Happy New Year 2015
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Monthly Archives: December 2014
“Stay in Your Homes – You Are Going To Find They Don’t Have That “Paper” Up There On Wall Street”
Deadly Clear’s New Years’ Resolution for 2015 is to urge our readers to convince state legislatures to repeal their versions of UCC Article 3-301 to make it clear that in a mortgage loan foreclosure situation that a precise and convincing chain of endorsements is necessary before a foreclosure may proceed. The use of electronic transfer of the homeowners’ documents without the homeowners’ explicit consent has led to an abuse of copying notes and mortgages into a cyber data storage cloud of information readily available to the hundreds of potential thieves and their affiliates – without sufficient hacking protection allowing anyone the opportunity to break in and download documents, as recently noted by the banking industry invaded by hackers.
The use of UCC Article 3-301 by the banking industry and securitized trusts is a disingenuous manipulation of the intended law.
One of the outstanding interviews after President Obama announced there would be an investigative task force into the Wall Street banks’ mortgage fraud was aired on The Rachel Maddow Show on Jan. 28, 2012. It is a MUST WATCH TV interview – click here.
New York Attorney General Eric Super-Schneiderman has been appointed by President
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Ambac sues BofA over faulty mortgage bonds
Are they risky loans or were they deceptively inflated appraisals, systematically patented sales techniques made with false promises to the homeowner of maintaining good credit for a year to get to a lower 30-year interest rate knowing all along that the refinancing had come to an end and default was imminent. Insured defaults were necessary in order to keep the bond liquid for pension funds investors. Banks knowingly wrote more loans than they could legally hold by using pretender-lenders who had planned exit strategies; insurance companies that disingenuously cried harm when they had agreed to a no recourse deal so that the banks could confiscate the properties and continue the ruse by reselling it over and over in an intentional default scheme. All the while families were displaced, torn apart, and emotionally stressed beyond belief.
The fact that they sue each other is ludicrous because they were all insiders. Pension fund agents and managers knew what was going on – they were buying mortgage loans and promised liquidity – a necessity for their investment plans. Mortgages should never be considered liquid. They are intended to be long term. Banks knew that mortgages required flexibility when special circumstances developed. The traditional mortgage had been trashed and replaced by a psychotic industry of delusional narsarcistic thieves. Yes, thieves. They knowingly stole money from pension funds and homeowners under false pretenses – the greatest robbery of the last 2 centuries.
Ambac Assurance Corp. (AMBC) sued Bank of America(BAC) in order to recoup hundreds of millions of dollars that it lost during the financial crisis from insuring roughly $1.68 billion of securities backed at least in part by risky mortgages from countrywide, Reuters said.
In a complaint filed on Tuesday in a New York state court in Manhattan, Ambac accused Countrywide of lying about how well it underwrote so-called “pay option adjustable-rate mortgage negative amortization” loans that backed the securities.
The securities were issued in eight transactions between 2005 and 2007, Ambac said.
Bank of America announced in August a $16.65 billion settlement agreement with the U.S. Department of Justice, certain federal agencies and six states to resolve claims over toxic residential mortgage-backed securities, collateralized debt obligations and an origination release on residential mortgage loans sold to Fannie Mae and Freddie Mac.
At the…
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Russian Roulette: Taxpayers Could Be on the Hook for Trillions in Oil Derivatives
The Sheeple are in Washington – Congressional Sheeple.
Another shenanigans by Wall Street — aided and abetted by politicians owned by Wall Street. Never bothered to understand the definition of derivatives in which derivatives are not just a financial product…
The sudden dramatic collapse in the price of oil appears to be an act of geopolitical warfare against Russia. The result could be trillions of dollars in oil derivative losses; and the FDIC could be liable, following repeal of key portions of the Dodd-Frank Act last weekend.
Senator Elizabeth Warren charged Citigroup last week with “holding government funding hostage to ram through its government bailout provision.” At issue was a section in the omnibus budget bill repealing the Lincoln Amendment to the Dodd-Frank Act, which protected depositor funds by requiring the largest banks to push out a portion of their derivatives business into non-FDIC-insured subsidiaries.
Warren and Representative Maxine Waters came close to killing the spending bill because…
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Morningstar: True cost of Ocwen settlement far exceeds $150 million
If Ocwen Financial (OCN) thought that its regulatory troubles were over now that it settled with the New York Department of Financial Services for $150 million, the beleaguered company has another thing coming, according to Morningstar.
In a note to clients, Morningstar analysts say that the real cost of the NYDFS settlement will definitely be more than the $150 million Ocwen must pay to homeowners in New York.
