COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary COMBO TITLE AND SECURITIZATION SEARCH, REPORT, ANALYSIS ON LUMINAQ

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“ONE crucial reason the nation’s mortgage industry ran itself — and the entire nation — off the rails was its obsession with speed. Mortgages had to be approved chop-chop, loans pooled instantly. When it came to foreclosure, well, the quicker the better.”

“…no witnesses had been interviewed and that the coalition had sent out just one request for documents — and it has not yet been answered.”

“Treating holders of first and second liens alike is a boon to the banks, since so many second mortgages are owned by the nation’s largest institutions; many of the firsts are held by investors in mortgage-backed securities. The banks want the first mortgages to take the hit, leaving the seconds intact. Or at least for them both to share the pain equally.”

EDITOR’S COMMENT: Gretchen Morgenson has hit the nail on the head. Here we are AGAIN with SPEED being the driving force instead of asking and answering the appropriate questions. Why the rush? Probably because the more time that goes by, the more time there will be for some AG investigations to dig deeper and find out that the entire securitization scheme was a scam — an elaborate illusion that is causing our government, our economy and our relations with other nations to run on vapors.

The plain and obvious fact here is that the AG’s, as elected officials are more interested in pleasing their donors on Wall Street than the citizens they serve. With trillions of dollars in fake securitized loans, trillions of dollars in bailouts, trillions of dollars in unpaid taxes, fees, fines and probably $100 trillion in property or more subject to dubious title claims, the announcement of a $20 BILLION settlement is absurd. It is an unconditional surrender to Wall Street.

In the bizarre world we call American politics, the  victims — all the taxpayers, homeowners, and investors who were caught up in this PONZI scheme — are the ones paying the reparations. It’s all backwards. That’s like Jewish and other families whose property was seized and families  tortured and killed in World War II being required to pay Germany war reparations. Germany stepped up to its obligations not only because of unconditional surrender but because of a collective national guilt that they have been earning their way out of for over 60 years. What they did was bad and nobody in Germany would argue otherwise except a few extremist idiots.

But on Wall Street and the world media, there seems to be a gaslight approach to the worst financial fraud in history causing death, destruction and enslavement to generations of people all over the world. The job of an Attorney General is to enforce the law, not invent it and not to play politics on the basic rights of every citizen to be safe from predation and every taxpayer to be given the truth about the use of the their taxpayers and debts being created in the name of taxpayers who have not agreed to the deal. Nor should they.

Wall Street divided and created barriers between the real lenders (investors) and the real homeowners (also investors in securitization) and created the appearance of a deal that was good for Wall Street but that was neither good for nor acceptable to either the lenders or the homeowners. They did it by presenting different deals to each one without the other one knowing the disconnect between the deal they thought was on the table and the real deal with which Wall Street scammed the entire marketplace and world finance.

The proposed settlement, which is meant to to bar or persuade investors and homeowners to stop suing to recapture what was stolen from them, is an affront to the nation and the world. As Attorney Ashcroft said when the torturing was sanctioned by the Bush administration, “History will not treat us well for this.”


A Swift Deal May Not Be a Sound One


ONE crucial reason the nation’s mortgage industry ran itself — and the entire nation — off the rails was its obsession with speed. Mortgages had to be approved chop-chop, loans pooled instantly. When it came to foreclosure, well, the quicker the better.

So it is disturbing that the same need for speed is at work in the bank settlement being devised by state attorneys general relating to improper loan-servicing and foreclosure practices. When Tom Miller, the Iowa attorney general who leads the talks, announced initial terms of a deal on Monday, he said, “We’re going to move as fast as we can.”

While some might argue that a rapid approach will help borrowers, it is apt to benefit the banks far more. Hurrying to strike a deal means less time to devote to understanding how pernicious the foreclosure practices were at the nation’s largest institutions. How can you determine appropriate penalties for troubling practices when you haven’t conducted a full-fledged investigation?

Remember that the attorneys general who are participating in this settlement process have been a coalition only since October. Two people who have been briefed on the discussions, but who asked for anonymity because the deal was not final, told me last week that no witnesses had been interviewed and that the coalition had sent out just one request for documents — and it has not yet been answered.

