BANKS EDGE CLOSER TO THE ABYSS: Florida Judge Forces Permanent Modification

GGKW (GARFIELD, GWALTNEY, KELLEY AND WHITE) provides Legal Services across the State of Florida. We also provide litigation support to attorneys in all 50 states. We concentrate our practice on mortgage related issues, litigation and modification (or settlement). We are available to represent homeowners, business owners, and homeowner associations seeking to preserve their interest in the property and seeking damages (monetary payment).  Neil F Garfield is a licensed Florida attorney who provides expert witness and consulting fees all over the country. No board certification is offered by the Florida Bar, so the firm may not claim expertise in mortgage litigation. Mr. Garfield’s status as an “expert” is only as a witness and not as an attorney.
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For the second time in as many weeks a trial judge has ordered the pretender lender to execute a permanent modification based upon the borrowers total compliance with the provisions of the trial modification.This time Wells Fargo (Wachovia) was given the terms of the modification, told to put it in writing and file it. If they don’t sanctions will apply just as they will be in the Florida Panhandle case we reported on last week.

Remember that before the trial modification begins the pretender lender is supposed to have done all the underwriting required to validate the loan, the value of the property, the income of the borrower etc. That is the responsibility of the lender under the Truth in Lending Act.

Of course we know that cases were instead picked at random with a cursory overview simply because there was no intention to ever give a permanent modification. Borrowers and their attorneys have known this for years. Government, always slow on the uptake, is starting to get restless as more and more Attorneys General are saying that the Banks are not complying with the intent or content of the agreement when the banks took TARP money.

The supreme irony of this case is that Wells Fargo didn’t want the TARP money and was convinced to take it and accept the terms of HAMP because if only the banks that really need it took the money it was argued that this would start a run on the banks named that had to take TARP. The other ironic factoid here is that the whole issue of ownership of the loans blew up in the face of the government officers around the country that thought TARP was a good idea — only to find out that the “toxic assets” (TARP – “Toxic Asset Relief Program”) were not defaulting mortgages.

  1. So instead of telling the banks they were liars and going after them the way Teddy Roosevelt did 100 years ago, they changed the definition of toxic assets to mean mortgage bonds.
  2. This they thought would take care of it since the mortgage bonds were the evidence of “ownership” of the  “underlying” home loans.
  3. Then the government found out that the mortgage bonds were not failing, they were merely the subject of a declaration from the Master Servicer (a necessary and indispensable party to all mortgage litigation, in my opinion) that the value of the bond had fallen ,thus triggering payment from insurers, counterparties on credit default swaps etc to pay up to 100 cents on the dollar for each of the bonds —
  4. which means the receivable account from the borrower had been either extinguished or reduced through third party payment.
  5. But by cheating the investors out of the insurance money (something the investors are taking care of right now in the courts), they thought they could keep saying the loans were in default and the mortgage bond had been devalued and thus the payment of insurance was legally valid.
  6. BUT the real truth is that the loans had never made into the asset pools that issued the mortgage bonds.
  7. So the TARP definitions were changed again to “whatever” and the money kept flowing to the banks while they were rolling in money from all sides — investors, insurers, CDS counterparts, sales of the note to multiple asset pools (REMICs) and then sales of the note to the Federal Reserve for 100 cents on the dollar.
  8. This leaves the loan receivable account in many cases in an overpaid status if one applies generally accepted accounting principles and allocates the Federal, insurance and CDS money to the bonds and the “underlying” loans.
  9. So the Banks took the position that since the money was not coming in to cover the loans (because the loans were not in the asset pool that issued the mortgage bond and therefore the mortgage bond was NO evidence of ownership of the loan) that therefore they could apply the money any way they wanted, and that is where the government left it, to the astonishment and dismay of the the rest of the world. that is when world economies went into a nose dive.

The whole purpose of the mega banks in in entering into trial modification was actually to create the impression that the mega banks were modifying loans. But to the rest of us, the trial modification was supposed to to be last hurdle before the disaster was finally over. Comply with the payment schedule, insurance, taxes, and everything else, and it automatically becomes your permanent modification.

Not so, according to Bank of America, Wells Fargo, Chase, Citi and their brothers in arms in the false scheme of securitization. According to them they could keep the money paid by the borrower to be approved for the trial modification, keep the money paid by the borrower to comply with the terms of the trial modification and then the banks could foreclose making up any excuse they wanted to deny the permanent modification. The sole straw upon which their theory rests is that they were only obligated to “consider” the modification; according to them they were NEVER required to make it such that the modification would become permanent unless the bank expressly said so, which in most cases it does not.

When you total it all up, the Banks received a minimum of $2.50 for each $1.00 loan “out there” regardless of who owns it. Under the terms of the promissory note signed by the borrower, that means the account is paid in full and then some. If the investor has not stepped up to file a competing claim against the borrower’s new claim for overpayment, then the entire overage should be paid to the borrower.

The Banks want to say, like they did to the government, that the trial modification is nothing despite the presence of an offer, acceptance and consideration. To my knowledge there are at least two judges in Florida who think that is a ridiculous argument and knowing how judges talk amongst themselves behind closed doors, I would expect more of these decisions. If the borrower applies for and is approved for trial modification and they comply with the trial provisions, a contract is formed.

The foreclosure defense attorney in Palm Beach County argued SIMPLE contract. And the Judge agreed. My thought is that if you are in a trial modification get ready to hire that attorney or some other one who gets it and can cover your geographical area. Once that last payment is made, and in most cases, the payment is continued long after the trial modification period is officially over, the Bank has no equitable or legal right to deny the permanent modification.

The only caveat here is whether the Judge was correct in stating the amount of principal due without hearing evidence on third party payments and ownership of the loan. WHY WOULD THE BANK WANT LESS MONEY IN FORECLOSURE RATHER THAN MORE MONEY IN A MODIFICATION? The answer is that out of the $2.50 they received for the loan, they would be required to refund $2.50 because the Bank was supposed to be an intermediary, not a principal in the transaction. So the balance quoted by the judge without evidence was quite probably wrong by a mile.

If there is any balance it is most likely a small fraction of the original principal due on the promissory note. And, as we have been saying for years, it is most likely NOT due to the party that is entering into the modification. This last point is troubling but “apparent authority” doctrines might cover the problem.

Every time a loan does NOT go into foreclosure, the Banks’ representation of defaults and the value of the loan (in order to trigger insurance and other third party payments)  come under question and the prospect of disaster for the Bank rises, to wit:  refunding trillions of dollars in insurance and CDS money as well as money received from co-obligors on the bond (the finished product after the note was moved through the manufacturing process of a false securitization scheme).

Every time a loan is found NOT to have actually been purchased by the asset pool (REMIC, Trust etc.) because there was no money in the asset pool and that the investors merely have an equitable right to claim the note and mortgage under constructive trust or resulting trust theories, the validity of the mortgage encumbrance fades to black. There is no such thing as an equitable mortgage lien or an equitable lien of any sort. And there is plenty of good sense and many law review articles as well as case decisions that explain why that is true.


PRACTICE HINT FOR ATTORNEYS: Whether you are litigating or negotiating, send a preservation letter to every possible party or witness that might be involved. That way when you ask for production, they can’t say they destroyed or lost it without facing severe consequences. It might even stop the practice of the Banks trashing all documents periodically as has been disclosed in the whistle-blower affidavits from BOA and other banks. If you need assistance in creating a long form preservation letter we are available to provide litigation assistance on that and many other matters that might arise in foreclosure defense.

