BUYBACK GAME IN FULL SWING: BOFA PAYS $2.6 BILLION TO FANNIE AND FREDDIE

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

FURTHER CORRUPTION OF TITLE CHAIN

EDITOR’S ANALYSIS: The ball is rolling now and picking up steam. The game is to settle these claims for big numbers, diverting attention from the REAL problem. These “buybacks” give the impression that Fannie and Freddie actually had ownership of the loans. All indications are to the contrary. The loans were not transferred to begin with, so the “buyback” is a payment for damages related to fraudulent sale of non-existent mortgage loans or at least obligations, notes and mortgages (Deed of Trust) that the Seller didn’t have in the first place.

They may call it a “buyback” but the truth is that it is friendly settlement for damages in return for Fannie and Freddie pretending that ownership of the loans is not an issue. But since we know that no transfer papers (indorsements, assignments, delivery etc.) papers were prepared much less executed at the time the loans were supposedly transferred to Investors (Fannie and Freddie included) the “sale” to Fannie and Feddie was a fiction — BOA had nothing to sell and neither did Countrywide.

So the “buyback” gives BOA nothing since Fannie and Freddie never legally took ownership. As usual, money exchanged hands but no papers that were anything but fictitious representations of what could have happened but didn’t. The settlement involves coloring the trillions of dollars in loans as having some authenticity when under a low power microscope the slide is empty.

Thus these settlements are really not much more than rounding errors for the actual liability which is put to bed along with supporting the fiction that the securitization of the loans ever really took place. They didn’t. The buybacks are a game designed to influence the judiciary and the media that the loans are in these giant pools when in fact the pools are empty and in many cases were not even really formed in the first place.

ONE ON ONE WITH NEIL GARFIELD ONE ON ONE WITH NEIL GARFIELD

Bank of America Settles Fannie Mae and Freddie Mac Claims

By DEALBOOK
 

Bank of America Buys Back $2.5 Billion in Mortgage Debt

By BEN PROTESS and ERIC DASH
Win Mcnamee/Getty Images

7:31 p.m. | Updated

Bank of America announced Monday that it had paid more than $2.5 billion to buy back troubled mortgages and resolve related claims from Fannie Mae and Freddie Mac — deals that may prompt a wave of such settlements by big banks.

The agreements center on home loans that Countrywide Financial sold to Fannie and Freddie at the height of the mortgage bubble. The government-controlled housing giants, which have suffered billions of dollars in losses in recent years, have said that the lender misrepresented the quality of the loans. Bank of America bought Countrywide in 2008.

Fannie and Freddie also are looking to collect from other large lenders, including Wells Fargo, Citigroup and Washington Mutual, now owned by JPMorgan Chase.

Before the Bank of America payments, Fannie and Freddie received about $9 billion from repurchase claims, according to their financial statements. The two firms still have more than $10 billion of requests outstanding.

Banks have a major incentive to cut deals with Fannie and Freddie. The two firms currently own or guarantee roughly two-thirds of all new mortgages in the United States.

“There is no reason to incur the expense and bad publicity that would come with fighting Fannie and Freddie when the parameters of these deals are pretty clear,” said Jaret Seiberg, a financial policy analyst at MF Global.

Other banks seem to be moving in the same direction as Bank of America.

On Dec. 27, Ally Financial agreed to pay Fannie $462 million to settle repurchase claims over mortgages sold by GMAC Mortgage, an Ally subsidiary. JPMorgan Chase said in November that it set aside $1 billion to repurchase some loans originated by Washington Mutual.

“The whole repayment issue has been a cloud hanging over the banking industry,” said Guy D. Cecala, publisher of the industry newsletter Inside Mortgage Finance. “I would expect that everyone will be looking to settle now.”

Shares of Bank of America rose more than 6 percent on Monday.

Fannie and Freddie are not the only ones asking for their money back.

The banking industry, according to various estimates, could spend $20 billion to $150 billion to buy back $2 trillion of bad loans from Fannie and Freddie, bond insurance companies and private investors.

Bond insurers, including MBIA, guaranteed mortgages while big investors bought securities backed by home loans. Many of the original deals with insurers and investors required lenders to buy back mortgages that failed to meet certain underwriting criteria.

