Another Failed Bank: 45th this Year — MegaBank Failure on the Way

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“MEGABANKS IN STATE OF UNDISCLOSED FAILURE

Fortune has examined dozens of court records that corroborate the
employee’s testimony. And if Countrywide’s mortgage securitizations
systematically failed as it appears they did, Bank of America’s
potential liability dwarfs its shareholder equity, as the
Congressional Oversight Panel points out.

Field is referencing Countrywide v. Kemp, and the sworn testimony of
Linda DeMartini, a top official at BofA. She acknowledged on the
record in a deposition that Countrywide never conveyed the mortgages
to the trusts, and that Countrywide notes “weren’t endorsed except on
a case-by-case basis generally long after securitization ostensibly
occurred.” This would mean that the mortgage-backed securities
composed of Countrywide loans are, in fact, non-mortgage-backed
securities. And Field did the grunt work of looking at the court
records, which back up DeMartini’s claim. None of the 104 Countrywide
notes she looked at in two New York counties were endorsed originally.
Read the whole story, it’s a good one.  [cont’d.]

EDITOR’S NOTE: 45 BANKS HAVE BEEN SEIZED BY THE FDIC. BUT THAT IS ONLY 1% OF THE STORY. THE REST OF THE STORY IS THAT ANY BANK HOLDING “MORTGAGE-BASED ASSETS” HAS ALREADY FAILED BUT IT ISN’T DECLARED. And with the Federal Reserve getting ready to raise reserve requirements, the situation is going to get worse for the MegaBanks until their auditors can’t stand the suspense any more.

Just as the GDP is misstated by the reports of the megabanks with their trading activity being the largest source of “revenue” and the trading being a cover for repatriating money stolen during the mortgage meltdown, the illusion of activity, revenue and profits is being dispelled by questions among auditors as to how to treat the mortgage-based assets. The auditing firms stand to lose a lot if they don’t  take action in a way that  shields them from potential liability. When these Mega Banks finally tumble, they will take the auditing firms and potentially others with them.

By my reckoning and the analysis offered by others who are recognized experts, BOA, Citi, Chase, Morgan, Wells Fargo and others are already failed banks. A large part of their balance sheet is based upon assets that do not exist, never existed, and cannot be brought to life, much less onto a balance sheet as a true asset. Title analysis and securitization analysis shows clearly that each closing of each of more than 80 million residential real estate transactions shows the following, for each loan that was claimed to be part of a securitized transaction:

