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EDITOR’S ANALYSIS: The latest deal announced by BOA is between the bank and investors because they can’t announce a deal with regulators. Regulators are getting wise to the fact that BOA’s hold on the mortgages that are to be “modified” or “foreclosed” is tenuous at best. As case after case rolls in showing that the would-be forecloser lacks any semblance of ownership or even a financial interest in the mortgages, BOA seeks to enhance the illusion that those mortgages and mortgage bonds are their balance sheet are real. They are not, and the federal government is working hard to ignore the requirements of law and the realities of the money trail, while the states seem to be gearing up for indictments and voiding the so-called transfers of the loans supposedly subject to securitization documents that were routinely ignored.

No deal by BOA, except with homeowners, can ratify the invalid, unenforceable notes and mortgages that memorialized a deal that never took place. No deal can transfer non-performing loans into a pool for investors and no deal can transfer the loans after the cut-off date. There might be money due on the loan, but no deal will establish the amount without a full accounting. There might be money due on the loan, but only to the actual creditor, whose definition is crystal clear but completely ignored by BOA and its partners in crime. There might be money due on the loan but no deal, except with the homeowners, can perfect a lien in favor of anyone. The loan, if it exists, is unsecured. And the loan, if there is any balance due after accounting for all payments to the creditor with waiver of subrogation, is subject to set-off and counterclaims for fraudulent and predatory lending.

Just as the banks seek to further the lie of securitization by increasing the number of transfers of loans that were never transferred in the first place, BOA now seeks to validate its balance sheet with an investor deal that puts lipstick on a rock. Using the rock in lieu of a real live person who can give evidence according to the laws and rules of evidence, BOA seeks to have us embrace the rock as someone whom we accept as the savior. BOA can make all the deals it wants. Unless it addresses the fatal defects in the title chain, the fatal defects in the liens and transfers, and the fatal defects in the lending process, there is no deal with homeowners and thus NO DEAL at all.

Bank’s Deal Means More Will Lose Their Homes


Tens of thousands of Bank of America’s most distressed borrowers could be evicted and lose their homes more quickly as a result of a proposed settlement between the bank, which is the country’s largest mortgage servicer, and investors in its troubled mortgage securities.

For struggling borrowers in better financial shape, the outcome could be more positive: the deal would include incentives for mortgage servicers to help homeowners who have fallen behind on their payments and whose homes are worth less than they borrowed.

“The goal is to reinstate as many borrowers in a modification that performs well,” said Tony Meola, a servicing executive with Bank of America. “It also is likely to lead to faster resolution in those unfortunate situations where foreclosure is inevitable. While not a desirable outcome, the recovery of the housing markets depends on moving through the foreclosure process as quickly and fairly as possible.”

While powerful investors stand to benefit from the $8.5 billion settlement over the bank’s bundling of shoddy mortgages as securities, the fallout for the nearly 275,000 borrowers who took out those loans depends greatly on how deep they are in the foreclosure process and whether they earn enough money to dig themselves out.

While no exact income qualification has been set as part of the agreement, which was announced last month, many servicers use a formula in which borrowers can qualify for a modification as long as the new monthly payment does not exceed 31 percent of their monthly gross income. For borrowers who are unemployed or lack the income to cover even reduced mortgage payments, foreclosure and eviction could be much more immediate.

With 1.3 million borrowers at risk of foreclosure, Bank of America has been overwhelmed by the surge in defaults, and the accord has raised hopes that this logjam will finally begin to ease. But skeptics say that previous arrangements, like another multibillion-dollar settlement by Bank of America in 2008, have barely made a dent in the problem.

“The mortgage servicers have repeatedly promised to do things and then not done them,” said Michael S. Barr, a former assistant Treasury secretary who now teaches law at the University of Michigan. “I think it’s positive in general, but I don’t expect it to be transformative of what we’ve witnessed from the mortgage servicers over the last four years.”

Matthew Weidner, a Florida lawyer who represents borrowers facing foreclosure, said he was skeptical of promises by the deal’s architects that lower monthly payments would be easier to obtain.

“It’s like giving aspirin to someone with cancer,” he said of the proposed assistance. “You had all the big players at the top of the pyramid negotiating but nobody was speaking for the homeowners who have far more at stake at the ground level.”

Still, for some of the homeowners now facing foreclosure who took out loans with Countrywide, the subprime specialist bought by Bank of America in 2008, the deal could bring a few quick improvements.

Under the terms of the agreement, Bank of America must now start transferring these borrowers to 10 smaller outside servicers, even without the deal being approved in court, which is not expected before November. The architects of the settlement say these subservicers will be far more efficient than Bank of America’s giant payment processing operation.

For example, an analysis of data by RBS prepared as part of the settlement found that Bank of America provided fewer modifications as a percentage of unpaid principal than JPMorgan Chase, Wells Fargo, Litton and other servicers. In addition, borrowers defaulted again within six months in nearly one in five cases when modifications were made by Bank of America, a higher rate than other servicers that were studied.

Officials at Bank of America contend the company has made nearly 875,000 modifications since 2008, more than any other servicer.

Under the new proposal, subservicers will have to provide an answer to homeowner modification requests within 60 days of receiving paperwork, and will get up to 1.5 percent of the unpaid principal balance as an incentive fee for each successful permanent modification.

“We wanted smaller, high-touch servicers who would consider every modification option at once, not try this and that,” said Kathy D. Patrick, a Houston lawyer who represented the 22 private investors in the settlement. “Servicers get more in fees for successful modifications than for any other kind of workout, including foreclosure.”

The first homeowners should be transferred out of Bank of America by early fall, with each of the 10 subservicers taking up to 30,000 cases. Borrowers with mortgages 60 days past due who have been delinquent more than once in the last 12 months will receive priority in the switch, followed by homeowners who are 90 days past due but not in foreclosure.