122 Responses

  1. send your input to the FTC about Fidelity wanting to buyback LPS Docx to continue with its criminal enterprise

    Fidelity National Financial Inc. (FNF:US), the largest U.S. title insurer, said the U.S. Federal Trade Commission sought additional information about the company’s planned purchase of Lender Processing Services Inc. (LPS:US)

    A waiting period tied to the deal’s review under federal antitrust law will be extended until 30 days after the companies have “substantially complied” with the request, the Jacksonville, Florida-based insurer said today in a regulatory filing. The period could be ended sooner by the FTC.

    “FNF has been working, and will continue to work, cooperatively with the FTC and continues to expect the acquisition to close in the fourth quarter of 2013,” the insurer said.

    Fidelity National agreed in May to buy LPS, a provider of mortgage data to lenders including Wells Fargo & Co. and JPMorgan Chase & Co., in a cash-and-stock deal that valued the target at about $2.9 billion at the time. The transaction stands to reunite the businesses, which share an address in Jacksonville.

    In a 2006 reorganization, Fidelity National split off a business called Fidelity National Information Services Inc. That entity gave investors half a share of LPS common stock for each Fidelity National Information share they owned in 2008.

    Peter Kaplan, a spokesman for the FTC, declined to comment.

    Title insurers like Fidelity National and First American Financial Corp. use their records and public documents to verify a seller is a property’s true owner and that it is free from liens.

  2. but good luck on selling those loan audits just the same……

  3. so, bobhurts, what makes you think that the borrowers (like myself) didn’t approach the lenders screaming origination and underwriting fraud and got nothing but bad servicing? Audit or not, the banks could give a flying fuck about loan documents and origination fraud.
    and the SOL is all but expired on those claims unless preserved.

  4. All
    send your objections to the Federal Trade Commission re Fidelity’s buy back of LPS DOCX.

  5. Very nice article, Neil. It feels great to understand the bank’s shenanigans in securitization and loan mods.

    You say that the foreclosure defense attorney ought to make a big deal out of the fact that the bank violated a contract by not closing on the loan mod after the trial period.

    But doesn’t the borrower have an alternative approach, instead of doing a crazy loan mod that leaves him owing a larger debt on a house worth far less than the loan balance, and facing an impossible balloon down the road?

    Instead of that, why shouldn’t the borrower get the mortgage examined comprehensively for causes of action underlying the original loan? That would give the borrower a fantastic negotiating tool for which the borrower WOULD NOT NEED A LAWYER AT ALL! Why should a borrower waste money on a malpracticing lawyer who should have examined the mortgage to begin with. I’ll gladly explain the mortgage exam process to anyone, including you, FREE.

    Bob Hurt 727 669 5511

  6. God saw what you you did…and knew what you evil underlings were planning.

  7. The devil in this are not who they appear….the Good Lord exposed the devil hiding in the details….! Therefore God is always in the details watching…

  8. Yes…all the evil little underlings are all finally getting caught up with. They don’t serve red wine where they are going…. NO SIR…EE….UH UH… Time to pay the piper…! Fortunately….the evil underlings don’t have enough money to escape to an exotic location for life like the big guys either…pity to be them…not!

  9. Just tell the Devil your Right Foot does not Know what your Left Foot is doing …

    That’s my Story and I’m sticking to it! lol

  10. You are Dancing with the Devil UKG…. Make sure when you step on his toes … you break his whole dag gone foot! Back slam him on the floor and knee drop on his balls.

    Hey .. I naturally clumsy, mistakes happen. 🙂

  11. Who was it that wrote that song?

    KC and the Sunshine Family…. 🙂

  12. Somebody’s going to get back, what they been giving and we are going to be around to watch them come down. Its like them to use us … Its like them to abuse us….. Its like them to do that sort of thing… over and over again. Somebody’s getting back what they been giving.

    Baaac Baac Baac…

    I will have red wine with mine please.




  15. That kornball song was before my time but certainly was written by a Khazar and intended to brainwash and deter people from seeking proper LEGAL REMEDIES……..

    Like John lennons song Imagine…..all very deceptive khazar commie propaganda and brainwashing tactics.

    The truth is, that song always bugged me. It was just too korny and dull…..

  16. From American Banker: Today 7/12/13

    Sens. Elizabeth Warren, D-Mass., John McCain, R-Ariz., Maria Cantwell, D-Wash., and Angus Kin, I-Maine proposed a bill that would reinstate the 1930s-era Glass-Steagall Act.

    The legislation introduced by the four senators would separate “bank’s traditional activities (like deposits that are backed by the Federal Deposit Insurance Corp.) from riskier activities like investment banking, insurance, swap dealing, and hedge funds,” writes American Banker’s Donna Borak.

    “The four biggest banks are now 30% larger than they were just five years ago, and they have continued to engage in dangerous, high-risk practices,” said Warren, during a Senate Banking Committee hearing on Dodd-Frank.

    If the bill is passed, it would help prevent the possibility of a government bailout by making “too big to fail” financial institutions smaller and safer, they said.

  17. the Bobby Fuller Four made it a hit.

  18. Rrrrrright Louise……..!

  19. We are not fighting the law idiot…..we are fighting wantoned felons. There is a huge difference. Nothing these crooks are doing is LEGAL…..and that is what they are hiding because THEY DON’T WANT TO PAY BACK WHAT THEY WANTONLY STOLE FROM WE THE PEOPLE.



    There are only like one or two or maybe three of us.

  20. Question…..? Does the khazar Nazi directed media that WE THE PEOPLE fund really believe the American people really want to hear about the George Zimmerman trial 24/7…..? Wall to wall coverage of nonsense like this always means one thing, they are up to no good.

  21. UKG, A sane voice in the wilderness: I am going to see what my state has to offer in statutes of this nature. I am still considering a second suit in federal court which, originally, involved the FDCPA, but now I am thinking RICO and nailing the attorneys. The amount of fraud on the court is positively breathtaking.

  22. Good Luck Everyone! Our Prayers are with You!

    Those who fight the law should be reminded of this oldie but goodie ….

    I fought the law and the law won. Who sang that song?


  24. Ready for the demons to attack upon my speaking the words…The Good Lord Always Delivers… the demons from hell hate that more than they hate us. Oh well they asked for it.

  25. Good for you

    Sent from my iPhone

  26. Why ever would you give me the double birdie K.C….? You should be thanking me not dissing me. That’s evil and Talmudic…sheese…ingrates are everywhere.

    Not sorry to hear you have a J.O.B. UKG……

    Just punishments for the unjust I guess.

    Like I often say …The good Lord always delivers.

  27. 1st time is a mistake
    2nd time is a (bad) choice … especially when one is put on notice.

  28. I wish I had time to play here all day, but I have to work. Appellate brief is done. I thank God for my attorney every day. And pretty much everything else for that matter. Thank you, God. Thank you, Jesus. Thank you St. Jude.
    And thanks to all of you who make me feel like a legend in my own mind.

    “The issues of fact as to whether or not the endorsement on the mortgage note and the three (3) assignments of mortgage ARE FORGERIES and cannot be disposed of as a matter of law and Appellants are entitled to an evidentiary hearing.”

  29. KC, we’ve been buying “Bare Chicken”. Good stuff. Organic, $6 for a whole roaster. Not a big bird (4 lbs.), but excellent quality and taste.
    now, BEHAVE. no teasing the strippers unless you have dollar bills.

