CA AG SUBPOENAS FANNIE AND FREDDIE TO FORCE RELIEF FOR HOMEOWNERS

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EDITOR’S NOTE: The race is on — who is going to be the first attorney general to bring the major banks to their knees begging for amnesty instead of demanding it because they are too big to fail? Any politician with future ambitions had better not be cozy with Banks or even favor leniency. If there is a bailout, it had better be to John Q Public.

California attorney general’s office subpoenas Fannie, Freddie

Information is sought on the mortgage giants’ roles as landlords who own thousands of foreclosed properties in California. Also sought are details of their mortgage-servicing and home-repossession practices, a source says.

Kamala Harris 

California Atty. Gen. Kamala D. Harris has pushed for Fannie Mae and Freddie Mac to allow more principal reduction, which is the writing down of the loan balances of troubled borrowers. (Brian van der Brug, Los Angeles Times / November 30, 2010)
By Alejandro Lazo and Jim Puzzanghera, Los Angeles TimesNovember 16, 2011, 6:27 p.m.

Reporting from L.A. and Washington—

Investigators with the California attorney general’s office have subpoenaed information from mortgage titans Fannie Mae and Freddie Mac as part of a wide-ranging inquiry into lending and foreclosure practices in the state.

The subpoenas ask the government-controlled finance companies to answer a series of questions about their activities in California, including their roles as landlords who own thousands of foreclosed properties. The attorney general’s office is also seeking details of Fannie and Freddie’s mortgage-servicing and home-repossession practices, according to a person familiar with the matter.

In addition, investigators want to learn more about the companies’ purchases and sponsorship of securities holding “toxic mortgages” in the Golden State, said the person, who was not authorized to speak on the matter and requested anonymity.

Fannie and Freddie declined to comment on the investigation. Shum Preston, a spokesman for state Atty. Gen. Kamala D. Harris, also declined to comment.

Edward Mills, a financial policy analyst at FBR Capital Markets & Co., said Harris has been the most aggressive state attorney general in trying to assist those borrowers who are “underwater” on their mortgages, owing more on their properties than they are worth.

The move to open an investigation into Fannie and Freddie, Mills said, is a creative way to potentially force policy changes from the mortgage giants over the objections of their regulator, the Federal Housing Finance Agency in Washington, which is headed by Ed DeMarco.

“She’s felt that Ed DeMarco has not done enough to help homeowners and has undue influence over what changes are put in place at Fannie and Freddie,” Mills said. “If he’s not going to make those changes, she’s going to force those through the courts.”

The California investigation comes as DeMarco and the chief executives of the two companies faced bipartisan outrage this week over multimillion-dollar salaries and large bonuses at the housing finance giants, which still owe the government a combined $150 billion in the largest financial crisis bailout.

Harris this month pushed for Fannie and Freddie to allow more principal reduction, which is the writing down of the loan balances of troubled borrowers.

“If Mr. DeMarco is unwilling to support principal reduction for these home loans in crisis, he should step aside for someone who will,” Harris said.

DeMarco, in turn, said Wednesday during his congressional testimony that the agency has determined that reducing principal on loans owned by Fannie and Freddie is not “the least-cost approach for the taxpayer” to keep homeowners from foreclosure. In addition, those reductions are not authorized under the law that allowed the firms to be seized, DeMarco added.

“I do believe we are taking all due effort to provide assistance to homeowners, and I do not believe I’ve been authorized to use taxpayer money for a general program of principal forgiveness,” DeMarco told lawmakers.

According to the person familiar with California’s investigation, the central question posed by the California investigators is: To what extent did the two mortgage giants contribute to the foreclosure crisis in California?

Fannie and Freddie hold a vast number of loans in California. The major banks that are employed to act on their behalf — collecting payments from borrowers, foreclosing or evicting borrowers or striking deals with homeowners to modify their mortgages — must adhere to their guidelines.

Harris has made investigating the foreclosure crisis and mortgage meltdown a priority during her first year in office, creating a Mortgage Fraud Strike Force this year. More recently, she has stepped out of negotiations with the nation’s five largest banks, conducted on behalf of state attorneys general across the U.S., saying that the banks were asking for too much legal release in return for too little aid to California borrowers.

