Illinois Takes A Step in the Right Direction

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Editor’s Comment: Illinois has taken a step forward but they are still plagued by the wrong assumption — that the courts are dealing with a legitimate debt. There is no debt if it is paid and in many cases the original debt has been paid down or paid off by  third party mitigation payments from insurance and credit default swaps.

Remember the note raises the presumption of the existence of the debt which is rebuttable. It does not prove the loss. Without proof of loss there is no foreclosure or any other lawsuit for that matter. The party seeking relief must show they have been or will be injured in some way to get money damages, equitable relief (like foreclosure) or anything else. Without injury they don’t belong in court, which is why we have a jurisdictional rule regarding standing. No injury=no standing.

So the bad point about the new rules is that the forecloser must prove the debt, but it doesn’t specifically say they must plead or prove the loss. The problem with that is production of the note (whether the the real note or something that looks like the real note) raises the presumption of the debt. It also causes Judges to assume that the loss is self-evident — i.e., if someone has the note it is presumed that they paid for it and will suffer a loss of their expectancy of payment under the terms of the note.

If you don’t demand to see the canceled check or the wire transfer receipt and wire transfer instructions or other forms of actual payment of money (where it can be seen that money actually exchanged hands) then there is no consideration, the paper is not negotiable, the UCC doesn’t apply and the party seeking to foreclose has no standing because they have not been injured by the borrower, even if the borrower didn’t make any payments. At the root of this mess is a scheme of illusions created by the banks. Demand reality and you will get traction.

But there are also some good points about the new rules. The one requiring counseling for the homeowners would be good if the counselors knew what they were talking about and understood the perfectly valid defenses available to homeowners who got swindled into signing papers in favor of a company that never made a loan to them. From what I have seen, the counselors don’t have any idea about such things and it is merely a debt counseling session about getting your life in order, which is a good thing, but not what you can do about having your life turned upside down by an illegal foreclosure.

The part I like is the burden placed on foreclosers that would show that a modification is not possible. This is simple: if the results of foreclosure are that the net proceeds are substantially less than what the homeowner is offering, then the loan  can be modified. Demand should be made for the methodology and the person who calculated the modification for the forecloser and their authority to do so. And demand should be made for what contact they had with the “creditor.” Then you contact the creditor and find out (a) if they are the creditor (b) whether they were contacted and (c) how they feel about getting $150,000 from the homeowner rather than $50,000 from foreclosure.

As for the modification part, the banks are going to fake it just like they fake everything else. Be ready with an expert declaration that shows that the modification offered is far better than foreclosure, and that this is evidence of the fact that the servicer never even “Considered” the modification, which is violation of HAMP and HARP.

84 Responses

  1. That’s right folks….things are bad everywhere and from the commentary by area residents people are fed up.

  2. Cruising through the County landscape I came across an interesting article …Check out the comments from the locals….it’s a hoot.
    http://oakforestpatch.com/articles/over-7-500-oak-forest-residents-are-mortgage-free

  3. Btw…that receipt is an actual paper document that you can put your finger on. If you can’t put your finger on that document …the mortgage & note(s) do not exist.

  4. Bottom Line Stephen…they never created the Security as the Law requires. If they don’t have the Legal Assignment, the Security does not exist. These are then Securies Frauds…I lt does not matter what receipt they show you…unless it is the Delivery & Acceptance receipt ….the Trustees receipt…all other receipts are invalid ….all subsequent transfers & recordings are Acts of Rico.

  5. Neil–what do you mean by see the cancelled check, wire transfer receipt or wire transfer instructions? Do you mean the money or check that was sent to the presumed homeowner/borrower? Or the money/transfer to the bank/lender/servicer from investors or real lender to whomever is trying to foreclose?

  6. THE TRUTH IS….THEY ARE ALL PRETENDER LENDERS WHO NEED TO PAYBACK WHAT THEY STOLE FROM ALL OF US…THAT IS DEBT FORGIVENESS..

  7. That’s right carie….the true meaning of American Exceptionalism is the U.S. CONSTITUTION/BILL OF RIGHTS….That is our Security and affords every American Citizen UNINFRINGEABLE Legal Rights to Defend our Life, Liberty and Property. If our Legal Rights are not being upheld we have Amendment II …. that warns we must always have militias at the ready.

  8. @Deb
    You’re welcome.

    “The Origional 1st loans were funded with invester monies…”
    WRONG. WRONG. WRONG. Sorry, it’s just wrong—no matter how many times you say it.

  9. In the presidential debates Romney asked Obama why are you engaging in feudalism with the Federal Government? Trick question…Obama could not answer because the answer is… they don’t own anything, These are Imposters, fictitious payees who lay claims to things they don’t pay for. Judge Napolitano on FOX Biz said it last night…the FEDERAL GOVERNMENT does not own anything. Everything they have they take from all of us.

  10. Guest said…the broker said the borrower lied…that’s right…the broker lied about who the borrower was…THE ISSUER OF THE CREDIT SLIPS….THE FED…..& THEY ARE ALL COVERING UP THE DEFAULT OF THE ISSUER TO THE U.S. TAXPAYERS…..& THE FACT ALL PAYMENTS THEY COLLECTED FROM US WERE USURY…..AN INDULGENCE TAX….ILL GOTTEN GAINS…MISREPRESENT THEMSELVES & BLAME US FOR THEIR CRIMES AGAINST US IS ALL THIS FLEA CIRCUS DOES..

  11. If the link is broke you can google it.

  12. FOX news guest Jim Walsh, International Security Expert says…the North Korean threat is being used to incite Nationalism…..aka TOTALITARIANISM…

    Fox also reporting West Virginia Sherrif shot & killed…These crooks will stop at nothing to take our guns away…

    Suspect in custody after West Virginia sheriff fatally shot…
    http://www.foxnews.com/us/2013/04/03/suspect-in-custody-after-west-virginia-sherrif-is-fatally-shot/

    Rick Santelli of CNBC calling FED policy more damaging than a meteor strike….guest Mohamed Al-Arian of PIMCO agrees…he said what Central Banking is doing today is unprecedented. They are using all of the “wrong tools” and that is destroying the economy.

