“I ask you to consider the fact that the investment banks were indeed making a lot of money on 2% loans. How? By selling your signature, your name and your financial reputation all without disclosure or even a wink at getting your consent.”
In order to maintain the illusion of legality and an orderly marketplace the banks and their servicers must continue to push foreclosures even if it means going after people who are not actually withholding payments. The legacy of the mortgage meltdown and the brainless government policies that let the banks get away with what they…
”The courts don’t want to hear about esoteric arguments about the securitization process.” How can the judges or any lawmaker refuse to discuss securitization? It happens to be at the core of the [mortgage] transaction, established and in place before the faux mortgage and note documents were even drafted.
Source: If you think foreclosures are a thing of the past, think again
By Sydney Sullivan
Homeowners in Hawaii are still victims of the mortgage fraud that originated at the turn of the century. Hawaii led the CHARGE changing some of the foreclosure statutes that were relatively unjust toward homeowners and in conflict with due process issues.
Even with those changes the foreclosure process, fraud on the courts, fraudulently concealed parties, forged documents, and troubling securitization/rehypothecation process still plague state records and the courts. Hawaii State Senator Mike Gabbard championed a Resolution “Requesting the Director of Commerce and Consumer Affairs to convene a MORTGAGE foreclosure fraud task force to develop recommendations to improve mortgage fraud protections for consumers.” Interest by many gave an opportunity for testimony and gained a hearing last Monday. SRC 181. Continue reading
Interesting…
Wells Fargo WFC, +0.54% Chief Executive Timothy Sloan received total compensation of $18.4 million in 2018, according to the bank’s proxy statement released Wednesday, an increase of $1 million. Though his performance share award was $1 million less, he received a $2 million annual incentive due to what the bank called his “continued leadership on the Company’s top priority of rebuilding trust, and his performance against his 2018 individual qualitative performance objectives.”
“And take note that not all promissory notes are necessarily negotiable instruments and that therefore they too are not entitled to the benefit of legal presumptions under Article 3.” Especially if these are securities transactions rather than traditional mortgages.
“The plain wording of the statute says that once the notice is sent the OLD loan agreement is replaced with a NEW statutory mandatory loan agreement. This is the factor that is missed by most lawyers and judges on trial and appellate courts.“
“I think what the judge is telling you is that if you want to do something, in his opinion, you should file necessary papers to remove the DOT from your chain of title.“
“This is your opportunity to drill home the fact that they did not, in their complaint, identify the Plaintiff. While US Bank is a legal entity, it is not appearing on its own behalf. This leaves the question of “on whose behalf” do the attorneys attempt to state that US Bank is appearing?”
By Sydney Sullivan
The main focus on The Foreclosure Hour this week, Blackrock & PIMCO, et al v. U.S. BANK NATIONAL ASSOCIATION, was so powerful it deserves to be highlighted. As usual legal protocol, the Plaintiffs’ claims are accepted by the court to be true. For example, the next move for the Defendant might be to file a motion to dismiss, a court must accept all well-pleaded facts as true, viewing the facts in the light most favorable to the plaintiff.
WARNING: The contents of this complaint is likely to make certain foreclosure judges with hefty Plaintiff hedge funds preferred shares in their investment portfolios extremely nauseous.
Plaintiffs Blackrock & PIMCO and a multitude of subsidiaries, affiliates, associates, closely related and closely held companies for each sued U.S. BANK NATIONAL ASSOCIATION for BREACH OF CONTRACT; VIOLATION OF THE TRUST INDENTURE ACT OF 1939; BREACH OF FIDUCIARY DUTY; BREACH OF DUTY OF INDEPENDENCE; AND NEGLIGENCE.
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Europeans are a stone’s throw across the pond and what happens there eventually, like the Beatles, happens here. Many in the Euro-zone are asking each other and themselves:
“Is your money safe in the bank? Obviously not if you deposited large sums in Cyprus – where the decision to raid savings accounts has rung alarm bells in other countries teetering on the bank bailout high-wire,” postsGiles Tremlett of the UK’s Guardian News.
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