Homeowners already in foreclosure or who have been declared bankrupt will go to the back of the line, although they will also eventually be transferred, Ms. Patrick said. More than 75 percent of the nearly 275,000 delinquent homeowners have not made a payment in more than 120 days or are already in foreclosure.

One unintended consequence of the problems at Bank of America and other large servicers is that many borrowers have managed to remain in their homes despite being in default, and without the income to qualify for a modification. At the time of foreclosure, the typical Bank of America borrower has not made a payment in 18 months.

What is more, according to the analysis of RBS data, it takes 30 months on average for a subprime borrower’s property to move from foreclosure to a final sale with Bank of America, nearly a year longer than Wells Fargo, and 10 months longer than SPS, a smaller subservicer likely to be among the 10 selected to take over the former Countrywide loans.

“Countrywide made a lot of bad loans and borrowers with no money can’t afford a modification,” said Peter Swire, a former special assistant for housing policy in the Obama administration who helped oversee earlier federal efforts to promote modifications. He is now a professor at Ohio State University. “One discouraging problem is that only a small fraction of Countrywide borrowers will likely qualify,” Professor Swire said.

Delores Gosha hopes she will be one of the lucky ones.

It has been more than a year since she last made a mortgage payment to Bank of America, raising the risk that her bungalow in the Cleveland suburbs will end up in foreclosure. The bank, she says, has given varying answers as to whether she qualifies for a modification, telling her she did not at one point last week only to reverse course days later and say it was still under consideration. Ms. Gosha said she had had to deal with a multitude of representatives and submit the same documents over and over.

While a new servicer might not give her the answer she has been praying for, she said, at least she will get an answer.

“I’ve been up and down,” said Ms. Gosha, who is a clerk at a Cleveland hospital. “Can’t somebody tell me something?”

74 Responses

  1. Can anyone clarify the articles statement: “What is more, according to the analysis of RBS data, it takes 30 months on average for a subprime borrower’s property to move from foreclosure to a final sale with Bank of America…?”

  2. Thank you ANONYMOUS, for your clear and concise comments!

  3. @David C—Sorry to get personal here, but how is your son doing?

  4. Murdoch
    A reader post on:
    Scared in US. | July 13, 2011 at 8:16 am |
    Post Host Goodman stated: “If the rising-star, take-no-prisoners Murdoch of yesteryear had faced the ailing Murdoch of today, we have no doubt what he would have done. Shown no mercy”.
    The reader spost follows and seems to possibly address many questions I have seen raised by the Living Lies comments. By way of background for US readers, the news of the last week is that a score of government officials, including the Press Director to the current prime Minister, numerous Scotland Yard investigators, and Murdoch newspaper employees high and low have been arrested in a widening scandal involving illegal wiretaps of cell-phones, office breakins, credit card identity thefts , and bribery–all apparently aimed at manipulating the conduct of senior UK investigators and politicians.
    Murdoch controls Fox News, Wall Street Journal and numerous other global newspapers—and broadcast television. The question is: “Why would this “business model” not apply here where his reach includes control over such figures as Palin, and who knows how many other US politicians and regulators. Is this the missing piece of the puzzle that has left us all wondering why the US elected and appointed officials seem to always jump the wrong way when it comes to protection of citizens’ rights in favor of financial interests? The disclosures of illegal surveillance and staff bribery on even the Royal family and a series of Prime Ministers is truly shocking. After all this disclosure, the only thing more surprising is that there is no hue and cry in the US where Murdoch’s reach is even longer? Is it that US politicians and regulators are so much more “clean” than UKs? Or that what Murdoch countenances in the UK never could cross the Atlantic Ocean—even thought the execs transfer with frequency? Maybe cell-phones and credit cards and bribery do not work the same in the Western Hemisphere?
    The reader posting from the Goodman site follows; If you readers wonder about this as I do please re-publish this mini-expose.
    “Finally. we start to see the extent of this [Murdoch news] perversion. About 6 months ago, I took to reading Financial Times after decades of following WSJ. I had begun to question the even-handedness of WSJ in the wake of the Murdoch acquisition –not because I was suspicious of Murdoch but simply because the coverage seemed one-sided. Bad news was suppressed —RA RA buy buy. As recently as this past weekend an article espoused the wonders of China growth while the prior day NYT disclosed the massive debt bubble supporting it–one concrete example.
    Over the past few years I also became more and more displeased by the disintegration of the televised US news services. There really is none. No balanced reporting. No Walter Cronkites left. The supposed news channels had deteriorated to MSNBC left wing ra ra or Fox’ right wing ra ra ENTERTAINMENT.–not news. Not that entertaining either.
    Then we hit the financial meltdown when apparent government misconduct and/or blundering, non-disclosure, etc seemed the rule of the day rather than investigation and outing apparent manipulated financial fraud. A true need for the 4th Estate [ie the FREE Press]–but none exists as it now appears.
    Simultaneously we see the Elliot Spitzers and less known Ohio AG Mark Dann, and maybe even Rangel start to take on the governmental investigations needed, and we see them almost immediately go down in flames on fairly insignificant albeit dumb personal screw ups that somehow became widely known and trumpteted more aggressively that the vital public functions they were attempting to serve.
    Now we see the UK original Murdoch business model exposed in scope –at least so far. a But aside from the unscrupulous digging which is sort of associated with investigative journalsim –but on steroids, there is the far more frightening implication of systematic widespread intimidation of politicians and investigators.
    So far the focus once again is on little fish–lowly UK policemen. A good start–but this vampire squid reach extends far beyond that little corner of tabloid journalism. As I noted above, my sense has been that the US news media has also deteriorated into tabloid journalism and the spectre of a wisespread Murdoch “business model” based on illegal invasive intrusion into personal foibles for the apparent purpose of intimidation of investigators and politicians seems unlikely to have been limited to the UK or one aggressive woman editor.
    A better term to be contemplating as I wonder day by day “Why no cry for inquiry in the US?” suggests some of the the nastier terms: blackmail, extortion, subornation of testimony, manipulation of markets –I could go on. It is not so much the devices employed to gather the news–which I could sort of excuse as aggressive journalism–it is the purpose and use of that information that is the real abomination. If this were a left wing operation that just disclosed who was sleeping with whom–it would be simple tabloid journalism,. but Murdoch had his hands on nearly the entire crop of Republican presidential hopefuls. Bad enough the free press exposure–that was scary, but when we add the prospect of systematic manipulation of information to intimidate if not blackmail members of both the US and UK governments that is another thing–an inexcusable damning thing.
    Now, the apparent forgetfulness of people like Fed reserve Greenspan–his inability to understand fairly obvious financial improprieties starts to take an ominous tone. Explanations of misconduct that seemed as if scripted by Fox right wing talking heads and editors now take on a new light–maybe they werein fact scripted by Murdoch’s political machine?
    Why 50 states AGs decide to settle abuses for millions of Americans without investigation, why the reason for Greek government profligacy is not part of the story, etc etc –now one HAS TO WONDER.

