BOA: BAD BANK, BAD BANK, WORSE BANK

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

Bank of America to Create Troubled Loans Unit

BANK STILL ATTEMPTING TO KEEP FORECLOSURES A POLITICAL ISSUE

AS LEGAL OPTIONS RUN OUT

EDITOR’S NOTE:

As for what this means for homeowners, it is obvious that BOA is trying to come up with some formula that will be politically acceptable the final result of which will still be that they will get hundreds of thousands of free homes in which they never invested a dime and were PAID on by taxpayers, cross-collateralization, over-collateralization, guarantees, insurance and credit default swaps, just to name a few.

The number of homeowners who have been foreclosed, are in foreclosure and who will be in foreclosure by an entity that is NOT their creditor is close to 10 million at present and rising. Levitin and others see what’s coming: We thought the house of cards collapsed in 2008 but the real collapse is happening this year and next. Those mortgages, most of them anyway, are simply not available to BOA for enforcement because BOA doesn’t own them. As Trustees have awakened from their deep slumber to realize they were in the middle of a firefight, they are siding with the bond holders who are alleging in sum, that they were sold a holographic image of an empty paper bag — instead of a bond that pays interest.

Legally nearly all the mortgages that BOA claims are in some form of legal trouble. They are either owned by someone else, or they don’t exist at all. The transactions with homeowners were documented in direct violation of lending laws, recording laws and contract laws. The actual transaction with the homeowner was not documented. The homeowners’ obligations are virtually all undocumented and unsecured AND subject to defenses and counterclaims that exceed the original transaction in amount.

But the band plays on. BOA continues to pretend that it holds mortgages because it says so, that’s why. It doesn’t, and when the Basel requirements (even the old ones) are applied, in my opinion, the Bank will cease to exist and be “resolved” through the Dodd-Frank Bill.

By NELSON D. SCHWARTZ

NY TIMES

Bank of America said Friday that it would create a unit to handle 1.3 million soured mortgages as Brian T. Moynihan, the bank’s chief executive, tried to distance the company from the fallout of the mortgage crisis.

The entity, known as Legacy Asset Servicing, will become the repository for tens of billions of dollars in troubled assets, including many subprime products that are no longer offered by Bank of America but continue to hang over the company.

Most of the loans were picked up when Bank of America bought Countrywide Financial in 2008.

Legacy Asset Servicing will also lead the handling of home loans in default, including initiating foreclosure proceedings, and deal with billions of dollars in claims by investors seeking to force Bank of America to buy back bad mortgages.

About 12 million healthy mortgages will remain with Bank of America’s home loan division, while the troubled loans in the Legacy Asset Servicing unit are gradually wound down. [Editor’s Note: “Healthy Mortgages” is an oxymoron in this context — most of them are worthless to BOA].

Countrywide became synonymous with the riskiest practices of the subprime lending industry before its acquisition by Mr. Moynihan’s predecessor, Kenneth D. Lewis, in 2008. Since then, Bank of America has written off billions of dollars because of Countrywide even as the foreclosure policies of Bank of America and other giants created a furor among both customers and political leaders.

While this step may reassure analysts and investors, Bank of America and other mortgage servicing giants remain at the center of an investigation into foreclosure practices by all 50 state attorneys general.

One particular focus is the role of what became known as robo-signers, bank officials who signed thousands of documents a month with barely a review, as well as whether foreclosures and evictions were pursued despite the absence of crucial documents. The new unit will be led by Terry Laughlin, a longtime financial industry executive who led One West, formerly known as IndyMac, before joining Bank of America last year. Mr. Laughlin has worked with Mr. Moynihan before, most notably at Fleet, the New England banking giant acquired by Bank of America in 2004.

Legacy Asset Servicing will not be a separate legal entity, but it could make it easier for the bank to put mortgage-related losses into one basket, shifting the focus of analysts and investors to the bank’s healthier businesses.

For now, the focus of Legacy Asset will be on bad residential mortgages, but other troubled assets from elsewhere in the company may eventually be added to its portfolio. Out of the 60,000 workers now employed by Bank of America’s home loans division, about half will be under Mr. Laughlin.

The remainder will continue to report to Barbara Desoer, who currently heads the home loans group.

“This alignment allows two strong executives and their teams to continue to lead the strongest home loans business in the industry, while providing greater focus on resolving legacy mortgage issues,” Mr. Moynihan said in a statement. “We believe this will best serve customers — both those seeking homeownership and those who face mortgage challenges — as well as our shareholders and the communities we serve.”

This is the latest in a series of actions that follow Bank of America’s moratorium on foreclosures last year. The bank says it has altered its foreclosure practices, while sharply increasing the number of modifications to distressed homeowners, reaching 80,000 in the fourth quarter.

The bank set aside $4.1 billion in the last quarter to settle claims by investors who hold soured mortgage securities, citing evidence that the underlying loans did not conform to underwriting standards or that they lacked the proper paperwork.

Of that $4.1 billion charge, $3 billion was earmarked to satisfy claims by Fannie Mae and Freddie Mac, the government-controlled companies that dominate the mortgage market.

For the first time last month, the bank gave estimates about the extent of this potential liability stemming from these so-called put-back claims in the future, estimating the high end to be $7 billion to $10 billion. That is well below the tens of billions of dollars in put-back risk that some analysts have warned that Bank of America faces, a fear that weighed on its stock in October and November.

Mr. Laughlin led the negotiations leading up to the settlement with Fannie Mae and Freddie Mac.

