COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary

Reports are streaming in from all over the country that some offices are filing volumes of wrongful foreclosure or quiet title actions on homes that were previously “sold” at auction on a “credit bid” that was as fraudulent as the foreclosure action that preceded the sale. The absence of responsive pleadings and defaults entered in favor of the homeowners (restoring them to their homes) indicates that the banks know their problems run far deeper than the perjury and robo-signing.

With or without defensive pleadings, there is no hope for the foreclosers. The defects in their position are fatal and simply not correctable. Foreclosures will end with a whimper rather than a bang. The ensuing lawsuits for damages from homeowner and investors will bankrupt the well-known names on Wall Street and in world finance. With $600 trillion in credit derivatives on the world markets and only $50 trillion in actual cash, there literally isn’t enough money in the world to help them out. Fortunately for the United States we have 7,000 community banks and credit unions, a few dozen electronic funds gateways, hundreds of electronic funds processors, and a handful of networks already connecting all banks with each other that can simply move into the spot vacated by the mega banks. The landing will be much softer than Wall Street mega banks would have you believe. We actually don’t need them.

The significance of this goes far beyond the millions of foreclosures that were filed or that were planned. It goes to the root of the securitization scheme and puts the investors and the banks in the rather uncomfortable position of trying to maintain a “business a usual” attitude, while tens of millions of homes that are either underwater or not, but were subject to securitization, may turn out to have obligations in which the security instrument (mortgage or deed of trust) is invalid and where the creditor cannot be found. If these homeowners stop paying or file suit too, the entire apparatus will be turned on its head. Lawyers have reported to me that in some cases, the majority of their fast-growing clientele consists of people who are current on their house payments. The implications of this can be monetized in the trillions of dollars.

Beyond the obvious benefits conferred on homeowners and the obvious stimulus of trillions of dollars of wealth moved back to the middle class, thus re-creating a class thought near extinction, there is the unavoidable punitive measures that are headed with  strong wind at their back against the banks who screwed this up. It will take many years to clear up the title problems created by Wall Street and many more years to straighten out the way Wall Street works. But the probabilities are rising by the hour that the mega banks and all the arrogance and pomposity that went with them, and all the politicians who thought they had a steady cash flow, are going down in history, their fifteen minutes are up. Access to cash, as any pick-pocket knows, is the not the same thing as owning it.

Nobody doubts the impact — foreseen and unforeseen of such changes. But the inevitability of the conclusion here is like an awakening from a deep slumber. The American electorate no doubt will show their rising rage on Tuesday. Investors and borrowers — the ones whose interests came last in this whole scheme now come front and center. It is up to them, collectively to come to agreements that will make this as soft a landing as possible. There are plans that could do that — if the will is there. My observation is that the borrowers are more than happy to accept any settlement that puts them back in the house with an opportunity to stay there. Most homeowners are not looking for the “free house.” In fact, most lawyers report to me that their clients are too easy on the banks when it comes to settlement. Elements of modifications and corrections of principal can be completely off-set by incentives to investors who can hold on for another few years and recover the majority of their investments.

For this to happen, investors, homeowners, media and the politicians are going to have to get their information from Main Street rather than Wall Street. If any sense of of reality has replaced the all-encompassing arrogance that produced such stupid behavior, there is still a chance for the mega-banks to save face — to get out in front of the crowd and make it look like a parade instead of being run out of town. They will need help and we here know where to find it and provide it. If you’re listening, if you’re reading…..

64 Responses

  1. Regards for helping out, fantastic info .

  2. Crimes are punishable by puttingf the fraudster bankers in Jail with the lawyers and bankers as well. Do unto others as you would have done unto you.

  3. How are the issues with tender or an offer of tender of the amount borrowed when seeking to quiet title in the face of a foreclosure dealt with?

