“To someone who lost his house to mortgage servicer incompetence or malfeasance, that’s not restitution. It’s an insult. “The capped pool of cash payments is wholly inadequate in light of the scale of the harm,” says Alys Cohen, staff attorney for the National Consumer Law Center.” Adam Levin, abcnews.com
Editor’s Analysis: In case after case across the country it is readily apparent that there complete strangers making claims on mortgages, foreclosing, evicting and even collecting “Trial Payments” while they intend to do nothing other than Foreclose — because that is where the money is and because it is only through a foreclosure that they cap the losses and pass them onto investors despite having received large scale payments of insurance and other hedges.
The Banks have it their way despite the obvious unconscionable, illegal, immoral and unethical breach of trust between consumer and bank and between banks.
Whether it is the Chase WAMU deal, or the BOA countrywide deal, or the Indy-mac One West deal, the facts are in — we don’t need to theorize anymore — the banks are NOT the creditors, they cannot shows proof of loss, proof of payment or any financial transaction that would entitle them to enforce an invalid note or foreclose on an invalid, unperfected mortgage lien.
But the institutionalization of hypocrisy and deviant behavior on the part of the Banks has left us with “settlements” that settle nothing, leaving millions of homeowners who lost their homes to entities that received a windfall from the foreclosure process and the windfall from dual tracking “modification” reviews that were a pure sham designed only to get the homeowner in the deepest hole possible so that foreclosure would become inevitable.
At our members conference this Wednesday, we will talk about what is getting traction in the modification of mortgages and what is getting traction in the litigation of mortgage disputes.
The important thing to remember that is that the MONEY never came from ANY of the parties in the sham securitization chain starting with the originator. While there are exceptions — like World Savings — the truth defeats further claims regarding the Wachovia acquisition and then the Wells Fargo acquisition of Wachovia. Either the assignments were missing or they fabricated and forged.
If you ask yourself why they wouldn’t have had the assignments done all nice and proper which is the way the banking world works when BORROWERS must sign documents, you will feel uncomfortable with Wall Street explanations of volume causing the paperwork confusion. It was the exact same volume that produced millions of “originated” mortgages where the i’s were dotted and T’s were crossed —- that is, where the Borrower had to sign. The banks had no trouble then — it was only when the banks had to sign that there was a problem. Where the securitization participants had to sign was neither disclosed nor drafted nor executed.
The simple reason is that there was nothing to sign. There was no financial transaction where money exchanged hands which is why I am pounding on the point that the lawyers should be aiming at the money rather than the documentation. “For value received” means that value was paid or transferred. When you ask for the wire transfer receipt or cancelled check that shows payment and which would establish proof of loss, you are asking to see the transaction upon which the banks place all their reliance.
Their argument that they don’t need to show the actual transaction is a dodge to protect themselves from showing that the transactions in the bogus securitization scheme were all a sham. Your argument should be simple — they say they lost money and that the homeowners owes it. Let’s see the actual proof that they made the loan, lost the money and have not already been paid. The assignments are not accompanies by actual money exchanging hands which means that the assignment lacked consideration and was therefore an executory contract at best, pending payment.
Then you need to ask yourself why there was no consideration when you know that money was funded from somewhere for a loan to the “benefit” of your client (albeit based upon fraud in the execution and fraud in the inducement including appraisal fraud). YOU must tackle the basic issue in the mind of just about every judge — as long as the money was there at the “closing” of the loan, and the borrower signed the papers, and then defaulted on those promises, what difference does it make whether some OTHER papers were fabricated or even forged.
The fact remains, your client, in the eyes of the Judge, got the loan, agreed to the terms and then defaulted. In our world, when you default on a loan, judgment is entered, foreclosure is completed and eviction, if necessary proceeds. The banks have relied upon this perception for years which considerable success. The reason borrowers often lose in litigation is that they arguing about the wrong thing. As soon as they go after the documentation first they are going down a rabbit hole. It is a tacit admission that the loan was valid, the note is evidence of the loan and the mortgage secures the note. DENY and DISCOVER puts that front and center as an issue of fact in dispute.
By going after the money transactions and requiring proof of payment and proof of loss and asking for the accounting data that shows the loan receivable on the books of an entity, you are striking at the heart of the sham transaction.
If you ask me for a loan for $100 and I say “Sure, just sign this note,” and you go ahead and sign the note, what happens when I don’t give you the $100 loan. The answer, which has caused considerable confusion in the foreclosure defense world is that I can nonetheless sue you (on its face the note LOOKS like a negotiable instrument) , but I can’t win. Because if you deny that I ever completed the loan transaction by funding the loan to you, then I have to prove that I gave you the money. I can’t because I didn’t. My argument that you did receive a loan that day and therefore you owe me the money is a lie. You owe the money to whoever actually gave you the money.
At the closing of these loans originated by nominees with no power to touch the money and whose only source of income was fees, not interest on the loan, the borrower was fooled by the fact that the money showed up for the loan. It never occurred to the borrower to ask any questions since the paperwork, and all the disclosures required by law told him a story about the loan. The borrower could not possibly know that the story told by the documents, the documents he or she signed at closing were all a lie.
The Banks will take the position that everyone was authorized to make representations and act for everyone else — except when it comes to paying down the debts with money received from insurance and the proceeds of credit default swaps, federal bailouts etc. In THAT case the bank says it was not the agent of the investors and had no duty to either the investor or the borrower since the banks were the named insureds — made possible only because they purposefully put the name of a nominee on the note, a nominee on the mortgage (or even two nominees on the mortgage) so that the banks could open up a window of time during which they could claim ownership of the loans despite the fact that they had not funded one dime to originate or purchase any loan.
Thus if go for the money first and THEN show the the fabrication, forgery and perjury in documents, the case makes sense and can be presented to the court without giving one inch of admission that the loan, the note or mortgage were real, valid or enforceable. AND by sending a standard QWR and FDCPA letter, the banks have nowhere to hide. In litigation the motion becomes a petition to enforce the RESPA 6 inquiry and the FDCPA inquiry either through direct order or through discovery.
THEN you force the disclosure of the identity of the creditor who actually has a negative account balance on their books for the loan, directly or indirectly, and seek modification or settlement based upon the facts of the case. HAMP modification is impossible, settlement is impossible without first establishing who could submit a credit bid at auction or who could execute a valid satisfaction and release of the debt.
Latest Bank Amnesty Leaves Consumers Adrift
Fraud Is The Biggest Bubble In History
http://www.ritholtz.com/blog/2013/01/fraud-is-the-biggest-bubble-in-history/
Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud | Tagged: Deny and Discover, FDCPA, modifications, QWR, RESPA 6, settlements |
Ray Shelton, on December 19, 2013 at 12:20 am said:
US Bank and SN Servicing has submitted Forged documents in our federal bankruptcy case too and we will never stop perusing them in court for damages. We are also asking our Federal judge to prosecute their current attorney out of Jacksonville Florida who continued to defend this case knowing that forged document are before a federal court. All the offending parties at SN Servicing and their attorneys are committing a serious crime against our country. We have filed a formal complaint with the FBI and the US attorney general and many great Judges all across this nation are finally stopping them from this kind of fraud on American families. US Bank and SN servicing and their attorneys are also violating a serious consent order that was to protect the people from these crimes but they could care less. Please feel free to have your clients join a class action suit so that we can end their behavior with a multi billion dollar punitive damage suit. Join us, call Ray Shelton in Florida at 352 274 8467
[…] Loans Crushing College GradsMoney as Debt also known as CreditFlipping Houses with No MoneyBANK AMNESTY AGAIN: Leaving Consumers to Fend (Litigate) for Themselves WAU_tab('nzqkl24xd7wo', 'left-middle') .recentcomments a{display:inline !important;padding:0 […]
@ Kareem Salessi:
Welcome to the United States of Narco-Banks, Narco-Traffickers & Narcocists:
————http://narcosphere.narconews.com/
Type “WACHOVIA” in the search-box of above page and to see that U.S. Gov. totally runs all Mexican & South-American drug cartels from right here (USA) through its banks, its Treasury Department, military, DOJ and courts:
———-http://narcosphere.narconews.com/notebook/bill-conroy/2011/04/mexican-narco-trafficker-s-revelation-exposes-drug-war-s-duplicity
Making Cable News Obsolete Since 2010:
————http://www.narconews.com/nntv/index.php
@ Kareem Salessi:
Welcome to the United States of Narco-Banks, Narco-Traffickers & Narcosists: http://narcosphere.narconews.com/
Type “WACHOVIA” in the search-box of above page and to see that U.S. Gov. totally runs all Mexican & South-American drug cartels from right here (USA) through its banks, its Treasury Department, military, DOJ and courts: http://narcosphere.narconews.com/notebook/bill-conroy/2011/04/mexican-narco-trafficker-s-revelation-exposes-drug-war-s-duplicity
Making Cable News Obsolete Since 2010: http://www.narconews.com/nntv/index.php
The truth is….. attorney or no attorney these judges are acting like totalitarian dictators…..NO RULE OF LAW IS TOTALITARIANISM ….