Bank of America, the nation’s biggest bank, may be most exposed. The bank is facing so-called put-back claims from insurance companies and more than a dozen private investors that bought roughly 160 troubled mortgage securities from Countrywide. Among those scorned: the Pacific Investment Management Company, the big bond firm; BlackRock, the large money manager; and the Federal Reserve Bank of New York.

Allstate separately sued Bank of America on Dec. 27 over $700 million in mortgage-backed securities that Countrywide sold to the insurance company. Allstate said that the bank had poor lending standards and should have known that the loans would go bad.

The bank originally vowed to challenge such claims. In December, however, the bank disclosed that it was in discussions to settle with some private investors.

Such deals, though, may be harder to strike. While Fannie and Freddie imposed strict terms on mortgage purchases, other investors often made far murkier arrangements. Additional requirements on private deals — like needing the consent of as much as 25 percent of investors before taking legal action — may also make it more difficult to bring cases. Settlement discussions may drag on for years.

As part of Monday’s announcement, Bank of America said it had made a $1.34 billion net cash payment to Fannie Mae and another to Freddie Mac for $1.28 billion on Dec. 31.

Bank of America said the deals with Fannie and Freddie would resolve nearly all the claims against Countrywide but not their claims against Bank of America.

“These actions resolve substantial legacy issues in the best interest of our shareholders,” the chief executive, Brian T. Moynihan, said in a statement.

“Our goals remain the same: put these issues behind us, focus on serving customers and clients and continue to help distressed homeowners facing difficult times.”

46 Responses

  1. PRO SE LITIGANT WORKSHOPS. I agree. I would sign up. I would rather go down fighting with the support of my fellow citizens that are in the same boat. What you have to do is issue press releases, get the public stirred up. Ask for a jury trial. Ask the judge to disqualify himself if he has a savings account.
    Stan
    Racine Wi.

  2. dave, you are on the right track, but we need to take that money and use it to attack the bastards first!
    In law you can’t win if you are the defendant, the best defense is a good offense, you must attack first.
    We have to get over fighting clean and get some guerrilla tactics going on!
    Stop trying to win and fight to kill, dismember them, keep them on the run.
    Keep them off balance, wondering what are we gonna do next.
    Get some law students, let them get some experience fighting against evil, coming up with new tactics and ideas!
    Remember, YOU CAN’T WIN THE GAME PLAYING BY THE ENEMIES RULES OR BY LETTING THEM MAKE ALL THE RULES.
    IF THEY MAKE NEW RULES, WE GOTTA BREAK THEM!
    IT’S NOT FIGHTING DIRTY, IT’S FIGHTING TO SURVIVE, TO WIN AGAINST AN ENEMY THAT WANTS YOU DEAD!

  3. This is a Good idea from KICKBOXER:

    kickboxer, on January 5, 2011 at 1:29 am said:

    We need workshops for pro se litigants. I would pay to attend an affordable workshop that would help me defend my home.

    Better PRO SE, than some jackass FC DEFENSE MILL like ICE LEGAL, or TICKTIN LAW in FLORIDA who milk payments off Dummy Clients.

  4. I said this 3 years ago on MBS aka Mortgage bull-shit.

    EITHER NO LOANS WERE TRANSFERRED TO THE TRUST or LOANS TRANSFERRED BUT NOT THE PAPERWORK TO PERFECT THE SECURITY INTEREST!

    WTF!!!!!!!!!!!!

    BofA cuts a check for $2,6B without a FART?? WTF??

    AND how is it Everyone in AMERICA knows the game, and the FRAUD except the Circuit Judges who play STUPID WITH THE LAW??

    Either FLORIDA JUDGES ARE IGNORANT TO THE PRESS, or there is a conspiracy to protect a segment of BANK LIABILITY BY FLORIDA JUDGES!

    If your a PRO SE in Court, making a plea of Fraud AND your loan was PART OF THE $2.6B BofA FRAUD, the JUDGE SHOULD within a millisecond rule in favor of homeowner w/prejudice and sanctions.???

    Or doe the Judge in spite of the FRAUD, rule against the homeowner on a Civil Rules of Procedure technicality?