  13. CNN reporting on TEXAS D.A. KILLINGS……No arrests yet..

    Word on the street is…it’s the German flea circus who did it….no matter who they arrest it’s the German flea circus who want to seize our wealth, property & guns for the new world hoarders and they did it.

  14. FORGET THE CONTROL FRAUD GANG….WHO ARE THE PAYMASTERS WHO ARE ORCHESTRATING THIS THEFT OF THE AMERICAN PEOPLE…? DO YOUR DILLIGENCE AMERICA….GET THE NAMES OF THESE ENTITLEMENT PEOPLE…THESE ARE OUR ENEMIES….

  15. The 1st loans were funded with Investor monies….HA……OOPS GOTTA GO BECAUSE….. YOU ARE a lying sack of shit that’s on fire.

    TREASURY DIRECT …..WE THE PEOPLE PAY FOR EVERYTHING THESE CROOKS DO & THEY POCKET ALL OF OUR PAYMENTS AS USURY……..THESE LIARS LOANS ARE IN FACT ALL SECURITIES FRAUDS…

    BEWARE….DISINFO AGENTS ARE EVERYWHERE ..

    It is called CONTROL FRAUD…..these LIARS are covering their own criminal asses because THE TRUTH IS…THESE CROOKS OWE ALL OF US A TON OF MONEY FOR HARM DONE & HARM INTENDED…..

  16. THE INVESTMENTS IN THE SECURITIES FRAUDS WERE FUNDED WITH OUR STOLEN WEALTH GUEST…..THESE CROOKS WHO PAY TO PLAY DON’T PAY FOR ANYTHING….THEY STEAL FROM ALL OF US.

  17. Yeah.. The Overhead Garage Door Co is here! I got stuck in my own garage yesterday and had to be rescued per say …. Have a Great Day All!

  18. The usual meme……BLAME THE VICTIM….by LIARS LOANS I mean, THERE WAS NO MONEY LENT & THE ISSUER OF THE CREDIT DEFAULTED ON THE CONTRACT……

    LACK OF DISCLOSURE BY THE ISSUER LED TO SECURITIES FRAUD ON STEROIDS WITHOUT OUR KNOWLEDGE OR CONSENT…..

    BOTTOM LINE THESE CROOKS TOOK ADVANTAGE OF UNSOPHISTICATED CONSUMERS…..THEY WRECKED THE ECONOMY & MILLIONS LOST THEIR LIVELIHOODS BECAUSE THEY WERE BELIEVING THEIR BULLSHIT….

    THE GOVERNMENT WAS NOT DOING THEIR JOB & PROTECTING OUR NATIONS WEALTH & PROPERTY RIGHTS.

    THAT LEAVES ONE CONCLUSION…THEY ARE ALL IMPOSTERS…&….FICTITIOUS PAYEES.

  19. I really find it hard to believe an entity that calls itself ANON…Does it really matter how these crooks pulled off the biggest heist of our wealth in history …? They pulled it off and the names of the individual players are slowly leaking out. Their corporate/political shields are no longer protecting their identities. There are individuals hiding behind these names we were taught to trust. This is why they generalize this empire of “maniacs”….its “the banks”….its “the GSEs” its “the corps”….it’s “the politicians”…..its “the spy ring”….its “the S.S.”..it’s “the illuminati”…… it’s “Wall Street.”

    What are the questions the cops ask when you are the victim of a crime….? Can you give a description of the criminal….? Can you give me a name or names of potential suspects….?

    Did ENRON go to prison…..? Did the GSEs and the S&Ls go to prison for their crimes….? No…..individuals did.

  20. Liar Loans … A loan contract made by two parites upon origination. The broker says the borrower lied …. The borrower says the broker lied. The relavent evidence shows the Majority of the Time … Both Parties Lied and Both Parties Profited. Relavent evidence also shows the Investers and the Taxpayers got stiffed for their Misdeeds. Particulary Nasty Problem in Chicago!

  21. Deb, Caries information from Anon is correct, however there is one important aspect left out. The Origional 1st loans were funded with invester monies, I agree the banks got paid off multiple times and they refi for larger new loans with the borrowers. HOWEVER… the funder/lender/invester DID NOT get paid off upon the refi! In a way, yes the refis were not completely funded. The fees and the borrower cash back was what was funded….. (.. Just more money taken from the invester pool on the same loan) . The Money is Still Owed. The relavent questions are to Who is the money Owed? And how much is Owed to them? Fairly Simple..If you think about it.

  22. Guest said…are you ready to get an attorney and find out who you owe and how much….? No guest, just the opposite. I am not mind controlled. Once you snap out of it and do your diilgence you will find you’ve been had by these crooks and they are who owe you A freaking metric ton……and they are all big fat hogs, lazy, fat freeloading bastards.

  23. Aren’t you smug guest….? You were robbed too…EVERYONE WAS…You think you are safe from these mobsters….? You think your wealth, property & Investments are safe…? Think again. Now they want to REBOOT THIS CRIME SYNDICATE…? NO….THEY WANT RENTER SLAVES….TOTALITARIANISM … THEY ARE CONTROL FREAKS…

    We all didn’t just wake up one day and decide we were not going to pay these crooks anymore. They robbed the people blind and now they are just sucking the place dry. The vultures have landed and they are here for the carcasses. You want to talk about greed….? Where have all of our money & livelihoods gone? Ask THE GREEDY POLITICIANS…THE Bush/Clinton/Bush/Obama ADMINISTRATION.