And, yet, along comes a 27-page outline of remedies that the banks would have to abide by in their loan servicing and foreclosure businesses. Talk has also circulated that the banks would have to cough up $20 billion to close the deal, though there are no figures in the outline.

Mr. Miller declined to be interviewed about the proposal. But Geoff Greenwood, his spokesman, disputed the notion that the attorneys general have done no investigation. “We have dealt with this issue for some three and a half years on a day-to-day, front-line basis with consumers,” he said. “We know what the problems are, and we know what needs to change.”

Maybe so. But being able to produce reams of deposition testimony from bank employees and documents turned over under subpoena would give those negotiating for consumers and mortgage investors far more leverage than they’d have working with a series of talking points.

Recent lawsuits filed against Bank of America by Terry Goddard, then the Arizona attorney general, and Catherine Cortez Masto, Nevada’s attorney general, show the power that in-depth investigations provide. Both cases contend that the bank engaged in consumer fraud by failing to abide by loan modification provisions of a previous state settlement completed with Countrywide Financial in 2009. The bank has disputed the allegations, but the filings by these officials are chock-full of details gleaned from investigating more than 250 consumer complaints.

Mr. Miller’s list of remedies is helpful in showing just how dysfunctional and abusive the loan servicing business has become. Consider this proposed requirement: “Affidavits and sworn statements shall not contain information that is false or unsubstantiated.” And how’s this for revolutionary: “Loan servicers shall promptly accept and apply borrower payments.” (When they don’t, late fees magically appear.) And, get this: Loan servicers should also track the resolution of customer complaints.

You don’t say!

To be sure, there is substance to Mr. Miller’s proposal. A settlement would bar servicers from foreclosing on borrowers amid a loan modification, for example. And when a modification is denied, the servicer would have to explain why, and in detail.

But the terms severely disappoint in their treatment of second liens, a major sticking point in many loan modifications. The proposal would treat first and subsequent mortgages equally, turning upside down centuries-old law requiring creditors at the head of the line to be paid before i.o.u.’s signed later.

Treating holders of first and second liens alike is a boon to the banks, since so many second mortgages are owned by the nation’s largest institutions; many of the firsts are held by investors in mortgage-backed securities. The banks want the first mortgages to take the hit, leaving the seconds intact. Or at least for them both to share the pain equally.

To some degree, the document presented by Mr. Miller raises more questions than it answers. For example, what will state attorneys general have to give up regarding future lawsuits or enforcement actions against the banks if they sign on to the settlement? Typically, such deals contain releases barring participants from bringing new but related cases.

As they negotiate with Mr. Miller, you can bet the banks will push for aggressive releases. But because these institutions underwrote many toxic loans in the boom, barring attorneys general from bringing actions against them for lending improprieties is no way to hold dubious actors accountable.

One attorney general, Eric Schneiderman of New York, is concerned about such releases. According to a person briefed on the discussions, Mr. Schneiderman has told Mr. Miller that he will not participate in a deal that would preclude his office from pursuing claims against the banks relating to their mortgage origination, securitization and marketing practices. Mr. Schneiderman declined to comment.

IT is also unclear whether the settlement would prevent borrowers or investors from bringing their own lawsuits against loan servicers — a terrible result. And the list of terms has only the briefest mention of restitution for borrowers who have been hurt by questionable loan servicing.

These borrowers are legion. Reparations should not be limited only to those who were removed from homes improperly. Consider four who are suing the Money Store, a lender and loan servicer. Their two cases contend that the Money Store levied improper legal fees while borrowers were in foreclosure; one case has been dragging on for 10 years, the other for eight.

According to court filings, one couple paid $1,125 in legal fees and expenses associated with two bankruptcy motions that were never filed. They also paid $4,418 for legal work said to have been done by an outside firm (which lawyers for the Money Store have not proved it paid).

Another borrower paid $1,750 for legal fees that the Money Store could not show were paid to the firm that supposedly did the work. And yet another borrower paid $5,076 in fees and expenses that do not appear to have been submitted to the outside firm charged with the legal work, according to court filings.

