Tag Archives: Foreclosure

“Crappy settlements” have become a cheap payoff system not serving the public interest.

Posted on by
4

It will only continue to get worse. What will it take for our politicians and government to understand that the securities fraud committed by Wall Street and their associates have created joblessness, homelessness, foreclosure and eviction that has affected families across the country? How can we continue to ignore the enormous wrongs?

Judge Rakoff was right when he told the Securities and Exchange Commission that their deal with Citigroup Global Markets, Inc. was not transparent enough and stated,
“[T]he Supreme Court has repeatedly made clear, however, that a court cannot grant the extraordinary remedy of injunctive relief without considering the public interest.”

The public interest has been sorely damaged by the fraud committed by the Wall Street Continue reading →

Coming Home to Roost – Congressional Oversight Panel, “Banks cannot prove they own the loans…”

Posted on by
21

In the recent filing November 9, 2011 of an Ohio case, Deutsche v. Holden, in the Court of Common Pleas in Summit County, (Akron) Ohio, defense attorneys submit that the note had not been transferred pursuant to the PSA therefore the foreclosing entity (Deutsche) did not own the note and mortgage.

Holden‘s Motion to dismiss cites the November 16, 2010 Congressional Oversight Panel’s (COP) report titled “Examining the Consequences of Mortgage Irregularities for Financial Stability and Foreclosure Mitigation” as well as the PSA and New York trust law.

Senator Ted Kaufman warned that the COP investigation found evidence that he stated as the worse case scenario, “considerably grimmer” where “robo-signers served to conceal the fact the banks cannot prove that they own the mortgage loans that Continue reading →

The IndyMac Whodunit Blame Game – former CEO blogs his rationalization

Posted on by
4

Financial Finger-Pointing Turns to Regulators 
By  and Published: November 22, 2011

Putting the spotlight on former IndyMac CEO, Micheal Perry, who recently set-up a self-serving blog to try and achieve a sympathetic audience for the justification of the demise of his company and the charges brought by the SEC. The NY Times writes:

“In the whodunit of the financial crisis, Wall Street executives have pointed the blame at all kinds of parties — consumers who lied on their mortgage applications, investors who demanded access to risky mortgage bonds, and policy makers who kept interest rates low and failed to predict a housing market collapse.

But a new defense has been mounted by a bank executive: my regulator told me to do it.

This unusual rationale is presented by the bank Continue reading →

STOP Justice Department officials – Sign Resolution Against Wall Street Immunity

Posted on by
2

Top Justice Department officials are pushing hard to bring the Wall Street immunity deal back from the dead. Can you sign on as a citizen signer of Baldwin’s resolution against Wall Street immunity? Click here to sign.

Fortunately, Rep. Tammy Baldwin (D-Wisconsin) leaped into action with a congressional resolution opposing Wall Street immunity.

Within days, 27 of her colleagues signed on — and the more co-sponsors we get, the more pressure the Justice Department will feel to back off.

Continue reading →

“The REMICs have failed! “The REMICs have failed!”

Posted on by

If Paul Revere were alive today he would be riding through the town warning “The REMICs have failed!” However, the government these days would go, “Shhhhhh!”

Most average homeowners have no idea what a REMIC is – actually most attorneys have no clue …. so, you know many of the Judges are completely in the dark.  REMICs are a form of IRS tax shelter sold to investors as part of the mortgage-backed securities package (Real Estate Mortgage Investment Conduit (“REMIC”) pursuant to I.R.C. §§860A-G).

The documents that killed the REMICs may actually help save your home. Continue reading →

Credit Default Swaps: The Insane Problem and the Radical but Sane Solution

Posted on by
5

With nearly 4 solid years of foreclosure injustice spewing from the courts and millions of homeowners continuously getting skunked, it has become a necessity to figure some way to explain to even the brightest (judge) on the bench the answer to, “[D]id you pay?” 

It doesn’t matter what state (although some are a lot worse than others) or what faction of the judiciary, state, federal, bankruptcy, appellate – the question they always ask, “[D]id you pay?”  We’ve all heard the standard answers:

  • “I don’t know who to pay…”
  • “I owe someone, but it’s not these guys…”
  • “I lost my job, but I can pay now and they won’t take my money…”
  • “All I need is a little reduction in my monthly payment…”

The list goes on – but the real answer if there is a trust involved might be, “Well, your honor, I don’t think I’m in default.” And of course the judge is going to say, “why is that – did you pay?” And the likely response might be, “your honor, there’s these things called Credit Default Swaps and my note is Continue reading →

Ratigan on Delaware Fights MERS® – “even where Washington has failed to do so”

Posted on by
3

Delaware AG Beau Biden: Fighting Fraudclosure
October 28, 2011

Dylan Ratigan has been a powerful journalist in the investigative media exposing the frauds and government mismanagement of the Wall Street Ponzi scheme that lead to the worldwide financial collapse. Delaware AG Beau Biden is the most recent of attorneys general to file a lawsuit on behalf of the homeowners in Massachusetts against MERSCORP, Inc.  Ratigan’s interview with AG Biden identifies the significant issues that ALL attorneys general (including Hawaii) should be considering.

CLICK HERE for the interview.

Continue reading →

COMPLAINT | STATE OF DELAWARE v. MERSCORP INC. Go Go Beau!

Posted on by
10

As most of us are aware – it’s about time that MERSCORP, Inc. became the thrust of the AG’s investigations. It’s also about time that JUDGES started reading up on the lawsuits against MERSCORP, Inc. and it’s “straw man” empty shell entity Mortgage Electronic Registration Systems, Inc. and quit giving them a free ride. STOP making BAD law thinking you are protecting your pension and retirement funds – THEY ARE GONE!

Complaint | State of Delaware v. MERSCORP Inc

RACHEL MADDOW | BEAU BIDEN ON MERS AND

ACCOUNTABILITY OF MORTGAGE MALFEASANCE

If there is one MUST WATCH interview for all Legislators, lawyers and JUDGES – it’s the MADDOW – BIDEN interview on MERSCORP, Inc. CLICK HERE and pass it along to your friends on the judiciary committees and the Judges on the bench.
Continue reading →

Joe Biden “Gets It” – “God-awful Ponzi schemes” that Wall Street engaged in

Posted on by
Reply

Biden: Because of Bush Administration and Wall Street ‘People Died’ and ‘Homes Burned’

October 19, 2011

(CNSNews.com) – Vice President Joe Biden said Wednesday that “people died” and “people’s homes burned to the ground,” because the Bush administration allowed “God-awful Ponzi schemes” on Wall Street.

Speaking at a rally to promote a piecemeal provision of President Obama’s jobs proposal, Biden told police and firefighters that the budget shortfalls of state and local governments were not attributable to state and local governments.

“Those of you know it’s not really the fault of your mayor or your government,” the vice Continue reading →

Death, Depression, Desperation and Despair; the homelessness of foreclosure is an atrocity of untold magnitude

Posted on by
6

In an effort to appear hunky-dory for the APEC Summit embarking on its shores in November 2011, Tulsi Gabbard and Honolulu city council wanted to pass legislation (Bill 54) to be able to “dispose” of the belongings of street people, many of which are families that have been displaced by foreclosure – a growing number that has been largely ignored by state and federal governments. Continue reading →