The subpoenas, issued Tuesday, deal only with Fannie’s and Freddie’s activities in California. But the investigation could lead other states to look into the firms’ operations, said Guy Cecala, publisher of Inside Mortgage Finance.

“If for some reason California would be successful in any of this, it certainly would encourage other states to go after them because every state has Fannie and Freddie mortgages,” Cecala said.

The two mortgage giants are responsible for about 40% of home loans in the U.S., according to Inside Mortgage Finance.

“I think that this is at least partially an attempt to penetrate that bubble which is hanging over half the market,” Cecala said. “The servicers, the big banks they are dealing with and negotiating with, have no control over the loans that are guaranteed and effectively owned by Fannie Mae and Freddie Mac; the major banks are just third-party contractors when it comes to those.”

State investigators will be looking at three broad areas of practices by Fannie and Freddie in California, according to the person familiar with the matter.

The first will be the two companies’ role as a landlord in the state, where the two own about 12,200 foreclosed properties. In the Los Angeles metro area alone, Fannie and Freddie hold about 2,000 foreclosed properties, and nearly 3,000 in the Inland Empire, according to data published by their regulator this summer.

The subpoenas ask the two companies to answer questions related to their role as the owners of these homes. Foreclosed properties that are neglected can result in blight and be a haven for criminals.

Fannie and Freddie are being asked to supply details about how the loans they own are serviced, how quickly they are foreclosed upon and what kind of relief is offered to homeowners, according to the person familiar with the matter. The questions seek to gain information about what servicers are doing and which are the worst performers.

The two companies own about 4 million loans in California amounting to about $793 billion in mortgages, according to Inside Mortgage Finance.

Investigators are also seeking to determine what role Fannie and Freddie played in selling or marketing mortgage-backed securities. The attorney general’s office has an ongoing probe into potential fraud committed in the so-called secondary market for mortgages that became popular during the boom and helped fuel the bubble in home prices. The office has subpoenaed Bank of America Corp. and Countrywide, as well as Citibank, in relation to this investigation, The Times has previously reported.

Fannie and Freddie have filed a lawsuit against 17 major banks, saying the companies were defrauded by those loans and securities. The attorney general wants to know whether what the two entities have uncovered in their own actions might assist her office.

Although the investigation might help California gain leverage in its efforts to help its homeowners, a direct legal battle seeking damages from the two entities would be difficult and potentially counterproductive, Cecala said, as they are being kept afloat by the federal government.

“They would hire the best attorneys, and you and I would pay for it as taxpayers,” he said. “You can’t really seek any damages out of them because it all comes out of Uncle Sam’s pocket.”

Although Fannie and Freddie may employ practices that run counter to the interest of borrowers as they seek to minimize costs and expedite foreclosures, California might have a more difficult time finding fault with the two companies’ actions as a landlord, Cecala said. The two companies set the “gold standard” in terms of servicing and disposing of distressed real estate, he said.

It also will be difficult to prove that any harm was done to investors, he said, as the loans they securitized are backed up by the government.

alejandro.lazo@latimes.com

jim.puzzanghera@latimes.com

 

34 Responses

  1. OUTRAGE–OUR CALIFORNIA COUNTY RECORDERS WILL RECORD ANYTHING!! EVEN IF IT IS FRAUDULENT. THIS PERSON SENT ALONG AN AFFIDAVIT FROM THE NOTARY SAYING SHE DID NOT HAVE ANYTHING IN HER NOTARY JOURNAL RELATED TO THE RECORDING- A PROPERTY RELATED DOCUMENT–AND THIS IS A CALIFORNIA NOTARY AND THE NOTARY IS NOT IN COMPLIANCE WITH CALIFORNIA NOTARY LAWS

    http://www.scribd.com/doc/73211240/OUTRAGE-ALAMEDA-COUNTY-RECORDER-WILL-RECORD-FRAUDULENT-DOCUMENTS-EVEN-IIF

  2. Kamala, as state Atty General, and representative of the public interest, has a bigger role to deal with. A recent CA Ct. App. decision, Calvo v. HSBC, suggests that loans secured by deeds of trust are not required to be recorded in the counties in order to enforce the power of sale. According to the court, they may be recorded. According to the lenders intent on avoiding fees, they aren’t recorded. If not recorded in the counties, and endorsed in blank as is the common business practice, how, then, can anyone determine if a clear title exists on the property?

    As representative of the people, Ms. Harris should be representing the people’s interest in the public auctions of foreclosed properties with diminished values due to the inability of title to be investigated beforehand or insured after a sale. HOW MUCH IS YOUR PROPERTY WORTH IF A PURCHASER CAN’T GET TITLE INSURANCE?

    Now consider the amount of public interest in that a decrease in property values will effect a massive decline in property taxes upon which local government depends. Consider also the recent interest of lenders in acquiring title insurance companies. Who is insuring the insurers in this case?

    Diabolical, isn’t it?

  3. @ carie same for me. it is quite iirritating to know this crap then to be blind. i just wish i new from all my research how to save my house. i feel even though i have uncovered this fraud i still not know how to present it whe judges are paid off?

  4. E.Tolle,

    Yes, I am most definitely one of the 99%.

    The unfathomable injustice of people being thrown out on the street simply because they were conned into believing something unreal and criminal was real…and losing jobs and businesses and dignity and health and joy because of these crimes…The injustice of massive financial fraud and subsequent cover-ups with no convictions—and having a government not only look the other way—but actually ENCOURAGE this behavior and the ensuing foreclosures…well, this makes my blood boil…to point where I can’t get through a day without trying to uncover more truth and lies…and share it with whomever will listen.

    I am doing what I can while taking care of my family—and I will continue to do what I can to reveal the truth and fight for justice in my own little way.

    Thank you for what you do.

  5. @carie i read your post and even printed it. it seems to me us “uneducated” (i have my RN 25 years) people are saying “it greek to me” and 96 to 97% of homeowners are doing that leaving undefended foreclosures. then you have people like you and me ect on these web sites and you have people who saw the writing on the wall that something was wrong (hoe can wells fargo lose my paper work and nothing be wrong) and did research to find we have been scammed and to defend ourselves from this scam either we have to pay some lawyer 100k or spend 100k on a law degree because i will never beable to understand what you have written. it seems the rukes keep changing daily that not even the judges know what the rules are anymore.

    in the movie on you tube. called the ZEIGEIST ADDENEDUM
    it states that there is no money in the united states that is real it is all electronic. usa was bankrupt in 1913 and again in 1933. thats when the federal reserve was formed. when we sign a mortgage note, a car loan application, or a credit card application the bank does not tell us htis but they sign the otherside and present it to the federal reserve to collect our “money” (thats a whole other story about eac of our lives beingbonded at birth please see birthcertificate and federal reserve wesite)

    no we go about our daily business and pay our bills. and then boom the economy fails there are no more jobs and we cant pay our bills.

    we call our bank for help because we were told we can ask for a mod. we submit what is asked of us. the banks keeps losing our paper work we know we sent? when we call wells farg we always hear instead od hello wells fargo can i help you its “this is an attenpt to collect a debt……”

    we find out oh we do not know who the investor is your loan was sold to a trust misxed with other loans in a blender and then sold as securities to pension funds.

    then we find out not only did they not tell us they didnt loan us their money they decided to make loans that will fail and then buy insurance on these loans that we know will fail because of inflation . so they made loans to every tom dick or harry rhat had a pulse.

    it didnt matter i was applying for a 260k home on my nurses salary and my husbandwas unemployed. they new somewhere (a gamble)
    that my salary would not be worth what it is , i would get sick and couldnt pay ect and WALA billions of dollars in credit default swap insurance

    please watch the zeigiest addnedum on you tube

    so please tell us in plain english what we need to know we are educated but do not have law degrees. we do not want to lose our homes but if we can not understand how to defen our homes we lose them to judges and lawyers who do not care about us.

  6. THEY FAILED TO ESTABLISH HOW OR WHEN THEY BECAME HOLDER OF THE NOTE

    http://www.scribd.com/doc/73114269/THEY-FAILED-TO-ESTABLISH-HOW-OR-WHEN-THEY-BECAME-LAWFUL-HOLDER-OF-THE-NOTE-Citimortgage-v-Stosel

  7. @carie, that’s too funny about the sign. I think you’ll need to allot at least a half hour per protester/cop to read that if you decide to carry that message around. Actually, you’ll probably need help just getting that sign off the ground.

    You said, “We know they are against injustice” and “….if they were really specific….”

    I guess the only thing I could say about that is if there is a they, you’re one of them. You are the 99%. Occupy is about people doing what needs to be done to effect the change that is most important to them. “They” aren’t necessarily for or against any one thing in particular, because that varies from individual to individual. There is purposely no specificity, as that could so easily be co-opted and would be by the many detractors.

    Some want to do away with Monsanto’s GMO’s and grow nutrient dense food on every abandoned lot. Others want to delete debt and abolish the Fed. Another lady took up the banner of disallowing government from raiding education dollars ever again….you get the drift. It’s all over the place, but it’s all good. It’s all stuff we used to do as a society but drifted away from and many haven’t even noticed, sort of like the lobster brought to a boil from cool water. While everyone was working hard to make ends meet, greed and its derivatives became the GDP, thanks to Wall Street’s influence and politicians on the take.

    There is no leader, hierarchy, rank in occupy. The movement is simply folks like you and I who’ve finally had it with the way these idiots in Washington and New York have screwed things up. Everyone knows the system is broken and it’s going to take work to fix it, but I personally don’t want to ask D.C. for any help in the fix. They’ve done enough damage already, in my opinion. Move along now, you’ve had your turn.

    And believe me, it’s dynamic and fluid at the same time. I just got in from the meeting, and I can tell you there are all types of backgrounds and ethnicities involved, all carrying their own desire for change. Urban and rural. Young and old, black, white and red.

    Last meeting an old Native American man with long black hair told a story of his ancestors on the plains and related it to how the present day people are being foreclosed upon. He said with a sheepish grin, “Do you white folk now know what it’s like to have your lands taken from you by the bad guys?” I suddenly felt descended from the 1%.

    So, what I would say is that the movement needs carie to articulate the specific frauds and the QFC issue. People need to hear about it. And who could say it better?

  8. E.Tolle

    The thing that bothers me about OWS is lack of specificity. We know they are against injustice—but there are so many different thoughts being thrown around…I think if they were really specific—like exposing the specific fraud of what was done in the subprime…

    Like…Non QFC’s are ONLY receivables of collection rights…

    Right—that will go over well on a sign…sigh.

  9. It’s funny how Citigroup Global Markets shows up in a lot of these MBS’s, and they’re the ones that took the $62 Billion in writedowns in October 2007 that triggered the malaise we are all living through.

    And speaking of Obama, somebody go read the section “A President Who Get’s It” , read my comment, and then tell me if I was right.

  10. I would like to say that as I am trying to save my own home from foreclosure from Bank of America, Bank of New York, and MERS, I would like to add that Texas Attorney General Gregg Abbott is doing nothing for Texas Homeowners. He does not make a sound and this has be concerned. I think about politicians and where there campaign funds and money comes from. These are the ones who hide and protect these big banks when they know they have done or are doing wrong. What I would also like to share is the fact I got on the Harris County Appraisal District here in Harris County the other night and sorted records just for 2011 by Name (Owner) of properties. You wold be amazed to find out which properties are now owned by Bank of America, MERS, and Bank of New York. This is because homeowners do not know how or what to do to fight these banks. It is even more discouraging when you hear about other Attorney General’s fighting for homeowners and you hear not a thing out of Gregg Abbott. I have pulled up my loan in the loan pool CWABS-2007-2 I have found where the pool was insured for default mortgages, I found that the pool no longer reports to SEC and that Bank of New York is no longer a active member of the MER’s database. There is so much to try to absorb and we will loose our homes in States where we can not reclaim our property and nothing will be done to these criminals. We the homeowners are having to pay money we don’t have to begin with to pay attorney’s to keep our home. I also have realized that so many Texans have lost there home because they have nowhere to turn.

  11. Senator Corker (TN) Introduces Residential Mortgage Market Privatization And Standardization Act
    http://www.chattanoogan.com/articles/article_213105.asp
    MERS 2!!!!!!!!!

    Anyone have time to explore this?

  12. Hi, I`m in NY I just got a letter today from ASC saying my morgage was in default and if i didnt pay a huge amount of money by dec10 they would accelerate.I`m so confused I have sent letters tila respa ect.they wouldnt take my payment when i was 2 months late i was willing to settle it up and they said no.then no contact from them till now that was feb.doess anyone know what i should do.oh had a forensic audit done also

  13. the Greedy Banksters that control the Powers That Be have in the past and will always implement the Divide & Conquer strategy. This is one of the evidencing events of the Tug of War Lust for Power between the Government in California (the State with the Most American Citizens) and the Federal Government (the Largest Entity with the Most Employees that Produce NOTHING).

    Let’s recap on some significant facts….

    1.Congress repealed the Laws that prevented crooked banks from making ticking timebomb loans and then selling them to the States and their Pension Funds (which devestates States’ finances when loans blow up requiring States to borrow more money from banks that Judges are obviously going to be soooo appreciative towards).

    2.MERS has been blessed by the Federal Government and has contributed significantly to States’ financial deterioration by serving as a private proxy database for the secondary mortgage transaction market for mojority of mortgages on properties in the US by circumventing States’ County Recording Registries that would have otherwise collected fees every time a mortgage changed hands.

    3.Despite all the obvious evidence of fraudclosures on homeowners the Federal Government and the Administration turned a blind eye to this criminal racket and is pressuring States’ AGs to grant all the banks broad immunity.

    And as the article points out the Federal Government appears to be colonizing California and exploiting Californians. Of course the Government in California has been doing the same for a very long time, just look at the non-judicial foreclosure statutes that basically grant foreclosure mills (who are the opposing parties in any given case) the position of of an arbiter that is supposed to be impartial.
    Now look at the resulting facts that CAlPERS is the wealtiest pension fund in the world which is mostly invested in usurious real estate loans and California Homeowners are the most poorly treated by the Courts’ Judiciary than any others in the US.

  14. Bravo, E. Tolle!

  15. Universal quiet title is the only way. These banks have to be stopped cold. This would basically amount to a debt jubilee.

    Let’s face it….those that are “in charge” have totally screwed the pooch. As far as I’m concerned, and the involvement I have with OWS, is about wrestling the power from them whether they like it or not, and returning it to the people where it’s supposed to reside anyway.

    Australia is a perfect example of another abuse of the American people. I’d be willing to bet that if you asked 100 people, 100 of them would say, “Whaaa? Occupy Australia? WTF?” Also, why slap China right now? Why is Obama acting all tough all of the sudden? Who’s interest is served? My concern is the fact that through out history, the elite have turned to war when their grasp on power was threatened.

    I would urge each and every one of you to get involved with your local OWS. You won’t have to sleep outside or face arrest. You don’t need dreadlocks or proficiency on the bongo. I’m meeting this evening once again with 30-40 professional people, and I mean that the way it sounds, folks who know that this is no longer the way to live life and bring up children.

    Academics, doctors and nurses, a retired lady colonel, you name it. Only by deciding en masse that we will not be forced into this nonsense any longer will we effect change. And contrary to what Fox and Bill O Reilly would have you believe, we aren’t going anywhere. We will get change even if it means showing Obama the exit.

    Coming up with solutions on the internet is a good way to hone your thoughts. But it takes a community to put the change into motion. It’s time to get serious. This shit’s gone on long enough.

  16. @Linda,

    I made a comment on that somewhere today on this site.
    Combine that sudden desire to have a military post with Obama’s strong (and recent) statements against China and history repeats itself.

  17. please watch the zeigeist addenedun on you tube it puts everything in a nutshell. we need ammunition to fight his monster. we need to all combine our efforts. ms harris this is a start. where is pam bondi florida is going down the eubes

  18. Yes, carie. It could be that the house of cards is ready to tumble and banks and their entities are grabbing as much as they can before they go down. Hence, more turmoil now than ever, coming to the light.

    Right, Joanne, just let us have our homes so we can go about our lives. I am personally distraught and exhausted from all this mess. Banks’ actions are “soulless” and leave scars on the psyche.

  19. Agree with you, too, Joann.
    We are letting them off the hook way too easily.

    It’s just that if there were a choice between banks’ writing down principles or paying back to us what they stole, I’d choose the latter.

    Other than that, yeah, I’d string ’em up by their necks.
    There is PLENTY of money to go around. That’s another fear they spread…the belief in scarcity. Sorry, I don’t believe it. Especially since we know now the Feds have trillions in their vaults. Give me a break.
    They can afford to pay us damages.

    The fact that this whole economic debacle continues makes it look even more intentional and causes intentional infliction of pain and suffering on those recipients of this cruel treatment. IMO, people everywhere have been traumatized, whether they are yet aware of it or not.

    But are we going to see a commensurate type of justice happen? Usually a few bad seeds are weeded out and made examples of to appease the public. The media makes a spectacle of them and harps on the stories for ages, while the rest of the criminals go back to creating new deviations to ramp up their old tricks.

    Because if we really did round up all the perpetrators of these schemes, then we’d have some real use for all those FEMA camps.

  20. @linda

    “Do we need a nation-wide class-action quiet title ??”

    Yes. It’s the only way to “fix” it. Signing “an agreement with John Doe stranger” will not suffice to “fix” something that cannot be fixed.

    Who would be harmed? The lenders whoever thay are have been paid. Unsecured servicers, collectors and debt buyers stand to lose their double dealing ill gotten gains with no more house as a reward. Investor funds should never have been invested in those dirty deals if they are now. Let them sue if they wish. Doesn’t involve the homeowner who was never party to those deals, never signed on to any agreement to buy and sell themself as a life debt slave in an undisclosed arrangement that was never secured by their home.

  21. yes, linda and joann—it’s called “wag the dog”. They constantly try to come up with distractions so we won’t learn the truth of what they have done and are doing.

    We all have to do whatever we can to get the WHOLE truth out there—the government won’t do it….the fraud is so massive and they all have blood on their hands…the “order” of things all over the world is falling apart…the only thing we can do is search for the truth and keep showing it in the light of day…and keep love and compassion in our hearts…

  22. Agreed, Enraged.

    We are kept fighting amongst ourselves and pre-occupied with survival issues that keep us distracted from the truth of the real issues at hand.

    While we have our head in Wall Street, it was announced by our president today our latest military occupancy in northern Australia ??? HUH??? Yeah, okay, let’s just cause more conflict and add more grief for the peoples of this world.
    Let’s not take care of our own country and it’s problems.

    The accumulation of all these invasive actions should now prove to us that America is not doing all of this on her own and it not entirely at blame for the bloodshed in the world. Our officials are taking orders on behalf of some other entity for its own personal gain.

    So that begs the question: What is the real reason we are in Australia?
    Not the reason they will tell us.

  23. @linda

    “How about the banks/servicers make payments to the homeowners? They can pay all of our payments back for the life of the “loan.”
    That way the banks don’t have to write down their own “principles.”

    Good idea. Not a joke. Makes perfect sense if anyone works through the real details to figure it out.

    It gets them off too easy. They ought to reimbuse it now upfront which obviously they cannot do for 80 million mortgages or can they? How much profit has there been in “trading” profits. They also owe homeowners for the use of their signature to fraudulently sell their unsecured note seperately from the deed of trust (single secured obligation) under the bogus threat of losing a home and obtain obsecene profits in the trading of multiple derivitves, swaps, insurance collections, fraudulent tax benefits, and more.

  24. RE-POSTING IMPORTANT INFO FROM “TONY” FOR ANYONE WHO MISSED IT…

    :

    … People on here must understand what a “Qualified Financial Contract vs a Non Qualified Financial Contract” is. If and when you understand this you will see that as in B Davies case, this trust only had Non QFC’s in the trust.

    http://www.fdic.gov/regulations/laws/rules/2000-7800.html#fdic2000part3605
    Read it well…Non QFC’s are as ANONYMOUS has stated many of times (just not as QFC’s vs Non QFC’s) are ONLY receivables of collection rights.
    …start attacking the meaning of QFC’s vs NON QFC’s. You are in the same court where DBNTC vs FDIC is being ruled on and the judge talks about the QFC matter. Case number is #09-3852 in the California
    Federal District Court Central District Western Division.
    People you need to read this case, and if you have a so called an Indymac Loan—you really need to read this case. DBNTC admits that all 246 trust under the Indymac was striped of all assets. They even went to probate so the judge would not make DBNTC liable for anymore claims. If anyone knows trust law you know that you can only go to probate when a trust is dead. DBNTC even put in a claim with the FDIC and was DENIED and was stated they are NOT a SECURED CREDITOR just a GENERAL CREDITOR (unsecured) and there will be no money for general creditors.
    Onewest is not servicing the former Indymac papers for DBNTC, but instead for Indymac Ventures LLC. If you google and pull this name, it’s on the FDIC’s own website—it says: THEY WILL NEVER BE GIVEN THE ORIGINAL NOTE, AND IF THEY TRY TO JOIN FORMER PARTIES IT WILL BE VOID.
    So when banks lawyers (debt collectors) pull up and say here is the original note they are committing open fraud and there is proof. They was only given a collateral file with the debtors information as any debt collector receives, when they buy debt.
    FDIC gave Onewest the collection rights without taking on any liabilities. As many have seen in their court cases Onewest says we bought the assets of Indymac without any liabilities. Then how could they try to use the PSA’s in court cases? They can’t—they are not a party to the document.
    Indymac was 2 people in the trust transaction:
    1. Sellers (QFC)
    2. Servicer (Non QFC)
    Indymac sold their collection rights aka Non QFC’s to the Trust Series. (You must understand a series has one main name and feeds the rest—that’s why it is called a series.) Then Indymac promised that as of the time of selling that everything was in good order and if it wasnt they would buy it back. (QFC) Once the trust took it Indymac job as seller was done.
    Indymac then took on its other job… 2. Servicer of the trust. (Non QFC)
    When Indymac went under the FDIC took Indymac into receivership. FDIC then made Indymac Federal FSB. This is a big part, because when Onewest bank says they bought the assets of Indymac Bank, Onewest did not buy the assets of the Failed thrift, but of Indymac Federal FSB—the FDIC version of Indymac which is big difference. Onewest just tries to muddy the waters—and be deceitful—by not trying to say which one they really bought.
    FDIC as in conservator split the QFC from the Non QFC and gave IMB Hold Co the deposits and the Collection rights of all 246 Indymac trust series without any liabilities. IMB Hold Co then made Indymac Ventures LLC (the only sole member of the LLC is Onewest Bank) who Onewest is servicing for.
    http://www.fdic.gov/buying/historical/structured/INDYMAC_servicing_agreement.pdf
    FDIC did this without repudiate contracts under 12 U.S.C. 1821(e), r. Even if they did it would have made the trust series whole and still DBNTC would not have any claim even in non QFC form. As FAS 140 explains in detail.
    In short if your loan was securitized its not about your Mortgage or Note, it is about: Is it a Qualified Financial Contract or not. Use this and you will not have to worry about “where’s the assignment” or anything else.
    Its now about accounting and security laws. Then you can show why they was not any assignments, because they only had non QFC rights. Judges wont like this matter, but there is nothing they can do about it, now you are connecting the dots. All these securitizations are UNSECURED period and banks know this. The Trust never had any QFC’s only Non QFC’s.

  25. Of course Fannie and her lil bro Freddie don’t own the loans–the notes were never endorsed. This has come out in my own case. Not only that, Fannie’s own website says notes in pools are NOT Fannie assets. They also say in their prospectuses that they IRREVOCABLY sell, grant, transfer, and assign all their beneficial interest to the pools, so even if notes WERE endorsed to Fannie, the trust/pool owns them, not Fannie.