  1. The party identified as “lender,” “mortgagee”, or beneficiary was either a non-lending institution or an institution who could have loaned the money but didn’t. The pattern of conduct was table-funded transactions, which according to the Truth in Lending Act and Reg Z are presumptively predatory loans. They are considered predatory because by depriving the borrower of important information concerning the identity of the actual lender/creditor, the borrower was prevented from knowing facts that went into the decision about whether to execute the documents. It was fraud in the inducement. The failure to disclose the table-funded nature of the transaction, hidden fees paid to the party identified as the originating lender were withheld from the disclosure statements given to the borrower. Thus, by not knowing who he/she was dealing with and by not knowing about all the extra fees distributed in the feeding frenzy, the borrower was not alerted to the fact that excessive fees were being paid to everyone concerned, including the mortgage broker and the appraiser. Failing to know this, the borrower was unaware that by shopping further, the truth about the price of the loan, the loan appraisal, and the viability of the loan were not only withheld from the borrower, but were used against him/her. This in turn gives rise to rights of rescission which have been often declared by the borrower but ignored by the servicer and the securitizers, as well as causes of action for fraud that could easily exceed the nominal balance of the mortgage stated on the closing documents.
  2. Each documented transaction then creates an unresolvable defect: the party identified on the closing documents was neither the source of funding nor the creditor in any sense of the word. They were acting in most cases as an unregistered unregulated mortgage broker and straw-man for an undisclosed creditor. The effect of this is that the note names a payee based upon a loan from that payee that the payee never funded. The note therefore while appearing real on its face is actually a nullity (void) because it describes a transaction that never in fact took place. Like wise, the mortgage purports to secure the named lender for collection of the balance due on the note. The balance due under the note is zero because the transaction described never took place. While it is possible to reconstitute the mortgage and maybe even the note, it would take a lawsuit filed in a court of competent jurisdiction, in which the Plaintiff pleads and proves a case that there was a scrivener’s error in the identification of the lender and payee. This is why the notes were never actually transferred and why it is necessary for the Banks to fabricate and forge documents to make it appear that their was a transfer of the note and mortgage when the underlying transaction did not exist. While the courts have largely fallen for this ploy, more and more Judges are realizing that the paperwork does not add up.
  3. Each monetary transaction dubbed “mortgage loan”  is undocumented and unsecured. The investor-lender was the source of funds and either the investors lenders should have been described, as they are now, as “certificate holders” (a euphemism because the certificates were never issued either) or if the pool was actually created and a trustee or manager appointed as authorized agent, the Trustee or agent should have been named as a payee on a note and the secured party on a mortgage. The presence and identity of the presumed creditor was already known (but withheld from borrower)  at closing, although possibly not known by the title agent or escrow agent. The proper parties were not named in the closing documentation and even if they were, the money trail shows that the funds taken from the investor were not used in the manner expected or desired by the investor, with special emphasis on those instances in which the investment bank took as much as 50% or more of the investor funds and claimed them as profits, which were secreted off-shore, and which are gradually being repatriated  to create the illusion of trading profits when in fact the profits are not real nor legal. The absence of documentation for the actual monetary transaction means that none of these transaction are secured.
  4. While the true source of the funds for the loan were the investor-lenders, the only documentation received by the true creditors was executed by parties other than the homeowner-borrower. Those documents refer to the documented transaction with the straw-man lender and not the actual monetary transaction. Hence the investor-lender does not have a signed note, mortgage or any agreement with the homeowner-borrower. In all cases in which a different agreement with different parties is attempted to be used as evidence of the obligation, the case fails. Thus the assets claimed by any alleged “owner” of the mortgage documentation are worthless because the documents describe a transaction that is fictitious while those same documents scrupulously avoid describing the real transaction. 
  5. While every state has a procedure to correct, modify or reform documentation that is prepared in error, the facts show that these documents were intentionally prepared with defects. The party to bring such an action to straighten out the paperwork is the investor-lender or the authorized agent who brings such a lawsuit naming the disclosed principal(s) for whom the action is filed. 
  6. The investor lenders have chosen NOT to file such actions and NOT to pursue the homeowners for collection. There are economic and legal reasons for the investors avoiding any attempt to collect from the homeowners. The economic reason is that the best the investor can hope for is that out of the money that was advanced by the investor only part was used to fund mortgages, and the only part of the advance that could ever be claimed against a homeowner is not the larger amount advanced to the investment banker but the smaller amount advanced to the homeowner or on the homeowner’s behalf. Thus in order to make the claim and recover theoretically in full, the investor would have to name BOTH the homeowner and the securitizers (including the investment banks, whom the investors ARE suing for payment in full) to reach all the potential claims for all the money advanced. The investors in short have elected their remedy and have sued the investment bank. The second economic reason for the investors’ decision to not pursue the homeowner is that they are looking at collateral  that was overstated at the time of closing, and now obviously showing its true value at a fraction of the amount that was funded for the loan, which fraction is lower than the amount allocatable as advanced by the investor for making the loan. Thus for every $1 originally advanced to the investment bank, the investor is, for the most part, looking at a maximum recovery of at best 30 cents. But by suing the investment bank, the investor gets the benefit of claiming 100 cents on the dollar because it includes all money advanced to the securitizers, whether deployed for mortgage funding or not, and incorporates the appraisal fraud at closing.
  7. The legal reason why the investors do not want to pursue homeowners, is that they would be “owning” the homeowners’ affirmative defenses and counterclaims which if fully adjudicated could easily exceed the balance due under the loan, which is unsecured as described above. 
  8. Since none of the securitizers were the actual source of funding for any of the loans, the only theoretical asset they hold is a mortgage bond they are holding because they got stuck with it before they could sell it off to unsuspecting clients. But the mortgage bond is based upon (a) a transaction that did not exist (see above) and (b) even if the transaction did exist, the transfer into the pool never occurred, thus rendering the mortgage bond worthless or less than worthless if the bond was subject to tranche counterparty indebtedness. 

