BofA sued by US Bank over $1.75 billion Countrywide mortgage pool

 

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BofA sued over $1.75 billion Countrywide mortgage pool

Reuters

A customer stands at an ATM machine at a Bank of America office in Burbank, California Reuters – A customer stands at an ATM machine at a Bank of America office in Burbank, California August 19,Jonathan Stempel and Joe Rauch Tue Aug 30, 12:24 pm ET

NEW YORK/CHARLOTTE, North Carolina (Reuters) – Bank of America Corp was sued by the trustee of a $1.75 billion mortgage pool, which seeks to force the bank to buy back the underlying loans because of alleged misrepresentations in how they were made.

The lawsuit by the banking unit of US Bancorp is the latest of a slew of litigation to recover investor losses tied to risky mortgage loans issued by Countrywide Financial Corp, which Bank of America bought in 2008.

In a complaint filed in a New York state court in Manhattan, U.S. Bank said Countrywide, which issued the 4,484 loans in the HarborView Mortgage Loan Trust 2005-10, materially breached its obligations by systemically misrepresenting the quality of its underwriting and loan documentation.

Soon after the loans were sold to the trust, they “began to become delinquent and default at a startling rate,” the complaint said. Out of a sample of 786 of the loans, 520, or 66 percent, breached one or more representations, it said.

U.S. Bank said it demanded that Bank of America fix the breaches or buy back the loans as it had agreed to do, but that it has refused and offered no reason for this refusal.

The lawsuit demands that the bank repurchase all the loans in the pool, or at least those it knows have problems and are hurting investors in the trust.

Bank of America was not immediately available for comment.

The Charlotte, North Carolina-based bank paid $2.5 billion to buy Countrywide, but writedowns and legal costs have pushed the estimated cost of that purchase to more than $30 billion.

Last fall, Chief Executive Brian Moynihan said the bank would fight repurchase claims by investors, calling the process “hand-to-hand combat.”

In 2011, however, he has agreed to large settlements with mortgage financiers Fannie Mae and Freddie Mac, as well as billionaire Wilbur Ross’ bond insurer Assured Guaranty Ltd. Then in June, he agreed to pay $8.5 billion to settle a wide range of Countrywide claims.

The $8.5 billion pact requires court approval but has drawn objections from several dozen investors, as well as the Federal Deposit Insurance Corp and the New York and Delaware attorneys general. Bank of America also faces a $10 billion lawsuit by bailed-out insurer American International Group Inc.

In early afternoon trading, Bank of America shares were down 19 cents, or 2.3 percent, to $8.20 on the New York Stock Exchange.

The case is U.S. Bank NA v. Countrywide Home Loans Inc et al, New York State Supreme Court, New York County, No. 652388/2011.

(Reporting by Jonathan Stempel and Joe Rauch; Editing by Derek Caney and Tim Dobbyn)

34 Responses

  1. @ ALL AMERICAN CITIZENS….

    “This is a Government of the people, by the people, for the people. Consequently, nothing should be concealed from the people. The man who deceives the people is a traitor to these United States.

    “The man who knows or suspects that a crime has been committed and who conceals and covers up that crime is an accessory to it. Mr. Speaker, it is a monstrous thing for this great nation of people to have its destinies presided over by a traitorous government board acting in secret concert with international usurers. ”

    http://www.afn.org/~govern/mcfadden.html

  2. THIS is the kind of AMERICAN CITIZEN we need NOW….

    “Unless this is done by us, I predict the American people — outraged, robbed, pillaged, insulted, and betrayed as they are in their own land — will rise in their wrath and send a President here who WILL sweep the money changers from the temple.”

    Louis Thomas McFadden (July 25, 1876 – October 1, 1936) was a Republican member of the U.S. House of Representatives from Pennsylvania.

    Contents
    1 Early life
    2 Political career
    3 References
    4 External links

    Early life
    McFadden was born in Granville Center, Troy Township, Bradford County, Pennsylvania. He graduated from Warner’s Commercial College (currently known as the Elmira Business Institute) in Elmira, New York. In 1892 he entered the employ of the First National Bank in Canton, Pennsylvania. In 1899 he was elected cashier, and became its president on January 11, 1916, serving until 1925.

    He served as treasurer of the Pennsylvania Bankers’ Association in 1906 and 1907, and as president in 1914 and 1915. He was appointed in 1914 by the agricultural societies of the State of Pennsylvania as a trustee of Pennsylvania State College.