    THEY WON’T TELL YOU EVERY “LOAN” IS A LIARS LOANS….and they are all LIARS…ALL OF OUR PAYMENTS GO IN THE POCKETS OF THIS BIG OIL/INVESTMENT/BANK/DRUG CARTEL. THE UNITED FRONT OF THUGS….AKA THE UN/WORLD BANK/IMF/NAFTA/CORPORATE BANKSTERS/WALL STREET POLITICIANS ……GET YOUR MAGIC DECODER RING OUT…..THEY ARE ALL RICH CSWDGAFAU…..STOLE GAZILLIONS FROM ALL OF US.

    No one should be sending them another dime. They should be sending them our bill for their robbery of all of us…

  24. […] Filed under: CDO, Eviction, foreclosure, GARFIELD GWALTNEY KELLEY AND WHITE, GTC | Honor, Investor, Mortgage, securities fraud Tagged: consideration, creditor, debt, DEBTOR, injury, legitimate debt, modification, Mortgage, note, proof of loss, proof of payment, standing, UCC, wire transfer instructions, wire transfer receipt Livinglies’s Weblog […]

  25. The Politicians and their criminal friends are the only drain and it is all of us their draining smart ass. People don’t have the livelihoods they once had. Their system of priviledge off the backs of all of us is what needs to go. How many of these criminal politicians have gone to prison from this State….? I read the local blogs. People are sick of their shit. They all sound like me now or are even more mad than me. This State is a suckhole. One of the worst. BTW….they cut my waterbill in half. They had no way to validate these outrageous bills they were charging everybody. Everyone is sick of supporting their lavish lifestyles. They all need to be held to account.

  26. @ Carie- your a good girl, i wish you many blessings
    thank you for sharing info that keeps the ” eyes open.” to whats hidden.

  27. We could have kept both properties, but we are not Greedy and always pay what is owed by us. We never asked for more than what we had worked and paid for with our own labors and hard earned monies. We didnt go asking for a free house or any other demands. We simply wanted to enforce the contract and conclude our business with the Buttwipes.

  28. I have managed to kick MERS, National City, Ocwen, Citi and BoA butt for homeowners. I wonder who my next challange will be? I Love Challanges! Stripes are you ready to get an attorney and find out who you owe and how much yet?

  29. “Reboot Illinois” … Yes! Yes! Yes! We got some High Kickers in Line Now! Oh Yes We Do! Join Us or Leave! The RPII has Stepped Forward. Hey Stripper …. The only way to kick fed bankster butt is to be an asset to your State, not a drain on it. Just sayin ……

  30. <—— Is Living Proof It Works. Silly Neil, Some of Us here in Illinois got it A Long Time Ago. When you are the party with the losses (the investers that funded the loans and the homeowner who paid off more than one third of the principal in 24mo. plus updates and the taxpayer to) you catch on pretty quick. As an Illinoision it feels pretty dam good to kick BoAnana butt! *giggles*

  31. WITHOUT PROOF OF LOSS THERE IS NO FORCLOSURE OR ANY OTHER LAWSUIT FOR THAT MATTER……

    Demand to see the canceled check or the wire transfer receipt and wire transfer instructions or other forms of actual payment of money (where it can be seen that money actually exchanged hands) then there is no consideration, the paper is not negotiable, the UCC doesn’t apply and the party seeking to foreclose has no standing because they have not been injured by the borrower, Remember the note raises the presumption of the existence of the debt which is rebuttable. It does not prove the loss. Without proof of loss there is no foreclosure or any other lawsuit for that matter. The party seeking relief must show they have been or will be injured in some way to get money damages, equitable relief (like foreclosure) or anything else. Without injury they don’t belong in court, which is why we have a jurisdictional rule regarding standing. No injury=no standing.

    Not owning the Note and not being Mortgagee of title seals the deal.

  32. These crooks are laughing at how easy we are. These are social/civil justice fixes for our robbery, not corrections. This is their rule book….none of this complies with any laws. It is CONTROL FRAUD…. The crooks are using many forms of terrorism …. psychological warfare to get the results they want. This is Opus Dei theology….the final solution by the revived Roman empire who use the method of cause-threat-solution to get us to conform, comply & cooperate with what they want. We need to stand up for our rights.

  33. What does every single religion teach? Do not steal….do not covet your neighbors goods…do unto others…. an eye for an eye….beware the moneychangers… They wear many disguises.

    After they robbed us into poverty they want to reboot their fraud… New campaign in Illinois….Reboot Illinois…How about NO….& PAY BACK WHAT YOU FELONS STOLE…?

    Not one of these felon banks have been held to account for robbing any of us.

    The American people have largely become a nation of cowards who do not know how to stand up for themselves.

    People are too easily pacified with “fixes” for major crimes committed against them by the corporate establishment.

    Handing people title back to the landmine does not make the landmines go away.

    Why are we settling for just clear title in exchange for the biggest robbery of our wealth in history is the real question….?

  34. A quadrillion dollars of our wealth these crooks have heisted from us plus $60.4 trillion of our wealth has been stolen by the bankster Corp since 2008….obviously we are not a nation of deadbeats who need OBAMACARE or their help. They are who need the psychatrists and rubber rooms.

  35. Nothing pisses me off more than the politicians telling us to live within our means or we were not living within ours. Obamas billions of dollars a year trips on the tax payers dime…all of these politicians & their criminal friends taking lavish trips jet setting off of our backs on the taxpayer’s credit card. Handing the banksters $60.4 trillion dollars of our wealth and 20 + million of our properties & they never lent a dime but committed a quadrillion dollars in securities fraud and the politicians are sucking us dry for their crimes against us. They are all scumbag imposters and wanton felons.

  36. Victory for homeowner my ass. These crooks need to pay monetary restitution. These frauds are serious crimes. This massive robbery of our wealth and livelihoods by these crooks have caused people in foreclosure to be poverty stricken. There are huge personal, non-economic as well as economic losses because of this scam. People are going to need monetary restitution to recover.