Hence the asset on the books of the securitizers related to mortgage “interests” is an illusion. And the failure of the auditors to make a statement regarding the questionable nature of these assets is actionable. But more importantly, the assets claimed on the securitizers balance sheets constitutes a large portion of their total assets. Wipe those out and the bank is suddenly smaller and out of compliance with the reserve requirements of the Federal Reserve and any other agency regulating the activities of a lending institution. Unless they suddenly repatriate the hidden fees from the mortgage meltdown which I estimate to be around $2 trillion, the bank is in the state of undeclared failure. And if they do repatriate the money all at once, they will have a lot of questions to answer including why they needed a bailout.

Failed Bank Tally Reaches 45 in 2011

By THE ASSOCIATED PRESS

WASHINGTON (AP) — Regulators on Friday shut a small bank in South Carolina, the 45th bank failure this year.

The Federal Deposit Insurance Corporation seized Atlantic Bank and Trust, based in Charleston, S.C., with $208.2 million in assets and $191.6 million in deposits. First Citizens Bank and Trust, based in Columbia, S.C., agreed to assume its assets and deposits.

The F.D.I.C. and First Citizens Bank agreed to share losses on $141.8 million of Atlantic Bank’s assets. The bank’s failure is expected to cost the deposit insurance fund $36.4 million.

31 Responses

  1. @GLORIA TYLER-MALLERY

    Just a thought here——–its the “how to do this vocal stuff” thats the trick—2 things im thinking in this vein-1st is the evolving use of the medium we are using to share thoughts AND FACTS

    There are probably more than few readers of this material that “feel” there is organized abuse-with specific intent to perform cimes piled one atop the other. There may be a sort of collective herd mentality such that once the gate is open they all go through. It is not necessary that you must prove a common fraud by all——–just that the entities that did you seem to have cooperated to violate your rights and caused injury which was by intent. That is not yet a RICO-conspiracy. But if three or more of you state the same type abuse by the same entities or variations –that lead to the same result. Now you have the beginnings of a RICO operation —–and if it has international implications -like the Chinese always got the real good stuff in the securitizations and your proceeds are going to them–then maybe even the terrorist arguments apply.

    Point is the easiest way today and tomorrow is to put your stories out there for people to aggregate dioscuss elaborate to identify common patterns of coincidental events that are too common to be unplanned.—share the info –agregate it and get it to active AGs–post it here and maybe they read it

  2. Enough is enough! We have all earned our B.S. degrees in MF! (Mortgage Fraud) It’s time to get vocal and visible. Are we the only people in these United States that see and understand the mechanics of “unsecured debt?”

  3. @enough already

    NOT ONLY IS THE CONTRACT YOU SIGNED NULL AND VOID—THEY OWE YOU EVERY PENNY YOU PAID TO THEM FROM THE TIME YOU SIGNED THE BOGUS CONTRACT!!!!!!!!!!!

  4. And therein we have Warren Buffett:

    “I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.”

    “Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.”

    “Only when the tide goes out do you discover who’s been swimming naked.”

    “The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities — that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future — will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There’s a problem, though: They are dancing in a room in which the clocks have no hands.The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities — that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future — will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There’s a problem, though: They are dancing in a room in which the clocks have no hands.”