  4. My mistake please don’t show my husband’s name,iam confuse and did not realize its open to public

  5. How do we go about it,we interested to file a law suit,right now BOA is looking if we qualify for moderation,we have 30 days to get a review but we cannot stop foreclosure,trusty sale was posted on we were given till Nov.28,2010.BOA called we can request an extention. Property address- 339 Surrey Drve. Bonita Ca. 91902.We have been a victim of as scam as i reported to you the lawyer is on your list.Who we can trust? We believe in your ,you are the only hope we

  6. @BSE………..I have even contacted Vondran….nothing! If you can let me know of one that I have not met yet. That would be great. They all act “scared” or tell me, “I am sorry this is beyond my scope of comfort!” What!!!
    Like I said, I have interviewed many. The ones who are actually doing something, or the FEW I should say, are too expensive.

  7. reggie,

    There are some good Attorney’s in AZ.
    Let me know. I will reference.

  8. Anonymous….I think you have up to 1 year to file a recondsideration motion for court error to fight default with ca civil 764.010

  9. remember that you will have to go to appeals court to get any kind of relief. Not a bad thing

  10. remember to verify your Quite Title complaint and do not mention anything in complaint about a federal loan or bank will remove to federal court.

  11. Ca civil pro. 764.010 “prohibits judgement by default in quiet title cases without qualification or exception”…….

  12. I have still to find ONE attorney here in Arizona who is willling to do this for us so I don’t think I believe this article. I have interviewed dozens of attorneys and all of them just say, “this is beyond our capabilities.” Gee ya think they are cowards? I think they are all cowards and also in on it some how. Attorneys are officers of the court and I cannot tell you how many of them I have seen throw their clients under the bus lately. If you find me an honest attorney, I think I will faint.

  13. Bank of America soon discovered that information was missing from many Countrywide loan files, making it more difficult to communicate effectively with borrowers. “You would shake your head and say: How can that be?” this executive says.

    Hands Full

    Key facts about Bank of America and its 2008 takeover of Countrywide Financial

    Home loans serviced by Bank of America: Four million before the Countrywide deal, 14 million afterward
    Bank of America mortgage customers at least 60 days behind on payments: 1.3 million Percentage of those loans
    Percentage of those loans made by Countrywide: 86%
    Number of employees in Bank of America’s home-loans unit: 60,000
    Company total: 286,000
    Source: the company

    It didn’t help that many Countrywide executives were let go during the integration, with Bank of America installing its own employees in key posts. Such moves are routine in corporate acquisitions. Former Countrywide executives ran the servicing operation until recently, says Dan Frahm, a company spokesman.

  14. Defaulters living in their homes are getting a subsidy worth about $2.6 billion a month, according to a Wall Street Journal analysis based on mortgage data from LPS Applied Analytics and rent data from the Commerce Department. That’s 0.25% of U.S. personal income, roughly equivalent to the benefit top earners receive from Bush-era tax breaks.

    Don’t they understand this is hard work for such stimulus packages. I guess the banks could have done it right in the first place.

    Hopefully the election are not the reason the AG;s are getting together to help homeowners.

  15. Thought I’d add this into the mix for all of us “dead beat” in CA.


  16. Bill and Anonymous,

    Great material, thank you.

    One thing that stands out to me which is really another core ingredient especially in California from a quiet title issue is the fraudulent / forged Notary signatures that can be found on the recorded assignments after the loan was originated.

    It is a Federal / State crime to present for recordation any fraudulent instrument. In CA according to the Notary Public Oath and Certificate of Filing…..

    “Your signature (as shown, emphisis added) must be used by you in signing ALL notartized documents and must match the signature on your Notary Public application”.

    Take a look at CA Civil Codes starting at 8200.


  17. Thanks to all for your contributions.

  18. Mary,

    Could you post the URL link?

  19. Anonymous and Bill,

    I understand the legal concept of separation-null-QT.

    I’m in Chapter 13 making a good case against the bank pretending to be creditor when they are not.

    I would like to know if you two or anyone reading this can direct me to this being put together in federal pleadings.

    I want to exhaust my recourses in the Bk court before moving to state court.

    I’m pro se, have a good judge, and this is where the rubber meets the road.