  30. UKG, …. They don’t like my chicken feed.
    So they don’t come to roost.
    Oh well ….. 🙂

  31. claims like the one below cannot be made without proof. We have the evidence to back up the claims. That’s why the judge tried to bushwhack us. Gotta protect the club members at all costs.

  32. Behave KC? Anybody?

  33. louise, my dear friend, it goes like this…..

    “Appellants contend that the GRAY respondents are material witnesses to a crime and are not protected by the attorney-client privilege in Wisconsin which provides at Wis. Statute 905.03(4)
    (4) Exceptions. There is no privilege under this rule:
    (a) Furtherance of crime or fraud, If the services of the lawyer were sought or obtained to enable or aid anyone to commit or plan to commit what the client knew or reasonably should have known to be a crime or fraud.

    from our argument to disqualify the attorneys involved in the fraudclosure.

  34. Hey Stripper … See My Middle Fingers… Double Birdies.

  35. Well…well the truth always comes out. Everybody is spying on everybody.

    There is a difference however in spying for nefarious reasons and spying because you are being extorted and robbed by felons.

    When you are a felon and you are spying to control other people and destroy their lives, that makes you a dangerous, wantoned felon.

    When you are spying because you are paying attention to what these felons are doing because they are trying to screw you or someone else out of everything they worked their entire life for, that is honorable.

  36. You really want to make this a play on words jg?

    O.K. how do you call this shitbag of lies Wall Street sold or issued security interests? Didn’t these “investors” already get paid $60.4 trillion dollars in bailout money on these Security Frauds investments when the value of ALL U.S. property was never more than $12 trillion..?

    Isn’t that called robbery?

    You trolls do realize these felons got caught and you cannot cover this massive scam up anymore and as a result you all sound legally insane….?

  37. Chickens amuck everywhere.
    I spy used kar guy … planning a Chicken Fry.
    I like mine Fried. 🙂

  38. IMO it needs to happen. Without the lawyers none of this would have happened. I mean, who drafted all the language in the paperwork AND who does the closings?

  39. Poppy, yes the lawyers are definitely part of the problem. I hope to see many more lawsuits against them.

  40. We are working on suing the law firms too…get every bastard that has touched that paperwork, IMHO…low-hanging fruit the lawyers..

  41. Good job poppy Here in CA The fed st & county judges are all on the same page Deny & make up the rules

    Sent from my iPhone

  42. gault: on it right now…thanks.

  43. UKG, way to go. I see you are suing law firms. How interesting!

  44. JG, They gave me a settlement agreement. In any event, they “sold” the loan again, gave it a new number (which is supposed to be the canary in the mine that they really sold the debt. Now, I have a new “servicer”. The new servicer Ocwen, told me that my settlement agreement does not count, and I have to do a new HAMP mod. proposal. Of course, I did ten of those the last time around. Now, I have sued them again for breach of contract. Homeward Residential MERGED with Ocwen. I also sued the master servicer, Wells Fargo. Different law firm this time. Several defendants have not answered.

  45. Exactly, E…a forced modification to whom might I ask?

    Having gotten 3 letters from Ocwen in the last week to modify a loan, I find it amusing…even though these bastards win in court.

    The substitute trustee tried to get Ocwen removed from the case, but when his “counterfeit” paperwork didn’t fly in Federal Court, it is now back with Ocwen.

    But, all the while I am in Federal Court in another state with New Century, Hmm. Evidently, they do not know the case began with and is still pending with the other court, whom has jurisdiction over the state/district court! The fact is: Ocwen, claiming to be the servicer, cannot be, says the trustee in the bankruptcy court. We’ll see how this works? This situation is not about whether or not I am to be believed…but if the judge in state court has the guts to try and rule over the Federal Bankruptcy Court Judge. Ought to get right colorful. And there’s more…stay tuned

  46. JG, we are a spousal state. The spouse is not required to sign the note .. BUT THE NON-BORROWING SPOUSE (Joint tenants in entirety) IS REQUIRED TO SIGN THE MORTGAGE. If the spouse was not presented the mortgage … the mortgage is void. And so is any resulting trust …. Leaving the Note unsecured.

  47. I like Neil’s suggestion of a preservation letter. But the reality bites….five years down the road and we’re applauding a forced modification? Seriously?

  48. Hehehe,

    What American taxpayers’ money is buying them: $12.5 billions in wire taping activities against themselves. Verizon, A.T & T are making a killing! And people keep paying, no question asked. They like it that way… And we haven’t even started looking at how much Microsoft is getting for its contribution. American people have 2 hobbies: football and paying the IRS. So that all the big businesses, banks, Monsanto can make an absolute killing. And it’s all foreigners’ fault! What a laugh!!!

    What a great country!

  49. @UKG ,

    You were correct , scum bankster tried for default , used my mother in law who was never served as conduit (she is blind and in a wheelchair) … as she was “unknown tenant” , never mailed notice to her or our counsel… they are desperate. We’re reversing it now based on good case law.

  50. Stripes – do you know the difference between a security and a security interest, may I ask?

    I did dig this which you said (even tho the two stmts don’t necessary connect).


    (My apologies to everyone else for the encouragement.)

  51. HEY, NEIL GARFIELD: LOOK! Yelling so maybe you will address this:

    You said:

    “Every time a loan is found NOT to have actually been purchased by the asset pool (REMIC, Trust etc.) because there was no money in the asset pool and that the investors merely have an equitable right to claim the note and mortgage under constructive trust or resulting trust theories…………”.

    I’ve never purported to know much about ‘no money in an asset pool’, and I find this confusing as heck. The investors, but not a trust per se, has an equitable right to claim the note and mortgage? Is that what’s being said here? And why do they have that right? Because their money was used to fund the loans, and as a result, a constructive or resulting trust is imposed? I can get that, I guess. Would you say this is independent —or- is it inapposite as to the UCC and security interests? Are those concepts or statuses – the UCC-derived security interests and a constructive or resulting trust – mutually exclusive – or – how do they gel? I think I do get the constructive or resulting trust you’re talking about, but these are allegedly negotiable instruments or at any rate instruments regulated by the UCC, so how does that figure in here? Does it?

    Taking your theory of a constructive or resulting trust as fact, and disregarding third party payments for the purpose of getting an equation without them (look at third party payments later), would it be true to say that the banksters could now transfer the assets of the constructive or resulting trusts to the investors themselves (but not to non-existant or empty trusts)? And that if they could and did, it would dissolve the equitable or resulting trusts and then this dissolution and transfer means what? (One thing that readily comes to mind is that there is no preferred tax status in play here. Is that correct?)

    The law says something that might be useful to the one here (kc?) who is arguing because his or her spouse never signed the note where it is required that the spouse does. Something about the lender holding
    the estate (I forget) in trust for the benefit of the non-signing spouse. Wish I could remember more. If the law in that state doesn’t just plain find the loan void, looking into the resulting trust might be useful. It’s kind of esoteric. Had case law, who knows where it is now.

  52. This phase of the Khazar war has been going on for a 100 years on our shores but was not openly declared unti 9/11/01. America needs to wake up fast. These foreign espionage agents are all around us openly and secretly working to steal and destroy everything WE THE PEOPLE BUILT….AND PAID FOR…OUR CONSTITUTIONAL REPUBLIC. These communists are stealing our Liberty both openly and secretly and only WE THE PEOPLE can stop them and restore our Liberty.

