In the process of research for a homeowner in the throws of foreclosure hell, albeit stayed in moratorium for the purposes of COVID as a “Federally backed mortgage loan” pursuant to the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a little unknown gem of information surfaced.
The main focus 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. Continue reading →
You can’t fight city hall, the saying goes. But Gayle McLaughlin, the mayor of Richmond, Calif., a city of 100,000 souls, would tell you that fighting Wall Street is harder. Even for city hall. Continue reading →
The failure of the U.S. government to prosecute those who were the masterminds behind the NTMs (nontraditional mortgages) and subprime loan debacle, that more likely appear to have been an intentional Ponzi-like scam, makes Eminent Domain a plausible solution for relief. If handled properly Eminent Domain may actually save homes and families – not to mention saving lives and local governments that foolishly invested in unregulated and rigged derivatives and securities.
Do the math. Hypothetical figure (conservative): $900 month payments X 67 million MERS mortgages X 12 months (1 yr.) = $723,600,000,000 new revenue stream annually – and this figure is conservative… it’s likely 2-3 times higher and this is JUST MERS. Continue reading →