Representative Debbie McCune-Davis To Address Blomberg Meeting 9/20

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Good Day Strategists’

UPCOMING GUEST:

Representative Debbie McCune-Davis will be with us tomorrow evening, September 20th. Representative McCune-Davis will be sharing the importance of making a diligent legislative effort to hold the foreclosing entities accountable to the law and how you can contribute to that effort. This will be an excellent opportunity to ask questions of a legislative member of the Arizona house.  Representative McCune-Davis was very helpful to me last year in efforts to support SB1259. (and the Seel amendment to SB 1474)

Please help spread the word and invite as many homeowners as you can.

Our legislative efforts are going to be more important than ever this legislative season.  Your participation will make a difference.

Martin Andelman is planning to join us but his funds are limited which may curtail his trip to be with us.  (See below)

SPECIAL NOTE:
Dan Earl will be heading up some legislative activities.  He’s agreed to give us a quick update at this Tuesday’s meeting.

…………………………………………._/)

OBSERVATION ABOUT BofA’s POSSIBLITLY OF BANKRUPTING COUNTRYWIDE:

I find it very interesting that BofA’s Brian Moynihan is considering bankrupting Countrywide to “cap BofA’s mortgage-related losses.”

What I find interesting is that Countrywide has not filed a Notice of Trustee’s Sale in Maricopa County in over THREE years.  (The last one recorded in Countrywide’s name was recorded on September 11, 2008!  Here’s the link: http://156.42.40.50/UnOfficialDocs/pdf/20080789954.pdf.)  I have to ask, which loans are a problem if Countrywide hasn’t noticed a (Maricopa County) sale in over three years.  Three years without a notice of sale shows an extraordinary track record of performing loans under Countrywide’s purview.  If that is indeed the case, bankrupting Countrywide seems unreasonable and pointless.

The question is: If bankrupting Countrywide will alleviate BofA’s challenges with respect to these loans, how is it that BofA is foreclosing on all of those loans if indeed BofA doesn’t own them?  How is it that so many homeowners with Countrywide listed as their (pretender) lender are being foreclosed on by one of the BofA entities?  What relief could BofA derive from the bankruptcy of Countywide if Countrywide is alleged to own none of the loans that have been noticed for a Trustee’s Sale since September 10, 2008?

Does BofA own (and enjoy the right to foreclose) these loans or does Countrywide?  Could it be that BofA is using false and forged documents to mislead homeowners and the courts to facilitate the pilfering of homes without the proper authority to foreclose?

You can’t have it both ways Mr. Moynihan!

…………………………………………._/)

UPDATE ABOUT TRIP TO TUCSON

There will be no coordinated trip to Tucson for the Arizona Supreme Court Oral Arguments for the Certified Questions from Judge Hollowell’s BK Court.  It seems that the opportunity for seating was opened up to parties in interest and the law students at UofA.  That quickly filled the Ares Auditorium and the video-feed overflow room.  The proceedings will be available on line.  You should be able to find the link on this page as the proceedings start:  http://apps.supremecourt.az.gov/aacc/asc/ascweb.htm.

27 Responses

  1. Got it—good luck…I keep fixing my old car, too…as I longingly gaze at a pretty new bmw going by…ah well—you can’t take it with you…

  2. @carie.

    further, it just sucks here in Calif. The courts are tough from what I have researched. And yet this state is so liberal in helping people,,,,,,,,,,,it’s BS.

  3. @carie

    your question –

    cubed—what EXACTLY does your newly received foreclosure “paperwork” say?

    Answer :
    I’ll let you know here on LL in a week or so on some post thread since they fall away. I’m strapped for time having to deal with problems like my damn car breaking down which I fix. And having to make money.

    Anyways, thanks for asking and I will get back to you next week.

    I have finally convinced my wife that we have nothing to lose and may file BK so as to stall Foresclosure.

    But you know, I willing to fight and convinced the wife to do so as what the hell, live a little.

    And more importantly, I really don’t care what happens cuz we have won anyways. We haven’t paid for 1.5 years now, no equity. Second got written off. We can find a place to live no problem as we have been thinking with that all along.

  4. ANONYMOUS,

    Thanks a lot for all the info. I requested info on credit default swaps in a FOIA request months ago. The response was that these agreements are unregulated and not filed with the FDIC.

    Is there anyway I can research these contracts? Are they listed in the PSA anywhere? or is it just something we have to ask for in discovery.

    Also, I had 3 loans put into one trust. 2 of these loans have already foreclosed. I keep thinking there has to be somehow I can use the other 2 foreclosures to build my case. Is there a list of who gets paid after the foreclosures? Also, who got paid derivatives. If I could follow the money I think would also prove useful. I live in AZ

    Thanks again for the info!