    Cellphones and credit cards in the US operate the same as in the UK, so do private investigators—but Murdoch’s political ambitions in the US –are even more intimately connected with the economic destinies of his subscribers and his advertisers. The US $$$$ at stake dwarf the so far tiny $$ involved in the UK. If these people will go so far as has been proven in the UK to sell a few papers, what would this global machine do to control a US election–to control the US Congress–more susceptible to this sort of thing due to the Committee structure of government? What would Murdoch do to own a President of the US? All we know is that his minions exhibited absolutely no sense of boundaries—rules made to be broken to please the top. And along the way, the 4th estate became the most dangerous branch of government in this media age.

    July 13th, 2011 · No Comments · Foreclosure are all acutely aware of just how corrupt this state is, right? You are all acutely aware of the magnitude and breadth of the wrongdoing by the banks and foreclosure mills in the middle of this fraudclosure war, right?

    Remember it was just a year ago when Florida made national headlines because the Florida Attorney General was investigating all of the major foreclosure mills in this state?

    First there was a sweetheart of a deal, letting one of the wrongdoers off the hook with not even any real slap on the wrist. And then the investigations just went cold. Nothing at all coming out of the Florida Attorney General.

    Well, the fix is in. Today’s Palm Beach Post reports what many of us have known for a while….the two people primarily responsible for investigating the wrongdoing were summarily terminated by Florida’s AG.

    This is an OUTRAGE that Floridans cannot forget. So much for Republicans and all their law and order propaganda…So much for all of the taxpayer resources that were devoted to these investigations and now just dumped.

    Do me a favor please. After you log on and read the story in the Palm Beach Post, go over to Pam Bondi’s Facebook page and tell her what you think…not that she or anyone in power really cares what you think, but go for it anyway.

    This is the kind of thing that makes me just seethe with anger and rage and talking about this and spreading the word is what makes me a target. More than anything the thought that this kind of conversation and political activism is dangerous terrifies me. It’s up to each of you to contact your press and share this story with your friends….it’s up to you.


  6. Updated list of Robot Signers April 2011. Add new ones if you discover more

  7. Foreclosure Fraud Investigators forced out at Attorney General’s office
    By Kimberly Miller
    Palm Beach Post Staff Writer

    Updated: 10:24 p.m. Tuesday, July 12, 2011

    A lead foreclosure fraud investigator for the state said she and a colleague were forced to resign from the Florida attorney general’s office, unexpectedly ending their nearly yearlong pursuit to hold law firms and banks accountable.

    Former Assistant Attorney General Theresa Edwards and colleague June Clarkson had been investigating the state’s so-called “foreclosure mills,” uncovering evidence of legal malpractice that also implicated banks and loan serv­icers.

    Despite positive performance evaluations, Edwards said the two were told during a meeting with their supervisor in late May to give up their jobs voluntarily or be let go. Edwards said no reason was given for the move.

    “It all happened very abruptly,” said Edwards, who had worked in the attorney general’s office for about three years.

    The foreclosure investigations were launched under former Attorney General Bill McCollum, but Edwards said she sensed changes were coming under Gov. Rick Scott and Attorney General Pam Bondi


  8. it keeps becoming more clear that the reasoning for bringing public pensions into the game was to cause massive undue influence on public officials.

  9. foreclosureinfosearch,

    The government has already stated, by interpretation of law, and by opinion that is now rule/law — that the security investors are NOT the creditor. We know that — why do you wish to make them the creditor??? What benefit is this to you — what business are you in— by which you benefit from the false concept that homeowners in foreclosure owe the proceeds of their home to security investors??? This stupid notion has been part of the reason false documents have been filed in courts. But, this is -soon to be–over. There will no longer be actions in the name of certificate (security investors) by a trustee to a bogus trust. It will be over. How does that hurt your business???? Those derivative security investors you represent will not be able to hide — they will have to divulge their collection rights purchase (swap or direct purchase) and name themselves as the creditor. Oh, and it was these “investors” — not security investors — that funded the bogus trusts with a small purchase of collection rights. These are the culprits you defend and work for??? No security investor can ever foreclose on home — they go after the security underwriter. That is what is happening — whether you like it or not.

    Good luck in fighting BofA —BofA was a big debt buyer. Maybe you will get lucky. Agree with you Sponsor/Depositor owns the collection rights to loan — but, they also invested in the certificates that remove pass-through of collection cash (unsecured) once in default. Most have disposed of these collection rights to others. Wired funds in settlement???? WHAT FUNDS??? Funds did not actually exist — but, homeowners led to believe they did. .