    Comments, resources?

  20. Frankielee,

    You are SO right to bring that article up.

    I knew of Obama’s actions when he was fresh out of Harard, suing the banks to force the ‘community lending’ issue that extremely loosened lending standards.

    So frequently the corporate world learns quickly to ‘pay off’ their antagonists so they see what side the bread is ‘buttered on’. Meanwhile the corporate world has bound them to their side of the issues.

  21. Another informative article from Market Ticker

    See foreclosuregate roundup 10-31

  22. A history lesson describing bread and how it’s buttered…from the WashPo

    Obama Top Fundraiser on Wall Street

    Big Banks’ Employees Gave Senator $479,000 in 1st Quarter

    By Kristin Jensen and Christine HarperBloomberg News

    Wednesday, April 18, 2007

    Democratic presidential candidate Barack Obama ran ahead of New York Sen. Hillary Rodham Clinton (D) and former New York mayor Rudolph W. Giuliani (R) on their home turf in the first quarter, raising cash from the biggest investment banks on Wall Street.

    The Illinois senator raised $479,209 from employees at the banks in the quarter, according to Federal Election Commission filings.

    The employees of Goldman Sachs and UBS gave Obama more than $260,000 combined. His top fundraisers include David Heller, a managing director at Goldman, and Robert Wolf, chief executive of UBS Americas.

    “I’ve never had a higher hit ratio in terms of asking people for money and them saying yes,” said James Torrey, an Obama fundraiser and chief executive of New York-based Torrey Associates, a $1.3 billion fund of funds.

    The figures reflect giving from the employees of Bear Stearns, Citigroup, Credit Suisse, Deutsche Bank, J.P. Morgan Chase, Lehman Brothers, Merrill Lynch and Morgan Stanley, as well as Goldman and UBS. Goldman employees gave about 50 percent more to presidential hopefuls than the next-highest set of givers, at Citigroup.

    Obama also got money from the private-equity world, receiving a combined $35,000 from employees of the leveraged-buyout firm Blackstone Group and from the Carlyle Group, a global private-equity firm based in Washington.

    Employees of Goldman, the world’s biggest securities firm by market value, donated $120,250 to Obama, who addressed Goldman’s annual partners’ meeting in Chicago last year. “These are private decisions by individuals at the firm to contribute, and it would be inappropriate for Goldman Sachs to comment on it,” said Peter Rose, a Goldman spokesman. U.S. employees of Zurich-based UBS gave more than $140,000 to Obama.

  23. The mega banks can pay for their crimes along with the rating agencies, the attorneys, the servicers and pretender/lenders. We need to restore the middle class so that American can continue. If we don’t, we will be a Banana Republic as so many here have stated. Fight for your rights. Don’t let them take your house or your investments.

  24. Tim

    Not what the District Courts say.

  25. Remember California the courts cannot default a Quite Title action,maybe,other states but not Ca. Look it up

  26. Lucy – here is the Obama article that Karen referred to

  27. karen1p,

    sorry, I meant to say show me the article.

    Thank you

  28. karen1p,

    Can you please you me where Obama said “deadbeat”?
    I would like to read the article and see it for myself.

    thank you,

  29. Bill, – and THE A MAN

    Agree – Bill – agree with everything you say – thanks. .

    THE A MAN – I am not in default/foreclosure – trying – but power prevails – but trying – been trying for years – still waiting.

    Now – can anyone here – please tell who these people are??

    SEE BELOW – Just a sampling – There are more.

    Mortgage Note Buyer

    As a mortgage note buyer, my corporation specializes in uncovering and developing creative cash solutions; namely, I help mortgage note holders receive a lump sum of money in exchange for their secured real estate promissory notes. I can also show home owners how to sell their property with seller financing and simultaneously sell their note to a mortgage note buyer.
    Once a real estate (promissory) note is created, it can be sold for cash to a mortgage note buyer shortly after the close of escrow. Existing notes can also be sold to achieve cash liquidity. Additionally, if you are a mortgage note buyer looking to purchase paper assets for your own portfolio, I have the resources to show you many viable opportunities. If you are an attorney, CPA, real estate agent, mortgage broker, title agent or escrow officer, I can assist you in helping your clients realize quick sales of hard-to-sell properties through the use of private financing and a mortgage note buyer.