    Clear title is doing the job half assed. These attorney’s are weak butt kissers.

    Do your jobs for cripe sake..

  37. Remember in the case of Ginnie Mae it written that they cannot purchase a single home mortgage loan, so when these transaction were made there is no debt to be collected. But now here a point of credit card debt and what is actual pay for the debt that alleged to be owned?

    But today was a watershed moment where in WaPo the article about the White House wanting more FHA loans product and is working some side deal to not prosecute the lender and also revoke the insurances by HUD.

    Also in the article its talking about the FICO score being as low as 500 and people getting FHA loans a fact I been writing about to the White House and these same reporters that FHA never had a FICO score requirement until Jan 2010 when HUD Sec Donovan put one in effect of 580 for the 97% loan to value.

    I performed a ton of FHA & VA loans and all these folk are still in there homes as there was not the widespread unemployment in Nebraska as the rate around 5%. Obama cast this shadow over all loans and called these folks deadbeats when FHA loan are a first time buyer loan mostly and so they are the first to be fired, because they come to the market place later because they are younger people.

    Obama so clouded the issue as to who took what and his position kept the GOP and Independents off balance, as Obama storyline was what people in those parties wanted to believe that all these folks “wanted to live outside their means” and they simply purchase more house than they could afford. Hogwash!

    So the GAO today came out with their report about the Independent (wink wink) Foreclosure Review Board and what a disastrous program it was as some folks had 2,000 page files and hundreds of documents in those files. They criticized that the OCC never gave clear direction as to how the files were to be reviewed.

    We I feel are getting to the end of the road as more people are becoming aware of the abuse. I believe the more common sense that brought to this subject the quicker we are to getting to the bottom line. I am just waiting for my whistle-blower claim to be address.

  38. T.U,

    If it true, I am incredibly happy for Fagan. He’s been coming here for years, keeping us posted just as a matter of fact. He shared every step of his long-drawn-out battle and that proves that being focused on fighting does, indeed, work

    Interesting: every single religion teaches that much. And yet, 95% of the population runs around like chicken with their heads cut off…

  39. As written at the link in ALL CAPS.

    ROBERT LOCKETT vs. BANK OF AMERICA, N.A.
    ATTORNEY BARRY FAGAN RE: VICTORY FOR HOMEOWNER CLIENT AS COURT OVERRULES BANA’S DEMURRER TO QUIET TITLE, CANCELLATION OF INSTRUMENT, ACCOUNTING & DECLARATORY RELIEF & DENIES JUDICIAL NOTICE
    4/3/2013 by Barry Fagan

    ATTORNEY BARRY FAGAN RE: VICTORY FOR HOMEOWNER CLIENT AS COURT OVERRULES BANK OF AMERICA’S DEMURRER FOR QUIET TITLE, CANCELLATION OF INSTRUMENT, ACCOUNTING AND DECLARATORY RELIEF AND DENIES JUDICIAL NOTICE OF THE DEED OF TRUST AND ASSIGNMENT OF THE DEED OF TRUST BASED ON FRAUD, ROBO-SIGNING AND FORGERY.

    http://www.jdsupra.com/legalnews/attorney-barry-fagan-re-victory-for-hom-93395/
    8 page pdf shown

    Trespass Unwanted, Life, In Being, Conscience, Creator, State, Whole Blood, By Divine Right

  40. They are more like mafia thugs. Lou Dobbs of Fox Business said tonight …The Govt is supposed to protect our property rights. This is not the FED GOVT. guaranteeing fraud…this is the Obama Administration.

    Maybe so but, this investment fraud began in 1982…this is just a continuation of the same fraud that began in 1982 under CIA agents Reagan/Bush. The similarities to Banking scam today and the Savings & Loan crisis of the 80s & 90s are stark.
    http://en.m.wikipedia.org/wiki/Savings_and_loan_crisis

    It is the same common denominator in every crisis…the same names, secret societies, & spy agencies keep coming up again & again. Secret agent man..remember that song…?

    Myself and others have noticed lately strange clicking noises in phone conversations in general as if someone is recording our conversations without telling us.

    We are all being spied upon by imposters and fictitious payees no doubt about that.

    Regarding the GSEs…they admitted to multiple pledging the notes. Gretchen Morgenson and Josh Rosner said Fannie bought back (unsecured) mortgages for pennies on the dollar.

    Whatever they did, it was criminal by its deception because none of them can get their story straight. They are all creeps who can’t be trusted at all.

  41. California AG beefs up legal task force for foreclosure cases

    California’s top lawyer is constructing a legal task force to handle cases that could surface under the state’s new Homeowner Bill of Rights.

    California Attorney General Kamala Harris said the HBOR program issued a $1 million grant to the The National Housing Law Project. The funds will support a powerhouse team of lawyers to investigate and potentially prosecute cases under the homeowner-focused legislation.

    The California HBOR became law on Jan. 1 and is known in the servicing industry as legislation that creates a private right of action for borrowers when certain foreclosure violations are alleged. It also codified dozens of legal risks for servicers who utilize the nonjudicial foreclosure process.

    The goal of the grant is to provide training to 800 California consumer and housing attorneys from both private and nonprofit firms through on-site training and webinars on how to maximize the HBOR’s protections.

    The grant also will support cases that raise legal issues, while creating a library of litigation materials to help attorneys maximize the HBOR’s benefits and establish a report that analyzes the statewide impact of the laws.

