DEATH WATCH: BOA TO CUT 10,000 JOBS — RUMORS OF RESTRUCTURING FORECLOSURE PROCESS

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COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE

EDITOR’S NOTE: There also reports that BOA is going to or already has appointed a czar to restructure the entire foreclosure process. Of course any employee of BOA must protect the corporate assets, so out of corporate loyalty the czar will be required to assume the assets on the balance sheet are real.

What BOA and the other banks need is an effective way to clear title using conventional means. Getting the signatures of the appropriate people in the title chains through payment is the obvious way although it is expensive — but not more expensive than going out of business.

CHARLOTTE, NORTH CAROLINA (BNO NEWS) — Bank of America Corp. is cutting at least 3,500 jobs by the end of next month as part of a major restructuring effort which could see as many as 10,000 job cuts, the Wall Street Journal reported on Friday.

The report, citing people familiar with the situation, said the 3,500 positions to be cut this quarter are spread across the bank, including investment banking and trading. It said some employees have already been notified.

But thousands more could be laid off at the Unites States’ largest bank by assets as part of an aggressive and major restructuring plan. Executives at the bank are still discussing the total number of job cuts, but one source told the newspaper that at least 10,000 jobs are likely to be eliminated.

Brian Moynihan, CEO of Bank of America, is seeking to reduce the bank’s expenses by as much as $1.5 billion per quarter. “I know it is tough to have to manage through reductions,” Moynihan said in a memo to top managers on Thursday night, according to the Journal. “But we owe it to our customers and our shareholders to remain competitive, efficient and manage our expenses carefully.”

The Bank of America, which was founded in 1904 and has relationships with nearly all U.S. Fortune 500 companies, did not immediately comment on the report. The Wall Street Journal said a final decision about the number of job cuts is not expected until early next month.

68 Responses

  1. Good ideas ! I was enlightened by the info . Does anyone know where my assistant might be able to get access to a template Employee Warning Notice version to fill in ?

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  4. Check this out for more:

    http://www.zerohedge.com/news/bank-america-cds-hits-escape-velocity

    As a matter of fact, go to http://www.zerohedge.com and read the latest stories! Much change coming in the next 100 hours!

  5. It won’t be long now! They dropped nearly 8% today.B of A’s CDS Rate has reached Terminal Escape Velocity, or is currently at 370bps, just 30 short of the 2008 rate when the Fed bailed them out. Only a stealth bailout is possible as ALL of the TBTF’s have over extended their bets.

    Anyone guess where the stock will be by Friday?

  6. They should have no problem giving the people back ttherte homes. They have been paid twice for them. Ripoffs.

  7. email Rob McKenna, the president of the United States and bankers are putting pressure on Schneiderman and most likely Rob McKenna to settle and to stop pushing for justice. webmaster@ag.ny.gov this goes to Rob McKenna. We have to support the few attorney generals making a stand for us. Let them know thousands of us are behind them, not to allow the criminals to get away with their crimes. We are hard working American victims not dead beats.

  8. IF ALL THE EMPLOYEES HELPING THE BIG BANKS WOULD WALK OUT THEY WOULD BE DONE. YOU CAN NOT COMMIT THIS FRAUD WITHOUT THE HELP OF ALL THE THOUSANDS OF LITTLE GUYS DOING THEIR JOBS FOR THEM INSIDE THE BANKS. WITHOUT EMPLOYEES DOING THEIR DIRTY DEEDS AND NO ONE TO HELP THEM THEY WOULD BE DONE! ALL THEIR DIRTY ATTORNEYS INCLUDED AND PARALEGALS AND SECRETARIES. THIS HORRIBLE CRIME IS HAPPENING BECAUSE THEY HAVE HELP! WE ARE ALL VICTIMS SIMULAR TO THIS CRIME ON THE WEB. IT IS DISHEARTENING! I JUST EMAILED SCHNEIDERMAN IN NEW YORK AND ROB MCKENNA THIS!

    Somehow a weird sentence is in here. Dont know where it came from, and I can not remove it;
    I beg you to help Americans. Please do
    not allow these banks to get away with
    there crimes. I am a victim also. A
    hard working small business person in my
    sixties that has ran a business for over
    thirty years. We need your help.
    Please don’t allow these banks to
    pressure you into doing the wrong thing.
    You give us hope. Please stay strong
    and help us. We NEW PORT RICHEY ?
    Seventy-year-old Sharon Bullington may
    lose her home because she paid her
    mortgage a week early.

    That may not make much sense to the
    thousands of homeowners who are behind
    on their mortgages in Florida. But it
    seems it does to Bank of America, which
    has filed to foreclose on Bullington and
    her husband, James, 78, who is
    terminally ill.

    “It’s like death to me,” Sharon
    Bullington said, her voice quivering on
    the phone Friday. “My husband is
    bedridden. It’s almost more than I can
    bear.”

    The couple moved to Florida 15 years ago
    after James Bullington retired from
    General Motors in Flint, Mich., and
    moved into the 1,591-square-foot New
    Port Richey home, which is now valued at
    $133,464, though they owe about
    $177,000.

    When James became ill, the couple
    encountered financial difficulties
    because of high medical bills. The
    couple asked Bank of America to modify
    the loan.

    There was a catch. The couple would have
    to first officially default on their
    $1,400-a-month payment. The couple did
    that and entered into the modification
    plan, which reduced their payment to
    $916.

    Sharon Bullington made the January
    payment on Dec. 23, and the bank
    accepted the money, according to court
    records.

    The next month, she made the February
    payment over the phone. Weeks later, the
    money had not been withdrawn from her
    bank account. After Bullington asked the
    bank about it, a representative told her
    she had punched in the wrong routing
    number. In March, the bank kicked the
    couple out of the modification plan.

    Bullington pleaded for help in a June
    letter to Bank of America president
    Brian Moynihan and U.S. Rep. Gus
    Bilirakis, R-Palm Harbor.

    One of Moynihan’s aides, Ana Olivera,
    told Bullington the foreclosure could
    not be stopped. She wrote in a two-page
    letter that the payment due on Jan. 1,
    2011, had been made in December.

    “In accordance with the Trial Payment
    Letter dated December 15, 2010, it
    indicates that if you are not able to
    make each payment in the month in which
    it is due, you will not be eligible for
    a modification under the Home Affordable
    Modification Program,” the letter said.

    Olivera told Bullington she could avoid
    a foreclosure by selling the home in a
    short sale or by signing it over to the
    bank. The letter said the bank values
    Bullington’s business and strives to
    provide exceptional customer service.

    “I understand that you may be
    disappointed with our final resolution
    and appreciate the opportunity to
    clarify this matter,” Olivera wrote.
    “While this may not be the response you
    were hoping for, I trust I have
    addressed your concerns.”

    Olivera, a California-based employee,
    declined to comment about the case when
    reached by the Times on Friday. Bank of
    America replied in an e-mail: “We are
    going to re-review the Bullington’s
    case.”

    The Bullingtons’ lawyer, Shawn Yesner,
    said the case makes no sense because his
    clients did what the bank told them to
    do. In 10 years as a lawyer, he said, he
    has never seen such an outrageous
    letter.

    “I couldn’t believe they would put that
    in writing,” he said. “I had to read the
    letter three or four times. ? Bank of
    America is putting her in a depressed
    state. She has never been behind on
    anything.”

    As thousands of property owners across
    Florida and the nation battle
    foreclosure, defense attorneys have
    accused lenders of bogging down the
    courts with an unwillingness to
    negotiate with people on their
    mortgages, often by simply refusing to
    make decisions.

    Earlier this month, a 41-year-old man
    faced foreclosure after missing a
    mortgage payment on a St. Petersburg gas
    station by just one day. He made several
    attempts to continue paying and made a
    $50,000 payment in court earlier this
    month to settle the case, but the bank
    refused the payment. The day the Times
    published an article detailing the saga,
    BB&T suspended the foreclosure action
    and worked to settle the case.

    Sharon Bullington, who has no children
    or siblings, said she is the sole
    caregiver for her ill husband, who
    cannot move from the home in his
    condition. She said she has repeatedly
    contacted the bank, but nobody will talk
    to her.

    She wants Moynihan and Bank of America
    to know this:

    “I want them to feel how we feel,” she
    said. “I just don’t understand why
    they’re doing this. It looks like
    they’re out to get us.”

    Times researcher Shirl Kennedy and staff
    writer Molly Moorhead contributed to
    this report. Mark Puente can be reached
    at mpuente@sptimes.com or (727) 893-
    8459. Follow him on Twitter at
    twitter.com/markpuente.

  9. I’ve really given a lot of thought to this – here’s my take:

    @ cj

    Man….are you in the WRONG PLACE.

    All of us here are American citizens. With rights, privileges and immunities guaranteed and secured to us, and ALL on our soil, by our state and federal constitutions, our laws, and the blood, sweat and tears of our forefathers. Everything that has happened, is happening now, and will happen for a very short time in the future, is ON OUR WATCH. It is our obligation, duty and responsibility to safeguard our freedoms and pass them on down the line to our offspring. In the next blink of the eye – time wise – all here will be worm food. It’s what we leave behind. I forgot who said it: “when the going gets tough, the tough get going”. When a nation, country, group, organization presents a “clear and present danger” to the very foundation of the principles upon which our United States of America are built – make no mistake – he, she, they are OUR ENEMY. And American citizens WILL COME TOGETHER – as a family – to do battle. All races, colors, creeds – and we WILL not only defend against, but attack to utterly and totally destroy our enemy.

    With that said, I, and most, if not all, here can understand and relate with you “wanting to keep your job and provide for your family”. No argument or disagreement there. What would, and does, piss me and others here off is the fact that you would throw me and my family under the train to save you and yours. No pal….that’s NOT “the American way” and it doesn’t work for me.