“We picked four plaintiffs out of the hat here, and all four of them had situations where thousands of dollars in legal fees were passed on to them but where the evidence indicates the law firms were never paid,” said Paul Grobman, a New York lawyer for the borrowers. He wants to know if the servicer kept the fees.

The lead lawyer representing the Money Store declined to comment.

Shoddy loan servicing has clearly done significant damage to borrowers. If a state settlement morphs into yet another gift to the banks, let’s hope that at least some attorneys general will take a different path.

20 Responses

  1. imagine, if you have been rob and call the police for assistance and refused to help the citizens then it could be a havoc & panic because there is no law and order.

  2. YVES SMITH, your article:

    Even YOU are dancing around the fact that the WHOLE ABS/MBS Securization THING IA A SCAM. You have got to keep REPEATING IT. All these other efforts are BS on top of the original scam.


    Just like any commercial, same message repeated over and over, then it sinks in.

    You ask a question and get an answer to that question. If the answer is not to the question, you ask and ask and ask the question until you get the answer. For example, what color is the sky today? Answer – I can’t see it. What color is the sky today? I have a headache. What color is the sky today? Answer, we are working on a proposed solution to the foreclosure problem and many esteemed economists have stated their opinions. What color is the sky today? Answer Blue. Thank you.

  3. see, it’s the god damn computers again, the machines to do thinking for people- plug in data, outcome – yes we can do that, no we can’t do that, maybe – what is your question again, who actually owns the loan???? Let me get with my manager.

    “Fourth, the six month timetable is nuts. Servicers are factories. As the late Tanta pointed out, it takes servicers six months to implement the software changes associated with meaningful new initiatives. Even if they did a full court press, the most they could compress it to is probably four months.”

  4. ” exiting the house involves a lot of hassle and probable adverse impact on their credit record”

    People have got to get off that brainwashed induced worry about FICO score. Screw credit and Fico = screw the the god dam system. Be all cash, that is prudent. Public companies are awash in cash as the headlines say, well, they are not using debt and /or credit. You do the same.

  5. This is an opinion piece, I know nothing and if I think I know something I know nothing.

    I’ve had time to go through it in detail.
    I tried to see it from many angles and all I can see is a settlement dated March 3rd telling them how to move forward with foreclosures in the 50 states such that they don’t violate any of the 50 state laws and constitution.

    It looks like part 1 of a two part settlement.

    No money is mentioned in the 27 page document, and there is no justice without restitution for the ones wronged.

    So with that settlement, they can run off and get their ducks in a row, and dot their i’s and t’s and start the foreclosure engine again. If their case goes to court and a judge does not accept it, they have to report the judge’s ruling against them. They did not address MERS in this settlement, but in some states, the Lender of Record can foreclose, and if MERs files an assignment making someone a lender of record, they’ve pretty much skirted anything dealing with the ‘true creditor’.

    The settlement says no more destroying the note. I’d read that to securitize the debt, the note had to be destroyed, “after it was scanned” so no one else could end up with the same note and securitize it again.

    In my opinion, there has to be another settlement for the fraudclosures that have occurred, because this one doesn’t even mention monetary damages.

    It’s all nicely written as if the attorneys on both sides did not want to give the ‘person’ (a legal term for corporation) an opportunity to use the settlement against them on future loans.

    Realize, they never foreclosed on the house, they foreclosed on the ‘description of the lot’ the home sits on, and your house just happens to be on that lot.

    These people do not represent love.

    I’ve heard (that’s hearsay) that attorneys had to renounce their citizenship to practice law, so in my opinion that would mean non-citizens are determining the property rights of the people who rightfully own the land.

    I’ve also heard indigenous people have first right to the land, so maybe we all need to become indigenous like the first inhabitants on this land to be able to live as free as we want.

    Before this ‘system’ of ‘Babylon’ was in place, people were happy, in harmony with the land, grew good food, didn’t have to eat all day to keep from feeling starved (you eat a lot because, in my opinion, the food you eat does not provide any nutritious value, so you consume a lot to try to get enough nutrition out of what you eat, and some places like McDonalds have been shown to not provide any nutrition in their food. Especially when their burgers won’t decay and if you sit it outside in the yard not a single earth creature will try to eat it from the large living to the microscopic mold and fungus).