“Whether it’s foreclosure processing, mortgage modifications when possible, our agreements with Fannie Mae and Freddie Mac, and now this, it should be apparent that we intend to continue taking aggressive steps to resolve Countrywide’s mortgage issues and help keep things moving forward,” Larry Di Rita, a spokesman for the company, said.

Ever since the “good bank, bad bank” concept was introduced by Mellon Bank in the late 1980s to cope with a raft of troubled real estate and corporate loans, dividing a financial institution has become a fairly routine part of the Wall Street playbook.

Chase Retail Services, the consumer banking unit of JPMorgan Chase, announced last year that it would break out its most troubled home equity and mortgage loans, underwritten in the boom years preceding the crisis. New and existing real estate loans, which meet the bank’s tougher lending standards today, are reported in a separate category.

In January 2009, Citigroup began siphoning into Citicorp the major businesses that it planned to keep and created Citi Holdings as a unit for troubled assets and other noncore businesses that it planned to sell. UBS and several regional banks have adopted similar strategies as part of their restructuring plans.

In a separate announcement, Bank of America said it was leaving the reverse-mortgage business, which served older customers who wanted to extract cash by borrowing against the equity in their homes. While the bank will no longer provide reverse mortgages, it will continue to service existing ones.

Eric Dash contributed reporting.

35 Responses

  1. ANY BODY HAVE ANY INFO I CAN USE IN COURT ON CIG HFI 1ST LIEN MORTGAGE ? STILL FIGHTING

  2. […] James Pilant COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary Bank of America to Create Troubled Loans Unit BANK STILL ATTEMPTING TO KEEP FORECLOSURES A POLITICAL ISSUE AS LEGAL OPTIONS RUN OUT EDITOR’S NOTE: As for what this means for homeowners, it is obvious that BOA is trying to come up with some formula that will be politically acceptable the final result of which will still be that they will get hundreds of thousands o … Read More […]

  3. I am a victim of this B of A scam. I don’t for one minute believe B of A ever owned any of the Countrywide loans, mine included!!! They never changed my loan number to show that it really was owned by B of A when they took over Countrywide. I tried to sell my home in a short sale because I believed the lies B of A was telling me. Funny thing though, after signing all of the closing documents, the buyer’s bank wouldn’t fund their loan????!!!! THAT’S CRAP!!!! The next day after the closing is when I was informed of this and the day after that, my home went to the Sheriff’s Sale. There is something really fishy about the entire chain of events!!! Relisted the house and had my realtor contacted and told to close his listing because Fannie Mae purchased the house!! All this time B of A is telling me I still owned the house!!! Also, in Michigan, you are granted by state law a redemption period of 6 months prior to the Sheriff’s sale. Why didn’t B of A obey this law?????? I received notice by email…YES I SAID EMAIL, from B of A that I was in a redemption period the day after the Sheriff’s Sale, but within less than 2 months, I found my home listed on Fannie Mae’s site up for sale!!!! My redemption period, per B of A was supposed to be through March 2011 but yet I find out that my home was sold and some moved in 2 weeks ago!!!! We don’t need complaints about what they are doing to us the homeowners, we need a solution and we need to know what action we can take against B of A to make them pay for what they have done and are still doing to homeowners across this country!!!
    This is FELONY GRAND THEFT being perpetrated by B of A on the American homeowner!!!!
    So tell me what we can do about this and how we can stop B of A from STEALING OUR HOMES FROM US!!!

  4. CIG HFI 1st Lien Mortgage

  5. If it doesn’t resonate..sit it on a shelf. We are all at different stages of development.

    Trespass Unwanted, life, alive, allodial, jure divino, corporeal, live born, born alive, whole blood, free, freeman

  6. TO: Trespass unwanted….you use a lot of words to make no valid legal point to help any reader on this blog.

  7. My reply to Confused statement:

    SO YOU BELIEVE; Reading your take on HELP’s post of the DANG case about Bank of America creating a pretend creditor-

    My answer is no.

    I don’t ‘believe’ anything. I know nothing. The more I know about things, the more I know that I don’t know a lot about everything.

    I see, I observe, I discern.

    This system needs me to believe in something, to believe in anything, as long as I believe in it. Did you see The Event…they highlighted the word ‘lie’ in the word ‘believe’ – be “lie” ve.
    Most people don’t like letting go of their beliefs…they will fight for what they believe in. Fighting is a sign of fear..you fight when you feel like you are losing a battle so you can feel like you win. Many battles are fought and won spiritually. There are spiritual battles going on now, all over the place, all over the world. This is historic. We are witnessing things that have never happened before in the history of mankind. The God man and the LORD God man are both dealing with the control of this planet. As above, so below. There are battles in the spirit realm, in outer space, inside each of us, people are having battles within, where cancer, diabetes, high blood pressure, depression, bi-polar, etc…whatever it is, it’s trying to take control…it’s all connected. The energies are all connected. The energies of fear and fight are being harnessed. There are laws in place, not just man’s law…there are universal laws. You violate another man, and see what man’s laws do to you. You violate a universal law, and see what the Universe does to you. It’s all connected. Too many are caught up in the ‘programming’ on the t.v. to even know the events going on in their own country. Many don’t know why the President of China was here, many don’t know what’s going on with the Fed, the reading of the Declaration of Independence in front of billions of witnesses, the reading of the Constitution in front of millions of witnesses…The first book of Genesis speaking of the man made in the image of God and the second book of Genesis saying when God rested Lord God made the man ‘he’ formed from the ground and put him in Eden…he speaks of a man leaving his family to cleave to his wife..if they were the only two, why mention family…because the God man was already on the earth. The people taking our land are not citizens. They gave up their citizenship to be part of that group that they represent and BAR stands for ‘British’ etc. etc. Their courts are a business and they force us into them and force us to spend money to deal in controversies we should not be part of, or they will ‘steal from us if we don’t come’, and steal from us if we dod come and don’t play by their controversial rules. There’s so much, but then again I don’t know anything.

