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EDITOR’S COMMENT: In this age of cynicism and corporate money directing every election, it probably comes as no surprise to you to learn that the House Committee Chaired by Barney Frank contains members whose campaign contributions comes mostly from the industry they are supposedly regulating with laws to uphold the Constitution and protect the citizens of America.

The interesting part of this is that Dylan Ratigan made it a mainstream issue today. If you go to the article or the video clip, you can see how this is bad timing for the megabanks. With BOA exposed as a knowing and willing perpetrator of a widespread scam on homeowners with force-placed insurance, (which by the way means the amount they demanded as defaults in foreclosures was WRONG), and the 50 states full court press from the financial lobbyists trying to get the TWO CENT SETTLEMENT through, the public is getting a full dose of just how corrupt our government has become from the Federal level down to the state level.

Ratigan To Barney Frank: The Financial Lobby Owns Your Committee

Today, March 14, 2011, 35 minutes ago | DailyBailGo to full article

From the archives, one of the greatest moments in truth and cable TV.

Video – Barney Frank With Dylan Ratigan – Oct. 14, 2009 – Runs 1 Minute

From the Sunlight Foundation

One year after the biggest economic collapse since the Great Depression, Congress is still debating new regulations to protect consumers and prevent risk-taking in the financial sector.  The House Committee on Financial Services is currently undertaking the important first step of writing, amending and voting on some of the pieces of the long-proposed financial regulatory reform.  While debating these issues top committee members have been the recipients of disproportionate campaign contributions from the very industry that they are tasked with regulating.

20 Responses

  1. There is one provision in the 27 page proposed AG settlement — that is important. Page 7 – number 5 —

    “if requested by a borrower at any time, Servicer shall identify the trust or other entity in which the borrower’s loan is held, and provide contact information for such entity.” (notice MERS is right below — and it states — to be addressed later.)

    The AGs cannot get around adding this statement to the settlement as it is required under the TILA Amendment. It is important to be able to contact the trustee for any said trust – yourself. There are lots of questions we will want to ask the trustee — if the servicer continues to identify the trust/trustee as the “creditor.”

    Of course, the settlement agreement NEVER uses the word “creditor”, but we are entitled to know our creditor – not just “holder” — by federal law – and in BK.

    As is now stands, if borrowers ask servicer for contact information for trustee/trust, in accordance with TILA law, the servicer usually will not respond — and if it does, and you contact the trustee, the trustee just refers you back to the servicer.

  2. Thanks Anonymous, I appreciate your thoughts.

    Ian, yes, I have his counterpunch to the ASF white paper. It’s truly remarkable to read them in their entirety one after the other. Day and night.

    There is also an 80 some page PDF done by the Fed Reserve Bank of NY from early 2008 entitled,
    Understanding the Securitization of Subprime Mortgage Credit. One gets the distinct impression when reading it that the majority of it is written in hopes that the reader is believing the bullshit being heaped within its pages.

    No matter how they want to package it, securitization is simply deception, not unlike a shell game, where those that have take from those who have little, and the entire globe is suffering the consequences of the outright fraud that is securitization. I for one want to see them all crash and burn.

  3. E.Tolle- Adam Levitin countered the ASF (american securitizatio forum) attack on his review. Sort of like a counterattack. I would side with Levitin on this one. It may be on Credit Slips, or archived in Naked Capitalism.

  4. E. Tolle

    Thanks. Sure the pro-securitization group has it’s agenda.

    To the contrary, the PSAs state a specific chain for which only the Depositor has the right to cause assignment to the trust.. Why?? — the Depositor owns the trust.- and that “Depositor” SPV trust has now been brought back onto Depositor’s parent corporation balance sheet.

    And, of course, the Federal Reserve, by it’s Interim Opinion regarding TILA Amendment, states that it the entity that accounts for loan on it’s balance sheet that is the creditor.

    Find it amazing that courts are deciding cases on the right to enforce the debt– and NOT on who is the creditor – given the TILA Amendment — and given that creditor identification is demanded in BK courts. This is why responses to foreclosure actions should also be supplemented with a BK action to identify the creditor (although this is already available by the TILA Amendment — no one is utilizing this law).