🙂 @ Kareem.
Nice job exposing these crooks kareem. I am sure that was an incredible amount of work. What an evil bunch. I have faith good will win.
Nice name for drug cartels, innovators ….like forgery is called robosigning, stealing is called credit lending, investment is called ownership, criminal is called reckless when you are working for the bank owners ….. The entire financial sector is in reality, the red light district. These people live in their own world of sin and evil. I for one, refuse to participate in it or cooperate with it. You can expose the perps of the bank owners and even if you jailed every one of them it wouldn’t matter as long as the top echelons are still in power……the bank owner’s. That’s why they didn’t just go after the Manson family, they went after the evil mastermind too… you can’t just cut off the tail so they say. The real crooks are at the tippetty top of their gobal pyramid scheme…..
On April 19, 2012, Comptroller of the Currency, Administrator of National Banks, of the U.S. Treasury confirmed to me that they facilitated the laundering of over $1/2 TRILLION drug money from Wachovia Drug Cartel into Wells Fargo by voiding all of Wachovia’s charters and issuing them new ones with the newly assumed name of Wells Fargo and with a newly issued banking charter (as if a new drug cartel was just born!), and thus permitting them to continue laundering drug dollars in trillions in the form of mortgages, real estate, and countless other financial instruments by a simple operation of sweeping the drug money under Wells Fargo rugs! (Proof at Appendix-L of attached Petition to the U.S. Supreme Court)
http://kareemsalessi.files.wordpress.com/2010/04/5-18-12-salessi-petition-for-rehearing-filed-version-minus-redaction-us-supreme-court-case-11-1013.pdf
G. Ken Thompson ran Wachovia while laundering $370 BILLION for Drug Cart
These bank owners and the traitor politicians are all about everything for the foreigners. It’s called Globalization….the bank owners via the traitor politicians, steal our wealth, and give it to the foreigners. RE-DISTRIBUTION OF OUR STOLEN WEALTH SO EVERYONE IS EQUAL SLAVES TO THE BANK OWNERS.
Obama is out stumping for everything the bank owners want. The big club he works for are all about the destruction of everything good in the world. No one is fooled by these political sheisters of our freedom and liberty.
I believe the bank owners are sending in the illegals to further destroy the economy and they also want NO BORDERS….NO SOVEREIGN NATIONS……Only WE THE PEOPLE CAN END THIS CRIME SPREE AGAINST US….WE NEED FRESH IDEAS….these corrupt criminal politicians won’t help us ….they all work for the bank owners.
I agree jg…a Constitutional Republic can only be free as long as the rule of law is being upheld….and it’s not or there would be no TBTF ongoing robbery of US and there would be no fraudclosures. These are extreme fascist fixes for fraud that are totalitarian views. Lets start with problem #1….the FED currency….it is criminal. We can never be free unless we coin and issue our own currency as the U.S. CONSTITUTION requires….
Obama is out stumping for immigration reform. He concedes that many immigrants broke the law and entered our country illegally.
But, says he, many of these foreignors are contributing members of our society (how’s that when they pay no taxes? – guess he wants them to, but what’s that got to do with the law?) And further, he goes on, some of them are rocket-scientists and he wants them to stay here so that the U.S. benefits from their brilliance. No, say I, the end does not justify the means. Not ever when it comes to policy.
To me, he is saying two things: the law should be enforced selectively (again) and between the lines that U.S.- born citizens have become too soft to go to school and be brilliant and innovative. (We need the skills of immigrants, be they legal or not) Preaching the avoidance of the law, which is how I took it, to college students who are still impressionable, certainly as to words from him, and who are the leaders of a not-so-distant tomorrow is just wrong imo.
You just don’t have a chain when one (or more) links are broken, just like you can’t carry water in a bucket with holes in it. A free society is free, I think, because it’s upheld by a set of laws and rules, which only if abided by keep it free. “Under all is the land, and under the land is the law”. I actually believe that fwiw. Sorry day when those of us who do are in the minority.
well i guess my response when this post first came up wasnt good enough to post even while i posted a quote by livinglies to prove my point as he said it best, not only did they steal our home that i fought long and hard as pro se in court and even towards hten end with a lawyer until our funds dried and no more lawyer they are now trying to sell out home but say in their listings must wave disclosures, hmm why??? CAUSE THE CROOKED BASTARDS know its a fraud title chain and hence y we lasted pro se so long in court except arizona legal system is for the banks as not to cause a domino effect if they allowed the law to work as it should and we win, we never wanted a free house we wanted help thru hard times after 14 years paying on time and life happened, we never got in to deep, hell we had to pay a lawyer and a bond INSTEAD of them fixing the title and lowering payments till we could manage, why THEY WANTED TO STEAL ou home so no one would be the wiser especially since 5 count em 5 MARICOPA COUNTY SUPERIOR COURT JUDGES allow em to and yet I AM STILL FIGHTING FOR 234 E HEATHER AVE GILBERT AZ 85234… google it….. ull see
I never said I couldn’t afford my bills you sinister liar…..I said I am not paying other peoples bills by RE PAYING & REPURCHASING MASSIVE BANK FRAUD…. Many people don’t know this ….but they are waking up and realizing they can’t afford to keep REPAYING FOR MASSIVE FRAUD BY YOU CROOKS……I CERTAINLY AM NOT REPAYING AND REPURCHASING MASSIVE UNSUSTAINABLE BANKSTER FRAUD…AND I AM ALSO NOT GOING TO PAY FOR A BANKRUPTCY TO ALLOW THESE CROOKS TO WRITE OFF ALL OF THEIR CRIMINAL FRAUD THEY COMMITTED IN MY NAME ….WITHOUT MY KNOWLEDGE…….That is aiding & abetting their criminal acts against me and takes money out of my pocket and does nothing to stop these crooks.
” sinister attorney” hahaha….. Its all about Credit’ability. He told you to file CH 7 and move on didnt he? You said it yourself, you can not afford to pay the bills you have now, no lone take on a mortgage payment and property taxes. There is still Life after BK… you just have to seek it out. Best of Wishes to Your Family!
If there is NO LAW as that sinister bank attorney told me that means all bets are off. Anything is fair game when these crooks are gaming all of us.
Unfortunately, this war is on many fronts. The court rooms are just one. The rotten economy, infllation/deflation and hypertaxation policies by the FED and the politicians are doing more damage than the fraudclosures. These crooks are turning America into a bankster debt slave camp. For many Americans winning in fraudclosure does no good if you can’t afford food, skyrocketing utility bills and the skyrocketing tax bills. Most Americans are not making it or are barely making it. When the fat assed bank corps are laying off, that proves people aren’t able to spend and grow the economy. The politicians say raising & adding more taxes like Obamacare is going to help. Oh hell no…!
This is sinister and evil. This reeks of the work of the dark side of the occult world. This evil is robbing us of our God given rights to food, water and shelter. This evil is robbing the people into poverty while strategically disarming us of our freedom and liberty. This is about far more than fraudclosure.
This is about complete control by ONE EVIL and it is NOT SANE OR RIGHT OR SOCIALLY JUST OR CIVIL……IT IS EVIL and it is CRIMINAL & IT IS NO LAUGHING MATTER…..NOT AT ALL. These absolutely evil asshole animals want to give us more bills to pay when they destroyed the economy and they call that help…..?
Screw them and screw that. They broke the legal contract …they are not upholding the Constitution. Therefore, it is time to revolt. A bank attorney told me, there is NO LAW……in that case, that means this is war and ALL IS FAIR.
There is nothing sane about these control freaks. They are obviously on an unholy tare because there is no other explanation for this much evil. If we look back at Hitler’s evil reign, these are the same tactics he used against the German people and it is a known fact that Hitler was deep into the occult. He turned on the citizenry just as these politicians of today have done. Hitler and his cohorts sacrificed millions of lives and it was about more than exterminating the Jews. We are dealing with that same evil today on steroids…they believed that killing millions gave them super power.
