18 Responses

  1. Call Your Attorney General, February 3, to Call For Tough Penalties for Foreclosure Fraud

    A number of national consumer groups are organizing calls to state attorney generals to stiffen their collective spines. As you may recall, the 50 state attorney general investigation into mortgage and foreclosure abuses started with the usual fanfare and promises of tough action and has been trying to beat a quiet retreat since them.

    The AG leading the probe, Tom Miller of Iowa, made a public promise in December to put bank
    executives in jail for the crimes they’ve committed against the American people. Last week, he backtracked almost completely, and is now claiming the matter is inherently civil, not criminal. The laws certainly haven’t changed since last year, only the party line has.

    You can find your AG’s # here:

    http://consumerfraudreporting.org/stateattorneygenerallist.php

  2. In order to really understand — you have to go back to what was happening just before the crisis became public.

    “NO such thing as a bad loan- just a bad price.” according to below site. See site for a glimpse — pre-crisis hit.

    http://www.docstoc.com/docs/52896174/Bad-Loans-Pit-Vranos-Against-Cayne-as-Hedge-Funds

  3. Anonymous has it exactly right. And yes, they did it strictly to protect the banks by not mandating it as a requirement of the tarp money.

    Paulson intentional effort was definitely the beginning of the end for the 3 million homeowners who went to foreclosure from 2006 through to date.

  4. Very interesting video — 40% on banks books — the rest securitized. If mortgage loan was above GSE limits — likely on banks books, if at or below – likely securitized. This is from those in the know. However, many loans that are above GSE limits — under being foreclosed upon by a securitized Trust. And, loans that were securitized (GSE limits) — are also being foreclosed upon by a Trust — for which servicer has likely not advanced payments — and, therefore, the loan is no longer there.

    Further, banks may sell collection rights for even loans that were kept in their own portfolio (not securitized).

    What the professor points out is that almost all second lien mortgages are all held on banks books —and strong incentive not to write down through modifications as this alone would would eat up capitalization and make banks insolvent.

    Second problem is servicers — foreclosures are either less costly — or more profitable.

    Why did Congress not understand this when they implemented TARP — and made modifications voluntary. Did they know — and still allow voluntary participation for HAMP — or did they make it voluntary to further protect the banks???

    All is about bank balance sheets — no one gave a hoot about what had happened to American homeowners.

    Again, go back to Mr. Hank Paulson — begging on bended knee — when crisis hit — for Congress to do what he asked. And, Mr. Paulson determined that homeowners would have to take the fall. This was the start of the foreclosure fraud. It was a devastating blow to victims. Since then — it has been an uphill battle — but the “FRONT” is shifting.

  5. does anyone have a froida appeal for foreclosure or an appeal…i need a template for a prose against a ruthless bank. Please help, long time Garfield reader.

  6. The QWR shows Terwin Advisors LLC.

    So I filed a proof of claim for the second. Now they will have to come in and prove they are secured.

    Adversary is done just in case.

    http://www.scribd.com/doc/47626874/Davies-Poc-for-2nd-Note

  7. http://www.scribd.com/doc/48053001/second-note-questions-after-multiple-owners-shown-for-the-holder-and-investor-of-the-note-Sls-Questions-Faxed-Qwr-Response-Included-1-17-11

    Second note qualified written response.
    Question at front due to the MERS audit showing US BANK AS TRUSTEE as investor. The current MERS listing says US Bank. Finally the note is endorsed to La Salle Bank. This is so bad.

  8. http://www.scribd.com/doc/47935217/UNIVERSAL-AMERICAN-MORTGAGE-COMPANY-WAREHOUSE-AND-BUYBACK-Closing-Documents-and-Agreement-of-Universal

    THE PURCHASE OF LOANS FROM THE UAMC CAPITAL SALE TO UAMC LLC PRIOR TO THE CLOSING OF THE SALE TO OPTEUM.

  9. http://www.scribd.com/doc/48033689/Amended-and-Restated-Loan-Agreement-Lennar-Sept-26-2006-by-uamc-captial-llc

    FOR THOSE INTERESTED IN THE WAREHOUSE LENDING SHUFFLE HERE IS A GOOD AGREEMENT.

    BORROWER UAMC CAPITAL
    ORIGINATOR UAMCC
    SERVICER UAMC LLC

    NOW THE TRANSFER TO THE BUYER FROM THE WAREHOUSE LINE OPTEUM FINANCIAL SEE NEXT POST–PURCHASE THE LOAN PACKAGE OF $13MM FROM UAMCC/UAMC AFTER THESE ORIGINATORS PURCHASED THE LOANS BACK FROM UAMC CAPITAL LLC. SEE THIS AGREEMENT AND COMPARE TO THE PAGE 3 AND 4 OF THE PURCHASE AGREEMENT.