    You cannot have conveyance to anything for something that never existed in the first place — that is what you are missing.

    Call me what you will — but, I not only stand by it — I know it.


  10. ANONYMOUS, on July 12, 2011 at 2:44 pm said:
    Security investors do not own the loans — only the right to pass-through of current cash flows. If there is no pass-through, the security investors go after the security underwriter — cannot go after the homeowner. This has been a major misconception here — and, this misconception has falsely carried through to many courts that do not understand securitization

    M.Soliman- Look this unknown comic is not very funny. Are you willing to correct yourself or will you stand behind the comments of security investors do not own loans?

    Your biggest weapon in the fight to defend title is the argument the loan IS the security. Are you saying they matched over a trillion in deposits against the securities they issued ?

    They capitilatized the loans . The loans cannot exist side by side with the securities . The Trust Commons are owned by the Sponsors who emerge as the Depositor. The assets are deposited back to where they were wired out and into settlement – from bank to settlement, then to sponsor. therein back to the Bank NA . Its all under an accounting hoax called Dereconition of liabilities by way of the SPV.

    Your a little off base here “Anonymous” as your not really in tune with the subject matter….

    The loans are the securities .. . at least the trust Common Certs are. Without this single convention for filing claims and allegations – I would venture to say there is no defense.

    I’m moving on and trying to keep busy as I continue to inch closer on making good my response to the Vice Chairman of BofA back in 2008- When asked what I was up to I responded – “Trying to put your guys out of business” . Corporate counsel who was on the phone and was not exactly thrilled with my revelation….What is so ironic is the call was on behalf of an attorneys client to discuss a remedy for BofA taking her home back in foreclosure. That call came 48 hours after she posted me to the Ripp -Me-Off Report and hired an attorny I beat in a quiet title action, in a threat of class action, and beat on a motion to sanction, and beat on a motion to strike, and beat on a contempt charge, and beat on a motion to compell….

    The conveyance is made from the trust to the trust as grantee beneficary and grantor . . .

    Who is M.Soliman

  11. I hope she’s got her whips ready:

    Warren Heads Back Into The Lion’s Den

    Elizabeth Warren, the presidential adviser who temporarily heads the Consumer Financial Protection Bureau, heads back to the lion’s den on Thursday — to testify before the House Oversight Committee. At the close of her last appearance before the committee, Rep. Patrick McHenry (R-N.C.) accused her of lying during a YouTube-worthy exchange about how much time she would be testifying. As notes, the hearing to be led by Chairman Darrell Issa (R-Calif.) is ominously titled, ““Consumer Financial Protection Efforts: Answers Needed.”


  12. Absolutely UNSECURED debt collector…

  13. carie

    With BOA being brazen enough to name the Trust as the creditor, it then makes our defense easier in stopping the foreclosures.

    They believe that we don’t have as much power dealing with a debt collector and I believe it gives us more power.

    Their Ivory Tower is toppoling over


  15. BAC Home Loan Servicing has transferred all their servicing to their parent company Bank of America starting July 1, 2011.

    Today they sent out letters stating that they are a debt collector and even disclose the Trust that your loan is in, calling the Trust the creditor. This information is in the FDCPA ACT. The Trust is named on every letter that I have looked at.

    Aurora Loan Services LLC just transferred the servicing to their parent company Aurora Bank, effective July 1, 2011.

    Chase Home Financing is now known as JPMorgan Chase Bank N.A. as of May 1, 2011.

    It appears that they will now try to collect payments or foreclose as a debt collector. They probably believe that this way they will eliminate alot of lawsuits and judges ruling against them.

    They believe the people will not catch on to their scheme and if the debt ends up unsecured, they will go for a judgement and make it miserable for the homeowner.

  16. @ Richard S.,

    You wrote:

    “….they took our loans and somehow turned them into common stock, which a couple years ago was all paid off by the government thru the bailouts. But the banks won’t put that forward to our loan….”

    Which is exactly the problem, or just one of a number of them. You can either have the note, or the stock, but not both. That’s the old have your cake and eat it too greed that Wall Street shysters are so good at pulling off. In the real world that the rest of us live in, that’s considered securities fraud. You and I would be hauled off to a federal stockade in leg irons for even suggesting something like that.

    But while the lights may be on at the regulator’s office, no one is home, or watching Wall Street. They have different rules, different laws. Go figure. Corner offices in ivory towers with 6 figures and country club dues await those who turn a blind eye. And all the while this once great country fizzles like a burnt sparkler on the 5th of July.

    The stock/note conundrum is what I was referring to in my post about B of A acquiring stock of CW, and at the same time claiming to be the holder of the notes in hundreds of thousands of current foreclosures across the country. They are fraudulent, every last one. But is Heir Geithner looking? Does Colonel Bernanke care? What about the Great Disgrace himself, General Barack? Of course not, it’s sweeps week, and they need all of the ratings and campaign cash they can get.

    Pitiful excuses for so-called world leaders. While Rome burns, or in this case Main Street, they eat $200 a plate at Michaels in Manhatten, wining and dining the hedge funds. Commander in Disgrace in my book. Sold at auction, to the highest bidder, one and all.

  17. Dan Shabtai, my new hero!

    I hope he doesn’t getting in any trouble. We all know he is trying to prove a point.

    Thanks for posting Davies.

  18. cubed2K and E.Tolle

    I’m still mulling a lot of information over, and going over my sloppy notes, i have a few steps missed, but the gist of it is.

    Our loans/homes, the equitable part, was turned into common stock, as part of being put into the trusts, the trusts however hold the equitable part of our homes, which still have a lien on them, which is unlawful for a trust to hold anything with an active lien on it, thus making the trusts fraudulent on face value.

