SERVICES YOU NEED
Post submitted by Brian Davies. Thank You.
Editor’s Note: Lurking in the background of every loan product sold on new construction is a developer who was “playing ball” with the securitization infrastructure. It was the developer who setting the comparable pricing by raising prices every 2 months to create the illusion of a rapidly rising market. It was the developer who had the mortgage office on premises and screwed around the figures to get that mortgage done regardless of the viability of the deal. It was the developer who actually hired the drive by “appraiser” who contrary to industry rules was given the contract price, the target value and a higher fee for “playing ball.”
If they didn’t play they were out of the game they were left with nothing to do. Either lie or lose your livelihood. Now they face administrative charges from their licensing boards, insurance claims for errors and omissions and possibly criminal charges. (This is also known as music to the ears of Plaintiffs’ lawyers).
It was the developer who was doing the selling of these absurd homes at false prices, giving cover to the mortgage originator which was often a developer related entity that did virtually no due diligence and therefore was not following industry standards for underwriting. The developer made money coming and going and now they want a piece of the action even after the deal if you sell your home — taking a fee or equity piece from the eventual sales price of the home when you re-sell it.
Now the ankle-biting has begun, and the buy-back provisions of the assignment and assumption agreement (see me on you-tube) are being used to make claims on the developers. The purpose though is two-fold: one is to get damages from developers, which is probably unlikely since the very same people who are suing were the ones directing the show. The other one is for the securitization intermediaries to execute their back-up plan of plausible deniability.
They will say they didn’t know or realize what the developer was doing. They didn’t know that the developer whose sales of homes at increasingly ridiculous prices might fudge the paperwork a little to make sure the paperwork went through. It never occurred to them there was a moral hazard in letting the developer set the terms, the prices and the appraisals. If you believe that please call Bernie Madoff immediately. He has an incredible deal for you.
b.DAVIESMD@GMAIL.COM
216.168.213.235
Here is another issue. Builder originator (brokered) buyback for failure to comply with the agreements reps and warranties.
See buyback list for Hovanian—misrepresentations etc.
See INDYMAC FDIC V. HOVANIAN HOMES FOR BREACH OF CONTRACT
This is another part of the puzzle. The FDIC is aware of the fraud, but chooses to do nothing.
brian davies
Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud | Tagged: appraiser, comparable sales, developer, HOvnanian, Lennar |
Ex Attorney Richard Fine an American Hero. This is what we are going against here in California. Unbelievable
http://www.dailynews.com/ci_16181648
Neil Garfield and Company May G-d give you guys strength and courage.
check out the latest bombshell news:
from: market-ticker.org
This is big news. I just got off a conference call with Richard Cordray, the Attorney General for the state of Ohio. He has filed a lawsuit in Lucas County (Toledo) Common Pleas Court against GMAC Mortgage and their parent company Ally Financial, in a suit which names Jeffrey Stephan, the infamous “robo-signer” who signed off on up to 10,000 foreclosures a month across the country with affidavits, without verifying the information in the foreclosure documents. The lawsuit alleges fraud on the part of GMAC, along with violations of the Ohio Consumer Sales Practices Act, in filing false affidavits to mislead the courts in what they describe as “hundreds” of Ohio foreclosure cases. And, the Attorney General is treating every single false affidavit filed in an Ohio court as a separate violation, with a fine of up to $25,000, plus additional restitution for the homeowner of an unspecified amount.
That’s because it is a separate violation.
That’s north of $10 billion dollars, potentially, for GMAC/Ally alone. In one state.
And by the way, he’s also calling it what it is: fraud upon the court. That is, a crime.
There is a hidden bomb in here as well:
Kudos to Matt Weidner
Housing crisis reaches new low
Nancy Jacobini “ who was late on her mortgage payments – shares the harrowing story of how her bank changed the locks on her front door – while she was in the house. Her attorney, Matthew Weidner, also joins her.
http://www.msnbc.msn.com/id/32450072/vp/39543925#39543925
Florida getting danger , read your weapon law :
http://www.msnbc.msn.com/id/31510813/#39543925
Mr. President, Congressmen, and all of [wall street]
(de – emphasis added) and all of MAIN STREET
We demand that our homes come with a Superior Type of Notary that trumps some all of the rotten lier’s who looked the other way!
Since our mortgages got turned into security’s THE LAW SHOULD READ LIKE A REAL SECURITY REQUIRING
“A MEDALLION GUARANTEE STAMP” “REQUIRED”
NO IF AND BUTS PERIOD.
THIS TYPE OF STAMP AND SEAL HAS TO BE WITNESSED IN A “respected financial institution if one still exists”
THE BEARER BOND OR WHAT EVER IS NON NEGOTIABLE WITH OUT PROPER SIGNATURES AND PROOF OF IDENTIFICATION AND WITNESSES. WITHOUT CERTIFICATION A STOCK OR BOND CAN NOT BE MADE NEGOTIABLE WITH OUT THE PROPER PARTY’S IN INTEREST OR WITH OUT THE LAW FULL OWNER PRESENT.
READ THIS MR.PRESIDENT
JUST TRY TO CASH IN A STOCK CERTIFICATE FROM A PREVIOUS MARRIAGE. NOPE CAN’T BE MADE NEGOTIABLE WITH OUT PROOF PERIOD.
OH YA WHY WOULD YOU KNOW ABOUT STOCK AND OWNERSHIP OF ANY THING BECAUSE YOU AND YOUR CRONY’S FEED OFF OF THE PUBLIC AND YOU NEVER PICKED UP ANYTHING THAT WAS NOT PAID FOR BY US THE U. S. CITIZENS.