    IF it can be found that FRAUD is involved, and the WORLD, and even the Bailiff knows its FRAUD, but the JUDGE rules otherwise, then we should start inditing JUDGES for corruption.

    Better yet, if a Judge is a ELECTED OFFICIAL in your state, THEN VOTE THE SOB OUT OF OFFICE!

  5. Stan, we’re screwed. If you don’t have money, you don’t have power. You are expendable.
    Maryland Secretary of State will not take any action regardless of the fraud in the affidavits. Nobody cares.

  6. I lost a Fannie Mae home due to Wells Fargo not following the quidelines. First the sheriff’s deed went to Fannie Mae at WF address in SC. then itchanged the the address of Fannie to

    FEDERAL NATIONAL MORTGAG
    Mail to Address 2 ASSOC
    Mail to Address 3 400 COUNTRYWIDE WAY
    Mail to City SIMI VALLEY
    Mail to State CA
    Mail to Zip Code 93065-0000

    I had written Fannie about the robosigners that WF uses. I wrote the Wis DOJ. I wrote Eliz. Warren.
    This now is Bank of America’s address. Is this how fannie transfers deeds????
    Is this for the 2 billion BOA paid Fannie?

    Anybody hav an answer?
    Stan
    Wis.

  7. Leapfrog, that article on Mers getting lobbied up is pretty disgusting but telling at the same time. Look at all the once government rat-bastards who are inside the beltway giving away cash and meal vouchers to all takers:

    Former House Appropriations Committee Chairman Robert Livingston (R-La.)
    J. Allen Martin, Livingston’s former chief of staff
    Arnold Havens, who formerly served as general counsel at the U.S. Treasury

    John M. Duncan, who formerly worked in the Treasury Department under President George W. Bush and served as the chief of staff for Sen. William Roth (R-Del.) — the former Senate Finance Committee Chairman who is the namesake of the Roth IRA investment vehicle.

    Merscorp has also utilized the lobbying services of two other men who have passed through the “revolving door” between public service and the private sector: William D. Crosby Jr., a long-time lawyer for the House Rules Committee, and Steve Kreseski, the former chief of staff for Rep. Bob Ehrlich (R-Md.).

    Our society’s ills will never cease as long as these practices are allowed to continue. I hold out zero hope that we can avoid collapse, as TPTB will never loosen their grip or give up their power without a major fight or total destruction.

  8. When is the new rethug CONgress going to make secret backroom deals to “legalize” MERS?

    http://www.opensecrets.org/news/2011/01/embattled-mortgage-registry-mers.html

  9. Unfortunately, the reason the AG’s do not charge anyone with criminal activity is that the federal government is in on the Ponzi scheme–the so-called “revolving door” of executives from the private sector banks working in government positions. Our government subsidizes hugh monopolistic companies like BofA, CitiBank, Boeing, Westinghouse, GE, big pharma, big agriculture, big munitions manufacturing companies, etc. As a little aside, the U.S. is the biggest munitions manufacturing country in the world. Now, you can understand why our military budget is out of control. Get rid of Social Security and make more weapons. Your life is being controlled by the corporations through the subversion of our government. If you thought taxation without representation was bad, take a look at the mess now. http://www.challengingforeclosure.com Sirak@challengingforeclosure.com

  10. The only reason BAC settled was that it got away for a pittance. Fannie and Freddie look good cuz they got something back that didn’t cost the $100MM in legal fees and 14 years of litigation. BAC now gets to sell more stuff to Fan and Fred, who probably told BAC that if they didn’t do something, they would never buy another piece of paper from BAC again. BAC is laughing all the way to itself.

  11. […] currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud « BUYBACK GAME IN FULL SWING: BOFA PAYS $2.6 BILLION TO FANNIE AND FREDDIE LikeBe the first to like this […]

  12. I live in Colorado and the Consent Decree Settlement made by our AG with Countrywide/BAC is a joke. The AG has never inforced the agreement and I have brought the violations to his attention every couple of weeks.

    The only money that got payed out was $500,000 payed out as a grant to the Homeowners Hotline in our State so the non-profits made a profit.

    Those people are worthless too. I know, I used them to negotiate a modification and was denied in less than 10 minutes over the phone.