CNBC host just posed the question, Does what is going on in Washington, really matter?
We are in a decisive battle against pure evil on earth. To just call it corruption, down plays it to a much too tolerable level. I see evidence it is much more evil than that. Evil beyond most peoples ability to comprehend. That is what this evil is banking on. We will continue to ignore what and how evil this really is. You can’t fight these spawns Satan with conventional methods. That is how you know who they are.
theres no where to go but court and fight our last battle. never never give up.
@ JG
thank you for remaining sane lol
your info on here is appreciated.
It appears that these entities are more evil than most would ever allow themselves to believe. That is why most people can’t figure this scam out. The real deception is most peoples lack of belief that supernatural forces of evil are behind this scheme. This is all about world domination but not by people. This is a spiritual war that preys on the human psyche, the human spirit and what it really wants is our souls……These entities we are dealing with here are demons or are demon possessed. They are the embodiment of true evil. They want to victimize our minds and souls so severely that we will be willing to accept the ultimate evil which is slavery to evil. If there is no logical explanation for events than I believe we must look to the spiritual realm. What is really occurring here is the final battle between good and evil and we are all an unwitting party to it. This is the Clash of the Titans of the spiritual world on earth playing out in real time….in our daily lives. We need to stand our ground until the final battle then all bets are off…..Always believe that good will prevail and never believe otherwise.
Me and Jack are pretty aggrevated at the “Let’s put this behind us” strategy. These people willfully made loans for their own gain to people who couldn’t afford them, who would lose their most prized possession, their hearth and home, and also at the expense of those who weren’t adequately protected, partly because they were bamboozled, in forking over funds for some kind of interest in the garbage. Then the bums got gimme funds to ease the pain or at least as some dog and pony equalization show. Well, the pain and misery hasn’t been eased. These are real human losses and real suffering of the citizens of this country and many others. But you go on, you RB’s, and try to put this behind you as if it’s otherwise. It’s a festering, oozing, bloody, infectious scab on a wound that won’t heal any time soon.
In a recent pretty-much failed attempt to infiltrate the enemy, I learned little. I did learn, however, that investors are still clamoring for securitized bs, and at this point, I’d say they deserve what they’ll get.
FHFA, GE SETTLE RMBS LAWSUIT
On January 23, 2012, the Federal Housing Finance Agency (FHFA) voluntarily dismissed its lawsuit against General Electric (GE),
making it the first settlement
jg: no doubt of 17:
to come out of the 17 lawsuits that the FHFA filed as conservator for Fannie Mae and Freddie Mac relating to
losses on more than $200 billion in RMBS.
Terms of the settlement were not made public. “This settlement resolves the dispute between FHFA and GE consistent with FHFA’s responsibilities as conservator of Freddie Mac,” Alfred Pollard, the agency’s general counsel, said in a statement. “FHFA is pleased this lawsuit has been resolved and appreciates the work of Freddie Mac in this matter.” The case is captioned Federal Housing Finance Agency v. General Electric Company, U.S. District Court, Southern District of New York, 11-07048.
jg: this is socialized loss and moral hazard at its finest: wth? FHFA can settle a dispute for I’d bet pennies on the dollar but sh servicers can’t even modify loans with gimme funds?! What manner of ill is this and how many must we endure from these stinking, spineless, in-the- pocket rapscallions? Imo, the govt is sorrily mistaken if they think these abominations will have no impact on this country and who we are and become.
GERMAN AGENCY SUED WELLS FARGO FOR MISMANAGEMENT OF CDO:
On January 23, 2013, Erste Abwicklungsanstalt (EAA), a German government agency charged with winding down dissolved bank WestLB AG, filed a lawsuit against Wells Fargo in the Southern District of New York alleging that Wells Fargo mismanaged the investments of a
collateralized debt obligation (CDO)
that WestLB created. According to the complaint, WestLB created House of Europe Funding I (HOE) in 2003 as a CDO issuer that
raised money by issuing and selling CDO securities to investors and
then using the raised funds to purchase a portfolio of assets, including bonds, loans and other debt obligations.
Plaintiffs, which include EAA as well as Cayman-based HOE, allege that Wells Fargo, as trustee and collateral administrator, and Collineo Asset Management GmbH, as the asset manager,
flagrantly disregarded their duties and obligations by failing to comply with eligibility criteria
and failing to disseminate HOE’s proceeds pursuant to priority of payment provisions in HOE’s
indenture.
According to the complaint, defendants’ mismanagement caused or is expected to cause about $160 million in losses to HOE. The case is captioned House of Europe Funding I Ltd., et al. v. Wells Fargo Bank NA, et al., case number 13-cv-00519 in the U.S. District Court for the Southern District of New York.
There is a $155 billion dollar defecit in the public sector pension fund in Cook…..the property taxes are set to skyrocket and they are already double what they should be. The chinese are already accustomed to being slaves to fraud & dictators so they can have the ginormous bill for all the fraud, crime and corruption of the politicians and the banksters….. WE THE PEOPLE ALREADY PAID FOR EVERYTHING AND WE ARE NOT REPAYING……..
I really, really, really hope they are and they will build one right in Cook County, IL. I do. I really, really do.
IS CHINA PLANNING “CHINA CITIES ” AND “SPECIAL ECONOMIC ZONES” ALL OVER THE U.S..? Read about that & more totaliitarian globalist scams here: http://www.fourwinds10.net/
The many deceptions of the malefactor are here…known by many names such as….ming the mercilous..
They halted fraudclosures because of destruction of title…..? I don’t think so…..wasn’t it because of the ROBO-SIGNING FRAUD & FORGERY SCANDAL…..? The banks have no titles because they NEVER PAID FOR ANYTHING….. …..AND THERE IS NO LEGAL CORRECTION FOR THAT……however, OUR TITLES are clean. NO LEGAL LIENS. GO TO YOUR COUNTY RECORDERS OFFICE AND LOOK…..The attorney there told me because there have been no legal liens recorded ever…my house is paid for…I can live in it..sell it or do whatever I want with it.
Donna…..don’t listen to guest….educate yourself before you do anything.
A severe thunderstorm warning in Chicago in the dead of winter….Proof enough for me the Creator is mighty angry.
@Donna, Dont listen to Stripes! Get yourself an Attorney if you are Serious about saving your home.
Donna…no notes or mortgages were securitized to the deadbeat debtor banksters….they are all crooks hiding behind their own third party debt collectors….the servicers.
The traitors have turned on the American people. All of the horrors against us have been committed in our name…they have anihilated half the country are living below the poverty line. They have stolen $60.4 trillion in our wealth and 20 million properties since Obama took power.
They halted the forclosures in 2010 because of the destruction of the titles.
At the very least everyone who has a MERS mortgage should have a title abstract done for peace of mind and to avoid any future surprises. They cost around $80.00.
& these haters of mankind are giving our property that WE THE PEOPLE paid for and busted our asses for……all the nice homes and businesses to the foreignors who HATE US ……..FOR FREE…….
Expect allowances soon…..vouchers for food, shelter and healthcare….the voucher is in the medichip in OBAMACARE..and we paid for it. Theses crony capitalist communists robbed us out of our wealth and labor to turn us all into welfare slaves and Obama and his entourage……the black liberation theoligist haters of white people and the Jew hating Zionists were just the right ones for the job…..
So, multiply 60,000 by the number of counties in the US (Puerto Rico, Virgin Islands and Guam not counted) = 188,460,000.
No one in his right mind should keep paying his alleged servicer until a full investigation with complete auditing of every single MERS mortgage has been performed and all the the records have been corrected, at banks’ expense. The banks created the monster. The banks must kill it. And since anything you stop feeding will die, stop giving them money. MERS cannot survive without the banks anyway.
No two ways about it.
Obama and his overlords…..THE BANK OWNERS ARE IN REALITY SLUMLORDS WHO ARE SLOWLY TURNING AMERICA INTO A GIANT SECTION 8 HOUSING PROJECT……THAT IS REAL HATRED FOR GOD & MANKIND….THAT IS TOTALITARIANISM …..AND WE THE PEOPLE PAID FOR IT…..
I don’t embrace electronic criminal fraud…..& no one should.
Embrace MERS.. The Buttwipes Shall Pay for their Greed!
WILLIAMSON COUNTY — Williamson County homeowners could face unexpected foreclosure and those looking to buy or sell a home could face hidden headaches.