    This is a last ditch effort to hold onto what is not theirs anyway.

    That judicial system is a closed loop and to live in the ‘governmental’ system (govern – to control, direct) (mental – mind), so those registered people have agreed to have their mind controlled and directed by their government and the t.v. ‘program’ing.

    Someone mentioned the episode of ‘The Event’ and in it was an earthquake in Japan and after the episode there was an earthquake in Japan.

    I wonder how many viewers watched that show, and through their programming, in my opinion, all those thoughts on a major earthquake in Japan, helped manifest it and they have no clue they contributed to that by their thoughts.

    This governing (controlling) has been in place a long time and they know a lot of things you never thought about, and they know what to make you think about, and you let them. If you have been letting them control you, stop complaining about the direction they are sending you in, please. Just keep going along with the program.

    When the masses drop out of the system is when real change will happen. There are 303+ million people in the US and a few hundred in Congress and 100 in the Senate and one president and ceo of the united states corporation decide your fate and you let them.

    Well as the great book of Love says, “you deny me so I’ll deny you.” Somehow you have a need to be ‘represented’ and not recognize that you are their equal?

    Oh and to help you out, when that Constitution was written, those men were NOT represented by anyone so they wrote that ‘all men are created equal’, but since that time, people have listed themselves into a system thinking that by representation they get the rights mentioned in the constitution.

    The rights were there BEFORE the Constitution was printed, and those men stated those rights, outright. Your system of mind control (government) has gotten you to contract those rights away and let them represent your rights and they say you have none, and you stay in the system and complain.

    Afraid of what would happen if you unregistered, and didn’t answer their census, and stood up for a change and asked ‘pro warranto’ by what authority do you think you can, look under my clothes, or see through my body, or capture my thumbprint to do a financial transaction, or steal my home.

    There’s not enough of us who have understood the Wizard of Oz and woke up. The scarecrow is a man with no brain, can’t think for himself, someone else has to do it for him, the lion, a symbol of courage is so afraid of what may happen next, and probably the fear of death is what keeps him afraid.
    The bravest ones are the ones not afraid to die.
    The programming works well to have the masses so afraid of dying they want anyone and everyone to go through all kinds of things to prove they aren’t the one who wants to kill them. We will take their drugs to stay alive, and they rob us, in my opinion with the high cost of it, and there is guaranteed side effects that are bound to make you take another drug to counteract the first one taken.

    Remember, we are part of the problem, too.
    When we open our eyes, and see the picture and stop pointing and start our changes with us, then we’ll get the world we seek.

    I sometimes believe that the ‘government’ (mind control) system is the best teacher for all of us. They do the most horrendous things and people stay and support it, and the do horrendous more things and people stay and support it, and they drop your source of income, make you depend on them for food, take you from your homes, through the arms of the corporation, supported by the main CEO (no matter who he is, you can go back to Roosevelt for all I care, it didn’t start with Obama) and you still support it. It’s all connected and you still support it. Your congress can come up with the worst health care bill in the world, and by representing the people give it to the president/CEO, and he sign it, and everyone gets mad at him for signing it, well what about the 300+ representatives that drafted the thing and if he didn’t sign it, they would have lobbied each other to cast enough votes to pass it anyway?

    Sheep people – sheeple. Who are the sheeple?

    I read an article and the guy told a reporter, “while you are running around trying to figure out why we did something, we have moved on to doing something else.” In so many words, by the time it’s reported, it’s old news, they are making new news, we are behind the curve, reporting what happened, we are not in front of the curve, seeing what’s coming.

    IF you are ready, there is more to know than what’s going on with you. When WE are ready, and we have compassion for everyone regardless of how they speak, what they smell like, where they live, what they have, how old they are, how many kids they have, without all the things that separate; when we get past the us and them, including the banks, then we can truly soar.

    Many of you still bank and one of the problem banks, that’s why their assets are high because your money (a liability to them because they have to pay it back) is used to create assets in the form of loans because your money sits in their bank and they monetize what you have to create money.