    While this project seems like an innovative idea on paper, market experts are hesitant about what the outcome could mean for the mortgage servicing industry.

    http://ml-implode.com/staticnews/2013-04-03_CaliforniaAGbeefsuplegaltaskforceforforeclosurecases.html

  42. MBIA Wins Ruling on Loan Buybacks in Bank of America Suit
    By David McLaughlin & Chris Dolmetsch – Apr 3, 2013 12:00 AM

    MBIA Inc. (MBI), the bond insurer suing Bank of America Corp. to recover losses tied to mortgage loans, won an appeals court ruling that the lender could be required to repurchase securitized loans even if they aren’t in default.

    MBIA is entitled to have Bank of America buy back a performing loan that it can prove “materially and adversely” affected its interest, the New York state appeals panel said in a decision yesterday, reversing part of a ruling by a lower court. The panel also reversed a decision that MBIA could seek so-called rescissory damages.

    “Plaintiff is entitled to a finding that the loan need not be in default to trigger defendants’ obligation to repurchase it,” the court said. “There is simply nothing in the contractual language which limits defendants’ repurchase obligations in such a manner.”

  43. Ex-Goldman Sachs trader faces fraud charge after surrender to FBI

    http://www.guardian.co.uk/business/2013/apr/03/goldman-sachs-trader-fbi-fraud

    Ex-Goldman Sachs trader faces fraud charge after surrender to FBI
    Matthew Taylor expected to plead guilty amid accusations he defrauded firm by concealing a $8.3bn futures bet gone wrong
    Dominic Rushe in New York

    guardian.co.uk, Wednesday 3 April 2013 12.10 EDT

    A Goldman Sachs sign on the floor at the New York Stock Exchange. Photograph: Brendan Mcdermid/Reuters

    A former Goldman Sachs trader surrendered to FBI agents Wednesday amid accusations that he concealed a $8.3bn futures bet that went wrong.

    Matthew Taylor surrendered to the authorities at 8.30am on Wednesday and was scheduled to appear in federal court in lower Manhattan where he is expected to plead guilty to securities charges.

    In a civil lawsuit last year the Commodity Futures Trading Commission (CFTC) accused Taylor of defrauding his then employer about a futures position in December 2007 that resulted in a loss of $118.4m.

    According to the CFTC Taylor allegedly fabricated trades in e-mini futures, contracts tied to market indexes electronically traded on the Chicago Mercantile Exchange. He allegedly bypassed internal checks and concealed his position by providing false, misleading and deceptive information to his employer, the CFTC said.

    “Matt Taylor has accepted responsibility for his conduct today. The unfortunate events of late 2007 were an aberration. He looks forward to the opportunity to put this behind him and resume what has otherwise been a productive and exemplary life,” said a spokesman for his law firm Clayman & Reosenberg.

    Last year Goldman agreed to pay $1.5m to settle CFTC charges that it “failed to have policies or procedures reasonably designed to detect and prevent” improper trades. Goldman pledged to enhance its controls and noted the Taylor trades did not impact customer funds.

    The size of the fine split the CFTC’s commissioners. At the time Bart Chilton, a Democratic commissioner at the agency, said the fine was too low.

    “Given the egregious nature of the failure to supervise adequately, combined with the high number of violative transactions, I believe that the monetary penalty should be significantly higher in order to represent a sufficient punishment, as well as to denote a meaningful deterrent to future illegal activity,” Chilton said in a dissenting opinion.

    He said he did not believe that the $1.5m fine was “anywhere close to an amount representing a sufficient penalty or deterrent.”

  44. In addition from ANON:

    “…Deregulation prevented public disclosure of identity of current creditor — for which borrowers were entitled to by federal law.
    And, GSEs purchased the false MBS securities (were actually only collection rights to default debt) and derived derivatives, thereby — purchasing the false securities/derivatives to their own default debt…”

  45. @iwantmynvp

    Also, here is ANONYMOUS’s response (to your post to me):

    “…All that survived at subprime refinances was transfer of debt collection rights (change of servicer).
    Notes are bogus.
    This is not to say money is not owed — it is just not a mortgage — was never a “mortgage refinance”.
    Already charged-off — gone – at time of refinance.
    What is owed is nothing different from charged-off credit card debt (the old footnote 35 to 2009 TARP Inspector General review).
    And, that is why no one is getting valid loan mods — if they get a loan mod at all.
    Distressed debt buyers do not play games.
    Like loan sharks — they want full amount — no matter what — or foreclose.
    Problem is — courts do not know they are dealing with UNSECURED DEBT.
    And, government cannot fix because they never regulated distressed debt buyers to begin with.
    Debt buyers would sue government. Not a pretty picture.

    So many need to come to terms with reality.

    Unfortunately, it is what is. But, eventually, all will surface…”

  46. @Gee…it’s different in every state.

  47. The entire stock market crash was manufactured to cover up for our robbery. The robbery continues …………. $60.4 trillion and 20 +million fraudclosures since 2008 these crooks have stole reported CNBC. The total value of all U.S. property before the manufactured crisis…$12 trillion.

  48. None of the crap the GSE’s bought back for pennies on the dollar was securitized. I do believe they faked default and all the banks faked being broke. The entire scam was an all out heist of our wealth and property by the banksters and their criminal friends. In the HBO movie TBTF Dimon said he didn’t need the bailout money. But they made him take the money.

    FOX Biz reporting the mbs securities fraud investments are now rental fraud investments. Just as I suspected. These crooks want a nation of renter slaves. They all need to be locked up for life.

  49. @iwantmynvp

    You had asked “who do I work for”, with regards to the information I post about the GSE’s false default etc., and subprime being collection rights transfers only (no funding)—as I’ve said before, all that information is from ANONYMOUS (NOT me—I’m just an artist—not a finance wiz), who used to post here and who worked in the finance industry for many years, and through her own research found proof of the GSE “false default”.

  50. It is more likely Clinton lied and was covering up for the banking fraud. He legitimized what they were already doing since 1982. He got $86 million dollars for throwing all of us all under the bus.