In Morningstar’s analysts’ opinion, Ocwen’s real losses may be the loss of soon-to-be former chairman William Erbey, who is being forced to resign as part of the NYDFS settlement, as well as settlement terms that require ongoing monitoring of corporate governance and a ban on acquiring mortgage servicing rights until certain process and technology improvements are implemented to the satisfaction of the NYDFS.
“The real cost of compliance with the terms will undoubtedly be greater than the $150…
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Opinion: Break up Citigroup — now
And while you’re at it – repeal and rewrite UCC 3-301. At least take it back to the original (New York) version for now!
WASHINGTON, D.C. — America’s presidential campaign is already well under way. The election is not until November 2016, and very few candidates have formally thrown their hats into the ring, but the competition to promote and develop ideas — both behind closed doors and publicly — is in full swing.
Earlier this month, Citigroup C, -0.20% took advantage of this formative political moment by seizing an opportunity to score a tactical victory — but one that amounts to a strategic blunder. Using legislative language apparently drafted by Citigroup’s own lobbyists, the firm successfully pressed for the repeal of some of the 2010 Dodd-Frank financial reforms. The provision was then passed after it was attached to a last-minute spending bill, a tactic that ensured little debate in the House of Representatives and none at all in the Senate.
At a stroke, Citigroup executives demonstrated both their continued political clout in…
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SMBC to buy Citigroup’s Japan retail business in October: sources
Sumitomo Mitsui Banking Corp (SMBC) will buy Citigroup Inc’s (>> Citigroup Inc) Japanese retail banking operations in October for about 40 billion yen ($330 million), people with knowledge of the matter said on Wednesday.
The Sumitomo Mitsui Financial Group Inc (>> Sumitomo Mitsui Financial Group, Inc.) unit will announce the long-awaited purchase on Thursday, the sources said.
Citi’s Japan consumer banking business has been hurt by weak loan demand and falling interest margins in a market where the U.S.-based lender has operated for over 100 years.
Spokesmen for the two banks declined to comment on the deal.
Ocwen CEO unveils company’s new direction: Exit agency servicing, increase mortgage originations
Now that the dust is beginning to settle on the $150 million settlement between Ocwen Financial (OCN) and the New York Department of Financial Services, the company has unveiled its plans for the future.
First and foremost, the company will be without departing chairman William Erbey, who was forced to resign as part of the NYDFS settlement. But in a conference call with investors, Ocwen Chief Executive Officer Ron Faris revealed Ocwen’s four-part plan for the future and said that Erbey’s departure isn’t the only big change for the nonbank.
Faris told investors that Ocwen is planning to exit agency servicing. “We are going to focus our servicing business primarily on non-agency servicing,” Faris said.
Faris said that Ocwen plans to sell off its entire portfolio of agency servicing. “We estimate the difference between our $1.1 billion book value and fair value of our agency MSRs is between $400…
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PRICELESS! JFK IS FIT TO BE TIED
This is priceless! (2 JFK phone calls on July 25, 1963)
A livid (and nearly fit to be tied) John Kennedy talking with Air Force General Godfrey McHugh after the President discovers that a story has been leaked to the press regarding the rather large amount of funds that were spent for a suite of hospital rooms prepared for the First Lady, Jacqueline Kennedy, when Jackie gave birth to the First Couple’s third child, Patrick, in August 1963. (Baby Patrick, sadly, died just two days after his birth.) It gets better… Continue reading
BOA Ordered to Pay $1 Million to Homeowner for Robo-Calls
Yes indeed, the system is in need of a change and judges with the ability to handicap a horse race… And not be first concerned with the value of their mutual funds. That, however, may well happen with the next crash as all pensions could experience a haircut to non-existent status and not because of homeowners who want to pay but can’t get modifications because foreclosure is more profitable for the banksters.
For further information please call 520-405-1688 or 954-495-9867
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Just back from Orlando where I had a 4 hour trial scheduled for five minutes. Of course nobody except the court knew that. Needless to say the trip to Orlando was a bust. Neither counsel — Plaintiff and Defendant — was pleased. The system is badly in need of change. Now we are told that it might be 2016 until we get a judge who can give us 4 hours.
Meanwhile, the Orlando Sentinel reports that Florida is back to #1 in foreclosures, even though major “lenders” are giving people a “break” from wrongful foreclosures by not pursuing evictions during the holidays. see http://www.orlandosentinel.com/business/os-orlando-foreclosures-december-20141210-story.html
But in the meanwhile, BOA and Ocwen has been cited for not following the rules of the “settlements” that stopped criminal and civil prosecutions from the US Department of Justice. see BOA Fails tests: They still don’t…
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