That was the warning Friday night from the Williamson County Clerk’s Office after an audit turned up some serious red flags.
After hearing of similar problems around the country, Williamson County hired DK Consultants out of San Antonio to conduct a property records audit. What they found is nearly $1 million that has been lost because of errors in the national electronic registry, meaning homeowners or people looking to buy are at risk.
“As a clerk, our duty is to maintain good records for our citizens,” said County Clerk Nancy Rister.
However, in Rister’s 14 years with the county, she said she’s never dealt with anything like this.
“Many homeowners will never experience a problem, there will be some that will. There will be some that will be foreclosed upon and they’ve been making all their payments,” she said.
Rister said the county discovered, through a property records audit, that ownership documents in the Mortgage Electronic Registration System (MERS) are now in question.
“They’ve not recorded millions and millions of documents,” she said.
Rister estimates that over 60,000 documents have not been recorded since 2003 in Williamson County alone.
“When you sat at your closing and you signed off on that deed, and you signed that deed of trust because you took a mortgage and the original lender, you signed the note on that too. And then before you even probably left or got the keys to that house and moved in, that note had been sold,” Rister explained. “And you got a notice ‘send your mortgage payment to this company now instead of this bank’ and that happens over and over again. They didn’t record all of those different assignments to all those different mortgage companies that they’ve now sold it to.”
In a statement release Friday, MERS wrote:
“There is no merit to the allegations from the Williamson County Clerk’s Office. All MERS mortgages are registered in the local land records and all recording fees are properly paid by the lender at the time of recording. Our business model is straightforward and transparent, and MERS’ role is clearly spelled out in the contract between the borrower and the lender.”
But Rister said someone has to be held accountable for this massive error.
BANK AMNESTY AGAIN…Obama wants to give legal rights to illegal aliens while he tramples Natural Born U.S. CITIZENS LEGAL RIGHTS UNDERFOOT….What more proof do we need Obama is himself an illegal alien…..? Obamas record speaks for itself…..He rallies on gay rights which should not even be a political issue while the citizenry are losing everything….ILLEGALLY….. he ballyhoos that illegal aliens should have legal rights..ILLEGAL ALIENS BROKE THE LAW TO GET IN HERE AND SHOULD ALL BE DEPORTED…NOT PROTECTED. MORE SOCIAL JUSTICE FRAUD….IT IS LEADING TO TOTALITARIANISM BY FOREIGN AND DOMESTIC DICTATORS.
How mighty white of the bank owner sheisters to forgive their own tresspasses…..That’s so typical of someone who believes they are Supreme to everyone else….It’s called the God Complex.
A whole New World as spelled out by iMF, right about the time it forgave 6 billions to Myanmar and a few months after forgiving debts in Guinea and other African countries.
http://www.weforum.org/sessions/summary/resilient-dynamism
U.S. Natl. Assn. v Said
Case Dismissed over Broken Chain of Assignments
In opposition, Said contends that plaintiff lacks standing and has no legal capacity to sue because the assignment in which plaintiff was assigned the first mortgage was invalid since there was an improper chain of assignments prior to the assignment involving plaintiff
Decided on January 7, 2013
Supreme Court, Queens County
U.S. National Association, as Trustee for CSMC Mortgage-Backed Pass-Through Certificates Series 2006-6 (CSMC 2006-6)., Plaintiff,
against
Amany Said; Ahmed Hassan; New York City Environmental Control Board; John Doe and Jane Doe (Said name being fictitious, it being the intended of Plaintiff to designate any and all occupants of the premises being foreclosed herein., Defendants.
25188/10
Bernice Daun Siegal, J.
The following papers numbered 1 to15 read on this motion for an order striking the Anser and dismissing the Counterclaims of Defendant Amany Said, granting plaintiff Summary Judgment, ordering that the caption in this action be modified deleting “John Doe and “Jane Doe”, as Defendants, inserting the names of the current tenants, Kimberlie Torres, Taha Tourky, Amada Quesada, Sara Masoud and Moshera Hamouda, and ordering a referee to compute pursuant to the Real Property Actions and Proceedings Law on the ground that the said defendant has no valid defense to the cause of action and no triable issue of fact exists in this case.
PAPERS
NUMBERED
Notice of Motion – Affidavits-Exhibits…………………………….1 – 4
Notice of Cross-Motion- Affidavits- Exhibits…………………..5 – 9
Reply Affirmation………………………………………………………..10 – 12
Reply Affirmation……………………………………………………….13 – 15
Upon the foregoing papers, it is hereby ordered that the motion and cross-motion are resolved [*2]as follows:
Plaintiff moves for an order pursuant to CPLR §3212 granting summary judgment and striking the answer of defendant Amany Said (hereinafter “Said”) on the grounds that Said has no valid defenses and there are no triable issues of fact and upon such order dismissing and severing the counterclaims of Said; amending the caption in this action by replacing “John Doe” and “Jane Doe” as defendants with the names of the current tenants, Kimberlie Torres, Taha Tourky, Amada Quesada, Sara Masoud, and Moshera Hamouda; finding that plaintiff has complied with the October 20, 2010 Administrative Order of the Chief Administrative Judge of the Courts as amended and ordering a referee to compute pursuant to the Real Property Actions Law.
Said cross-moves for an order pursuant to CPLR §3212 granting summary judgment and dismissing plaintiff’s complaint; and an order pursuant to CPLR §6514(a) cancelling the Notice of Pendency in this action.
Facts
This is an action for foreclosure on a consolidated mortgage secured by real property located at 35-36 9th Street, Long Island City, New York. On March 18, 2002, a mortgage (hereinafter, “first mortgage”) and its accompanying note were executed to defendant Amany Said (hereinafter, “defendant”) by Wachovia Mortgage Corporation (hereinafter, “Wachovia”) in the sum of $276,000.00; the first mortgage was recorded on June 24, 2002.
On March 27, 2006, Said secured a second mortgage in the sum of $214,803.39 with an accompanying note from Mortgage Electronic Registration Systems, Inc. (hereinafter “MERS”) as nominee for Hemisphere National Bank (hereinafter “MERS as nominee for Hemisphere”; the second mortgage was recorded on May 10, 2006. On March 27, 2006, a Consolidation, Extension, and Modification Agreement (hereinafter “CEMA”) was executed to consolidate the two mortgages to form a single lien for the sum of $480,000.00 (“Consolidated Mortgage”); this agreement and Consolidated Mortgage were recorded on May 10, 2006.
Six assignments occurred in the within action. On March 13, 2003, Wachovia assigned the first mortgage to MERS as nominee for Chase Manhattan Mortgage Corp. (hereinafter “MERS as nominee for Chase”); this assignment of the first mortgage was recorded on July 18, 2003. ( Exhibit I Said’s cross-motion.)
On March 6, 2006, the first mortgage was then assigned from Wachovia to MERS as nominee for Hemisphere; this assignment of the first mortgage was recorded on May 10, 2006.[FN1]
On May 20, 2010, the Consolidated Mortgage was assigned from MERS as nominee for First United Bank (formerly known as Hemisphere National Bank) (hereinafter, “MERS as nominee for First United”) to First United Bank (hereinafter, “First United”); this assignment of the Consolidated Mortgage was recorded on June 1, 2010. [*3]
On August 27, 2010, the first mortgage was assigned from MERS as nominee for Chase to MERS as nominee for Hemisphere; this assignment of the first mortgage was recorded on September 21, 2010.
A Correction Assignment was executed on September 29, 2010, correcting the assignee’s name to U.S. Bank National Association, as Trustee for CSMC Mortgage-Backed Pass-Through Certificates, Series 2006-6 (CSMC 2006-6), (hereinafter, “plaintiff”); this correction assignment of the first mortgage was recorded on October 12, 2010. The execution date, as set forth in the recording and copy of CEMA, was September 29, 2010.[FN2] (Exhibit H plaintiff’s motion for summary judgment.)
On September 30, 2010, a Correction GAP Assignment was executed from MERS as nominee for Chase to MERS to correct the assignee name to MERS and to include “GAP” in the document heading; this assignment of the first mortgage was recorded on October 14, 2010.
Said is in default for the January 2009 payment of the Consolidated Mortgage. Plaintiff commenced this action by filing a notice of pendency, summons, and complaint on October 5, 2010. The only defendant to either appear or answer the complaint was Said. On November 22, 2010, Said served a verified answer on plaintiff and on December 13, 2010, Said served a verified amended answer asserting affirmative defenses and counterclaims (hereinafter “amended answer”) on plaintiff. Plaintiff served a reply to Said’s amended answer, dated December 23, 2010.