  5. If Wall Street closed for 1 year, would public companies stop producing and exchanging whatever products they make?

    Would Microsoft stop making windows? Would Google stop making the internet? Would GM stop making cars? Would Mc Donalds stop making burgers? Would Coke stop making drinks?

  6. David Breidenbach,

    debasement:

    http://en.wikipedia.org/wiki/Debasement

    Interestingly, on Market-Ticker.org today:

    http://market-ticker.org/akcs-www?post=187537

    And now the coinage act:

    Section 19. And be it further enacted, That if any of the gold or silver coins which shall be struck or coined at the said mint shall be debased or made worse as to the proportion of the fine gold or fine silver therein contained, or shall be of less weight or value than the same out to be pursuant to the directions of this act, through the default or with the connivance of any of the officers or persons who shall be employed at the said mint, for the purpose of profit or gain, or otherwise with a fraudulent intent, and if any of the said officers or persons shall embezzle any of the metals which shall at any time be committed to their charge for the purpose of being coined, or any of the coins which shall be struck or coined at the said mint, every such officer or person who shall commit any or either of the said offenses, shall be deemed guilty of felony, and shall suffer death.

    And since the Fed is the keeper of our money or debt instruments or IOU’s or Notes or Fed Res Notes,

    and if you place “notes” into the coinage act,

    Why you will discover even those have been debased.

    If your gold $1 is actually only half gold content – it is debased.
    If your $1 Fed Res Note is now only worth 65 cents – it is debased.

    Who benefits? Only those issuing the notes and those trading it on the secondary market (wall street).

    Who does not benefit? Those that exchange the notes for products or services – main street. The real street gets screwed while the make believe street reaps untold leveraged riches.

  7. I read this pst yesterday: recognize the awful truth of it.
    this morning I read “Financial Times” opinions by contributing editors; people that should not suffer from the attacks of self-interest and lack of world views that any banker-polititco etc would assert colors opinions stated herein. However after a long and accurate analysis of the poor state of affairs in the United States today the summation to the article is as follows:

    ” The economy is faltering and the government –if not actually making it worse—is flailing uselessly. The Fed is all there is.” [written by clive.cook@gmail.com]

    In my personal opinion, that assessment conforms to those many individual views expressed here and elsewhere–on every street but Wall Street and “K” Street [DC–lobyists lane].–but for one dramatic exception: “…the Fed is all there is.”

    The Fed–Federal Reserve is an unelected group appointed from the ranks of and largely controlled by the largest handful of Wall Street banks. I do not deny the contention that “the Fed is all there is” –in fact I agree and therein lies the moral dilemma. many would assert that the Fed is in large part the root of the problem–not the last standing bastion of civilized society in the US national government.

    But–all said–this overall statement “the Fed is all there is.” seems to be generally accepted –however unpleasant the implications. The truth of it is the persons that CONTROL THE FED are the ones that control the operation of the US: the Congress, the Administration, BOTH parties, most if not all state governments etc.

    IThe whole may be encapsulated in one word: “corruption”. By many devices–using many hands–the purpose of government was subverted–and remains lost as the two parties are mired in endless philosophical bickering –that is runs on like a tedious and endless poorly written TV reality show. I hang my cited language below upon the assertion by the FT writer–lest ” I ” be accused of fomenting treasonable utterances:

    The referenced materials are cut and pasted from the “Declaration of Independence” and seem to respond directly to Mr. Clive Crook;

    “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn that mankind are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security. ”

    In application, today the servicers as purported agents for unknown parties sieze properties –expell citizens into the streets in order to degrade those homes such that servicer affiliates can purchase the properties at fire salesprices. The business model swirls around this objective. Theoretically, the associated investors can then rennovate the destroyed homes and resell them for quick large gains—–except that there are too many and the economy is failing. The next layer of buyers is not there-it a classic Ponsi scheme that has run its course. There is not much more to say –there is no more room for debate. It is an unpleasant fact—but it is not said–perhaps because the statement “the Fed is all there is.” was at the inception the intended result.