    Now the common stock part, since our loans were funded thru the warehouse lenders, they took our loans and somehow turned them into common stock, which a couple years ago was all paid off by the government thru the bailouts. But the banks won’t put that forward to our loans, and nullify them because they are greedy bastards.

    We all know what happens to our credit cards when we don’t pay them, they go to a debt collector, the credit card companies “charge them off” to insurance, read bailout for banks, and then send the bill to a debt collector to get the money again for them.

    The loans have been charged off to the government, and now the banks are turning into debt collectors, and this whole transfering the note from entity to entity is being done so they can re-establish the debt and keep trying to get more money from you, when they have already been paid in full from the government, from our tax dollars.

    Mind you, the amount they have been paid for is the orginal loan amount, and not the amount you might owe, either more if you have neg-am, or they owe you if you were paying the loan off or paid it off.

    Hope that helps some.

    Theres a little bit more to it, and i’ve missed some terminology, but that’s the gist of it.

    Basically, everyone needs to fight on discovery and going after the accounting records, because that will prove you right.

  19. And E tolle,

    I will thank you again

    “It was obviously written to obfuscate, not enlighten, which come to think of it is what Wall Street does best.”

    And that is your civil codes, fed codes, anything law legal stuff. And add in Financial, banking.

    Jeepers, some light bulbs ought to go off around here, and that includes mine.

  20. e tolle,

    “It was obviously written to obfuscate, not enlighten, which come to think of it is what Wall Street does best.”

    oh thank you.

    Why do people talk in riddles here, just say it god damn it so all can understand. Are you not trying tp post here so all can understand?

    like saveamericaone, nice posts on copy paste, but what does it all mean to me the stupid home buyer that refinanced, what does it mean?

  21. @ Richard S.,

    I too would like to hear you, M. Soliman, or anyone else elaborate on how it is that B of A can, on the one hand, keep claiming Countrywide is BK remote, so as to be able to pull the ripcord if putbacks become to great, all the while insinuating that they are successors in interest. The aquisition agreement is 300 pages, one paragraph. It was obviously written to obfuscate, not enlighten, which come to think of it is what Wall Street does best.

    So when do they jump from being a simple majority shareholder of CW into the role of debt collector? Inquiring minds want to know.

  22. Richard S.

    “I don’t know why you guys/gals don’t understand his posts sometimes, but he really does know his stuff, and i can’t wait for his help on my fight with the bank.”

    Because he needs to write speak in a way that us layman can DUPLICATE what he says. Really simple. If I speak to you in German, and you do not understand German, why no duplication of the idea or communication occurs, hence no understanding. It’s the use of words that all can duplicate for total understanding.

  23. “CEOs can’t send out a memo telling their front-line professionals to commit fraud, “but you can send the same message with your compensations system, and you can do it without going to jail,” Black said.”

    For example hedge funds buying debt.

    I think we are into a new era of “control fraud”

  24. Richard S,

    “Have any of you asked the question, why is someone (who is supposed to already have/OWN my loan/mortgage) sending me paperwork stating they are a debt collector? That must mean it was sold, at some point, when?”

    Yes, I have asked the question. So what is the answer?

  25. Wow Neils comments on this couldn’t have come out at a better time really.

    After speaking with M. Soliman on the phone for an hour, he explained the article above, and so much more, in detail to me, and how they are trying to get away with all this transfer BS.

    I don’t know why you guys/gals don’t understand his posts sometimes, but he really does know his stuff, and i can’t wait for his help on my fight with the bank.

    He explained even how everyone is getting the “messages” from BoA saying how your loan is transfered to them, and that it states on there they are debt collector. Have any of you asked the question, why is someone (who is supposed to already have/OWN my loan/mortgage) sending me paperwork stating they are a debt collector? That must mean it was sold, at some point, when?

    I would not have guessed to ask that question before, but after talking with M. Soliman and his intuitive/enlightening information, now i know why, and it all makes so much more sense!

    I would advise everyone to listen to him more and definitely ask him for help, he is very willing to help anyone willing to listen to what he has to say.

  26. There would be no way of knowing whether or not any individual borrower’s note is in one of these BONY pools, as even the investors aren’t able to access the loan files. They’re only sampling.

    It is worth noting from the borrower’s perspective how careful B of A was in writing the agreement to erase any sins of faulty or missing documentation (read: notes never made it to the trusts).

    Adam Levitin has suggested that an end run around B of A’s attempt at hiding the trust’s contents would be for a hedge fund to by one of the MBS offerings, then look under the hood.

    The bottom line for borrowers regarding this settlement, remember, this is an investor side settlement….it has nothing to do with borrowers save for B of A’s decision to crank up the foreclosure process after this supposed settlement is signed and dated. There will be nothing but pain in it for borrowers, that’s for sure. The fact that regulators; the Fed, the OCC, the FDIC; all of these worthless agencies will be granting their blessings to this deal will give credibility where none is due. And as Anonymous has said, this will only empower the opposition in courts across the land. This is not going to end well.

  27. I would like to know who owns the 10 sub servicers

    discovery documents for use against deutsche bank national trust company as trustee.

  29. anonymous, ok i get that they don’t own anything other than cash flow. just a small question: if they settle with “investors” does this improve the homeowners position, if their loan is one of the “pools” agreed on in the settlement?


    full set of adversary discovery for deutsche bank national trust company including subpoena in an adversary request for the trust administrator.

  31. ANONYMOUS—Don’t go—I get it!

    How do we file a complaint with CPA?

    Is there anything else we can do?

  32. ok thanks Anonymous, appreciate your answer.

