The Game: Taking Away People’s Homes

We have experienced the greates transfer of wealth in the history of this nation and perhaps the world.  the biggest game of Monopoly ever except the banks get to keep “the get out of jail card free” for the entire game.

We were like kids in a candy store who were told “you can have whatever you want”.  We did!  As the old but relatively recent Chase Credit Card ads said, “i want it all and I want it now”.  The ad was for you to use your credit card to buy something you really didn’t need and really could not afford.

So too with homes.  The banks lured us into believing we could buy homes we could not afford.  They created – let me say again – THEY CREATED – the programs making it possible for us to qualify.  They approved – let me say again – they apporved our loans and funded them.  I, as a mortgage broker wondered why they were doing this.  I know and “they” knew that many of these loans would go bad.  (Note:  We never made loans beyond what people could really afford).

In court encounters, Goldman and other Wall Street firms have faced the impact of their own wheeling and dealing. Many of the families being put on the street never would’ve gotten their big mortgages if investment banks hadn’t provided a seemingly insatiable secondary market for millions of loans to marginally qualified buyers. ….(from McClatchy in article linked below)

What I didn’t know is that they had a grander plan.  Not only were they making billions selling our mortgage notes to unwary investors around the globe – using fraudulent AAA ratings – but as it turns out and is being proven, they are making more billions by “stealing” our homes. 

The banks crashed the economy and brought us to the brink of a Greater Depression all the while raking in as much cash as they could (transferring wealth).  Now, that there is little or no cash available the only other thing that is left is assets – mainly homes and other real estate. 

This was a plan executed with the full knowledge of our government who deregulated and turned the other way even when there was regulation.

Then the banks that made billions claimed they were broke.  No one ever asked them what happened to all those billions they made.  But of course, they all have overseas operations and I bet those bank accounts are pretty fat. 

As we all know, there is no real effort on the part of any bank to modify or work out a loan.  Their only purpose is to foreclose using any means – legal or illegal – to do so.

Here is just one more example of what is going on.  In an article published n McClatchy titled, “Goldman takes on new role: taking away people’s homes” evidence is presented to subtantiate teh title.

The couple alleges that Goldman declined for three years to confirm their suspicions that it had bought their mortgages from a subprime lender,

When a mortgage is sold the homewoner – borrower – must be notified.  Goldman obviously violated this requirement.

…even after they wrote to Goldman’s then-Chief Executive Henry Paulson — later U.S. Treasury secretary — in 2003.

What did then CEO Paulson know about the plan that he so readily and shadily executed as Treasury Secretary?

Unable to identify a lender, the couple could neither capitalize on a mortgage hardship provision that would allow them to defer some payments, nor on a state law enabling them to offset their debt against separate, investment-related claims against Goldman.

It seems to me their rights were violated as our rights are being violated today in most foreclosures.

Read the full story…click here

Today, banks are saying they are buying mortgage notes but never seem to say from whom and provide a paper trail – chain of title.

Let me tell you a quick story of a friend who is in foreclosure.  The Plaintiff is Chase Home Loans, LLC, self acknowledged to be “the servicing company”.

In their initial complaint (foreclosure filing) they included a copy of the mortgage obviously obtained from public records and a copy of the mortgage note.  In their initial filing with the court, they included a “Lost Note Affidavit” asking the court to allow them to re establish the note they claimed to have had possession and ownership of.  They claimed the note was “lost, stolen or destroyed”. (As one judge in NY said to a banks attorney’s, “was it lost, was it stolen or was it destroyed?  You should know which one it was as it could not be all of them”)

Then when the Defendant, Pro Se,  filed his Motion To Dismiss for lack of standing, Chase Home Loans, LLC filed a Motion that included another copy of the mortgage note but this time the copy had an endorsement in blank on it.  They claimed that having the note with a blank endorsement in effect gave them the right to foreclosure.

BUT WAIT A MINUTE HERE! They said they did not have the note because it was “lost, stolen or destroyed”.  So where did this one come from and how did it get the endorsement on it that the copy filed with the court originally DID NOT HAVE?  Could this possibly be Fraud on the Court?

Now it gets even better.  The Defendant received a letter from Chase Home Loan, LLC (as did another person I know) saying that Chase Home Loan, LLC purchased their mortgage note and now was the owner and holder and had the standing to foreclosure.