  8. I also feel like a complete deceived homebuyer. now we know why hamp would only help only 400k home owners instead of its projected amount. and why most hamp recipients were foreclosed on anyway. i also got a wells fargo forebrearance in 2009 but still paid my mortgage for 4 months back then, i was unemployed, i used my credit card (i have had excellent credit my whole life) for essentials until 10/09 could not anymore. the mod increased my mortgage then paid 5 months on that using the rest of my savings. wells fargo told me to default or they could not help me and again lose paper work, move my file . lie to all governmental agencies i complained to but no where in there paper work do they account for my 4 paymnets during forebearance, and my 5 payments during my mod. my mod was never recorded with the county and husband was not on original note but they put him on the mod. i am devistated by all this. this is just the tip of the iceberg. not telling us whom the true investor/lender was. who thought that it was ok to lie to homeowners. we are all familiar with contracts. all our loans are null and void.

  9. Excellent article..it hits home. This repeats what I found in my daughters closing documents..But she only got a few documents…A mortgage broker’s firm claimed they were owners of the loan, the bank claimed they owned the loan and the title co. went along with both of them when in fact neither owned it. The investor (creditor) owned it…that is when I realized that there were 2 sets of documents…completely different. One for my daughter and the other for the lender/creditor. It took alot of digging and researching but I feel I have it down pat to the point the bank was nothing but a strawguy getting paid a fee. A subpoena is in order to the title co…..that should do it. My daughter was told over a year ago by a ‘ certain ‘ lawyer that the mortgage was null and void. With that I started searching….now I feel like ripping the skin off a few faces.

  10. @ davis

    you sound knowledgeable. , what do we do now with this info its not like we can take it to court and the judge is just going to win. we need guidance and support. this is strong allegations i beleive but not the courts of dlorida. how do we present this to our lawyers. i have spent the last 10 months reearching this and thia is my smokin gun i was looking for i am ruky excited. now we need to know how to use it so homeowners win and we stop the stealing of homes. i have n=been abused by wells fargo from the day in 2009 when i could not afford my mortgage and i callecd for help. after months of waiting for a hamp approval i called and asked what was going on why the investor will not approve me or can i speak to my investor. i was tol that my loan was sold, split up in to hundreds of peices ansssd sold off. my 1st into to secutitization. then the lost paper work, the moved files. i was done got my notice of default and am waiting for my court date. i finally got a callfrom a florida lawyer now we have another problem in florida. now the lawyers are scamming us. all charging different fees. this one law won a princible reduction of lets say 100k well now the family owes the lawyer 40% of the mortgage reduction or 40k. everyone is scamming everyone florida is a crime state. now with this new fraud in the inducment news. fraud at closing. not disclosing the true lender to the parties whom sign for thes emortgages how can this lawyer still do this??? the loans are null and void. thats why they tried to foreclose so fast and why they had to fake doc. and do you notice any invetors sueing the hiomeowners . no!!! thats because the loans were fake and they know it. we were fraudulentyly induced to sigh for these mortgages. imagune if they would have tolds us what what was going to happen to our loans and there was nothing in it for us. we would have no reason to finance with them we would have gone to credit unions or local banks. to to trick us into signing these loans and defrauding investors. these perps need to go to jail and we need to be left alone to live our lives

  11. “….This in turn gives rise to rights of rescission which have been often declared by the borrower but ignored by the servicer and the securitizers, as well as causes of action for fraud…..”

    A SUBSTANTAIAL PORTION OF THE ASSERTIONS ARE HARD TO SWALLOW FROM AN ACADEMIC LEGAL PERSPECTIVE—–BROAD AND NASTY—BUT TO THE EXTENT THAT THIS WRITER HAS EXAMINED THE ACTIONS OF ONE OPERATOR AND ITS INVESTMENT BANKER CO-OPERATORS, [OLD. AHMSI ET ALL] FOR ONE TRUST WAS OPERATED PRETTY MUCH ALONG THESE LINES.

    THE ENTITY AND ITS CO-VENTURERS ENTERED CHAPT 11 AND ESCAPED CIVIL LIABILITY. THERE IS WORSE THAT OCCURS LATER——THE PHSCHOLOGICAL WAR FARE——THE SERVICING ABUSES, THE ASSET “PROTECTION ” ACTIVITIES—CASUALTY INSURANCE ABUSES. THESE THINGS CONTINUE UNDER NEW LABELS. THEY SEIZE AND DESTROY HOMES FOR CASUALTY INSURANCE PROCEEDS. THE WANTON DESTRUCTION OF HOMES IS EVEN WORSE THAN DISPOSSESSION OF THE DEFAULTING FAMILY. NO FAMILY CAN LIVE IN THESE DESTROYED PROPERTIES AND THE SCHEMES TO PLACE CHEAP PROPERTIES IN THE HANDS OF INSIDER INVESTORS IS A BAD MODEL -BECAUSE AGAIN THEY HAVE OVERSHOT THE MARK AND THE VALUES ARE IN FREE-FALL.THEY CANNOT SPEND THE AMOUNTS NEEDED TO RESTORE.

  12. Joni Brit ,

    I have (limited) access to WF info as an ex stockbroker ,, my loan is in a SPV originally listed at $675M , current holdings are $3.5M ,, assetts sold/transferred as evidenced by a current dated spreadsheet showing cumulative losses at $0.00 meaning a sale or big insurance payouts… but my local county has nothing on record except the original (bogus) mortgage to OptionOne … The time for everyone to rush the banks with a QT suit is NOW!!!

    Right now all players in my deal are under investigation AHMSI LPS & WF ..

  13. Mortgage Movies presents:

    Rodney Class workshop!

  14. finally I saw it in print, thank yu Livinglies…it blew me away when I first realized, about 6 months ago, WellsFargo was selling shares of a tax deferred REMIC, which was primarily filled with mortgage backed securities previously sold, violating not only P&S Agreements but it’s value as an investment, and a legal tax deferrment. What question I asked myself is, how many times have these empty houses been sold into a Trust and then sold to Investors? It’s the Ponzi scheme that keeps on growing, because if one insurance claim could have covered just one defaulted mortgage, everything should be equal. But each house is in dozens and dozens of Trusts, and the Banks have to be the bottom rung now, not the taxpayers.

  15. What about Fraud in the Factum???

  16. fraud in the inducement n. :

    …the use of deceit or trick to cause someone to act to his/her disadvantage, such as signing an agreement or deeding away real property. The heart of this type of fraud is misleading the other party as to the facts upon which he/she will base his/her decision to act. Example: “there will be tax advantages to you if you let me take title to your property,” or “you don’t have to read the rest of the contract–it is just routine legal language” but actually includes a balloon payment. (See: fraud, extrinsic fraud)

    Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved

  17. You are right about everything but one thing, Neil.

    The megabanks are NOT going to fail. They have invested heavily in the Middle East are about to bail themselves out when those economies take off.

    At worst, they will simply re-organize.

    Just my opinion.

  18. THIS IS THE MAGIC BULLET WE “all” HAVE BEEN WAITING FOR. THE PINK ELEPHANT, PURPLE MONKEY, AND SILVER SHARK. HAHA GOOD LUCK ALL WE NEED TO GET THIS OUT TO MAIN STREAM MEDIA AND TAKE THEM DOW!!!!!! YES FRAUD IN THE INDUCMENT. THATS OUR TICKET TO EDEN. PLEASE ALL WE NEED TO FIND SOME WAY TO GET THIS OUT. I VENT on foreclosurefraud has been telling us this forever but we need everyone to agree and get it to the judges , the lawyers elizabeth warren. stop the illegal seizing of homes now.

  19. Bank of America Gets Pad Locked After Homeowner Forecloses On It

    mmust see short video classic..lol

    http://www.dailypaul.com/166777/bank-of-america-gets-pad-locked-after-homeowner-forecloses-on-it

    http://www.digtriad.com/n

    Thanks Drudge, you found a dandy!

    http://www.drudgereport.com/

  20. Thanks for helping me eloquently describe the cause of action set forth herein.

  21. 6A. Additionally, there may be a 3rd reason the investors are not suing the borrowers and that may be that the transaction was made prior to the borrower signing the documents and without disclosure to the borrower of the securitization process which would make the investors complicit in the fraudulent transaction. In such instance, the borrowers should also be suing the investors.

  22. Thanks for the clear explanation. Questions. The mortgage Deed of Trust with the fictitious “lender and beneficiary” put a lien on a home “securing” the “mortgage” with the home and obtained a homeowners signature to do it. Then even if there were paperwork transfers completed, homeowners are tricked into giving up their homes if they can’t pay as if it was a real mortgage which it wasn’t and the “lender and beneficiary” or anyone to whom they ever transferred the so called right , even if they did complete so called proper transfers, also has no right to take a home. Isn’t that fraud big time also? Pretty much theft? If it was disclosed to be the sale of a security interest from the borrower to the investors, is that secured by a home? The tax breaks for investors would change if that were the case wouldn’t they? So is that another reason the investors don’t want to seize homes or collect from homeowners even if they have the legal right which probably they do not because of the fraud? Really want to understand this.

  23. Oops, I meant (the famous Bette Davis line), “Fasten your seatbelts, it’s going to be a bumpy night!”

  24. Well done, Neil.

    THE ELEPHANT EMPEROR IN THE ROOM HAS NO CLOTHES…

    Time to stock up on food and water…hold on to your hats—it’s going to be a bumpy night!!!

  25. so tell me all how to we get this info to the fooking courts judges lawyers in floridah ect. we all new mods were a farce. They have quickly foreclosed on as many homes they could and now the jig is up they need to stop end and now the new issues is going tobe clean titles if we want to sell. Quiet titles will b the next ,wave then american can move again. Neil please help get this out there to our leaders what we beleive and what the courts do are to different things

  26. There is a mill in CA/WA state that will notarize a rock, and it does not have to be in the same room, or the same state. If anyone is blessed with documents from T.D. Service Company, inspect them closely. They show the the party they rep isn’t the creditor they claim, they may have forgeries, as a great percentage recorded in my county do. Their notaries are magical. They exist in CA but appear in WA and CA on the same day frequently. They even notarize each other! CA has ignored the felony where one Lisa Marie Serrano, or L.Serrano as she signs, notarized herself as all parties to foreclose.
    I do hope CA cares to get around to looking into this nearly year old information I sent them.

  27. Not sure about other states but California has Penal Code 115 which addresses recording fraud as a Felony and 100k fine. More might want to look down that road in putting the dirt bags behind bars, if only we can get the district attorneys to actually look into it.

  28. The Government if it had the will could put all the mega banksters in jail along time ago.

    The Banksters need more Capital.

    http://online.wsj.com/article/SB10001424052702303657404576363482173819822.html?mod=WSJ_hp_LEFTWhatsNewsCollection

  29. No Sh#t Sherlock. Anybody with half a brain knows that the Too Big to fail (how did they get that name) are being proped up Artificially.

    The FDIC does not have the money to cover all of the deposits.

    Another thing we are all concentrating on Homes (Understandable) but what about the Commercial or Business Loans? I am almost positive they have the same problem.

    We are in deep deep Sh#t. All because a few banksters wanted to make a lot of money.

    Michael Milken is probably laughing so hard now.

    http://en.wikipedia.org/wiki/Michael_Milken

    What we are going through makes Junk Bonds look super legitimate.

    NEVER AGAIN

  30. WOW!!! “megebanks in state of undisclosed failure”??????
    Well, I’ll be d-mmed!!!

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