    Political career
    In 1914, McFadden was elected as a Republican Representative to the Sixty-fourth Congress and to the nine succeeding Congresses.[1] He served as Chairman of the United States House Committee on Banking and Currency during the Sixty-sixth through Seventy-first Congresses, or 1920-31.[1] Though re-elected without opposition in 1932, in 1934 he lost to the Democratic nominee by 561 votes. He was an unsuccessful candidate for nomination in 1936.

    McFadden’s main official legacy was the working on and the passing of the McFadden Act of 1927 limiting federal branch banks to the city in which the main branch operates. The Act sought to give national banks competitive equality with state-chartered banks by letting national banks branch to the extent permitted by state law. The McFadden Act specifically prohibited interstate branching by allowing national banks to branch only within the state in which it is situated. Although the Riegel-Neal Interstate Banking and Branching Efficiency Act of 1994 repealed this provision of the McFadden Act, it specified that state law continues to control intrastate branching, or branching within a state’s borders, for both state and national banks.

    McFadden is also remembered as a “vociferous foe of the Federal Reserve,” which he claimed was created and operated by European banking interests who conspired to economically control the United States. On June 10, 1932, McFadden made a 25-minute speech before the House of Representatives, in which he accused the Federal Reserve of deliberately causing the Great Depression. McFadden also claimed that Wall Street bankers funded the Bolshevik Revolution through the Federal Reserve banks and the European central banks with which it cooperated. McFadden moved to impeach President Herbert Hoover in 1932, and also introduced a resolution bringing conspiracy charges against the Board of Governors of the Federal Reserve. The impeachment resolution was defeated by a vote of 361 to 8; it was seen as a big vote of confidence to President Hoover from the House.

    In 1933, he introduced House Resolution No. 158, articles of impeachment for the Secretary of the Treasury, two assistant Secretaries of the Treasury, the Board of Governors of the Federal Reserve, and the officers and directors of its twelve regional banks.

    McFadden died in 1936 on a visit to New York City and was interred in East Canton Cemetery in Canton, Pennsylvania.

    ********************
    Question….Is it STILL TRUE “that state law continues to control intrastate branching, or branching within a state’s borders, for both state and national banks.”

  3. What prompts me to post this, is that two months ago Bank of America’s foreclosure mill in North Carolina, The Law Firm of Hutchens, Senter & Britton who owns the non partial trustee Substitute Trustee Services, Inc. sent a copy of a promissory note to me.. endorsed in 1986 to HSBC, then undated endorsement to Countrywide Home Loans..

    NOW !!!! in response to a second QWR, there are two new endorsements from a defunct, bankrupt company “pay to the order of Countrywide Financial” , pay to the order of Countrywide Mortgage, etc. etc. that magically appeared… just like the false allonge appeared.

    Now how in two months could Countrywide endorse anything to anyone, since they no longer exist. And you can cell it’s just a fake, copy, paste… throw in the copy machine…. white out, etc.

    Dueling fake bs…. let’s beat them at their own game.

  4. We the sheeple, I have a brilliant idea. Fabricate your own copies, show how easy it is to the court to see “white outs”, endorsements from non existant companies… show your promissory note stamped paid in full. Never recorded? Well hell the banks never recorded, how can any court take their word against yours’ without evidence.

    Your word against theirs… Dueling fake docs. A judge can’t rule on that.

    It’s so easy, so simple… even a child can frabricate.

    Let’s beat them at their own game.

  5. Dory Ann Unglesbee-Tallent,

    Bank of America purchased Countrywide “loans” — before they purchased Countrywide. THAT is why they purchased Countrywide.

  6. For those that are looking for actual information on how to begin fighting a foreclosure or fighting back against your servicer/purported lender, I have opened myself up a FACEBOOK page, entitled Homeowners Against BAC Home Loans Servicing, LP. I have posted a rather lengthy note on that page detailing how to go about fighting back against Bank Of America, and what “homework” you need to do to start proving your case. The more people I can get to “like” that page, the better. And, you can use it to post useful information to help homeowners like us, who are just fed up.
    I am not an attorney but I have had my fair share of bullshit to have to deal with regarding this diabolical bank. Quite frankly, I am fed up with them and I am arming other homeowners with the know-how to go after these bastards.
    I have my own tale of woe with this bank, and to read about it, search here on livinglies under “Alabama Class Action Starting”….you’ll see, I have my reasons for wanting to help others.