    Also find it odd that 27 page proposed AG settlement does not address “mortgage title” fraud. The fraudulent foreclosures also apply to purchasers of the fraudulent foreclosed homes.

    As to MERS —- the proposed AG settlement states —
    “Issues relating to the use and performance of MERS are reserved for further discussion.”

    Yet, we have the Honorable Suarez – from New York — already deciding the issues that are “reserved for further discussion.” That is telling the AGs what to do — before they have even “discussed.”

    What else can we expect??


  5. I forgot to link to their paper…


  6. Anonymous, no I don’t have the NY decision. I looked for it, but could only find the lower courts decision from 2007 I believe. The case is Mers v. Coakley.

    I thought I had read a piece by Levitin on the ruling, and I did a search with his name included in the search. I didn’t find anything on his views on the ruling, but I did find an interesting write up by some pro-securitization folks repudiating everything in Levitin’s testimony to Congress.

    My uneducated read of their argument is that they claim that it’s all in the UCC…..that NY Trust law takes a back seat to UCC, as well as does the PSA. Endorsements in blank are fine, even suffice along the custody chain i.e. A-B-C-D transfers.

    Borrowers have no standing to dispute transfer issues or PSA violations, and therefore have no standing to sue anyone for anything. They also say that Levitin is just plain wrong, the notes made it to the trusts, that his findings that they didn’t were just “one offs”. I’d like to know how they can claim this after the CW Kemp case testimony, and after the Pres of the Florida Banker’s Assoc. said they destroyed all of the notes. I’d be interested in getting yours or Neils take on their assertions. Their conclusion is:

    Upon examination, we do not believe that Professor Levitin’s assertions about trust law withstand scrutiny, and his specter of doom for the secondary mortgage market should be laid to rest. As a general matter, PSAs contemplate the transfer of mortgage notes in compliance with Articles 3 and 9 of the UCC, and such transfer is sufficient to establish and fund a securitization trust. Contrary to Professor Levitin’s arguments, PSAs do not require that every link in a chain of transfer be made by way of special endorsement. They merely require compliance with the UCC. New York trust law does not impose additional requirements on the transfer of mortgage notes into securitization trusts. Moreover, the act of reviewing mortgage notes is a limited duty which (1) typically does not require the trustee to verify or certify the validity, enforceability, sufficiency, or genuineness of the mortgage note for the transfer to be complete, and (2) to the extent non-conforming mortgage notes are accepted into the trust, is made subject to the trustee’s contractual right to require cure or repurchase of any such non-conforming mortgage notes. Thus, even if a trustee were to act negligently in its review of mortgage notes in contravention of the terms of a given PSA, the transfer of the mortgage notes themselves would not be void.

  7. E. Tolle

    Do you have the actual decision for the NY case?

  8. This starts with Phil Grahm , Clinton, Bush. Not to mention the many before their time. They formulated the agenda. More steps to complete . The world order is almost in order.

  9. brian:

    I tried to get the Gomes brief on your scribd link. They said it was deleted.
    Any info on why they deleted this?


  10. Yes Pamela & Mr Tolle.

    Computers have taken over, you might say. On an individual level use that to your advantage to survive. Strike while there is confusion in the air or add to the confusion, to better your situation.

    Computers send out monthly statements on everything. From your credit cards, mortgage statements, monthly bills, everything. When you ask a human – hey what about this, why they have to type into computer and see what happens – yes, no , maybe? that is the virus in the armour nowadays. Trick is to get to talk a human and introduce the virus or question. Take advantage of the confusion. Stay for as long as you can, try to drag it out, etc.

    Say, look at high frequency trading on wall street – computers.

    The ultimate stop is to stop playing their game. No credit cards, no loans, just stay away from banks. Deposit your money in credit unions.

    Mr. Tolle, I watched that video today that you posted earlier. Very good. thank you.

  11. E. Tolie you are so correct that we are screwed .In reference to the A flac duck voice over perhaps I could suggest a way to stimulate the economy and suggest that perhaps this position should be offered to Bernie Madoff and give him some way to pay back the investors that he took to the cleaners with a few banks involved with him as well.