    Shelly says that she is not your judger. I can respect that. But I don’t share her position. Man-to-Man, I DO judge you. And, as far as I’m concerned, you ARE an ENEMY to me, Shelly, carie, e.tollie, nancy, marylyn, and EVERY other American citizen in this country – because, even knowing the truth, for a few pennies now, you would sell us, our families, and even your own future progeny, out. You would continue to work for, brown-nose, and assist our clear enemy – BofA – in carrying out their plan and scheme to rob, steal from and destroy us into submission. Yes, I DO judge you and your kind. And based on my verdict, I would take a sword and completely separate your head from your body without the slightest hesitation or remorse. You see cj, I just so happen to LOVE this country and the people in it. I know how they think. As a whole, we are a god-fearing, dedicated to doing what’s right kind of people. It’s our elected officials who, every now and then, get greedy and allow themselves to get corrupted. So they lie, cheat, steal, get us in “wars” and send our babies off to fight and die. They become and our enemies. But we have ways to deal with that. After all, our forefathers did give us the right t bear arms – why do you think they did that?? So, Mr. cj, you either find another way to provide for your family – or, start running. Because we ARE coming for you:

    U.S. Constitution, Article 3, Section 3
    Treason against the United States, shall consist only in levying War against them, or in adhering to their Enemies, giving them Aid and Comfort. No Person shall be convicted of Treason unless on the Testimony of two Witnesses to the same overt Act, or on Confession in open Court.
    The Congress shall have Power to declare the Punishment of Treason, but no Attainder of Treason shall work Corruption of Blood, or Forfeiture except during the Life of the Person attainted.

    Now, back to work….@carie

    I have about 12 copies of your August 14 posts taped all around my house. Trying to “geek-out” what you’re saying. Need some help.

    “There is NO LENDER…it’s all a LIE…collection rights do not have to be “funded”. A right to collection transferred by assignment – NOT A NOTE.”

    When Joe sells his house to Harry, at the closing doesn’t Joe get MONEY for the sale ????

  10. @CJ

    …………………./´¯/)
    ………………..,/¯../
    ………………./…./
    …………./´¯/’…’/´¯¯`·¸
    ………./’/…/…./……./¨¯\
    ……..(‘(…´…´…. ¯~/’…’)
    ………\……………..’…../
    ……….”…\………. _.·´
    …………\…………..(
    …………..\………….\…
    ……………\………….\…
    …………….\………….\…

  11. This is what I cry about! How much does it take for the authorities to intervene?
    FRAUDCLOSURE | PASCO COUPLE FEAR LOSING HOME TO FORECLOSURE FOR PAYING BANK OF AMERICA TOO EARLY
    Posted by 4closureFraud on August 21, 2011 · 20 Comments

    “In accordance with the Trial Payment Letter dated December 15, 2010, it indicates that if you are not able to make each payment in the month in which it is due, you will not be eligible for a modification under the Home Affordable Modification Program,” the letter said.
    ~
    So, they make the payment EARLY and since it was not made “in the month it was due,” they get fraudclosed.
    When is everyone going to get angry enough?
    When are we going to put a stop to this madness?
    The abuse by the industry has been going on for years now and it will not stop until you do something about it.
    ~
    PASCO COUPLE FEAR LOSING HOME TO FORECLOSURE FOR PAYING MORTGAGE TOO EARLY
    NEW PORT RICHEY — Seventy-year-old Sharon Bullington may lose her home because she paid her mortgage a week early.
    That may not make much sense to the thousands of homeowners who are behind on their mortgages in Florida. But it seems it does to Bank of America, which has filed to foreclose on Bullington and her husband, James, 78, who is terminally ill.
    “It’s like death to me,” Sharon Bullington said, her voice quivering on the phone Friday. “My husband is bedridden. It’s almost more than I can bear.”
    The couple moved to Florida 15 years ago after James Bullington retired from General Motors in Flint, Mich., and moved into the 1,591-square-foot New Port Richey home, which is now valued at $133,464, though they owe about $177,000.
    When James became ill, the couple encountered financial difficulties because of high medical bills. The couple asked Bank of America to modify the loan.
    There was a catch. The couple would have to first officially default on their $1,400-a-month payment. The couple did that and entered into the modification plan, which reduced their payment to $916.
    Sharon Bullington made the January payment on Dec. 23, and the bank accepted the money, according to court records.
    The next month, she made the February payment over the phone. Weeks later, the money had not been withdrawn from her bank account. After Bullington asked the bank about it, a representative told her she had punched in the wrong routing number. In March, the bank kicked the couple out of the modification plan.
    Bullington pleaded for help in a June letter to Bank of America president Brian Moynihan and U.S. Rep. Gus Bilirakis, R-Palm Harbor.
    One of Moynihan’s aides, Ana Olivera, told Bullington the foreclosure could not be stopped. She wrote in a two-page letter that the payment due on Jan. 1, 2011, had been made in December.
    So they fraudclosed..
    Check out the rest here…
    ~

  12. In reply to CJ: I am not your judger, I know how scarey it is to have your income wiped out. Two of my children are living in my double car garage. Look for another job. If everyone walked out on the big banks the banks would fail and the good banks would take over, the economy would recover from the crime and there will be better jobs. Do you know that every employee down to the floor sweeper is considered to be involved in the felonie, if they are aware or not aware of the felony. I know people that have since found out more about these prisons they were working on that have refused to be a part of it and there is very little work out there. My own sons do not think mom knows what she is talking about. Mom has to be wrong. One of them has quit working for the company and on the prison sights though. The other one is hoping I am wrong but I am not wrong. I am not your judge. Family is first, but what good is this doing your family if it downs America. Your family may be next in line at the unemployment office in the end. We need to rebuild America. I am not in your shoes. I know I would walk out the door. That is me. I am pretty stubborn, and fight evil. A freind of mine asked me why am I helping her with her house issues, what is in it for me? I answered it is purely selfish, I want to save America for everyone especially myself and my children. I wish I could live the way I would like to live. i have a picture of a rooster in front of a semi. And the caption says live everyday like it is your last. I dont And I am sure very few do.

  13. I have been aware of this fear for a long time. Customers in all walks of life come to my desk, because I am outspoken over this subject and politics and tell me they are terrified and scared. America is not America anymore, then a state Patroman tells me the same thing. We have good reason to be in fear, we are being terrorized by the banks and some of our government officials. And especially by our judicial system and some of our police force.

  14. @ CJ

    Welcome to reality. We all wanted to provide food, shelter, clothing and security for our families. Because the greed, corruption and fraud in the banking industry and wall street, destroyed all of that for lots of people many who have not been able to recover. We asked for help and well you are well aware of the outcome. I bet that with all the firings that BoA is doing, that the bonuses will still keep coming to the higher ups. You sound like you are entering in the real world of fear like the rest of us.

  15. I should say the laws to protect us are being called frivolous law suits. The greedy do not want any laws out there to worry about so they call them frivolpous and brain wash people these frivolous law suits are costing American tax payers to much money and the courts. These criminal acts of taking away our constitutional rights to protect our selves are costing us far more, and maybe costing us the America that we once thought we lived in. It all looks like a fair tale we once upon a time thought we were living in.

  16. As a lowly middle manager at B of A … I understand lots of the anger about the company … but just hope I can save my job to provide for my family …

  17. I sure hope the scale tips fast our way and their corrupt plans are spoiled. I just filed a criminal felony crime case against the mayor and city planners. I will probably be the first to wind up in an American Concentration Camp or raided by a swat team. Maybe I am CRAZY! I beleive we should not let the bus run over us and fight for our rights in everyway we now how to.

  18. You think Kennedys are alone? Look up Bush Family linked to Auschwitz death camps. Chase Bank linked to Auschwitz death camps, Deutsche Bank linked to Auschwitz death camps. Deutsche Bank was sanctioned five million, to the Jews, an insult to decent human beings, five million for what they supported against human beings, children and our brothers here on earth, before they were allowed to terrorize American families here on our own soil. Prescott Bush left Germany and became a big CEO for bank of America. If you look on the Bush family tree in Wikepedia at the bottom it says O’Bama is a fifth cousin to the last president Bush. O’bamma Grandmother whom groomed him to be president was a big CEO for Bank of America. We have been ran by the banks before the first depression. I am not surprized we are under Marshal Law now. I have seen to many unconscionable acts by the Swat team here in my city and now of a lot of the misuse of the police force here. When a state patrol tells me he is told to keep his nose out of my crime report on the mayor,and tells me there is something rotten and scarey happening out there, that gives him a feeling of fear, you know it is not good and we are being set up. Senator Perry is definately not someone to be trusted. He could have been set up on that mic and statement by the bank of America represenative. But his claim to the need to stop frivilous law suits is just a false ploy to take away our Constitutional Rights. We are loosing our rights every day. Law being purposely passed to keep us from having the right to protect ourselves.

  19. For Shelly; According to my Daughter’s “Professor” at a well known educational institution, we ALREADY are under Martial Law, and have been since 1913? 1930? please frogive me not being able to give an exact date. I still need to look it up. But according to the “Professor” a lot of “stuff” is going to start showing up in or before Novemeber.

  20. I was trying to look up a saying that was on one of the bloggs. I can not find it. It goes something like this. when The Jews needed us we did not answer it was not our problem. When something else called upon us we did not answer it was not our problem. When we needed help there was no one left to come to help us. That is so true. This is everyones problem. and people need to wake up and become educated for their own sake. and the sake of everyone, including their own families. We all live in this world together, and we are a family that need to protect each other and police our government. Before we are under a Marshal law and completed bank rule and not Constitutional rule for the people by the people..

  21. Trans Union , Exquifax and Experian are just as much a part of this crime as the rest listed Moody,Fitsch S&P. We are surrounded by organized crime, that is being exposed and thank God above people with a conscions are exposing and whistle blowing. Its about time people get angry enough to become brave enough to expose these crimes against we the people.

  22. If I walked by a senator or judge without introducing my self and said that, I’d be halled off for bribery or influence peddling, no doubt about it.

    I’m going to try and post this link even though they rarely work for me….

    Here’s MSNBC discussing the Perry/B of A deal:

    [youtube http://www.youtube.com/watch?v=xptPg7bz01Q&w=560&h=345%5D

  23. ALL ,

    This is a direct download link to the best BofA ==> Rick Perry clip I’ve seen , the audio is very clear at 20 seconds in. I like Perry but this illustrates how screwed we all are as far as any hope of reforming the political system.

    http://keepvid.com/?url=http%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DkDdTLCfG2TM

  24. Dorothy & Toto’ click their heels to get back to Kansas. They were gone for quite some time. Oh my, Dorothy exclaims “Toto somebody is living in our house. Dorothy heads to her BRAND LABEL BANK ‘BOA’, and goes into her safe deposit box, pulls out her ‘Deed of Trust’ Auntie Em left to her.

    Dorothy brings into Brian Moynihan, CEO of Bank of America, her DEED of TRUST and demands to know how did BOA resell the mortgage note which as paid in full?