    I do not give legal advice because I don’t know legal things.

    You state:
    CIG HFI 1st lien mortgage was the creditor.

    I would differ with that statement by saying; that CIG HFI 1st lien mortgage was “not” the creditor. Someone else was. That someone was a living being, flesh and blood, performed transactions, placed signatures, etc…to set up a creditor situation. Who is that ‘real, live, living, breathing thing’…when you find that ‘real, live, living, breathing, thing’. Then you can say who the creditor is.

    I would also add an opposing statement that if you are going to say Bank of America did something you either admit to yourself that Bank of America is inanimate, and therefore not alive and didn’t do it; couldn’t possibly do it, – but an employee, representative, trustee, president, CEO, CFO, Janitor, attorney, or some one who is alive did it.

    Saying BOA did something is like me saying my milk got out of the refrigerator, poured itself from the jug into my glass, and then swallowed itself down my throat.

    When you see the ‘veil’ over your eyes that make you argue with an ‘unknown’, you see why they are doing what they are doing. There’s more, but you may not be able to handle that basic fact.

    (I know that description is way out there, but these arguments are too!). While we try to figure out how to overcome this obstacle, call it what it is…the wizard is behind the curtain…pull back the curtain and then say who’s doing what.

    So maybe I should say the attorney for the milk did it. Since the milk has to be represented…it can never appear in court…you are fighting an unknown…who does the attorney really represent?

    The illusion is great, and there is a real, live, person or entity or thing that did this, moved it forward, and until you see through the veil, you will be using your live source in an energy that ‘supports and strengthens’ them.

    If you don’t understand, then let what I say, sit on a shelf, it doesn’t resonate with you..that’s okay…it’s not time for ‘you’ to understand what I’m saying.

    In my case, a senior vice president of a mortgage servicing company (I know his name, I wrote him letters) made the moves to place my home in foreclosure. I know the names of the six attorneys assigned to foreclose on my mortgage…any to act…I know their names and I know which documents were signed by each of the six attorneys. I know the name of the attorney who acted as substitute trustee the day of the purported sale. I know who called the home for sale with no right to. I know who filed the transfer of the deed of my property. I know who added my name to that deed transfer as if I’d transferred my property. I know the name of the original trustee who handed my title to my property to the attorney who (I know his name) was supposedly appointed as substitute trustee, and I know the name of the judge who ordered me to get out of my home. I know the name of the sheriff who came with a gun to make me leave. I know the name of the realtor who said I abandoned my home after the sheriff left, and he changed the locks and is squatting on my property waiting on the go ahead to sell it.

    I know the names of every living, breathing, being, person, human, thing, etc…that has something to do with me fleeing my home under threat that some stranger with a gun had permission from some judge to put their hands on me and make me leave my property.

    I know everyone. I have their names written in my Book of Life. I am the Creator within. The Creator in me is the same Creator in them. That’s why there are ‘no’ secrets. Our Creator…the One and Only…knows what was done by every one and who did what.

    And I’m not blaming or pointing fingers at an inanimate object for them to hide their deeds behind.

    I know the names of all of the living people who dispossessed me, and in no way would I ever say PNC Mortgage did this and PNC Mortgage did that…because PNC mortgage is not alive…it’s didn’t do a single solitary thing. It never could. There are real people behind what is happening.

    That’s all I’m saying.

    People go to court and argue that an inanimate objec, some corporation, has done something to them. Well People have stepped into Wonderland and traversed into their world and actually believe their world is real.

    If I appear and tell you, that you have no jurisdiction, that the one their attorney is representing is suing the wrong party. (ie. I’m in no dispute), then it’s that judge’s job to determine the facts…once the judge assists in the theft, it’s game over for everyone.

    The Creator, not me, but the Creator is cleaning house now..and all I’m saying is…either you are one who will get cleaned out too, for being an unclean spirit or you won’t. It’s all about choices.

    I know who did things to me and robbed me of my right to live in this existence free from trespass. My home was stolen by ‘real’ people. But I can get another home. That’s not the problem.

    When more than two who commit an act that shows Culpability.

    There are affidavits filed by attorneys stating, ‘to the best of my knowledge’..that’s not good enough, either you know or you don’t know.

    All these people did this and want to pretend a corporation that doesn’t eat, sleep, think, is not conscious, doesn’t talk, did it. Or act like they represent an inanimate object that can’t even make a move to ‘hire’ them in the first place, let along negotiate fees, nor pay them.

    People are behind this.

    When you really see who the players are…then you can see the ‘game’ being played, can see the layers of deception and know why I say Thou shalt not steal, and why I say ‘Game Over’.

    Our One Infinite Creator created the Heavens and the Earth, not Bank of America nor it’s president, employees, nor investors. When any of them create the Heavens and the Earth and I mortgage property under what they created and don’t pay them….then they can foreclose on it.

    I am a messenger. I know I will be targeted because the message is not accepted, nor well received. I deliver the message as part of my spiritual path. I do not carry any burden of being the target because I delivered this message. My job is done whether the message is received or not. I answer to a higher power, and that higher power provided me with certain rights, not privileges. Those rights cannot be taken in foreclosure or otherwise.