VOTE NO NO NO NO NO NO NO
Here is a good one —
http://www.scribd.com/doc/38848995/Onewest-Motion-for-Relief-09-20-10-chapter-7
http://www.scribd.com/doc/38849156/Debtor-s-Objection-to-Onewest-filing-for-Relief-from-Stay10-06-10
Do they realize we are not going to quit!!
http://stopforeclosurefraud.com/2010/10/06/please-tell-president-obama-not-sign-the-interstate-recognition-of-notarizations-act/
They take your downpayment every asset and tell you don’t worry market value increased20% you can refinance after the 1 yr lock in. Well we all know what happened next and get this the develpoer
did a deal with the FDIC and have guess what. A holdings company
Well, Well, Well seems to me FDIC is somehow claiming a “right of subrogation” on IndyMac loans to enforce the buyback provision….and at the same time OneWest Bank FSB is foreclosing on people claiming that they own the same loans…..hmmmm.
Let’s not forget also that in many cases BoA or Chase or someone had a $50 or $100 million dollar commercial credit line out to these developers while they were building the neighborhood so they had an interest in seeing that line of credit get paid off…thereby they had motive to facilitate the consumation of the individual mortgages so the developers could sell the house/inventory and pay down the commercial credit line…happens all the time in “retail” …retailers draw big advances on their commercial credit lines to fund inventory during the holiday season and pay it down as the inventory is sold off….except in this case the credit lines were bigger and the inventory was houses….connect the dots grasshopper.
Exactly one of my points. The developer, the builder and banks contrived the plan. Actually the bank who only wanted to create the MBS would use builders name as their mortgage company which was actually the entity of the bank . They were not in the game to sell a quality home but only to use your signature to create the mortgage back security. I sit in a neighborhood which has lost 60% of it’s value due to this scam. Further these bastards want me to continue the payment. I say eat it ! There is no protection for the honest consumer, we now live in Wells Fargo #1 ghetto.
It is time to open up the envelop that contains Obama’a birth certificate and reveal his true identity. He does not represent truth and honor within the United States but rather continues to cover up the criminals who put him in office.
HERE IS A GOOD ONE. THEY TOOK $6MM FROM TAX TO DEVELOP AN AREA. THEY WERE IN SO MUCH OF A HURRY THEY IGNORED PROPER ANNEXATION AND THE PROPER PROTOCOLS TO APPROVE TRACK MAPS.
THEY BULL DOZED ENDANGERED SPECIES.
http://www.scribd.com/doc/38834389/Department-of-the-Interrior-Endangered-Species-Ignored-by-Developer-SUNCAL-LENNAR
THE DEPARTMENT OF THE INTERRIOR COULD ONLY COMPLAIN SINCE THE CITY GAVE THEM THE PERMITS. THEY CARED LESS AFTER THAT
http://www.scribd.com/doc/38833584/Letters-to-Indio-City-Manager-December-5-2009
LETTERS THAT GOT THE MONEY BACK. I STARTED IN MID 2008 AND FOUND SO MUCH FRAUD IT WAS CRIMINAL. SUNCAL TOOK MONEY OFF THE TABLE. THEY FORMED THE TAX BY BEING THE LANDOWNER ENCUMBERING THE LAND FOR 30 YEARS. IT WAS SAID IT WAS ONLY A 1% TAX. HOWEVER THAT WAS BASED ON INFLATED PRICES. THE TAX IS WELL OVER 2%. THAT IS FOR 30 YEARS. THESE PEOPLE TOOK THE MONEY. SUNCAL WAS IN THE WSJ. THEY WERE SUED BY LEHMAN. I WAS ABLE TO GET A $230,000 SURETY FOR LACK OF PAYMENT FOR A DEFICIT SUBSIDY AGREEMENT. THE WEBSITE HAS ALL THE DOCUMENTS FOR ANYONE INTERESTED. THIS IS PART OF THE FIGHT. IT WENT FROM SOIL TO THE TRUST. IT INCLUDED DEVELOPER, APPRAISER, BUILDER, SALES, ORIGINATION, TITLE AND ESCROW, INSURANCE, AND THE REST NEIL HAS DESCRIBED AND TAUGHT ME FOR WHICH I WILL ALWAYS BE GRATEFUL. IT IS HARD TO DO THIS LENGTHY
FIGHT BUT IF IT HELPS OTHERS THEN IT IS WORTH IT.
https://sites.google.com/site/cfd20043melloroosspecialtax/letters-to-the-city-manager-december-5–2008
IN CALIFORNIA THESE PEOPLE PLACED LARGE MELLO ROOS TAXES ON THE PROPERTIES AND THEN TOOK THE MONEY LIKE PIGGY BANK. I WAS ABLE TO GET $3.75 MILLION RETURNED.
https://sites.google.com/site/cfd20043melloroosspecialtax/
THE HARD WORK PAID OFF THESE WERE CRIMINAL ACTS. I AM ON THE BOARD OF DIRECTORS. SEE THE WEBSITE THAT MADE THEM GIVE THE MONEY BACK. THERE ARE LINKS TO THE MELLO ROOS, MINUTES OF MEETINGS. DEVELOPMENT AGREEMENTS. AND THE FRAUDULENT REIMBURSEMENTS. THE BUILDER GOT REBATES OF $12,000 PER LOT IS WAS THE PIGGY BANK. THE MELLO ROOS IS PUT ON HOMEOWNERS 30YEARS FORWARD. THE LAND OWNERS–LENNAR & SUNCAL PUT BY VOTE THE TAX ON THE COMMUNITY. ALL A SCAM. I HAVE ENOUGH TO MAKE THE HOUSE FRAUD LOOK LIKE SMALL POTATOES.