Recession has never ended. No you say? No! Just ask those nearly 18 million under and unemployed. Just ask the millions of new people facing foreclosure – not due to over buying but due to lack of earnings caused by this Great Recession. And, ask those who once again lost much of their money in the stock market. Not much has changed. Only the government guided media trying to convince us – as always – that “things are OK and moving forward. That attitude by government that if they tell us things are OK long enough – We, The Stupid People – will believe them and begin to function as if nothing is wrong. WRONG! Can’t function normally, we have no money to do so. The Recession will dip once again and as I have been saying, the worst is yet to come. Guide yourselves accordingly.

Robo Signers List

FORECLOSURE SELF-DEFENSE COMPLETE GUIDE TO ROBO-SIGNERS 

Wow.  Why have I not seen this before.  My better half just found it as is published on Scribd on April 1, 2011.  It is a long piece as it details a lot of information of individual Robo signers and Robo signing in general.  For example:

What is a robo-signer?

Robo-signers are mortgage lending company employees who prepared and signed off on foreclosures without reviewing them, as the law requires. Jeffrey Stephan, the GMAC employee who was the first identified as a robo-signer, has acknowledged in sworn deposition that he prepared 400 such foreclosures a day.The discovery of robo-signers could simply bethe tip of the iceberg. If so, more revelations could only increase the pressure on large banks.Their potential exposure to losses could skyrocket….

What·s the significance?

 The “robo-signing of affidavits and Assignments of Mortgage and all other mortgage foreclosure documents served to cover up the fact that loan servicers cannot demonstrate the facts required to conduct a lawful foreclosure.  If it turns out that robo-signers did indeed sign off on loans without review, they committed fraud by claiming knowledge of a financial matter of which they had no personal knowledge. It could also mean that some people are wrongly being evicted from their houses….

This excerpt warrants attention so I am creating the “bold” emphasis.

Briefly, Robo Signers are illegal because fraud cannot be the basis of clear title, trustee’s deeds following Robo Signed sales are void as a matter of law, notarization is a recording requirement for many of the documents, which we also know was often botched, and most importantly because robo signed falsifications ARE meant for use in court, including unlawful detainers and bankruptcy matters….

Clear Title May Not Derive From A Fraud(including a bona fide purchaser for value).  In the case of a fraudulent transaction the law is well settled.

This is a MUST HAVE document.

If you are an attorney and have not seen this it is a must have reference source.  It has links and information that can be vital to your defenses.

If you are an individual facing or in foreclosure, this document is a “must save” reference guide as it will give you information to help you find the fraud in your loan, assignments and foreclosure filings as well as other valuable information links, depositions etc., such as:

CONGRESSIONAL WRITTEN REPORT REGARDING
SECURITIZATION AND FRAUDCLOSURE OF NOVEMBER 18, 2010
click on title for link

It also provides a very long list of named Robo Signers giving who they worked for, who they signed for and what titles they used.

Here is just one example of what you will find:

Allen, Greg –

Greg ALLEN is an employee of Lender Processing Services

in Mendota Heights,Dakota County, MN.  He signs Mortgage Assignments as an officer of MERS, servicing companies, and lenders.  Allen often signs these Assignments to trusts years after the closing date of the trusts.  Allen frequently signs Assignments for mortgage companies that filed forbankruptcy years before the effective date of the Assignment. Deutsche Bank National Trust Company is one of the banks that frequently uses Assignments signed by Greg Allen to foreclose.   Greg Allen has signed Mortgage Assignments using the following titles:

Vice President, Mortgage Electronic Registration Systems, as nominee for American Home Mortgage Acceptance, Inc.;

Vice President, Mortgage Electronic Registration Systems, as nominee for Bayrock Mortgage Corp.;

Vice President, Mortgage Electronic Registration Systems, as nominee for CTXMortgage Co., LLC;

Vice President, Mortgage Electronic Registration Systems, as nominee for EMC Mortgage Corp.;

Vice President, Mortgage Electronic Registration Systems, as nominee for EQ Financial,Inc.;

Vice President, Mortgage Electronic Registration Systems, as nominee for FirstGuaranty Mortgage Corp.;

Vice President, Mortgage Electronic Registration Systems, as nominee for FranklinFinancial;

Vice President, Mortgage Electronic Registration Systems, as nominee for MaitlandMortgage Lending Company;

Vice President, Mortgage Electronic Registration Systems, as nominee for MortgageNetwork, Inc.;

Vice President, Mortgage Electronic Registration Systems, as nominee for PMC Lending; and

Vice President, Mortgage Electronic Registration Systems, as nominee for ValleyBank.