  53. Someone has to say it marilyn. Apparently besides you and I, and poppy, no one else has the guts to say what needs to be said. Pretty sad that three women are left with the task of speaking on behalf of hundreds of millions of Americans.


    My grandma always said, it’s the quiet ones you need to watch out for.


  55. We have never had a war on our shores in modern times, but just as our Greatest generation fought the Nazis, communist and fascists I know our younger generation if need be will join shoulders and will fight for our Constitutional republic here on American soil.,

    It has taken us awhile to really believe that a network has been put in place by our enemys using the banks, the courts Wall Street and even our own government agencys to try to bring this wonderful country down

    Stripes has it right, a little more talkative but she is our Paul Revere..

    Lets hope no war comes to our shores but it sure looks like a fight between the banks and the wall street investers as to who gets the most of the stolen money from We the people.

  56. You and your Khazar controllers can go jump in a sewer hole John gault and swim with all of your other rat friends. Pay back what you crooks stole from WE THE PEOPLE…..SATISFY YOUR DEBTS…. and here’s another thing… can just fuggetabout getting another dime from WE THE PEOPLE to put in your pockets with no receipts. Did you watch the Reverend Manning video I posted below? HERE….. I WILL SPELL IT OUT FOR YOU IN BLACK & WHITE…..


  57. usedkarguy – just sent you something. let me know if you get it.

  58. If I owe 500k on my loan and I get a principle-reducing mod of 400k, theoretically, 100k of HAMP funds are used. How is that 100k applied
    or given to any alleged owner of my loan? Servicer takes the 100k and puts it in a suspense account (or whatever the heck) and continues making distributions on the 500k? Or?
    If investors hold only security interests (by way of non-delivery or other reasons suspected), under the UCC, what is supposed to happen to that 100k payment on the note? Shouldn’t that 100k from HAMP funds go to the investors (now, not later), just like we argue other third party
    payments should? If the trusts own the loans, and not just security interests (which I personally doubt), under the UCC, where is that 100k to go?

  59. Things are just getting uglier and uglier and it’s all part of the evil plan to destroy our Constitutional Republic. These people want Anarchy. They want us to kill each other so they don’t have to. Reverend Manning is entertaining in his delivery but really seems to genuinely fear something. He blames Obama as the Imposter who is destroying the nation but fails to see his Korporate controllers hiding in the White House and on Capitol Hill. Check it out….WHITE PEOPLE HAVE HAD ENOUGH SAYS REVEREND MANNING….

  60. One of the problems or at least a question that’s easily seen, isn’t it, is that if servicers have any authority to actually modify a loan on behalf of an (alleged) other party, whaddup with the loan while it’s in the trial mod period? Who is keeping that alleged other party (the alleged owner) whole during this period? Does HAMP contemplate ‘trial modifications’ or is that simply a machination of the servicers, their own concoction with or without HAMP authority? On what are servicers allegedly relying when they tell borrowers they must be in default to get into a trial mod? We say it’s a scam, which it probably is. But what is their justification? We need that answer. What does default do for the servicers relative to their servicing contracts? And does enough defaults allow them to collapse a pool, which would be the case (way I get it on very limited understanding of that deal) with enough defaults?

    The government may not, nor may any third party, impose conditions or new terms to someone else’s contract, at least not if both (all?) parties to that contract don’t agree. Has the gov’t tried to impose changes to the contracts of others? Or is the government’s forking over HAMP funds an admission that the parties they gave those funds to own those loans (if anyone does, i.e., they’re alive)? If the recipients of HAMP funds own the loans, subject to limitations imposed by the presence of security interests – I would think subject to the security interests by way of the UCC – (think investors’ security interests), they, the bankster-owners, could modify them.
    Any time credit information is taken for a home loan, according to the Truth in Lending Act, a Reg Z Disclosure must issue and be given to the borrower within 72 hours. The fact that the object of getting the credit information is a “trial” modification or “trial” anything imo doesn’t change that one iota. A modification is akin to a refinance to which
    TILA certainly applies.
    A final Reg Z, as opposed to the one owing at the taking of credit information, should issue upon the “final” modification terms.
    Further, the only way to get out of needing a lending license is to
    “modify” one’s own loan. Try these on them and see how they like them (no reg z, no lending license).

  61. Tolle, great piece you wrote.
    jonah, look up “The Secret Relationship Between Blacks and Jews”. It almost goes to Calypso Louis Farrakhan’s line of thinking.
    I’ve always tried not to be an anti-Semite, but there are those who take greed and power as their avenue to Hell. I don’t care how “chosen” you are; God will not allow one into Heaven who has enslaved his fellow man. And thanks for putting the pants on the stripper. She’s a mouthpiece who is planting word tracks and bites to discredit the site. Pay here no more attention.

    never thought I’d be here, Tolley: 13CV336
    working on the brief with counsel. How’s this for a list of defendants?



    HSBC BANK USA, NATIONAL ASSOCIATION, as Trustee for Wells Fargo Home Equity Trust 2005-2; WELLS FARGO BANK, NATIONAL ASSOCIATION; WELLS FARGO ASSET SECURITIES CORPORATION; WELLS FARGO BANK, NATIONAL ASSOCIATION d/b/a AMERICA’S SERVICING COMPANY; LITCHFIELD CAVO, LLP, an Illinois limited liability partnership, Attorney Brad A. Markvart, individually and in his capacity as an employee or partner of LITCHFIELD CAVO, LLP; GRAY & ASSOCIATES, LLP, a Wisconsin limited liability partnership; Attorney William N. Foshag, individually and in his capacity as an employee or partner of GRAY & ASSOCIATES, LLP; Attorney Duncan C. Delhey, individually and in his capacity as an employee or partner of GRAY & ASSOCIATES, LLP; Attorney Jay Pitner, individually and in his capacity as an employee or partner of GRAY & ASSOCIATES, LLP; and Attorney Brian D. Perhach, individually and in his capacity as an employee or partner of GRAY & ASSOCIATES, LLP, Defendants-Appellees

  62. This is not our Government, our own people who are stealing from us. This is an Imposter Government stealing from us impersonating our Government. The shadow government. They are the Khazar board of directors of TBTF KORPORATE AMERIKA. These are the secret spy agencies they don’t tell us about like the anti defamation league who spy for these people. They hide behind the KORPORATE logos and they are not our “friends.”

  63. KORPORATE Amerika are clever extortionists in the way they use the false pretense of money owed to steal everything from us.

  64. Korporate Amerika does not like RICO claims. They don’t like being called the greedy gluttonous felons that they are. But I would still enter it as an affirmative defense just to bust their knuts.

  65. Next time the local KORPORATE store asks you for a charitable contribution….tell them you already donated and hand that donation directly to their victims.

  66. Altruism is a very deceptive form of charity work….it is pretending to help others you intended to harm. It is narcissism in disguise of doing something good.

  67. Lehman are one of the many KORPORATE Amerika foreign expropriators who expropriate …..steal what has already been stolen…they are all foreign khazar greedy gluttonous liars who hate everybody.

  68. Don’t even try me gjonah……Fascism….is forced compliance….Naziism is terrorism by secret and open occultists…SOCIAL JUSTICE…. covers up their crimes and puts a happy face on their felonious…heinous and egregious crimes against the citizenry….ALL CONTROL FRAUD COMMUNIST TACTICS….all the evil machinations of Communism…..Marxism….Leninism…….all of those are one in the same thing because they cause the same outcome TOTALITARIANISM……..IT IS ALL FRAUD TO DEFRAUD..they are all LAWLESS methods born of ALTRUISTIC IDEOLOGIES OF CONTROL FREAKS…that are secretly and openly used by communist Nazi fascist khazars as a means to an end of freedom and independence of the citizenry to install an International totalitarian dictatorship.