    Mr. Moynihan, my mortgage note was paid for back in the 1990′s.The CEO of BOA smiles, eyes gleaming like he’s busting with a big secret and exhales an Oppps. Dorothy says, Mr. Moynihan, you need to fix this. Mr. Moynihan says to Dorothy, I’ll be glad to Dorothy. You go to court and take care of Quieting the Title, and come back with the court order documents and I’ll attach to the claim and file with the Institutional Investors insurance company. When they process the claim, and send us back the money, I’ll contract you for the next steps.

    Dorothy visited with the Attorney Generals, and realizes there is nothing that will be done. Dorothy received back letters from the ‘Office of Consumer Affairs of the Attorney General’, and OCC that there is nothing either can do. The Attorney General blames the OCC vested by Congress vistorial powers. The OCC blames the fact they are without authority to adjudicate alleged unlawful business matters.

    Dorothy grabs Toto, clicks her heels and is heading back to OZ somewhere in the finance universe, Dorothy will find the Wizard in OZ who’ll’ know what to do about BOA’s Brian Moynihan reselling the mortgage note unlawfully. Dorothy’s holding tight now to both Toto and the DEED OF TRUST (tight, very tight).

    Will the Wizard of Oz still own the Land of Oz? To be continued….

    While we wait for Dorothy, can you follow the ‘yellow-brick road’ and step inside the BOA pass through treasures, laden with gold.
    Literally any owner of the mortgage note has access to the gold key, which opens endless rows of safe deposit boxes filled with commercial bearer papers and notes.

    Moynihan, CEO of BOA, Stumpf WFC, GMAC – Carpenter, Dimon JPM/Chase, BONY Kelly, …, all safe as a bug in a rug? Commercial bearer paper payable in blank ‘assignee and/or successors’ whether attached to individual residential properties, bulk repurchases, untraceable.

    March 2010, the new ‘File Doc ID’ Uniform Collateral Data UCD, will be affixed to existing loan document and collateral files that the CEO’s with access to safe deposit box key may retrieve if necessary the mortgage notes already purchased early 1990s.
    Same mortgage notes Institutional Investors c/o (Owners) hold the commercial paper the mortgage note.

    Same dilemma as Dorothy. You too hold the DEED OF TRUST as owner. And perhaps you too paid off the property will find as those struggling to make payments who sought help from who they believed owned the mortgage promissory note, will find the asset is no longer yours? And there is no one but perhaps the Wizard of Oz available to help?

    Could your mortgage note be inside one of the safe deposit boxes in which cash and bearer commercial papers passed through pass through agencies are cleverly stored outside USA.

    The safe deposit boxes are list sorted by country, by state, territories includes the mortgage notes owned located in each of the 50 states and US territories. The documents you have will be hard to match up to the new File Doc ID, further removing you from the documents that reveal how the owner got to own the mortgage note.

    By March 2012, the new ‘File Doc Id’ UCD will represent the eSales of the serving rights and eSales of the collateral as tranches, shelf’s, trusts, …. In which owners of the mortgage notes, reattach reference but for the reacquisition of bulk repurchases of mortgage notes.

    Perhaps you won’t know owner Capital One FUND, related to Capital One Bank NA taking of mortgage notes all the way back in 1994. Fidelity and Capital One TRUSTS 2008 mutual funds sold back to Fidelity, could they be related to Capital One Bank NA foreclosures mortgage notes?

    The ‘real story’ sits in real courts. No evidence of transactions cleverly disguised to be anything but the purchase of a mortgage note.

    Evidence plus case law, mandatory. What about the very real transactions of commerce not brought before the courts hidden by substantive omissions of material facts?

    Consumers are unsafe because they are uneducated about ‘COMMERCE’ and the fact CONGRESS both HOUSES overstep limited powers claiming ‘welfare of each state’ and ‘welfare of the nation’ and do business inside Finance Universe.

    When Y2K was successful, the 21st Century entered Quantum processing, pending…. will be true until…. and became 4-D

    COMMERCE: Uniform Commercial Codes, State and Federal statutory laws and regulations, and TRANSACTIONS inside of Finance Universe via http : // www . financeuniverse . com

    TRANSACTIONS will reveal who purchased the mortgage notes.

    It’s not primary mandatory authority citations that will heal America.
    It’s not the clever persuasive arguments of some great legal mind for one client, beneficiary of mortgage notes. No, it tying together the data facts and data workflow, spring maps, revealing how each resident’s property was purchased by Institutional Investors for another third party in deceptive manner, with intent, to take possession of property, and cause substantive harm to consumer and economy, of US and ….

    Why do you professionals all forsake revealing the real TRANSACTIONS, which reveal the clear intent, bad faith, and actual hard evidence of accurate deceptive business statements which are acceptable under US Code in our courts.

    How many of you sit with your cases, with knowledge and but for the bucket of millions you hope to claim and put in your own pockets you withhold the truth, data facts, flow charts, memo’s, evidence, which exists but for your own selfish personal use for your own personal cases? Is there but one Patriot? just one who will set the record straight?

    With intent, Institutional Investors and Institutional Banks methodically took control of the real estate industry and real estate residential and commercial properties in all 50 states and US Territories one mortgage at a time. Congress vested the EXTRA-Ordinary powers Y2K forward, tick tick of the clock, hid the real intent of the finance universe owners.

    Statutory laws do exist, and are enforceable by the Executive Branch under Article II even if CONGRESS both Houses continually overstep limited powers.

    CONGRESS creates laws.

    When CONGRESS prevents enforcement of laws, and Congress acts harming welfare of nation, and harms US Economy, and makes it unsafe for every resident no longer able to live in property, nor live safe in pursuit of property, is it not time but for the PRESIDENT of the USA and not the Wizard of Oz to be call forth the harms and reveal the truth. Is the President as Commander-in-Chief, under oath of office, obligated to take action. If not, we need to get a pair of ruby slippers and follow Dorothy and Toto.

    ‘Agents’ with ‘Agency’ by Agreements act on behalf of the owner of the mortgage notes, owner because they paid cash but did not record their name as a lien holder. Why do the owners continue to recruit ‘others’ for money, who also act in bad faith, all with dirty hands, execute clever deceptive acts required to hide who the owns the mortgage note; in collusion having accepted the orders and issued additional orders in order to create and file falsified documents, and alike Monkey Sees, Hears, Speaks no truth… is evil, in the chain of substantive omissions of material facts.

    In collusion, with intent, each party engages in deceptive acts and takes possession of both real and personal property of residents under false pretenses.

    Each participant in the chain of covering who is the real owner, each link of the chain covered by evidence of actual transactions and actual falsified documents with public offices and courts, act with ‘authority’ c/o Institutional Owners of acquired property.

    (FINRA and SIPC insured) entities By the by all insured – either the property insured, the credit risk insured Banc of America Securities LLC; prior to June 2009 was Wells Fargo Securities LLC and Jerboa Funding, LLC; Residential Funding Securities LLC & GMAC LLC and GMAC Securities LLC; GMAC Mortgage LLC; , Fidelity Capital Markets, TD Securities (USA) LLC; UBS Securities LLC; Wachovia capital Markets, LLC; Sovereign Securities Corporation, LLC; Lehman Brothers Securities LLC; Guggenheim Securities LLC, Mellon Financial Markets, LLC, Incaptial LLC, Mizuho Securities, Anz Securities LLC, Cabrera Capital Markets, LLC, Calyon Securities, DZ Financial Markets LLC, Wells Fargo Securities LLC, Ticonderoga Securities LLC, Livingston Securities LLC, First New York Securities LLC, Miller Tabak Roberts Securities LLC, Global Hunters Securities LLC; Vanderbilt Securities LLC, Epsilon Securities LLC, Extreme Network Technologies LLC; Realty Capital Securities LLC, Founders Financial Securities LLC, Securities LLC, Park Avenue Securities LLC, Inlet Securities LLC; Bonds Direct LLC, TNP Securities LLC, Bannockburn Securities LLC; Pacific Investment Management Co LLC (PIMCO), RH Capital Associates LLC, Pacific American Securities LLC, Sandlapper Securities LLC, Genesis Securities LLC, Conway Securities LLC, Davis Securities LLC, First Premier Capital LLC, Loan Brokerage LLC,

    Wells Fargo Securities LLC prior organization as a pass through agency c/o WFC’s Master Servicer ‘Bitterroot Assets LLC’.
    Pass through agencies don’t report federal taxes, the short-term investments don’t have to be reported which are not recorded during first 90 days, for example. And if the Litigators and investigators private and federal and state don’t realize all of these organizations reorganized during the ‘mergers’ and with intent renamed and renamed entities in secretary of state treasuries, for example, one will never be able to track transactions workflow. Like Wells Fargo Asset Securities LLC a documented pass through agency, one who does not report federal taxes, federal taxes reported elsewhere, integrity challenged in Lehman Securities’ Litigation when the investigators will look but not see the actual transactions bifurcate mortgage note payable from receivable. The former Wells Fargo Asset Securities LLC moved in and out of different states, and the name changed 3 or 4 times back to the existing name when the transactions were originated. If you don’t understand sorry, you’d have to research.
    Will the investigators of the Litigations play nice each respecting hiding the transactions and each participating in the takings left overs? Or will they go back in time to the day when back in the day each pass through agency responsible, accountable, with authority to move transactions and assets outside of US. Will time now, the tick tick of the clock since Midnight 12:00:00:00:00:00:00 in the finance universe of the 21st Century keep safe the transactions, bearer paper, and truth locked up inside of the safe deposit boxes, and as the few who know pass on their assets to their beneficiaries.

    The most common type of pass-through is a mortgage-backed certificate, where homeowners’ payments pass from the original bank through a government agency or investment bank to investors.