    And if you’re up for the fight, be ready to have your advances blocked by BofA. They’re in the “delay and stall” game. they will take their sweet time responding to QWR’s and other demands for information. You will get a sore butt from hours and days of research, but believe me, you will find incriminating evidence against them, and Countrywide if that’s who your original lender was.
    Happy hunting, and I hope I can help out!!

  7. Withdrawn,
    ALWAYS DISPUTE THE VALIDITY OF THE DEBT! DISPUTE that this is your lender. MAKE THEM PROVE IT!!!!
    Bank of America purchased Countrywide and all the toxic waste that came along with it. And by toxic waste I mean toxic mortgages. They knew what they were getting into, because they played the same game with loans of their own origination and passed their toxic assets onto other banks and investors through the same trickery and misrepresentation.
    All banks are doing this to each other. Writing toxic loans. Selling those toxic loans onto other investors and not divulging the whole truth. Give them enough rope and they hang themselves.

  8. Since this has to do with our buddies at BofA, I thought I’d tap into the braintrust here. My foreclosure was withdrawn several months ago and all has been quiet since. I recently received a form letter from BofA stating that the servicing of my loan has been transfered from BofA Home Loan Servicing to BofA, N.A. The remainder of the letter has to do with the fact tha BofA, N.A. is a debt collector etc, etc. and appears to be throwing this into the realm of debt instead of foreclosure status. The letter has all the verbage necessary to comply with the FDCPA including advising me that I have 30 days to dispute the debt. (BTW, the letter isn’t dated.) It also says that BofA is not the party that ownes the debt and “The name of the creditor to whom the debt is owed: BANK OF NEW YORK(CWALT 2005-J12)GR2. My question is, should I go ahead and make the validation request or just let it lie?

  9. And Pat,

    What I did was print out the entire records from the county recorder’s.
    My own and those from the previous owner. I don’t know where you are but in my state, you can pretty much find everything right from your
    computer.

    Once printed, I started searching all the signatures. I started out with the bank name and the notary. Anything signed in Michigan, in Iowa, in Florida, in California is suspicious. You just key in “foreclosure, bank name and notary”. There are so many records of foreclosure filings on internet that you’re bound to find some infos. That’s when you look for signatures and names.

    Another way to do it is look into the court cases in your state. Look for foreclosures and the bank name. In my state, it’s all in the open. So, let’s say that I have already the name of the bank. Wells Fargo, for example. I look for all the foreclosures at about the time Wells told me it was my servicer. I read the complaints and check the attachments. I find signatures that way. If you do that with all the banks involved, you will discover a lot.

    Again, the idea is not to prove that the whole shebbang wasn’t securitized or anything but that you have uncovered enough discrepancies and irregularities for your attorney to know which docs to request from the bank and what questions to ask. You want the bank to know that you know that they don’t have standing and that you can prove it.

    The problem with this site is that everyone is yakking away but there is very little practical info being passed around.

    Last point: that kind of research does take time. Prepare to grow old… with a flat butt! Been sitting in front of that darn machine so long that my butt is all worn out.

  10. Hi Pat,

    You get on MERS. Just search MERS and google will pop up the site.

    http://www.mersinc.org/homeowners/

    Check on MERS for homeowners.

    Scroll down to MERS@Servicer ID (in blue), a few lines below. Click on it. They just added a new security feature (retype whatever letters/numbers you see).

    Check first by property address. Click on it. Enter the address. Do the search. Then redo the same thing but check on Expanded search just underneath the address. It’s very possible that you’ll find different infos. That’s what happens to me. That’s how I found old loan still active. And when I checked the county recorders, I realized that the previous owner missed a few releases of mortgage in his file. Since he had refinanced a few times, those loans still appear active.

    Do that with all three search possibilities and you’ll find that the infos are different. I even found open loans with same address but a different plot number, as though a mistake had been made a some point in time.

    The title of my house was clouded long before I bought it. For me the idea was not to understand everything (I still can’t and I resent those long esoterical blogs with all kind of crap I have no use for. I don’t want theory. I want solid docs to base my fight on ) but to document chaos as much as I could so that, when I found myself in front of the would-be-forecloser, I was in a position to tell him: “There is so much crap on my house that you have no more a claim to it than the guy on the moon. So, get the serious docs out and we’ll talk. Otherwise, let’s show that to a jury and have it sort the whole thing out, shall we?” So far, so good.

    Try it and let me know what you came up with. When you cross ref with your county tax assessor, you can also find some pretty interesting things.

  11. I’d like to read the complaint and hear the spacific claims.
    lamb

  12. Enraged,

    Thanks for your post!