    Don’t talk to me about laws either….they are the lawless ones…….they ignore the laws because they think they are entitled to everything we pay, Labor for and own.


  70. For Stripes:

    International banks that fleece the nation are not permitted under fascism. NOTHING INTERNATIONAL is permitted in fascism.
    The Fundamental difference between fascism and marxism is that one is Nationalist and the other is INTERNATIONALIST.
    Fascism supports religion and recognizes God, Marxism is atheistic and de facto worships the state/ apostate J E Ws.

    Further, fascism also doesn’t guarantee equal results from unequal labor Marxism like the USSR..Hitler in 5yrs created the worlds greatest economy with no gold and was bankrupt with 50% unemployment. His model works and is feared. (See JB Campbell writings on Hitler)

    Fascism is about A nation and A people; and it is not communistic or internationalist. Fascism is geared to serve the host people and their traditional culture ie Germany, Italy, Spain who refuse Multi Culturalism Lies.

    USA is copying the march towards Marxism and not fascism.
    We are clearly being extorted for international banker (J E W) goals and Marxist initiatives and dreams of a global totalitarian atheistic agenda of Marxist multiculturalism.
    We are now being flooded with 3rd worlders ala Immigration amnesty, meanwhile Israel maintains Strict LAWs of J E W- ONLY Marriage, Roads, Housing, Schools, Bussing and license plates. They are called Nation Wreckers for a reason.

  71. Lehman Bros reported $400 Billion missing 2 days before filing BK.

    Did the money disappear or get transferred to Israel?


    It is apparent that the US government is so broke that it will do anything to pay its bills, including stealing Average Joe’s home.

  73. Here’s what happens to Nazi commie fuggers who rob WE THE PEOPLE….not much because they never ever really got caught red handed on U.S. soil. But this time they did.

  74. No one cares what Christine blabs on here out of her Khazar commie Nazi red dreams for World domination. BOTTOM LINE THESE CROOKS DON’T PAY FOR ANYTHING…THEY STEAL EVERYTHING FROM EVERYONE.

    THE KHAZAR NAZIS ARE THE “EXPROPRIATORS WHO EXPROPRIATE”…….said Lenin or Marx or one of those two Khazar commie fuggers. Meaning they steal what has already been stolen.

    We’ll they aren’t getting mine.


  75. Here’s what happens to lawyers who attempt to defend against the MACHINE in the upper midwest, a bleak terrain filled with nine months of dirty snow followed by three months of blood thirsty mosquitoes, all the while populated by human-like creatures who believe whole-heartedly that hot-dish is tasty and that ice fishing is a sport. They also believe the Vikings will one day amount to something. Fools.

    Don’t believe what Garrison says….the women aren’t strong, the men aren’t that good looking, and all the children are well below average, no doubt due to the massive amounts of Monsanto’s glyphosate sprayed liberally all over the surrounding countryside from fencerow to fencerow with GMO corn and soy.

    The midwest is a Due Process Desert, hosting a plethora of opinions totally contrary to established law, but hey, they’re way the fuck up there, almost in Canada, and with colder weather that the majority of Canadians experience. Most of the people who live in Minnesota are for the most part severely brain damaged from hypothermia and from routing on the Vikings year after failed year. What would they know about law?

    Poor, poor Bill Butler, esq. He’s facing a dozen hanging judges, and all of the local legal community has scurried into the saloon and into the shadows to see what fate awaits him. Like Gary Cooper in High Noon, not a soul will come to the sole Midwest foreclosure defender’s aid, all the while awaiting the certain and horrible fate that’s all but certain.

    Bill’s up to $325K in legal tickets, and they aren’t finished with him yet. They won’t be satisfied until he’s swinging just like the 38 Sioux that their forefathers hung out at Fort Snelling just prior to the Civil War. Those poor native souls also offended the status quo and the established clique, the good old 1%, and couldn’t be allowed to continue their ways. Stretch their necks. That’ll teach them!

    Like Christine keeps saying over and over again, this nation has been sold to the highest bidders, and there’s simply no justice left to be found. The courts have been shredded and sold, along with congress (I refuse to capitalize that body). Screw them all. You too stripes, you moron.

    “The chief federal judge in Minnesota has taken the rare step of ordering an investigation of a Minneapolis foreclosure lawyer who has been slapped with sanctions at least nine times since 2011.
    The sanctions imposed by federal district judges against William B. Butler total $323,307, according to Star Tribune calculations. The self-described Libertarian openly defies the judges on his website, Butler Liberty Law, reveling in their attacks and declaring he won’t pay. In an interview, he said he believes their criticisms are “illegitimate and unfounded.”

    Chief Minnesota federal Judge Michael Davis filed court documents last week appointing former chief federal Judge James Rosenbaum “to investigate [Butler’s] fitness to appear before this court, and to make a recommendation regarding appropriate disciplinary actions or sanctions.”

    Martin Cole, who heads the Minnesota Lawyers Professional Responsibility Board, said it’s “quite rare” for the federal judiciary to investigate a lawyer. It usually relies on the state board to conduct inquiries and supports their discipline.”

  76. Tolle,
    FD judge already re-united the defendant bank/law firms. Next one is to allow the RICO pleading that the BK judge tried to sidestep. having a great time. Will keep you posted. And I do feel like we’re in a good spot. At least we’re still dancing……

  77. There is no contract that makes fraud legal. PAY US BACK WHAT YOU STOLE CROOKS..!

  78. The only slimy rat bitches here are you lying trolls e trolle. But thanks for inspiring me to keep pushing myself to get to the bottom of the biggest scam of WE THE PEOPLE in U.S. history….! I will never forget you morons who inspired me…!

  79. Bijaya K D Brian D Grover: Yes poppy but, you need relevant parties to each of the 3 requirements

    Sure you do, herein, NASA we have a problem!

  80. @ – Deborah Wynn, hope you’re well. It’s nice to hear from you again.

    @ – Christine, you owe me a six pack. The aliens never came and carted us off a few months back. That fact ACTUALLY maybe deserves some single malt Scotch. I’m glad I was right. I don’t want to be carted off planet Earth until we toast these bastard bankers.

    @ UKG – can’t wait to hear how your case is going. We have the same adversaries. It sounds like you’re in a good spot, all things considered. Hope a judge who understands comes along. They’re few and far between up that way.

    @ Poppy, the same goes for you. I can’t wait to see what it is you’ve got on them. It sounds exciting. Good show. Well played.

    @ – Stripes said, “May I add….” No you may not you freakin’ asshole. Crawl back under your rock you slimy rat-bastard.

    @ Neil…..will you ever relieve us of the painful asshat known as stripes? Come on now man, get with it and ban her for good! For all humanities sake:


  81. May I add….our wealth is being stolen by FOREIGN TBTF KORPORATE AMERIKA for no valid legal reason….they have no receipts…..NO PROOF OF PURCHASE….THEY ARE SIMPLY SQUANDERING & HOARDING OUR WEALTH TO FRAUDULENTLY CONTROL WE THE PEOPLE.