  12. I was about to apologize for my previous rant about how nothing has changed and nobody is paying attention when this became big news:

    Gilbert Gottfried was fired by Aflac from his gig as the voice of its duck mascot in the wake of his controversial series of tweets about the earthquake in Japan. The company released a statement saying, “Gilbert’s recent comments about the crisis in Japan were lacking in humor and certainly do not represent the thoughts and feelings of anyone at Aflac … Aflac will immediately set plans in motion to conduct a nationwide casting call to find a new voice of the iconic Aflac Duck.”

    That’s the last straw. The United States of America now has 1/4 of it’s citizenry on food support, more empty housing than in any country in the world, and more homeless people than any other location on the planet. Have you read those facts anywhere? Is it being shouted out from the rooftops?

    No. But we sure as hell need a new duck voice.

    We’re so screwed….

  13. Good point Pamela. The NY Times is reporting today about poker bots that you can buy and use at online poker sites. This computerised scenario slants the table in your direction, and it works.

    You’re referring to the same thing with the banks. They can now create a custodial chain to suit whatever re-creation of the facts as they need them to suit different rules. That’s what happened in CW v. Kemp. They produced an allonge with the needed assignments on it, even though the note was separate and endorsed in blank.

    The recent “win”, at least as claimed by the securitization industry in Alabama, allowed an unafixed allonge admitted the day before court was to begin. These scenarios are direct contradictions as to the purpose of an allonge. But that didn’t stop the bank, or the bank’s computer.

    I imagine that they are moving mortgages to and from Trusts as needed simply by keying in their codes, regardless of the trusts closing dates, PSA, etc. Auto generating the compliant appearing transactional history.

    Before long I’m expecting a computerized HAL like voice to call telling me I need to leave my house…that there’s no sense in trying to prolong the inevitable…..make it easy on everyone involved….don’t make me evict you….I’ll have to resort to sending a QTS53 unit to your house….you won’t find that enjoyable……

  14. Question: How does a computer software program take control of a human court room??.What is this a techno invasion of the body snatchers?.Computers are great so is modern technology but when your allowing a computer program to establish precedent in a court of law,isn’t this some kind of a heads up to all of us.Or are we just going to ignore this?

  15. Nothing has changed:

    New York Supreme Court upholds MERS ability to foreclose….


  16. That Frank/Ratigan exchange was 1 1/2 years ago, I remember watching it live…and nothing…NOTHING has changed! Not a damned thing.

    Obama et al pretend like all is well….Congress still pontificates underneath the glare of the camera lights on Cspan about how the banks need to play fair. And the TV doesn’t report anything about the Inside Job that has been pulled off. However, the Nightly News is brought to you by Bank of America.

    The regulators not only don’t regulate, they assist. The AG’s are an embarrassment to the legal profession. The DOJ is DOA. The OCC’s John Walsh is fellating the felons, or the should be felons. The judiciary is still solidly on the take. And my state so-called representatives don’t respond to my letters, emails, or phone calls, and thus I have zero representation.

    I’m truly sick of this shit! America burns and I have no clue where our president is. Is he doing ANYTHING? ABOUT ANYTHING?

  17. To fix this will require GIANT marches on Washington. They will never help the people as long as they can line their pockets. We, the people, have major work cut out for us to fix this. There are more of us than there are of them. Burmese8@yahoo.com

  18. Neil,
    The “widespread scam” link above is not working (for me, anyway). Been awaiting your commentary on the BoA leaks.

  19. California Bankruptcy Briefing to Judge Robert Kwan on Gomes v. Countrywide Home Loans California 4th app. 02/18/2011. This will be review in the context of motion for relief of stay by Deutsche Bank National Trust Company as Trustee. Cover discussion of Ohlendorf v. Am. Home Mortgage Servicing (E.D. Cal. 2010, March 31, 2010, No. CIV. S-09-2081 LKK/EFB) 2010 U.S. Dist. Lexis 31098 (Ohlendorf). Covers Fawn Ridge Partner, LP v. BAC Home Loans Servicing, LP BAP NO. CC-09-1396 HDPu(9th Cir. BAP, unpublished memorandum decision dated 03/2009.
    Copies of the cases are attached and this decision will bring all the cases in California for review and decision as to the deed of trust and legitimate assignments and in regards to standing.


  20. You really think these clowns will ever bite the hand that feeds them.Think again!!!

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