    That’s why it says, judge not that you are not judged. If within a degree of one, we have a spiritual affinity, whatever you charge me with, you charge yourself…we are the same, we are One. So whatever judgment I face in your hands, you will face the same judgment by your own hands.

    That’s why I can love everyone unconditionally. They judge themselves by what they do. I don’t have to do anything.

    The cleansing has begun.

    I love you, unconditionally,
    Trespass Unwanted, life, alive, allodial, jure divino, corporeal, live born, born alive, whole blood, free, freeman

  8. To TRESPASS UNWANTED POST-

    SO YOU BELIEVE; Reading your take on HELP’s post of the DANG case about Bank of America creating a pretend creditor-

    DON’T YOU BELIEVE; If Bank of America representatives disseminate information that misleads borrower’s down what Mr. Garfield calls an empty “rabbit hole,” that this action is a misrepresentation and Bank of America liable for that misinformation/wrong doing? Borrowers are reliant on these phone calls and communications as factual information.

    Viewing The DANG case, it also seems to be a different twist on the Trusts and Securtization issues on this blog and another form of deceit; This seems to be Bank of America trying to make loans they claim they own and have always owned appear to be sold and securitized, which is totally the reverse to MERS and issues blogged about on this blog. It appears from the DANG case exhibit I looked at, that the Dang borrower was sent a letter that stated CIG HFI 1st lien mortgage was the creditor the money was owed to and BAC Home Loan Serviving, LP a division of Bank of America, N.A is the Servicer. Making it appear that Bank of America is not the Creditor, WHICH was a “SMOKE SCREEN” to confuse the borrower and i bet to discourage the borrower…and in the DANG case Bank of America states CIG HFI 1st Lien Mortgage is a department within Bank of America, essentially claiming Bank of America owns the loan.

    It seems to me that the HELP poster and the Dang case litigant got “hood winked” by Bank of America. DON’T YOU THINK THAT IS MISLEADING…creating a fake Creditor to deceive borrowers? IT sure seems that Bank of America should be ultimately liable for any information disseminated by its employees that is misleading or a misrepresentation.

  9. I know nothing and if I think I know something I know nothing. I do not give legal advice because I don’t know legal things.

    You treat it like it’s real!
    HELP comments:
    BOA tells me on the phone….
    BOA denies the request for…
    BofA- Represents CIG HFI ….
    BofA- sends a RESPA QWR response…
    BofA- tried to foreclose ….

    Is BOA alive? flesh and blood? Does it have hair, eyes? Is it a man or woman? male or female? How did BOA speak to you? Does BOA have an accent? What does BOA signature look like?

    This entire process you are fighting an ‘unknown’, a corporation, a nothing….everything you are doing you are speaking to ‘representatives’…never the ‘thing’ that “you are stating” is doing all of this stuff to you.

    You sound delusional speaking of BOA in that manner.

    In elementary they had sentences for that:
    The sun danced across the sky.
    The foot of a hill.

    Giving inanimate objects properties as if they are alive. We learned that in elementary.

    Who said those things.
    Who did those things.

    They pulled the wool over your eyes and you fight them in the dark.

    Judges and lawyers give your property over as an offering to ‘their God’ who has no eyes, nose, or mouth, but gives them wealth beyond all wealth for the removal of the living soul from the land created by a different Creator.

    They probably are sitting in church every day, so close to the problem that they don’t realize the ‘road to hell is paved with good intentions’.

    That attorney was not hired by ‘BOA’ it never spoke to him. He was hired by an employee of BOA. He represents the interest of the president of BOA and their investors, yet he says he represents BOA. If he comes into court lying about who he represents, then who are you fighting?

    Your attorney is fighting their attorney.

    When you fight, you need the ‘real party in interest’ to show up. If you are you, by your own right, sui juris, or by divine right, jure divino, then they should be there as them, not represented, and not representing inanimate objects.

    That attorney saying BOA foreclosed…really, how? Show me a picture of the man or woman, named BOA, who stood there and did the sale. NO! A trustee foreclosed. Or an illegally/unlawfully appointed substitute trustee foreclosed.

    I speak in vaguely because as an adult who can enter a contract you at least need to know what you are doing , and these people take advantage of the fact you know the episodes of your favorite show or the score of the big game of the year, and have not clue who you are fighting, and that these judges are giving your property as an offering to their God. The one who will make them rich beyond all riches.

    My problem with the system. I’m not a party to it, they should never send a man with a gun to my residence to make me move. It was my ‘life’ energy that created the wealth and earned the money that paid for that home. It was my life energy that kept it in good condition and gave it equity.

    For a few keys on a keyboard, they created a ‘check’ to pay them self. Now you become your own bank, write yourself a check, and cash it. Tell me if that even remotely seems legitimate.

    We’ve been robbed. Thou shalt not steal.

    Attorneys were behind the underwriting…as trustees holding the titles to the properties on the Deeds of ‘no’ Trust, as trustees of the trusts in which no mortgages were transferred into (they knew they weren’t being transferred into, they are the trustee, it’s their freaking job to know), they were the writers of the prospectus, they are the ones responsible for the terms when the investors are defrauded so they can push back on these MBS, and they are on both sides of the foreclosure, defending the homeowner and defending an inanimate object (hiding the true creditor), they are cleaning you out in bankruptcy, and they are the judge.

