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EDITOR’S NOTE: “HELP IS ON THE WAY!” Actually, no, it isn’t. The latest round of pathetic policy initiatives merely show that the administration still doesn’t accept the basic truth that the servicers have no authority — even to to service the loans because the loans were never transferred into the pools that the servicers claim rights for servicing. These announcement only serve to bolster the Banks’ position that the securitization of loans was real rather than an illusion. Yet in ALL cases in which the transactions were examined, false and fraudulent documents and practices were at work.

The truth is that if ONE medium sized bank had done what all the megabanks did, the Bank would have been closed down, the mortgages invalidated, the pools dissolved, empty, and the servicers fired for lack of anything to service. There would have been no foreclosure crisis and no $20 trillion land grab.

New Housing Program Is Aimed at the Unemployed

By

Help is on the way from the federal government for some homeowners struggling to make their mortgage payments because of prolonged joblessness.

The Obama administration on Thursday announced a beefed-up program that will allow eligible homeowners to skip part or all of their monthly payments for 12 months or more while they search for a new job. Certain homeowners have been eligible to skip payments for three or four months, far shorter than most unemployed people need to get back on their feet.

While officials could not say how many homeowners might qualify for the extended grace period, they predicted that tens of thousands would benefit.

The Obama administration has come under increasing criticism for its efforts to help struggling homeowners avoid foreclosure, especially as housing prices have continued their downward slide. On Wednesday, President Obama himself acknowledged the administration had come up short.

“We’re going back to the drawing board, talking to banks, try to put some pressure on them to work with people who have mortgages to see if we can make further adjustments, modify loans more quickly, and also see if there may be circumstances where reducing principal is appropriate,” he said.

Mortgage servicers whose loans are backed by Federal Housing Administration insurance will be required to offer payment deferments to eligible homeowners. Roughly 14 percent of active mortgages are backed by the federal insurance.

Servicers who participate in the Treasury Department’s mortgage modification program will be asked to postpone payments for unemployed homeowners, though to date, their record at voluntarily modifying loans has been spotty. The changes will not apply to loans owned or guaranteed by the big mortgage companies Freddie Mac and Fannie Mae, which account for roughly half of all mortgages. Still, administration officials said they hoped the entire lending industry would follow the federal government’s lead.

“Providing the option for a year of forbearance will give struggling homeowners a substantially greater chance of finding employment before they lose their home,” said Shaun Donovan, the secretary of housing and urban development.

The announcement won praise from housing advocates, who have pushed for the administration to strengthen its programs for the unemployed.

“This action is another step toward breaking the link between losing your job and losing your home,” said the Rev. Lucy Kolin, of the PICO National Network, a coalition of faith-based organizations.

“It’s only fair that the big banks who caused so much job loss in America extend relief to families who’ve lost their jobs as a result of the financial crisis.”

One major problem in housing is that the administration’s signature foreclosure-prevention program, the Home Affordable Modification Program, was meant to help homeowners with adjustable rate loans in which payments spiked upward.

But in recent years, the main cause of foreclosure has been unemployment, not risky loans, and the program has fallen far short of its original goals.

In his remarks Wednesday, President Obama said the housing market had not bottomed out as quickly as his administration expected and that its programs to help homeowners were not helping enough.

Under the revised program, mortgage servicers whose loans are backed by the housing administration will be required to postpone payments for eligible unemployed homeowners for at least 12 months.

In addition, mortgage servicers who participate in the Home Affordable Modification Program would be encouraged to provide similar assistance to unemployed homeowners.

Since the program is voluntary, however, eligibility could be hindered by investor and regulatory restrictions.

The maximum term would be 12 months of deferred principal and interest. That means that if a homeowner makes half a payment each month, they could get 24 months of forbearance, Mr. Donovan said.

Homeowners who are already enrolled in federal programs to defer mortgage payments can apply to get the length of their deferments extended, he said.

The repayment schedule will depend on the homeowners’ employment status when the forbearance period ends. If the homeowners have decent-paying jobs, for instance, they will work out a repayment schedule with their mortgage servicer.

The Obama administration has made various attempts to turn around the moribund housing market since it came into office in 2009.

The administration originally predicted that the Housing Affordable Modification Program would help three million to four million homeowners, but to date, there have been roughly 730,000 permanent loan modifications.

And while Congress set aside $46 billion as part of the huge bank bailout to help struggling programs, the administration has spent slightly less than $2 billion of the money.

Recognizing that unemployment was a growing problem in foreclosures, the Treasury Department announced a program last August that would allow unemployed homeowners to defer payments for three months. About 10,000 homeowners have participated.

In addition, HUD received $1 billion last year to provide unemployed homeowners with loans to cover their mortgages for up to 24 months.

While the program was slow to get off the ground, department officials said it was now accepting applications in all 32 states that are participating.

“We’ve had to revamp our housing program several times to try to help people stay in their homes and try to start lifting home values up,” the president said on Wednesday.

“But of all the things we’ve done,” he said, “that’s probably been the area that’s been most stubborn to us trying to solve the problem.”