  51. @hman

    The regulators DON’T care…that’s why it’s called DE-regulation…thank you, Clinton…he legalized mortgage fraud by repealing Glass Stegall.

  52. FOX biz Gerry Willis report with Lou Dobbs talking about the Federal Govt still backing subprime loans….Lou said this is not the FED GOVT doing this, it is the Obama Administration. Lou said it is the Govts role to protect our property rights…not to back subprime junk. Lou said instead of the Govt giving trillions to bailout bad business practices by the banks and their subprime junk, the Govt should have given every foreclosed property back to the people.

    They could have and didn’t….. as a result of not telling the banks to shove their securities fraud, they have opened up Pandora’s box.

  53. Hman… I have to run, business dinner tonight. A couple of things real quick…. are the succesor lenders members of MERS? MERS only act as nominee for their members ….

    The term attorney-in-fact is used in several states of the United States in place of the term agent and should be distinguished from the term attorney-at-law. An attorney-at-law in the United States is a lawyer — someone licensed to practice law in a particular jurisdiction. The Uniform Power of Attorney Act employs the term agent.[2]

    As an agent, an attorney-in-fact is a fiduciary for the principal, so the law requires an attorney-in-fact to be completely honest with and loyal to the principal in their dealings with each other. If the attorney-in-fact is being paid to act for the principal, the contract is usually separate from the power of attorney itself, so if that contract is in writing, it is a separate document, kept private between them, whereas the power of attorney is intended to be shown to various other people.

    In the context of the unincorporated reciprocal inter-insurance exchange (URIE) the attorney-in-fact is a stakeholder/trustee who takes custody of the subscriber funds placed on deposit with him, and then uses those funds to pay insurance claims. When all the claims are paid, the attorney-in-fact then returns the leftover funds to the subscribers.

  54. Guest,

    My case was dismissed. “MERS” did the assignment to Aurora. Next, Aurora did a substitute trustee and the trustee filed the FC/Trustee Sale. In AZ only 1 notice of the sale needs to be recorded prior to the sale. If the sale is postponed it is the borrowers responsibility to research the date and time of the next sale. Seriously, I don’t make this stuff up.

    Anyway, My “note” provided (manufactured) by Aurora shows the complete chain of title from Broker, to GMAC, to Deutsche, with Allonge appointing Aurora as their Attorney in Fact.

    The collateral file I was given shows that an assignment needs to be ordered from broker to Aurora through MERS. This was in 2012. However, Aurora previously already gave me an assignment from the broker to themselves through MERS. So, essentially I have 2 assignments from the broker to Aurora. Only 1 assignment was recorded. I won my first QT against the broker prior to the assignment.

    Attorney’s for Aurora stated that I agreed to MERS as nominee when I signed my DOT. Also, at my hearing when my attorney argued that the assignment was fraudlent the opposing attorney argued that the DOT specifically states “successors & assigns”. Also, the defense attorney stated that the AZ statute does not apply to Assignment of mortgages because these recordations do not create a lien they merely assign a lien. There is a case currently in AZ supreme court that is challenging this lower courts rational.

    Essentially, this logic makes an illegal act legal. Anyone, could record an assignment of mortgage and not have to show proof of ownership? Unbelievable but true.

    BTW, Nationstar acquired my “loan” after Aurora. When I requested a copy of the note they sent me a copy from the title company. It was a prior version that was endorsed in blank. With no Allonge or assignments. The system is seriously flawed. I am still fighting but it just seems so often that the regulators don’t care.

  55. @Bob Hurt….If there is no provable evidence of an agreement, there is no law in equity for an illegitimate contract. Even under Admiralty Jurisdiction, there is no such thing as an invalid contract that can be enforced for anything of value or equity.

    IMHO….a quadrillion dollars in bank fraud committed by Imposters & Felons would be classified as insurrection or rebellion …

    Amendment XIV – Section 4…..Neither the United States nor any States shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.

  56. hman, were are you in your case? Who filed the FC against you? I am not very familier with this group of players.

  57. I was told the only ways to stop a foreclosure.
    1. Judge grants a Temporary Restraining Order.
    2. File Bankruptcy.

  58. Hman, as long as the chain of the note and the chain of title match up and there are no breaks, they can get away with just about anything.
    Example … note shows endorsements from lender to Bank A, Bank A to Bank B, Bank B to Bank C. then the deed should also show the same assignments. Mers (nominee of lender) to Bank A, Bank A to Bank B, Bank B to Bank C. Assignments of the Mortgage must match up with the Endorsements of the Note. If all that matches up .. No Break in Chain of Title. This is why Neil say follow the Money from closing forward, ach records, checks etc..(proof of purchase). Break in the Chain of Title is Damages especially if the FCing party filed an LP and they were not Morgagee of Record. Or the Note Holder … Double Whammy!

  59. Guest,

    Here is what is really weird. My first servicer was Homecomings financial (GMAC affilate) who sold to Aurora, who sold to Nationstar.

    My note is endorsed from GMAC to Deutsche with an allonge attached showing Aurora as it’s “Attorney in fact”. When I requested a copy from Nationstar they gave me an earlier version. Nationstar’s Version was assigned in blank. They stated in writing that Deutsche had the note but they could be given temporary access to the note to foreclose. So being as the DOT is in their name and they don’t have the note wouldn’t that severe the contract?

    Here is the thing that I can’t understand. After everything I just said I read the GMAC Rescap Bankruptcy listings and they list my trust as an asset? How can the note be assigned to Deutsche but yet they claim it as an asset in their bankruptcy? The paperwork I have states Deutsche took possession in 2010 yet GMAC is claiming it in 2012.

    I guess the judges just figure, “Well you owe somebody somewhere something”

  60. Gosh Hman .. I wish I could help you ,, AZ is just as bad as FL, full of Buttwipes! Here in Illinois, a transfer of the Mortgage without the Note is a nullity. What the servicers did was prevent the Trustors from FC on title because they filed their fraud liens without first buying the note back. Those liens prevent the Invester/lender/Trustor from getting title (that and the issue of (non) delivery of the note to the trust), and it also prevents the homeowner from transferring/selling with good title. Buttwipes!