Contentions
Plaintiff contends that Said’s affirmative defenses are without merit. In particular, plaintiff contends that plaintiff has standing since there is no defect in the chain of assignments of the mortgage and that plaintiff, as the holder of the note and mortgage, is a proper party to bring this suit against Said. Furthermore, plaintiff contends that summary judgment should be granted and defendant’s affirmative answers should be stricken because defendant failed to raise a material issue of fact in its answer, and alternatively, that the affirmative defenses are without merit and that there are no material issues of fact. In support of its motion and in opposition to the Said’s motion to dismiss, plaintiff asserts that plaintiff has stated a cause of action; that plaintiff has standing because there is no defect in the chain of assignments of the mortgage; that plaintiff, as the holder of the note and mortgage, is a proper party; that plaintiff is not barred by estoppel since plaintiff has not acted in any way which would result in an expectation by defendants that they were no longer obligated to pay the note and mortgage; that plaintiff showed a reasonable likelihood of success on the merits because plaintiff’s complaint states a cause of action; that defendant cannot claim that damages sustained by plaintiff was caused by plaintiff’s culpable and/or negligent conduct in a breach of contract action; that because relief for foreclosure is statutory, an equitable relief is inappropriate; that plaintiff complied with RPAPL §§1303 and 1304; that an entitlement to a settlement conference pursuant to CPLR §3408 is not a valid defense to a mortgage foreclosure; and that plaintiff complied with the terms of the mortgage to provide a thirty day notice as a condition precedent to requiring “immediate payment in full.” Plaintiff further contends that plaintiff did not violate the Federal Truth in Lending Act (hereinafter, “TILA”), 15 U.S.C. §1601 et seq. because defendant’s counterclaim is time barred by the one year statute of limitations, a mortgage to be foreclosed is not a transaction [*4]relegated under 15 U.S.C. §1602(aa), and the total points and fees do not exceed eight percent of the entire loan. Plaintiff contends that defendant’s counterclaim that plaintiff violated the Real Estate Settlement Procedure Act (hereinafter, “RESPA”), 12 U.S.C. §2601 et seq. fails because defendant’s claim fails to state a cause of action upon which the Court may grant, defendant failed to substantiate a single violation of RESPA, defendant is time barred from any action based on a violation of RESPA.
In opposition, Said contends that plaintiff lacks standing and has no legal capacity to sue because the assignment in which plaintiff was assigned the first mortgage was invalid since there was an improper chain of assignments prior to the assignment involving plaintiff.
For the reasons set forth below, plaintiff’s motion for summary judgment pursuant to CPLR §3212 is denied in its entirety; and Said’s cross-motion for summary judgment dismissing plaintiff’s complaint pursuant to CPLR §3212 is grantedin its entirety.
Discussion
To be properly before the court, lack of standing must be raised as a defense in defendant’s answer or amended answer or in a timely pre-answer motion to dismiss the complaint pursuant to CPLR §3211(a)(3). (See CPLR §3211[e]; U.S. Bank, N.A. v Denaro,98 AD3d 964, 965 [2d Dept 2012]; Wells Fargo Bank Minnesota, N.A. v Mastropaolo,42 AD3d 239, 244 [2d Dept 2007].) Here, Said asserted plaintiff’s alleged lack of standing as its second and third affirmative defenses in its verified amended answer. Thus, defendant has not waived the affirmative defense of plaintiff’s lack of standing.
“Where a defendant raises the issue of standing, the plaintiff must prove its standing to be entitled to relief.” (U.S. Bank, N.A. v Dellarmo, 94 AD3d 746, 748 [2d Dept 2012]; U.S. Bank, N.A. v Sharif, 89 AD3d 723, 724 [2d Dept 2011]; Bank of New York v Silverberg, 86 AD3d 274, 279 [2d Dept 2011]; U.S. Bank, N.A. v Collymore, 68 AD3d 752, 753 [2d Dept 2009].) “In a mortgage foreclosure action, a plaintiff has standing where it is both the holder or assignee of the subject mortgage and the holder or assignee of the underling note at the time the action is commenced.” (Denaro,98 AD3d at 964; Dellarmo, 94 AD3d at 748; Bank of New York, 86 AD3d at 279; Countrywide Homes Loans, Inc. v Gress, 68 AD3d 709, 709—10 [2d Dept 2009]; Collymore, 68 AD3d at 753; Wells Fargo Bank, N.A. v Marchione, 69 AD3d 204, 207 [2d Dept 2009]; Fed. Natl. Mtge. Assn. v Youkelsone, 303 AD2d 546,546—47 [2d Dept 2003].) In essence, for a plaintiff to commence a foreclosure action, “the plaintiff must have legal or equitable interest in the subject mortgage.” (GRP Loan, LLC v Taylor, 95 AD3d 1172, 1173 [2d Dept 2012]; Countrywide Homes Loans, Inc., 68 AD3d at 709; Marchione, 69 AD3d at 207.) Thus, ” foreclosure of a mortgage may not be brought by one who has no title to it’.” (Sharif, 89 AD3d at 724, quoting Kluge v Fugazy, 145 AD2d 537, 538 [1988]; see also Marchione, 69 AD3d at 207.)
Here, plaintiff has failed to prove that plaintiff has legal or equitable interest in the Consolidated Mortgage. The Corrected Assignment of the Mortgage provides, in relevant part, that
“Mortgage Electronic Registration Systems, Inc., as nominee for 1st United Bank, a Florida Banking Corporation as successor to Republic Federal Bank, N.A. formerly known as the Hemisphere National Bank, N.A. . . . (“Assignor”), all right, title and interest in an to that certain Mortgage executed by Amany Said as Mortgagor on March 18, 2002, and recorded in the Office of the Clerk of the County of QUEENS, State of New York, on June 24, 2002, . . . given to secure the payment of a promissory note in the original amount of Two Hundred, Seventy-Six Thousand, and 00/100 [*5]Dollars ($276,000.00) and interest. . . . This assignment is to fix the assignee information. The assignee information is to read: U.S. Bank National Association, as Trustee for CSMC Mortgage-Backed Pass-Through Certificates, Series 2006-6 (CSMC 2006-6). . . .”
The Corrected Assignment dated September 29, 2010, by its plain language, only assigned the first mortgage, not the Consolidated Mortgage and significantly, the corrected assignment was made and recorded after the recording of the Consolidated Mortgage. Hence, plaintiff does not have title to the Consolidated Mortgage in order to have standing to maintain an action against Said.
Furthermore, the assignments that were prior to the assignment to plaintiff were invalid. The third assignment assigned the Consolidated Mortgage from MERS as nominee for First United to First United granting ownership interest and the ability to assign the Consolidated Mortgage in only First United. The fourth assignment assigning only the first mortgage from MERS as nominee for Chase to MERS as nominee for Hemisphere was invalid because MERS as nominee for Chase did not have legal title to the mortgage at the time that this assignment was made, instead First United did. In addition, the fifth assignment assigning only the first mortgage from MERS as nominee for Hemisphere to plaintiff was also invalid because MERS as nominee for Hemisphere did not have legal title to the mortgage at the time that this assignment was made, instead First United did. Plaintiff lacks standing because of an improper chain of assignments..
In the instant action, Said raised the issue of standing in its affirmative defenses and its amended answer and plaintiff failed to prove its standing to be entitled to relief. Plaintiff moved for an order for summary judgment on the ground that defendant’s answers did not raise triable issues of fact, including that plaintiff had standing to bring this suit; while defendant cross-moved for an order for summary judgment on the ground that plaintiff lacked standing maintain the within action.
In order to grant summary judgment, there must be no issues of material and triable facts to be resolved at trial. (See Suffolk County Dept. of Social Serv. on Behalf of Michael V. v James M., 83 NY2d 178, 182 [1994]; Sommer v Fed. Signal Corp., 79 NY2d 540, 554—55 [1992]; Andre v Pomeroy, 35 NY2d 361, 364 [1974]; Sillman v Twentieth Century-Fox Film Corp., 3 NY2d 395, 404 [1957]; Lopez v Beltre, 59 AD3d 683, 683 [2d Dept 2009]; Baker v D.J. Stapleton, Inc., 43 AD3d 839, 839 [2d Dept 2007].) However, if “there is any doubt as to the existence of such issues . . . or where the issue is arguable’,” then summary judgment should not be granted. (Sillman, 3 NY2d at 404.]) Here, as shown above, there are no issues of triable fact as to plaintiff’s lack of standing to bring this suit against Said.
