SEE LIVINGLIES LITIGATION SUPPORT AT LUMINAQ.COM
GET COMBO TITLE AND SECURITIZATION SEARCH, REPORT, ANALYSIS ON LUMINAQ
LAWYERS CONSIDER NAMING INDIVIDUAL EXECUTIVES
AS DEFENDANTS IN DAMAGE SUITS FOR HOMEOWNERS
“the Federal Reserve purchased almost all the mortgage securities issued by Fannie and Freddie in 2009.”
EDITORIAL COMMENT: Has anybody asked exactly what Fannie, Freddie and Ginny do? I have. From what I see, read and hear, they are essentially the same as the REMICS that Wall Street created — in fact, it is highly probably that they were created at the instigation of Wall Street. They were never capitalized with an investment, they have no status as a depository or lending institution, they don’t lend money and they don’t actually buy mortgages although supposedly they are buying mortgage bonds.
On the one hand we are told that buying mortgage bonds is the same as buying the mortgages and on the other, we are confronted in court with the argument, that the owner of the mortgage bonds have nothing to do with the foreclosure. Which is it?
Meanwhile we are told that the U.S. treasury and/or the Federal Reserve own or have as collateral nearly all the mortgage bonds whose value is, on paper solely derived from receivables expected from payments on loans given to homeowners. The problem is that the homeowners signed papers that were prepared by and executed in favor of an entity that even if it was bank, was NOT using its own money to fund the mortgage. In fact, many times the funds for the loan were wired in to the closing agent from a remote entity that is mentioned in neither the closing papers with the homeowner or the securitization papers with the investor.
Back to F&F. What do they do? As far as I can tell they have one function in their charter — to put the stamp of approval on a mortgage so that it qualifies to be guaranteed by the U.S. taxpayer. What happens when the mortgage is declared in default? Who makes that declaration? Is it true? who is the creditor? IS the creditor or the creditor’s agent still getting payments? If they are getting payments, from whom are they receiving these payments and why? If they are still receiving payments, how could the loan be in default? If the loan is not in default, how can anyone, with or without standing, initiate a foreclosure sale?
So basically F&F are merely “bookkeepers” without any accountability and nothing really at stake, but they receive fees for processing the loans, which is to say they get paid for allowing their stamp and their standard documents, rigged with changes, to be passed around, sold into the secondary market and then supposedly securitized — all without a single piece of paper ever being written, executed or delivered. Using that logic we would be giving up evidence of title and if you agreed to pay for a car, you might get the car but the evidence of title would be “private” (like MERS) and there would be no way for anyone to be sure if you had conveyed title to the car to 10 people.
Many of the mortgages didn’t go bad. Many of them are still performing. And yet they are part of the group of failed mortgage bonds whose terms were rigged to be able to declare a “default” on the mortgage bond even though most of the loans were performing. Those seem to be what the Federal Reserve bought 100 cents on the dollar. It was kind of NO DOC purchase by the Federal Reserve based upon the credibility and good faith of the thieves who got us into this mess. That there was nothing in the bond, nothing in the pool, no trust, no trust assets, and no trustee doesn’t seem to matter.
And for all of this the executives of F&F were paid millions of dollars in executive compensation. And somehow people are mildly surprised to find out that the executives came from hedge funds and other places on Wall Street. So we have this guy from Putnam making millions for doing nothing while somebody else is counted amongst the “employed, breaking his or her back, for a wage that won’t even put enough food on the table to feed the family. AND now we have the inspector general saying everything that I just did, but do you think it will make any difference? I don’t — not unless as a nation we rise up and start exercising the power we have in the constitution. These people ought to be afraid of us, not the other way around.
I’m talking to lawyers who have investigators and research people working round the clock on this. It looks like the only people who really made out well are the few people in management through whose hands the tens of trillions of dollars passed. There is a growing recognition that the off-shore money trail leads all over the world and may just be controlled by literally a handful of people. So they are thinking that they might name the executives of the various entities involved in securitization as defendants and state that those defendants were actually acting outside the scope of their employment, diverting corporate opportunity from the stockholders, who so far have been too stupid to bring derivative actions, and piercing through into the personal finances of these people — and we all know their names.
Report Criticizes High Pay at Fannie and Freddie
By GRETCHEN MORGENSON
Regulators have approved generous executive compensation at Fannie Mae and Freddie Mac, the taxpayer-backed mortgage finance giants, with little scrutiny or analysis, according to a report published Thursday by the inspector general of the Federal Housing Finance Agency.
The companies, whose fates are to be decided by Congress this year, paid a combined $17 million to their chief executives in 2009 and 2010, the two full years when Fannie Mae and Freddie Mac were wards of the state, the report found. The top six executives at the companies received $35.4 million over the two years. Since Fannie Mae and Freddie Mac were taken over in September 2008, the companies’ mounting mortgage losses have required a $153 billion infusion from taxpayers. Total losses may reach $363 billion through 2013, according to government estimates.
Charles E. Haldeman Jr., a former head of Putnam Investments, the giant fund management concern, joined Freddie Mac as its chief executive in 2009. He made $7.8 million for 2009 and 2010. Fannie Mae’s chief is Michael J. Williams, who has worked at the company since 1991. He received $9.3 million for the two years. Company officials declined to comment.
With hundreds of billions in government support necessary to keep the companies running, questions are arising about the nature of the pay packages and how performance goals are determined. The pay was approved by the housing finance agency, which is charged with conserving the assets of Fannie and Freddie on behalf of taxpayers.
“F.H.F.A. has a responsibility to Congress and taxpayers to efficiently, consistently, and reliably ensure that the compensation paid to Fannie Mae’s and Freddie Mac’s senior executives is reasonable,” ’said Steve A. Linick, the newly appointed inspector general of the agency, in a statement. “This is especially true when you realize that the U.S. Treasury has invested close to $154 billion to stabilize Fannie Mae and Freddie Mac,” and they “are spending tens of millions of dollars for executive compensation.”
The report cited a “lack of standardized evaluation criteria, documentation of management procedures and internal controls” at the oversight agency, missing steps that may have led to overpayments.
For example, the inspector general said that taxpayer support of the companies may have made performance benchmarks easier to meet for executives. In 2009, Fannie Mae issued 47 percent of new mortgage-backed securities, far exceeding its goal of 37.5 percent. But, as the report noted, this hurdle was almost certainly cleared because the Federal Reserve purchased almost all the mortgage securities issued by Fannie and Freddie in 2009.
In response to the report, the housing agency said that it would “institute a more formal and systematic approach” to its review of the performance benchmarks and the assessment of whether they were reached by the companies’ executives. A spokeswoman for the agency said its officials declined to comment.
Lavish executive pay that does not track a company’s performance has led to anger among shareholders in recent years. When the government stepped in to support some of the nation’s biggest financial institutions in 2008, compensation became an issue of concern to taxpayers. Executive pay at institutions receiving support under the Troubled Asset Relief Program, for example, was subject to approval by an overseer, the special master for TARP. Fannie and Freddie were not required to submit to this process because their assistance did not come from TARP.
As the primary regulator and conservator of both companies, the housing agency has broad powers to direct the companies’ activities; it has replaced board members and senior officers, for example. And it can bar the companies from making golden parachute payments to executives. It consulted with the TARP special master on executive pay at Fannie and Freddie after they were rescued by the government.
Nevertheless, the agency delegates pay decisions to the companies’ boards, accepting their recommendations “unless there is an observed reason to do otherwise,” according to the inspector general’s report. The F.H.F.A. receives advice from its own compensation consultant as well as the work of those hired by Fannie and Freddie.
The inspector general’s report noted that the executives at Fannie and Freddie received far more than their counterparts at other federal housing agencies. The top executive at Ginnie Mae, for example, received an annual salary of less than $200,000. The inspector general suggested that the agency review the discrepancy and account for it to taxpayers.
Agency officials say the salaries and deferred compensation awarded to executives at Fannie and Freddie are necessary if they are to attract and keep talent required to run those operations effectively. They say that current pay at Fannie and Freddie is roughly 40 percent less than it was before the bailout and maintain that the compensation plans are based on the companies’ ability to meet financial and performance targets, like providing liquidity and affordability to the mortgage market.
Edward J. DeMarco, acting director of the Federal Housing Finance Agency, testified before Congress on Thursday about proposals to overhaul Fannie and Freddie. “I am concerned that legislation to overhaul the compensation levels and programs in place today with the application of a federal pay system to nonfederal employees carries great risk for the conservatorships and hence the taxpayer,” he said.
Last year, Mr. DeMarco testified that the executive compensation plans at Fannie and Freddie were designed to achieve the goals of the conservatorship and “align executive decision-making with the long-term financial prospects of the enterprises, and minimize costs to the taxpayer.”
Because shares of both Fannie and Freddie have little value, the companies’ executive compensation consists solely of cash paid out in base salary, deferred salary and long-term incentive pay.
But Brian Foley, a compensation consultant in White Plains questioned the characterization of the companies’ incentive pay as long term, given that it is paid entirely within two years. “One hundred percent of the compensation is paid for two-year performance and a fair portion of that is without regard to performance,” he said. “I understand the stock is worthless, but that doesn’t mean you can’t have cash on the table for a long period. If anybody needs to have good long-term performance, isn’t it Fannie Mae and Freddie Mac?”
Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud | Tagged: bailout, Bank of America, bankruptcy, borrower, disclosure, Fannie and Freddie, foreclosure, foreclosure defense, foreclosure offense, fraud, GRETCHEN MORGENSON, Lender Liability, predatory lending, rescission, securitization, TARP, Troubled Asset Relief Program |
Very detailed article, would you like to write a guest post for my site with your link added? Contact me if interested.
They are all in it together, otherwise this huge Ponzi Scheme would not have worked. I am interested to see what Bernie Madoff has to say. He now has no reason to lie. His son is dead, and his wife has had to reveal the money she has. The Trustee is making headway. Bernie was thrown to the wolves. Only the Bernie wolves are the same wolves as in the mega banks’ ponzi scheme. The banks knew what he was up to, so did the SEC. We need to get to the point where they begin to eat each other, and the finger pointing and name calling start to get to the heart of the matter. I think 2011 is going to be a very interesting year.
Burmese8@yahoo.com
THEY ARE ALL THIEVES, NO MORE ARGUMENT.
THE PROBLEM AT THE END IS MONEY, MOST LAWYERs WILL NOT PURSUE YOUR ACTUAL CASE UNLESS PAID UP FRONT.
I just signed a deed of gift for the crooks, I am vacating my home very soon after losing almost $500,000 in equity and over $15,000 in lawyer fees. The lawyer played the delay game and we lost.
A case with forged income, fake income verifications, fake deposit verifications, forged note, forged DOT, with all complaints filed with all government agencies, all rescission letters, securitization analysis, etc. Everything done to win. The lawyer waited until it was either do or die, told us we needed to file for BK, when we could not do so. Waited until he got paid and then dropped us as a dirty condom.
Now, the end result is that we were victims of fraud at so many level, that at the end we are now left penniless and homeless.
I still believe the best way is to fight the fraudsters, but it is a mess out there and you need to be very careful as to who you hire to prosecute your case. There is another law firm in VA that collects $1,500.00 per month, files no law suits and then one or two weeks before foreclosure they call you to have you sign a new deal for the post foreclosure evictions defense process.
I am writing this and my stomach is turning. This is the reason why there are only 4% of all of us fighting. Because, many lawyers doing this FORECLOSURE DEFENSE are no better that used car salesmen. They work you over and then dump you when that have cleaned you out. They are dishonest, unethical cowards. They sit you down in their office and talk a great game. But the thing is that they have never really ventured on to the court and will never do it for you. Be very careful.
Do not trust the banksters, they are after the free house, do not trust the lawyers many are after the free money in your pocket. Never wait until the very last minute.
Secretary of State DE
Freddie Mac
Entity Details
——————————————————————————–
THIS IS NOT A STATEMENT OF GOOD STANDING
File Number: 4016428 Incorporation Date / Formation Date: 08/16/2005
(mm/dd/yyyy)
Entity Name: FREDDIE MAC SECURITIES REMIC TRUST 2005-S001
Entity Kind: STATUTORY TRUST Entity Type: GENERAL
Residency: DOMESTIC State: DE
REGISTERED AGENT INFORMATION
Name: WILMINGTON SAVINGS FUND SOCIETY, FSB
Address: 500 DELAWARE AVENUE, 11TH FLOOR
City: WILMINGTON County: NEW CASTLE
State: DE Postal Code: 19801
Phone:
Additional Information is available for a fee. You can retrieve Status for a fee of $10.00 or
more detailed information including current franchise tax assessment, current filing history
and more for a fee of $20.00.
Would you like Status Status,Tax & History Information
To contact a Delaware Online Agent click here.
http://www.state.de.us/corp/remoteagts.shtml
Entity Type “General”
ENTITY TYPE
A – General – Type General refers to a legal entity with no special attributes such as non profit or religious.
Secretary of State DE
ID 3362676 FEDERAL HOME LOANS, INC.
“THIS IS NOT A STATEMENT OF GOOD STANDING”
File Number: 3362676
Incorporation Date / Formation Date: 03/01/2001
Entity Name: FEDERAL HOME LOANS, INC.
Entity Kind: CORPORATION
Entity Type: CLOSED CORP
Residency: DOMESTIC
State: DE
REGISTERED AGENT INFORMATION
Name: THE COMPANY CORPORATION
Address: 2711 CENTERVILLE ROAD SUITE 400
City: WILMINGTON County: NEW CASTLE
State: DE
Postal Code: 19808
Phone: (302)636-5440
What is a ‘Closed Corporation:
C – Closed Corp – (a) A close corporation is a corporation organized under subchapter 342 whose certificate of incorporation contains the provisions required by Section 102 of this title and, in addition, provides that:
(1) All of the corporation’s issued stock of all classes, exclusive of treasury shares, shall be represented by certificates and shall be held of record by not more than a specified number of persons, not exceeding 30; and
(2) All of the issued stock of all classes shall be subject to 1 or more of the restrictions on transfer permitted by Section 202 of this title; and
(3) The corporation shall make no offering of any of its stock of any class which would constitute a “public offering” within the meaning of the United States Securities Act of 1933 ?15 U.S.C. Section 77a et seq.| as it may be amended from time to time.
(b) The certificate of incorporation of a close corporation may set forth the qualifications of stockholders, either by specifying classes of persons who shall be entitled to be holders of record of stock of any class, or by specifying classes of persons who shall not be entitled to be holders of stock of any class or both.
(c) For purposes of determining the number of holders of record of the stock of a close corporation, stock which is held in joint or common tenancy or by the entireties shall be treated as held by 1 stockholder.
_____________________________________
“Additional Information is available for a fee. You can retrieve Status for a fee of $10.00 or
more detailed information including current franchise tax assessment, current filing history
and more for a fee of $20.00.
Would you like Status Status,Tax & History Information
To contact a Delaware Online Agent click here.
http://www.state.de.us/corp/remoteagts.shtml
Secretary of State – DE
First 50 of 223 Matches:
2098798 FANNIE MAE CMO, INC.
4625736 FANNIE MAE HOUSING AC, LLC
4625742 FANNIE MAE HOUSING AH, LLC
4625737 FANNIE MAE HOUSING BC, LLC
4669009 FANNIE MAE HOUSING BC2, LLC
4625738 FANNIE MAE HOUSING CL, LLC
4669008 FANNIE MAE HOUSING CL2, LLC
4625740 FANNIE MAE HOUSING CP, LLC
4669005 FANNIE MAE HOUSING CP2, LLC
4625741 FANNIE MAE HOUSING EN, LLC
4669007 FANNIE MAE HOUSING EN2, LLC
4625710 FANNIE MAE HOUSING FUND 15000, LLC
4625680 FANNIE MAE HOUSING FUND 15017, LLC
4625765 FANNIE MAE HOUSING FUND 15056, LLC
4625627 FANNIE MAE HOUSING FUND 15060, LLC
4625596 FANNIE MAE HOUSING FUND 187, LLC
4625602 FANNIE MAE HOUSING FUND 246, LLC
4625776 FANNIE MAE HOUSING FUND 311, LLC
4634324 FANNIE MAE HOUSING FUND 320, LLC
4625786 FANNIE MAE HOUSING FUND 322, LLC
4634328 FANNIE MAE HOUSING FUND 333, LLC
4625643 FANNIE MAE HOUSING FUND 335, LLC
4625734 FANNIE MAE HOUSING FUND 344, LLC
4634334 FANNIE MAE HOUSING FUND 352, LLC
4625717 FANNIE MAE HOUSING FUND 358, LLC
4625603 FANNIE MAE HOUSING FUND 362, LLC
4625598 FANNIE MAE HOUSING FUND 363, LLC
4625796 FANNIE MAE HOUSING FUND 365, LLC
4625626 FANNIE MAE HOUSING FUND 366, LLC
4625681 FANNIE MAE HOUSING FUND 368, LLC
4625677 FANNIE MAE HOUSING FUND 373, LLC
4625645 FANNIE MAE HOUSING FUND 376, LLC
4625633 FANNIE MAE HOUSING FUND 377, LLC
4625648 FANNIE MAE HOUSING FUND 379, LLC
4625684 FANNIE MAE HOUSING FUND 383, LLC
4625649 FANNIE MAE HOUSING FUND 393, LLC
4625634 FANNIE MAE HOUSING FUND 395, LLC
4625595 FANNIE MAE HOUSING FUND 396, LLC
4625779 FANNIE MAE HOUSING FUND 405, LLC
4625679 FANNIE MAE HOUSING FUND 406, LLC
4625650 FANNIE MAE HOUSING FUND 408, LLC
4625780 FANNIE MAE HOUSING FUND 409, LLC
4625672 FANNIE MAE HOUSING FUND 418, LLC
4625660 FANNIE MAE HOUSING FUND 421-B, LLC
4625637 FANNIE MAE HOUSING FUND 421, LLC
4625617 FANNIE MAE HOUSING FUND 427, LLC
4625678 FANNIE MAE HOUSING FUND 428, LLC
4625659 FANNIE MAE HOUSING FUND 430, LLC
4625651 FANNIE MAE HOUSING FUND 431, LLC
4625704 FANNIE MAE HOUSING FUND 432-B, LLC
UCC FINANCING STATEMENT
Secretary of State of Iowa
Debtor’s Exact Full Legal name Wells Fargo Bank NA ?, (& Fannie Mae) 9/19/2007
Mailing Address:
1 Home Campus, Des Moines, IA 50328 USA
Type of organization: National_Association ?
Jurisdiction DC ?
Organizational ID: 1741
?…DBA Wells Fargo Home Mortgage Institutional Lending?
SECURED PARTY’S NAME: Federal National Mortgage Association
(aka Fannie Mae)
3900 Wisconsin Ave, NW, Washington DC 20016
The collateral (the “Collateral”) that is the subject of this Financing Statement is as follows:
(i) All those “Loans” (as defined below) that Debtor (“Lender”) has assigned, transferred, and/or sold (collectively “transferred”, “transfers”, or “transfer” as appropriate) previously to Secured Party (“Fannie Mae”) in the “Transactions” (as defined below), and
(ii) (ii) all those Loans that Lender transfers to Fannie Mae in the future in the Transactions.
However, any such Loan ceases to be Collateral effective if an when Fannie Mae transfers such Loan to Lender, or to any entity that is then servicing such Loan for Fannie Mae or that previously serviced such Loan for Fannie Mae.
Loans are defined as all obligations evidenced by any of the following documents and records, all rights of ownership and possession of such documents and records, and all rights associated with ownership or possession of such documents and records:
(i) Promissory notes and/or electronic notes (and/or participations therein),
(ii) Including such notes secured by residential real estate and/or personal property (all of the foregoing in this clause “(i)” are collectively referred to as “Notes”),
(iii) (ii) all documents, files and records associated with Notes that are reasonably required to originate and/or subsequently service any of the obligations evidenced by the Notes,
(iv) (iii) all mortgages, deeds of trust, security deeds, security agreements, or other security devices that secure any of the Notes, and
(v) (iv) if retail installment contracts (and/or participations therein) are used in any past or future Transaction, then references to Notes in (i), (ii), and (iii) and shall also include the retail installment contracts, insofar as applicable.
The transactions in which the Collateral has been (or will be) transferred to Fannie Mae are referred to herein collectively as the “Transactions.” The Transactions include both those in which Lender receives cash, and those in which Lender receives mortgage-backed securities, from Fannie Mae at the conclusion of the Transaction. Lender and Fannie Mae both intend that all of the Transactions are and will be true, absolute, and unconditional sales by Lender to Fannie Mae of all of the Lender’s right, title, and interest in Collateral, and not pledges of such Collateral by Lender to Fannie Mae. If, however, notwithstanding that intent of the parties, a court or other appropriate forum shall ever finally hold that the Collateral (or any portion thereof) is still the property of the Lender, then it is the intent of the parties that Lender’s title to such Collateral is subject to a security interest (granted by lender to Fannie Mae at the time of transfer) in all of Lender’s right, title and interest in such Collateral that is still the property of the Lender, to secure payment or performance of all of the Lender’s obligations relating to , or arising under, the Transactions and/or under any commitments, contracts or other agreements applicable to the Transactions, including the payment of principal, interest and other sums due to Fannie Mae. This filing is effective as of its filing date.
CSC, 801 Adlai Stevenson Dr, Springfield IL 62703 8009279800 qsconfirmations@casinfo.com fax: 302-555-5555
If Fannie and Freddie are merely the guarantors, why are they being deeded the homes at trustee sales? If you look at the King County and Snohomish County Washington State recorded documents from 1/1/11 to present, Fannie and Fredidie are the grantee on thousands of trustee deeds after foreclosure sale. Directly from foreclosure (debt collector, trustees like NW Trustee Services) They were NOT the benificiary on the Notice of Trustee Sale.
MERS cannot be shown on deed and represent the lender.
Nor can MERS show on the Deed and fail to show on the HUD1
MERS cannot remain in a deal more than six months
MERS never substitutes a Trustee or Agent
MERS Is always representing the same party in interest
MERS Violates RESPA Sec 8
Msoliman
expert.witness@live.com
Please use in your pleading . . . . .
Fannie underwriting. What’s not to figure out?
Everything is a concert of action, all are involved to some degree they had to be in order for the securities to have been created / sold . All are there for their purpose to ensure the FRAUD will never be exposed. MERS, what a joke I got them caught up in a bunch of documential proof of unlawful behavior. Fannie I havn’t figured that one out yet , MERS listed Fannie as I the investor but when I ask fannny they say they have no clue as to what i’m talking about. Mean while MERS says they have no interest in this and MIN# is deactivated transferred from mers in 2002 last known servicer is FDIC… FRAUD AND LIES can’t wait for the twelve ( jury that is )