    Read more: http://www.investopedia.com/terms/p/passthroughsecurity.asp#ixzz1VaYmkkKn

    Mortgage pass-through securities whose principal and interest payments are guaranteed by government agencies, such as the Government National Mortgage …
    A pass-through agency is an agency that receives an award and then subcontracts part of the work

    (pass through agency) that you found to accept the funds on your … The funds that are then awarded to the pass through agency

    Wells Fargo Mortgage Pass-Through Litigation
    COURT: United States District Court, Northern District of California
    CASE NUMBER: 3:09-cv-1376-LHK
    JUDGE: Hon. Lucy H. Koh
    CASE CONTACTS: David R. Stickney, Timothy A. DeLange, Matthew P. Jubenville, Jonathan D. Uslaner, Paul M. Jonna, Joseph W. Goodman

    Securities class action against Wells Fargo, N.A. and certain related defendants related to the issuance of mortgage pass-through certificates (the “Certificates”). The Complaint alleges that the Offering Documents for the certificates contained untrue statements and omissions related to the quality of the underlying mortgage loans and that Wells Fargo had disregarded or abandoned its loan underwriting and loan origination standards. The defendants include Wells Fargo Bank, Wells Fargo Asset Securitization Corp. (and its officers), and the investment banks who served as underwriters for the Certificate offerings.
    The action is pending before the Honorable Lucy H. Koh in the Northern District of California, San Jose division. On July 16, 2009, the Honorable Susan Illston, to whom the case was previously assigned, issued an order appointing the Alameda County Employees’ Retirement Association, the Government of Guam Retirement Fund, the Louisiana Sheriffs’ Pension and Relief Fund and the New Orleans Employees’ Retirement System as Lead Plaintiffs.
    Background
    On October 30, 2009, Defendants filed motions to dismiss the Consolidated Complaint, and Lead Plaintiffs opposed. On April 22, 2010, Judge Illston issued an order granting in part and denying in part Defendants’ motions to dismiss. Specifically, the Court sustained Lead Plaintiffs’ Section 11 claims against the Wells Fargo Defendants and the Underwriter Defendants related to false and misleading statements concerning: (1) the underwriting standards for the mortgage loans underlying the mortgage pass-through certificates; (2) the appraisals and loan-to-value ratios related to those mortgage loans; and (3) the credit ratings assigned to the certificates. The Court granted leave to amend to: (1) designate additional named plaintiff(s) who purchased securities through certain offerings not purchased by the Lead Plaintiffs, and (2) allege additional facts giving rise to standing as to Lead Plaintiffs’ Section 12(a)(2) claim.
    On May 28, 2010, Lead Plaintiffs filed an amended complaint, which added five additional named plaintiffs that purchased in 10 additional offerings. On June 25, 2010, Defendants again moved to dismiss. While that motion was pending, the case was transferred to the Honorable Lucy H. Koh. On October 5, 2010, Judge Koh issued an order which granted Defendants’ motion as to the claims of the additional plaintiffs, but again sustained Lead Plaintiffs’ Section 11 and 15 claims related to underwriting standards. The additional plaintiffs appealed the dismissal to the United States Court of Appeals for the Ninth Circuit.
    On February 11, 2011, Lead Plaintiffs filed their motion for class certification.
    Lead Plaintiffs Reach $125 Million Settlement in Wells Fargo MBS Litigation
    After extensive litigation, document and deposition discovery, and negotiations – including two mediation sessions facilitated by an experienced and highly respected mediator – the parties recently reached an agreement to settle all claims asserted in the case. Under the settlement, which is subject to court approval, Wells Fargo will pay $125 million to resolve the sustained and dismissed claims against all defendants. Notably, it is the first settlement of a class action asserting Securities Act claims related to the issuance of mortgage-backed securities. Lead Plaintiffs have moved for an order preliminarily approving the settlement and a hearing on the matter is set for July 21, 2011.
    Wells Fargo Mortgage Pass-Through Litigation
    Court: United States District Court, Northern District of California
    Case Number: 3:09-cv-1376-LHK
    Judge: Hon. Lucy H. Koh
    Case Contacts: David R. Stickney, Timothy A. DeLange, Matthew P. Jubenville, Jonathan D. Uslaner, Paul M. Jonna, Joseph W. Goodman

    Securities class action against Wells Fargo, N.A. and certain related defendants related to the issuance of mortgage pass-through certificates (the “Certificates”). The Complaint alleges that the Offering Documents for the certificates contained untrue statements and omissions related to the quality of the underlying mortgage loans and that Wells Fargo had disregarded or abandoned its loan underwriting and loan origination standards. The defendants include Wells Fargo Bank, Wells Fargo Asset Securitization Corp. (and its officers), and the investment banks who served as underwriters for the Certificate offerings.

    The action is pending before the Honorable Lucy H. Koh in the Northern District of California, San Jose division. On July 16, 2009, the Honorable Susan Illston, to whom the case was previously assigned, issued an order appointing the Alameda County Employees’ Retirement Association, the Government of Guam Retirement Fund, the Louisiana Sheriffs’ Pension and Relief Fund and the New Orleans Employees’ Retirement System as Lead Plaintiffs.

    Background

    On October 30, 2009, Defendants filed motions to dismiss the Consolidated Complaint, and Lead Plaintiffs opposed. On April 22, 2010, Judge Illston issued an order granting in part and denying in part Defendants’ motions to dismiss. Specifically, the Court sustained Lead Plaintiffs’ Section 11 claims against the Wells Fargo Defendants and the Underwriter Defendants related to false and misleading statements concerning: (1) the underwriting standards for the mortgage loans underlying the mortgage pass-through certificates; (2) the appraisals and loan-to-value ratios related to those mortgage loans; and (3) the credit ratings assigned to the certificates. The Court granted leave to amend to: (1) designate additional named plaintiff(s) who purchased securities through certain offerings not purchased by the Lead Plaintiffs, and (2) allege additional facts giving rise to standing as to Lead Plaintiffs’ Section 12(a)(2) claim.

    On May 28, 2010, Lead Plaintiffs filed an amended complaint, which added five additional named plaintiffs that purchased in 10 additional offerings. On June 25, 2010, Defendants again moved to dismiss. While that motion was pending, the case was transferred to the Honorable Lucy H. Koh. On October 5, 2010, Judge Koh issued an order which granted Defendants’ motion as to the claims of the additional plaintiffs, but again sustained Lead Plaintiffs’ Section 11 and 15 claims related to underwriting standards. The additional plaintiffs appealed the dismissal to the United States Court of Appeals for the Ninth Circuit.

    On February 11, 2011, Lead Plaintiffs filed their motion for class certification.

    Lead Plaintiffs Reach $125 Million Settlement in Wells Fargo MBS Litigation

    After extensive litigation, document and deposition discovery, and negotiations – including two mediation sessions facilitated by an experienced and highly respected mediator – the parties recently reached an agreement to settle all claims asserted in the case. Under the settlement, which is subject to court approval, Wells Fargo will pay $125 million to resolve the sustained and dismissed claims against all defendants. Notably, it is the first settlement of a class action asserting Securities Act claims related to the issuance of mortgage-backed securities. Lead Plaintiffs have moved for an order preliminarily approving the settlement and a hearing on the matter is set for July 21, 2011.

  25. I agree with you E. Tolle.

    NEVER AGAIN.

    Just look at who his main Backer was Ted Kennedy. A member of his Fathers Nazi loving Kennedys

  26. A Man, in my opinion, Obama is simply a puppet on a string, albeit one bred for this exact purpose. Carefully groomed from his placement at Harvard (aren’t they all?) on through to junior senator, he does the bidding of the Masters of Privilege behind the scenes. Just remember, for every stooge on that platform there’s a whole group of think tank men and women behind the scenes writing the scripts that flash on those teleprompters that he and others read.

    Don’t get me wrong, I wholeheartedly share your disdain for Obama, as he’s done nothing but kick cans down back roads on every issue affecting us as a nation. I’ve had it with the “pivot to jobs” sound bytes and the endless dribble about helping homeowners in need. Not to mention the escalation of military conflicts the world over. Each and every issue is 180* from his campaign promise. But don’t think for a minute that this is an accident. It’s nothing personal, they just need our wealth and that includes our land holdings. And there’s urgency in their pillage now that things are at a tipping point….let the looting begin in earnest while the flames are building.

    Read Michael Hudson’s “The Case Against the Credit Ratings Agencies”. Hudson exposes the shadow elite behind every single austerity package and “necessary for the markets health” foreclosure going on as we speak.

    I wonder what’s in the water at UMKC, as Michael Hudson, L. Randall Wray, and Bill Black all work the same beat there. No fog down that way. They all see things so clearly. Read Hudson’s piece here:

    http://www.nakedcapitalism.com/2011/08/michael-hudson-the-case-against-the-credit-ratings-agencies.html

  27. E. Tolle these Jews were called and are called “Kapo’s” But lets go to the source of our troubles.

    He is Called Barak Obama. He is the President of the United States and just like Franklin D Roosevelt who could have bombed the Concentration camps and who turned back the Jewish Refugee boats, with the full knowlege that these Jews will be exterminated.

    NEVER AGAIN

  28. Why wish Monihan well? Hope he ends in jail hell! Where all sinister demon banksters and their helpers belong! Including their aiding and abetting lawyers, whom have to know the truth. E.Tollie, you are so right. This crime is history repeating itself. We are in a simular situation that the Jews were in. Only it is all Americans now, and the And the Americans helping the criminal banks are all quilty of the crime. The employees everyone should walk out on the banks and leave them with out any means to continue this atrocity. The lawyers who know what is going on should be brought to justice and the represenatives in our government, including the judges in our judicial system supporting this crime that has been brought forward and exsposed in detail in reports such as “The Wall street and the Financial crisis, anatomy of a Financial Collaspe” , the The Unfair, Deceptive and Unconscionable Acts in Foreclosure Cases and many more including the over 9000 investigative reports shredded by the SEC should be enough for all to know whom ever is still supporting the banks either by employement and or defending them in the courts is responsible and accountable for their crimes. This time the crime is terrorism on American soil. Over 800 American Concentration Camps posted on the internet. All empty and waiting for something big in a year and a half. Makes you wonder. Several new huge Chase banks have been built in our area here, and lots of prisons, by freinds, relatives and customers telling me they have worked on these prisons and wondered why they were being kept empty and not being used for a year and a half and what the hell for? When I told them what I think and to look at the information on the web, they turned pale. Saying I sure hope you are wrong. Does not make since so many prisons are needed and empty. One of my customers was asked to move to Alaska for a while to help build three more prisons. For years the government has said they kept sex predators in mental institutes and not in prisons because they could not afford the separate prisons and they can not mix the predators in with regular prisoners, because they would be killed by the inmates. But they can afford hundreds of empty prisons? With a big plan to need them in a year and a half. We are fighting for America and possibley for our lives. Thousands of people being tossed in the streets homeless is unthinkable and not imaginable but it is happening. What is next if we do not make sure these banksters go down and America is given back to the people. The Constitution is upheld like stone never to be tread on again. All laws violating the Constitution should be void by law. Bankster rule has to end. Thanks to the web sites and all good people on these sites fighting this crime and contacting our represenatives we will win this battle. Thank goodness their are attorneys and judges and government represenatives that are honest and believe in doing what is right. And most of all thank God above for being there for us all. We are seeing a huge change and I trully believe the scale is tipped our way now. Keep fighting this sinister evil greed. Thankyou everyone of you on this blog and other blogs for helping Americans fight this sinister unconscionable crime.

