Housing Prices Are Higher or Lower Depending Upon Who You Ask

THANKS FOR THE MIRACLES OF MODERN TECHNOLOGY. Post was lost during publication.


As long as Judges refuse to hear the merits of the cases in the belief that the deadbeat borrowers are trying to get out of a legitimate debt, these foreclosures will go forward taking the housing market and the economy down with it. When they start allowing the borrower to demand what Federal law requires — production of the entire loan receivable account in all its parts and from every source that keeps records of where the money came from and where it went, foreclosures will grind to a halt. The reason is the most basic defense to any collection action: PAYMENT

Most homeowners want modifications. Their requests are routinely ignored and then reported as rejected when nobody actually looked at them, much less analyzed them nor communicated the offer to the creditor. The banks are in an impossible position: they claim they can file foreclosures as agents for the REMICS (that were routinely ignored by the banks), they can act as agents for the originators who were paid for the use of their name but never funded nor purchased the loans but that they are NOT the agents of the investors when it comes to money received from insurance, credit default swaps and bailouts.

The original money transaction was very simple. A group of pension funds put money into a large escrow account that ignored the “existence” of the REMICS. That is why the banks, as mere intermediaries, were able to get by without having assignments or any money exchange hands in the movement of the “loan” that was not supported by any evidence of an obligation. The note named the wrong payee and ignored the terms offered by the investor lenders. There neither consideration nor a meeting of the minds.

The only documentation of the real money transaction is the wire transfer instructions. All the other documents produced at closing were false reciting a transaction that never occurred. Borrowers were not at fault for this scenario. It was the banks who did it and they did it intentionally in order to trade in loans they neither funded nor purchased. Now they are taking most of the remaining value out of the foreclosed homes before delivering the crumbs that are left, along with the report of a huge loss that will slash pension benefits later. If they accepted modifications, they would be required to return  trillions they received as 100 cents on the dollar based upon the losses of the banks resulting from defaults in mortgages. Those losses were faked. Any losses were those of the investors whose identity was stolen by their agents, the banks, in order to reap the reward and beat the loss.

30 yr fixed 3.56% 3.27%
30 yr fixed jumbo 4.21% 4.28%
15 yr fixed 2.92% 2.85%
15 yr fixed jumbo 3.42% 3.54%
5/1 ARM 2.89% 2.79%
5/1 jumbo ARM 2.78% 3.05%
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17 Responses

  1. @tnharry

    You post something directed at me and then you ignore my response. Not cool.

  2. whoops! I meant to write “call it a lender”

  3. Just a quick reminder (and off topic…sorry).

    If any of you need your file from the origination placeholder–I refuse to call that it a lender–be aware of the time limit they retain them after closing. Five years in my state. A subpoena went out a couple of weeks ago to get mine, but I was too late. The employee said the original documents were burned a few months ago.

  4. Well in my case the bank transferred the “loan” out of state, twice since the fraudclosure was filed. They have yet to produce a doc. That is evidence of Concealment, Consumer Fraud and Deceptive Practices and a violation of RICO, uttering forged instruments and counterfeiting.

  5. Also, tn—-what about all the money I gave the servicer under false pretenses?
    Bottom line: They said in writing that my “loan” was “securitized”, and they “service it”. It was never securitized. They took my money based on that lie. Why do they get to keep money based on a lie? What law are they violating when they collect money from you based on lies? Wouldn’t my damages include all the money they took from me based on those lies? Hello?

  6. @tn

    I have a document from the servicer signed by them stating “Your loan was securitized.” That is a blatant lie, a lie they used to take my money and ultimately foreclose on me and my family.

    The “damages” are the moving expenses, rent, utilities, etc., medical bills related to stress, that I have had to pay for being illegally kicked out of my home with fraudulent, fabricated documents—which are based on an original contract that is full of lies about transactions that never took place…

  7. i’ve said it before and I’ll say it again. fraud is easy to say and hard to prove. what are your damages for this fraudulent concealment? so what if the REMIC wasn’t funded or the note didn’t make it into the trust? neither of those have damaged you. those would be the claims of the investors in those pools/trusts that found their investments damaged by the failure to transfer. if the note/loan didn’t make it into the trust, that helps your case if you’re trying to show lack of standing by the trust to foreclose, right? you may be referring to what otherwise sound like valid causes of action, but often when you do carie, they are not YOUR cause of action

  8. …equitable tolling for fraudulent concealment.

  9. Neil is right about the judges and about the production of the entire loan receivables account. But, he needs to extend that request to production of documents and receivables, and all records, PRIOR to the refinance in question. He needs to GO BACK to understand WHY the REMICS were not funded with anyone’s “investment” cash, as the debt receivables pass-through were simply pass-through of collection rights to false default debts. He needs to understand the status of the loan—WHEN IT WAS REFINANCED and/or NEW PURCHASE.
    Need to get all records — all documents — everything you can — as to what happened BEFORE the subprime refinance/new purchase in question.
    You need to go to title agency and get their records. All checks, all discharges, all satisfactions, and you need to get GSE records. Will the judge allow? Very difficult. But, if you are astute at looking at past records, you will have undeniable evidence of fraud.

    FRAUDULENT CONCEALMENT. Best case in court.

  10. wasn’t the increase in the minimum payment a federal program though and not necessarily an arbitrary act by your lender? that was my understanding

  11. Carie , I wrote maybe . Remember there is still a lot of people who had with the same bank two more problems . I am talking about Credit Card Check loans ,where raised from 2 to 5 % minimum pay off , what kill most people , (Class action is still running ) and also the HELOC accounts .(Class action is still running ) My business building is half finish and looks like a ruin .I did not pay my mortgage for 2 years , because of that and nothing happening .Why is that ? I spend $ 30000 HELOC
    money in my home , and the told my NOW you are under water.
    How come ? Believe me ,I hold both pocket open .
    Every Dollar what I earn , will I take to the Attorney.

  12. yes, thank you, that is what I meant by that

  13. more misinformation or misunderstanding. the party claiming to own and hold the note in Mary’s example never conveys clear and marketable title. you either have it or you don’t. what i think you’re really trying to question is whether they have the authority to ultimately release the lien.

  14. If one enters into a loan modification, can it be stipulated that the party who is claiming to own and hold the note must be able to give clear and marketable title , otherwise, you are paying someone again for nothing…

  15. @EULE

    That article says nothing about a free house. That program helps people who are paying JUNK DEBT BUYERS so they can “stay” in THIER home…what about all the people who were denied a loan mod (even though they could pay something) and ILLEGALLY kicked out of their homes?

    Millions of people/families. Millions of stories…are they all SOL?

    Doomed to live in their cars/tents/trailers/streets, or motels?

    Where is their “relief”? Where is their justice?

  16. May be we get a free house now . Attorney Matt Weidner work hard :


  17. “Their requests are routinely ignored and then reported as rejected when nobody actually looked at them, much less analyzed them nor communicated the offer to the creditor.”

    There’s the rub—THAT creditor is not the REAL creditor.

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