  61. Even if an insurer pays off the debt, the borrower still owes it because all insurance plans require the lender to mitigate the insurer’s loss by attempting to collect. The courts will always enforce the borrower-lender contract no matter what happens in the background.

    Bob Hurt 727 669 5511

  62. My husbands purchase loan on our home here was funded the last day CW table funded loans. Had I known his loan was table funded by CW, the loan would have Never closed! Ironicly this loan was never registered or assigned to a trust, but rather directly funded by the invester, with all cash back to the seller (no mortgage). CWHL when filing 08 LP didnt mention a trust in its lawsuit, but rather that it had aquired the note/mortgage via Broker/MERS. Funny Thing … None of them had paid anything, but only collected extravagent fees for their worthless services. We are still waiting for MERS and or BOAnana or Any other Party to Show Proof of Loss. Buttwipes!

  63. Guest,

    Thanks for the feedback. I agree common sense answer would be that an agent can not record a lien in their name even when acting on behalf of the principal. However, again in AZ you must sue to stop the foreclosure and no note or accounting is due prior to foreclosure.

    This is why I ponder is it legal for the servicer to record a lien (assignment of mortgage) in their own name that they admittadly don’t own? Does this violate agency or any other type of law?

  64. For a while now I’ve been following these generous blogs as well as all the great comments…yet I wonder if there’s even any point to fighting this monstrous machine? Don’t get me wrong I do understand the importance of standing up to this evil…power in numbers and I do get that, however for someone who is just beginning to enter this arena having just received my notice of default I wonder if any homeowner is actually winning these cases? Already its sucking the life out of me… How can any of us hope to win if the judicial system is on their side? After all these judges pensions are funded by the very banks we’re fighting.

  65. Stripes and Hman, thank you for your contributions to this topic. I am going f- them up “with truth” here in IL at the courthouse. I am onto them and their scheme and the whole general ponzi scheme for that matter. They f’ed with the wrong producer!

  66. Miss Michelle, State Laws vary.. Contact Legal Aid in your area. ASAP!

  67. Trustors create a Trust and Appoint a Trustee (Master Servicer). Trustee Duties are of a Limited Scope per agreements such as the PSAs. Think About this …. Is there a Trust? Who are the Trustors? Remember … First there must be Trustors before there can be a Trust. There must be a Trust before a Trustee can be Appointed. Then again … The Trustee is an Agent of the Trust. The Trust Principals and Beneficaries are the Trustors.

  68. I Need Legal Assistance In South Dakota? I have Been in This Exhausting Mind Game Mess With BOA For 5 Years still No Foreclosure. We have Played all There Games!! They locked Us Out, And let The house sit And Rot! They Want Me To deed The Property Over To Them? But BOA Will Not work with me on a Short sale? I Need Legal Guidance In South Dakota! fitness@nvc.net

  69. hman, I hesatate to answer your question because I am not an attorney. An accurate guess would be NO! The plaintiff must own the debt/note and must have incurred a Loss, they must also be mortgagee of record. One without the other is meaningless. Phooey on the Trustee … they all liers! You need to be talking to the Trustor! The Trustee acts of behalf of the Trustor. Does the Trustor know what its Trustee is up to?

  70. Thanks Stripes. I agree it’s a scam. However, when I write a letter to authorities I need to reference the statutes/laws it violates to bring to their attention that it’s B.S.

  71. UNITED STATES DISTRICT COURT-MIDDLE DISTRICT-FORT MYERS DIVISION

    PATRICK LORNE FARRELL©,Plaintiff, vs.STATE OF FLORIDA REPUBLICANSRICK SCOTT, PAM BONDI;JOHN STUMPF, BRIAN MOYNIHAN,THOMAS MARANO,COUNTRYWIDE HOME LOANS,COUNTRYWIDE FINANCIAL,RICHARD JOHNSON,JOSEPH TOMKINSON,WILLIAM ERBEY, OCWEN LOAN SERVICING,BANK OF AMERICA,IMPAC SECURED ASSETS,IMPAC FUNDING CORP.,GMACM, WELLS FARGO BANK,LEE COUNTY SHERIFF,STATE ATTORNEY and CIRCUITJUDGES OF THE 20TH CIRCUIT,Defendants CASE NO. 2:13-cv-140-FTm-29DNF
    COMPLAINT FOR FRAUD,QUI TAM, QUIET TITLE AND SUBSEQUENT DAMAGES
    1. SUMMARILY, Plaintiff PATRICK FARRELL a Democrat, states defendant [SOF] STATE OF FLORIDA REPUBLICANS falsely arrested and maliciously prosecuted him [case 94-2430CF] for 3 felonies, to “make money” by a fraudulent PROBABLE CAUSE AFFIDAVIT, made by the Lee Co. Sheriff, who procured an Arrest Warrant, which caused the 20th Circuit STATE ATTORNEY to fabricate a criminal charge, stealing $20,000 from Plaintiff, under color of law.
    2. S.O.F. took bribes and statements from ISKCON child molesters, who had IRS 501C3 status.
    3. SECONDLY, Plaintiff filed case 07-CA-14942, a case of Mortgage Fraud into the [R] 20th Circuit, against [R] parties of the MBS; IMPAC SECURED ASSETS-2005-2, who also had bogus IRS tax exempt status, only to have the Republican judges refuse to grant Plaintiff relief of any kind, despite Federal Court Orders to do so, and allow WELLS FARGO to file case 07-CA-16767, based upon a false AFFIDAVIT, and sustain said case, based entirely on false pretenses.
    4. All [R] lawyers and judges are merely Corporate Franchise Court, Revenue Collection Agents, working for the REPUBLICAN C.E.O.’s JOHN STUMPF-WFB; THOMAS MARANO-GMACM BRIAN MOYNIHAN- B.O.A., who are agencies of the private FEDERAL RESERVE BANK.
    5. In both and all cases, [R] lawyers and judges violate the UCC, Constitution and statutes to facilitate the taking of equity, property, credit and money by bias, prejudice and phony AFFIDAVITS.