  29. I’m sure it was true for quite a while that many who work at B of A didn’t know of the crimes against humanity being carried out by their institution on a daily basis. But the further down the road we found ourselves, that excuse was simply no longer viable or tolerable. Just as in eastern Europe where some Jews found themselves collaborating with their Nazi captors in the extermination camps, and in so doing became perpetrators aiding in the atrocities, so do the bank employees aid and abet the present crisis. At some point their ignorance is no longer excusable, they become guilty by association.

    One might say that the goals of the Nazis couldn’t have been achieved, at least not nearly as effectively, without the help of the Jewish “special squads”. Although they rationalized their actions out of self preservation, it was at the cost of millions of relatives, friends, and neighbors….all innocent men, women and children.

    I’d be willing to bet that the vast majority here would place the foreclosure mills that are fraudulently foreclosing on all of us at the very top of the list of villains in this crisis. But who is it that works the machine that pays the high ticket bills of these firms? The average man and woman working behind the scenes at Bank of America? And could these predator mills exist without the strivings or excuse of self preservation by these same workers?

    And before anyone goes off railing about the comparison, I’ll agree that it may seem offensive to some to compare the loss of life at death camps to the loss of one’s employment, home, and emotional well being due to the financial meltdown. However, one would be wise to realize that we are only at the start of this forced march that the financiers have set us on. There are no fixes being discussed, and the undeniable truth is that there are none coming down the pike either. We’ve been hung out to dry in a stiff breeze, and many millions of foreclosures are soon to come. And many millions more unemployed are to follow as well. And our government watches silently.

    Be prepared for the follow up of mass foreclosures in commercial properties small and large, then the acquisition of our nations choice properties and landmarks as TPTB take the spoils of this war, a war that we stand little chance of winning if we continue to play by their rules. We will need to embrace collapse and start anew. Then we make up the new rules once they’re gone.

  30. I truly feel for a majority of the employees that are going to be affected by the CEO (s), but as far as the bank? Let Mr. Moynihan sell all of his assests, pay back some of the monies ripped off from “His” customers, and go rent an apartment in the middle of Hell’s Kitchen.

  31. So there is this guy I talk to. A homeowner/soon to be EX homeowner. I’m trying to help him understand some things. He’s been in his house for SIX YEARS with no payment, and they did the sheriff’s sale a couple weeks ago. He wants to go back in front of a judge to get the sale reversed. He’s all hopped up because he bought a securitization audit and has some self-serving assignments of mortgage. “GREAT!”, I said. “But you better have a lawyer with you, or you’re gonna be toast.” I’m thinking that’s sage advice.

    Anyway, he goes on to say that we (as in you and me) should file the IRS Whistleblower form for tax evasion. It’s this one:

    “If you suspect or know of an individual or company that is not complying with the tax laws, you may report this activity by completing Form 3949-A. You may fill out Form 3949-A online, print it and mail it to:

    Internal Revenue Service
    Fresno, CA 93888”

    Okay, I like that. Tell the IRS these guys are evading taxes by violating the REMIC tax structure.

    And then he says that we should file this here
    “IRS FORM 56 – Notice Concerning Fiduciary Relationship” with the Court and make the judge the “fiduciary” as an overseer of your case as it relates to the Internal Revenue Code and the tax evasion being committed with your loan.

    Am I goofy, or does this really make sense?

    Look, read, and reply.

    I kinda like it. But then again, I like everything that has to do with making a bank miserable.

  32. E.Tolle…love your Friday Follies—now you have to come up with a few more every Friday, ok?
    They sound like something Steven Wright would say…

  33. From Business Insider:

    “Mahoney is not registered as a lobbyist, and a BofA spokesman tells POLITICO’s Ben Smith he works on policy.

    Spokesman Lawrence Di Rita to Ben Smith:

    “Bank of America does not endorse Presidential candidates. The reference was about following up on the substance of the speech about job creation and economic growth. Discussing policy issues that affect our company and our customers is something we do with policymakers of both parties routinely at the local, state, and Federal levels.”

    I think this against the rules….anyone?

    Read more: http://www.businessinsider.com/banker-to-rick-perry-im-from-bank-of-america-and-well-help-you-out-2011-8#ixzz1VWybj7j5

  34. Opps forgot the article!
    BY ROBBIE WHELAN

    Patsy Campbell, a Florida woman who had drawn out the battle to save her house from foreclosure for more than 25 years, has finally lost her home.

    The home, in Okeechobee, Fla., was purchased Wednesday at an auction by Commercial Services of Perry Inc., the Iowa-based distressed-debt investor that …

  35. “Politico confirmed that it was Mahoney in the video. A spokesperson told Politico that Mahoney was offering “nonpartisan policy expertise.””

    Now that’s funny, I don’t care who you are….A GOP presidential hopeful taking advice from a going down in flames banker…..now that’s a dynamic duo for you. Both sucking America’s teat dry.

    Friday Follies:

    The economy’s so bad….

    I got a pre-declined credit card in the mail….

    CEO’s are now playing miniature golf….

    Bank of America laid off 25 Congressmen….

    Angelina Jolie adopted a child from Detroit….

    Motel Six won’t leave the light on anymore….

    A picture is now only worth 200 words….

    They renamed Wall Street ” Wal-Mart Street…

    I called the Suicide Hotline. I got a call center in Pakistan and when I told them I was suicidal, they got all excited and asked if I could drive a truck.

  36. how can this woman loose her Florida home when the statutes of limitations timebars her promissory note? Look up timebarred statutes of limitations on Florida promissory note, it is five years. And how about the Adverse possession law and the Castle Law?
    f

  37. (apparently he is a real B of A guy in the Gov. Perry clip)

    http://www.huffingtonpost.com/2011/08/19/rick-perry-bank-of-america_n_931605.html

    “The man appears to be James Mahoney, director of public policy for Bank of America. He serves on the board of the event’s sponsor, according to ZeroHedge.

    Politico confirmed that it was Mahoney in the video. A spokesperson told Politico that Mahoney was offering “nonpartisan policy expertise.”

  38. To late! They dont even deserve a chance to restructure foreclosuers. More like how can we hide this and steal houses? How can they restructure foreclosures they do not own? OFF TO JAIL WITH THEM, EACH AND EVERYONE OF THEM!

  39. That Gov. Rick Perry clip is really bizarre…the “unknown” B of A guy is either really stupid not to see the microphone right above his head, or he’s an actor and the whole clip is a “hoax” type situation…hmmmm…guess we need someone to identify the dude who is speaking…

  40. For at least the last 3 months I’ve been saying that BofA will be gone – out of business – within 18 months. I will be surprised if they are in business still in business on Labor Day, 2012.

  41. “mkd, on August 19, 2011 at 12:02 pm said:

    I believe in God and he does answer prayers. All in his good time. ”

    Keep the faith and pray. It will work in the long run. May God bless you.

  42. This has gone viral… BofA telling Gov. Rick Perry that they will “help” him out. The selling out of America.

    http://www.zerohedge.com/news/bank-americas-dead-drop-rick-perry-we-will-help-you-out

  43. Bank of America must suspend all foreclosures and modify mortgages. The foreclosure is only hurting the bank. Besides, there is some chance that foreclosure may be abolished and in such cases previous owners could regain properties. There are countries where eviction is banned if a tenant could not find a place to stay.This is the USA – a country of new ideas.

  44. Nancy: Yes, we taxpayers do end up cleaning up the bankster’s and their government cronies messes. The link that E. Tolle just posted on captured crony Perry sadly explains all.

  45. Dovetailing nicely with Neil’s post on B of A is this C-Span clip where a B of A guy says to Rick Perry in a greeting line,” Bank of America, we’ll help you out.”

    I wonder if he meant to say, “Help us out, please!”

    http://www.zerohedge.com/news/bank-americas-dead-drop-rick-perry-we-will-help-you-out

  46. @ bytheway, for those with attention deficits or comprehension problems, there’s always this:

    http://disney.com

  47. Houston we have a problem…

    http://mortgagemovies.blogspot.com/2011/08/kingcastmortgage-movies-see-attorney.html

    FRIDAY, AUGUST 19, 2011

    KingCast/Mortgage Movies see Attorney Margaret F. England pack up and head for the hills in the Fraudulent Foreclosure of Lamar Gunn’s Delaware home.

  48. leapfrog

    … we, the taxpayers, have to pay for the collapse.

    Maybe we could seek each governor to approve participation in new national lottery 50/50 each week? each state? to offset burden to residents. Instead of new on-line gambling.

  49. byetheway guess you can tell I read them I’m learning all the time. If you already know you don’t have to read. If you don’t know good information. What do you have to share?

  50. im curious if anyone reads the posters really really really long posts…or do most just skips over them?

  51. BONY Settlement helps me understand transactions and languge inside of ISSUING ENTITY c/o REGISTRANT pass through agency documents. The ‘resale’ of ‘mortgage notes’ by other institutional investors like Lehman, Goldman, Freddie Mac, in other shelfs and synthetic financial products started from simple ‘Loan Trusts’ which started from simple clearn easy to understand ‘mortgage loans’, one mortgage at a time.

    In the typical residential mortgage-backed securitization, a loan
    originator, or “Seller,” sold portfolios of loans secured by mortgages on residential properties (“Mortgage Loans”) to another entity, known as a “Depositor.

    Portfolio of loans (to be secured by residential properties) and (loans not secured by residential properties) combined. Servicer gets paid fees to collect money and process payments, LockBox, and continues distributing payments. Payee Services process payments for ‘Servicers’.

    Borrower approved for new loan the new loan # is affixed to the ‘cashier’s check’, loan by loan.

    Account Holder: Financial Institution
    Unrelated third party Account Holder
    c/o Depositor who is Seller of loan
    who gets money from TEMPORARY LENDER
    Temporary Lender name affixed to mortgage and promissory note or a private brand label affixed.