    How do you do the Expanded Research on MERS?

    I like you have been documenting for two years because something is terribly wrong and have taken an offensive position. They have offered modification after refusing for two years….too late I will see you them in court.

  13. NO MORTGAGES—NO LOANS!!!

    MAKE THEM PROVE IT WITH THE ACCOUNTING!!!

    They can’t.

  14. to the other Anonymous:

    Request/DEMAND the Mortgage Schedule which should accompany the Mortgage Loan Purchase Agreement (MLPA) — and the MLPA cannot be an “intent” to sell — it must be validly executed and notarized (we know about those notaries). And, importantl­y, if MLPA and Mortgage Schedule can be proven, servicer must PROVE that all default payments have been paid to the trust/loan on borrower’s behalf.

  15. HERE IS THE SUMMONS, COMPLAINT AND EXHIBITS FILED TO DATE ON THE US BANK (US BANCORP) LAWSUIT AGAINST COUNTRYWIDE AND BOA FILED AUG 29 2011

    http://www.scribd.com/doc/64006690/US-BANK-SUES-COUNTRYWIDE-AND-BANK-OF-AMERICA-AUG-2011-COMPLAINT-AND-EXHIBITS

  16. Anonymous,

    I would go to the county recorder’s office website and look up every documents under my adress. If you can’t, go in person. Is HSBC anywhere? Is there a bona fide transfer/assignment of the loan? No need to lose yourself into Nancy-Drewe complex issues. K.I.S.S.

    I would see if there are any Tila, Respa and other violations in the statements. You can do it yourself. As soon as you find one or two, you’re good. That gives grounds for a complete audit later on. Fees you didn’t know existed but ended up paying regardless, “suspense account” crap, money misapplied or mortgage payments lost. You said you QWR’d HSBC.. Did you do it R.R.R.? Did you keep their answer?

    Check MERS records for your property. Do the “expanded research”. That’s how I figured out that there were unextinguished loans on my house, dating back from long before I ever saw my house. Yeah! Active loans never extinguished in MERS records and with no satisfaction of mortage in the county recorder’s office. Ain’t that beautiful? I bought a land mine almost 10 years ago!

    I would look up every document on the mortgage and see if anything at all was robo signed. it’s very easy to do: you look at every singe notary signature. Check if they really are registered in the state/county they are supposed to be. Can be easily done by internet. Most of the time, notaries signed for the same few MERS VPs working for one specific bank or the same foreclosure mills. That’s the best way to find irregularities in the signatures. By finding trends in your paperwork, names coming back with the bank or the origination lender or any entity having touched your account at any point in time, you’re building your file. You can even find by keying “MERS updated robo signers list”, “Foreclosure (Bank name), (Notary name)” and similar research. Don’t hesitate: that’s the best way to find info. I have google researches that take 2 lines. Most of the time, something does come up that confirms my suspicions. Got samples of forged signature from pretty much everyone in my file. And the cool thing is: one you have the same name but 2 different signatures, you’re raised enough doubt and the threat of deposition looms over banks. Funny how quick they change their attitude…

    Build your file. It shouldn’t take more than a couple of days.

    Then, if you’re still paying your mortgage, decide whether you’d be better off investing that amount into an attorney. To find a good one, look up all the district court filings in your state and check the results obtained by the attorneys representing plaintiffs against banks. Don’t go to a bankruptcy attorney. Go to a foreclosure defense one. Ask Neil Garfied. Ask Mandelman. Then, you contact the attorney and see what he can do for you. Remember: if you win your case, you get your attorney’s fees back. Find someone willing to take less than $1000/month with 10% of the award if he wins. He then has an incentive to do the work and to win.

    I did all this and I have a case pending that was filed long before the bank ever realized I had stopped paying them (sloppy, sloppy, sloppy). When they did realize it, discovery had been going for so long that we had pretty much all the info we needed. They tried to make a mod offer and I told them: “You pissed away your mod 2 years ago, when you told me that i didn’t qualify because I wasn’t behind in my payments. What I have satisfies me that you don’t have a leg to stand on. You have no authority to do anything and you stole thousands from me. i want all of my money back and I’m keeping the house since nobody has the note.” They’ve begged me a few times. Wanted to write down the principal. i told them “Too damn late!” Wanted to also completely rewrite the financing. I said: “You sh….ing me, right? Why would I want to do that when, right now, it looks like I ain’t gona owe anyone and the house will be all mine in a few months?” They wanted to walk away, sign that they would not go after me. Never. Ever. For anything, They wanted to release me of everything and they asked me to dismiss in exchange. I said: “No way! Took a while for me to get angry enough but you got me there. Ain’t gona waste that good, old fashioned rage. Naw. I want to talk to a jury. real people with a heart. I want to see what they’ll want to give me for your unjust enrichment (as my attorney called it…)”

    I realize that you are in a non judicial state. As soon as you go on the attack, it becomes a judicial case. Find yourself all the info you need and consult an attorney.