    In other words fuck the law, the lawyers, the banks and the judges, they are all liars, and they exactly what they are doing.Welcome the communist United States on behalf of the JEW owned banks.

  72. Hman……this is a scam….they are pretender lenders who don’t own anything. They are imposters & felons.

  73. I have a question I hope someone can answer. We all know that servicers don’t own the loan, only MSR’s. Let’s assume for the sake of argument that there is a loan owed and that the servicer is the agent of “the lender”. On what grounds can the servicer record the lien in their name?

    I have had 2 servicers identify “Deutsche Bank” as the “owner” of the loan. Even though they identify the trustee as the owner which again is incorrect, how can they record the Assignment (creating a lien) in their name if they are not the owner note holder? Is it legal for the agent to record the lien in their name?

  74. Dear Mr. Garfield, I read your blog religiously. I agree with all your assessments. I have 2 questions. 1- I understand why the banks are crooked, they think it is in their best interest. What I do not understand is why the judges and courts are not as a whole, understanding the valid points you make as far as the law goes? I have read recently that a federal court dismissed dozens of quiet title lawsuits from home owners as frivolous. I guess my question is why are judges favoring the banks with all the bad press they get, and why are they ignoring the law, and ruling against homeowners who have valid defenses? Why is a judge worrying about getting a free house, instead of just applying the law? What do they gain? 2- Is there an outline anywhere that lists all possible foreclosure defenses ? Thank you and have a great day. Kevin

    ________________________________

  75. Another news anchor remarked on Wall Streets uptick…that doesn’t do most Americans any good because they cannot afford to invest….these are not free markets.

    Agreed…these are Crony capitalists/politicians. Even if you could afford to pay to play, if you are not an insider, you are not going to get Mark Cuban rich on Wall Street. These cronies have access to other peoples money and are allowed to commit Securities Fraud…that is how they become mega rich…It is the lifestyle of the cronies of Capitalism….the Oligarchs and the Plutocrats are simply Felons. They accomplished what they planned, they have their boot on the throat of the free markets and they did not do it legally. They sent the nihilists upon us as promised. However, nothing they do is legal.

  76. Correct typo…Section 39 of the Magna Carta ……… the notebook has a mind of its own sometimes…

  77. Why has this happened & why is this still happening….? The U.S. has been hijacked by Imposters & Felons who are not who they appear to be.

  78. FOX biz discussing the housing crisis with Judge Napalitano… The judge said the Federal Govt does not own anything….everything they get is TAKEN FROM US. The Judge said the Federal Govt should have never been allowed to get involved in housing and put their finger on US. RIGHT ON JUDGE…. The anchor said the FED GOVT are allowing the banks to squeeze the American people out of the housing market by denying loans to us and are instead, selling our property to the Foreigners. Again….right on.

  79. This company took over BOA contracts from LPS property preseervation. They also service most of the NAs now. These sad excuses for human beings tried this on us just 3 months ago. They claimed they got a report the property was vacant. They got their information Wrong! We are not even in FC! Our attorney says we have to wait this out, we can not stop them from doing the property inspections. But we can Whack Them for Breaking the Law!

  80. This is Judicial Supremecy….the Supreme Court are interpreting the law, (Marbury v Madison) and supposing theories not supported by law or fact. A judge let the cat out of the bag in court one day when he said the Supreme Court told us to accept anything from the banks. The Supreme Court is the last word. Well, not according to Federalist NO 78. Hamilton counterbalanced the tone of “judicial supremacy” does by no means suppose a superiority to the legislative power. It only supports the power of the people is superior to both.

    No Standing is in fact a crime. If they have no Standing to fc they are counterfeiting and forging fraudulent Securities. These are Acts of Rico. The money only incentivizes the theft of America.

    In the Takings clause of the 5th Amendment, which found its Genesis in Section 39 of the Magnate Carta, and declared that “No freeman shall be taken or imprisoned or disseised (deprived of land), or exiled or in any way destroyed, nor will we go upon him nor send upon him, except by the lawful judgement of his peers or by the law of the land.”

  81. Foreclosure debt counseling session:

    Counselor: See this shiny tab? That’s the zipper clasp. You get in and out of your new home via this mechanism. Any questions?

    Victim: Doe-eyed.

    Counselor: Or, you can always fight your foreclosure. Settlement funds were available for legal assistance before the Attorney General took them to fund her general operating budget.

    Victim: Drooling now, occasional dry-heave.

    Counselor: Or you can hire private legal defense (handing the victim a page torn from the yellow pages with the heading – Attorneys – Ambulance Chasing).

    Otherwise, bend slightly forward and grab as low to your ankles as possible. The banks are good at this, the pain should only last for a short while.

    Counselor: NEXT!

  82. I have been trying to tell you Safeguard Properties are Dirty Birdies! Here is some more Proof!
    http://www.huffingtonpost.com/2013/04/03/foreclosure-bank-fraud-abuse_n_2999790.html

  83. Apparently they do not want to litigage it here either Neil! That would raise those sticky issues of Liability.

  84. Great post IF AND IT IS A BIG IF the judge will consider it. When you are standing before the Court, and he says he will not even read your pleadings (Summary Judgment, Motion to Compel discovery) and rules against you, you have no due process. Lack of Due process is one of the huge issues that are screwing up our entire judicial system. The fraud on the court is also rampant, and we need our judicial system back the way it was meant to be.

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