    You complain about the Fed, and have a purse or wallet full of Federal Reserve Notes, feeling important with your $20’s and $50’s.

    United States mint the dollar coin and people won’t spend them, but they want a return to the gold standard. Well to spend gold, men carried bags that had them and they were ‘coins’, not paper.

    When our ancestors got tired of carrying paper, it wasn’t cool enough or it was a burden because money was so ‘heavy’, the bankers were happy to oblige by keeping the gold and giving them receipts to carry.

    You say abolish the Fed, and don’t realize that while carrying that money, ‘you are the Fed’, too!

    While looking outside yourself for a savior, what have you done to ‘save’ yourself or to make the world a little better because you were here?

    People afraid of death? Why? Because when you meet your maker you will tell him that the other people he made were your enemy? You will tell him he made enemies to come after you so you didn’t care for anyone because someone was bound to be your enemy and wanted to kill you?
    What will you say? You watched t.v. and you allocated someone to represent you but they didn’t do their job right so it’s not your fault. You stayed in their system for 20+ or 30+ years a dedicated, registered voter, and they did things in your name but against your wishes? Is that what you will tell your Creator?

    Judgment day is not just for the bankers, Wall Street and the President. It’s for you and me too. How will WE be judged when the book opens and our name is in it and everyone WE had contact with, added an entry into your book about their experience from having been in contact with US, however briefly, on the highway or not, over the phone or not.

    Light and Love,
    Trespass Unwanted, alive, allodial, corporeal, life, free, live born, born alive, in jure divino, in jure proprio, whole blood, freeman, adult

  6. deb wynn,

    I agree. People should stay as long as they can, rent free. Save money, get busy and make money somehow. Get with friends, work out a plan, save money. Buy a house in cash in a year or two. It’s gonna get worse. In my area, neighbors dad bought a house all cash for 160k, 3 years ago it was 500k. Another friend just bought a house for 90k, 3 years ago it was 300-400k.

  7. Any deal that moves quickly, as Ms. Morgenson rightly states, cannot help individual property owners, it can only be poorly considered, benefit political careers and keep the game going for the banks, period. I myself don’t think this can be resolved at all at the Federal level in terms of orchestrating some “deal”.

    We are INDIVIDUAL property owners and each of us (or certainly most or many) has a CONTRACT that is either (a) Void or voidable: (b) Fraught with fraud and misrepresentations: (c) Clearly afoul of state and Federal law. How can some sort of “deal” such as been proposed cure that?

    Answer: It can’t. Unfortunately, the only way to cure or to get remedy to the problem is to go to the bar of justice and demand it. That is a terribly daunting task and the necessity to do so has been thrust upon otherwise just and law abiding citizens by the ridiculously fraudulent, short-sighted and negligent banks.

    There used to be a time in this country when investors would study, analyze and then invest and fully take in what their investment might yield, the risks and would temper those activities by something of a moral compass, for the most part.

    Whether it be commodities, money markets, industry, technology, etc. This time they threw out all semblance of responsible investing, took short cuts, hid, deceived and lied…while investing in OUR HOMES. So much money was being made so fast on OUR HOMES, that no one bothered to stand athwart and yell STOP!

    Now the banks are being called to the carpet and they don’t like it. Not by this bogus idea of the administration, no, by LAWSUITS that are ever gaining victories and steadily moving to decisions that are going to have huge ramifications. The administration and the Fed know this. More and more, Judges are not going to be able to deny, look past or evade the freight train of damage and injury done to property owners. They know it. Its showing already in NY, FL, NJ, CA…with others to come. Ibanez, Ronald v. BofA, Kemp v. Countrywide…and many others.

    Point is, each person has to fight their fight in court. There are also mass litigation suits going on also that can be joined. Class actions, whatever. If a hundred new cases were filed each week across the country, then you’d start to see real action from the banks in YOUR particular case.

    That’s my opinion of the only effective way to fight and defend your property. It’s the only real way to get the asinine and unconscionable activity from the banks to change.

    Its not easy or simple, but then again, rarely is anything worth while. Get help. Sue them.