    I must tip my hat to the Texas AG, he just recently filed a case against BAC for its failure to abide by the Consent Decree Settlement made with his state and that guy has been kicking ass down there for the people of his state.

    I have to agree with almost all of the comments here today. It’s a sham deal and a big stall meant to divert us from the real issues. Government gives billions to the banks, banks use billions to buy back, god only knows what, from other government entity, money goes full cirlcle and Mr. Taxpayer can’t get a dime and will soon be joining his friends in tent city.

    Sure the banks want us out of our homes so they can sell them again to the next generation of loosers. Like the man said, the banks are at it again with the same kind of mortgages that started this shit storm in the first place.

    God help us all because its apparent our elected officals have no intention of doing anything but passing new laws to help their old pals in the banking industries.

    51 months and holding.

  13. More info on the pension plush.
    http://en.wikipedia.org/wiki/Thrift_Savings_Plan

    “Thrift Savings Plan (TSP) is a defined contribution plan for United States civil service employees and retirees

    Fund Selection
    The TSP offers investors 10 funds in which to invest. Five are individual funds (one dealing with government bonds and the other four tracking specific market indices)

    Individual funds
    G Fund – Government Securities fund. These are unique government securities not available to the general public and are backed by the full faith and credit of the US Government. The G Fund was the initial fund established by the TSP when it began operations on April 1, 1987.
    F Fund – Fixed Income Index fund. Invested in BlackRock’s U.S. Debt Index Fund. Tracks the Barclays Capital Aggregate Bond Index. The F Fund was opened to Federal employees in January 1988 but was limited to only a portion of contributions; beginning January 1991 all restrictions on F Fund contributions were lifted.
    C fund – Common Stock Index fund. Invested in BlackRock’s Equity Index Fund. Replicates the total return versionof the S&P 500 index. The C Fund also opened to employees in January 1988 and was subject to the same restrictions as the F Fund until January 1991.
    S Fund – Small Capitalization Stock Index fund. Invested in BlackRock’s Extended Market Index Fund, which tracks the Dow Jones U.S. Completion TSM index. The S Fund opened to employees in May 2001.
    I Fund – International Stock Index fund. Invested in BlackRock’s EAFE Index Fund. Replicates the net version of the MSCI EAFE index. The I Fund opened to employees in May 2001.”

    ~~~~~~
    I think I figured out why the GSEs are involved, they actually have the biggest stake in this deal. You see that “G Fund” listed above? I think that’s the one the GSE MBSs are in. I’ve seen its size compared to the other four funds, it’s huge compared to them. Also look at when all the Funds actually became active. Barclays (BGI) actually brokered a lot of the MBS pools and they were bought by BlackRock in 2009.

    This stuff can’t be ignored forever.

  14. IF ALL OF YOU ARE SO PISSED AT THE GOVERNMENT SIGN THE PETITION TO GET RID OF THEM OTHERWISE YOUR COMPLAINING FOR NOTHING

    http://www.ipetitions.com/petition/alter-and-abolish/

  15. Also from Abby — IMPORTANT

    Please oppose the possible nomination of William Daley, Rumored Chief Of Staff Nominee, who has Opposed Consumer Protection Agency.

    Daley is currently a top official at J.P.Morgan Chase!!!

    Email Pres. Obama to stop nomination.

    Also read Jeff’s post — Fed moves to Gut Predatory Lending Regulation..

    If we do not do something now to speak out — cannot do after the fact..

  16. We need workshops for pro se litigants. I would pay to attend an affordable workshop that would help me defend my home.

  17. I, like most Americans, want to believe in the rule of law and the Constitution. However, we are being sold out by the ruling class. Yes, if they work for the Government, they ARE the RULING CLASS. If their paycheck is funded with tax dollars, THEY ARE THE RULING CLASS. If you can’t pay your mortgage, you must be a private-sector schlub. So out you go!

    You think that people will wake up and smell what’s cooking?

    We are like the frog in the cool water on the stove. By the time you figure out what’s going on, TOO LATE. YOU’RE DEAD!

    The revolution will be televised. Don’t miss it!

    BE A PART OF IT!

