In case you think I am making this stuff up….read this

Bottom Line: the consensus view that we are dealing with unpaid loans is false. There can’t be a default if all the players are getting paid and actually making money on the decline in the value of the loan data.

And those false pretenses included false or incomplete appraisals and other computations of viability of loans — a duty that is strictly put on the lenders (TILA) not the borrowers who as a matter of statute and public policy do not have the education, training skills or understanding of mortgage lending.

Source: In case you think I am making this stuff up….read this

Ex-OneWest Chief Surprises Wells Fargo With OCC Enforcement

On Thursday, the OCC banned former Wells Fargo CEO John Stumpf from the banking industry and fined him $17.5 million (13 million pounds) to settle charges he failed to put a stop to sales misconduct – the most it has ever secured from an individual. Among other former executives charged was retail banking head Carrie…

Source: Ex-OneWest Chief Surprises Wells Fargo With OCC Enforcement

Where are you George Bailey? You apparently are not in the White House…

Worth remembering.

Deadly Clear

In 2010, Meg Rehrauer, a J.D. Candidate at Northeastern University School of Law, wrote a memorable paper:


It’s Christmas 2 years later and we’re still reeling in foreclosures and frauds committed by the banks because America is stuck in the portion of George Bailey’s dream as if he hadn’t been born.

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The Eerie Similarities Between American Homeowner Foreclosure and the US House Impeachment Inquiry(s)

By Sydney Sullivan

For over a decade, American Homeowners have been fighting the corruption that stems from the banks to legislators and down through the judiciary… and all the way up to the top of the political chain. Mortgages and Notes were faux pieces of paper created after American Homeowners filled out Fannie Mae 1003 applications where their personal  information and properties were sold into securitization/rehypothecation slavery before they signed the fake mortgage deals.

With this corruption grew tons of charlatans riding the gravy train at the expense of naive, sleepy homeowners and business owners who trusted their banks and Continue reading

Answering the Shell Game

LivingLies: “Everything that happens in correspondence, statements and enforcement actions is specifically designed to make lawyers, homeowners and judges think that is not the case. Everything is designed to create the false impression that the parties involved have every legal right to originate, process and enforce residential loans when in fact no such authority exists.

The foreclosure process is just one step in many that results in unconscionable profits, fees and commissions distributed to a multitude of players whose livelihood depends upon successfully duping the courts into allowing foreclosure despite the fact that the money from the forced sale will never be paid to the investors who paid for the debt.”

Source: Answering the Shell Game

Interesting NY Decision on Acceleration: U.S. Bank N.A. v. Gordon, 176 A.D.3d 1006 (2d Dept. 2019)

LivingLies: “And of course the declaration of intent is contained in a “notice of default” that is a complete legal nullity, to wit: it is declared on behalf of U.S. Bank and a trust neither of which have any interest in the loan.

In short, the courts are willing to bend every rule, break any logical flow, and divert every rule in order to rule in favor of nonentities just like this case. U.S. Bank had no right, title or interest in the loan, debt, note or mortgage and neither suffered any financial loss for nor was it exposed to any default  declared or otherwise. And neither did any entity supposedly or presumably represented by U.S. Bank.”

Source: Interesting NY Decision on Acceleration: U.S. Bank N.A. v. Gordon, 176 A.D.3d 1006 (2d Dept. 2019)

Why Are All the Documents Fake in foreclosures?

LivingLies: While Judges recognize irregularities in the documents and procedures invoked in foreclosures, they are proceeding under the doctrine  of “damnum absque injuria.” The judges are saying that there might be a violation but there is no injury because you owe the money and didn’t pay it therefore you should lose your home and the interests of justice are thereby served.

DC: Did you know you were gambling your property and personal data on Wall Street? Did anyone disclose to you, at any time, that this was not a traditional mortgage – but rather a securities transaction?

Source: Why Are All the Documents Fake in foreclosures?

Capitalism is Not Failing

LivingLies: “Citing “capitalism” as a defense no assassin would be set free because he killed for money. Nobody in their right mind would accept a defense of capitalism for someone who robbed, poisoned, shot, stabbed, or stole from a person or company if the defense was “I did it for the money.” That’s not capitalism. It’s robbery, assault, murder or theft.
Politicians manipulate us with labels. The goal is not capitalism or money. The goal is a better life. Capitalism has proved better than other systems at achieving prosperity, strength, consistency and quality, but it hasn’t been perfect. Like all systems it needs to be fine tuned continuously to make sure we don’t fall back into a feudal systems where a few mega rich people have all the power and use it to get more power by subjugating the rest of us.”

Source: Capitalism is Not Failing

Not So Fast! Statute of Limitations Bars Claims for Enforcement of Statutory Duties But Does Not Bar Other Action For Damages Based on That Duty.

LivingLies: “The court disagreed with the bank, determining that while the mortgage modification application was filed pursuant to HAMP, the plaintiffs “do not seek to enforce HAMP.” Instead, the plaintiffs argue that the wrongful denial of their application and failure to disclose the calculation error for three years “constitutes unfair or deceptive conduct in violation of the [WCPA].””

Source: Not So Fast! Statute of Limitations Bars Claims for Enforcement of Statutory Duties But Does Not Bar Other Action For Damages Based on That Duty.

State of the Union: Securitization is Running Amok and Taking Us All down With It

LivingLies: “Since 2000, more than 20 million people have been wrongfully displaced from their homes by parties invoking foreclosure laws, millions more lost jobs, and millions more suffered loss of economic opportunity, status and income as investment banks now masquerading as commercial banks continue to rake in huge amounts of revenue — sharing none of it with the investors who put up all the money or the borrowers who put up then lives, their signature, their credit reputation and their homes.”

DC Editor: 20 million is a very low figure considering over 100 million homes (2.5 persons per HH) have clouded titles. Just because they don’t know it yet – it is still problematic


Source: State of the Union: Securitization is Running Amok and Taking Us All down With It