  8. The great whitewash is here. We’ve been setup once again. Sold down the river.

    (Reuters) – 3/15/2011- A comprehensive settlement between U.S. authorities and banks over alleged mortgage servicing abuses needs to be reached quickly to help the housing market heal, Treasury Secretary Timothy Geithner said on Tuesday.

    Geithner said such a settlement will help dispel legal uncertainty that has been plaguing mortgage lenders and clogging the foreclosure process.

    “It is very important that we try to bring this to bed as quickly as we can,” Geithner told the Senate Banking Committee. “I think all parties, not just the servicers, but the state AGs and the federal agencies have a strong stake in doing that.”

    Notice the anxiety in this prick’s voice. Legal uncertainty? There IS NO legal uncertainty. We are 100% certain that hundreds of thousands of fraudulent acts were perpetrated. And their rush to judgement is because they know if consumers and advocates have time to digest this, we’ll spit it right back at them. We have to fight like never before. Go back to your AGs in person DEMANDING real justice.

    Democratic Senator Jack Reed said the banks are facing a massive legal threat unless a comprehensive deal is reached. He cited the potential for numerous suits from state AGs, repurchase demands from bondholders who invested in billions of dollars in mortgage-backed securities, and lawsuits from individual homeowners.

    So? What’s your panic Reed? So what if they have to eat the toxic crap they created both from the top and the bottom? L E T ~ T H E M ~ F A I L ! Put them into receivership if they can’t handle the mess they’ve made. They cannot be allowed to get away with this furtherance of their massive fraud. Can any lawyer on the board please explain to me how they can take away my right to sue for blatant fraud, by a private agreement that doesn’t include me? Is that possible?

    Also from yesterday:

    Watchdog says TARP helps perpetuate “Too big to fail”

    (Reuters) – The watchdog panel for the $700 billion bank bailout faulted the U.S. government for the last time on Wednesday, saying the program helped underpin the perception that federal authorities will always prevent troubled financial firms from failing.

    In its final report on the bank bailout, the panel attacked the government for not being transparent enough and not articulating clear goals for its foreclosure prevention program.

    It also said federal intervention transformed the notion of ‘too big to fail’ into a stark reality.

    “Very large financial institutions may now rationally decide to take inflated risks because they expect that, if their gamble fails, taxpayers will bear the loss,” said the report authored by the Congressional Oversight Panel.


    The TARP’s final cost to taxpayers is estimated to be about $25 billion — an amount far below previous estimates of around $350 billion. Regardless, the panel chided the government for not using the full $50 billion that has been set aside to help keep distressed Americans in their homes.

    That last part was pure Geithner. He argued that he didn’t have the authority to use the $50B from TARP to aid homeowners, even though he was told differently by Congress. He still flat out refused. It was earmarked to go to legal aid groups. This guy should be charged with crimes against humanity, for all of the suffering he has caused the American people. All to protect the elite who placed him in his position of power. And blame our asleep at the wheel president as well.

    The statement that the banks will simply take huge risks again, knowing full well that they will be backstopped yet again is all the reason you need to put them into receivership. They serve NO VIABLE PURPOSE, save to skim wealth from the rest of us. Die Wall Street!

  9. dont get me wrong, im fighting…but i lost my home to , ? still dont know who…its not about a house…its about doing something, which is better than doing nothing.

  10. f#$% the house, really.
    ITE, its not your lil nestegg you thought it was, its simply shelter… its a posh jail…and a huge liability (esp if you buy a foreclosure!) i now move around freely, i can take out short term lease/rent, or live in motel 6, my car even.. and i prefer it to lining the banksters pockets, take control, its the more comfortable option. for me anyway because…dont need no house to feel safe…because thats not true.. none of us are safe now thanks to this mess…home ownership is a big fat lie…theres no place safe enough, secure enough, strong enough to stop them, people talk with your money…stop paying, move your money out of there, have your salary paid into a community bank, … strong community, strong states… strong nations…what happened to that basic concept.