    If you would like to learn more about the creation and/or sale of secured private notes, please contact me directly. Join my mailing list or subscribe to this publication by leaving me your contact information. I can be reached at 941-875-4321 or via our online contact form.
    Joseph Saxe, President

    Serious Foreclosure Investors Only! (Cleveland, Cleveland)Posted on: Friday, 30 April, 2010 11:50Updated On: Saturday, 25 September, 2010 08:11Expires On: Wednesday, 27 October, 2010 11:50Reply to:
    You’ve bought it, rehabbed it, & put it up for sale. Now all you have to do is sell it! In today’s marketplace finding a qualified buyer through conventional lenders is frustrating and time consuming. Do you sit & wait for a bank qualfied buyer to come along or do you move quickly and “seller finance” the sale and move on to the next property and the creation of more profits. “But I don’t want to carry the paper” you say. I understand and that is where we at FMD Note Liquidators become your valuable resource. We have a nationwide network of buyers waiting to “Pay Cash” for the notes you are creating. All you need to know is what terms make for a strong saleable note. If you are serious about “Cashing-In” on today’s Real Estate Boom, email, or call 440-332-4058 for a free no obligation consult. To Your Prosperity. Joe Princic, FMD Note Liquidators.


    We’re mortgage note brokers and investors! We pay cash for notes including mortgage notes, trust deeds, mortgage balloon payments, 2nd mortgages, real estate contracts, and seller carry backs secured by both residential and commercial real estate properties nationwide. We also buy structured settlements, lottery winnings, court settlements, personal injury settlements, and all cash flows.


    Touched a nerve with me the other day when I met an old friend – who had been in this business. Business – he said – has dried up due to lack of capital – but the above posts are current. Business purchased default loans to property – then sold property at a profit.

    I asked – WHO ARE THESE “INVESTORS” ??? – Answer – from him – “I cannot divulge that information.”

    But, – he does not have to answer that question – I already knew the answer – Debt Buyers/Hedge Funds/Distressed Debt Buyers – all unregulated – by anyone. Also know – capital has dried up – for all except those working with the government.

    Happy Halloween – everyone. Tricks will always prevail – and so close to Election day. Did they do that on purpose?

  30. HOW can the system allow the assigment of Judges, in this manner???

    All MERS Foreclosures in R.I. Assigned to 1 Judge
    PROVIDENCE, R.I. — Following a favorable ruling for mortgage servicers, all foreclosure cases in Rhode Island that are related to the Mortgage Electronic Registration System are being directed to one judge.

    Superior Court Judge Allen P. Rubine.

    Alice B. Gibney, presiding justice of the superior court, issued an administrative order in September directing the courts in Kent, Washington and Newport counties to transfer all their MERS-related cases to Justice Rubine.

  31. Patrick you are correct. I am not a dem or republican.
    But I predict that if the Democrats loose the House and even the Senate.

    The Banksters are done. They will finally put them in Jail.
    I think we need to seize all of their Assets and not put them in Jail (I dont want to feed them).

    Just like Enron the CEO KEN LEI. We will see alot of mysterious natural cause deaths.


    These times are just like the beggining of Nazi Germany, It is like the Duck that is being cooked slowly.

    What is it 3 Million illegal Foreclosures to date and the President is worried about a few Real Estate Speculators who in effect Rented out houses to people who could not afford the Mortgage and Property Taxes and Insurance. What an AXXXole
    G-d Bless America.

  32. Anonymous.

    Great posts. Thank you for your updates.

    Neil your thoughts?

    Here are my observations:

    1. These three western USDCs are purposely misreading and misusing these old mortgage cites. Why?

    2. Because UNLIKE in these old cites, this modern Note was decoupled from the Deed of Trust/Mortgage, during ‘securitization’ (and MERS) making it NULL.