    Cashier Check (payee) is the individual settlement title agent as an individual and/or the bank attorney as an individual with fiduciary to handle transactions in accordance with ‘Closing Instructions’, approvals of the Underweriter, distribute funding from the escrow check per Closing Disbursement instructions, record documents with public offices of County Clerk / County Recorder, return ‘original documents’ any payments to lockboxes.

    So the coordination of the ‘mortgages’ being recorded with County Clerk / Recoder
    Coordination of the Lenders Policy to be in sync with issuing date of mortgage,
    Original Documents updated by LENDER and then recorded with County Clerks,
    Title Agency issuing Satisfaction of Mortgage
    etc.

    The cashiers check drawn upon an account holder whose cash is used to deposit into sellers depository funding.

    Is the cash is considered escrow for the new loan c/o TRUSTEE?
    Is the cash a payment to the purchaser buying servicing rights?
    Depositor to TRUSTEE c/o ISSUING ENTITY?
    What happens to the money?
    Why are there whole loans after RETAIL?
    What happened to that money?

    Reselling assets inside loan trusts huge.
    You’ll find Loan Trusts tranches are resold in 10K’s designed as ‘TRUST FUNDS’ related to pass thru agency REGISTRANT who acted as DEPOSITOR.

    You’ll find Loan Trusts ‘CERTIFICATES’ are placed into other syntheic products and resold to general investors. Institutional Investors and Institutional Bankers would recommend the ‘junk in the trunk’ to inivestors who did not know better they were purchasing higher risked products, shelfs, and synthetic products .

    TRUSTE FUND would have another Master Servicer assigned ? or the same one? who are bonded and responsible for all 88 Loan Trust tranches in the SASCO 2006-WF3, a good example.

    What will happen when the expiration date for the credit swap occurs in September 2011?

    Is there a chain of subservicers, servicers, and master servicers collecting fees cascading and futher diluting investors yield sperad which is not disclosed?

    WHO are the trustees of these synthetic products?

    In the Loan Trusts, the ‘certificate holders’ are the investors who are the owners of the collateral (mortgage notes) and assets (receivables) do they benefit? as Beneficiary investors?

    Are they the beneficiary of the payments of these other synthetic trusts?

    Why is THE TRUSTEE allowed to resell assets? High Credit Risk?

    DOES the TRUSTEE have to approve the slicing and dicing of a loan trust? into synthetic products meaning they don’t have any real assets and refer back to the loan trusts.

    There are nno legal entities in NY recorded with the Secretary of State as related to the ‘Issuing Entity’ name. There are business entities registStructured Asset Securitites Corp which has multiple registration statements and registration amendments for multiple ‘brand label’ pass thru agency for WFC, BOA, CHASE, GMAC…Deutsche, Cendant,

    Is the definition of a legal entity the literal ‘account’ created in an institution? not a legal business entity right?

    Trust funds contains perhaps 100 loan trusts assets are resold and the 10K will die with the resales. You’ll see pattern of 10K’s only 1 per Loan Trust, or Trust Fund or ‘Certificates’…. 10K annual report – of somebody, not everybody. 10K significant related to income reported.

    The SEC “Issuing Entity” (Loan Trust) is a fictitious name, one which the owners of the assets will create ‘prospectus’ and ‘prospectus supplements’ and purchase all of the ‘certificates’ which will be stored in the name of the UNDERWRITERS who purchased with fiduciary to resell or not certificates to other institutional investors, institutional bankers, etc.

    Origination transactions:
    The Depositor conveys one day all of the Mortgage Loans to TRUSTEE. Which mortgage loans? The loans already approved, and servicers are receiving payments from borrowers. Only performing loans may be transferred into the trust which TRUSTEE responsbile for governing the regulations of the trust (fiduciary).

    IN THE DISCUSSION of the settlement TRUSTEE BONY

    BNY Mellon, as Trustee, to hold in trust – THE FIDICUARY

    Certificates or notes evidencing various categories of ownership interests in the Trusts were then sold through an underwriter to investors.

    These investors are called “Certificateholders” or “Noteholders” (referred to herein as “Certificateholders” or “Trust Beneficiaries”).

    Trust Beneficiaries are the ones getting the settlement and the everyday ‘Joe’ investor will get what they got before NOTHING?

    You’ll find good language inside documents related to the Registrant c/o pass through agency (depositor) S-3 & S-3/A.
    and the SETTLEMENT. Put on your data transaction hat as if you are the TRUSTEE. You’ll see the TRUSTEE settled with the Institutional Investors/Institutional Bankers owners of the certificates not resold.

    You’ll find intent to resell assets in loan trust inside ’10Ks’
    naming ‘tranches’ resold to Institutional Investors as Shelfs.
    Abacus, Oppenheimer Funds, ….

    How can on tranche of a loan trust be resold? When its resold as ‘servicing’ and subservicing? Is SASC M9 resold into Abacus and Oppenheimer sales were the pass thru agency? Has anyone investigated in the SETTLEMENT were any of the servicers loans and certificates resolde and into what funds and shelfs?

    Example of a ‘TRUST FUND’
    SASCO 2006-WF3 10K 88 ‘loan trust’ tranches are resold what about the TRUSTEE and the existing residential mortgage loans whose ‘collateral’ as ‘mortgage notes’ were purchased by unrelated third party now called the ‘Investor’ owner of the certificates like LEHMAN 441 and 708 who is 708? Aurora? Aurora is not a LENDER. SASCO 708? Southstar Funding is 708? Is 708- Wells Fargo Asset Securities – dba Norwest Acceptance or Norwest Integrated or Norwest Funding?

    The seller of the loan is the ‘temporary lender’ and first lien recorded as LENDER recorded in county records in accordance with stautory laws in judicial states? The trades of the mortgage note collateral and receivable are not recorded in the county clerk – county recorder, nor are they recorded on DEED OF TRUST. Why?
    So they can resell? Why does the real TRUSTEE not come before the court? That would be the instituional investors who are owners of the certificates and the assets are held in holding companies with the intent of taking possession of personal and real property and mixed property through deceptive acts, and the intent of the substantive omissions of material facts, spearheaded by TRUSTEE who had fiduciary duty of itself, its owners, its private owners of its preferred stock are the trustee beneficiaries.

    The purchaser of the servicing rights as an asset will be attached to an issuing entity as an example of the ‘revneue stream’ assets that will be loaded into the fund after the PSA closes.

    The portfolio of loans to be placed into the ISSUING ENTITY as revenue stream assets, are presold at RETAIL SERVICER can be TRUSTEE and is DEPOSITOR and all are in agreement.

    The borrower is the only person who does not know nor does anyone care that the transactions during origiantion executed c/o TRUSTEE were done with intent to take cash and convert into assets of the private wealth owners. No mystery there.

    Why does the Attorney Generals not go after every TRUSTEE. So consumers that what we have to do? Can we do a joinder by state with the Attorney Generals?

    BORROWER – Where does the payment go after it reaches the lockbox for 91+ days? The loan will be designed as revenue stream to pay interest to institutional investors who used the escrow to purchase the certificates in the name of the institutional banks prior the PSA closing.

    The check funding paying seller of loan and deposit goes into corporate trust servcies of seller of the loans. Does that mean the temporary lender? For how long? Will the temporary lender be the party who resells the servicing rights and benefit from the lockbox collections? Nexus Financial/Aurora, Columbia Bank/GE Capital Mortgage Services dba Wells Fargo, WFHM dba Norwest Funding …,

    The undisclosed third party unrelated to borrower cash came out of that account yet according to remitter ordered by ‘underweriters’ approved by underwriters, paid for cashiers check. Did they just pay for the fee to create the check? The payee is the title settlement agent as an individual who issued commitment c/o Underwriters. The intended institutional underwriters who will purchase the ‘certificates’ in their name as owners of the certficates, Deutsche Bank Trust Americas, for example, one of the UNDERWRITERS who laid out cash c/o Sellers depository pass through aghency.

    Cashier’s check as remitter – remitter pays for cashiers check – Is that confusing to you too?

    Why the 90+ day delay? In order that the TRUSTEE can be in conformance with requirements of Loan Trust.

    All loans must be performing and producing income for the loan trust in order that the TRUSTEE be in compliance with PSA. Why only this transaction truthful?

    S&P and Moody’s won’t get in trouble for insuring what the TRUSTEE claimed would be placed inside of the loan trust. A court already decided that in NY finding Ambac not at fault for insuring empty trusts each month. Ambac proved that they issued policies in good faith based on prior months transactions. Court ruled within four corners of contract Ambac had no way of knowing the TRUSTEE would not fund the trusts or what the funding into the trusts and loans would look like.

    Issuing Entity is a fictitious name.
    So TRUSTEE responsible to create a bank trust account, and as fiduciary make sure it tracks by Fictitous name monies pass thrugh pass through agency (REGISTRANT) in which US DOLLARS are converted into notes, certificates, bonds.

    TRUSTEE responsible as fiduciary …

  52. I believe in God and he does answer prayers. All in his good time.

  53. Think back just a couple of years ago to the B of A – Merrill Lynch takeover. Ken Lewis, in league with the crooks at the helm of Merrill, decided it was OK for Merrill to pay nearly $6 billion dollars in bonuses to the elite at the top of the crashing and burning Merrill, as this entity was in total collapse!

    They ultimately paid these idiots $3.6 billion, Two weeks after the merger closed, losses at Merrill prompted Bank of America to accept $20 billion of bailout money, on top of its earlier $25 billion. How does one get paid performance bonuses even as gangrene is setting into the patient?

    The SEC fluffed up its feathers and appeared to act tough against B of A for this blatant criminality, ordering them to pay a fine of $33 million dollars. Do the very simple math here….you accept $45,000,000,000, and get caught passing billions around amongst yourselves, so you have to pay a fine of $33,000,000, which of course comes out of the $45,000,000,000. How sweet it is!

    “This fine is small in comparison to even the bonuses that Bank of America is probably still paying,” said James Cox, a securities law professor at Duke University. “We ought to be looking at the individuals who were the players here.” You’re damned straight professor. One doesn’t need an advanced degree to figure that out. This is the perfect bank heist. Only it was done in the noon day sun, with a totally CAPTURED audience.

    Bill Black explains it perfectly for the thousandth time in the following. You’d think that at some point, one of our legislators would hear this argument and have a light bulb moment. Keep in mind as you read this, that the executives at these financial firms are to blame for ALL THE FINANCIAL PROBLEMS WE ARE EXPERIENCING THE WORLD OVER! And they ALL need to be thrown in jail never to see the light of day again!