    Just don’t wait to be in foreclosure to act.

  17. Interesting but quite a common scenario these days. I got an offer from HSBC to modify. Wondered why, especially when that was what they didn’t offer. I learned that the so called investers had set a moritorium to not permit homeowners to have that option. Upon being offered all of a sudden, I read the court case against HSBC to right and or correct their processes,procedures, and whatever else was wrong. So, now, I’m offered this option to modify. NOW what. I still know they don’t have, never did what HSBC was supposed to at time of closing. My qualified written ….was responded to as not a qualified written….See HSBC site. So, what does that really mean, a stall, a rebuttal what? IN MARYLAND, which is where I reside, what is my NEXT STEP, WHAT WOULD BE THE COURSE OF ACTION, JUST like colorado residents, a non judicial state?, I need to act now, so HSBC in MD does not do what they did to one colorado resident. What does proving that they don’t have note do. What holds or carries weight with the MD judicial system?

  18. A family goes into a Chinese McDonald’s and gets a happy meal for their 5 year old. The child opens the bag and promptly throws the toy on the floor saying “shit, I made that at work.”

  19. VIDEO TAPE REPLAY CONTINUED
    COUNTRYWIDE ‘PURCHASER’ OF LOANS
    SELLER ‘E-LOANS’

    DELIVERY OF LOAN DOCUMENTATION

    LOAN shall be deemed ‘delivered’ to Countrywide if:

    A Received by Countrywide wihtin Commitment Period
    B Delivery of Closed Loans and Funding documenation (see manual)
    C No conditions outstanding preventing funding the purchase of loan

    120 days Seller to deliver to Countrywide’ coincides with moving loans during 90 days into ‘fwp’ and if picked up by 120 days are a performing loan of some REMIC….

    Countrywides ‘sanctions’ Bank Closing Agents c/o Seller ?

    Failure to Seller to deliver all of the required documents

    Countwide assess fee of $50 per month for each month after initial 120 day period during which one or more of such documents outstanding.

    HUMDINGER. If the $50 fee is assessed each month there is evidence the loan document not turned over!

    Fee only $50 regardless of the number of such documents not turned over 120 days forward from time loan funded, purchaed by Countrywid.

    270 days from the date Loan was purchased by ‘Countrywide’ shall obligate SELLER to repurchase loan pursuant to provisions of Section 7 of this Agreement.

    3 Quarters 270 days, seller repurchases loan – hmmm.

    270 days is also period of time ‘deposits’ of Chase allowed to float around in investments …. hmmm.

    90 days servicing rights sold to Chase when Nexus Financial ‘Temporary Lender’ c/o Wells Fargo Bank NA ‘an affiliate of a Mortgage Servicer’ cash from ‘3rd party’ undisclosed some ‘Trust’ c/o some Non-Depository Trust Company Non-Member did pay cash to ‘Seller’

    E-Loan as Seller c/o Tempoary Lenders affiliates of Mortgage servicers (which ones?) did purchasing Loans. What was E-Loan as Seller doing with the Loans? Independent Broker – originator who sells at long arm reach loans to Countrywide, the purchaser.
    WHo co-signed the loans with borrower? DId Countrywide get recorded in the one statutory assignment or did E-Loan? ‘Countrywide’ the Tempoary Lender? with borrower depends whose name the mortgage LENDER recorded in with County Clerk/Recorder. Then you can figure out.

    PAYMENT OF PURCHASE PRICE AND SELLER’S WIRE INSTRUCTIONS

    Countrywide shall, after receipt of a Loan documentation package which fully complies with the requirements of the Manual, deliver the Purchase Price (less any fees or discounts due to Countrywide) set forth in theapplicable Commitment to Seller in accordance with Seller’s wire instructions or in accordance with any bailee letter or trust receipt submitted with the Loan, as determined in the sole and absolute discretionof Countrywide.

    (2) Seller is the sole owner of the Loan and has authority to sell,
    transfer and assign the same on the terms set forth herein and in the Manual. There has been no assignment, sale or hypothecation thereof by Seller, except the usual hypothecation of the
    documents in connection with Seller’s normal banking transactions
    in the conduct of its business.