    3. If the Deed of Trust/Mortgage is Null, then quiet title surely applies against any cloud of title.

    4. As Neil repeatedly states, there are no underlying attached identifiable note holder any more. If an un-decoupled actual note holder wishes to come in later and make a documented Chain of Title unsecured claim to the Note, to judgment, then that is their prerogative. Some unknown investor/real party in interest, if they even can ever be identified.

    5. The pretender lender decoupled the note from the deed of trust, and is clouding title with their pretender name, and fake MERS assignments.

    Obviously these three western USDCs are not following black letter mortgage law – Carpenter v. Longan. The core Quiet Title issues are only:
    1. The security instruments are null, and
    2. In the meantime, there is no real party in interest to make a claim for any note debt “to tender” to.

    I believe these three western USDCs are covering up the crimes and nullity of these banks. Either the circuits will then cover it up with them, or follow simple black letter mortgage law – Carpenter v. Longan, 83 U.S. 271, at 274, et al.

    “The note and mortgage are inseparable; the former as essential, the latter as an incident. An assignment of the note carries the mortgage with it, while an assignment of the latter alone is a nullity”.

    What could be simpler than this clarity?

    Our corrupt lying government has every reason to cover up these mass offshore decouplings, for the endless income streams they produce….and as you noted, already are doing just that in corrupt Arizona & parts of Cal.

    They should be following Ohio’s USDC lead, and NY Judge Shack’s.

    Personally, I would simplify my Quiet Title complaint as to the Nullity Cloud only, and ignore regulatory-type causes of action about the decoupled note, and then obviously appeal.

    In other words, one simple complaint for Quiet Title for Nullity. Another later complaint for all other violations and claims.

    Contrary to popular belief, Law does not run this country – raw corrupt power does.

    Ask John F. Kennedy someday.

  33. We need to convince people who are paying their mortgages to sue for Quiet Title.

    It is a big Mess. And this I will grant to the Judges in California some credit.

    For the judges to understand that we are in effect not in Default may be asking them too much.

    Regarding Obama and his Deadbeat comment.
    I didnt know he works for the Banksters. I thought you couldnt work for the banks and be President at the same time.

  34. Anonymous,

    What I have been deduced is that in CA you would have to sue and show that no debt existed to those who currently claim an interest and are attempting to foreclose. Then sue to quiet title, but in separate actions. The first suit being brought possibly in BK court. The quiet title action must be brought in Superior court.

    I may be wrong, but that is what I think is the path here in CA.

  35. Bill,

    Read your post and agree.

    Just want to point out that Quiet Title is not enough. See below for how District Courts are deciding. Excerpts from only 3 cases – but there are many. For the experts here – how does one in default get around this? If they want to divulge —


    2010 U.S. Dist. LEXIS 113246

    October 25, 2010, Decided

    The debtor bears “responsibility to make an unambiguous tender of the entire amount due or else suffer the consequence that the tender is of no effect.” Gaffney, 200 Cal.App.3d at 1165; see also Aguilar v. Bocci, 39 Cal. App. 3d 475, 478, 114 Cal. Rptr. 91 (1974) (stating that a trustor cannot “quiet title without discharging his debt. The cloud upon his title persists until the debt is paid. He is entitled to remain in possession, but cannot clear his title without satisfying his debt.”); Karlsen, 15 Cal.App.3d at 117 (“‘. . . It is apparent from the general tenor of the decisions that an action to set aside the sale, unaccompanied by an offer to redeem, would not state a cause of action which a court of equity would recognize.'”) (quoting Leonard v. Bank of America, 16 Cal.App.2d 341, 344, 60 P.2d 325 (1936)).


    2010 U.S. Dist. LEXIS 113956

    October 25, 2010, Decided
    October 26, 2010, Filed

    To the extent plaintiff alleges a claim for quiet title, this action cannot lie because plaintiff has not paid off the loan. See California Civil Code § 1691(b); see also Aguilar v. Bocci, 39 Cal. App. 3d 475, 477, 114 Cal. Rptr. 91 (1974) (cloud upon title persists until debt is paid).