  82. Foreign controlled Wall Street continues to post record profits by robbing our Treasury into oblivion. $85 billion per month …$60.4 trillion in ill gotten gains….our stolen wealth since 2008 reported CNBC. While we keep paying the Foreign Korporate Amerika crooks to bankrupt and completely fraudulently Control us. These crooks have stolen the World GDP for one year from U.S. in less than 5 years via the never ending TBTF BAILOUTS…. Our stolen wealth is being misapropropriated to the BOARD OF DIRECTORS OF TBTF KORPORATE AMERIKA.

  83. The only earth shattering event will be when WE THE PEOPLE all wake up and realize how bad we have been defrauded by these Foreigner’s who hate on U.S. 24/7 from behind the KORPORATE Logos while they rob WE THE PEOPLE into fraudulently induced poverty for their crimes they commit against us to destroy us.

  84. B, because it is unsustainable. Many movements across the globe, and the U.S. is going to get it or be dragged into it. Get ready for an earth-shattering catastrophe which will change everything.

  85. What will replace the IRS? OBAMACARE TYRANNY OR SOMETHING WORSE. What to you think these greedy assed entitlement people are just going to stop their greedy need for fraudulent control and collecting juice money/brass tax because we think its not fair? They don’t even want to cease and desist their obvious, heinous and egregious securities fraud from our property titles and pay us back the principal and interest payments they owe us on that massive defrauding of our wealth. We need to do the same things they do…..Stop Cooperating, Complying and Conforming to all of their fraud until they pay us back what they owe us and let them know just where it hangs.

  86. Nonexistent trades

  87. Why would you think that?
    They loved Madoff since people were paying them on no existant trades.
    This is 7000 times that.
    They know and have been taking the income with out any interruption .
    Paulson was scared to death since they foreclosed Lehman but thought they could gloss it over.

  88. Countrywide Judge Says $500 Million MBS Settlement Not Clear (1)
    By Edvard PetterssonJuly 10, 2013

    Ex-Goldman Sachs Banker ‘Fabulous Fab’ Nears Fraud Trial

    With FDIC Help, John Kanas Remakes Subprime Lender BankUnited

    Insurers Raise Rates for Board Members of Chinese Companies

    How BP Got Screwed on Gulf Oil Spill Claims

    Bank of America Corp. (BAC:US)’s proposed $500 million settlement with a class of investors in residential mortgage-backed securities issued by its Countrywide Financial can’t be approved without more explanation, a judge said.

    U.S. District Judge Mariana Pfaelzer, at a hearing today in Los Angeles for preliminary approval of the settlement, said she couldn’t tell whether the proposed plan for allocating the proceeds was fair, just and reasonable.

    “You have to do some more work,” she told Spencer Burkholz, a lawyer representing the plaintiffs.

    Bank of America announced April 17 that it had reached a settlement with investors in three class actions who alleged that Countrywide lied to them in its offering documents for the securities. The oldest of the three cases, which are combined before Pfaelzer, dates back to November 2007.

    At today’s hearing, Pfaelzer said she was concerned about how the $500 million would be distributed between the securities’ various tranches, which had suffered different amounts of damage when the market of mortgage-backed securities imploded with the collapse of the U.S. housing market in 2007.

    “It is not perfectly clear to me how this is going to work out in the plan of the allocation,” Pfaelzer said. “Who would get the bulk of the money?”

    Narrowed Securities
    The judge, in a series of rulings in 2011, narrowed the securities over which the investors could sue from more than $350 billion to $2.6 billion and excluded Charlotte, North Carolina-based Bank of America from the case as successor (BAC:US) of Countrywide. The claims of the investors who filed the first suit in 2007 were litigated in state court and hadn’t been dismissed.

    Under the proposed settlement, $325 million will go to the plaintiffs who have live, un-dismissed claims, $125 million will go to investors who sought to be class representatives of tranches that were dismissed and $50 million will go to the remaining investors in Countrywide mortgage-backed securities.

    “This was extremely hard-fought,” Burkholz told the judge. “At many times, it looked like the settlement was not going to happen.”

    Pfaelzer told Burkholz that, before she could give preliminary approval, he had to provide her with a proposed letter to the lawyers for other mortgage-backed securities investors, including American International Group Inc. (AIG:US) and the Federal Housing Finance Agency, who have filed separate lawsuits against Countrywide.

    The judge said she was concerned the plaintiffs in those cases would lose their right to proceed with claims if they didn’t exclude themselves from the class-action settlement.

    Brian Pastuszenski, a lawyer for Countrywide, said the company agreed to the settlement because it made sense from a business perspective and that it wasn’t admitting any wrongdoing.

    The case is Maine State Retirement System v. Countrywide Financial Corp., 10-cv-00302, U.S. District Court, Central District of California (Los Angeles.)

    from Bloomberg News.

  89. B, You are right. The IRS is complicit, but my crystal ball says that is going to come to an end soon.

  90. My understanding is the IRS is complicate
    They have had my documentation since January of 2012 & done nothing

  91. I see in reading my previous comment I made an assault on the GSE’s guaranteeing private contract payments on ‘conventional’ loans, which FHA and VA do, as well, on those loans by their insurance and guarantee. Because I see the value of the easier-to-qualify-for-FHA-and-VA loans, I’ll have to put some thought into it to see if I think jusitification exists for that insurance and guarantee. fwiw.

    Hmmm… A ready distinction can be found in the fact that the GSE’s are obligated to re-purchase the loans (or whatever was sold) to end their guarantee and that’s not the case with FHA and VA. Plus, borrowers pay a premium for that guarantee and insurance. FHA has the dreaded mortgage insurance premium regardless of loan to value and VA has the VA funding fee, both of which give these agencies a pool of funds to meet their respective insurance and guarantee obligations and those are paid by the borrowers, not the lenders.
    On conventional loans, there is no insurance required on loans under
    80% loan to value which might benefit FNMA and FHLMC.

  92. I can’t wait until the IRS gets in on the deal. How much money do the banks owe to the IRS on phoney REMIC transactions which should be considered income. Of course, it is even worse than that, because the income is from a fraudulent transaction and forged documentation.

    Quoted from Wikipedia:

    “real estate mortgage investment conduit (REMIC) is “an entity that holds a fixed pool of mortgages and issues multiple classes of interests in itself to investors” under U.S. Federal income tax law and is “treated like a partnership for Federal income tax purposes with its income passed through to its interest holders”.[1][2] REMICs are used for the pooling of mortgage loans and issuance of mortgage-backed securities.

    The federal income taxation of REMICs is governed primarily under 26 U.S.C. §§ 860A–860G of Part IV of Subchapter M of Chapter 1 of Subtitle A of the Internal Revenue Code (26 U.S.C.). To qualify as a REMIC, an organization makes an “election” to do so by filing a Form 1066 with the Internal Revenue Service, and by meeting certain other requirements. They were introduced in 1987 as the typical vehicle for the securitization of residential mortgages in the United States.[3][4]

  93. re: 86’ing FNMA et al: Sometimes it’s better to contend with the devil we know instead of the devil we don’t. The failure of FNMA and FHLMC stems first and foremost from a failure to enforce its own rules,

    They abandoned their own loan guidelines in favor of production bonuses for mucks. This isn’t speculative. If FNMA and FHLMC had adhered to their own rules, they wouldn’t be on the hook for the crippling guarantees they are now. FNMA and FHLMC provided a very valuable service to homeowners by purchasing loans from originators. Whether or not the govt should have created an instiitution to keep money in the housing market is, I recognize, debateable. But we shouldn’t mistake its failure as a sign it was a lousy idea. The idea was sound – the execution was messed up by a systemic failure to adhere to the rules of its conduct: the mucks wanted and got million dollar production bonuses and the rules were willfully abandoned in that pursuit. The next problem for the GSE’s was their MBS guarantees. I do believe that the GSE’s had no business issuing or participating in alleged MBS’s in the first place .with the business-killing guarantees.