Since there is no issue of fact that plaintiff lacks standing, this court need not address the other issues raised in plaintiff’s motion for summary judgment and in defendant’s cross-motion for summary judgment.
Conclusion
For the reasons set forth above, plaintiff’s motion for summary judgment pursuant to CPLR §3212 is denied in its entirety; and defendant’s cross-motion for summary judgment dismissing plaintiff’s complaint pursuant to CPLR §3212 is grantedin its entirety
This constitutes the decision and order of this court.
Dated: January 7, 2013
______________________________ [*6]
Bernice D. Siegal, J. S. C.
Footnotes
Footnote 1: The Court notes that plaintiff’s motion for summary judgment incorrectly labels this assignment. In the motion papers and complaint, plaintiff states that the mortgage was assigned from MERS to MERS as nominee for Hemisphere. The assignment of the mortgage states that assignor was Wachovia, but on top states MERS as assignor. The assignment of mortgage or deed of trust states that the assignee is MERS as nominee for Hemisphere on top and then further down states MERS as nominee for Chase as assignee (this is found in Exhibits A & H of plaintiff’s motion for summary judgment and in Exhibit J in defendant’s cross-motion).
Footnote 2:The Court notes that the plaintiff’s complaint erroneously states the execution date as September 20, 2012.
They should all plead guilty, the dirty s.o.b.s, by reason of insanity and hope they get life in prison because everyone knows they are commie crooks now and everyone wants to shoot them.
The FED are the same crooks trying to cash in on the ORIGINATION FRAUD. The FED OWNERS never paid for anything pocketed all payments as usury ….destroyed the value of the credit they issued on Wall Street…dumped the fraud…threw you into fraudclosure by offering you “help”…. a loan mod to pocket the credit default swap insurance money then they come to steal the property to create new revenue streams for the bank owners…it is a very deceptive scam and it is criminal.
Third party debt collectors not before the court who were never a party to the original transaction EVEN IF it is the same bank…THE FED, disguised a a “servicer” who is pretending to buy up its own soured debt from itself is not a valid legal claim.
@neidermeyer, I agree the creditor is paid in full and the loan was passed around throu the hands of debt collecters, selling cheaper and cheaper each time. If they are not sucessful at collecting.. it escheats……. to the State. The Majic Question is how much did that debt last sell for?
@ Christine ,
I’m firmly in your corner on this one ,, I don’t care so much about court decisions as I do about NEWS ACCOUNTS .. it took years but the truth is finally coming around to being accepted… When the right questions are asked we all win. I’m one of those where his “loan” is documented as paid off in full by AIG… and it was passed around through a few sets of hands after that…
We wasted 4 years. But as they say, “Gawd is never late. He may not be early but he’s never late…” Well, Gawd, how ’bout getting into action? Like… now? Me think we’re kinda running out time, here…
The homeowner can not reissue (sell or refinance with lender of choice) the asset without the title either. They are in the same boat as we are ….
Again, hitting the media. The cat is definitely out of the bag. Progress. And I like to think that, indeed, the elites are peeing in their pants… Although it doesn’t look too good on an Armani suit.
http://www.thedailybeast.com/articles/2013/01/28/world-to-davos-will-you-admit-you-screwed-up.html
World to Davos: Will You Admit You Screwed Up?
by David Frum Jan 28, 2013 8:28 AM EST
My latest at CNN: the global elite gather in Davos.
The world of punditry is divided into two groups: those who attend the World Economic Forum at Davos and those who mock the World Economic Forum at Davos. (There’s a subgroup that both attends and mocks, but it’s tiny.)
Yet Davos is important, whether you attend or no. (I don’t.) And if Ian Bremmer is right, this year something genuinely encouraging may be happening at the grand global gathering of business leaders, politicians and big-thinking academics.
“As the world struggles to bolster its resilience against economic and political uncertainty, the key risk is the increasing vulnerability of elites. We’re seeing leaders of all kinds, in the developed and developing world, in politics as well as business and media, answering to constituents who grow more dissatisfied… and information-rich. Look at the riots in India over the recent rape scandal, the U.S. Congress’ abysmal approval ratings or the phone hacking scandal at News Corp. Corruption, special interests or a lack of transparency will spell trouble for leaders.”
Bremmer, a brilliant analyst of the global economy, is a regular Davos participant. He’s recording his impressions of the 2013 conference in a diary for the Huffington Post.
If he’s perceiving elite anxiety, one can only say: finally.
“What all the wise men promised has not happened, and what all the damned fools said would happen has come to pass.” So snarked Queen Victoria’s first prime minister, Lord Melbourne.
He might have been talking about the euro. Or the securitization of the U.S. mortgage market. Or the British government’s attempt to restore prosperity through budget austerity. Or. Or. Or. Over the past decade and a half, we’ve seen one horrendous economic decision after another made, not by voters in democracies, but by people who owed their power to their claims of superior knowledge. Together, they have plunged us into a decade and a half of disasters, culminating in a global financial crisis triggered by new credit instruments that were advertised as ending financial crises once and for all.
Yet by and large, these leaders have escaped public accountability or even criticism over the past six years of global crisis. The people who designed the euro continue to run the European Central Bank. The people who wrecked the American banking system walked away with multimillion-dollar severance packages. We all know that life’s not fair. But this unfair?
Oops…many pissed OFF Americans are complaining they are being very deceptively refused medical care if they don’t have medical insurance…its another scam by the bank owners…the shadow government …
Many pissed of Americans complaining DOCTORS ARE VERY DECEPTIVELY REFUSING MEDICAL CARE TO THE UNINSURED…….AGAIN….IT’S THE SHADOW GOVERNMENT BEHIND THAT…..THE BANK OWNERS WHO ARE TRYING TO FORCE THE AMERICAN PEOPLE INTO ACCEPTING MORE CRIMINAL FRAUD…..OBAMACARE & THE RFID CHIP WILL GIVE THESE CROOKS COMPLETE CONTROL OF US……DONT COMPLY..
I know Poppy. Its all about getting the fc title. And in most cases in the party name who filed LP long after SOL. They can not reissue the asset for value without the title.
@ guest
If people take a cruise in HomePath.com…all of OUR properties are being sold and financed, supposedly by Fannie and Freddie, which is a lie.
Now, they won’t give us a mod, but will spend tens-of-thousands to foreclose and sell them for pennies on the dollar @ 100% financing to anyone else.
Seems like an income stream to me, payments to the FED to pay down the debt WE have been put in, by the government. Hmmm!
There. We have it. I don’t recall who was talking here about rehypothecation. For the first time, that same concept is being addressed by Forbes.
It is definitely hitting the media, of which Forbes is a part. Progress.
http://www.forbes.com/sites/robertlenzner/2013/01/27/the-unintended-consequences-of-the-greatest-economic-experiment/
The Unintended Consequences Of The Greatest Economic Experiment
As you must realize the central banks of “advanced market economies,” the U.S., Great Britain, Western Europe and Japan, for starters, have for the past 5 years consistently lowered interest rates to zero and swollen their balance sheets quite enormously– a coordinated and unprecedented policy on which the stability of the global economy rests.
The intended consequence of this deliberation was to stimulate asset prices, household wealth and consumer activity such as to restore a semblance of economic growth.
And indeed this desirable short term effect has performed well as stock prices and residential home prices rebounded. Lurking in the background, suggests economist William White is the “undesirable longer run effects” like “negative feedback mechanisms” that will weaken growth, threaten the health of financial institutions and “encourage imprudent behavior on the part of governments.”
One of the unintended consequences is the “shadow banking system,” which has the inherent quality of being non transparent, of being opaque. of in effect being hidden from view from regulators, from the media, and from most of the financial system. As a recent report by the Financial Stability Board had it “shadow banking” is in effect a long chain “of interactions involving collateral, rehypothecation, large offsetting position in CDS(credit default swaps) and other derivatives, exposure to counterparty risk became almost impossible to estimate.”
Get that? “exposure to counterparty risk became almost impossible to estimate.” No wonder the Financial Stability Board believes “the opacity of the system proved a substantial impediment to supervisory oversight.” So, the danger is no supervision available when excessive risk is being taken– and excessive risk may be taken as what’s actually happening behind the scenes is not transparent. Non transparent means we are living in the dark.