    Now look at that picture and tell me who is robbing america of their wealth and why you can’t see the bigger picture. When it’s all said and done…unless you are holding title to your property, an attorney is holding it.

    And if you end up holding title, it won’t be for long, if it’s true that one of those entities are going back and putting liens on property won in foreclosure…that entity is inanimate, it’s an attorney putting that lien, and you pay to fight it, either with an attorney or not…

    The entire system is rigged and you can’t see it, and someone asks me if I’m on meds…no…I’m not subject to their programming like you are.

    You are using your ‘free’ education well.

    Truth is stranger than fiction.

    Nothing happens in the US that is not allowed by the government. If someone set a fire, they’d find them. But if someone steals every home in the nation using defective paperwork, they act like they don’t know who’s involved.

    And every two years you flock to the polls, because you are ‘registered’ in that system that does this to you, and think you will make a difference.

    While you look at what happened yesterday, they are deciding what to do to you tomorrow.

    That’s why this entire globe is going through change. First you have to see what role you play in supporting the system that has done so much to you and to others. It’s bigger and we must wake up and decide how humane and spiritual we plan to be as this plays out.

    I love you, unconditionally,
    Trespass Unwanted, life, alive, allodial, jure divino, corporeal, live born, born alive, whole blood, free, freeman

  10. B.Davies

    How can you confuse the people on here like that? There is no legal way period that this link you provide is correct and I will break it down now to set this record straight.

    1. Indymac Bank FSB was taken over by the FDIC
    2. FDIC made Indymac Federal FSB spliting the liabilities and giving only the assets “collecting rights” and peoples “deposits” at Indymac Bank FSB because it was FDIC insured, and they and a secured claim with the FDIC.
    3.DBNTC file a proof of claim with the FDIC for all 246 and for the NIM trust of Indymac Bank FSB
    4. FDIC rejected the claim of DBNTC saying you are not a Secured Creditor nor will you get an administrative claim.
    5. FDIC sold Indymac Federal FSB assets to IMB Holdco.
    * at this time DBNTC file 2 suits one in California Federal court for breach of contract against the FDIC then in California Probate Court to try to get administrative fees and not be held liable for the former trust.

    I can go further than this but I already did in another post. We would not have DBNTC file a Federal case for breach of contract if DBNTC was able to give “collection rights” to someone and have an QFC in place to hold someone liable.

    I see you pulled a link on the case, but read the ruling on the motion to dismiss. The Judge explains everything in detail.

    I can’t believe somethings that I see on here. Instead of people saying there are “expert witnesses” people need to study paper work and not think a lawyer will help or google is your lawyer, or some web page will give you all the information you need.

    It is called team work. A lawyer is only as good as the person that gives him information. If you are not properly informed your lawyer will suck. Even though people say “find a lawyer who gets it”, 1st you need to get it in order to find that person who will get it.

  11. If you google justice you get http://www.shopjustice.com/ :\ I’m no little girl. I’m looking for a cpa to do a forensic loan audit. [Ny sister was a title examiner for a looong time. Could that help what should I ask her to look for?] Does the fact that I have a mrs satisfaction of mortgage just make me win?

  12. Seriously, I have a few quirks. I’m sick of these night mers and want just ice.

  13. We need a facebook pageto try and get the millions of people together via facebook. Call it mers

  14. Brian one west were not the successor in interest. They bought servicig rights!? I have a letter from FDIC that states this
    my qestion servicing for what for who and how did they have this legal right to foreclose and take my house….They don’t. But they did

  15. http://www.scribd.com/doc/48251377/Ibanez-Decision-Teleconference-the-Practitioner-and-the-Consumer

    securitization teleconference to discuss ibanez decision.February 12, 2011 9 am pst.

  16. http://www.scribd.com/doc/48250899/Deutsche-Bank-as-Trustee-Agreement-to-Have-Onewest-Be-an-Agent-in-Place-of-Indymac-Bank-Fsb-August-12-2009

    deutsche bank national trust company appointment of successor servicer onewest bank on august 12, 2009 and also granting a limited power of attorney for certain trusts attached to the document. This outlines the procedures and who and what may sign for each transfer. This should help for those who have a substitution or other by these limited powers of attorney robosignors.

  17. dying truth, here is the rest of that article:

    An example of banking philosophy
    To seize the belongings of all nations and individuals
    This is the real reason for poverty in the world
    français

    In reading the following article of Louis Even, first published in 1941, one will quickly realize that the plan of the Financiers to seize the people’s wealth and the farmers’ land has been going on for a long time. But today, one can clearly see that this plan has been fully realized. The people owe all of their country’s wealth to the Bankers through national debts, and a majority of the farmers of developed countries have disappeared; those remaining must work night and day to pay interests to the Bankers. Let us all read again this important document that enlightens us all on the real reasons for poverty in the world.

