Neil Garfield, 

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waves Conference Date and Time: October 14, 2010 12:00 PM
Duration of Recording: 1 Hour, 31 Minutes, 2 Seconds
Recording File Size: 32 MB
Recording Expiration Date: November 13, 2010 01:46 PM
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10 Responses

  1. […] of New Resources + Rhinospike ■LISTEN TO LIVINGLIES ANNUAL MEETING Possibly related posts: (automatically generated)The Compiled […]

  2. Hi, I have been denied modification by citi mortgage after 15 months on trial period payments. What can I do now to keep my home. Its worth 200k less then my note but I still want it.Please give me a number to call for help.Thank you Teodora soenksen 602 486 8369

  3. Very good info on the conference. I do take issue with somethings . Such as the original funding. I still believe the notes where directly monetized at the FED window. One such vehicle for that is the Borrower in Custody Program.
    Another mechanism is Public Law 106–122

    This means simply the money for the loan was simply printed. Remember the Fed stopped printing M3 data and they claim FED discount window transactions are secret even from Congress.

    Without recourse means the transfer of the note was a sale , not a loan.
    The only objects that went into the securitization scheme were E-Notes with no legal validity.

    Face the facts people there were 2 currencies circulating in the US. Federal Reserve notes and private issued notes backed by real estate. There is no legal difference between them.
    Federal Reserve notes are declared legal tender but no where does it say in law that it is the ONLY legal tender.

    The bottom line is this is a TAX issue. What being hidden is the circulation of private currency as if they where FRN’s.

    Here’s evidene that the tax issue is what they are really scared of . The originators will be subject to 100% tax because they “borrowers” note they got for free and then they sold it. The face value is the profit.

    It seems the banks are doubling down as we speak…
    They are desperate to get these instruments in to a tax exempt vehicle.

    Bank of America Re-Remics Cut Mortgage Debt as Basel Rules Loom

  4. Neil–

    That was a fantastic phone conference.

    Where might we go to listen to the recording? Will it be transcribed, and if not, would you like for me to try to transcribe it? Seem s like the very least I could do….


    Santa Rosa / Eureka Division presents

    A Further Seminar in Bankruptcy Practice and Procedure

    “The Court Granted My Lien Strip Motion, I got the Plan Confirmed, My Client Completed the Plan, and the Discharge has Been Entered. Now What the Hell Do I Do?”
    Monday, October 25, 2010, at 4:00 P.M.
    United States Bankruptcy Court
    99 South E Street, Santa Rosa

    Many bankruptcy attorneys appear to have forgotten everything they learned in first year real property law. Poorly drafted lien strip motions leave the case in procedural limbo after the Chapter 13 discharge has been granted. Many orders the court has signed contain mandatory injunctions which may be unenforceable. Some orders do not even properly identify the subject property or the lien being stripped. This seminar will discuss lien strip procedure from start to finish, including sample forms of motions and adversary proceedings and suggested procedures for a debtor’s counsel to obtain a final order permanently stripping the lien that has at least a prayer of a chance of passing title insurance muster without need of a subsequent quiet title action.

    Attendance at this seminar is limited to attorneys, trustees and other bankruptcy professionals. There is no charge for enrollment or materials. For reservations or further information email

    This activity has been approved for Minimum Continuing Legal Education credit by the State Bar of California in the amount of 1 1/2 hours. The United States District Court Practice Program for the Northern District of California certifies that this activity conforms to the standards for approved education activities prescribed by the rules and regulations of the State Bar of California governing minimum continuing legal education.

  6. Is MERS Commercial About To Break The CMBS Market?
    Tyler Durden’s picture
    Submitted by Tyler Durden on 10/11/2010 12:41 -0500

    The irresponsible actions by MERS are rapidly becoming the stuff of folklore: from their direct and indirect involvement in every fraudclosure, to the president himself falling for what appears to be a MERS agent with a split signature personality, to MERS just-released refutation of it ever having done something wrong, the hammer on MERS seems to be preparing to fall with a resounding thud. Yet with everyone focusing on MERS’ involvement in the residential mortgage space, pundits have ignored that “other” space where MERS made the possibility of outright robosigning fraud a distinct possibility – commercial real estate. For specifics one has to go back 7 years in time, to July 28, 2003, and read the following press release from the company titled: “MERS Liberates Commercial Marketplace From Assignments” in which we read that “MERS announces the release of its latest product, MERS® Commercial, designed to eliminate the repurchase risk and costs associated with preparing, recording and tracking assignments for the commercial mortgage-backed securities (CMBS) marketplace.” Ah yes, how convenient for MERS to come to the CMBS market with a “time saving” yet fraud facilitating product, at precisely the time when various CMBS issues would start propagating and flooding the market with hundreds of billions of commercial real estate securitizations. Which begs the question: if residential mortgage foreclosures are being halted and if the very fabric of the MBS securitization architecture is put into question, when will someone ask whether MERS® Commercial allowed such pervasive title fraud as is now apparently ubiquitous in the residential space, to take the CMBS space by storm, and how many billions in dollars will Banc of America Securities, Bear Stearns (d/b/a JP Morgan), GE Capital Real Estate, GMAC Commercial, John Hancock and Wells Fargo be forced to buy back loans that were fraudulently certified.