    But listen up, I’m just a dumb American that has to work everyday making a living. I have a electrical engineering background but didn’t make thru college. I’ve been working all my life. And yes I do not get it in the sense that all this stuff is written in such a way as to confuse. And it is confusing. There are so many legal terms that are not normally used, and if the word is normally used, it is a different definition from the normal. I have no background in any legal area. Nothing in the legal area is spelled out logically, like A+B=C, then add D = F. Legal stuff is all over the joint. Oh, and thus one needs to hire a lawyer. Nice game.

    So don’t back off, just realize it takes number of times over to get it. It’s called drills, keep doing the drills and you get it. So keep saying the same shit over and over, and one will get it. So, the solution is to back off? Dude.


    The voluminous, 639-page report on the financial crisis from the Senate Permanent Subcommittee on Investigations singles out Washington Mutual for its decision to champion its subprime lending business, even as executives privately acknowledged that a housing bubble was about to burst.

    “I have never seen such a high-risk housing market,” CEO Kerry Killinger wrote in a 2005 email to his chief risk officer. “This typically signifies a bubble.”

    “When WaMu failed in 2008, it was not a case of hidden problems coming to light,” the report concludes. “The bank’s examiners were well aware of and had documented the bank’s high risk, poor quality loans and deficient lending practices.”

  34. Going to back off again — if you guys do not get it by now — you never will.

  35. cubed2k

    And, hedge funds/debt buyers have been doing this all along — just not telling you. Now they want to come clean — but, their deals will remain —DIRTY.

  36. ok that’s it,

    I order everybody to burn down their houses. If we can’t have it, neither can they.

  37. cubed2k,

    Regulated by your oh so friendly, but incomplete AGs. You know, the same AGs that are negotiating away your civil right to be heard in a court of law.

    For a decade, AGs have allowed debt collectors to run wild — no abiding by law (as slight as law may be due to lobbyists) — and no concern for the fraud. And, yes, hedge funds too are debt buyers/collectors — not regulated — except AGs have authority to go after — but they do not. Hey — they want to promote them!!!!! And, if you do not abide by the terms they suggest (limited or no principal correction) — they will foreclose — and make a hefty profit — all by fraud.

    This is issue for the new Consumer Protection Agency.

    File your complaint with CPA on July 21 – -when they open — each and every one of you. Oppose any AG settlement without first being given the opportunity to be heard – with your complaint filed. Your constitutional rights are being pulled out from under you.

  38. Spectre,

    ” if they can get the homeowner to renegotiate the loan then they win”

    This is a loan mod as you know. It’s the same crap with credit card debt, debt buyers of written off debt – get the person to re agree to the debt.

    So lets see, my mortgage loan owned by Fannie Mae, but now per this article some hedge fund will buy my defaulted mortgage:

    Good luck hedge fund, I ain’t a sucker.

  39. TMT,

    Hedge funds???- been doing it all along. Hedge funds — not regulated —

    US government grasping at straws — will not fix anything — and market will not survive. Of course, they will get another free pass if AG settlement goes through.

    Will learn the hard way — will not recover on this basket of tricks.

  40. TMT,

    and this headline:

    My god, a Goldman Sachs trader now going to buy distressed mortgage debt. None of these people give a hoot about people.

    and then there is this:

    and of course this:

    Typical of Wall Street, first they create a bubble, ride it up making money, then go short it, ride it down making money, then they buy at bottom, ride it up making money. And poor suckers called Americans fall for it over and over.

  41. Let them make any dam deal they want it don’t change any of the issues with the homeowners. But on the other hand if they can get the homeowner to renegotiate the loan then they win

  42. so Anonymous,

    on “collection rights”, what does that mean from the viewpoint of the borrower or guy who owes on the mortgage?

    What does it mean?

    What are the civil codes or federal codes connected with “collection rights”?

    Please, I would like an answer.

  43. davies910,

    You know — as I soon as I see Reconstrust………………..

  44. carie,

    “Private investment” — spells debt collection buyers — call them what other name you may — hedge funds/debt buyers/crooks — whatever — they are bandits.

    Oh — but former Fed Chairman Alan Greenspan — said they serve a purpose — and Geither and Bernanke and Hank Paulson — agreed.

    Do not buy into any private equity/investment/debt buyer/modification/scam/cover-up —- they will always get you in the end. Many will solicit. Just prolongs the concealment.

    Preying upon victims — so willing to save their homes and protect their families. But — they are targeted victims of continued and compounded fraud — over and over again.

    Beware. .

    leapfrog– thanks for poem.

    Guess I am “a little” back — cannot help it —


    Here is a BAC case whereby the homeowner filed numerous bogus documents. It is funny and sad at the same time. But BAC is stuck and did not foreclose, and will need to do quiet title

  46. “When the Bankers go to Jail

    the bible tells us not to steal
    it’s there in black and white
    our laws are based upon it too
    do not do wrong – do right

    but somehow since these laws were writ
    we’ve seen the system fail
    but things will change for all the best
    when the bankers go to jail

    when the bankers go to jail my friends
    when the bankers go to jail
    we’ll finally see justice done
    when the bankers go to jail

    when the vampire squid has been deep-fried
    in the slime of Bernank’s words
    when politicians tell the truth
    and not be lying turds

    when “austerity” applies to them
    and fairness does prevail
    we’ll finally see justice done
    and the bankers go to jail

    when the bankers go to jail ee-hah
    when the bankers go to jail
    we’ll all be dancing in the streets
    when the bankers go to jail

    if all was as it ought to be
    when any business fails
    investors take a haircut
    amid their tears and wails

    but in our mean kleptocracy
    that the MSM does hail
    the working man pays all the bills
    and no banker goes to jail

    when the bankers go to jail thank God
    when the bankers go to jail
    the haircuts will be number ones
    when the bankers go to jail

    we’re predators i must admit
    it’s human nature too
    to seek a better living for
    our wives and children too

    but animals we’re not you see
    it not just fine detail
    we keep the law, control ourselves
    and the bankers go to jail

    yes you bankers go to jail you scum
    all you bankers go to jail
    you’ll be some brother’s jail-house bitch
    when you bankers go to jail

    you may think it’s a silly dream
    to think of their demise
    they’re oh so very powerful
    and every banker lies

    but one day soon we’ll overthrow
    and have them by the tail
    we’ll tar and feather all of them
    and send them all to jail

    when the bankers go to jail for good
    when the bankers go to jail
    we’ll hear the bells of freedom ring
    when the bankers go to jail”

    This was one of the comments on the thread below (that I posted earlier). I love this poet! (s)he calls himself the “Peak Oil Poet”. I just had to pass this on.