    Mr. Black, you are a white-collar criminologist. Can you describe for us these “certain patterns of behavior, which are relatively standard in criminal financial activity” and explain why they occurred?

    The fuller question is why we have recurrent, intensifying crises in so many nations. The principal cause is epidemics of “control fraud.” “Control frauds” are seemingly legitimate entities controlled by persons that use them as a fraud “weapon.” (The person that controls the firm is typically the CEO, so that term is used in this article.) A single control fraud can cause greater losses than all other forms of property crime combined. Neo-classical economic theory, methodology, and praxis is optimizing criminogenic environments that hyper-inflate financial bubbles and produce recurrent, intensifying financial crises. Financial control frauds’ “weapon of choice” is accounting. Neo-classical theory, which dominates law & economics, is criminogenic because it assumes that control fraud cannot exist while recommending legal policies that optimize an industry for control fraud. Its hostility to regulation, endorsement of opaque assets that lack readily verifiable market values, and support for executive compensation that creates perverse incentives to engage in accounting control fraud and optimizes fraudulent CEOs’ ability to convert firm assets to the CEO’s personal benefit have created a nearly perfect crime.

    We need to see that the executives of all these financial institutions are converted into productive citizens working for $0.25 per hour at the penitentiary laundry. Ken Lewis would have a totally different view of large mergers every time Bubba comes calling.

  54. This is probably a red herring – sign of deeper trouble, which will make some very happy. But it’s not the solution we really want – more unemployment. What we want, is it not, is for these guys at the top pulling the strings and any of them who participated in crimes or torts be on the receiving end of warrants, search and seizures,
    and all legal remedies available to law enforcement and the judicial system under the laws of the states and the U.S. Short of this, the guy who’s going to pay first, the guy who is not the target, is the little guy employee who will be dancing in the welfare lines. It’s just not enough to take them down if doing so results in the real villains skating imo. It’s too bad the board apparently doesn’t have the kahunas or clout to rid itself of these jerkies – might go a long way to improving its image and leave those guys to their own devises, just like homeowners.

  55. POWER OF THE TRUSTEE: BANK OF NEW YORK MELLON (BONY) RETAINED its own experts to assist it in estimating the size of the Covered Trusts’ potential repurchase claims.

    TRUSTEES EXPERT: BONY’S EXPERT (NERA)
    The expert that will determine each Trust’s allocable share of the settlement payment will be National Economic Research Associates (NERA).

    Based on its own analysis, the Trustee BONY AND ITS EXPERT, concluded the settlement was reasonable and in the best interests of the Covered Trusts. THE LINK TO SEE THE 530 TRUSTS INVOLVED:

    http : // www . gibbsbruns . com / files / Uploads / Documents / Exhibit%20A.pdf

    THE INVESTORS in PRIVATE-LABEL mortgage backed securities MBS -? ‘BOA’ ‘Countrywide’ ‘IndyMac’ Home Loans Servicing…

    WHO HANDLES THE PRIVATE-LABEL (WHO ARE THEIR BACK OFFICE)?

    TRUSTEE IDENTIFIED
    525 FIRST-LIEN AND FIVE – SECOND LIEN ‘RMBS LOAN TRUSTS’

    WHO? HANDLES THE PRIVATE-LABEL TRUST FUNDS RESALE OF THE ASSETS OF THE REFERENCED RMBS LOAN TRUSTS?

    TRUSTEE c/o Pass Through Agency, as Depositor, as Seller, as Servicer, as Securities Admin, as Document Custodian….

    PACKAGES UP ‘LOAN TRUST’ ASSETS AND RESELLS

    TRUSTEE ‘sells’ assets to Institutional Bankers, and Institutional Investors’

    BNY Mellon, as Trustee, has entered into the settlement on behalf of 525 first-lien and five second-lien RMBS trusts issued by affiliates of Countrywide. The other parties to the settlement agreement are Bank of America Corporation, Countrywide Financial Corporation, Countrywide Home Loans, Inc. and BAC Home Loans Servicing, L.P. (“BAC Servicing,” sometimes called the Master Servicer).

    SETTLEMENT ADDRESSES ONLY ‘COVERED TRUSTS’ repurchase and servicing claims, NOT REPRESENTATIONS AND WARRANTIES. ANY OTHER ‘SETTLEMENT’ BOA & COUNTRYWIDE WILL ARGUE ANY PAYMENT MADE OR BENEFIT CONFERRED UNDER SETTLEMENT MAY CONSTITUTE AN OFFSET OR CREDIT AGAINST OR A REDUCTION IN GROSS AMOUNT OF INDIVIDUAL INVESTOR’S DIRECT CLAIM FOR DAMAGES.

    THIS ACTION IN RESPONSE TO:
    Notice of Non-Performance issued on October 18, 2010 Institutional Investors, through their counsel, led the settlement negotiations with Bank of America and BNY Mellon, as Trustee

    POWER TO THE INSTITUTIONAL INVESTORS GUARANTEED BY SENIORITY C/O TRUSTEE

    QUESTION: WILL INSTITUTIONAL INVESTORS BENEFIT DIFFERENTLYTHAN OTHER INVESTORS UNDER SETTLEMENT? NOBODY PAID ADDITION TO THE DECEPTIVE ANSWER?
    The Institutional Investors will participate in the settlement, like every other investor, based on the seniority of the securities they own.

    ‘SETTLE’ MORTGAGE REPURCHASE AND SERVICING CLAIMS
    OWNED BY 530 COVERED TRUSTS.

    Implement Servicing changes and improvement expected to IMPROVE outcomes for borrowers and investors. Same info as RECONTRUST NA, and BOA claim expect improvements in process are directly related and defined herein.

    BNY Mellow as Trustee sought court approval of settlement

    Institutional Investors (clients) intervene in proceedings and use best efforts to obtain approval of settlement.(see list below)

    SETTLEMENT ADDRESSES MORE THAN MORTGAGE REPURCHASE CLAIMS.

    QUESTION:
    What improvements in mortgage servicing benefit borrowers and investor?

    ANSWER: ADDING ANOTHER LAYER TO HANDLING PAYMENTS VIA SUBSERVICER (AT BOA’S EXPENSE – NO EXPENSE OF COMMON STOCKHOLDER WILL REDUCE COMMON STOCK DIVIDENDS ADDING TO OVERHEAD)

    Bank of America agreed to move servicing of high-risk loans for troubled borrowers to qualifed sub-servicing firms, at Bank of Americ’as expense & Clarifies Loss Mitigation Standards

    The Institutional Investors represented by Gibbs & Bruns LLP are:

    BlackRock Financial Management, Inc.
    Federal Home Loan Bank of Atlanta
    The Federal Reserve Bank of New York’s Maiden Lane entities
    AEGON USA Investment Management LLC
    Bayerische Landesbank
    Goldman Sachs Asset Management L.P.
    ING Investment Management L.L.C., ING Bank, fsb, and ING Capital LLC
    Invesco Advisers, Inc.
    Kore Advisors, L.P.
    Landesbank Baden-Wuerttemberg and LBBW Asset Management (Ireland) plc, Dublin
    Metropolitan Life Insurance Company
    Nationwide Mutual Insurance Company and its affiliate companies
    Neuberger Berman Europe Limited
    New York Life Investment Management LLC
    Pacific Investment Management Company LLC (PIMCO)
    Prudential Investment Management, Inc.
    Teachers Insurance and Annuity Association of America
    Thrivent Financial for Lutherans
    Trust Company of the West and its affiliated companies controlled by The TCW Group, Inc.
    Western Asset Management Company

    COMMON STOCK OWNERS CAN LOOK FORWARD TO THE BILLS INCLUDING:

    Q: What are the improvements in mortgage servicing that will be implemented as a result of the settlement?

    A: The agreement requires a series of improvements in mortgage servicing that, over time, are expected to improve outcomes for borrowers and investors alike. These improvements include:

    a. An agreement to transfer certain high-risk loans owned by the Covered Trusts to qualified subservicers, at BAC Servicing’s expense, for “high touch” servicing to achieve the twin goals of improving responsiveness to troubled borrowers and reducing loss severities in the Covered Trusts;

    b. Benchmarking loan servicing by BAC Servicing against defined industry standards such as default-servicing timelines (with the payment of agreed-upon fees to the Covered Trusts if those benchmarks are not met);

    c. Clarifying loss mitigation standards under the agreements that govern the Covered Trusts, to ensure borrowers are considered for all applicable modification programs at once, reflecting a shared commitment to efficient and timely procedures to assist distressed borrowers; and,

    d. Implementation of a cure process for mortgage and title documentation, coupled with an agreement by BAC Servicing to indemnify the Covered Trusts for any losses caused by their inability to liquidate a mortgage as a first-lien mortgage.

    In total, Bank of America estimates the cost to implement the servicing improvements will be approximately $400 million

  56. Fraud voids all.

  57. TYLER DURDEN 8/19/2011
    BANK OF AMERICS’ DEAD DROP TO RICK PERRY
    “WE WILL HELP YOU OUT”

    HEAR AND SEE
    VIEW AUDIO CLIP ATTACHED OT HIS BLOG,
    40 MINUTES INTO THE BLOW CLIP

    Should we be surprised, frightened, disgusted or simply say “we knew it”, that in the informal mixer just after Texas Governor and Republican presidential candidate Rick Perry spoke at a Politics and Eggs breakfast in Bedford, New Hampshire, an unknown gentlemen approaches a casual Perry like an Ian Flemming character, and proceeds to dead drop the following: “Bank of America… We will help you out”… and silently moves on. At least we know now who is funding what, and whose interests potential future president Perry will be paid to defend.

    ANOTHER ONE ‘PUT BUDGET IN PLACE THAT BALANCED’
    WHY CAN’T HE DO IT NOW?

    FREE UP WEALTH $16 TRILLION NATIONAL DEBT – HOW?

    BULLY

    IF LEGISLATURE DOES NOT AGREE, PRESIDENT HAS POWERFUL TOOL – PEN TO VETO SPENDING BILLS

    HE WILL WEAR OUT THE INK IN VETO PEN TO SEND MESSAGE WE WON’T SPEND MONEY WE DON’T HAVE

    MEMBER OF AUDIENCE COMES FORWARD, SHAKES HIS HAND AND LEANS IN AS HE SAYS … “BANK OF AMERICA WILL HELP YOU OUT” WAS THAT SECRET CODE I’M APPROVE PURCHASE ORDERS FOR DONATIONS? CASH GIFT CARDS?

