(CN) — Homeowners can sue Bank of America for claims it feigned compliance with a mortgage assistance plan that was a condition of the bank’s $45 billion bailout in 2008, the 10th Circuit ruled Monday.
Bank of America hired Urban Settlement Services dba Urban Lending Solutions to administer its Home Affordable Modification Program, or HAMP.
The bank was required to participate in HAMP as a condition of receiving a $45 billion bailout from the federal government to shore up the bank’s bad loans during the 2008 financial crisis. The government also guaranteed $118 billion in potential losses at the bank.
HAMP required Bank of America to collect financial information from at-risk borrowers, and evaluate their eligibility for a loan modification that would allow them to pay a lower interest on their mortgage.
The program allowed eligible borrowers to enter a trial period plan to demonstrate their ability to make lower…

Can be assessed on DCLeaks website.

The Court, possibly because of the pleadings and briefs refers to the Trust as “US Bank” — a complete misnomer that reveals a completely incorrect premise. Despite the clear allegation of the existence of the Trust — proffered by the Trust itself — the Courts are seeing these cases as “Bank v Homeowner” rather than “Trust v Homeowner.” The record in this case and most other cases clearly shows that such a premise is destructive to the rights of the homeowner and assumes the corollary, to wit: that the “Bank” loaned money or purchased the loan from a party who owned the loan — a narrative that is completely defeated by the Court rulings in this case.

see B246193A-Kehstgar

“[It was] the poverty caused by the bad influence of the English bankers on the Parliament which has caused in the colonies hatred of the English and . . . the Revolutionary War.” – Benjamin Franklin

Fannie and Freddie have reportedly been cash-cows for the federal government who have allegedly held the quasi-governmental guarantors hostage during eight-years of government receivership.   Fannie and Freddie have returned to the Treasury over $60 billion more than they received in the bailout. But the amount they owe to the government remains outstanding.  It is likely that the tax payer is being prepped to dole out another bail-out for the profitable GSE’s that insure trusts that are empty or no longer exist.

Fannie and Freddie are antiquated dinosaurs that contributed to the foreclose melt-down.  As nothing more than guarantors for empty trusts, they routinely attempt to foreclose on homes they don’t own and loans that…

Despite talk of “recovery,” former homeowners remain scarred after their government abandoned them

DAVID DAYEN

“I have been fighting this bank for over five years now. I am finally losing everything to their fraud.”

“We feel captive in our own home.”

This is a sampling of what I have awakened to practically every day for the past few months, since my book “Chain of Title: How Three Ordinary Americans Uncovered Wall Street’s Great Foreclosure Fraud” came out. Hundreds of people have emailed me, sent me letters, attended my public events, to relate their personal horror stories of foreclosure and dispossession. They come from across America, from different social and economic backgrounds. Some lost everything, and some haven’t given up.

They contact me, a non-lawyer who has only written about and not participated in their struggle, because they have been abandoned, by…

Nearly 650,000 borrowers to receive more money from Independent Foreclosure Review

Huffington Post:

Trump’s campaign on Monday pulled down his old tax plan from his website, and replaced it with the text of his Detroit speech. The original plan would have capped income taxes at 25 percent and long-term capital gains and dividends at 20 percent, while adding $12 trillion to the national debt.

In its place, Trump offered the same basic ideas, with some slightly shifted details. More details, he said, would be provided “in the coming weeks.”

He also offered some of his usual refrains: Trump lamented that the country had strayed from an “America First” policy; bemoaned that skyscrapers had been built in Beijing and refugees had been accepted into the U.S.; and called the unemployment rate a hoax.

“All of our policies should be geared towards keeping wealth inside the United States,” he said.

Trump is struggling in the polls after spending the last several days insulting…

States long imposed fees to record documents in land records.

The Mortgage Electronic Registration Systems loan registry system, created in the mid-1990s, meant lenders no longer needed to record security interest assignments in county land records each time they transferred a promissory note.

As a result, many counties sued MERS to force MERS members to record future security interest assignments and recover fees they claimed were “lost” because MERS members stopped recording assignments. MERS won the large majority of these cases.

[Note: Read HousingWire’s extensive chronicle of MERS proceedings, 600+ pieces of content, by clicking here.]

Connecticut tried a different tack to recover these alleged “lost” fees:  it amended the state’s land records statute to impose higher fees on mortgages for loans registered with MERS.  MERS filed suit to challenge the constitutionality of the statue, but in a February 2016 decision captioned MERSCORP Holdings, Inc. v. Malloy, the…