  5. BK courts are getting tougher – better odds there. Not sure if Neil posted the below case here — may have missed. If anyone has trouble getting — will post the whole case. This is the 3rd Circuit – very conservative. .

    Taylor vs HSBC | U.S. 3rd Circuit Ct of Appeals – Affirms Bk Sanctions for misleading the court in filings

  6. cubed—what EXACTLY does your newly received foreclosure “paperwork” say?

  7. @ ANONYMOUS,

    then per your post below, in California.

    “If need to bring in BK — do so.

    Use FDCPA — and TILA Amendment — for fraud in identification of CURRENT creditor. And, fraud upon court — if necessary.

    That is the only law consumer has on side.”

    ——————————-

    so what I posted below your post is true. The simple solution is to use

    “If need to bring in BK — do so.
    Use FDCPA — and TILA Amendment — for fraud in identification of CURRENT creditor. And, fraud upon court — if necessary.
    That is the only law consumer has on side. ”

    —————

    You have answered my post question, even though it was not a question.

    ———————————

    I just got notice of foreclose proceedings against me. One week ago.

  8. Thank you, ANONYMOUS. You are a wise, generous, and noble soul.

  9. HMan

    Derivatives – Derivatives — and Derivatives. And, then the question is — were these EVER even valid derivative contracts to valid securities??? Well, the security investors — they say not valid securities. If you do not have valid securities — you do not have valid derived derivative swap contracts. And, if you do not have valid derivative swaps — you have nothing — and no current creditor.

    Why?? Nothing valid to begin with. And, oh how foreclosure attorneys just love to ignore derivative contracts —- Swap out of collection rights — SEC will confirm. Okay — so why do these “trustees” — only to securities — feel the need to falsely attach derivatives to false foreclosure security claims??? That is what they are doing in courts — without divulging the swap “contractor.” In fact, they fail to even acknowledge — that derivative contracts exist. Maybe, that is because — they never really did — because was never valid securities to begin with — by which derivatives could be derived .

    And, another problem is — security investors — never mind derivative contract holders — are NEVER the creditor. Nevertheless, derivatives are a means of transferring collection rights. Derivatives are NOT pass-through — there is no current cash pass-through on derivatives. Thus, can only be legal title acquisition -not security equitable beneficiary pass-through. — and no trustee involved — since no security is in question. Then, the issue is, secured versus unsecured — at this point — unsecured — charge-off — to falsified loan — falsified securities — and falsified derivative contract. Oh — but those derivatives are in the trillions. .

    But, this is the problem — trustee will not divulge. No court has addressed — it is time for addressing. If need to bring in BK — do so.

    Use FDCPA — and TILA Amendment — for fraud in identification of CURRENT creditor. And, fraud upon court — if necessary.

    That is the only law consumer has on side.

    “Swap-out” — the SEC told me –years ago — is how collection rights are removed. SEC did not know at that time — that subprime refinances — were nothing more than collection rights (false default debt) — to begin with.

  10. Carie,

    To add to your comment. Deutsche shows up as the “investor” on MERS database. How can Deutsche be the investor and the trustee? Isn’t that a conflict of interest?

  11. HMan—

    Same with mine—Deutsche bank. My servicer claims that Deutsche is the beneficiary and “owner” of loan. Guess what—it’s ALL BULLSH**.

    The “spokesman” for Deutsche bank—John Gallagher—said—publicly—

    “Deutsche Bank acts as Trustee, and has no beneficial ownership, stake, or interest in the underlying mortgage loans.”

    WTF??? That is the special kind of crazy we find ourselves in.

  12. Hi,
    I am struggling to find a lawyer “who gets it in los Angeles’. Someone I can trust and who is competent. I have a Securitization Audit to level 3 by CFLA. I spoke with Douglas Gilles but he does not have time to take my case.

    Can anyone recommend some one?
    Thanks

  13. Anonymous thanks for the information.

    The reason I’m asking is I received a letter to my QWR from a law firm stating Deutsche Bank Trustee is the owner of the debt. (The PSA says on behalf of the investors).

    I am trying to send a response in my DVR challenging this statement but I’m not exactly sure how to phrase.

    Any ideas?

  14. Hman,

    REMICs — are Real Estate Mortgage Investment Conduits — in which all cash flows must be passed through. The Depositor to REMIC trust purchases the loans — and assigns a beneficial interest in the loan cash flows to the trust — which passes through those cash flows to security investors. Again, only cash flows are passed-through. Security “pass-through” investors are not the creditor.

  15. I have a question about REMICs hopefully someone can help out with. Can a REMIC own the loans? I’ve read several times IRS codes do not allow REMICs to own assests.

    Does that apply to the trustee of the REMIC?

    What is the irs code?

    Thank you.

  16. cubed2k

    1641 (g) — is the TILA Amendment — and the Fed Res Opinion — regarding this Amendment — is the expanded definition for “covered person” — that is the creditor and subject to comply. Fed Res Opinion is now codified as part of the law.