    by Louis Even

    Here is the full text of an article published in the United States Bankers’ Magazine in 1892. It was recently re-published in the New Era and in the Social Crediter, where we took it:
    “We must go forward cautiously and consolidate each acquired position, because already the inferior social stratum of society is giving unceasing signs of agitation.
    “Therefore, prudence dictates to us a line of conduct that seems to give in to the will of the people, until the execution of our plans be well-enough established for us to be able to declare our intentions without having to fear any organized resistance.
    “Our confidence men shall have to closely watch the Farmers Alliance and the Knights of Work, and take steps immediately, either to control both associations in accordance with our interests, or to break them.
    “Our men will have to attend the Convention that will be held in Omaha on the 4th of July, and be in charge of all activities. Otherwise, this Convention could muster such an antagonism to our plans that we would have to resort to force to overcome it.
    Now, at the present time, using violence would be premature. We are not yet ready to confront such an assault. Money must first of all seek maximum protection in schemes and in legislation.
    “Let us make use of the courts. Let us go forward as fast as possible at perceiving debts, at foreclosing (depriving of recourse to justice when a certain time limit has been transgressed) on debentures and mortgages.
    “When, through the law’s intervention, the common people shall have lost their homes, they will be more easy to control and more easy to govern, and they shall not be able to resist the strong hand of the Government acting in accordance with the orders of the central power of imperial wealth, under the control of the leaders of finance.
    “Our top leaders are perfectly aware of the truth. They are presently working at establishing an imperialism of the capital to rule the world. But while they are implementing this plan, they must keep the people busy with political antagonisms.
    “We’ll therefore speed up the question of reform in the custom rates by the political organization called the Democratic Party; and we’ll put the spotlight on the question of protection and of the reciprocity by the Republican Party.
    “By dividing the electorate this way, we’ll be able to have them spend their energies at struggling amongst themselves on questions that, for us, have no importance whatsoever, and on which we only touch upon as instructors of the common flock.
    “It is thus that, through discreet acts, we can maintain what was so generously projected and executed with such a remarkable success.”

    * * *
    Commentaries are unnecessary on a text that speaks for itself. Let us take the date into consideration: 1892 — one year before the crisis of 1893. We now have in our possession three documents relative to this 1893 crisis.
    1. The 1891 document, the confidential leaflet of the bankers, encouraging mortgages on properties, in anticipation of the crisis that the bankers would launch a little later on to grab all of the mortgaged properties. Besides, here is the text:
    “We are authorizing our loan officers from the Western States to loan on properties, monies repayable by September 1t, 1894. No fatal date is to exceed this date.
    “On September 1st, 1894, we shall categorically refuse all loan renewals. On that day, we shall demand the repayment of our money, under penalty of foreclosure on collaterals.
    “The mortgaged properties will become ours. (Money will have become scarce beforehand, and the repayments will have become generally impossible.) We’ll thus be able to acquire, at a price agreeable to us, two-thirds of the farms west of the Mississippi and thousands more east of this great river.
    “We’ll even be able to possess three quarters of the western farms as well as all the money in the country. The farmers will then become land tenants only, just like in England.”
    2. The above-mentioned 1892 document in which the Bankers expose their philosophy.
    3. The March 11, 1893 leaflet, since then called: “The Panic Circular”, addressed by the American Bankers’ Association to all national banks throughout the United States:
    “The interests of national banks require immediate financial legislation by Congress (the United States Government). Silver, silver certificates, and Treasury bonds (that is to say, all the Government’s money) must be retired, and National Bank Notes made the only money.
    “This will require the authorization of $500 million to $1 billion of new bonds as the basis of circulation. You will at once retire one-third of your circulation (your paper money) and call in one-half of your loans. Be careful to make a monetary stringency among your patrons, especially among influential businessmen.
    “Advocate an extra session of Congress to repeal the purchasing clause of the Sherman Law, and act with other banks of your city in securing a large petition to Congress for its unconditional repeal per accompanying form. Use personal influence with your Congressmen, and particularly let your wishes be known to your senators.
    “The future life of national banks, as fixed and safe investments, depends upon immediate action, as there is an increasing sentiment in favor of Government legal-tender notes and silver coinage.”
    The very-well organized Bankers’ Association won the day over an ignorant public solely organized for political struggles of colours. A special session of the Congress was convened expressly to demolish the ever-increasing confidence of the people towards a government-issued money.
    To force the people and the governments to kneel down in front of the banks, an extreme scarcity of money had to be created. The whole of America felt this scarcity. It was the crisis that was called the “Panic of 1893”. Planned in the offices of the makers and the destroyers of money, this crisis sowed ruins and pains in every corner of the country.
    Louis Even

    This article was published in the January-February, 2003 issue of “Michael”.

  18. Countrywide of BofA is finished. The banksters cost too many politicians their jobs. It also almost cost too many politicians their jobs.

    They pissed to many Investors and Politicians their jobs or money.

    Arnold Shwartzenegger knows that he left his job in disgrace mostly because he sided with the big banks and got nothing but shame in return.

  19. IF YOU’RE A HOMEOWNER, GET YOURSELF A “LAWYER THAT GETS IT” AND GET INTO COURT NOW!!!

    This isn’t going away, and it’s only going get tougher. The banks are losing left and right, but they are also winning and have cash for $1,250/hr attorneys who play golf with the judges.

    Fight, Fight Fight! Get a suit in place asap before there is a “one swoop” piece of “fixin” legislation that eliminates all who weren’t in the fight.

    Thanks Neil and ALL HERE! God Bless us All and may we Conquer the Giants!

  20. I think , I need a new caculator only for Banks:

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

  21. Upon numerous requests of B of A, we were told that CIG HFI is the “investor” and CIG “advanced the funds” and that BAC is the servicer.