    (3) The full principal amount of the Loan has been advanced to the trustor/mortgagor, either by payment directly to such person or by payment made on such person’s request or approval. The unpaid principal balance of the Loan is as represented by Seller. All costs, fees and expenses incurred in making, closing and recording the Loan have been paid. No part of the mortgaged property has been released from the lien of the Loan, the terms of the Loan have in no way been changed or modified, and the Loan is current and not in default.

    (4) Each Loan is a valid first lien or, if specifically approved by
    Countrywide, a valid second lien on the mortgaged property, and the mortgaged property is free and clear of all encumbrances and liens having priority over the lien of such Loan, except for the first lien, if applicable, and liens for real estate taxes and special assessments not yet due and payable and those exceptions allowed in connection with Government Loans and other exceptions set forth in the Manual.

    (5) The mortgaged property is free and clear of all mechanics’ and materialmen’s liens or liens in the nature thereof, and no rights are outstanding that under law could give rise to any such lien, nor is Seller aware of any facts which could give rise to any uch lien.

    and so on

    Regarding INSURANCE

    Each Loan’ Seller represents to be insured or guaraneed
    and within 120 days from date of delivery of such Loan to Countrywide be insured or guaranteed.

    REMEMBER THE ONLY FEDERAL AGENCY WHO ‘GUARANTEES’ LOANS IS GINNE MAE FOLKS.

    SELLER as to validity of insurance or guaranty as required by National Housing Act 1934

    INSUIRED VA Loans Guaranteed
    as required by Servicemen’s Readjustment Act of 1944

    rules imposed by ‘mortgage insurance companies’
    or other insurers …..like Commitment Title Agency charged consumer for Lenders Policy, Lenders Policy for Loan c/o Temporary Lender c/o affiliate of Wells Fargo Bank NA Servicer, Subserivcer c/o robo-law firm who will file claims on the default for any ‘Lis Pendens’ listed parties who claim to have lien on property. Watch those people Listed on LIS PENDENS they were placed there with great thought, an updated Underwriters Lenders Appraisal Reiveew c/o Welsl Fargo Hoem MOrtgage Executive Specialists who circle and stamp those they want ‘attached’ even if they don’t belong to the borrower they attach liens to make it possible to collect deficiencies against the lien c/o robo-law firm and Old Republic Title COmpany, for example.

    Again any exampls I infer are real acts which have taken place.
    Whether these acts are lawful or unlawful depends on transactions, who ordered transaction who accepted cash, intent of transactions, etc. But such ‘criminal acts’ may only be handled by State Attorney Generals enforcing Consumer Protection Law with respect to borrower attached to promissory note attached to claim of some third party who c/o national bank does what they will when they want safe and secure as a bed bug in a rug put into an apartment the ‘real estate property company’ wants to convert into a condo and get the 30 year resident evicted. Saw it on TV, almost worked but if not for the new rookie attorney on Suits who revealed the dirty landlord installed new ‘new’ carpeting filled with bed bugs so tenant would withhold rent and by withholding rent ‘landlord’ invokes right to evict based on debt owed. Hmmmmm.

    YOU KNOW WHY ‘THEY’ THE BANKS AND THEIR AFFILIATES DON’T HIRE US ‘OLD FOLKS’ NOT PART OF THE BUSINESS FOR OUR PROFESSIONAL LIFETIMES – THEY CAN’T TRUST US TO NOT USE INFO WE LEARN AGAINST THEM.

    YOU KNOW WHY THE GOVERNMENT WON’T HIRE US OLD FOLKS TO HELP INVESTIGATE THIS MESS, WE’D REVEAL THE TRUTH.

    YOU WANT TO READ THE EARLIER DOCUMENTS PRIOR TO THE INTENT TO LAUNDER MONEY BY 2003 C/O CMBS AND RMBS AND ABS AND MBS C/O MORTGAGE SERVICERS AFFILIATES OF NATIONAL BANKS.