  47. Just FYI…. Are they following all the transactions legally to do this? I am just getting sick in my stomach.



  50. take a stand

  51. Security investors do not own the loans — only the right to pass-through of current cash flows. If there is no pass-through, the security investors go after the security underwriter — cannot go after the homeowner. This has been a major misconception here — and, this misconception has falsely carried through to many courts that do not understand securitization — whether the securitization be false/fraudulent — or legitimate. Subprime/alt-a/jumbo — not legal===fraudulent. Cannot be fixed now. However, some loans that were properly securitized now also have many default/delinquency due to unemployment. In either case, the security investors DO NOT — and NEVER DID — own the loans. To believe otherwise is FALSE, FALSE, FALSE. In the case of subprime — all collection rights are owned by investors — but, collection rights are NOT passed through by securities — which were fake securities to begin with. SECURITIES MEAN CASH FLOW PASS-THROUGH. NOT loan ownership. In not one of the so-called settlements will any security investors receive foreclosure proceeds. This has been the massive fraud in courts — that demanded robo-signing for cover-up by the bandits.

    leapfrog — NY is one state that is always out front — usually follow CA — but CA has been in la-la land. Problem is — if you are not from NY — cannot contact the AGs with your information.

    The A Man — you are right — the Obama administration has completely failed — Obama will not be reelected. But, who else will we get??? Someone else who just also wants campaign donations?? The culprits by all — this is politics.

    Getting too much involved here again — but, so frustrating.

  52. [youtube

    Whole vid here:

  53. Forty two years ago. My insane father told me the facts.
    “They are ALL a bunch of God-Dammed Crooks!”
    They won’t be happy, until the right to own property is eliminated.
    Wait! Maybe that has already happened.

  54. A few questions about what kind of settlement the 50 state AGs can make.

    How is it possible to mass forgive mass fraud of many different types of fraud in the documents filed in court cases, and in courthouse land records? Is there a president, of this ever being done?
    How can they retro a fix, without violating the ex post facto clause in the constitution?

    In my case I don’t think it make a difference as Mr Korell Harp and Tawana Thomas acting as officers of MERs as a nominee for Quick Loan Funding transferred interest to Liquidation Properties Inc at the courthouse on 07/27/09 with a “assignment effective date” laugh” of 10/01/2008. from the now closed, infamous DOCX of Alpharetta Ga.
    A problem with this beyond the fraud that the 50 states Attorney Generals are trying to coverup while they fill there pockets with campaign donations and then levy small fines, to the very people who pushed this country into depression, is the fact that Quick Loan Funding license was revoked on 05/27/2008, by The Department of Corporations of the State of California, putting them out of business, over 3 months prior to my foreclosure being filed.
    How can some one acting as a nominee transfer interest from a ordered closed business? Is it legal?
    The MERs website still listed my mortgage with Quick Loan on 01/11/2010. Until I notified the plaintiffs and the court of my discovery.

  55. Here is a nice dose of reality

    Get rid of Obama and Boehner Now.

  56. Tnharry Boehner is speaker of the House not Nancy Pelosi (she lost her Job). He is playing games just like Barak. They are useless pieces of Sh$t.

    I appreciate your Comments Tnharrry I think you brought soem form of sanity to this site, even though I sometimes do not agree with you.. thank you.

    We need get rid of the two as soon as possible.


  57. All,

    Re-read the post and the article … this announced settlement is between the INVESTORS and B of A not the regulators. But the announcement is certainly getting B of A’s desired effect.

    Keep calm and keep fighting, write your AG and keep all the dogs in the fight! We will win this war! I promise you!

  58. you cant modify a mortgage when your not a party of interest and do not represent aparty of interest. they may put the mods on paper, but those to will be unenforcable because only one party to the original contract is represented. odds are the other party is long gone in either bankruptcy or has already been paid off. this is bullsh@# and everyone knows it.

  59. Even though we got Bin Laden, he won. He achieved his goal of draining our economy. And he now has alot of followers and people to inherant. So of like Jesus Christ against the Romans.


  60. tnharry they are all to blame. What they do not understand is this election they will all loose their jobs.

    It does not look good for America unfortunately. It actually looks like America is gonna fall to Third World Status very soon. The Muslim countrys can see that we are corrupt and they are draining our economy.

    Not to mention China and the rest of the world.


  61. Can we sue our attorney Generals that are not acting for the people? Under Tort law? Washington State law does not support claims for emotional distress damages in breach of contract claims. See Gaglidari v. Denn’ys Restaurants, Inc. 117 Wn.2d, 426, 448, 815 P.2d 1362 (1991); Lord v. Northern Automotive Corp., 75 Wn.App. 589, 596, 881 P.2d 256 (1994) overruled on unrelated grounds, Mackay v. Acorn Custom Cabinetry, Inc., 127 Wn.2d 302, 898 P.2d 284 (1995), However, Washington will support a claim for emotion distress in light of a party’s bad faith. In Werlinger v. Clareddon Nat. Ins. Co., 129 Wash.App. 804, 120 P3d 593 (2005), the appellate cort recognized that “[b]ecasuse bad faith is a tort, a plaintiff may see emotional damages.” The attorney generals that have not investigated to the maximum and have been lack in protecting the tax payers leaving us in emotional distress seems like dishonest service,and a tort against the citizens/tax payers of his state. Is he breaching his or hers contract? And what other statutes can be used? and how about the register of deeds that choose to ignore a crime scene in their registry? .