  22. The strategy of BofA to create a separate unit and have the mortgages it does not own and has no interest in be collected on nonetheless to inure to the benefit of BofA by using the Courts is entirely viable. To date, most Courts are perfectly content to buy into BofA’s representations that the homeowner would get a “free house” if not foreclosed on, so why not turn it over to BofA? I have seen multiple properties be so foreclosed on even while the Debtor was in the BK Court, with BofA nonetheless just marching in, changing locks, and expelling renters (the renters not before the Courts). BofA’s Reply Brief to the NJ Supreme Court (responding to Order to Show Cause as to why it should not be restrained from doing any foreclosures in NJ for the next year) stated in effect: “We are a Federally Chartered Bank and thus it is beyond the purview of the NJ Courts to control us, never mind that we cheerfully use your State Courts to carry out our foreclosure schemes, so you NJ guys just butt out.” That little gem, with 96 pages of dense legalese, was signed off on by 12 attorneys from top firms, each paid $1,250/hr, for a total cost of about $1 MM. For sheer arrogance and hubris, that Pleading sure takes the cake!

    Here’s the bad part: it will probably work. The lower courts have fallen into line; it is entirely reasonable to assume the NJ Supreme Court will, also.

  23. The original source found for this was listed as the United States Bankers’ Magazine in 1892, republished later in the New Era and in the Social Crediter.

    Following is the article in its entirety:
    “We must go forward cautiously and consolidate each acquired position, because already the inferior social stratum of society is giving unceasing signs of agitation.

    Therefore, prudence dictates to us a line of conduct that seems to give in to the will of the people, until the execution of our plans be well-enough established for us to be able to declare our intentions without having to fear any organized resistance.

    Our confidence men shall have to closely watch the Farmers Alliance and the Knights of Work, and take steps immediately, either to control both associations in accordance with our interests, or to break them.

    Our men will have to attend the Convention that will be held in Omaha on the 4th of July, and be in charge of all activities. Otherwise, this Convention could muster such an antagonism to our plans that we would have to resort to force to overcome it.

    Now, at the present time, using violence would be premature. We are not yet ready to confront such an assault. Money must first of all seek maximum protection in schemes and in legislation.

    Let us make use of the courts. Let us go forward as fast as possible at perceiving debts, at foreclosing (depriving of recourse to justice when a certain time limit has been transgressed) on debentures and mortgages.

    When, through the law’s intervention, the common people shall have lost their homes, they will be more easy to control and more easy to govern, and they shall not be able to resist the strong hand of the Government acting in accordance with the orders of the central power of imperial wealth, under the control of the leaders of finance.

    Our top leaders are perfectly aware of the truth. They are presently working at establishing an imperialism of the capital to rule the world. But while they are implementing this plan, they must keep the people busy with political antagonisms.

    We’ll therefore speed up the question of reform in the custom rates by the political organization called the Democratic Party; and we’ll put the spotlight on the question of protection and of the reciprocity by the Republican Party.

    By dividing the electorate this way, we’ll be able to have them spend their energies at struggling amongst themselves on questions that, for us, have no importance whatsoever, and on which we only touch upon as instructors of the common flock.

    It is thus that, through discreet acts, we can maintain what was so generously projected and executed with such a remarkable success.”

  24. TONY- ok, thanks for update.

    It is interesting, BofA -making up this pretend creditor…CIG HFI qst Lien Mortgage…telling borrowers that CIG HFI 1st Lien Mortgage is the Creditor to whom the money is owed…confusing everyone…then confusing borrowers futher by trying to forreclose in the name of Bank of America, N.A. Then coming to court after months and months of calling BofA on this in RESPA QWR and FDCPA disputes…they say opps…CIG HFI 1st Lien Mortgage is Bank of America…give me your property.

    I wish Neil could way in on what laws are being borken and what claims us borrowers have against BofA for the misleading/misrepresentations/lies….has cost me dearly…while i head my head in the rabbit hole.

  25. HELP

    I looked at the Dang case, and the case isn’t over it’s still active. What it look like she lost was does CIG have to file a corporate disclosure, but it looks like she won anyway seeing that the cat out of the bag that CIG is not a corporation, thus can not be a creditor.

  26. All I just want to know is. When will Brian go to JAIL?

  27. CIG HFI 1st Lien Mortgage- BofA’s pretend investor.

    See This Case:

    IN THE UNITED STATES BANKRUPTCY COURT
    FOR THE DISTRICT OF MARYLAND
    In Re BARBARA KIM DANG
    Debtor Case Number: 10-1-4152-NA
    Chapter 13
    ________________________________________________________________________
    BARBARA KIM DANG )
    )
    Plaintiff )
    v. ) Adversary Number: 10-00216-NA
    )
    BANK OF AMERICA, N.A., BAC Home Loan Servicing, LP, fka Countrywide Home Loans Services, LP, CIG HFI 1st Lien Mortgage, Northwest Trustee Services and DOES 1-200
    )
    Defendants )

    * All though the Pro Se litigant lost to BofA some interesting information was revealed about CIG HFI 1st Lien Mortgage Department at BofA.

    * BofA admits in Court filings; “CIG HFI 1st Lien Mortgage is a department within Bank of America, N.A. and not a corporation as defined under 11 U.S.C. § 101(9) required to make corporate disclosures.”

    * Plaintiff, Dang, provides a copy of a letter Debt Validation letter in her exhibits that states BAC Home Loan Servicing, LP, a Subsidiary of Bank of America, N.A., as the Servicer of your loan, is considered a debt collector.”

    * The Dang Exhibit letter also states; “The name of the creditor the debt is owed: CIG HFI 1st Lien Mortgage.”

    HOW CAN BofA tell borrowers they are the Servicer of the loan?

    HOW CAN BofA tell borrowers the debt is owed to a Creditor named CIG HFI 1st Lien Mortgage?