    GOOGLE
    PURCHASE LOAN AGREEMENT

    FIRST ONE THAT CAME UP IS ALL

    I’VE ALREADY RESEARCHED E-LOAN

    BUT READ THE AGREEMENTS THEY ARE NOT HARD TO UNDERSTAND WHEN YOU PUT YOUR LOAN AS THE LOAN THEY ARE SPEAKING OF AND LIST HOW THE SELLER AND PURCHASER ‘RESOLD THE DEBT TO THE CURRENT DEBT COLLECTOR. EACH AGREEMENT IS ALIKE A REGISTRATION STATEMENT S-3, S-3/A WHEN A COMPANYGOES BANKRUPT, THE ‘DEPOSITOR’ WHO TOOK IN ALL THE CASH AS DEFINED IN THE S-3 AND S-3/A (THAT CASH) C/O REGISTRATION STATEMENTS AN ‘ASSET’ THE RIGHTS TO BE SOLD TO SOMEBODY DURING A BANKRUPTCY, MERGERS, ACQUISTION, DIVESTITUTE.

    TRANSACTIONS TWO SIDES

    CONSUMER AS BORROWER PAYS LOAN, CASH COMES OUT OF YOUR ‘CHECKING ACCOUNT’ DEPOSITED INTO A LOCK BOX C/O SOME PROCESSING PLANT CLEARING HOUSE ELECTRONIC TRANSFER OF FUNDS TAKE PLACE. DID THE CREDITOR WHO CAN PLACE A LIEN AGAINST HT EPROPERTY GET PAID? DID EVERY PENNY YOU SENT GET APPLIED TO THE INTEREST AND PRINCIPAL INCLUDING THE ‘LAST PAYMENT’? YOU KNOW ALL THEY HAVE TO DO IS WITHHOLD THE LAST PAYMENT AND THE ENTIRE LOAN BECOMES IN DEFAULT AND ALLOWS THEM TO WRITEOFF AS A REO PROPERTY AND REPURCHASE AND YOU’D NEVER KNOW – YOUR ONLY A CO-SIGNOR THE ONLY PARTY WHO HAS TO KNOW IS THE SIGNOR OF THE NOTE’ WHO IS THAT?

  20. Full-Blown Civil War Erupts On Wall Street….
    September 4th, 2011 | Author: Matthew D. Weidner, Esq.
    http://mattweidnerlaw.com/blog/2011/09/full-blown-civil-war-erupts-on-wall-street/

    By David DeGraw

    Finally, after trillions in fraudulent activity, trillions in bailouts, trillions in printed money, billions in political bribing and billions in bonuses, the criminal cartel members on Wall Street are beginning to get what they deserve. As the Eurozone is coming apart at the seams and as the US economy grinds to a halt, the financial elite are starting to turn on each other. The lawsuits are piling up fast. Here’s an extensive roundup:

    Read Story Here

    http://ampedstatus.org/full-blown-civil-war-erupts-on-wall-street-as-reality-finally-hits-the-financial-elite-they-start-turning-on-each-other/

  21. The proverbial s&*t has started hitting the proverbial fan. Boy, it sure took a long time. Saw Julian Assange on 60 Minutes last night. He has a good point, he is not violating the constitution. He is operating inside it, but they want to get him anyway. What does that say about our government? Federal Reserve needs to go now.

  22. Replay Video Tap

    9/24/1998
    Loan Purchase Agrement
    Countrywide Home Loan and E-Loan Inc (for example)

    Loan Purchase Agreement
    (Loans still active for 30, 40 perhaps 50 years)

    Countrywide Home Loans, Inc, New York Corp
    E-Loan, Inc., a California Corporation (“Seller) for mutual consideration:

    E-LOANS CLAIMS THEY ONLY ‘ACCEPT’ ELIGIBLE LOANS:
    ELIGIBLE LOANS
    A. Only those Loans fully complying with the standards for Conforming Conventional, Jumbo Conventional, Government and Second Mortgage Loan Programs set forth in the Mortgage Programs section of the Manual are eligible for purchase under this Agreement. Seller must be approved, qualified and/or licensed to originate such Loans.

    SELLER SHALL FULLY ‘UNDERWRITE’ FULLY EACH LOAN PRIOR TO SUBMISSION TO COUNTRYWIDE.

    SELLER TO USE IF AVAILABLE 9/24/1998 …AS INSTRUCTED IN AGREEMENT THE
    …. SELLER TO (USE THE COUNTRYWIDE-APPROVED AUTOMATED UNDERWRITING SYSTEM FOR UNDERWRITING THE LOAN.