Another unintended consequence of easing and zero interest rates is the huge pension deficits in the U.K. where the Pension Protection Fund is only 70% funded– and part of the overall underfundedness of over $1 trillion. Actuarilly speaking pension funds are short the income stream required maintain stability of retirement income. Zero cost of money has a price that makes the promise of a fixed income in retirement an impossibility.
In bucket #2.. you also have real damages, but that loan mod releases the new lender from those liablities. Meaning… they do not fix theTitle!
BECOME YOUR OWN BOSS AMERICA……THAT IS FREEDOM…
The problem for them is when you are not making any money, they can’t steal it. That is why OBAMACARE IS DOA…….THEY CAN’T STEAL WHAT YOU DON’T HAVE.
Time to lose this GO TO WORK SLAVE MENTALITY in this country…..and go get what these crooked bank owners are trying to steal from US….our freedom & liberty.
Poppy… It is narrowed down to three cataglories… 1) You dont make enough money to keep your home…to much debt vs income 2) You make just the right amount to keep your home. And my personal favorite 3) You make to much money for such a small mortgage… YOU DONT HAVE A HARDSHIP! Bbbut….. You have REAL Damages to Recoup!!!
THE SHADOW ELECTRONIC GOVERNMENT ARE THE BANK OWNERS IS THE DEVIL IN DISGUISE..& ..THE HIDDEN RFID CHIP.
Your right Stripes … they dont own you. You are just another piece of Toxic Waste dumped on their laps to be supported. In case you didnt hear … they hired a fleet of dump trucks to haul out the rubbish and take it to the incenerater. Pack… Pack Fast!
you are correct guest…if they want to know anything about you, it takes micro-seconds. And once you are over the radar, they never leave you alone!
I don’t own any guns and I did not just figure out the evil witch of totalitarianism is in credit lending and investing in their bogus credit slips they issue..and in the UPC CODE IN THE UNCONSTITUTIONAL drivers license these crooks issue. I also know they don’t own anything and especially not me. They did not already microchip us just yet….that manufactured slave RFID chip is in OBAMACARE ….STOP COMPLYING, CONFORMING & COOPERATING WITH THE BANK OWNERS CRIMINAL FRAUD BECAUSE THE TRUTH IS…..THEY DON’T OWN ANYTHING AND THEY CERTAINLY DON’T OWN YOU UNLESS YOU BELIEVE THEIR LIES….
I was wondering when Stripes was going to figure out she was already micro-chipped. The Gov has access to everything, your Tax Returns (IRS) your Income, your assets, your credit history, your bank accounts, your retirement plans. your picture and where you live, what you look like and your age, just for starters.. . They know what guns you own thru Registration and they know about scumbuckets who brag about having weapons without having them registered. Just Saying …
The same principle of this behemoth ELECTRONIC SHADOW GOVERNMENT applies to OBAMACARE……they are all connected to ONE EVIL SHADOW ELECTRONIC DATABASE……THINK MERSCORP…..It is all controlled by the bank owners. They spy and keep track of ALL CREDIT SWAP transactions we make through the SOCIAL SECURITY NUMBER…THE UPC CODE….it is on your UNCONSTITUTIONAL DRIVERS LICENSES ….. CREDIT & DEBIT CARDS…YOUR BANK ACCOUNT..THESE ARE ALL SPY TOOLS OF THE SHADOW GOVERNMENT……THEY WANT TO MICROCHIP US TO THE DEBT THE POLITICIANS & THE FED/WALL STREET CREATES BY CREDIT LENDING/INVESTING……WITH THE MEDICHIP IN OBAMACARE……IT IS HIDDEN TOTALITARIANISM …THE MARK OF THE BEAST SYSTEM IS ELECTRONIC AND HIDDEN…IT IS SECRET AND THEREFORE UNCONSTITUTIONAL AND ILLEGAL. THOSE CELL PHONES, CABLE BOXES, RED LIGHT CAMERAS, STORE DISCOUNT CARDS ARE THE SAME WEAPON THE ELECTRONIC SHADOW GOVERMENT CORP USES TO SPY ON YOU……STOP COOPERATING WITH THEM AMERICA BECAUSE WHAT THESE CROOKS REALLY WANT IS ALL OF US TO ACCEPT THE MARK OF THE BEAST SYSTEM AS NORMAL……IT IS NOT NORMAL IT IS TOTALITARIANISM ….IT IS EVIL AND IT IS CREEPY CONTROL FREAK MANUFACTURED BULLSHIT BY THE BANK OWNERS.
Wall Street, the Fed, their banks are all a facade…a grand illusion. This has become a world of HIDDEN evil electronic, shadow banking and evil algorithms … All of their fraud is hidden in their unregulated and unrestricted shadow bank and shadow stock EXCHANGE. Wall Street conducts most of their business online, over the weekend. What you see on Tv is all an illusion from what they are really doing behind the scenes in their electronic shadow bank and their electronic shadow STOCK EXCHANGE…..The KEY WORD HERE BEING EXCHANGE MEANING…..THEY DON’T OWN ANYTHING.
IN REALITY, THE FEDS BOOKS ARE COOKED….THEY NEVER OWNED ANY COLLATERAL ASSETS…..IT IS ALL AN ILLUSION…..THE FED HAS BEEN INSOLVENT SINCE DAY 1….THE FED IS A CREDIT EXCHANGE….THAT IS WHAT THEY ARE HIDING……THE FED DOES NOT LEND MONEY…..THEY LEND CREDIT & THEY USE WALL STREET INVESTMENT BANKING TO DESTROY THE VALUE OF THE CREDIT THEY ISSUE…
KEEP IN MIND THE FED ARE CREDIT EXCHANGERS WHO DON’T OWN ANYTHING BECAUSE THEY DON’T PAY FOR ANYTHING…….THEY HIJACK WHAT WE PAY FOR IN EXHANGE FOR YOUR STOLEN WEALTH BY ISSUING YOU CREDIT SLIPS THEY FULLY INTEND TO DESTROY THE VALUE OF…THINK THE REPEAL OF GLASS-STEAGALL…..THAT PROVES INTENT TO HARM.
THE OWNERS OF THE FED AND WALL STREET VIA THEIR BANKS AND INVESTMENT BANKS ARE THE MONEY CHANGERS OF TODAY AND ALL OF THEIR FRAUD IS DONE ELECTRONICALLY BUT THE MOST IMPORTANT POINT HERE IS THEY NEVER OWNED & DO NOT OWN ANYTHING AND MOST IMPORTANTLY THEY DO NOT OWN YOU….
Poppy
Discovery- if they dont block you get the interrogatories ready expect ” this is unlikely to lead to admissible evidence and is too broad and encumber-some” type response then get ready to supoea duses tactum and motion to produce, be sure on rules of evidence research research research and be ready for legal games and all kindsa bs
( not an attorney just trying to help a fellow pro se r )
Under fractional banking…NO MONEY was ever transferred. It’s all a fantasy. No consideration = no valid contract.
This is where the rubber meets the road. The more I learn, it is my humble belief, this is where the wins are…cannot argue it yet, but it is where the work begins. I am working on this and it is correct, but daunting. Any ideas here?
and here we are FIGHTING FOR OURSELVES STILL!! AND will not STOP!!! SO …..on with the fight,,,,,,For OUR STORY of the home (OUR HOME OF 15 years) the one your are looking at…
http://azfightsfraudsters.wordpress.com/about/ and read the rest of the pages as wel…l, we are not and will not give up fighting for this home, This is our disclosure to you, WE WILL TAKE anyone to court that buys this home and has been told of its fraud!! You are being told here…..
THIS HOUSE HAS defective paperwork PERIOD, The banks and servicers and ?Investors? not even true ones such as in our case and they r fighting so hard against revealing the facts of this transaction and have multiple fabricated documents.There was not a financial transaction involving the borrower (Us) and the lender that is recited in those documents which is in our case UNIVERSAL SAVINGS BANK, whom again is and has been DEFUNKED for years! The banks (Lehman, Aurora, Fannie Mae, CitiMortgage, Principal Residential, Stratford Mortgage, MERS, IBM LBPS have all inserted themselves in some shape or form into the process of our home. IF YOU TRY TO BUY IT ~ WE WILL SEE U IN COURT!! 234 E HEATHER AVE, GILBERT, AZ 85234 – MLS# 4880083 $174,900
WHY WOULD YOU PUT THAT IN ADDITIONAL REMARKS??? GO SEE>>>> here is why…. FRAUD!!!!