    2010 U.S. Dist. LEXIS 108737

    October 12, 2010, Decided
    October 12, 2010, Filed

    Moreover, Plaintiff “cannot state a claim to quiet title without paying off the debt.” Ramirez v. SCME Mortg. Bankers, Inc., No. 09cv1931-L(POR), 2010 U.S. Dist. LEXIS 73041, 2010 WL 2839476, at *4 (S.D. Cal. July 19, 2010). Because Plaintiff has not offered to repay, much less repaid, the outstanding loan amount, he cannot quiet title to the property. See id.; Distor, 2009 U.S. Dist. LEXIS 98361, 2009 WL 3429700, at *6

  36. Willey v. W.J.Hoggson Corporation, 90 Fla. 343, 106 So, 408 (1925), contends that since the note and mortgage involved in this litigation are payable to a business trust, any action on those instruments must be brought by all the members of the trust-not just the trustee.

    “As yet, no Florida case has held that the trustees of a business trust can maintain suit on a note and mortgage payable to a trust, absent statutory authorization in the state of its origin.” Corcoran v. Brody, 347 So.2nd 689 )Fla App, 1977)

  37. kickboxer

    For those of us that are of limited resources, a simple Quiet Title format with some potential exhibits are available on . Subject to updating from time to time.

    It is not legal advice, but if you can study and apply, it may give you a jump start for direction.

  38. To THE A MAN

    My email is

    Perhaps you can explain a little more what you need.


  39. kickboxer

    Good point. And, in many states – judges rule – no right to QT if you are in default.

    How many homes have been taken away from people who did not have the means or method to defend against the fraud?

    And, the government just let it happen. For Obama to call nearly 25% (and rising) of the American public “deadbeats” – is a public outrage. But, no party is better than the other – BOTH Democrats and Republicans are to blame. I find the hype over elections – ridiculous.

  40. What if your resources are so limited that you can’t afford an attorney to file a QT? I’m in the Central Valley, California which is “ground zero” for foreclosures here in Cali.

  41. […] This post was mentioned on Twitter by kim thomas, Monika Genehr. Monika Genehr said: THOUSANDS OF LAWSUITS FILED SEEKING QUIET TITLE ON WRONGFULLY FORECLOSED HOMES: […]

  42. The A man.

    Love your posts. 🙂

    But as a weaned-from-birth (once) Republican…don’t trust them either!

    Bush & (Goldman-Sachs) Paulson initiated this bailout crap, and (onPelosi, Reid, and Dems as you noted completely rubber-stamped there sellouts.n

    Both parties have completely and utterly sold us out for filthy lucre, including the state level.

    Indict & Prosecute both (R) & (D). And don’t expect to catch your breath after this election, quite the opposite.

  43. To the ‘A Man’:

    I agree that these former presidents should have to donate all the money from being on boards or their speaking-fiees. In fact. the cost of providing their secret service protection at such events should also become theirs to pay.

    Now, as far as WHERE the funds would go: create a new fund that would pay up-front for legal representation for defense against the type of fraudulent actions by lenders and servicers as such as we currently see.

    Also, let their book-sales (AND SIGNING bonuses or advances, etc) also benefit that fund on a ratio basis. Say 75% to the fund, 25% to the former-president.

    That way the only way to get paid is to sit at home and write BOOKS that they share the proceeds from.

  44. Anonymous:

    See my post at the bottom of Neil’s link: Worthless: Mortgage-Backed Securities — Biggest Little Asset Class in the World

    ….for the answer.

  45. I am current up on my mortgage how do I proceed. I am in an intrest only loan, and I am upside down.
    I feel that my security instrument is invalid. What should I do?

  46. Linda can you please post a sample letter for me? Thanx

  47. If the Democrats loose the House. I pity the Banksters. Nancy Pelosi will loose her job as majority leader and so will the banksters.