SEE full deposition -stopforeclosurefraud.com/2010/12/18/full-deposition-transcript-of-lps-greg-allenmers-is-live/

 www.whatsignature.com/files/Allen_Greg.1.pdf, http://www.whatsignature.com/files/Allen_Greg2.1.pdf,www.whatsignature.com/files/Allen_Greg2.2.pdf,www.whatsignature.com/files/Allen_Greg.3.pdf,www.whatsignature.com/files/Allen_Greg.4.pdf,www.whatsignature.com/files/Allen_Greg.5.pdf,www.whatsignature.com/files/Allotey_Liquenda.5.pdfwhatsignature.com/files/Cody_John.pdf

They list these Robo Signers alphabetically so it is easy for you to begin to verify some of the signatures in your documents.

THIS IS ONE POST YOU MUST PASS ON TO EVERYONE YOU KNOW.  It is without a doubt the most valuable post I have ever posted here on TheForeclosureDetonator.

Here now the link to the valuable reference guide courtesy of Scribd…click here

View this document on Scribd

Related articles

• The Banks Promised to Clean Up Their Act — So Why Are They Still Using Robo-Signers to Engage in Foreclosure Fraud? (alternet.org)
• Special report: Banks continue robo-signing (huffingtonpost.com)
• ‘Robo-signing’ foreclosures haven’t gone away (msnbc.msn.com)
• Banks Continuing Dubious ‘Robo-Signing’ Foreclosure Practices: Investigation (huffingtonpost.com)
• “Robo-signing” of mortgages still a problem (cbsnews.com)
• AP Exclusive: Mortgage ‘robo-signing’ goes on (seattlepi.com)
• Special report: Banks continue robo-signing – Reuters (news.google.com)
• Wells Fargo Illegally Pushed Thousands Of Borrowers Into Subprime Mortgages, Falsified Loan Documents, Federal Reserve Says (huffingtonpost.com)

Homeownership Preservation Foundation…Bookmark this site

click on image to go to site…

The Homeownership Prevention Foundation is a Not For Profit organization with a very impressive list of officers, board members and affiliates whose purpose it is to counsel people in financial distress, about to face or are facing foreclosure.

I offer this solely based on the information I got from reading their website.  I have not had any personal experience with them nor have I spoken with anyone from there.

Much of their work relies on the various government programs and bank modifications that have proved to be somewhat ineffective for most.

However, these programs have helped some and you might just be one of the “some” it can help.  The NPF counselors will begin direct negotiations with your bank/servicer, in itself a positive function, as most people tend to fear talking to their servicing companies.

While this is NOT a FORECLOSURE DEFENSE site it does offer FREE help and alternatives utilizing certain government programs and general financial crisis counseling.  I feel it is a worthwhile resource and worth a phone call (available 24/7) for a one on one conversation. Their services are always FREE. .

In fighting foreclosure, you need all the information you can get.  Here is an excerpt from their site.

The Homeownership Preservation Foundation (HPF) is a network of non-profits that helps distressed homeowners navigate their budget challenges by providing specific actions steps and, whenever possible, helping them to avoid foreclosure.  And best of all, we do it for free.

Since 2007, HPF has served more than five million homeowners, an average of 5,500 people each day, who depend on us as a trusted, neutral source of information and assistance.  Although we are an independent organization, we are partnered with, and endorsed by, numerous major government agencies, including the U.S. Department of Housing and Urban Development and the Department of the Treasury, as well as others on the frontlines of the country’s housing crisis, including Fannie Mae, Freddie Mac, NeighborWorks America, and your mortgage company.

For FREE foreclosure help, call the Homeowner’s HOPE™ Hotline now at:

  888-995-HOPE™
(888-995-4673)

We can provide counseling to you, free of charge, in English and 170 other languages, 24 hours a day, 7 days a week, 365 days a year.
We’re here to help. The next step is your call.

Their site also has a lot of other valuable information for you even if you do not want to call them.  Bookmark their site for ongoing news and information.

And remember, don’t give up, don’t move out, don’t cave in against the banksters and all of their illegal activities.  Keep fighting.

Related articles

• Homeownership Preservation Foundation Provides Assistance, Six Warning Signs of Foreclosure Scams to Prevent Homeowners Falling Prey to Rip-offs (prweb.com)
• Learn about new foreclosure rights Thursday (seattlepi.com)
• B of A Demolishes homes (indeedwevest.wordpress.com)