  11. Sherry H.,

    There are national organizations now active for rights of a victims for a particular bank. Need to expand. If people do not speak up in unison — we are subject to the individual whims of a court. The situation is not good. And, the courts are not working. Neither will the AG settlement.

    Absolutely agree, — the social consequence of foreclosure is far greater than the foreclosures themselves.

    Our children/grandchildren deserve better.

  12. Anonymous, what do you have in mind? People call me from all over the country who have been beaten down by losing their homes. They have no funds to fight with to try any legal (haha) maneuvers. Families have been pulled apart as children go to friends homes to stay in school and husbands and wives sleep in cars or friends homes.

    Oh, and I just now received notice to vacate, they didn’t even bother to knock on the door, just left it in the door knob. Happy birthday to me! It is through Deutsche Bank National.

  13. Wouldn’t a troubled, self-righteous bloke like Ashcroft agree that the debtor inflicted his damage upon himself? He’d probably add that ‘God only assists those who assist themselves’. Additionally, every single time he mentioned “Al Qaeda” he willingly participated in the greatest lie post 9/11. What a guy!

  14. Oh boy this site is really uplifting. Chapter 7 / walkaway

  15. Much to be concerned about regarding any AG settlement. Depending on final structuring of settlement, this could seriously affect individual claims in court. And, it could prevent additional investigation of undisclosed and egregious fraud.

    Mr. Timothy Geithner is pushing for a fast settlement. This is a big warning sign.

    It is time for everyone here to come together — and fight this settlement. The settlement is nothing more than an enforcement of what should have been enforced — WITHOUT a settlement. As the settlement now stands — there is NO guarantee that any homeowner will receive the needed help with mandatory principal write-down. Mortgage title correction is not even addressed.

    While we fight our individual battles — only a large organized group can help influence an AG settlement that is fair and truly helps keep Americans in their homes.

    I have emphasized forming a national coalition for a long time. And, once organized — would be willing to speak out.

    May be too late — Geithner is pushing settlement before any of us get to speak out.

  16. Here’s how they do it…… Lancaster, PA

    HSBC Bank USA NA, Renaissance Home Equity Loan Trust 2005-4, Renaissance Home Equity Loan Asset Backed Notes Series 2005-4 and OCWEN Loan Servicing LLC conveyed 1907 Delaware Ave. to CR Property Group LLC for $70,000.

    CR Property Group LLC and Craig J. Reich conveyed property on a public road to Sasha M. Cartagena and Luis M Delcarpio Torres for $169,900.

    Audrey Riley and Charles T. Riley conveyed 1136 Columbia Ave. to Bank of America NA, Lasalle Bank NA and GSAMP Trust 2007-He1 for $1. (Deed in Lieu, maybe?)

    Yes, they are robbing people.

  17. In defense of the Germans. Except for the 10 years of Nazi rule they were always good to the Jews. The French and Russians were always evil to the Jews.

    The Americans did not let Jewish Refugees running from Hitler to enter the United States and refused to bomb the Concentration camps.

    History unfortunately repeats itself.


  18. This makes me sick to my stomach. It is more than “shoddy loan servicing” that destroyed my family’s assets, it was out and out mortgage servicing fraud!
    What a gift for my 60 birthday as I pack my home so the Pretender Lender can steal it.

    Thanks Attorney Generals, this is such a blatant disregard for the rights of the people who elected you. Although you must have gotten paid well by the Banksters to even think this is a possible remedy. Two years ago I sent a 40 page package with proof of the credit fraud by Saxon Mortgage Services (Morgan Stanley) to our then AG, Jerry Brown, now our Governor. We received a return of the package back with a form letter that only the CA Dept of Corps has any jurisdiction over these little old servicing companies.

    Poor little Banksters, they sure can’t afford to lose anything, only the people can. I hope they cannot sleep at night for the young children they have put out on the streets, who are hungry and crying. Or the seniors that have lost it all to this incredible greed.

    It makes no sense to kill the assets and jobs of the tax payers that make the states and fed work. The filing fees to the county recorders and the property taxes. Not that I love paying taxes, but I would rather pay taxes than have it taken by fraud.

    Sickening, really and truly sickening!

  19. Doug Gansler, bank employee.

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