    Regarding Obama I didnt know you can be President and have a job working for the banksters.

    I think Presidents after office cannot go on Lecture circuits and make a few hundred thousand dollars per event. That goes for Clinton Al Gore etc……. The deadbeats.
    I think we need to pass a law that all the money they make from lectures and being on the board of this company or that company should be donated to the Homeless Shelters or the Public Schools or Libraries.

  48. Thanks, Bill, for the acknowledgment.

    Well stated, frankielee.

    Good info. from “concerned.” We are in southern CA. I’ve written to several elected officials. No response. Just the like the banks!

    Keep up the momentum.

  49. Lis pendens file your lein perhaps for your current claims and those to be DISCOVERED. Not. Lawyer not legal advice I say consider and seek out an attorney that can do this competently

  50. help,

    They are not stopping judicial foreclosures either. Large problem still remains with the courts. Either they just do not get it – or………… what else???

  51. Az. Got a letter from the atty generals office thanking me for my 4 page letter I sent in march it talks about fraud they say the f word they thank me being a good citizen hmmmm

  52. Linda

    So well said.

    For us that have months and years of time, fees, and attorney fees, and being called every name in the book in bank pleadings in court, I demand them to acknowledge the nullity of their actions. Real Quiet Title.

    …and yes modifications for the more timid would probably be ok.

    But I’d rather see the new middle class be completely free & start over, due to the moral hazard of excusing this Ponzi financial treachery.

    Quiet Title at minimum for readers of this site. Neil and the rest of us earned it , by outing this whole mess with consistent action.

  53. Separation of the Note from the Deed of Trust = Null = Quiet Title

  54. In her Op-Ed piece published yesterday in the NY Times, Yves Smith, who I have to admit I read daily and am a big fan of, details very succinctly the problems facing our economy, and addresses the underlying issues and faults of the securitization process.

    In the very first paragraph, she writes:

    “For instance, the International Monetary Fund found that the persistently high unemployment in the United States is largely the result of foreclosures and underwater mortgages, rather than widely cited causes like mismatches between job requirements and worker skills.

    She then follows with a very clear description of the problem and the underlying fraud and abusive practices that created the mess we’re in. Finally, in her last few paragraphs, she offers up a fix, along with a clear caveat that the bankers won’t like it, but that they should be forced into significant principal reductions. She writes:

    “There are alternatives. One measure that both homeowners and investors in mortgage-backed securities would probably support is a process for major principal modifications for viable borrowers; that is, to forgive a portion of their debt and lower their monthly payments. This could come about through either coordinated state action or a state-federal effort.”

    First off, I’m having difficulty with her initial assertions i. e. that high unemployment is the result of foreclosures and underwater mortgages. The exact opposite is true….foreclosures are the result of high unemployment and underwater mortgages, caused entirely by the fraudulent banking practices. Now how, please tell me, can anyone be considered a “viable borrower” when they’ve had their financial resources so effectively drained by pretend modification programs, their FICO scores lowered to near single digits, their families torn and shredded apart by dashed hopes, exactly how many “viable borrowers” exist after the state of affairs we’ve witnessed over the last few years? The answer is very few, if any.

    Second, her fix, like all of the other “global solutions” I’ve read, especially the ones being offered up out of the administration’s various appointments, completely paper over the thousands upon thousands of fraudulent acts that had to have taken place for this crime spree to flourish so robustly. From my point of view, the employment picture would look better simply from the gearing up in production of handcuffs necessary to handle the Wall streeters who not only created these abusive practices, but then ran full speed ahead for years, knowing full well that what they were doing could not be described in any other way than outright fraud, deception, forgery, and theft, just to mention a few.

    Last, but not least, as one of the deadbeats (President Obama’s term, not mine) who have been battling this foreclosure beast night and day for several hard fought years, the thought of a one-size-fits-all solution to this massive problem is a very bitter pill to swallow. The failed promises, the numerous threats, the insults, and the rampant and blatant fraud on the part of the bankers in just my own foreclosure case makes it impossible for me to even consider any type of mediation, reconciliation, or modification with the very same institutions who have lied repeatedly in an attempt at bulldozing over well established laws.