38 Responses

  1. Hello, I read your blogs daily. Your humoristic style is witty, keep up the good work!

  2. @carrie

    Many of the AGs were just in there as spies for the industry, others just trying to look good to the populist constituents—and then do nothing to BE good to the other economic interests [read banks and realtors, etc, remember a whole lot of realtors have dirty skirts too]—–and a handful just want to use it to look like they should be appointed to fed posts or run for governor on basis any publicity is good publicity—-AGs dont get much generally–so its really all PR

    the real angle is to build cases like newspapers–hive the dossiers to the news folks by may of next year when they will be looking for election fodder. The securitization and robo-signing stuff is old and cold—no more newsprint there—nothing for the pols to make into headlines—need new angles -like they destroyed houses for casualty insurance–or rigged bidding—–there are many more skeletons in the closet to drag out and if the AGs amnesty em -then drag the AGs in as accessories in the public eye—next year–you have a year to build your cases–share the new stories new abuses—-lets quit flogging the dead horses–if you are talking truth justice etc

    Goodness–the folks on the Hill are throwing old folks under the bus to continue tax breaks for hedge fund billionaires—there is no justice unless its on the front page and just downright outrageous

    By the time the budget talks are over our problems will slide into the background–or maybe thats why they are making the stink—and waiting for europe to disintegrate so they can blame the failure of govt to keep its promises to social security etc on the GLOBAL ECONOMY—thatll cover a multitude of sins.

  3. Because the REAL “inevitable” means the Banksters, et al., PAY FOR THEIR CRIMES AGAINST HUMANITY.

  4. @tn—are you referring to my post? Because if you are, I’m even more determined to do it—thanks!

  5. if this actually does happen it will just make things worse. we don’t have the money to pay for it, and it (in most cases) merely delays the inevitable.

  6. @Ann

    I just read your post—thank you for that.

    I was wondering…do you have any knowledge of how some lawyers (in addition to stopping the foreclosures), are getting the money back for homeowners that they paid to the servicers “from the date the securitized audit showed the loan had been assigned to a REMIC Trust and according to the PSA.”?

  7. “To clarify, I never said a claim had been filed. We have never received a claim and we have never paid a claim on this certificate. We received a notice of default which means that the borrower has been in default for a certain period of time. Defaults often cure and it is only if they don’t cure that a notice of claim is filed.

    After our call, I had someone check our files and was advised that a 4/11 default was reported to us in 6/11, as we discussed, which is the latest default that we have a record of. However, additional research revealed three other reported defaults (12/06 cured 1/07; 6/07 cured 7/07; and 11/07 cured 1/11). Generally, a default update is provided monthly so there may be many references between 7/07 and 1/11 in the servicer’s notes. I regret the confusion this morning.”

    So, Neil is right. NO DEFAULT EXISTS REGARDLESS OF WHETHER OR NOT YOU MAKE A PAYMENT.

    Sollie, please… Explain the reasons this is a violation of AB1122. or not? Note the default 11/07 and cured 1/11.

  8. Wholesale (Bank and its commercial subsidiaries, affiliates, clients):

    “European market for ‘whole loans’ as compared to US market, remains very limited. In ‘US’, agencies exist to provide liquidity in broad measure to the mortgage market.”

    “Number of European regimes there are barriers to the transfer or sale of a loan without the borrower’s consent. ”

    Congress vested law, powers and charters – period and call the shots. COMMERCE operates as constructed by the laws created under Article I.

    Retail (Borrower and Servicer)
    We the people are ‘Retail’ transactions and the wholesale transactions are processed after retail – opposite of normalized commerce operations of manufacturing entities. Nothing underhanded here rather this is how CONGRESS wants the money to move. GET IT or send me your address and I’ll mail you a copy of the statement from the OCC they are without authority to adjudicate the alleged unlawful business matters.

    Wholesale transactions happen after retail transactions — how? Purchase Orders ‘intent’ to acquire
    CONGRESS did not vest powers to investigate retail transactions of consumer as borrower. CONGRESS instructed OCC and OTS and FDIC to NOT investigate ‘RETAIL” transactions vesting jurisdiction to Attorney Generals, and prevent AG’s from enforcing laws by design.

    Please – Move up to the next rung on Maslow’s ladder and expand your breadth of knowledge in order to focus on the loopholes and make CONGRESS both accountable and responsible.

    Warren Buffett is yelling making noise because he is being hurt in both his European designer pocketbook and American wallet much lighter on the US dollar side. Maybe he is a patriot my good friend assures me Warren Buffett and Bill Gates won’t let corporate America collapse!
    CONGRESS (your elected officials’ seats owned by the private benefactors) collects their paycheck and benefits protecting the benefactors not you. Funny you pay their salary! The benefactors provide them with campaign funds and stipends and rewards and promises of other jobs in the event like Geithner their term expires! How many people in CONGRESS are everyday consumers who do business at retail?
    Alike, members of the SEC who sit in the seats owned by GE on the stock exchange. The benefactor is GE when my dad sat in their seat and made them money.
    Do you want the Federal Republic system to work? Its only 235 years old. 1997-2007 a disaster why? CONGRESS wanted to do business over SEC and move money – the more money moved the bigger the budget.
    Read if you will a great discussion 5/2008 (Nelson McKee LLP before it was absorbed by in which ‘WaMu’ and ‘BOA’ the only two U.S. issuers of covered bonds
    WaMu in euros and BOA in US dollar-denominated
    Who is Nelson Mckee LLP? If any of you are looking at your documents, you’ll find they are a filing agent who processes transactions for the ‘gang’ BOA, WaMu, Lehman, SASCO, ACE…..
    alike the same role ‘Norwest Asset Securities Corp….Trust 1998-1 just a filing agent who creates transactions over SEC and moves currency for CONGRESS.
    Google “A Done Deal: Bingham, McKee Nelson Officially Combine”
    Aug 3, 2009 – 3, 2009 — Bingham announced today that it has officially completed its combination with McKee Nelson LLP. The combined firm will use the …
    [PDF] This article was published prior to McKee Nelson LLP’s combination …

    This article was published prior to. McKee Nelson LLP’s combination with Bingham McCutchen LLP on August 1, 2009. …

    Where are you on Maslow’s Ladder?

    Physiological Needs 1st
    Safety Needs 2nd
    Belongingness & Love Needs – 3rd
    Esteem Needs – 4th
    Need to Know & Understand – 5th

    I’m at the 5th level

    Know where the CEO of the banks are? 7th or 8th level

    WaMu & BOA (Interesting) Lehman Underwriter, Structured Finance ….
    Discussion what is a covered bond and how does it work?
    Covered bond = security issued by a bank
    Covered bond – general obligation of bank
    Covered Bond secured by a pledge of a separate pool of mortgage loans
    Covered Bond is a hybrid obligation-part conventional debt security, part securitized instrument.
    Covered bond investors don’t rely primarily on cash flow from the pledged assets as in a securitized offering.
    Covered bond investors have the benefit of the mortgage pool as security in the event of the bank’s failure.
    Covered Bonds similar to ‘securitized products’ – structured to insulate investors from risk of issuing bank’s insolvency.
    Covered Bonds different from other securitized products – in that the bank can freely substitute collateral
    Covered bonds different from other securitized products – in that bank is required by the governing agreements to replenish the collateral if the value deteriorates.
    Covered bonds different from other securitized products – in that the bonds are typically structured with a bullet maturity of five years or ten years
    Covered bonds different from other securitized products – in that the collateral cash flow is not matched to the bond’s payments.
    Covered bonds proliferated in Europe – especially in countries with legislation that protects investors from risk of insolvency or receivership of issuing bank. These programs place a ‘ring fence’ around the ‘collateral’ enabling investors to access collateral in event of a default.

    “Kenneth Marin – Why only residential mortgage collateral? Why not other highly liquid assets like Treasuries that a financial institution would often post as collateral?

    “Krimminger – FDIC’ – Initially we were looking at covered bonds as a vehicle for expanding liquidity for the mortgage markets, particular for the residential mortgage markets. The part of a covered bond structured that could prove challenging to institutions during times of stress is metting the cover test.
    That could be difficult if the mortgage or other assets pledged to the covered bond are deteriorating in value so that you have to sweep additional assets into the cover pool and take them out of that unpledged category that we could sell off, if needed.

    ‘ASR’ If FDIC took over an institution, it would transfer all of the assets and liabilities to another institution, enabling the covered bonds to remain outstanding — then you would not need to do anything else to solve the acceleration risk issue.

    KRIMMINGER FDIC – US public policy of providing clear protection to insured depositors, and one way is to give the FDIC flexibility in deciding what the resolution structures for different institutions are.

    Page 15 1st Para – US whole public policy risk to overall financial institution versus European focus on risk to investors

  9. Nelson McKee/FA Has Been a Filing Agent For 908 Registrants
    Norwest Asset Sec Corp …. Trust 1998-1 Filing Agent for 25,837…Registrants

    Wholesale (Bank and its commercial subsidiaries, affilaites, clients):

    “European market for ‘whole loans’ as compared to US market, remains very limited. In ‘US’, agencies exist to provide liquidity in broad measure to the mortgage market.”

    “Number of European regimes there are barriers to the transfer or sale of a loan without the borrower’s consent. ”

    Congress vested law, powers and charters – period and call the shots. COMMERCE operates as constructed by the laws created under Article I.

    Retail (Borrower and Servicer)
    We the people are ‘Retail’ transactions and the wholesale transacctions are processed after retail – opposite of normalized commerce operations of manufacturing entities. Nothing underhanded here rather this is how CONGRESS wants the money to move. GET IT or send me your address and I’ll mail you a copy of the statement from the OCC they are without authority to adjudicate the alleged unlawful business matters.

    Wholesale transactions happen after retail transactions — how? Purchase Orders ‘intent’ to acquire
    CONGRESS did not vest powers to investigate retail transactions of consumer as borrower. CONGRESS instruced OCC and OTS and FDIC to NOT investigate ‘RETAIL” transactions vesting jurisidction to Attorney Generals, and prevent AG’s from enforcing laws by design.

    Please – Move up to the next rung on Maslows ladder and expand your breadth of knowledge in order to focus on the loopholes and make CONGRESS both accountable and responsible.

    Warren Buffett is yelling making nose because he is being hurt in his European designer pocketbook and American wallet light on the US dollar side.

    CONGRESS (your elected officials seats owned by the private benefactors) collects their paycheck and benefits protecting the benefactors not you. Funny you pay their salary! The benefactors provide them with campgian funds and stipends and rewards and promisies of other jobs in the event like Geithern their term expires! How many people in CONGRESS are everyday consumers who do business at retail?

    Alike, members of the SEC who sit in the seats owned by GE on the stock exchange. The benefactor is GE when my dad sat in their seat and made them money.

    Do you want the Federal Republic system to work? Its only 235 years old. 1997-2007 a disaster why? CONGRESS wanted to do business over SEC and move moeny – the more money moved the bigger the budget.

    Read if you will a great discussion 5/2008 (Nelson McKee LLP before it was absorbed by in which ‘WaMu’ and ‘BOA’ the only two U.S. issuers of covered bonds

    WaMu in euros and BOA in US dollar-denominated

    Who is Nelson Mckee LLP? If any of you are looking at your documents, you’ll find they are a filing agent who processess transactions for the ‘gang’ BOA, WaMu, Lehman, SASCO, ACE…..
    alike the same role ‘Norwest Asset Securities Corp….Trust 1998-1 just a filing agent who creates transactions over SEC and moves currency for CONGRESS.

    http://www.bingham.com/ExternalObjects/Docs/11_(4647).pdf

    A Done Deal: Bingham, McKee Nelson Officially Combine
    http://www.bingham.com/Media.aspx?MediaID=9493 – CachedSimilar
    Aug 3, 2009 – 3, 2009 — Bingham announced today that it has officially completed its combination with McKee Nelson LLP. The combined firm will use the …
    [PDF] This article was published prior to McKee Nelson LLP’s combination …

    http://www.bingham.com/ExternalObjects/Docs/11-13-07_GinnieMae_(4663).pdfFile Format: PDF/Adobe Acrobat – Quick View

    This article was published prior to. McKee Nelson LLP’s combination with Bingham McCutchen LLP on August 1, 2009. …

    Where are you on Maslows Ladder?

    Physiological Needs 1st
    Safety Needs 2nd
    Belongingness & Love Needs – 3rd
    Esteem Needs – 4th
    Need to Know & Understand – 5th

    I’m at the 5th level

    Know where the CEO of the banks are? 7th or 8th level

    What is a covered bond and how does it work?
    Covered bond = security issued by a bank
    Covered bond – general obligation of bank
    Covered Bond secured by a pledge of a separate pool of mortgage loans
    Covered Bond is a hybrid obligation-part conventional debt security, part securitized instrument.
    Covered bond investors don’t rely primarily on cash flow from the pledged assets as in a securitized offering.
    Covered bond investors have the benefit of the mortgage pool as security in the event of the bank’s failure.
    Covered Bonds similar to ‘securitized products’ – structured to insulate investors from risk of issuing bank’s insolvency.
    Covered Bonds different from other securitized products – in that the bank can freely substitute collateral
    Covered bonds different from other securitized products – in that bank is required by the governing agreements to replenish the collateral if the value deteriorates.
    Covered bonds different from other securitized products – in that the bonds are typically structured with a bullet maturity of five years or ten years
    Covered bonds different from other securitized products – in that the collateral cash flow is not matched to the bond’s payments.
    Covered bonds proliferated in Europe – especially in countries with legislation that protects investors from risk of insolvency or receivership of issuing bank. These programs place a ‘ring fence’ around the ‘collateral’ enabling investors to access collateral in event of a default.

    “Kenneth Marin – Why only residential mortgage collateral? Why not other highly liquid assets like Treasuries that a financial institution would often post as collateral?

    “Krimminger – FDIC’ – Initially we were looking at covered bonds as a vehicle for expanding liquidity for the mortgage markets, particular for the residential mortgage markets. The part of a covered bond structured that could prove challenging to institutions during times of stress is metting the cover test.
    That could be difficult if the mortgage or other assets pledged to the covered bond are deteriorating in value so that you have to sweep additional assets into the cover pool and take them out of that unpledged category that we could sell off, if needed.

    ‘ASR’ If FDIC took over an institution, it would transfer all of the assets and liabilities to another insitution, enabling the covered bonds to remain outstanding — then you would not need to do anything else to solve the acceleration risk issue.

    KRIMMINGER FDIC – US public policy of providing clear protection to insured depositors, and one way is to give the FDIC flexibility in deciding what the resolution structures for different institutions are.

    Page 15 1st Para – US whole public policy risk to overall financial institution versus European focus on risk to investors

  10. Foreclosure lawyers at Shuster & Saben obtain dismissal of HSBC’s Foreclosure Action
    Foreclosure lawyers at Shuster & Saben obtain dismissal of HSBC’s Foreclosure Action.
    Things did not go very well for HSBC or their counsel, Elizabeth R. Wellborn, P.A., when a Melbourne, Florida homeowner retained the law firm of Shuster & Saben, LLC to defend the foreclosure action filed against his Brevard County, Florida home. Within 48 hours of the firm being retained firm attorney Richard Shuster served nearly twenty pages of discovery requests, including requests for admission, requests for production and interrogatories (written questions to be answered under oath) about the factual basis of the lawsuit served against the homeowner and the securitization of the mortgage into the Ace Securities Corp Home Equity Loan Trust. When HSBC’s counsel was unable to answer the discovery within thirty days they filed a motion for extension of time but did set their motion for hearing. To prevent the motion for extension of time from sitting in limbo, our firm submitted an unopposed order granting the motion and ordering HSBC to respond to the discovery within thirty days.

    Thirty days after the Court signed the order, our firm had little in the way of discovery as rather than answer the questions and provide the requested documents, HSBC’s attorneys objected to almost all of the discovery requests Shuster & Saben made on behalf of the homeowner. Firm attorney, Richard Shuster then filed a twenty-eight page Motion to Show Cause and to Compel Better Response to Request to Produce that set forth each of the discovery requests, HSBC’s objection to each request, an argument as to why the Court should overrule the objection and a check off blank for the judge or overrule or sustain each objection. After a lengthy hearing the Court overruled many of HSBC’s objections and commanded HSBC and its attorney, Ira Silverstein, to provided better responses within thirty days.

    When, HSBC and its counsel failed to comply with the Court’s second order, foreclosure defense lawyer, Richard Shuster filed a Second Motion to Show Cause which detailed the bank’s violations of the Court’s last two discovery orders and requested dismissal of the entire case.

    On May 3, 2011, a hearing was held at the Brevard County Courthouse. Firm attorney Richard Shuster appeared at the hearing in person and a staff attorney at bank’s law firm appeared by phone. The Court asked the bank’s attorney if HSBC was “thumbing its nose” at the Court’s orders. The Court did not give the bank a third chance to violate another Court order and dismissed the bank’s foreclosure action. The Court also granted sanctions against the bank. Now that the case against our client has been dismissed his modest legal expenses will stop. Once sanctions are recovered we will hopefully be able to reimburse our client a substantial portion for his legal expenses from the sanction award.

    To review a redacted copy of the order dismissing HSBC’s case please click the link below.

    Redacted Order
    http://thetruthaboutloanmodification.files.wordpress.com/2011/05/redacted-order-dismissal-for-violation-of-discov-rulings.pdf

  11. your rights are in peril one town, one city at at time as we speak as you will see here it is all part of the scheme one stone thrown at you at at time until you have nothing to give or be robbed of, people need to be aware, everywhere, no “paid with your money official” is for to the people anymore NONE unless citizens have a very ..very solid source of defense and even then…
    so much evil, we can conquers this if we ALL come together
    http://anothervoicerev184.blogspot.com/2011/06/cedar-falls-iowa-update-private.html

  12. Shelley

    There’s nowhere to go: Throw out all the corrupt poiticians and they’ll be replaced by hundreds more corrupt politicians. We’re done. The system can’t be fixed

  13. “730,000 permanent loan modifications.”

    Their idea of a loan mod is wa waiver of rights in exchange for a delay in foreclosure till after the next election—–the new ones will think somebody tried once to help them and there is light at the end of the tunnel when in fact once they are in the tunnel they will realize the bankers are going to dynamite the entrance

  14. Any new program from the government is a program I would not trust. The banks have done absolutely nothing to work with the homeowner. The banks have used every drop of our tax dollars to find a way to steal the tax funds, HAMP, TARP, and to put a program in place to steal the house, and screw the homeowner one way or the other. There is no reason to trust any new programs. The banks supposedly paid back the tarp money ( I am sure of ,by stealing the 1,000.00 fee they received for every time they reviewed a mod plan, then claimed they had not received all the paperwork, then got paid again a thousand dollars for another review of the same paperwork, in my case they got paid every six weeks for ten months. Mean while the servicier whom is owned by the bank is collecting fees and charges and then the service claimed the modification payments as partial payments and did not credit the payments as full payments when they told me I was unapproved after five modification payments, and had to come up with over twenty five thousand or be foreclosed on. All I did wrong was ask for a mod and complied to all the request and filled out the paperwork and paid five mod payments to be intentionally purposely ,drug into foreclosure. Three different servicers told me to fall one month behind in order to qualify for the mod. After the third one I decided the bank is telling me to do it so I did. I have learned the hard way trust no one. I believe the banks paid the tarp money by taking tax money six to ten times or more for each time they reviewed the same mortgage docs for the mod. Stealing tax money to pay off tax money called TARP. It is a no loose situation for the banks. Now they are doing a double fraud, pretending to do some HAMP plans and trying to balance their books, by giving deals to homeowners that are not in trouble, My fear is where down the road is the catch, that this homeowner is screwed and does not know it. A balloon payment or something? The banks have done nothing for anyone but their own pockets and profits.

  15. I thought Congress was abolishing all those good for nothing agencies like HUD and getting rid of all those worthless freeloading employees like Shaun Donovan. If they can’t live up to their intended purposes, they need to be 86ed.

  16. The govt. has a conflict of interest with homeowners. It is in the same business as banks because of Fannie Freddie, purchases of “toxic debt”, govt. bonds, soverign wealth global big guys and a ton of other things I can’t even begin to understand……Banks, financial interests of all kinds and govt. ganged up against broke homeowners. Hopeless. Help for homeowners from all of the above has been a trap and a sham.

  17. Our government is bought and paid for and bank rule runs this nation and the globe. We must vote out every political official involved in this crime. All the AG’s that have done nothing. The AG in Washington state is running for Governor, and has done nothing to make a stand for the homeowners and real victims of this crime. We need to throw the corrupt politicians in the streets. Demand the registers in every county to have a forensic audit done. And keep fighting for our country by saving our homes and bringing the truth to the surface. What ever happened to the 650 page Senate report you can find on the web. “Wall Street and the Financial Crisis; Anatomy of a financial Collapse.” It was swept under the rug also. We need to keep this senate report at the surface along with the forensic audit that just came out. I have a copy of the actual audit if anyone wants to e-mail me. I have not been able to post the audit onto the blogg.. My e-mail is Shelleystotalbodyworks@comcast.net. I can also e-mail you proof of multiple Linda Greens and G. Hernandez and Chrystle Moore and more Robo signers in King County and Pierce County WA. Proof the crimes scenes are rampant in all counties, in all states. It is going to be up to the people to stop this crime. our government is bought and we need to support the officials and attorneys hat are bringing this to the surface and trying to save America. We are at war with an internal terrorism. American’s as well as our soldiers are fighting to save our homes while our solders are fighting over seas.. This is a fight to save America. i was told a week ago,by a man trying to save his home, one out of four on his block, one man committed suicide. Today I put eyebrows on a lady that told me a friend of hers committed suicide over loosing his business and his home over the banks corruption. My cousin told me she is trying to help her son fight the depression and get him on meds. This terrorism has to be stopped. I met with a husband of a friend of ours to try to give him some help and information I have found, that worries me, he is so down. I know people made it through the great depression and there is life after this and we have to keep together and fight this tierany. We have more tools and more technology to fight this crime, than they had in the 1940’s and in the 1980’s. Nothing is worth our lives and loss of sanity. We must work together to fight these S.O.B’s, or we can loose the America we knew for ever. We have tools and good attorneys and good politicians helping us. Support need to support them and weed out the bad weeds. My state of Washington is so bad one attorney told my sister he would only help in secret to avoid being disbarred by the bar. That is pretty bad. Most attorneys here will help only if you are willing to do bankruptcy. One attorney told me the judge would make sure he lost his next five cases if he helped me. Others told me they would not fight the banks.. One took my money and told me I had a good mod fraud case, then after she took my money last December 2009, and she still has it, that she decided the judges would only rule for the banks not he homeowners so she would only due chapter thirteen for me. She has done nothing to date. I filed Pro Se Aug 2010. The judge gave me a notice of an order to send in a brief, that I received two days after the deadline she gave me and when I gave her notice that had happened she did summary judgement stating I was a non moviing party. I had asked her four times to recuse herself, and she refused to recuse herself, then pulls this. I am in the Appeals Court now of course.

  18. For those who are interested in the Casey Anthony trial

    http://www.scribd.com/doc/59685120/JURY-INSTRUCTIONS-IN-THE-CASEY-ANTHONY-TRIAL-BY-JUDGE-PERRY

  19. From Bloomberg:

    “The proposed accord would require banks to set up a fund for states to resolve civil mortgage complaints as well as a separate federal account that would require them to provide a specified amount of mortgage relief to borrowers, two people said. Banks could get credit toward their relief obligation if they write down principal and modify loans in their portfolio, one of the people said. The exact mechanism to determine and award credits is still being discussed, the person said.

    “resolve civil mortgage complaints”

    “A thief got my house”. “A thief is trying to foreclose”. “A thief is pocketing my payments”.

    Will this get resolved? Shoved under the rug….again…… and probably a deal for no more lawsuits or investigations by anyone.

    How about legal aid for quiet title for a start? Won’t happen.

    Strong case here in CA. Ducks in a row. In CA good to do before NOD….only just barely enough money to buy food. May just have to tune out altogether (can’t even read here anymore – just agravates the pain with more understanding of the fraud and the strength of a case which will never be filed) and hand it to the thief. Decades of ownership. Banks already got paid on time for almost five years. They will want me out pronto. No way to stop it. Wish I was ignorant and blaming myself like the millions before me – not that I’m not. Should have stopped paying years ago is more like it.

  20. Nevada Supreme Court: You Gotta Prove Chain of Title

    posted by Adam Levitin

    A pair of very interesting foreclosure rulings were handed down today by the Nevada Supreme Court. They provide further evidence that documentation problems are rife in the mortgage industry, including documents showing chain of title. They also provide another example of a state supreme court demanding proof of valid chain of title before permitting foreclosure.

    Both cases arise from Nevada’s foreclosure mediation program. In one case, Pasillas v. HSBC Bank USA, the Nevada Supreme Court ordered sanctions against HSBC for failing to mediate in good faith. What was the failure? HSBC failed to show up at the mediation with the required loan documentation, namely two pages of the mortgage note were missing, the assignment to HSBC was incomplete, a BPO rather than an appraisal was provided. Moreover, HSBC didn’t show up at the mediation with authority to settle because it still required “investor approval.” The foreclosure mediator refused on these ground to authorize the foreclosure. The district court ordered the foreclosure to proceed, but the Nevada Supreme Court reversed the ruling and remanded with instructions for the district court to determine appropriate sanctions.

    Three things are of note in this case. First, it shows that the Nevada Supreme Court takes a very serious view of enforcing the requirements of the state’s foreclosure mediation program. This was a unanimous decision. Second, it’s another illustratation of the mortgage documentation SNAFU. And third, there’s a very long footnote discussing and endorsing the Massachusetts Supreme Judicial Court’s ruling in Ibanez v US Bank: “We agree with the rationale that valid assignments are needed when the beneficiary of a deed of trust seeks to foreclose on a property.” That’s now two states Supreme Courts now that are making clear that there’s got to be good chain of title. We can add to that the NC Court of Appeals and arguably New Jersey.

    All of this brings us to the second case, Levya v. National Default Servicing, Inc., another unanimous decision. Again, this case arose from a foreclosure mediation. At the mediation, Wells Fargo produced a certified original copy of the note and deed of trust naming another entity as the lender. Wells did not produce any assignments, just a notarized statement that it was in possession of the original note and DOT and any assignments thereto. (Gosh, I wonder if that employee had personal knowledge of the fact or not… Do you really think the employee looked at the physical paper?). The mediator found that Wells Fargo hadn’t met the statutory requirements for the mediation, but didn’t make a finding of bad faith. The homeowner petitioned the district court for review, arguing that Wells Fargo acted in bad faith and should be sanctioned. The district court concluded that there was no bad faith. The Nevada Supreme Court reversed on appeal.

    What’s interesting in this case is an extended discussion of what constitutes a valid assignment of deeds of trust and of notes. For starters, the court noted that the transfers “are distinctly separate.” Nevada, like Massachusetts, is a title theory state. That indicates that the mortgage follows the note theory just doesn’t work there. And it’s not as if the Nevada Supreme Court were unaware of UCC Article 9. The court discusses Judge Markell’s 9th Circuit BAP decision in In re Veal that includes a detailed discussion of the working of UCC Article 9. [In re Veal never addressed the issue of whether UCC 9-203(g) applies to deeds of trust (which are sale and repurchases, not liens); the language of 9-203(g) could be read not to apply, but that need not concern us here.] Instead, Nevada’s views a deed of trust as a conveyance of land, so the state’s Statute of Frauds applies, and it requires a written assignment. Wells never produced a chain of assignments from the originator to whatever trust was involved. Maybe Wells could do so, but it didn’t.

    Similarly, without being able to prove that the note had been endorsed or otherwise transferred to Wells (meaning that it was given to Wells for the purpose of enforcement), Wells “has not demonstrated authority to mediate the note.” Put differently, Wells failed to prove standing.

    Now let me emphasize that just because Wells didn’t prove standing doesn’t mean that it can’t. But this should be raising a lot of questions. Does the paper exist? Can we verify that it is in fact the original and the dating of the signatures? If so, why isn’t Wells producing it? Who is bearing the cost of these screw-ups? Is it MBS investors or is Wells eating it?

    This strikes me as further evidence that the proposed BoA MBS settlement is just too hasty. There’s simply too much evidence of major problems in the system for investors to settle without knowing more. It’s a very different settlement if the documentation is fine, but the servicer’s just incompetent and can’t produce it than if the documentation was never done right in the first place and there’s nothing the servicer can do. If I were an MBS investor, I’d want to know which situation I was facing.

    July 8, 2011 at 9:48 PM in Mortgage Debt & Home Equity

    Comments

    HSBC is reportedly ridding household,subprime lender

    Of course they date back to the 1980s, it seems that fees upon fees and tricks make a domino, can’t pay

    Nobody is saying how hard or easy it is to title,
    obviously resorting to forgery is an easy careless way many times, but one is left wondering whether that was a quick and fast way to hide the problem,
    although some say it cannot be proven, electronic transactions and securities are usually linked, many accountants say avoiding tax is not easy ,

    Posted by: factchecker | July 09, 2011 at 07:49 AM

    This is an absolute “Masterpiece” from New York.

    Judge Schack really knows this game and uses every possible example of the abuse.

    It will leave you breathless.

    http://stopforeclosurefraud.com/2011/07/06/hsbc-v-taher-judge-schack-grand-slam-mers-plaintiffs-counsel-ocwen-robo-signers-christina-carter-scott-anderson-margery-rotundo-dismissed-w-prejudice

  21. About that 46 Billion – In 2007 and part of 2008, we needed only $30 Billion to assure that no less than 2 million loans were subsidized so that homeowners would not go into foreclosure and their payments would be advanced so that the investors globally would not have lost their money. And people would have remained in their homes. But this administration in 2009 had another agenda and that was to work the crisis. Remember what Rahm Emanuel said. Of course the Bush administration did nothing as well in his term. And the Congress was not a joke. They knew what they were doing and that was to do nothing and to make sure that the regulatory who reported to them, did nothing.

    It would have prevented the trickle down effect of properties depreciating (write downs), maintained good credit standing (to permit refinancing), contain the foreclosure inventory which further helped keep values up, profits to investors profit sharing and retirement would not have suffered, retail sales would have remained high, etc. etc. But instead of subsidizing the homeowner with a portion of the payment, the gov advanced the whole payment on behalf of Gannie and Freddie who guaranteed the notes and then they threw the money away on non profits, rewards to Fannie and Freddie as incentives, realtors, advancing full payments for a limited time (rather than having the customer participate as a partial payment). Now the fools are giving out 1 Billion to 20 or 30,000 homeownrs to save their homes from foreclosure. Why would you not spread the 1 Billion to over a million and keep the homeowner in the game while he resolves his hardship. I know wall Street would have gotten the illgotten rewards for ripping the american peopole off, but at least we would not have lost our economy and people would still be in their homes – This was a five year plan and at the end of the day, everyone remaining in the plan, would get a writeoff of that amount by the bank that was provided to them on a monthly accrual basis. What that means is none of this had to happen and again, we would have taken care of the first million rather than letting it get to 4 or 5 million. Idiots.

    Over 48 years in the business and they ask the very people who created the mess to provide the suggestions and recovery programs. Well, you see where we are today!!!!!

  22. rdewayne

    I really feel like I am coming down hard on Texas government, their judges and their attorneys – and I feel that what I am saying is right and is probably being experienced all over this country. It did not use to be this way and I can only hope that within the last 8 or 9 months, these groups now understand just how homeowners have been victimized, and it was not just the banksters, servicers or foreclosure mills. Now we have debt collectors going after the homeowners and the AG’s going after them. I think they have their priorities mixed up. And what about the deficiences that some bankers are arrogant enough to go after even though they probably (not all) took the house under deceptive means. Yes, you probably do need an attorney.

    The Texas Attorneys have been for the most part a complete disappointment. They are not willing to do the work to the extent they need to for those that sign up for payment plans and even for those that pay retainers up front.. I tore one attorney up the other day telling him he best not treat my client like a third rate client any more. We did all the research, all the attorney had to do was match it up to the law that applied. And we did not charge for our service and he still would not listen. Homeowners need to be careful because the attorney’s fees move up and move up fast. Whatever you gain by staying in the house, will be lost to the attorney, unless of course if you win, the bank would pay his fee..

    I am not an attorney but have been working on the summary findings for various homeowners so they can have a ready reference to take to an attorney as to those issues that apply. We are advocates for the people and thought we were helping. Lone Star Legal Aid had their government contribution cut off by 20 million and we wanted to help them continue with their work with us doing some of the research for them at no charge. This would have allowed homeowners to get the help they need, but Lone Star wasn’t having any of that. One has to wonder why they would reject free help to size up the issues for a homeowner who was losing his home. Homeowners are very limited here in Texas as far as I can tell.

    I have worked with various attorneys and they have not been worth their salt.

    You are doing the right thing to ask around to get a good attorney. Except for a select few, most of the attorneys are not familiar enough with the housing demise and the actions of the banks through their PSA and MLPA to even take a case. Again, so many homeowners lose out and their money is gone.

  23. Joyce, are you an attorney here in Texas? Do you have any contact information.

  24. To Texas”

    I am from Texas and have been working to defend those homeowners for whom the Attorney General appears to have allowed the banks to victimize and basically take their homes so that companies like Encorre can step in and utilize deceptive debt collection practices.

    No, The attorney General is not one that I feel has met his responsibility and going after debt collectors is something that has to be done, but never would have been needed had the Attorney Generals, both past and present, stopped the banks from their illegal practices. Why is he not going after them in such a way that the banksters are charged to the extent of more than just penalties are some kind of minimal settlement of which we hav enot seen yet – but he goes after debt collectors. Why has he not gone after the proper parties so as to prevent debt collectors like the Encore Group to further victimize us.

    No – don’t follow Texas lead – unless of course the AG Greg Abbott can explain himself as others need to do. The Governor also did nothing to stop what we have known was going on since 2004 and forward. All we hear from both parties is the housing crisis is real, but neither party has done anything that would have prevented or stopped what is happening now while the rule of law flys in the face of the homeowners who so desperately counted on it for protection.

    Just look at the foreclosure laws in Texas wherein they have been written to best protect the interest of the banksters. Just take a look at the fact that Gregg Abbott and those before him such as John Cornyn never addressed the Seniors right to defer their property taxes under 33:06 – A law which has been in effect since 1978 but these administrations did not want to go up against the banks and they made that clear because thousands of seniors could now be deferring their taxes if these old boys had just sent out an opinion rather than giving the banks a blank check to foreclose on people who tried to claim it.

    The PSA pooling agreements were a commitment by the Securities Dealers, the Trustee’s and the Master Servicer to make sure that all taxes were paid annually. Well, if you allow a senior to defer his taxes, then the servicer would have had to pay them in order to follow their commitment found both in the PSA and the Prospectus to the investors when they securitized the loans. We are talking about millions that the servicers would have to advance – so you can see why the lenders and the servicers are not going to allow seniors to defer their property taxes.

    The law was passed in 1978 that gave the senior the right to defer his taxes. The intent was to help them during times of distress of any kind and if they had been able to put off their taxes, it could have reduced their monthly payment some $100 to $400 – money they could use for their med drugs and other necessary living expenditures – The law did not state that we had to have the approval of the lender nor did the law say that the borrower could not have a mortgage if he elected to exercise his right under the Texas Property Code 33:06 – Well there you have it – had the AG’s issued an opinion, at least the homeowner would have known what his rights were and could have exercised that right. But the AG’s gave it up to the banks as usual.

    WE will be at the next hearings – as we have no choice or they can issue an opinion for the seniors in this state – They could make it easy on themselves but if they don’t then one would have to surmise they don’t want the responsibility of going up against the banks. I do hope that is not what is going on.

    So Texas is a great place to live, but that will not be lasting if we stay on this track of losing the rule of law.

  25. They have to do this to maintain the illusion that all is right in the lending business. Just as they push the modification process, it looks good. People buy into this lie because it is easier to accept and they can’t wrap their minds around the fact that the whole system is corrupt to the core. How does one explain this to John and Jane Doe, it is so convoluted.

  26. […] Livinglies’s Weblog Filed Under: Foreclosure Law News, Foreclosure News Tagged With: crisis, foreclosure, […]

  27. America Elite is living in Denial.

    Recovery Derailed: June Jobs Report Stokes Fears Of Return To Recession

    Fears of return to recession. When did we leave the Recession?
    When we went into Depression?

    http://www.huffingtonpost.com/2011/07/08/june-jobs-report-reaction_n_893517.html

    Now that the Illegal Immigrants are pretty much gone who will be the next scape goat?

    The Poor
    The Handicapped
    The Jews
    The Blacks
    The Chinese

    NEVER AGAIN

  28. Impeach Obama and Boehner Now. Before they destroy This Great Nation.

  29. “Since the program is voluntary, however, eligibility could be hindered by investor and regulatory restrictions.” Theres the loop hole and why this will not work either!

  30. “From that point,the world financial system quickly devolved into an abstract,mathematical representation of economic activity from which paper profits could be extracted through economic rent seeking,i.e.,manipulation of the financial system,rather than real economic activity. ”

    ARE WE NOT SEEING THIS RIGHT NOW

    Read more: http://www.businessinsider.com/25-reasons-to-buy-gold-and-dump-dollars-2011-7#ixzz1RcJPOqhR

  31. and this is why Washington must raise the debt ceiling,

    all these people saying cut spending and blah blah, just don’t know the underlining system.

    http://www.businessinsider.com/25-reasons-to-buy-gold-and-dump-dollars-2011-7

  32. so your homes are now being collected by debt collectors. seems weird.

    http://www.courthousenews.com/2011/07/06/37897.htm

  33. Why don’t add Credit Card Debt and ant other debt securized by the great Wall Street machine.

    https://www.oag.state.tx.us/oagnews/release.php?id=3786

    Go Texas.

    We need to duplicate Texas Attorney General Greg Abbott in every state and in the Federal Government.

  34. A little, too little…and a BIG…too late for most homeowners who already lost their homes or for those who’s throats are in the strong clutches on the mill attorneys.

    I hope all the banksters and the administration that allow this continue die slow, painful deaths….and soon.

    That seems to be the only way to make this go-away

  35. Here again, another program that only offers help to a small sector after the banks stole their homes from them in probably 75% of the cases. It is my hope that if the unemployed does get assistance, this does not mean that lender and servicer will not be sued for their wrong doing.

    If they do, then that should be verification that the agenda was to bring down the economy in such a way that people had to depend on the government for assistance. Corralling the people into one group to be lead by their noses is clearly what is going on here.

    The advocates have been unable to accomplish anything that would have been much more effective before everyone lost their homes and their jobs – Idiots at the top. Non profits another stealing maneuver of taxpayer money.

    It goes on and on – and now it is voluntary, for the fourth time as to whether or not a lender would participate – what a joke.

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