  17. PLEASE

    definition of assignee

    http://www.merriam-webster.com/dictionary/assignee

    1.: a person to whom an assignment is made
    2
    : a person appointed to act for another
    3
    : a person to whom a right or property is legally transferred

    —————————————–

    BUT …………. it is not the LOAN or MORTGAGE. It is the COLLECTION RIGHTS. BUT not the LOAN or MORTGAGE.

    THUS the confusion.

  18. PLEASE

    “the creditor that is the new owner or assignee of the debt shall notify the borrower in writing of such transfer”

    Did YOU receive such notify, notification, ???????

    You only received nofication of new SERVICER. Right?

    BUT, did you receive nofity of new owner???????????

  19. Please NOTE it says NOT LATER THAN 30 DAYS AFTER THE DATE ON WHICH A MORTGAGE LOAN IS SOLD OR OTHERWISE TRANSFERRED OR ASSIGNED TO A THIRD PARTY, the creditor that is the new owner or assignee of the debt shall notify the borrower IN WRITING.

    (Sec. 1641. Liability of assignees)

    not later than 30 days after the date on which a mortgage loan is sold or otherwise transferred or assigned to a third party, the creditor that is the new owner or assignee of the debt shall notify the borrower in writing of such transfer, including—
    (A) the identity, address, telephone number of the new creditor;
    (B) the date of transfer;
    (C) how to reach an agent or party having authority to act on behalf of the new creditor;
    (D) the location of the place where transfer of ownership of the debt is recorded; and
    (E) any other relevant information regarding the new creditor.
    (2)
    Definition
    As used in this subsection, the term “mortgage loan” means any consumer credit transaction that is secured by the principal dwelling of a consumer.

  20. here’s my question:
    does Fanie Mae own your loan?

    the creditor that is the new owner or assignee of the debt shall notify the borrower in writing of such transfer, including—

    per this link
    http://www dot foreclosuredefenseresourcecenter.com/forensicloan-loan-audits/holder-in-due-course/

    And it states this :

    You may also want to send in a Qualified Written Request under RESPA and/or a request under 15 U.S.C. 1641(f) to demand that the loan servicer produce the name, address, and telephone number of the holder of the loan or master loan servicer.

    In looking up 15 U.S.C. 1641(f)

    I found 15 USC 1641 (g)

    which states:

    Notice of new creditor
    (1)
    In general
    In addition to other disclosures required by this subchapter, not later than 30 days after the date on which a mortgage loan is sold or otherwise transferred or assigned to a third party, the creditor that is the new owner or assignee of the debt shall notify the borrower in writing of such transfer, including—
    (A) the identity, address, telephone number of the new creditor;
    (B) the date of transfer;
    (C) how to reach an agent or party having authority to act on behalf of the new creditor;
    (D) the location of the place where transfer of ownership of the debt is recorded; and
    (E) any other relevant information regarding the new creditor.
    (2)
    Definition
    As used in this subsection, the term “mortgage loan” means any consumer credit transaction that is secured by the principal dwelling of a consumer.
    —————-

    So question is, has anybody received this:
    (per above)

    the creditor that is the new owner or assignee of the debt shall notify the borrower in writing of such transfer

    —————-
    question is, I shall repeat,

    have you as a debtor received notice from the new creditor?

    —————————–

    Question?
    Has Fannie Mae sent you a letter stating they are the new owner of your loan?

    Question?
    Did the originator of your loan send you a letter telling you who the new owner of loan is?

    Did they (original lender) just send you a letter telling you who the new servicer was?

    And did the new servicer send you a letter telling you they are the new servicer?

    BUT, did the lender tell you? Did they tell you the loan was sold or did they tell you the servicing was transfer?

  21. Hi everyone

    Did anyone receive an email from Neil’s site on a conference call tonight? I tried calling but too much disturbances and cannot go through on the web. It says 5 pm tonight???

  22. Unprecedented “haywire” because of unprecedented fraud.

  23. Nope.

  24. BofA owned Countrywide loans before they purchased Countrywide. This is why BofA purchased Countrywide. And, what BofA did with the “loans” – is the question.

    This is about avoidance of liability — Countrywide liable – they were the originator – and they continue to exist by BofA purchase. This is not a fear of homeowners — bigger fear — liability coming from elsewhere.

    BofA facing huge liability — their biggest problem now. Easiest way to get rid of — BK. Borrowers should take note.

    Banks playing with the government.

    Have you ever seen a legal system go this haywire??? Ever??? On such a grand scale??.

  25. Look at the Banks Stock it is below $7.00 again.

    http://quotes.wsj.com/BAC

    BofA has bigger problems than Countrywide

  26. […] See the original article here: Representative Debbie McCune-Davis To Address Blomberg Meeting 9/20 […]

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