    NOW THE MERS AUDIT TRAIL SAYS INVESTOR UAMC LLC. THE GESTATIONAL WAREHOUSE BANK ONE. WELL BANK ONE IN 2004 BECAME JP MORGAN. THE AGREEMENT SAY TO WIRE TO AN UNKNOW ACCOUNT AT JP MORGAN THE PAYMENTS FOR THE $13MM LOANS. THE LETTER IS FROM RESIDENTIAL FUNDING CORP. THIS IS INTERTWINED INTO ANOTHER AGREEMENT CALLED A THIRD AMENDED AND RESTATED WAREHOUSE LINE.

    THE LOAN THEREFORE GOES UAMCC—>>UAMC CAPITAL LLC [BORROWER FROM JP MORGAN]—>>BACK TO UAMC LLC TO SELL TO OPTEUM. THE SERVICER UAMC LLC WHO IS ALSO THE SERVICER TO THE HOMEOWNER IS ALSO THE TRUSTEE OF THE DEED OF TRUST. THE INSURANCE IS PMI BY THE SUBSIDIARY OF THE BUILDER LENNAR, THE HAZARD INSURANCE IS THE SUBSIDIARY OF THE BUILDER. ESCROW AND TITLE IS A SUBSIDIARY OF THE BUILDER. UAMC LLC IS A SUBSIDIARY OF THE BUILDER. UAMCC IS A SUBSIDIARY OF THE BUILDER AND UAMC LLC. 67% OF ALL LENNAR HOMES WERE STEERED TO USE THEIR PREFERRED LENDER UAMCC. THAT THE DISCOUNTS OF $20,000 IN UPGRADES ARE ONLY WITH THEIR PREFERRED LENDER. THAT THE BUILDER, LENDER AND ALL SALES STAFF HAD WEEKLY MEETINGS. DOES THIS SEEM TO BE A SPECIAL RELATIONSHIP. NOW THE BUILDER HAS A BUYING GROUP RIALTO CAPITAL WHICH JUST DID A PRIVATE PUBLIC DEAL WITH THE FDIC TO BUY LOANS. WOW, SEEMS LIKE ALOT OF OVERSIGHT.

  10. This ole boy is way off track. Just another way for a federal bureaucratic agency to continue to delay trhe housing recovery. Obviously, he knows nothing about Loan Servicing Technique and who should be handling the crisis.

    The feds need to mandate tht the banks process the modifications . I am definitely not worried about when the banks take a loss or do not take a loss. But when they do, the feds had best not chalk it up to taxpayer expense.

    Where is that petition of 4 million people who want their claims against the lenders validated for wrong doing or for whatever charges the homeowner may have as a valid claim against them. Where is the voice of the people?.

    This whole thing ceases to amaze me. You do have a vote, right?

    People are still talking, but no action other than from a select few. How can one win? They can’t and the feds and the banks know it. Step up and step up now and get that petition out there requiring that the justice department take a stand against the banks practices. This seems like a fair and equitable attempt by homeowners who seek justice,

    Have the attorny generals gone underground. Where are the reports that were due in December?

    The feds need to mandate that the loan servicer validate they have the right to service the loans and under what acceptable criteria is required to do that, not to mention proof of the banks standing to foreclose. No attempt at foreclosure should be made without the proper documentation. We know now the banks cannot be trusted, so what else is new?

  11. I watched those when they first came out.

    Now wait a minute Mr Levitin —–

    Losses, losses – who is to bear them?

    Well first of all, the MBS and ABS is a secondary market. You Wall Streeters and Banksters turned the Home Ownership into a speculating game so that you all could leverage and make big bucks. I’m afraid one will not get rich quick by being a worker, one only controls a small amount of product to exchange for money. You have to control a large amount of exchanging product, thus an owner of a company, you are at the top of the pryamid. ie, I’d rather make a dollar off 100 men, then $100 off of one man.
    So the banks and wall street grouped them all together, MBS ABS, BS, you name it now, cars, dell computers.

    Well, don’t they say in Wall Street past performance is not indicative of future performance and you can lose.

    So, Mr Levitin, I’m sorry but MBS investors lose, Banks lose, tough shit, it’s your game that you engaged in and created. What is this trying contain the lose’s? And who should bear them? It’s all leverage on the working backs of people just trying to live a good life, create a good life. You Wall streeters and banksters have corrupted life. Where are the basics of just exchanging a product produced? Instead you folks have turned everything into a speculation game, exchanging money for money, no real product, and yet you call it a financial product – BS.

  12. Didn’t they design TARP to do this exact thing? They got all this money, didn’t write off any of the assets and now will not modify?? How long is all of this going to go on!!!?? Where is the complete report of TARP and what did they do with all those specific funds?? Can we get a report on that and why is this ok!?? This is insane and people need to go to jail. Fining these guys pennies on the dollar does nothing more than promote mor of this behavior. Why is it that they can prosecute individuals who committed mortgage fraud when they cant seem to put the big guys behind bars?? We are as corrupt as many of our third world counterparts that pretend their leaders are okay as they rape, kill and steal from their people. Nice to know exactly where we are heading as a nation….debi

  13. old video with 2 mill viewer :

    http://www.youtube.com/user/fiercefreeleancer

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