“Additional Remarks: Sold AS-IS. Waive SPDS and CLUE Reports. Seller to be ‘Fannie Mae‘ – No Exceptions!!! Listings must be active for 72 hrs on Homepath.com before submitting offers/15 days for investors.ALL Documents IN ”DOCUMENTS” section MUST accompany Initial offer as Offer cannot be Processed Without them. Electronic Signatures OK”
http://www.redfin.com/AZ/Gilbert/234-E-Heather-Ave-85234/home/27432685 ~ Have you ever seen this on an MLS listing? Or maybe it was Owner never occupied no SPDS or CLUE report available OR maybe the listing agent tells you it is AS IS so no SPDS or CLUE is provided. It certainly sounds official to a buyer or buyer’s agent who doesn’t understand the Residential Purchase Contract or Arizona State Law. To understand why this a problematic for both buyer and seller (and their agents) lets start with the fact that Arizona State Law requires that seller’s of real property disclose any known material latent (not obvious) defects of the property or where it would correct a previous assumption. Non disclosure of such facts can be considered an acknowledgement that the defect did not exist and therefore may be considered fraudulent. It is also important to note here that regardless of what an agent writes into a purchase contract it cannot change State Law. Simply put a Buyer cannot waiver their right to disclosure nor can a seller waive their legal obligation to disclose!!!!!
BRIEF OUTLINE OF ALLEGATIONS which is founded on three fundamental assertions although there ARE MUCH MORE this is just a brief summary for you to understand:
I) Crucial documents issued by Cal-Western Reconveyance Corporation on behalf of Fannie Mae and Aurora Loan Services, and others, pursuant to foreclosure and sale demonstrate irregularities that render them defective, and subsequently invalid;
II) Cal-Western selectively ratified certain elements within the Security Instrument while violating others: specifically, Cal-Western committed breach of contract by neglecting to date its Statement of Breach or Non-Performance, in violation of NON-UNIFORM COVENANTS, Section 22, (c); and
III) Federal National Mortgage Association (Fannie Mae) attempted and followed thru with the sale of The MISENHELTER’S property via Cal-Western, although title was not perfected in
NONE of their names because beneficiary rights were not lawfully conveyed thereto by the original lender. The principal never assigned nor authorized the assignment of the
mortgage deed by MERS, and so title remained with Universal Savings Bank, NA. Nor was Fannie Mae, Aurora Loan Services and others entitled to recourse under the Trust Deed, since neither
deed or note had been legally assigned thereto at the time the Notice of Trustee’s Sale Under Deed of Trust was issued, rendering the power of sale clause inaccessible
to anyone other than Universal Savings Bank WHICH NO LONGER EXISTS AND NEVER ASSIGNED TITLE TO ANYONE PRIOR TO CLOSE OF BUSINESS OPERATIONS!
The Arizona Statue on Mortgage Fraud is not being enforced except against homeowners people!!! and we are one of em. But we will fight for the laws to be enforced no matter how long it takes, Practically every act described in this statute was committed by the investment banks and all their affiliates and partners from the seller of the bogus mortgage bond (sold forward, which means that the loans did not yet exist) all the way down to the people at the closing table with the homeowner borrower. In our case in no specific order, Fannie Mae, Lehman Brothers, Aurora Loan Services, Universal Savings Bank, USB Home Lending, Stratford Mortgage Co, Principal Residential, Citibank Mortgage, US Capital Mortgage, Stewart Title, IBM LBPS, and the list goes on! We have been in court and told the Judges its wrong to give us a free house as that’s not what we want but I guess its ok to give a free house to these pretender lenders as they have and we will not stop fighting. LivingLies blog says it best…..http://livinglies.wordpress.com/2012/05/17/az-statute-on-mortgage-fraud-not-enforced-except-against-homeowners/
“Because this party initiated a foreclosure proceeding without being the creditor, without spending a dime on the loan or purchase of the loan, and without any right to represent the multitude of people and entities that should be paid on this loan. This pretender, this stranger to this transaction stands in the way of a mediated settlement or HAMP modification in which the borrower is more than happy to do a traditional workout based upon the economic realities. “And they they maintain themselves as obstacles to mediation or modification because they have too much to hide about the origination of this loan.“All I seek is that you recognize that we deny the loan on which this party is pursuing its claims, we deny the default and we deny the balance. That puts the matter at issue in which there are relevant and material facts that are in dispute. “I say to you that as a Judge you are here to call balls and strikes and that your ruling can only be that with issues in dispute, the case must proceed.”
“The pretender should be required to state its claim with a complaint, attach the relevant documents and the homeowner should be able to respond to the complaint and confront the witnesses and documents being used. And that means the pretender here must be subject to the requirements of the rules of civil procedure that include discovery.“Experience shows that there have been no trials on the evidence in all the foreclosures ever brought during this period and that the moment a judge rules on discovery in favor of the borrower, the pretender offers settlement. Why do you think that is?”
“If they had a good reason to foreclose and they had the authority to allege the required the elements of foreclosure and they had the proof to back it up they would and should be more than willing to put a stop to all these motions and petitions from borrowers. But they don’t allow any case to go to trial. They are winning on procedure because of the assumption that the legitimate debt is unpaid and that the borrower owes it to the party making the claim even if there never was transaction with the pretender in which the borrower was a party, directly or indirectly.”
“Neither the non-judicial powers of sale statutes nor the rules of civil procedure based upon constitutional requirements of due process can be used to thwart a claim that has merit or raises issues that have merit. You should not allow the statute and rules to be applied in a manner in which a stranger to the transaction who could not even plead a case in good faith would win a foreclosed house at auction without court review and a hearing on the merits.”
Residential mortgage fraud; classification; definitions in Arizona
Section 1. Title 13, chapter 23, Arizona Revised Statutes, is amended by adding section 13-2320, to read:13-2320.
A. A PERSON COMMITS RESIDENTIAL MORTGAGE FRAUD IF, WITH THE INTENT TO DEFRAUD, THE PERSON DOES ANY OF THE FOLLOWING:
KNOWINGLY MAKES ANY DELIBERATE MISSTATEMENT, MISREPRESENTATION OR MATERIAL OMISSION DURING THE MORTGAGE LENDING PROCESS THAT IS RELIED ON BY A MORTGAGE LENDER, BORROWER OR OTHER PARTY TO THE MORTGAGE LENDING PROCESS.
KNOWINGLY USES OR FACILITATES THE USE OF ANY DELIBERATE MISSTATEMENT, MISREPRESENTATION OR MATERIAL OMISSION DURING THE MORTGAGE LENDING PROCESS THAT IS RELIED ON BY A MORTGAGE LENDER, BORROWER OR OTHER PARTY TO THE MORTGAGE LENDING PROCESS.
RECEIVES ANY PROCEEDS OR OTHER MONIES IN CONNECTION WITH A RESIDENTIAL MORTGAGE LOAN THAT THE PERSON KNOWS RESULTED FROM A VIOLATION OF PARAGRAPH 1 OR 2 OF THIS SUBSECTION.
FILES OR CAUSES TO BE FILED WITH THE OFFICE OF THE COUNTY RECORDER OF ANY COUNTY OF THIS STATE ANY RESIDENTIAL MORTGAGE LOAN DOCUMENT THAT THE PERSON KNOWS TO CONTAIN A DELIBERATE MISSTATEMENT, MISREPRESENTATION OR MATERIAL OMISSION.
Those convicted of one count of mortgage fraud face punishment in accordance with a Class 4 felony. Anyone convicted of engaging in a pattern of mortgage fraud could be convicted of a Class 2 felony. Fannie Mae and others involved wrongfully attempted and obtained foreclosure upon OUR home by presenting themselves as a legitimate beneficiary of the said trust deed based upon documents that were inauthentic and invalid. Cal-Western and others, committed breach of contract pursuant to foreclosure and issued several documents that were patently defective; Cal-Western assumed the role of Trustee upon the basis of those irregular documents and acted without any real authority in an attempt and finally actual “STEALING” of our HOME.
You are here by notified of disclosures that PROBLEMS EXIST WITH THE CHAIN OF TITLE OF THIS HOME AND UNDERSTAND IF YOU IN FACT CONTINUE WITH A PURCHASE OF PROPERTY, We will pursue litigation against you and all involved.
Thank you,
The Misenhelter Family!