    Aggregators of garbage loans were able to foist the losses from those garbage loans on the GSE’s. After abandoning legitimate audits to determine if loans in fact met their underwriting guidelines (this is again not speculative) , the GSE’s buy-back contracts with the aggregators were either deficient or not enforced, would be my thought. This one is speculative, but it reads.
    But the biggest failure was the willful failure in favor of bonuses to audit loans to see if they in fact met their guidelines.
    I don’t believe, just now, the GSE’s should be 86’d. I believe more stringent attention needs to be paid to what they buy and the enforcement of buy-back contracts. There are many out of work people from the housing lending field whose talents could be utilized in that effort.
    The one thing imo which does have to go is the alleged MBS and their guarantee. The government has no business guaranteeing private contracts by making third party contracts to do so or for any reason.
    Another thing which has to go is the GSE’s purchasing any loan with a “MERS” mortgage. If the GSE stopped participating in MBS’s, perhaps the MERS mortgage wouldn’t lead to so many problems for all concerned because the GSE’s would simply be the owners of the loans, as was the case before securitization, but then, there would be no need for a “MERS mortgage, since the loans would simply be sold to the GSE’s and stop there.
    It’s securitization which has to go (and take MERS with it). If the end
    of securitization leads to higher home loan interest rates, as is alleged in marketing tools and spiels for securitization, then so be it. We have a right to own real property. We have a right to seek a home loan when we don’t have the cash and lenders have a right to ascertain our ability to make our payments. We don’t have a right to real property we can’t afford. The idea of making homes more affordable for the less qualified has been addressed already by FHA and VA, whose guidelines, including those for government contributions to first time home buyers, are less severe than FNMA and FHLMC. If people don’t qualify, well, they don’t qualify, and that is true for people of all colors, size, geographics, or religion, just as all people are entitled to qualify and get a loan without regard to
    those factors.

    The GSE’s, if operated properly and without securitization, are good things. Imo, that’s what needs to happen: they need to be operated
    properly with the audits of loans carried out, and meaningful audits of the agencies themselves.
    The failure is not the existence of the GSE’s: it’s the failure to follow their own rules and that failure is further largely caused by third party contracts to guarantee our private contract payments.

    I’m not kidding: before we jump on this bandwagon to dismantle the GSE’s, we might try to anticipate the devil yet unknown. And the GSE’s shouldn’t be 86’d for the wrong reasons.


  95. They will stop fraudulently inflating costs if we stop paying their bills and stop shopping in their KORPORATE stores they use to rob us.




  97. Fiat money or not….it’s our wealth their stealing by handing us their fraudulently induced bills.


  99. Fiat money ML








  103. UKG,

    Great news! Any mention of a nationwide moratorium yet?

  104. Press Release
    For Immediate Release | Contacts: Jeff Emerson (202-226-1490); David Popp (202) 226-2467

    July 11, 2013

    Committee Leaders Announce PATH Act to End Taxpayer Bailout and
    Create Sustainable Housing Finance System

    WASHINGTON – Leaders on the Financial Services Committee today announced the PATH Act – the Protecting American Taxpayers and Homeowners Act – to create a sustainable housing finance system. The proposal:

    •ends the taxpayer-funded bailout of Fannie Mae and Freddie Mac and phases out the troubled Government-Sponsored Enterprises within five years;
    •increases competition by ending the federal government’s domination of the housing finance market that has left taxpayers liable for $5.1 trillion in mortgage guarantees; and
    •gives consumers more choices in determining which mortgage product best suits their needs.

    “House Republicans are committed to fixing the failed housing finance system that required the biggest taxpayer-funded bailout of all time – nearly $200 billion for Fannie Mae and Freddie Mac. America needs a housing policy designed for homeowners and taxpayers – not for Wall Street and the housing industry. America needs a housing policy designed to give every American who works hard and plays by the rules both opportunities and choices to buy a home they can actually afford to keep,” said Financial Services Committee Chairman Jeb Hensarling (R-TX). “Our plan helps taxpayers and homeowners. It gives power and control back to consumers. Under the current broken system, unaccountable Washington elites have more of a say over who gets a mortgage than your local bank. The current system is a government monopoly run by the same types of Washington bureaucrats who run the IRS. America can do better. Americans deserve better.”

    Rep. Scott Garrett (R-NJ), who serves as Chairman of the Capital Markets and Government Sponsored Enterprises Subcommittee, said, “Approximately five years ago our nation was hit with an unprecedented financial crisis. I am pleased that we are continuing the process of addressing the core cause of it — the government’s misguided efforts at allocating mortgage credit through Fannie Mae and Freddie Mac. I compliment Chairman Hensarling on his terrific work on this legislation and his diligent efforts in reaching out to Members of Congress and industry stakeholders to incorporate many of the ideas and suggestions that others had to offer. This legislation will finally end the largest bailout in history and will put our country back on a path to a sustainable housing finance market that benefits both taxpayers and homebuyers.”

    Rep. Randy Neugebauer (R-TX), Chairman of the Housing and Insurance Subcommittee, said, “After multiple hearings and conversations with stakeholders, the committee has created a framework for a dynamic, healthy, and stable housing market. Our proposals would allow the housing finance market to function without the unprecedented government intervention we have seen in recent years. We’ll also reduce the probability of the boom and bust cycles that have hurt our economy and American families. The result will be a sustainable housing finance system that will benefit homeowners, taxpayers, and investors. I’m grateful for Chairman Hensarling’s leadership on this important issue, and I look forward to discussing these proposals with my colleagues.”

    Rep. Shelley Moore Capito (R-WV), Chairman of the Financial Institutions and Consumer Credit Subcommittee, said, “Today we begin the very important discussion and debate on how we can create a better, more sustainable housing finance system that relies on the private sector. American consumers are best served when the federal government does not control the market. We need a sustainable system that puts the interest of taxpayers and homebuyers first.”

    Witnesses Testify on Need for Sustainable Reforms

    Over the past five months, the Financial Services Committee has held 11 hearings and heard from 41 witnesses on the failures of the current housing finance system and the need to create a sustainable housing finance model.

    Many of these expert witnesses noted that the financial crisis that began in 2008 started with failed Washington housing policies and Fannie Mae and Freddie Mac. While their senior executives engaged in financial fraud so they could receive hundreds of millions of dollars in bonuses, these Government-Sponsored Enterprises exploited their government guarantee to take on enormous risk. When the housing bubble burst, Fannie and Freddie received the biggest bailout in history, nearly $200 billion courtesy of hardworking taxpayers. The Dodd-Frank Act, passed by a Democratic Congress and signed by President Obama in 2010 in response to the crisis, did nothing to reform the GSEs. In fact, witnesses said Dodd-Frank compounds the government’s disastrous foray into housing policy through onerous regulations that hobble the private mortgage market and lock out thousands – if not millions – of qualified borrowers who will be unable to obtain an affordable mortgage.

    Committee to Discuss Reform Plan Next Week

    Chairman Hensarling also announced today the Financial Services Committee will meet on Thursday, July 18 to hold a hearing on the Protecting American Taxpayers and Homeowners Act.