    ‘SELLER’ RESPONSILE
    1. ASSURING LOANS SUBMITTED TO COUNTRYWIDE ‘COMPLY’ WITH REPRESENTATIONS AND WARRANTIES

    COMMITMENT TO PURCHASE LOANS

    LOAN REGISTRATION ‘MANUAL’
    SELLER MAY COMMIT TO SELL A LOAN TO COUNTRYWIDE
    COUNTRYWIDE AND SELLER DEFINE ‘COMMITMENT’

    ‘SELLER’S REPURCHASE OBLIGATIONS’

    SELLER WILL DELIVER TO COUNTRYWIDE ‘AN APPRAISAL’ OF THE REAL ESTATE SECURITY FOR EACH LOAN, SIGNED BY A QUALFIED APPRAISER, AS DEFINED IN THE MANUAL, PRIOR TO COUNTRYWIDE ‘APPROVAL’ TO PURCHASE SUCH LOAN.

  23. I have said from the very beginning that things would get worse before they got better but that, indeed, they would get better. I honestly believe that we have reached the worse. So long as no one took action, nothing could happen. Nowadays, action for redress is everywhere, even if it looks discombobulated and unorganized. The mere fact that people act and businesses are devouring each other tells me things are getting better and the gangrene is being remove one bite at a time.

    It’s going to take time and dedication to rebuild America but it will be done!!! And not by Government and the Federal Reserve but by the American people, one small business at a time, one community at a time, one comunity-owned credit union after credit union, one city after city and state after state.

  24. I complained about BoA to Mass AG Martha Coakley, watch her half-assed dilatory, obfuscatory and tangential response:

    http://christopher-king.blogspot.com/2011/09/mass-ag-martha-coakley-dodges-questions.html
    AG Martha Coakley strong on foreclosure bank settlement but avoids disclosure of how her fines are allocated.

  25. The loans were originally sold to Depositor — Greenwich Capital Acceptance, subsidiary of Royal Bank of Scotland. Collection rights remain there. Harborview is a hedge fund division.

    Assigned cash flows to US Bank — as trustee for distressed debt investors in Harborview “securities” (or they THOUGHT they did — never actually did). US Bank acting on behalf of distressed debt buyers.

    These guys lost money — as “investment” collapsed. High risk — they knew the risk.

  26. The New Wall Street, and probably 90% of Americans think their IRA’s, 401K’s, etc are safe investments for the long haul…………

    http://www.fiendbear.com/Curmudgeon5.html

  27. The people have a valid claim against the Federal Reserve Board and the Federal Reserve Banks. If that claim is enforced, Americans will not need to stand in bread lines. Homes will be saved. Families will be kept.

  28. Faithless government officers who have violated their oaths of office should be impeached and brought to trial.

  29. “Every effort has been made by the Federal Reserve Board to conceal its power. But the truth is, the Federal Reserve Board has usurped the government of the United States. ”

    ——————-

    The real President of the US – was President Greenspan, now it’s President Benancki.

    ——————————-

    Congressman Louis T. McFadden (Congressional Record, June 15, 1934):

    “Every effort has been made by the Federal Reserve Board to conceal its power. But the truth is, the Federal Reserve Board has usurped the government of the United States.

    It controls everything here; and it controls our foreign relations. It makes or breaks governments at will. No man, and no body of men, is more entrenched in power than the arrogant credit monopoly which operates the Federal Reserve Board and Federal Reserve Banks.

    These evil-doers have robbed the country of more than enough money to pay the national debt. What the National Government has permitted the Federal Reserve Board to steal from the people should now be returned to the people. The people have a valid claim against the Federal Reserve Board and the Federal Reserve Banks. If that claim is enforced, Americans will not need to stand in bread lines. Homes will be saved. Families will be kept.

    What is needed here is a return to the Constitution of the United States. The old struggle that was fought out here in Jackson’s day must be fought over again.

    The Federal Reserve Act should be repealed; and the Federal Reserve Banks — having violated their charters — should be liquidated immediately. Faithless government officers who have violated their oaths of office should be impeached and brought to trial.

    Unless this is done by us, I predict the American people — outraged, robbed, pillaged, insulted, and betrayed as they are in their own land — will rise in their wrath and send a President here who WILL sweep the money changers from the temple.”

  30. We’ll see what happens tommorow with the stock

    http://quotes.wsj.com/BAC

  31. Last fall, Chief Executive Brian Moynihan said the bank would fight repurchase claims by investors, calling the process “hand-to-hand combat.”
    *******************************************************************
    Yeah RIGHT! He’s losing and settling left and right …

    This is what we need to push the FedGov suits into really taking action instead of whitewashing.. Plenty of action(s) to be taken outside the realm of Freddie and Fannie.

  32. “Hand to Hand Combat” ? How about “Howitzer to .22 Cal. ?

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