Reblogged from Justice League:DOCKET NUMBER: 1:10-MD-02193
PACER CASE NUMBER: 131942
14.0 AMENDED COMPLAINT (Consolidating Cases) against BAC Home …
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69.0 AMENDED COMPLAINT (Second Amended Consolidated Class Acti…
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Some things never change and… “Some things are too important to be left to the the private sector” (George Calloway).
Solari Special Report
by Catherine Austin Fitts
“Information is the hardest currency.”
~Andrew Vachss
Washington’s negotiations to address the fiscal cliff of automatic tax increases and spending cuts legislatively triggered at the close of 2012 are the latest in an ongoing effort to address increasing U.S. federal government deficits and debt levels. Enormous monetary and fiscal stimulus has failed to produce an economic recovery. In short, the U.S. government and central banks have failed to dig out. Instead, they are now dug in deeper. What to do now? Continue reading
The Center for Public Integrity posted a superb article by Reity O’Brien and Chris Young.
“At least five and perhaps as many as eight of the nine members of the U.S. Supreme Court are millionaires according to recently released financial disclosures, and only two hold any consumer debt.
Assets on the forms are reported in a range making it impossible to say precisely how much each justice is worth, but suffice to say, none of them are hurting financially. Continue reading
See the BofA employee Affidavits and Declarations on
DoctelPortal: [CLICK HERE]
Bank of America lied to distressed homeowners, former employees say
Bank of America systematically worked to deny thousands of loan modifications with specific delay tactics that included lying to homeowners and repeatedly requesting documents employees knew were already in the system, according to statements added last week to a multi-district lawsuit filed in federal court.
The suit, which is seeking class-action status and includes a Boynton Beach homeowner, claims the lender purposefully hindered modifications requested by borrowers through the federal Home Affordable Modification Program.
According to former employees of the Charlotte, North Carolina-based bank, loan modification agents handled up to 400 cases at a time and eligible borrowers were pushed into foreclosure during periodic “blitzes” where any file with documents 50 days old or older was automatically denied.
“This included files in which the homeowner had provided all required financial documents and fully complied with terms of the trial period,”…
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And the penalty is??? Would you be surprised if BofA’s excuse was fabricated too?!
Excerpt:
“Beginning in 2009, I regularly spoke to people who had received HAMP Trial Period Plans, made their trial payments, and who were calling to inquire about the status of their expected permanent loan modification. I also saw records showing that Bank of America employees had told people that documents had not been received when, in fact, the computer system showed that Bank of America had received the documents. This was consistent with the instructions my colleagues and I were given. We were told to lie to the customers and claim that Bank of America had not received documents it had requested, and that it had not received trial payments (when in fact it had). We were told that admitting that the Bank received documents would open a can of worms since the Bank was required to underwrite the loan modification within 30 days of receiving those documents…
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While the foreclosure crisis might sound to some like duck soup, Professor John E. Campbell from the University of Denver Sturm College of Law has taken the time to dissect the issues in his Mortgage Crisis in a Nutshell video explaining precisely what has happened to homeowners and searching for the reasons why.
Prof. Campbell explains what has happened in the traditional sense and how Mortgage Electronic Registration Systems, Inc. participated in part of the scheme. He also discusses how and why the homeowners were not intentionally at fault.
In this one-hour video, Attorney John E. Campbell explains the main aspects of the mortgage crisis that has devastated the U.S. housing market and the economy. Watch the video and then let’s discuss securitization in a little more detail below. Continue reading
Yesterday was spent reading a brilliant new ebook ShellGame-MERS: Contrived Confusion by retired attorney/CPA Robert Janes. Not enough can be said about this powerful paper that accurately outlines the errors of the foreclosure machine. IT IS A “MUST READ”!
Robert Janes has previously written a book called “Fighting The Foreclosure Machine” and has a website with the same name, with great newsletters contained therein. It is all about the UCC and the material is in regard to making the banks prove who can enforce the Note.
This is fabulous information and used in a lot of Quiet Title actions and Oppositions to Motions for Summary Judgments. Judges are starting to listen to these arguments which is to put a stop to the fabrication of documents and fraud stemming from the “foreclosure machine.” Continue reading
Take your pick – could be Fannie and Freddie are in on the intentional failure to assign mortgages to their trusts and/or have a stake with their own leasehold patents. See https://deadlyclear.wordpress.com/2013/06/07/remic-armageddon-on-the-horizon/
Sen. Warren Blasts FHFA for Blocking Short Sales
WASHINGTON — Sen. Elizabeth Warren is taking the Federal Housing Finance Agency to task, criticizing the conservator of Fannie Mae and Freddie Mac for opposing short sale deals designed to keep original borrowers in their homes.
In an op-ed published this week in the Dorchester Reporter, a community newspaper based in the Dorchester section of Boston, the Massachusetts Democrat said the FHFA “has blocked the way” to such deals through what is known as an “arm’s-length” policy.
It’s about time somebody recognized it. David Reiss and Brad Bordon posted a dynamic review of the most recent ‘slap down the banks’ cases of Saldivar and Erobobo and the potential impact on the [failed] REMIC tax shelters in REFinBlog.
David Reiss writes: “Brad Borden and I have warned that an unanticipated tax consequence of the sloppy mortgage origination practices that characterized the boom is that MBS pools may fail to qualify as REMICs. This would have massively negative tax consequences for MBS investors and should trigger lawsuits against the professionals who structured these transactions. Courts deciding upstream and downstream cases have not focused on this issue because it is typically not relevant to the dispute between the parties. Continue reading
The Federal Deposit Insurance Corporation (FDIC) chairman serves at the pleasure of the President of the United States. During the financial crisis of 2008, Sheila Bair was chairman of the FDIC and was a member of a very small club: competent crisis-era financial regulators. Bair was one of the primary policymakers in Washington, DC during the 2007–2009 financial force majeure.
It was during that time many banks and pretender lenders failed, including IndyMac Bank, FSB and Washington Mutual aka “WaMu”. Deals were contrived between banks by the FDIC as it stepped in as receiver to peel off assets making Master Purchasing Agreements between parties.
In some cases, like IndyMac and WaMu, these deals were struck before a bank could seek reorganization under bankruptcy protection. These “deals” included sealing documents that it appears pertain to sale agreements and the operations of the banks that probably should have led to a Securities and Exchange Commission investigation – rather than covering up the potential for fraud under court seal of, as it appears, the “Unassigned Records” as in the case of IndyMac. Continue reading
Deadly Clear 