    Reading through the MERS press release:

    Commercial originators and issuers can save hundreds of dollars in preparing and recording assignments; in cases of cross-collateralized loans, the savings can be in the thousands. Missing interim assignments are eliminated, making the lien release process more efficient for commercial servicers. MERS® Commercial also allows special servicers to foreclose more efficiently by eliminating the problem of missing interim assignments.

    “MERS undertook the task of developing this product with the endorsement of the Mortgage Bankers Association of America and the Commercial Mortgage Securities Association,” said R.K. Arnold, President & CEO of MERS. “It was mainly driven by a need in the commercial marketplace for a simpler loan process, elimination of paperwork and cost-savings.”

    The first MERS® Commercial loan closed on July 10, 2003 by Bank of America for approximately $300 million. It was collateralized by over 40 properties in over 20 states.

    “MERS® Commercial allowed us to more easily originate this complex loan for Bank of America,” said Joe Forte, senior partner at Dechert LLP. “The MERS team was exceptionally responsive to our inquiries. Within 24 hours, they answered all our questions and gave us all the information we needed to close the deal. I believe that the use of MERS® Commercial will quickly become the standard in CMBS transactions.”

    “We are excited about the value that MERS® Commercial brings to the commercial lending industry,” said Janice Smith, head of CMBS conduit operations for Banc of America Securities. “This product addresses the longstanding industry problem involving missing or improperly recorded assignments, while also substantially streamlining the overall loan transfer process. We believe that MERS® Commercial will play an important role in helping the CMBS market maintain its liquidity by making loan transfers simple and efficient.”

    MERS® Commercial for the CMBS marketplace is designed especially for use by issuers, master servicers, custodians, originators and special servicers. It is easily accessed through the Internet, through a secure, password-protected web-based interface. It supports loan structures with multiple promissory notes and multiple properties in the collateral structure, and provides a method to identify how many security instruments and UCC documents were present at the time of loan closing.

    “MERS® Commercial streamlines the final certification process,” said Dan McLaughlin, Executive Vice President, Product Division, for MERS. “It reduces the risk that a lender will have to repurchase a loan.”

    MERS® Commercial has been jointly funded by Banc of America Securities, Bear Stearns, GE Capital Real Estate, GMAC Commercial, John Hancock and Wells Fargo.

    “It is important for the success of this effort that the industry’s critical players are involved and committed,” said Carson Mullen, Executive Vice President, MERS Customer Division. “They have given their financial support from the outset, as well as their participation in the development of the final product.”

    “We are excited about the potential for MERS® Commercial,” said Mary Anne Ashmore, Chair of the CMSA/MBA Task Force on Loan Document Integrity and First Vice President of ABN AMRO/LaSalle Bank,. “In addition to reducing the risks associated with collateral documents, it also significantly reduces the costs associated with assigning the collateral to the Trusts. This makes it a perfect solution for our industry.”

    Oopsie. Perhaps the perfect solution to the CMBS industry will also just end up being its perfect downfall. At least we now know that once MERS fraud is exposed for all to see, that Banc of America Securities, Bear Stearns (d/b/a JP Morgan), GE Capital Real Estate, GMAC Commercial, John Hancock and Wells Fargo (and likely many others), will soon be forced to “repurchase all those loans” they thought were safe in the title certifiation department.

    We, for one, can’t wait to see how long the CMBS market tries to stay mum about this so overdue next leg down in the commercial mortgage industry. On the other hand, with various CMBX tranches trading close to all time highs, it may be a fitting epilogue to the most contrarian story in the history of commercial real estate. Plus it is not like any one of those tenants are actually paying their rents.

    If nothing else, it will at least force Bernanke to finally step in and destroy all speculations and rumors that the Fed may actually allow the commercial mortgage backed security industry to fail, even as intrinsic securities’ valuations are rapidly dwindling courtesy of the second great depression.

  7. Hi Neil,
    just wanted to let you know what’s going on up here in the live free or die state, New Hampshire. My home that I live in is currently with the New Hampshire Supreme Court for a decision due soon.
    But another interesting development has happened in line with the Robo signing mess. I have a condo that was previously attempted to be foreclosed upon by Indy Mac, the FDIC as receiver of Indy Mac and now Fannie Mae is attempting to foreclose. The original mortgage was a MERS mortgage in the name of Indy Mac FSB. Originally, there was no assignment at all. On July 2, 2010 an assignment was recorded dated July 2, 2010, after they tried to foreclose two times in other names.
    The new assignment was from MERS to Fannie Mae and interestingly enough, it was signed by the famous Erika Johnson Sec. Also, just a note to let you know who to major foreclosure mills are in New England that I know of. One of them is Harmon Law offices in Newton, Mass. The other one is ABLITT law offices in Woburn, Mass.

    , keep up the good work.
    Steve Brunelle

  8. Neil – your timing doesn’t make any sense. Reschedule this thing so that it starts about 8 pm EST. How many folks are going to be able to participate at the time that you presently have scheduled???

    Not many, I’m guessing.

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