    Society can’t afford any fix that turns a blind eye to due process and dozens of laws older than our republic itself. Any solution that rewards these behaviors not with handcuffs, but with back to business as usual can’t be contemplated even for a moment by anyone who has witnessed first hand the criminality displayed by these hustlers in three piece suits. The only difference in these thugs and the gangbangers you see on the evening news is their dress. No fix can be considered viable without the pressing need for turning those three piece Armani suits into orange jumpsuits with keyed bracelets.

  55. Agree completely with the idea of the banks and others saving face if they act NOW. I’ve said that all along. They should fess up and take responsibility while they can or they will forever look bad. People will never trust banks or Wall Street again. That reflects badly on the entire banking financial industry…and the world!

    With the release of the film: INSIDE JOB, however, I believe it is too late for them to save face. They need to be punished and get out of Dodge.

    I, for one, have closed my accounts with the mega banks. All of us could do that and if we were fierce, all of us could stop making payments on everything! That would get their attention fast.

    We’ve been fighting for justice for nearly two years now. When we started out, we were timid with the banks about the loan modification thing, but as times goes on and the truth comes out, we see the corruption and become more and more angry. Thus, our strength to forge ahead comes from knowledge and anger replacing the fear and helplessness of the past.

    If there is no proof of standing, our homes should be given to us free and clear. Like you say, a new middle class will emerge!
    A principal reduction is for those who are still timid or other reasons. Accepting anything less than our homes is like saying, “Yeah, it’s okay, we forgive you. We’ll keep paying on your phony loans and that will fix the problem.” That means we condone the injuries and corruption inflicted on us and maintain status quo. That’s just wrong and sets a precedent for future malpractice. It’s about JUSTICE, as said before.

    There needs to be a fund for those who need to hire attorneys. I know several who were evicted because they ran out of funds paying the phonies to help them.

    Maybe it’s time the banks and others gave back to the communities instead of taking. They made as much as 95 million each on some of these loans. You mean they can’t afford to “lose” 500k ?

    I’ll bet they are showing losses because all their profits are offshore. They’ve stolen from the masses and hid the loot like the fiery dragon. Now they are trying to protect the entrance to the cave.

  56. For anyone even thinking about buying a home through a foreclosure auction, or one that was previously auctioned, if you go to the county recorders office and find any assignment of the deed of trust that also shows a ‘TS # CA-” followed by 2 digits, a dash 6 digits, a dash and then 2 letters, you are looking at likely evidence, in writing, that the title is CLOUDED. That bunch of letters and numbers indicate (in CA) that there was ALREADY a TRUSTEE SALE DATE SET. So the trustee sale date exists and THEN they filed the assignment of the DOT.

    Unless there is separate evidence of a ‘quiet title action’ occurring subsequent to that assignment, DO NOT WASTE FURTHER TIME OR MONEY CONSIDERING THAT PROPERTY!

  57. being a builder/renovation guy/real estate investor/ and creating value with great properties, that i now can not sell…due to the devaluation of real estate in our nation.

    these entities caused us all to believe the climbing property values and now the devalution has put us under water so far we can never get out….and we can’t earn a living building/removtaing/selling our properties after renovations….not flips…after buying a house to fix up and create value; there is no market.

    I only know real estate buying/selling, building/renovating. I AM WORRIED how i will earn the living i want to again.

  58. SO- do you think judges will be more willing to grant TRO’s to stop nonjudicial foreclsures…especially when the BofA’s of the world kept borrowers in fake/pretend short sale approval processes for over a year and the buyer now is gone; when the offer was a fair market value offer.

  59. Can you provide a link to a case or an article that describes the process used to file criminal charges against judges, lawyers and AG’s?

  60. For more information on active cases, visit

  61. File criminal charges against Judges and lawyers with attorney generals where appropriate.

Contribute to the discussion!

%d bloggers like this: