LPS Countersues With Limp Complaint Against Nevada

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Editor’s Note: After being named as a defendant is a suit brought by Nevada AG Masto, LPS figured the best defense is a good offense. This will undoubtedly backfire. The smart move for the banks and servicers has always been to allege nothing formally, and then “proffer” facts to the Judge that the Judge thinks are already true. This is called taking control of the narrative or story. In this case, LPS subject itself to scrutiny and allows for discovery which they most certainly will seek.

AG Masto outsourced the suit to a private law firm deputized by the state to prosecute. LPS complains that this is illegal or that it was done improperly. As any pilot knows from the military, you don;t get flack until you are over the target. These counter-shots demonstrate how the banks and servicers are starting to feel extremely vulnerable. This is a departure from prior strategy wherein the banks and servicers led the investigators down rabbit holes without actually saying anything of offering any actual evidence with proper foundation from a competent witness with personal knowledge.

So far, criminal charges have been brought against several notaries and two LPS officers. Masto is claiming widespread fraud involving mass document signing.

The problems with the documents are many and seem like low-hanging fruit, but borrowers are still losing their court battles because of the presumption that they did take the loan, they did default and that they did sign a note and mortgage that accurately described the financial part of transaction. When these borrowers get to court they are confronted with a Judge that hears their silence or active admissions that these facts are true.

Many of us were led down that rabbit hole, including myself. Theoretically the defective documents should be enough to defeat the foreclosure. But theory isn’t enough. A thorough understanding of BOTH the academic version of securitization and the actual facts as they occurred is required to get the Judge off dead center.

From origination to the last assignment into the “pool” none of the transactions actually were taking place. There was no financial transaction, there was no value received or payment and so there was no transaction at all. Writing up a document that says otherwise besides being fraudulent, forged fabricated and robo-signed, is just not enough for most judges to let the borrower win.

While the Judge a are wrong in their application of the law, they feel justified in ignoring the niceties of documents that have not been subject to tampering, forging and fabrication.

And they might not be wrong procedurally. If the borrower admits or fails to object to proffers of evidence in the record as to the existence of the financial transaction between the borrower and the “lender” at the origination of the document, and admits or fails to object to proffers of evidence that the assignments were for value or payment, then he pretty much is forced to admit and rule that the document defects are cured by the admissions of the borrower.

This particular problem is caused by the borrower and the borrower’s attorney. It is a rare circumstances that the Judge will sustain an objection after the answer has been heard, rare still that they will strike it from the record and even more rare, that they could wipe it out of their own memory of having heard it.

But if the borrower starts from the beginning denying the debt, denying the obligation, thus denying any possibility of default for a financial transaction that never existed, then the Judge is faced with a material fact in issue. Some Judges might still rubber stamp the foreclosure, but unless the borrower screws things up with explanations of why he denies the loan, etc. which gives the Judge room to rule on that basis of denial, the Judge will almost always be overturned on procedural grounds for rubber stamping a lawsuit where there were material factual issues in dispute.

Which brings us back to LPS and Masto. The LPS position is weak at best. But even more important is that they broadening the area of inquiry and allowing discovery into things that they certainly don’t want discovered in terms of fabrication of documents and recording documents with recitals and declarations that are patently untrue. The damn is cracking.

In order to simply deny those allegations you must do so without taking frivolous positions. That’s easy if you understand how to track the money. And that is why you should not walk into court with an independent report showing that neither the document trail nor the money trail follow the academic securitization trail that was intended.

You don’t need to be right. All you need is a reasonable basis for making the allegation or denying the allegation of the other party. The big mistake that most pro se litigants and many lawyers make is that they spill the beans in the first hearing giving the Judge multiple targets from which to choose a reason to deny any relief to the borrower.

LPS Countersues Nevada AG Masto

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33 Responses

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  2. […] Read more… Posted in Banks, MERS, News Around The Country, NV, States « Illinois case demonstrates failure to follow the money trail. It’s over for the banking cabal. 4.jul.2012 » You can leave a response, or trackback from your own site. […]

  3. @Guest

    This Saleem whatever is a nutcase—–even supposing the US does in fact convict this bank of money-laudering—and i realize that this is not that far-fetched—-what does that have to do with foreclosures? At best it establishes that the entity has no respect for legal processes or rules–but that seems to be a common denominator for the largest banks generally–and drug companies by the penalty history.

    If they were suing hm for dame to reputation then some of the other stuff if publicly well established would be useful to rebut damage claims–or even in getting a MTD upon the grounds that the comments he makes are so little consequence next to say multiple govt filings–that it is implaisible that he could have in fact injured them—–but this is really a legislative matter or regulatory matter–not judicial. I would think that the regulatory issue is whether the entitities have violated the conditions under which their charter depends. For example if a convenience store operator is found guilty of embezzlement –he can lose his beer sales license. It would seem that giant banks with propensity to violate criminal laws left and right should lose their charters—–but that may be a reason all actions taken against them are for civil fraud. aside from the elevated standard of proof which is usually addressed by prosecutors by choosing a battery of charges that are easier to prove than the worst ones—the finding of a criminal charge will cause them to lose their licenses. something to think about–but its about all i can extract from this stuff–except the guy loves to see his name in print–what is he doing preparing to write a book?

  4. @ENRAGED

    There are several AGs copycating

    FYI today’s Financial Times front page notes that the LIBOR rate fixing is having a corrollary effect . A lot of US investors are preparing class actions for LIBOR derivatives contracts 2005-2009 —big losers by pension funds to banks —makes more sense now why banks were soooo happy to do these bets–they couldnt lose!

    But the implications are rattling the system right now because there are per FT $360 TRILLION in LIBOR derivative contracts out there right now——and banks are threatening to withdraw from setting rates now. I speculate that if I were a counterparty on a contract I would refuse to pay up if I lost–and sue for my up frot money back if there is a bank on the other side of the contract —-because the banks have a clear conflict of interest—and a propensity to abuse it. So for a change—if the banks win the bets today –the other side wont pay–only if the banks lose can the contracts complete–unless banks are not part of rate setting group—-this places $360 TRILLION in limbo —RIGHT NOW—how will this affect bank capital and affect bail outs to come????

    This may be the largest test to the global financial system yet seen—–and it would appear the govts have no idea what to do—and little time to do it

  5. “But if the borrower starts from the beginning denying the debt, denying the obligation, thus denying any possibility of default for a financial transaction that never existed, then the Judge is faced with a material fact in issue.”

    How do you get past the question of did you sign this note? Ok so how can you deny this debt? When was the last time you paid on this note? Do you lie and say that you are paying on the note?

  6. Libor scandal: Serious Fraud Office opens investigation
    The Serious Fraud Office (SFO) has formerly opened an investigation on the Libor scandal that will probe individuals and banks for evidence of criminal actitivity.

    The crime busting organisation said in a statememt that its director David Green had “decided formally to accept the Libor matter for investigation” in a move that will re-open for Barclays the case it has just paid £290m to settle with financial US and UK regulators.

    Danny Alexander, Chief Secretary to the Treasury, said: “I want the Serious Fraud Office to follow the evidence wherever it goes, to bring prosecutions if they possibly can.”

    He added: “We of course as a government will make sure that they have all the resources that they need to carry out this investigation absolutely to the full.”

    Separately, Germany’s financial watch-dog BaFin started an investigation into allegations of Libor manipulation at Deutsche Bank, according to Reuters. Deutsche’s shares plunged more than 4pc as traders ditched the stock. BaFin declined to comment except to say: “We are making use of our entire spectrum of regulatory instruments, so far as this is necessary.”

    There were also reports that the steering committees that sets the euro-denominated interbank-lending rate, Euribor, is planning to hold an emergency meeting on Monday to discuss the implications of the scandal that rocked Barclays and the wider banking sector.

    This week Bob Diamond, who resigned as chief executive of Barclays on Tuesday, repeatedly told MPs that the bank was just one of a series of global institutions embroiled in the scandal. He said Barclays was being unfairly targeted because it was the first to settle. One MP called Barclays a “rotten, cheating” bank.

    Barclays’ board met on Thursday to discuss whether they could legally claw-back part of Mr Diamond’s controversial pay awards in the wake of the scandal.

    On Monday the Treasury Select Committee will grill Marcus Aguis who resigned on Monday as chairman of Barclays but was re-instated a day later as executive chairman.

    Regulators found that Barclays staff had tried to affect the rate that banks lend to each other between 2005 and 2009. Initially the traders were acting in the interests of their own portfolios. Later, during the apex of the financial crisis, they wanted to dispel rumours that Barclays was having funding difficulties.

  7. How much more insane can it all become? I mean, seriously? Are we just trying to test the limits of human insanity or is it really the psychotic direction we are taking as a society?

    One thing is certain: there is such a thing as “absolute order”. It will keep existing with or without humanity. T’was there before we came and it’ll be there when we’re gone. God have mercy. Or better yet… send us your little green guys to take us out of this mess and zap away all those bankers and their misdeeds.

  8. @ Vegas: Ur’right on., plus this means LPS expanded their robo-signing network to origination of loans. So now they can literally fabricate millions of loans, dump them into securitizations, and immediately foreclose them, all by robo-signing at record time turnarounds!!! Of course LPS, DocX, Fidelity Title and their national robo-signing network are all part of the same beast as you can see in their own disclosure documents linked at tome of this page: http://kareemsalessi.wordpress.com/foreclosure-crimes/

  9. LPS Announces Acquisition of LendingSpace
    New Loan Origination Platform Provides Comprehensive Technology for Correspondent Lending Channel
    Share

    By Lender Processing Services, Inc.
    Published: Tuesday, Jul. 3, 2012 – 5:11 am
    So now they ” announced its acquisition of LendingSpace, a provider of mortgage loan origination software solutions.”

    So now they will be MORE involved. Best joke of the day: “LPS is deeply respected” hahahahaha.

    “LPS is deeply respected throughout the mortgage industry for its highly successful technology and expertise,” said Ravi Varma, chief executive officer of LendingSpace. “By combining the strengths of LendingSpace and LPS, we can better help mortgage professionals meet the complex challenges of today’s lending environment”

    Read more here: http://www.sacbee.com/2012/07/03/4607101/lps-announces-acquisition-of-lendingspace.html#storylink=cpy

    Speaking for my fellow Nevadans, I hope our AG kicks their butt. Locks them up and throws away the key.

  10. From Today’s Guardian:

    “Banks across the world were fixing interest rates- screwing the world

    Banks across the world were fixing interest rates in the run-up to the financial crisis but regulators failed to take action to stop it, the former head of Barclays claimed yesterday.

    Giving evidence to Parliament Bob Diamond said Barclays had raised the issue of banks ‘under-reporting’ the true amount they were having to pay to borrow money but were ignored.

    He declined to say that the regulators “were asleep at the wheel” but added: “There was an issue out there. (It) should have been dealt with”.

    But Mr Diamond denied that the Bank of England told him specifically to ‘fix’ interest rates during a phone conversation during October 2008.

    He told the Treasury Select Committee he “didn’t believe” he had “received an instruction” from Deputy Governor Paul Tucker about the fixing of interest rates.”

    What’s interesting is that, “worldwide, people were paying higher interest rates than they should have”.

    We know it. Banks admit it. If we don’t join the 99 and topple our government, we deserve everything we’ve been getting and everything we’re about to get.

  11. LPS, DocX and Fidelity Title are all the same, in case you don’t know.

  12. DeWine? The last one I would have expected to go after any bank.

  13. Get involved.

    http://www.occupygreeley.org/BREAKING%20NEWS%20FROM%20OWS.pdf

    — BREAKING NEWS FROM OWS —
    OCCUPIED STATES OF AMERICA NATIONAL CONVENTION (JULY 4TH 2012)
    A massive Occupy Wall Street gathering with delegates from all over the country. And if these plans are carried out, Occupy Wall Street will be a major force to be reckoned with on Election Day 2012. The date? July 4, 2012. Discussions on how to proceed begins tonight at a massive General Assembly at 7 PM. Here’s how they describe what they’re about to do:
    * * * * *
    1. The Occupy Wall Street movement, through the local general assembly, should elect an executive committee comprised of 11 people or some other odd number of people that is manageable for meetings. Ideally this committee should represent each city in the U.S. that is being occupied.
    2. The executive committee will then attend to local issues such as obtaining permits, paying for public sanitation and dealing with the media. More important, the executive committee shall plan and organize the election of the 870 delegates to a National General Assembly between now and July 4, 2012.
    3. As stated in the 99% declaration, each of the 435 congressional districts will form an election committee to prepare ballots and invite citizens in those districts to run as delegates to a National General Assembly in Philadelphia beginning on July 4, 2012 and convening until October 2012.
    4. Each of the 435 congressional districts will elect one man and one woman to attend the National General Assembly. The vote will be by direct democratic ballot regardless of voter registration status as long as the voter has reached the age of 18 and is a US citizen. This is not a sexist provision. Women are dramatically under-represented in politics even though they comprise more than 50% of the U.S. population.
    5. The executive committee will act as a central point to solve problems, raise money to pay for the expenses of the election of the National General Assembly and make sure all 870 delegates are elected prior to the meeting on July 4th.
    6. The executive committee would also arrange a venue in Philadelphia to accommodate the delegates attending the National General Assembly where the declaration of values, petition of grievances and platform would be proposed, debated, voted on and approved. The delegates would also elect a chair from their own ranks to run the meetings of the congress and break any tie votes. We will also need the expertise of a gifted parliamentarian to keep the meetings moving smoothly and efficiently.
    7. The final declaration, platform and petition of grievances, after being voted upon by the 870 delegates to the National General Assembly would be formally presented by the 870 delegates to all three branches of government and all candidates running for federal public office in November 2012. Thus, the delegates would meet from July 4, 2012 to sometime in early to late October 2012.
    8. The delegates to the National General Assembly would then vote on a time period, presently suggested as one year, to give the newly elected government in November an opportunity to redress the petition of grievances. This is our right as a People under the First Amendment.
    9. If the government fails to redress the petition of grievances and drastically change the path this country is on, the delegates will demand the resignation and recall of all members of congress, the president and even the Supreme Court and call for new elections by, of and for the PEOPLE with 99 days of the resignation demand.
    10. There will NEVER be any call for violence by the delegates even if the government refuses to redress the grievances and new elections are called for by the delegates. Nor will any delegate agree to take any money, job promise, or gifts from corporations, unions or any other private source. Any money donated or raised by the executive committee may only be used for publicizing the vote, the National General Assembly, and for travel expenses and accommodation at the National General Assembly ONLY. All books and records will be published openly online so that everyone may see how much money is raised and how the money is spent each month. There will be no money allowed to “purchase” delegate votes as we have in the current government. No corporate “sponsorship”.
    READ MORE** http://www.businessinsider.com/occupy-wall-street-has-plans-for-a-coordinated-national-gathering-2011-10#ixzz1b5HDi8jz
    * * * * *
    In Solidarity With The 99%
    THE OCCUPIED STATES OF AMERICA PROPAGANDA COMMITTEE– BREAKING NEWS FROM OWS —
    OCCUPIED STATES OF AMERICA NATIONAL CONVENTION (JULY 4TH 2012)
    A massive Occupy Wall Street gathering with delegates from all over the country. And if these plans are carried out, Occupy Wall Street will be a major force to be reckoned with on Election Day 2012. The date? July 4, 2012. Discussions on how to proceed begins tonight at a massive General Assembly at 7 PM. Here’s how they describe what they’re about to do:
    * * * * *
    1. The Occupy Wall Street movement, through the local general assembly, should elect an executive committee comprised of 11 people or some other odd number of people that is manageable for meetings. Ideally this committee should represent each city in the U.S. that is being occupied.
    2. The executive committee will then attend to local issues such as obtaining permits, paying for public sanitation and dealing with the media. More important, the executive committee shall plan and organize the election of the 870 delegates to a National General Assembly between now and July 4, 2012.
    3. As stated in the 99% declaration, each of the 435 congressional districts will form an election committee to prepare ballots and invite citizens in those districts to run as delegates to a National General Assembly in Philadelphia beginning on July 4, 2012 and convening until October 2012.
    4. Each of the 435 congressional districts will elect one man and one woman to attend the National General Assembly. The vote will be by direct democratic ballot regardless of voter registration status as long as the voter has reached the age of 18 and is a US citizen. This is not a sexist provision. Women are dramatically under-represented in politics even though they comprise more than 50% of the U.S. population.
    5. The executive committee will act as a central point to solve problems, raise money to pay for the expenses of the election of the National General Assembly and make sure all 870 delegates are elected prior to the meeting on July 4th.
    6. The executive committee would also arrange a venue in Philadelphia to accommodate the delegates attending the National General Assembly where the declaration of values, petition of grievances and platform would be proposed, debated, voted on and approved. The delegates would also elect a chair from their own ranks to run the meetings of the congress and break any tie votes. We will also need the expertise of a gifted parliamentarian to keep the meetings moving smoothly and efficiently.
    7. The final declaration, platform and petition of grievances, after being voted upon by the 870 delegates to the National General Assembly would be formally presented by the 870 delegates to all three branches of government and all candidates running for federal public office in November 2012. Thus, the delegates would meet from July 4, 2012 to sometime in early to late October 2012.
    8. The delegates to the National General Assembly would then vote on a time period, presently suggested as one year, to give the newly elected government in November an opportunity to redress the petition of grievances. This is our right as a People under the First Amendment.
    9. If the government fails to redress the petition of grievances and drastically change the path this country is on, the delegates will demand the resignation and recall of all members of congress, the president and even the Supreme Court and call for new elections by, of and for the PEOPLE with 99 days of the resignation demand.
    10. There will NEVER be any call for violence by the delegates even if the government refuses to redress the grievances and new elections are called for by the delegates. Nor will any delegate agree to take any money, job promise, or gifts from corporations, unions or any other private source. Any money donated or raised by the executive committee may only be used for publicizing the vote, the National General Assembly, and for travel expenses and accommodation at the National General Assembly ONLY. All books and records will be published openly online so that everyone may see how much money is raised and how the money is spent each month. There will be no money allowed to “purchase” delegate votes as we have in the current government. No corporate “sponsorship”.
    READ MORE** http://www.businessinsider.com/occupy-wall-street-has-plans-for-a-coordinated-national-gathering-2011-10#ixzz1b5HDi8jz
    * * * * *
    In Solidarity With The 99%
    THE OCCUPIED STATES OF AMERICA PROPAGANDA COMMITTEE

  14. Reflections on Independence Day
    Posted on July 4th, 2012 by Mark Stopa

    July 4th is a great day. For most Americans, it’s a day off from work and a chance to spend time with family, enjoy a barbecue, and watch fireworks. I wonder, though, how many Americans will know what we’re really celebrating today … and, if we really think about it, whether we should be celebrating at all.

    Every year at this time, as I reflect upon the meaning of Independence Day, I find myself drawn to the Language of the Declaration of Independence, especially this portion:

    We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.

    In the words of our founders, this is what justified the creation of a new government … “a long train of abuses and usurpations…” These words were written, of course, largely because the King of Britain was passing laws with which we as Americans did not agree, forcing us to pay taxes without our consent, including taxes to fund Britain’s military conquests in other parts of the world.

    I love America, and I can’t stress that enough. However, I can’t help but feel, in many ways, like we’re back where we were in 1776. For instance …

    Why does “our” government encourage banks to foreclose on Americans instead of modifying mortgages (by insuring/guaranteeing payment of mortgages in full, to include default interest at 18% and any bogus fees and costs a bank can include in a foreclosure), then sell those foreclosed homes in bulk and in secret to uber-wealthy, third-party investors? Does everyone not see how this is a widespread, system that has been designed to help big banks and the .001% to the detriment of everyday Americans? And why does the media not discuss this story? “Our” government has created a perverse system where untold number of Americans are being foreclosed, and while it’s the banks doing the foreclosing, it’s often “our” government that foots the bill, takes title to the property, and sells the property to those with an eight-figure net worth. I can’t be the only one who thinks that’s the sort of stuff that prompted the drafting of the Declaration of Independence in the first place.

    This is hardly just an issue of foreclosure …

    Why does “our” government think it’s okay that we’re nearly $16 trillion dollars in debt? That’s nearly $50,000 per person. Per person! Apparently, that’s American politics in 2012 – “spend now so as to get elected now, without regard for who foots the bill later, after I’m out of office.”

    Why does “our” government think it’s okay to endlessly print money via the Federal Reserve System? Every time more money is printed, we all become poorer. If you don’t understand why that’s so, read this.

    Why does “our” government keep spending trillions on wars? What is this accomplishing? And how can anyone justify it given the state of affairs in America over the past several years? The iinterplay between wars and the Fed is appalling – we keep printing money to fund wars we don’t need … yet nobody seems to care.

    Why has ”our” government created a system where bank profits are privatized but losses are socialized? This chart lends some insight …

    Why does “our” government force us to pay for healthcare we might not want? Look … obviously I’d like for everyone to have health care. But I don’t view this as a political issue; I see it as an economic one. ”Our” government created Social Security and Medicare, and those programs are essentially bankrupt. America is trillions in debt and “our” government has no idea how it’s going to fund the Social Security and Medicare programs we already have in place. Is now really the time to have more spending?

    I hate to sound like a downer on a national holiday. Don’t misunderstand – I’m still going to celebrate today. After all, it’s Independence Day, and we’re certainly doing better than many other countries in the world.

    However, I can’t help but doubt how “independent” … how “free” … we truly are. And I can’t help but read the words of our forefathers and wonder if the day is coming where we have to declare our independence from “our” government, a government that, in my view, has run completely amuck and is totally divorced from the beliefs and desires of everyday Americans.

    Mark Stopa

    http://www.stayinmyhome.com

  15. @Dying Truth,

    As i mentioned, I’m right in the path of that very strange storm that hit half the US on 6/29 and I lost power on that Friday. Diden’t get it back until this afternoon. So, I missed this Stopa rant, very much in line with what you posted. Who mentioned America being for sale to investors, regardless where they came from, so long as they had the money? So, who will invest? China? Russia? The few Americans who have that kind of dough?

    Wanna Buy a Government-Foreclosed Home? OK. Just Bring $10,000,000.00
    Posted on June 29th, 2012 by Mark Stopa

    For reasons that should quickly become apparent, this is the most important blog I’ve ever written. Ever. I’m so angry that it’s difficult to write coherently, but I’ll do my best. …

    I’ve often expressed my disgust at how Fannie Mae and Freddie Mac frequently pay banks 100% of their judgment amounts in foreclosure cases. It’s an appalling dynamic in foreclosure-world, one where banks often have no incentive to modify mortgages because “our” government will pay the banks in full once the foreclosure is over (and all the banks have to do is convey title to Fannie and Freddie). Incredibly, just when I thought I couldn’t be any more appalled, somehow, my disgust with this dynamic … with “our” government … reached a new level today.

    I have it on good information (directly from someone personally involved) that Fannie and Freddie are selling foreclosed homes in bulk to third-party investors. Not one at a time, not several … dozens … at heavily discounted rates. In other words, many of the homes in Florida and elsewhere that have been foreclosed, with lower and middle-class homeowners thrown onto the streets and title transferred to Fannie or Freddie, are being sold to third-party investors in bulk.

    If you think that sounds like an interesting investment opportunity, a chance to purchase a new home after you were foreclosed, let me stop you. Fannie and Freddie aren’t making these investments available to just anyone. To qualify … to even get inside the door to the auction room … you must have at least $10,000,000.00 in assets, and you must be able to prove the existence of those assets via bank statements and the like.

    Ten million bucks, just to get in the door.

    Is this what America has become? Throwing Americans onto the streets so “our” government pays the banks to foreclose and “our” government sells those houses in bulk at discounted rates to third-party investors with an eight-figure net worth?

    Apparently so.

    Sigh.

    You know what’s arguably even worse? Nobody is even talking about this. No news stories. No media coverage. Nothing. I mean, seriously … Would you have known about this if Mark Stopa – basically a nobody in the scope of national news and politics – hadn’t blogged about it?

    Why such secrecy? Where is the media coverage? Where’s the outrage? Who is running our government, exactly? This is as big an issue as Obamacare … thousands of homeowners getting foreclosed and their homes being sold in bulk to the mega-wealthy … why is nobody even talking about it? Is America really a land where our government takes houses from the poor and middle class and sells them in bulk at discounted rates to the mega-wealthy … and it does so completely in secret? Does anyone care?

    This is why I consider this the biggest post I’ve ever written. This is what is driving the whole foreclosure crisis, and nobody knows about it. Nobody’s even talking about it. Change is not possible without awareness, and right now, all Americans are totally in the dark about this dynamic. Well, all Americans except those who have $10,000,000.00.

    May God help us all.

    Mark Stopa

    http://www.stayinmyhome.com

  16. @DCB,

    Apparently, 40 banks are currently under investigation, among which 5 US banks (the usual suspects…) for interest rate fixing among themselves on the international level. What happens between the feds and the US banks is internal to the US economy and doesn’t affect LIBOR. What Barcklays did adversely impacted the world economy as a whole.

    Note what Taibbi says about Hank Paulson’s 2008 involvement in the interest rate, though, and the impact it had on AIG. Apparently, the conduct that created the 2008 financial scandal did not subside after the bailouts, on the contrary.

  17. So far, Abigail Field has called it. Here she is, calling it again. It’s important because this is the news judges watch. Until the truth is told, judges absorb the information they’re spoonfed, like everyone else. Knowing what you’re up against is the best thing to prepare your case adequately.

    http://abigailcfield.com/?p=1402

    Evidence Surfaces Reuters Will Publish Propaganda As News

    By Abigail Caplovitz Field | June 28, 2012

    Normally I’m a fan of Reuters, it has backed some terrific reporting on the banks’ fraudulent foreclosure documents and I respect many of its reporters. But this piece: “Insight: Evidence Surfaces Anti-Foreclosure Laws May Backfire” is pure banking industry and Federal Reserve propaganda. The goal of the propaganda campaign reflected the piece (and one in MortgageNewsDaily I debunked six weeks ago) is to eliminate barriers to the banks’ use of fraudulent documents to seize houses. [Note–this post earlier and wrongly identified that article as published by HousingWire. Sorry HousingWire.] That is, going after judicial foreclosures and efforts to defend private property rights and the rule of law.

    The Housing Crisis Is NOT Caused By Helping Homeowners

    The Reuters piece aggressively misrepresents the idea that huge “shadow inventory” and the problems it causes for the housing market as proof that benighted efforts to help homeowners are hurting the housing market. That’s total B.S. Worse, the laws and rules the piece critiques aren’t efforts to help homeowners, per se–they defend Due Process and try to stop banker fraud.

    The first part of the article’s claim is true–having huge shadow inventory is horrible for the housing market and the broader economy. But the second part–the assertion that helping homeowners, aka judicial process and efforts to stop banker fraud, is causing the problem is completely false.

    Bankers Are Responsible For the Housing Crisis

    Let’s be clear: The banks are responsible for shadow inventory and the underwater crisis. Not homeowners, not Due Process, not judges, not law enforcement. The banks are responsible in multiple ways, as I detailed when debunking the HousingWire version of this b.s. Here’s a recap:

    First, en route to committing mass securities fraud the banks dishonored their contracts and failed to document the mortgage loans as they promised investors they would. As a result, they’ve had to fabricate nonsensical, obviously fraudulent and often sworn statements to try to foreclose. It’s that swamp of fraud that’s causing the delays.

    Second, banks are manipulating housing market inventory, letting properties they own rot, not listing them for sale, and when auctioning them, sometimes outbidding third parties. Third, bankers’ securities fraud broke the secondary market for non-government backed mortgages. As a result, there’s a lot less capital to lend wannabe homeowners. Fourth, lender-driven appraisal fraud led to such inflated prices that the underwater problem is directly attributable to them.

    Rather than deal in the reality that our housing crisis is banker driven and dare push the meme that bankers must be held accountable, Reuters is helping bankers (and their government allies) push the idea that if only we made it easy for bankers to use their fraudulent documents, the housing market would heal quickly.

    Spotting the Propaganda

    To show the deep inaccuracy or dishonesty of the article (I don’t know Tim Reid, the author), I’m going to go through as much of it line by line as I can stomach. (The bold in quotes throughout is mine.)

    The article opens with this sentence:

    State and federal laws enacted to protect homeowners from eviction in the wake of the 2008 housing crash may be extending the slump, according to a growing number of economists and industry experts.

    That is, preventing eviction = hurting the housing market.

    Sentence two:

    Foreclosures have all but ground to a halt in Nevada, which passed one of the stiffest borrower-protection laws in the country last year.

    Wow, what borrower-protection law are they talking about? I didn’t know Nevada tried to stop evictions. Sentence three doesn’t explain; we have to get much further into the article to find out.

    Sentence three:

    Yet the housing market is further than ever from recovery, local real estate agents say, with a lack of inventory feeding a “mini-bubble” in prices that few believe is sustainable.

    See that elision? Stopping evictions = hurting the housing market, Nevada passed a tough law (must be about stopping evictions), and the result is a lack of inventory that’s falsely inflating prices. Just on that last point, how sure is the author that the banks have liquidated the homes they’d seized before Nevada’s law took effect? Banks are holding properties off the market all over the place.

    The Government Pushes Bankers’ Line

    Sentence four:

    A recent U.S. Federal Reserve study found that in states requiring a judicial review for foreclosure, delays associated with the process had no measurable long-term benefits and often prolonged the problems with the housing market.

    The bolded language is the message the sentence is pushing, right? But if you read carefully, the problem identified is “delays associated with the process.” So the real question is, what’s causing the delays? And the answer is, bank fraud.

    A good example is New York. There, the Chief Judge ordered bank lawyers to verify that their papers were true before moving the foreclosure through. Lawyers have refused to do it en masse, leaving many foreclosures stuck. Is the problem that New York requires integrity in its Courts or that bankers papers are thoroughly fraudulent? I vote for banker fraud.

    Sentence five:

    Data from housing market researchers points to similar conclusions.

    What data? More important, what conclusions? That stopping evictions is bad? That Due Process and property rights protection are bad? That banker fraud is bad?

    Sentence six:

    “Many state laws that stretch out the period for legitimate foreclosures result in no added benefit for the homeowner and produce harm to the housing finance system and to neighborhoods,” said Alfred Pollard, general counsel to the Federal Housing Finance Agency, at a House of Representatives oversight hearing in March.

    Hmmm… What laws delay legitimate foreclosures? The New York rule doesn’t; only those supported by fraudulent documentation get stuck. I guess I should ask what “legitimate” means. Does it mean legal, protective of title and private property rights, and supported by accurate information as to amounts owed, etc.? Or does it mean that the bank says the homeowner’s in default, (which may or may not be true)?

    Sentence seven:

    Some people who have been able to stay in their homes despite failing to pay their mortgages may disagree, but it may be a different matter for the neighborhoods where they live.

    Ah…”legitimate” means the bank says the homeowner’s in default. The old “irresponsible borrower”/”deadbeat” line. That’s what the government’s really trying to do with these “anti-eviction” laws, see–help deadbeats.

    Sentence eight:

    An overhang of properties that the banks want to foreclose, but have not dared to, not only can hold back a sustainable recovery in prices but also might encourage blight as the defaulting borrower has less incentive to keep the property in good condition.

    There’s so much wrong with that sentence I could do a whole post on it. First, why don’t the banks “dare” foreclose? Is it because they can’t without fraudulent documents? Second, why would a flood of foreclosures lead to a sustainable recovery in prices? I mean, sure, eventually, after prices plummeted significantly further. Third, homes the banks have successfully evicted people from and haven’t yet sold have a far more blighting effect than people living in their homes and keeping them habitable. Sure, the homeowner might not buy a new roof, but no crackheads will find a vacant home to crash in either.

    Sentence nine:

    “Folks with negative equity can’t sell their home and are less likely to invest in improvements or repairs, or pay their property taxes,” said Sean O’Toole, chief executive officer of ForeclosureRadar.com, which tracks foreclosures.

    I thought this article was about anti-eviction measures screwing up housing. That was the promise at the start right? What has that to do with underwater borrowers? Sure, they’re more likely to end up in foreclosure, but that sentence isn’t talking about people in default. Nor does the harms it’s talking about–reduced investment and taxes–stem from preventing evictions.

    Sentences ten and eleven:

    The increasing doubt about the impact of anti-foreclosure laws on the long-term health of the housing market calls into question a basic principle of the Obama Administration’s approach to the housing crisis.

    Many Democrats, including Obama, say struggling homeowners should get more time to make good on their mortgage arrears, or have the breathing room to renegotiate their loans with lenders, especially in the wake of the “robo-signing” scandal in which banks were found to have falsified foreclosure paperwork.

    How I wish the Obama Administration’s approach had really been about helping struggling homeowners. Instead it has been mostly theatrics with gifts to the banks thrown in. Most recent example–the latest refinancing program has become a fee/profit center for the big banks. Moreover, if homeowners did “make good”, that would be better for everyone involved, including the broader market, but in the era of maximally predatory servicing, it’s not easy. Ditto with mortgage mods that work–and when they include principal reduction that’s meaningful, they work.

    Hey, look! In sentence 11 we get the first whiff of banker wrongdoing. And wow, he not only uses the misleading “robo-signing“, but he also says “falsified foreclosure paperwork.” Foreclosure “paperwork” doesn’t sound that serious, though, does it? How about “falsified documents affecting property title”? Or, “lied under oath about how much borrowers owed and to whom?”

    I need to pick up the pace, so I’m going to skip sentences. I’m not going to do any Fox News-type editing. If you’re afraid I’m misrepresenting the article, here it is again so you can check up on me.

    Here’s 14:

    But conservative and free market economists have long been passionate in their belief that the foreclosure process should be allowed to work efficiently. Delays in clearing the huge backlog of distressed properties will only push back a meaningful recovery of the housing market, they say.

    Again: The inefficiencies and delays are caused by bankers’ fraud, document and otherwise. There is zero evidence–zip, nada–that eliminating Due Process and embracing fraudulent banker paperwork would lead to housing market clearing. The bankers aren’t clearing the market to the extent they already can.

    Anti-Fraud, Not Anti-Eviction

    At sentence 16, we finally return to that pesky Nevada law. The one from the beginning, that was implicitly about stopping evictions, and which had single-handedly wrecked the Nevada housing market, remember? Here goes:

    The Nevada law, passed in October, may be the most stringent: It imposes criminal penalties on lenders that try to foreclose without the proper paperwork. That has led to a dramatic drop in foreclosures in a state that was among the hardest-hit by the housing crash.

    Whoa–the law that shut down Nevada’s housing market was about punishing banks for fraudulent documents? Well, let’s see how the Wall Street Journal Law Blog characterized the Nevada law:

    “Among other steps, the Nevada law makes it a felony—and threatens to hold individuals criminally liable—for making false representations concerning real estate title.”

    The WSJ also notes the law restores the Due Process protection that the trustee doing the non-judicial foreclosure sale is a truly independent party:

    The Nevada law makes an important technical change to those rules by forbidding trustees from handling foreclosures if the trustee is a subsidiary of foreclosing bank. That change appears to strike a blow for Bank of America Corp., which uses a wholly owned subsidiary, ReconTrust, as its trustee for foreclosures in Nevada and other western states.

    Doesn’t sound like an anti-eviction measure to me. Sounds like it’s about protecting private property rights and the rule of law. Housing Wire’s article on that Nevada law confirms that take.

    Here’s sentences 19-22:

    [The Nevada law’s reduction of foreclosures] has triggered a “mini-bubble” in housing prices because the few properties available are receiving multiple bids. The only problem: No one thinks the gains are sustainable.

    ”The bill did nothing to solve the crisis – it’s just prolonged it,” Beach said. “Sooner or later the banks will work out how to deal with the law. And then foreclosures will hit the market, and prices will crash back down.”

    Hey, way to emphasize a point through repetition–you told us in sentence three that Nevada’s law was creating a mini-bubble. And way to not tell us–again–if the banks were currently holding off any inventory. Are you so sure the banks will find a way around their fraud? It’s been 10 months now. Isn’t that timeline just an indictment of how illegally the bankers have been behaving? I agree about prices going down in the future–there’s no reason at the moment to see them going up.

    Sentences 24-28 are another repeat of a sort–pushing how the problem is protecting deadbeats:

    “Th[e Nevada anti-fraud] law has become a mockery,” [a foreclosure defense attorney] said. “I am now turning down clients every day who I know have no intention of ever trying to pay their mortgage. They just want to stay in their homes for free. And that is a bad situation for everyone, lenders and homeowners.”

    So insisting the banks properly document their right to foreclose is creating deadbeats? Imagine if banks had kept good records all along, and honored those contracts back when they made securities–every loan would be in default!

    Look, I can’t take any more of this, so I’m sure you can’t either. Shame on Reuters for running this piece. Shame on the Fed and FHFA for feeding into it. Shame on Tim Reid for being a tool or double shame for being an intentional propagandist

  18. I thought that the Federal Reserve Board meetings betwwen the big banks set or “rig” the base rates in US currency. So its illegal in England to do what the banks do here routinely?

  19. What if they offered a 5 yr renewable lease with payments reduced to 1% of the FMV of the home—essentially a writedown to fmv——you dil sukjet to these reserved rights–ie you are not giving up possession or current tile as a reserved leaseholder —-with a right of 1st refusal at end of lease–or a rollover another 5 yrs??? Would you do that deal

  20. At least, it’s nice to know that we can always count on Matt Taibbi to put the proper perspective on the news. So, are you outraged yet? When are you guys going to take to the streets?

    Why is Nobody Freaking Out About the LIBOR Banking Scandal? POSTED: July 3, 9:04 AM ET

    The LIBOR manipulation story has exploded into a major scandal overseas. The CEO of Barclays, Bob Diamond, has resigned in disgrace; his was the first of what will undoubtedly be many major banks to walk the regulatory plank for fixing the interbank exchange rate. The Labor party is demanding a sweeping criminal investigation. Mervyn King, Governor of the Bank of England, responded the way a real public official should (i.e. not like Ben Bernanke), blasting the banks:

    It is time to do something about the banking system…Many people in the banking industry are hardworking and feel badly let down by some of their colleagues and leaders. It goes to the culture and the structure of banks: the excessive compensation, the shoddy treatment of customers, the deceitful manipulation of a key interest rate, and today, news of yet another mis-selling scandal.

    The furor is over revelations that Barclays, the Royal Bank of Scotland, and other banks were monkeying with at least $10 trillion in loans (The Wall Street Journal is calculating that that LIBOR affects $800 trillion worth of contracts).

    The banks gamed LIBOR for two semi-overlapping reasons. As noted here last week, there were instances of Barclays traders badgering the LIBOR submitters to “push down” rates in order to fatten their immediate bottom lines, depending on what they were trading or holding that day. They also apparently rigged LIBOR downward in order to produce a general appearance of better health, essentially tweaking their credit scores a few ticks upward.

    Most intriguingly, or perhaps disturbingly, there were revelations last week that Bank of England deputy Governor Paul Tucker had a conversation with Diamond at the peak of the crisis in 2008. The conversation reportedly left Diamond, and subsequently his traders, with the impression that the bank had carte blanche to rig LIBOR downward in order to help allay spiraling public fears about the banks’ poor financial health.

    British officials, and Tucker individually, deny that Tucker gave Diamond permission to rig rates. But a report by British regulators did conclude that the two were talking about Barclays LIBOR submissions on October 29, 2008, and that as a result of that conversation, Diamond came away with a “misunderstanding.” The Daily Mail quotes the Financial Services Authority report:

    However, as the substance of the telephone conversation was relayed down the chain of command at Barclays, a misunderstanding or miscommunication occurred.

    This meant that Barclays’ submitters believed mistakenly that they were operating under an instruction from the Bank of England (as conveyed by senior management) to reduce Barclays’ Libor submissions.

    That is explosive stuff. Members of Parliament will be grilling Tucker tomorrow about those events in what is sure to be a far more combative and entertaining legislative inquiry than the Jamie Dimon dog-and-pony show we just went through here in the states in recent weeks.

    The implications of that part of the story should be particularly chilling to Americans, who in recent years have been party to a number of revelations about strange and seemingly inappropriate contacts between senior regulatory officials and big bankers during the heat of the crisis.

    We know that American officials in 2008-2009 were extremely concerned about the appearance of weakness in the financial markets, so much so that they may have resisted pursuing criminal prosecutions against big banks, and we also know that they spent a lot of time commiserating with Wall Street figures before and during the crisis.

    If Bob Diamond and Paul Tucker were having these talks about LIBOR, is it fair to wonder what else Hank Paulson and Lloyd Blankfein were talking about in the 24 discussions they had in the six days following the AIG disaster? When Paulson had a secret meeting with the entire board of Goldman Sachs in, of all places, his hotel suite in Moscow, in June of 2008? Or what other material nonpublic information was exchanged when Paulson met with a gang of hedge fund chiefs at the offices of Eton Park management in July 2008, and laid out for them a possible scenario for putting Fannie and Freddie into receivership?

    Anyway, the LIBOR story is leading the front pages of most of Britain’s dailies, it’s on TV, and it’s producing blistering editorials and howls of outrage amongst politicians and activists. But as compadre Yves Smith at Naked Capitalism put it, where’s the outrage here in America?

    The big story on our shores in the last few weeks has been the health care ruling, which makes sense, but then after that… what? The heat? Tom and Katie? (There’s actually a story about how Katie can wear heels again, now that she’s not married to a short person). Joe Sandusky? Nightline’s big story tonight, which is already being hyped on the net, is about how fat Chris Christie is and why the hell he hasn’t done the bypass surgery yet:

    New Jersey Gov. Chris Christie opened up about his weight problem in an interview with ABC News and stressed he is “trying” to lose weight, a battle he’s waged for 30 years, but said he’s never considered gastric bypass surgery because it’s “too risky.”

    “I mean, see, listen, I think there’s a fundamental misunderstanding among people regarding weight and regarding all those things that go into, to people being overweight,” Christie said in an interview that will air Tuesday on “Nightline.”

    Glad to be informed! The New York Times, meanwhile, did chime in with a house editorial yesterday, and it was appropriately somber. And there has been some coverage in the financial press.

    But to me what’s missing from all of this is the “Holy Fucking Shit!” factor. This story is so outrageous that it shocks even the most cynical Wall Street observers. I have a friend who works on Wall Street who for years has been trolling through the stream of financial corruption stories with bemusement, darkly enjoying the spectacle as though the whole post-crisis news arc has been like one long, beautifully-acted, intensely believable sequel to Goodfellas. But even he is just stunned to the point of near-speechlessness by the LIBOR thing. “It’s like finding out that the whole world is on quicksand,” he says.

    So as far as the stateside press goes, I’ve got to assume the cavalry is coming soon. But when?

    Read more: http://www.rollingstone.com/politics/blogs/taibblog/why-is-nobody-freaking-out-about-the-libor-banking-scandal-20120703#ixzz1zi81M9y1

  21. Dying Truth,

    The same investors who got burnt by the banks when sold bad investments will be buying a rerun of the same bad investments but, in addition, none of the titles will be clear anyway. They won’t be foreclosure-proof anymore than we, individual homeowners, are right now and a new bubble will be created, with prices artificially inflated as more and more “investors” jump on that band wagon.

    If it’s a game they’re willing to play with their retirement, I have no sympathy if they lose at the gamble. On the other hand, if it’s what’s in store for social security, it’s another story altogether.

  22. @dcb: according to this guy (page 6) courts are the concealed servicers & fraudclosers on behalf of pension funds like CALPERS: http://kareemsalessi.files.wordpress.com/2010/04/8-23-11-g043669-opposition-to-afrct-dismiss-appeal-motion.pdf from: http://kareemsalessi.wordpress.com/litigation-discovery-documents/

  23. “nature walks” in the newly naturalized areas, where PEOPLE once owned and enjoyed property and prosperity

    i think ADM might want it to grow soybeans on —no money in nature walks

  24. I would sure rather have a pension fund as a landlord than a servicer out to evict me——

    so long as the servicer is not the property manager that gets a bonus fee for a lease turnover

    Pension funds investing in the strategy through real estate, private equity and hedge fund investments include the California Public Employees’ Retirement System, California State Teachers’ Retirement System, Teachers’ Retirement System of the State of Illinois, Florida Retirement System Trust Fund, University of Missouri System, Texas Permanent School Fund, Oregon Investment Council and the Contra Costa County (Calif.) Employees’ Retirement Association

  25. The overall agenda is still grabbing all the land, all the resources, all utility providers, and the sources of food to implement global government and totalitarian control of the population. They are trying to turn America back into a wilderness so they can take “nature walks” in the newly naturalized areas, where PEOPLE once owned and enjoyed property and prosperity. Depopulated zones mean one thing, folks. The absence of HUMANS. Stop this assault on humanity.

    We can stop it. 5% is just the beginning. Educate everyone you come in contact with. Talk, explain, protest and sue these commie bastards. Attend the local Agenda 21 or Sustainable Development meetings in your community, stand up and tell them you don’t want Global Government, and shut this insanity down. The green mask and the face under it need to be exposed and their limited progress in implementing global government reversed.

  26. @ Neil: from one of the links, it looks like the law firm which is tied with unions, shows law-enforcement’s hands are tied with a bunch of Rookie AG’s who have had it too easy prosecuting street offenses, and unable to handle major crimes like robo-signing of LPS and its operations…also: is there a link to LPS complaint?? Usually companies don’t have constitutional rights, do they??

  27. “[Public Pension] investors are turning to residential foreclosures”

    http://www.pionline.com/article/20120402/PRINTSUB/304029978

    WHY DON’T ENOUGH PEOPLE SEE THE OBVIOUS CONFLICT?

  28. “Please correct me if I am wrong I do believe the bank employee committed perjury.”

    Perjury is in the eyes of the beholder… and not enough “”beholders” harp on it to make a dent yet. Still fewer than 5% of all homeowners being foreclosed on or having already been foreclosed on approach the courts.

  29. another interpretation is that LPS is going to mop the floor with this outfit and thus establish that even the [purported] best firm backed by a state ag office with the power of the state behind em gets creamed and so two things occur; 1) the results get front page coverage by every newspaper and throughly intimidate the homeowners generally–as well as other ags [a big loss doesnt look good on an AG resume—-and 2) it will be a lot easier to claim that the broad set of denials and defenses suggested by the author of the above comments are frivolous and interposed merely for purposes of delay—-so that the injured servicer can get attorney fees —and that will about close the whole chapter on foreclosure defense and this stuff about no debt ever existing——i am generally sympathetic to injured homeowners—-it is bad enough to go through the process —but it is truly adding insult to injury when a local taxpayer for 20 or more years sees his own court–her own sheriffs doing the bidding of some shady out of state–even out of country servicer —without Due Process being afforded

    but it is very difficult to swallow–for me impossible —the concept that there was no debt ever—-

  30. @ all
    This is an excerpt from a bank employee Declaration she stated the documents attached hereto are true and correct copies of records that are kept by bank xyz in the ordinary course of business. It was in the regular course of business for an employee of representative of bank xyz who had knowledge of the act, event, condition, or opinion recorded, to transmit information to be included in such record. The record was made at or near the time of the act, event, condition, or opinion recorded or reasonably or reasonably soon thereafter. The records attached hereto are exact duplicates of the originals. The bank employee is referring to the Note and Deed of Trust. However, in response to our QWR, over a year ago prior to the bank initiating foreclosure proceedings the bank attorney provided us a true and correct copy of the original Note and Deed of Trust. The bank employee Deed of Trust has been altered. The Deed of Trust we received in response to our QWR has not been offered into evidence yet. Please correct me if I am wrong I do believe the bank employee committed perjury.

  31. […] View the original here: LPS Countersues With Limp Complaint Against Nevada […]

  32. […] Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: First American Title, Lloyd’s of London, title insurance Livinglies’s Weblog […]

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