    HOW CAN BofA tell create a pretend “creditor” to deceive borrowers, then stand in Court and say ah shucks….” CIG HFI 1st Lien Mortgage is a department within Bank of America.” And ah shucks BofA really owns your loan…and BofA really is the Creditor and BofA really is owed the money not this Creditor names CIG HFI 1st Lien Mortgage…ah shucks…CIG HFI never advanced any money on your loan.

    Like a Good Magic Trick, smoke and mirrors and get your eye distracted on another event while the real trick is going on.

  28. How is the f##k is this happening? How do they think the NeWest scoundrel has standing to foreclose when they never had standing to assign again??? Like the new entitly will have legal standing?! Enough is enough. ALL regulators need to be fired. We need to start with the fraudsters going to jail; not given a promotion to the head of the most fraudulent bank in the world. Nice. Like indymac did anything kosher. What is transpiring now is blatant avoidance and obstruction of the law. When the bankers steal all the money and the justice system couldn’t recognize justice if it ran over them; the judges are either stupid or corrupt (equally bad), the FBI works with the american Bankers and Title Associations, it looks like the american homeowner is F-ed again your honor. This is deplorable. Seriously deplorable. When you can’t trust any one in authority – real problem begin — the whole fraud was based on this trust. The banks first gained everyones trust and then took complete advantage of this trust. Why doesn’t anyone wonder why all those mortgages are based the the LIBOR? Ask Willy– he knows! Also- no one is addressing all the insurance payments and where they were applied. How di we get to see those figures…that will be very interesting to say the least. What disastrous times we are living. May God please bless America—the devil has gone wild. Debi

  29. BofA makes you go Hummm-

    CIG HFI 1st Lien Mortgage (a department within BofA sending letters stating to BofA serviced loans that CIG HFI 1st Lien is the Creditor)

    * BofA tells me on the phone they are the Servicer and the loan was sold and they can not disclose that information, as the Investor remains to be Private.

    * BofA denies the request for a loan modification stating in the letter “The Investor/Mortgage Company has declined the application at this time.” Admitting to us the loan is not owned by BofA.

    * BofA- Represents CIG HFI 1st Lien Mortgage is a creditor on letters and on the phone. Representing multiple times with documented record keeping of the BofA employees that CIG HFI ist Lien Mortgage is the Investor for the loan and BofA is just the Servicer.

    * BofA- sends a RESPA QWR response with a Promissary NOTE endorsed/stamped in blank stating “Pay to the Order of” in blank ” Without Recourse Bank of America. N.A.” Signed by John Mack, Sr. Vice President. One more item for the Rabbit Hole Chase.

    * BofA- tried to foreclose stating the Holder in Due Course was Bank of America, N.A. (HUMM-what happen to the investor) All the while we had a cash purchase offer to sell the property for more than owed to BofA and the closing attorney could not get a payoff from BofA, it was turned over to the foreclosure mill. It was in a black hole now.
    In Court- BofA admits that CIG HFI is an internal department within Bank of America. CIG- Corporate Investment Group HFI Held For Investment

    * Research shows that BofA has sent many letters to borrowers stating that CIG HFI 1st Lien Mortgage is there Creditor (Creditor definition- to who money is owed)

    * BofA stated in Court they accidentally sent the wrong modification denial and BofA owns the loan and there is not investor. THE RABBIT HOLE.

    Looking for Class Action partners for BofA borrowers misrepresented to by BofA about CIG HFI 1st Lien Mortgage being there investor/creditor/owner of there loan.

  30. Yes Charlie, I most certainly believe that a resolution to resolve this mess will be more in line with what the constitution might allow.

    In 2006, we made a recommendation to the FDIC that all of the 60 day accounts be moved to a special unit whereby the homeowner had a sufficient time to ernestly try to resolve his hardship without the threat of foreclosure. In exchange, the feds could have better controlled the reserves that would have been needed to work through a potential housing crisis.

    Because they did not do it then, and are trying to do it now, the damage has been done.

    In the initial stages, long before we realized the extent of the violations of law by these lenders and the deceptive means that they used in the servicing of the loans, the borrowers would have least had a chance to recover.

    Now they have nothing as the word of most Banks cannot be trusted nor do they intend to follow through on promises made. The trickle down effect of the phenominal wrongdoing by the banks has been a travesty as we all know. And it appears very much that the banks actions are still be condoned by the law enforcement of this country.

  31. If one of us does not pay our taxes, or or somehow cheat the system, we would be harshly punished at once by the law, which the banks seems no being affected by, furthermore, the laugh at our current laws and in the process are trying to making up their own so they can stick it to us all even more…….the game can only go on so long……….the constitution it’s sacred, and they will NOT step all over it!!! the Law will at the end apply to the thieves as it was the intended!! long live our awesome America!!!

  32. “… Those mortgages, most of them anyway, are simply not available to BOA for enforcement because BOA doesn’t own them.”

    Neil, does this statement refer to the Countrywide loans that BOA is moving to the troubled loans unit?

  33. […] COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary Bank of America to Create Troubled Loans Unit BANK STILL ATTEMPTING TO KEEP FORECLOSURES A POLITICAL ISSUE AS LEGAL OPTIONS RUN OUT EDITOR'S NOTE: As for what this means for homeowners, it is obvious that BOA is trying to come up with some formula that will be politically acceptable the final result of which will still be that they will get hundreds of thousands o … Read More […]

  34. it’s really derecognition and accounting violations.

    WTF (Where the!) is the IRS in all of this?
    “Too big to account for” + too big to collect?

    PSA prohibit creation of new loan, it’s all invalid.

  35. They are going down going down going down. Crash and burn

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