Hold on just a minute there Mr. Chase.  You initially said that you had and owned the note but couldn’t find it.  Then you produced the note with a blank endorsement on it saying it was like a bearer bond so you now had th rights to it.  Now you say you just bought it! 

Why would you buy something you already owned and had evidently mysteriously found?  The other question is why would you buy a mortgage note that was in foreclosure on a property you know is not worth what is owed on it?  And lastly, who did you buy it from and can you produce a bill of sale or some documentation that must exist for a purchase of a note?

If this doesn’t smell and look like fraud then George Washington’s white horse was not really white.

Let’s paraphrase all this:

You had the note but lost the note then the note was stolen and was also destroyed.

You found the note – a different copy of the note so you must have found the note that was destroyed.

Then you bought the note when you had the note that was lost, stolen or destroyed.

Now you have the note which you had before with new endorsement stamps on it that got there by the theives that stole it from you to begin with who just steal the notes to stamp the notes that were lost or stolen.

Too add insult to injury in Chase the servicing company as Plaintiff’s last filing – an affidavit of fees – they again admit in this document that they are “the servicing company”But if you bought the note would you not then state you were also the owner?

Banks are stealing our properties.  In another post we will discuss how the banks are taking the properties at the auction sales, paying no money for them getting the properties back with zero dollars.  Remember, that the bank that made you the loan DID SELL THE LOAN as a security to investors.  They got paid back for the money you borrowed – IN FULL plus.

Let me know if you are facing foreclosure against Chase Home Loans, LLC.

Editors Note:  This is not meant to be legal advice or opinion.  You should seek the advice and opinion of a licensed attorney. 

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Comments

  • Susan  On November 4, 2009 at 3:44 AM

    I am finding that the lender chase has gotten very sloppy. They have incriminated themselves with the letters we have recieved stating the workout was near but needed additional info the same day a corporation who’s true identity still can not be established based on the. Numerous corporations that do not exist as well as the documents they showed as proof of purchase dated on a day courts were closed on holiday for half the loan amount and the procedure by bank violated every procedure in place for notification of sale. The dummy corporation will lead to the bank and the reconveyance company dummy corporation and bank should all be held liable each institution should pay for there role in creating a scam of their own. We thought loan mod people were scary look at the tactics used by a company that will have difficulty providing the note on at least half of the loans they’re collecting on with our tax payer dollars of course.

    • Larry Rubinoff  On November 21, 2009 at 8:56 PM

      Susan: They are all committing criminal acts and must be stopped and prosecuted.
      What have you done to counter this? What are you doing to fight back? Do you have an attorney?
      Let’s see if we can’t get others comments on this as well.

      Larry
      Editor

  • Lisa E.  On November 21, 2009 at 5:58 PM

    Chase Home Finance LLC is not my Plaintiff of Record BUT there is a strange asterisk to the left of the foreclosing bank’s name (each time it appears) on the last few months of paperwork filed by the bank and in teeny tiny font at the bottom of those pages there is this: “***Chase Home Finance LLC As-Attorney-In-Fact-For”.

    It’s all a mystery to me! I don’t think my foreclosing bank knows what’s going on, let alone their counsel, if it IS their counsel?

    Brings to mind that vaudeville routine: Who’s on First?

    Lisa E
    http://www.ForeclosureHamlet.org
    ForeclosureHamlet @ gmail . com

    • Larry Rubinoff  On November 21, 2009 at 8:54 PM

      Yes, the * is strange and the comment at the bottom indicating that Chase Home LLC is “attorney in fact” is saying that they have the power of attorney from the owner of the note to continues this action for them. Does not sound right at all.

      First, whoever gave them power of attorney has to prove that they “own” the mortgage and note. Second, there has to be some kind of authorizaton in their servicing agreement and with the trust agreement the true owners have to allow this.

      Chase is playing all kinds of games trying to prove they are the right party in standing. Even as far as purchasing – or claiming that they have purchased – the note. Why would they buy a note that is in default? A judge once asked that question as he concluded that it was “fraud on the court”

      Do you have an attorney or doing this Pro Se. I don’t remember. Maybe you could “black out your name and case number along with any reference that would identify you in your suit, copy it and send it to me for publication here. Perhaps we can get others comments and opinions on this.

      Many so called banks which are really not banks but servicing companies are lying, cheating, stealing and commiting criminal and fraudulent acts. They must be stopped, charged, indicted, prosecuted and if convicted sentenced to jail.

      Larry
      Editor

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