  62. E Tolle

    My sense exactly as expressed briefly in prior post. The plans have already been made. Now they will execute: waive individual rights, the theft complete.

    I laugh when people salute the flag. No mumbling that fairy tale pledge for me. Citizenship has become a subtle form of slavery but as one of you said, we placidly drink the koolaid. Too painful to have ones wits intact

  63. reserve your rights! sunlight for the vampires, not the darkness of settlement the AG’s will throw everyone under the bus for their gain & our pain. tell your AG to pound sand!

    Dear Attorney General,

    I am [name], and this is my legal notice sent to you with regards to any singular agreement or settlement you, as Attorney General of [state], or any group agreement(s) or settlement(s) made as part of a group of state Attorney Generals, against the following entities: Those involved in fraud, foreclosure, transfer, assignment, and/or other unmentioned abuse(s) of actions [the crimes] of: the parties of lender(s)/bank(s)/servicer(s)/attorney(s)/associates/businesses or networks with the LPS suffix/trustees/default services, or any other organization, group, or affiliate of MBA. Collectively, [the crime parties].

    Let it be know that I, [name, address] expressly refuse to waive or forego any claim, right, or cause of action and redress; that in any singular agreement as Attorny General pf [state], or agreement(s) as part of a group of state A.G.s, you may reach with [crime parties], I reserve my right or any right I may discover at a later date to redress without limitation, and will not have these rights rescinded, hampered or hindered through or by a settlement the Attorney General(s) may decide to enter into with the above mentioned parties.

    Sincerely and without prejudice

  64. “The mortgage servicers have repeatedly promised to do things and then not done them,”

    They SHOULD be saying “UNSECURED DEBT SERVICERS”. This is the whole problem that is STILL being obfuscated. How can a “settlement” suddenly make all unsecured debt secured?

  65. “One discouraging problem is that only a small fraction of Countrywide borrowers will likely qualify.”

    Just who exactly is discouraged by this not insignificant fact? I see NO ONE….not one in the administration, no one in CONgress, no one at the state level i.e. attorneys general, not a single so-called regulator….the only discouraged people are the ones who were BENT OVER AND RAPED by CW when the pillaging was good, and are now left out in the cold. Mozillo and his legislative whores laughed all the way to these very same banks to deposit their graft checks.

    If the facts are that no one who actually received these loans, the borrowers, will get any help, then what exactly does this settlement do, save for further fatten the rentier class? Hasn’t it been argued in some judicial circles that the mortgagors ARE in fact part and parcel to the securitization deals of their loans?

    This is further proof positive that those that have can continue to take, with tacit approval from our so-called representatives. The pillage is on people, get in line to be groped and mauled as you have everything not strapped down taken from you. And when they bump up against pesky, trivial things like centuries old LAW, well, let’s just say there are people in high places who can fix little issues like that. In the big scheme of things, paying off people like Tom Miller, Spencer Bachus, John Walsh and countless others is a small price to pay, very small, when it gets things moving in the banks direction.

    It started off as a transfer of trillions of taxpayer’s dollars when Paulson and his cohorts told CONgress that there would be tanks on street corners and complete chaos and collapse if we didn’t give the very people who made these bets all the money we could raise, and in short order. We were even told that Paulson had the only say, no transparency! Handed the United State’s checkbook with sole signing authority! What a heist! The largest theft in history without a single gun involved! The pen has proven to be mightier than the sword!

    Now comes the great land transfer. Without so much as a moan from CONgress, who giggles amongst themselves about being owned by Wall Street, the courts are being primed for a great shift in the way they’ve always done business. If the AGs get their way, and that would appear to be the case from what is trickling out in the press, the next stage is almost set for a few more billions to be carved up among these state agencies like mutton at a feast. Damn the homeowners.

    Nearly four years ago I had several meetings with AGs detailing massive fraud with concrete proof. Their side of the board room table looked like deer in the headlights. “What would you have us do?” I was asked. Huh? WTF? Are you fucking kidding me? “We don’t have the power to bring prosecutions…” I was told. What a waste of money and heartbeats!

    Off to the FBI. More deer herds.

    Letters to the OCC simply forwarded by the OCC to the offending bank (the banksters must really get a kick out of that). Ignored by the SEC elk. Phone calls to my senate moose unanswered. It suddenly dawned on me that everyone who WE THE PEOPLE are paying to protect us, to regulate for us, to legislate fairly on our behalf, although having the appearance of human beings, are in fact, nothing more than bank owned androids spouting the same Ministry of Truth verbiage.

    People if they’re successful with this plan, it’s game over. They’ll have red hotels on every property, own every utility and railroad, and we will simply pay them everything we make for rent and utilities. TILT.

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

  67. @rde – depending on the relief sought, you may need to add or substitute a party. but if you claim that specifically BoA screwed up, then that liability will stay with them.

  68. What does Boehner have to do with anything? He’s been there for 6 months. Why not include Pelosi and Reid in the fault as well?

  69. How does this settlement affect homeowners court cases against bank of america. The settlement has not been approve by the judge yet.

  70. My kids in kindergarden have better stories than these Banksters and the Obama Boehner administration.

  71. Some of the cast of characters mentioned : Litton & Wells may be trading one problem for another.

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