    “Ours is an ambitious vision and a real plan to reform and fix a broken, failed system. The Obama administration has had five years and has failed to offer any plan at all. It’s time for action,” said Chairman Hensarling.


    NOTE: An Executive Summary of the PATH Act can be found on our website.

  105. And stripper is really the most ignorant, stupid, uneducated and useless person i have ever come across. A disgrace for the human species. Some representation of a once-great country… and they are a dime a dozen… Any question?

  106. ARM loans are illegal in many developed countries who don’t have a Constitution/Bill of Rights that protect their legal right under the rule of law. However, the United States, a Constitutional Republic, is a Land of Laws and One nation under God indivisible under that Constitution, with Liberty and Justice for all.

  107. Read the 13th Amendment and the 14th Amendment Section 4. Of the U.S. CONSTITUTION/BILL OF RIGHTS….These crooks are using slavery and involuntary servitude as an Act of War and Insurrection on WE THE PEOPLE by Foreign third party Investors who cannot prove this debt exists because it does not nor ever existed because WE THE PEOPLE PAY FOR EVERYTHING UPFRONT AT THE ORIGINATION…ALL OF THIS DEBT IS THEREFORE MANUFACTURED FRAUD AND FICTION.

    That is why I consider loan mods an act of war on our Constitutional Republic and I don’t mince words about it. Loan Mods are the fraudulent inducement of a contract that never existed. That is an Act of treason. I do not blame Obama. They put his name to all of their evil Acts that were planned and written long before that man took office. This is all of the evil Acts and evil works of the FOREIGN Board of Directors of TBTF KORPORATE AMERIKA. They blame us for all of their evil doings.

  108. Risky Adjustable-Rate Mortgages Are Starting to Make a Big Comeback
    by Dan Caplinger Jul 10th 2013 10:05AM

    A country that never learns. ARM are illegal in many developed countries. There is a reason for that. Reverse mortgages are forbidden in many developed countries. There’s a reason for that too. Seeing how both did so well here, going back to either is only creating the next economic disaster. America or the arrogance of the spoiled teenager…

  109. M&T Bank just got slammed on a Remand in Tennessee on pre-suit discovery and Shapiro & Burson whistleblower Jose Portillo testifies at Disciplinary hearings.

  110. All
    those modifications are an attempt for the banks to get your signature on a contract since they got it wrong thr first time.
    ject: File No. S7-35-11
    From: marilyn h Lane
    Affiliation: concerned individual

    September 5, 2011

    The abominable banking system that is in place today, gives a bank great incentive to foreclose on an Ultra Vires contract, as the bank demands lawful money returned for the unlawful money lent.

    By what Authority are the Banks doing this? There is no authority for doing this. This is in complete prohibition to Art 1 Para 10 Cl1 of our US Constitution.

    All of our cases with slightly different facts all stem from the same Fraud.
    The Bank did not lend you LAWFUL MONEY but the Bank intentionally wrote
    a bad check and gave it to you –to circulate as money

    I certainly did not know this kind of fraud was going on when I signed my mortgage and note. Did you?

    The Mortgagor puts up a down payment, the Mortgagor pays a lot of fees and probably paid an attorney to represent them, all in order to get this bad check

    Would a Mortgagor have put in all that money, if one knew the truth of how the Banks ran their illegal business. I bet not.

    Did anyone notify you after that big day – the Banks check bounced – of course not. When the check that the Bank wrote came back to the Bank that wrote it, the bank didnt say we only have 5% , if that much and it was not stamped insufficient funds the bank stamped it paid

    So since the Bank did not have the money sitting in the banks account when they wrote the check, what the bank gave you is their credit.

    That is exactly what is prohibited by Art. 1 Para 10 Cl 1 of the US Constitution.

    What authority gives the Bank the right to make contracts with bad checks

    Nothing- Nada.

    Lawful money is needed to make a contract valid.

    Over and Over Mortgagors gave a Bank a mortgage on their castle , in return for a Bank giving you a credit entry on their books and charging you Interest on this credit. Also illegal.

    Did the Bank give you lawful money or is that what you got, credit?

    Banks are not allowed to lend their credit- Banks are in the business to lend
    lawful money There is not a Bank charter that allows a Bank to lend their credit.

    And as we continued to make monthly payments the Bank collected more money on their fraud.

    You try writing a check when you dont have funds sitting in your account to cover it.
    You can be sure that check is coming back markedinsufficient funds You are not allowed to do it and either is a Bank.

    This scam of Ultra Vire contracts caused injury to us, the true homeowners.

    In addition the banks are laundering bad checks.

    The Banks violate Truth in Lending Laws.

    The Banks are collecting Interest on money that doesnt exist. (Lending you 5% and collecting Interest on 95% of thin air)

    And once the Bank gets their Ultra Vire contract going, they start flipping them to MERS, Securitizations , Wall Street, Title Companies etc. there is no shortage of people all wanting to get their piece of the illegal profits.

  111. If loan modification is an act of war. And I am not saying it is or is not. Then why didn’t they give out those 4million modifications on 2009 quickly and the sheep would have never noticed a thing. This I have never received a valid answer on ???

    FYI I refuse to sign a modification and I am now going into my 5th year fighting the fraud.

  112. What in the hell are these people signing? They don’t even know they are signing away their Liberty for the love of God. This is just the face of evil. Obviously this judge is ignoring all of the laws of this land and it us up to WE THE PEOPLE to be the gatekeeper’s of our Constitutional Republic….our Liberty. Sending out an S.O.S…God help us.

  113. First you need to prove a contract existed in the first place. Of course everything these foreign imposters do is ass backwards.

  114. Hello Hello Hello is ANYBODY Out There ?????

  115. Loan Mods are the outright theft of our Liberty and it is incredibly deceptive how they are not first forcing these foreign imposters to prove a contract exists. That is certainly the direct result of brainwashed Americans who believe everything they are told. These are perilous times indeed when deception controls the destiny of a people and its Constitutional Republic….and therefore it’s Liberty. The just judge, the Creator will judge in the end.

  116. Yes poppy but, you need relevant parties to each of the 3 requirements

  117. What good is a modification ?
    The title needs to be quieted for any relevant further transactions to have ant legal basis

  118. There is a difference between an offer and forcing someone to accept an offer by making it an offer you cannot refuse. That is no offer, that is tyranny by tyrants.

  119. Correct Neil and I am no lawyer, but do have paralegal experience…I am looking at the language for a contract, Contracts 101: an offer, acceptance and consideration. All three (3) elements have been met in these modification agreements. That simple!

  120. That is fasism to create totalitarianism by cowards directed by the control freak Khazar nazi Board of Directors of TBTF KORPORATE Amerika who are….Foreign Imposters to our Constitutional Republic and are fictitious payees. Stop cooperating, complying and conforming America, these are greedy felons who have already stolen innumerable amounts of money from us. This is all about controlling us to steal everything from us.

    An attorney told me over to years ago. Don’t sign or agree to anything with a bank. It is another set up to fail and this time when they force you to fail you will lose your house in three months because you signed a new contract. This debt is unsustainable because it is fraud, there is no proof it exists and therefore can never be repaid.

    Forcing loan mods of a non existent contract is and Act of War on WE THE PEOPLE by our foreign enemies…forced loan mods are in fact, fraud and fascism to create totalitarianism just like OBAMACARE.

    Those judges should be arrested by the Sheriffs for engaging in these terrorist acts against the citizenry of our Constitutional Republic.

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