  18. Armagedon is beginning.
    More Un and Underemployment. Banksters who is gonna pay the mortgage now?

    http://www.latimes.com/news/local/la-oe-rutten-localcuts-20110105,0,399065.column

  19. These are all Stall Tactics by the Federal Government and its agencies. They have been doing this for over 2 years now.

    They are stalling for time in hopes to save the World from Godzilla

    Too Big Too Fail is UnAmerican

  20. AG’s selling us down the river….no raft….no boats…..no life preservers….NO CONVICTIONS!

    The five largest loan servicers, including Bank of America Corp. and JPMorgan Chase & Co., may be the first to settle with the 50 state attorneys general probing foreclosure practices, Iowa Attorney General Tom Miller said.

    This is truly pitiful. They aren’t even pretending to prosecute.

    The probe has since widened to include other mortgage practices, with attorneys general suggesting a potential resolution should include improving the loan modification process, barring foreclosures when people are modifying loans and creating a general fund to compensate homeowners who may have been victims of wrongful foreclosures.

    Oh and, let’s help them improve their process of foreclosure document fraudulence ….and maybe they’ll put a million or so into a fund to help the people they’ve raped and pillaged so far.

    Miller said the attorney-general group has had at least one face-to-face meeting with representatives from all five of the largest banks, along with “follow-up phone calls.”

    Oh thank God! You’ve actually met with reps from the banks. Was Jeffrey Stephans there? Thank goodness our Ag’s are about to receive a windfall….all the while allowing the crimes to continue posthaste. Good going guys! And to think I wasted my time speaking with you folks about the atrocities aimed at U.S. citizens by these TBTF banksters.!

    Screw this whole process! From all of the alphabet soup federals down to the AG’s and the judicial, there’s absolutely nothing in it for us. It’s all about them. Only after they’ve taken all that we own will they wonder why there’s no one left to do the manual labor. “Who’s going to mow my lawn?” will be the oft’ asked question. Who will grow my food?

    Grow it yourself, or die trying!

  21. Tyler Durden on upcoming settlement with 50 Attorney Generals:

    http://www.zerohedge.com/article/fraudclosure-settlement-imminent

  22. So Maher, tell me one more time. If the security defaults, do the assets of the registrant go to the FDIC? I know we’re “bankruptcy remote”, but are they really “that remote”? Would not Wells Fargo collect the collateral on default? It seems they are the certificate holder and beneficiary. And I’m referencing only one WFHET 05-2. Same for all?
    Or, is the “registrant” still in business forwarding insurance payments instead of interest payments?

  23. A MAN… people better perk their ears up to the delay at the IRS, and the ability of Americans to file early itemized returns… the IRS has to re-program the systems? Really?

  24. just a thought everyone
    the banks n gov are all in this together they don’t want to losethere pensions along with state n county judges and workers
    but so far we fight on an individual basis those that have money can fight longer
    but what if we start a group let’s say everyone puts in 100.00$ monthly so we then have a pool of money get some lawyers from everystate involved
    how i see it working is you n the lawyer goes in front of the judge with the pretenders there and you ask them point blank if i write a check right now to pay off the so called monies you claim i owe can you issue a satisfaction right here yes or no and if you can we then will have an independent title insurance do a search if they cannot prove clean title then you owe us double the amount of the monies payable in 30 days

    that puts them on the spot in front of the judge since we all have put up money then the pool will be bigger now if they actually know we have the resources to write that check then and there what would they do then

    if we have say 10,000 people paying 100.00 a month well do the math we would have force behind us
    if they cannot give a satisfaction then end there then you have a quiet title right there to present to the judge
    may need some thought but the idea is there
    feedback?

  25. Havent you guys and gals figured it out?

    The Gov or FDIC Freddie Mac Fannie Mae are all stalling for time?

    The President can’t go Cold Turkey on his Cigarettes so you want him to go Cold Turkey on the Free Money?

    Plus America is for all purposes Bankrupt. They dont have money for anything. That is why health care etc… is on delay or stalled for the year two thousand and whatever.

    If we all start making money again Plus free credit cards lines of credit this Foreclosure fraud legal issue will all go away.