  58. Couldn’t happen to a nicer entity. They need to go. I have heard other theories that if BofA is not propped up, it will cause a run on the banks. I don’t think so.

  59. THE BOA MASS JOINDER – ANOTHER KICK IN THE STOMACH TO CONSUMERS HARMED.

    WHAT ‘REO’ BROKER WAS ‘HANDLING’ MODIFICATIONS BENEFITTING FROM ‘MASS JOINDER PARTICIPANTS?’

    BET CHRIS VAN SON ESQ. AND ROBERT BBERRELLEZ BROKER HAPPY THEY DID NOT GET THE BACK OFFICE GIG.

    WHAT IS IT ABOUT ORANGE COUNTY CALIFORNIA? IS THERE A SAD COUNTRY SONG HIT HERE SOMEWHERE?

    Attorney General should be copied to protect you.
    APNewsBreak: Lawyers accused of scam in bank suits

    Published August 18, 2011

    | Associated Press
    COSTA MESA, Calif. – California prosecutors sued several lawyers and call center operators for allegedly duping desperate homeowners across the country into paying thousands of dollars to join dubious lawsuits against big banks.

    The complaint unsealed Thursday in Los Angeles County Superior Court accuses prominent foreclosure attorneys Philip Kramer and Mitchell Stein and at least 17 other individuals and businesses of ensnaring borrowers in a scheme that falsely promised a cut of future settlements.

    The lawsuit portrays the defendants as the most recent in the chain of mortgage-related scammers who helped fuel the housing bubble and have cashed in on its collapse. The defendants previously worked in the fraud-ridden loan modification industry, in which lawyers offer to negotiate better mortgage terms on behalf of troubled borrowers in exchange for a fee.

    They are accused of telling borrowers that they had a solid claim to being victims of predatory lending because courts had already found most lenders to have approved inappropriate mortgages.

    “They essentially took advantage of what we know is a growing sentiment out there,” California Attorney General Kamala Harris said Thursday. “They suggested that by joining this lawsuit, the banks would have to pay. But the only people who paid were those homeowners who were victimized for the second time.”

    Investigators are aware of some 2,500 California residents who have been listed as defendants in the lawsuits, but there could be many more who paid fees and were never actually added to the suits or are out of the state, Harris said.

    Up to 2 million official-looking mailers advertising the lawsuits were sent to homes in at least 16 other states, including Arizona, Florida, Nevada, New York and New Jersey, Harris’ office said in a release.

    Some borrowers had their homes foreclosed on after paying to join the suits filed by Kramer and Stein, according to the complaint.

    Defendants in the complaint are all based in California, but the investigation could eventually ensnare associates in other parts of the country.

    Florida bar spokeswoman Zannah Lyle confirmed that her organization was looking into allegations of rule violations concerning Tallahassee-based lawyer and lobbyist David Ramba’s work with Kramer to recruit struggling homeowners to join lawsuits against banks. Ramba did not immediately respond to a message seeking comment.

    The attorney general’s complaint was unsealed a day after state bar investigators and state Department of Justice agents served defendants with copies of the complaint at 14 locations in Los Angeles and Orange counties.

    Officials loaded boxes of seized documents into moving vans Wednesday. Armed police guarded the entrances to emptied offices, which appeared to contain wall-to-wall cubicles for phone center workers. The Orange County raids took place in sprawling office parks with manicured lawns surrounding Irvine’s airport.

    Outside one office, a man in a business suit said he had worked for the raided company but refused to answer any other questions as he carried a stack of framed pictures from the building and oversaw the removal of a small refrigerator by younger apparent employees.

    At another office, a manager who would only give his first name, David, said he and his colleagues had been questioned about their connection with Kramer. He said they had done business with the lawyer two years ago but not since.

    Prosecutors accuse the defendants of making false representations and three counts of unfair competition. They are seeking an injunction stopping the defendants from continuing with the business in addition to unspecified monetary damages.

    No criminal charges have been filed in connection with the case.

    Kramer’s firm and the other defendants’ were placed into receivership on Monday and have had their assets seized, the attorney general’s office said.

    Harris said that bar association lawyers were reviewing the suits against the banks to determine whether any plaintiffs had legitimate complaints that could be pursued against the lenders.

    Calls to Kramer’s office were being forwarded to a state bar phone number Thursday. Calls to Stein, who refers to himself on his firm’s website and other communications as “The Doberman,” went straight to a busy signal.

    Prosecutors accuse Kramer and Stein of exploiting an existing lawsuit known as Ronald v. Bank of America NA filed in Los Angeles Superior Court in March 2009. Stein was one of the lawyers who first filed that case, which alleged on behalf of a few dozen clients that the bank committed mortgage-related improprieties. Kramer later joined as counsel to another defendant who was added to the case.

    The lawyers used the Ronald case to drum up business and have since filed separate lawsuits against JPMorgan Chase & Co, Wells Fargo Bank NA, Citibank NA and others to broaden their base of clients, the complaint alleges.

    The lawyers and their associates sent mailers that looked like official class-action lawsuit notifications and stated that their recipients were potential plaintiffs in a litigation settlement. The letters claimed they could cut their mortgage to as little as 70 percent of their value, prevent foreclosure and get $75,000 in damages.

    They directed people to phone supposed law offices that were actually call centers staffed by operators with no legal expertise.

    In addition to using mailers, Stein used his law firm’s Facebook page to make overblown claims about bank behavior and his ability to seek retribution, according to the complaint.

    “Look for Patriot Act violations in your mortgage,” Stein wrote in a Jan. 17 posting. “Talk to a lawyer. You might just cancel the mortgage.”

    Prosecutors estimated hundreds or even thousands of people paid between $5,000 and $10,000 to join the lawyers’ suits.

    Kramer gloated in an October 2010 e-mail to another defendant about the virtues of their new undertaking compared with the loan modification business.

    “Only morons would prefer to ‘sell’ mods from this day forward,” Kramer wrote, according the complaint.

    Bank records show more than $7 million deposited in three of Kramer’s accounts connected to the investigation, with millions more paid to call centers that provided answers to prospective clients responding to the mailers, the complaint said.

    Those workers are accused in the complaint of overstating lawyers’ progress in the lawsuits, all of which are in their earliest stages, and of misrepresenting judges’ apparent disposition toward the banks.

    Some salespeople are alleged to have told borrowers that the judge in the Ronald v. Bank of America has told the lender it has “no defense” and that its main argument is “absurd.”

    The salespeople also tell homeowners that the case’s lawyers have proven banks have taken money from investors that can’t be accounted for, the complaint says.

    Philip Warmanen, a 71-year-old travel agent in Jacksonville, Fla., was among those who joined the lawsuit. Warmanen said he responded to a mailer that turned out to be from Kramer’s law firm early this year after Bank of America failed to offer him a modification on his home that had lost about half its value since he paid $525,000 for it in 2006.

    Warmanen was told he should receive a modification and other settlement benefits in just a couple months when he paid $4,000 to join the lawsuit but has heard little of the case since then.

    “They said there was a strong likelihood that this would be successful and that they had a few cases where the judgment had come through positively in favor of the complainants,” he said. “They led me to believe that that might be my case.”

    ___

    Jacob Adelman can be reached at http://twitter.com/jacobadelman

  60. Who says the FDIC has the money to cover the collapse of the Banksters of Amerifraud.

    Tnharry I would start finding another job. The banksters are gonna stop paying you.

  61. ReconTrust ‘Real Estate Foreclosures “ARE FDIC SAFE” AND “OCC” SAFE AS A NATIONAL ASSOCIATION, US GOVERNMENT INSURES EACH ‘DOMINO’ OF THE ’11 BANK CREDIT FACILITY’ THE GANG WHO MERGERD AND OWN THE NATIONWIDE NETWORK THAT CONTROLS THE REAL ESTATE INDUSTRY OF THE ‘NATIONS’ GDNP GIVEN ‘EXTRAORDINARY’ POWERS BY CONGRESS Y2K. AND WHO PAYS, TAXPAYER.

    Auctions:
    Upcoming Saels
    Sold Properties
    TS# by Trustee Sale #

    Foreclosure Search by Price or by Trustee Sale #
    ReconTrust Company, N.A. is a wholly-owned subsidiary of Bank of America, N.A.

    Bank of America, N.A. Member FDIC. Equal Housing Lenders Some products may not be available in all states.

    ReconTrust Company, N.A. is a wholly-owned subsidiary of Bank of America, N.A.
    Bank of America, N.A. Member FDIC. Equal Housing Lenders Some products may not be available in all states.

    © 2009 Bank of America Corporation. All rights reserved.

    The information on this web site regarding foreclosures in process and foreclosure sale dates and times is provided as a courtesy only. It may not be the most current information available as these dates and times can change. In addition, unaffiliated companies or web sites may report on ReconTrust’s business activities. For the most current information regarding ReconTrust’s business, please contact the servicers, trustees, or other contacts listed in any written notices you may have received or contact ReconTrust directly at (800) 281-8219 or by mail at 1800 Tapo Canyon Road, Simi Valley, CA 93063.

    ‘MORE DECEPTIVE ADVERTISING’ ALLOWED BY FTC

    HUD IS A US GOVERNMENT AGENCY OFFERS FREE…..
    NOTHING HUD OFFERS IS FREE
    FEDERAL TAXPAYERS PAY FOR HUD AND WHAT DID HUD DO TO HARM ECONOMY, LET THEM NOT BE UNSCATHED IN THIS MESS.

  62. My wish is starting to come true !!!! I just hope some of them go to jail.

  63. They probably could have saved a lot of money and jobs by not giving CEOs millions in bonuses and being an upstanding company in the first place. I bet not having all these lawsuits against them would help a lot.

  64. I’ll pop open a bottle of champagne when I hear of banksters of america’s collapse. Supposedly, Moynihan has all his assets wrapped up in B of A. Couldn’t happen to a “nicer” person or a more poorly managed company. Wonder what their bankruptcy or demise will do for those of us who have pending case against them?

  65. Give it time and that ass munch Moynihan wont have a job either , this bank will fail , it is being destroyed from within and the Federal Boys are watching , can’t wait to see Brian go from a 3.5 million dollar home in Mass. to an 8×10 concrete , w/ a Boyfriend , he looks like he may like it , kinda sissy always picked on in school type.

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