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David Dayen,”Housing crisis has led to breakdown of the Social Order”
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Bank of America Attorney: “Government should stop looking for Fraud where it doesn’t Exist”
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Very well positioned. They think they are protecting the banks from failing by allowing the the foreclosures to keep them liquid and stopping the fines for bad behavior. Let’s face it – the crash will likely wipe them out of retirement investments. Karma is a bitch.
If they really wanted to clean up the banks and protect American citizens they’d confiscate the computer programs and software designed to default America…and regulate the industry.
Renewing the Statute of Limitations Accidentally: Modifications and Payments
Who Can Go After Banks for the Foreclosure Crisis?
4th DCA Florida: Exploding the Merger Myth
UNSEALED: DOJ Confirms Holders of Securitized Loans Cannot Be Traced
Exactly what was just discussed. It’s time to put the judges on the hotspot – “please define the terminology your honor” – what do the words “transfer” and “sold” mean to you? Do the four corners of these notes and mortgages contracts allow for the distorting of legal principals without disclosure?
Great job by 4closurefraud website!
Originally posted at http://mortgageflimflam.com
With additional edits by http://4closurefraud.org
In a filing unsealed on June 3, 2016, the Department of Justice (DOJ) confirms what many of us have known for years. Nobody, not even the U.S. Government, with massive resources, can determine who owns your loan and has the right to collect on your mortgage.
The information comes from case files unsealed on June 3, 2016 by federal Judge Yvonne Gonzalez Rogers of the Northern District of California in the case of the United States v. Discovery Sales, Inc. The case involves some 325 fraudulent loans originated by Discovery Sales, Inc. (DSI) between 2006 and 2008, many of which were then sold to Wells Fargo Bank and JP Morgan Chase to securitize.
The Discovery Sentencing document on page 9 states:
The originating lenders who made loans to purchase DSI properties, including Wells Fargo…
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One Step Closer: It’s Impossible to Tie Any Investors to Any Loan
THIS POST HAS BEEN MOVED TO GARFIELD’S BLOG:
Interesting thought here as I read Chain of Title which makes a point to say the investors don’t own the actual loan. We now have documents that identify the mortgagors as a third-party to the process between the banks (and of course they would have to be since they unwittingly, with no disclosure, pledged their collateral); and, agreements defining the unlimited use of the collateral assets to pledge, repledge, reuse, rehypothecate, hypothecate – all of which the homeowners did not agree or allow by contract. It is time to make judges define their understanding of the word “transfer” in the note and “sold” in the mortgage.
These are not traditional mortgages. The securitization and “procurement of collateral” agreements were pre-existing to the faux mortgage and note documents and the homeowner’s signature. However, there was no disclosure to the homeowner. These were internally contracted securities transactions.
BASIC INC. v. LEVINSON, 485 U.S. 224 (1988) identifies fraud on the market. Omission is just as serious as misrepresentation.
The Onset of Depression During the Great Recession: Foreclosure and Older Adult Mental Health
Elizabeth Warren Slams Donald Trump’s “Huge Conflicts of Interest”loans from Deutsche Bank
Earlier this week, Mother Jones reported that Donald Trump’s loans from the German-based Deutsche Bank—totaling at least $100 million and possibly much more—would pose a significant conflict of interest, should Trump, the GOP’s presumptive nominee, become president. After all, the bank was recently caught manipulating markets around the world (and had to pay $2.5 billion in fines), and it has tried to evade US laws aimed at curtailing risky financial shenanigans and has attempted to influence the US government via lobbying.
Richard Painter, an attorney who teaches at the University of Minnesota and who was the chief ethics lawyer for President George W. Bush from 2005 to 2007, noted that Trump’s relationship with the overseas financial giant was disturbing: “Having a president who owes a lot of money to banks, particularly when it’s on negotiable terms—it puts them at the mercy of the banks and the banks are at the…
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