  26. In California

    NEVER AGAIN

  27. Today Recontrustco BankOfAmerica still foreclosing.

    So the Attorney General’s are full of Sh###t

  28. Occupy Buffalo protesters picket at Baum law office

    http://www.buffalonews.com/business/article634660.ece

    By Jonathan D. Epstein

    NEWS BUSINESS REPORTER

    Published:November 15, 2011, 6:15 PM

    Nearly three dozen protesters from Occupy Buffalo demonstrated in front of the Amherst offices of Steven J. Baum PC, denouncing the controversial foreclosure attorney and calling on state authorities to shut down his office, take away his law license and even put him in jail.

    The ragtag band of protesters, many of whom have been camping out in Niagara Square in downtown Buffalo, held up handwritten cardboard signs and chanted slogans to the beat of a bongo drum. They assembled at the corner of Northpointe Parkway and Sweet Home Road, before beginning a slow march down to Baum’s office at 220 Northpointe.

    “Hey, hey. Ho, ho. Steven Baum got to go,” they chanted.

    Signs called for a “moratorium on all foreclosures now,” proclaimed that “housing is a right,” and called Baum “the Grinch who stole houses.” Some protesters also wore paper crowns because “Stephen J. Baum is the foreclosure king of New York State,” said Samantha Colon, the spokeswoman for the protesters.

  29. @Linda,

    Your post illustrates exactly what everyone is going through: we want to believe in solutions and, as we express them, we automatically second-guess them with the same breath. We want to believe that things will get better all the while doubting they ever will. Isn’t that what insanity is all about? Being so confused that, no matter how and where we look, we can’t see anything any longer?

    I really believe insanity is getting the best of us all. When people go through intense psychological trauma, perspective gets lost. Everything is important and nothing is important. We all have gone through intense trauma. Whatever decision anyone makes becomes suspicious. That’s what kills hope.

    What has been done to this country is criminal. There is no other way to describe it.

  30. Thursday November 17th Day of Action

    Shut Down Wall Street!Occupy the Subways!Take the Square!Click Here to learn more
    http://occupywallst.org/

    Thousands Occupy Wall Street: All Entry Points to New York Stock Exchange Blockaded

    Posted 1 hour ago on Nov. 17, 2011, 12:35 p.m. EST by OccupyWallSt

    November 17 Day of Action Underway
    Marking 2-Months Since Birth of the 99% Movement

    Thousands marched on Wall Street this morning, blockading all entry points to the New York Stock Exchange. ‘People’s mics’ have been breaking out at barricades, with participants sharing stories of struggling in an unfair economy.

  31. The two companies, Fannie and Freddie, are purported to own these mortgages. To say they own them is flat out false at this point, as in the following statement they make:

    “The two companies own about 4 million loans in California amounting to about $793 billion in mortgages, according to Inside Mortgage Finance.”

    We shall see what the investigation reveals. I want to believe AG Harris has our best interests at heart, but I can’t helping thinking her move to pull out of the settlement could be a stall of some sort to buy time…like there is really something else behind her pulling out of it.

    “Creditors” will need to write down everyone’s mortgages that are under water, not just “troubled homeowners,” as this will be perceived as unfair to homeowners who are making all of their payments like good little slaves. That said, who will give any alleged creditor the authority to write down any debt that they do NOT own?? That NO one owns? Unless, the troubled homeowners go along with the scheme and sign a release of liability.

    Then what’s the point? We may as well sign an agreement with John Doe stranger. Do we need a nation-wide class-action quiet title ??
    How about the banks/servicers make payments to the homeowners? They can pay all of our payments back for the life of the “loan.”
    That way the banks don’t have to write down their own “principles.”

  32. How can the 99%ers support AG Harris!?!

    Finally we have representatives standing up to big money.

    These reps need to know we have their backs!

    Any ideas on how to support those who stood up example;(Congresswoman Tammy Baldwin – WI) and will stand up soon?

    Bail out the people.

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