    B. Davies Dan Edstrom The Dutchman Anonymous M. Soliman and everyone keep on trucking.

    Be Strong and Courageous

  26. I found this settlement extremely disturbing. A real settlement would have involved far larger numbers. I despondantly told my partner…”They have won”. This settlement is NOTHING to B of A. It sets the tone for settlements with other parties….pennies.

  27. I have a Freddie loan with a major bank pretending to be real party in interest in a bankruptcy proceeding. I knew there was never any delivery to Freddie but what is interesting is that Freddie pretended to purchase and own both note and mortgage. When they securitized the fixed rate loan that they didn’t have into their “Gold Certificates” for investors.

    This is going to be interesting to litigate when I get to the adversary proceeding.

  28. Sad thing here is that the players , BofA, Fan & Fred are sloshing this all around with taxpayers money. Neither is taking a hit, only the American people! Pillow fight is a rather good way to put it!

  29. M.Soliman, Nails it again

    Wasn’t the controversy between the FED ReserveNY, BlackRock, PimCo and B of A? How and when did the GSEs come into the equation? Sounds and looks to me like they’re trying to stage the deal using the GSEs as front men because the obvious conflict of interest involved in all of this has surfaced.

  30. Think M. Soliman is right on this one — FDIC is involved if Freddie/Fannie are involved.

    Next comes the private settlements — and Federal Reserve/US Treasury are involved.

    There is no correction of repurchase in pools — this is only a “cash” settlement. Despite fact there SHOULD be a correction. This is regardless of whether or not loans were PROPERLY conveyed or not.

    As with other class action settlements (see Ameriquest settlement) — all is covered-up in order to pass-through cash monetary settlement to SOME party.

    Where is the benefit for the homeowner victims?? Of course, government and Mr. Obama — are still blaming the people for all.

    Oppose Mr. Obama’s potential nomination of — William Daley —- Rumored Chief Of Staff Nominee, who Opposed Consumer Protection Agency.

    The homeowner victims have NO ONE is government agencies — or in class action litigation — standing up for them.

    All this BofA settlement shows — is that THEY KNOW — things were done wrong, are wrong, — and they do not want any of it publicized by ongoing litigation.

    Settlement means — “NO ADMISSION OF GUILT.”

    Incredible.

  31. don’t you recognize a pillow fight when you see one?????????????

    In 1996 bac sold fnma 94% of their mortgages to fnma on a daily basis. Today that number is 99%.

    Nothing has been done to correct the GSE Business Model. BAC’s exposure is in the trillions.

    The GSEs and the banks are in bed together with the taxpayer paying for all. We are watching huge theatre to lull the taxpayer to sleep.

  32. Smacks of more money laundering, if you ask me !!

    I’ve reached the conclusion that some settlements are strategic with planned outcomes.

  33. The “Who” is foreclosing on me question is the FDIC. If the successor is Fannie there you go. If the Successor is Bank One there it is.

    Who foreclosed? Pro Tanto is a system or means to recover property by governement or state as in eminent domain; but without the right to be heard.

    That’s what I get from really deep research into the matter or origin of the word. Examples are you own a condo in Mexico on the water in great community. One day you’re told…Bye!

    Your title is the right to own the right to live there…like an open ended tenancy, if you will.

    The other understanding of this archaic word of Latin origin is not much better. That is the taking of land from an indigenous people such as the American Indian or Hawaiians.

    Stay focused on the procedure and focuse more efforts on civil and constitutional rights violations and right to disclosure, right to due process.

    FDIC can repudiate almost anything (to some extent) so forget the Robo Sigs and remember MERS can help more than hurt if on your side…

    M.Soliman
    expert.witness@live.com

    Not an attorney . Never do anything that may compromise your rights. Always talk with an attorney to assess your legal rights.

  34. You cannot buy back a private lable certificate . Take this to the bank (no Pun) . Impossible!

    The Fed is doing their thing for investor purposes and leave it at that. Stay focused. You cannot buy back a private lable asset divested of its value and charged to a write down. Its a reverse repo and thats not changed with or with out the GSE.

    What are they buying $2 + billion in zero basis assets.

    Relax….dont worry about this as its not targeted at you – China, Germany , Not you

    MSoliman

    expert.witness@live.con

    (lots of nice feedback here …Happy NYear

  35. SO what is Next for a loan BofA said was owned by Fannie, now is BofA going to claim they now “re”own the loan and seek foreclosure?

  36. This sounds like a job for Matt Taibbi. He can write a great, big story for Rolling Stone and appear on television news shows and let the world really see what is going on. It is unbelievably shameless that our government is in on this charade. Basically, BofA and Fannie and Freddie are all in the boat together. They are not separate entities. They want the fraud to continue, because they make money on it. http://www.challenginforeclosure.com Sirak@challengingforeclosure.com

  37. I don’t understand. Who then has the notr and mortgage? ASC(Wells Fargo) foreclosed on my house that I had the ability to pay for. My mother lived there. They evicted her in Oct. WF sent the sheriff’s deed to Fannie Mae. I wrote the President of Fannie and Elizabeth Warren about ASC using robosigning lawfirms that Fannie said to Barney Franks that they would investigate and dismiss.
    I complained that WF did not follow Fannies Guidelines. Fannie is afraid to put the house back on the market because they figure I will buy it back at a reduced rate. So do the loans go back from Fannie to the servicer? How can Fannie make the servicer buy the loans back if Fannie was the investor that told the servicer to foreclose?????

  38. Neil,
    I, and others, would like to know which loans, exactly, did BofA buy back. I believe we need to do a FOIA request to know who had their loan purchased back from FANNIE or FREDDIE.

    Who gave the OK to the dollar amount and what was it in relationship too.

    Was all the money paid directly to the investors?

    There are a lot of questions here and no one is asking and no one is answering….

    More Fraud within our Government….

    Forensic Mortgage Audits and Foreclosure Defense
    Quiet Title Actions
    oliver@ipa.net
    john

  39. This is no surprise. After they took a quick break to look like they were fixing “problems” with the mortgages, it was right back to foreclosing. The lies were in full swing and it was business as usual.
    Has anybody noticed that they are actively marketing mortgages again, LENDING TREE, QUICKEN, ALLY are all happy, happy to lend you money for a home using the same schemes as before.
    But they won’t write a loan for under $100,000 now.
    BUT THERE ARE 1000’S OF HOUSES FOR UNDER $100,000.
    WTF?
    NOTHING HAS CHANGED, IT’S BACK TO FULL TILT BOGUS LOANS, GOING AFTER THE SAME PEOPLE THEY ALREADY CHEATED!
    Add insult to injury, GMAC is hiring loan officers like crazy!

  40. “When we first heard news about the partial settlement between Fannie and Bank of America, we assumed, naturally, that the current Fannie General Counsel Tim Mayopoulos, and former spurned Bank of America General Counsel, would have been front and center in such discussions. After all he is the damn general counsel, who just happens to know all the dirt there is about Bank of America. We also assumed that any non-disparagement, and/or related trade secrets clauses would be obviously very much irrelevant. We were wrong. It appears that the man who more than anyone should have been able to put two and two together and actually derive some benefits to his bosses, the American taxpayers, and generate a better settlement…. decided to recuse himself from the negotiations!”

    http://www.zerohedge.com/article/tim-mayopoulos-recused-himself-discussions-over-bank-america-settlement-fannie#comments

  41. This reminds me of Pre Nazi Germany Right before Hitler was elected.

  42. Excellant comments by Neil. Glad you are our team !
    Thank you !

  43. We all know that American politics is dominated by money. The U.S. Senate is a millionaires’ club, and the politicians who aren’t personally rich are typically bankrolled by corporate interests. Billionaire Mayor Bloomberg personifies this plutocratic order – and his declaration that “the city is going fine” during the blizzard because “Broadway shows were full” demonstrates what plutocracy means in practice. It means that when an emergency does not hurt the Bloombergs of the world, our government does not see any emergency at all.

    Yes, as long as the Bloombergs’ streets are plowed (as the mayor’s was), as long as the all-important rich are enjoying their theater engagements, the plutocrats think everything is A-OK. They don’t care that, say, an outer-borough newborn died because EMTs couldn’t get to the baby’s home for nine hours. They don’t care that another outer-borough woman had to wait 30 hours for an ambulance after breaking her ankle. And those plutocrats certainly aren’t about to change the conservative economic policies that help make these crises so horrific for the non-rich.

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