Patrick Giunta brought this article to my attention. He practices in South Florida and I co-counsel cases with him. Although there are some errors in facts and I have some differences of opinion with the writer, I think the article is a MUST-READ for anyone effected by “securitization” — especially foreclosure defense attorneys. If nothing else there is corroboration of what I have said all along. The entire thing is the emperor’s new clothes — see article I wrote about 7 years ago. If you don’t understand that, then you don’t know how to cross examine the “corporate representative” at trial.
The following is an excerpt from the article, and the link to the entire article is below:
“A serious problem with modern securitization is that it destroys “privity.” Privity of contract is the traditional notion that there are two parties to a contract and that only a party to the contract can enforce or renegotiate that contract. Put simply, if A and B have a contract, C cannot enforce B’s rights against A (unless A expressly agrees or C otherwise shows a lawful agency relationship with B). The frustration for Joe is that he cannot find the other party to his transaction. When Joe talks to his “bank” (really his Servicer) and tries to renegotiate his loan, his bank tells him that a mysterious “investor” will not approve. He can’t do this because they don’t exist, have been paid or don’t have the authority to negotiate Joe’s loan.
“Joe’s ultimate “investor” is the Fed, as evidenced by the trillion of MBSs on its balance sheet. Although Fannie/Freddie purportedly now “own” 80 percent of all U.S. “mortgage loans,” Fannie/Freddie are really just the Fed’s repo agents. Joe has no privity relationship with Fannie/Freddie. Fannie, Freddie and the Fed know this. So they are using the Bailout Banks to frontrun the process – the Bailout Bank (who also have no cognizable connection to the note and therefore no privity relationship with Joe) conducts a fraudulent foreclosure by creating a “record title” right to foreclose and, when the fraudulent process is over, hands the bag of stolen loot (Joe’s home) to Fannie and Freddie.”
http://butlerlibertylaw.com/foreclosure-fraud/
Filed under: AMGAR, CORRUPTION, Eviction, evidence, expert witness, Fannie MAe, foreclosure, foreclosure defenses, foreclosure mill, GTC | Honor, investment banking, Investor, MBS TRUSTEE, MODIFICATION, Mortgage, Motions, Pleading, securities fraud, Servicer, STATUTES, Title, TRUST BENEFICIARIES, trustee | Tagged: mortgages, privity of contract, promissory notes, securitization, splitting the notes and mortgages, UCC |
Please call mecounter claims and standing please help
I am trying to find out if RASC Series 2006-EMX1 Trust is still active. I got as far as the SEC Website which states on 1/12/07 a Notice of Suspension of Duty to File Reports form 15 was filed under Rule 15d-6. I called the SEC to find out what that meant and all they could tell me was that after that date they have no idea what happened to the trust or if it even still exists. I need to find out if this Trust is still active. I am currently in an active Bankruptcy and this could help me greatly if I can find out if the trust still exists. I can be reached at 443 677 2799 or jsmith5915@msn.com. James Smith
I agree Deb. but also consider from the flip side the harm done to the borrowers credit score and credit report that leads to the HIGHER interest rates that borrower would pay …. IF that borrower ever wanted to take out credit again at all. But if they had to, well …. you get the point… the still making the money all the way to the end.
JenniGA n Neidermeyer, you both have valid questions & comments.
. State Laws Vary and you need to seek answers to your legal questions with an attorney in the jurisdiction the home is located in. Someone qualified in Titles, Estates, Mortgages.
If you do not understand the Legal Language in the Note and MORTGAGE Note or Deed of Trust you should consult with an attorney. If your to not going to do it for yourself for what ever reason, then at least and for your Families Sake make them consult with an attorney to protect their own interests.
You can lead a horse to water but you cant drink for it!!!!
@ mycookiejars ,
Appreciate the short , to the point explanation .. If I was to wave a magic wand and have the closing agency (title agency) cough up docs what would I want to see?
My closing was administered by a title company that was owned by my first set of attorneys … they owe me bigtime.
mycookiejar – I have a hard time trying to follow – and appreciate your post – I ended up w/ the incoming wire notification from my closing and the sending wire sender code seems to be the one for Fremont -to the closing firm?
You know…. Like borrowing
I think Thatcher said it best that sooner or later you out of people to borrow from.
Thing is the lies they tell lead to more lies they have to tell then they need favors and sooner or later you run out of favors
Right on- verification.
I can’t get the 1099c or hud1 final.
Ha ha cookie jars
I always to thus day thought it was spelt ” nimcompoop” I’m hopeless
Do you understand now why they won’t send me a payoff? I filed my claim for My assets .. Kinda late for abandoment claim. .. But perhaps the fraud place ins would persuede the judge. Nope, I keep good records and requested written verification each time ins agent faxed n mailed them copies. I have the verificatrions but they claimed they didn’t get any of the 4. Imagine that! HA! I haven’t filed fraud 1098s since 2010 either with our taxes. No 1099s.
I know Deb, the nincapoops claiming ours is one of the 175 plus abandoned properties. Wait til they try to lock me in… They will see the end of a double barrel shot gun. Its called self defense. _
Get this
1099a issued same day as non judicial foreclosure sale to ” trustee”
The trustees ( sub trustee foreclosure mill) issued trustees deed upon sale – there’s a 90k difference of ” debt” amount . 90k I contested that.
We have a trustee of alt a trust for cert holders in court – hmm
Cookie jars baybi
I was run out I did not abandon my home – I was and am still in court and I will not file my 2010 tax return because I do not believe the entity issuing that 1099a is was or ever could be the ” lender” as layman understand ” lender” to be. And frin there it’s complex.
Onward. Your a good gal.
A man
There are still a few good men and the public need appeasing
Question is ” do they feel lucky”. Get off my lawn. Ha
You know the low hanging fruit. It would be a start cleaning up this mess. Guys at top – difficult with all that cronyism – guess next generation will inherit them. We owe the next generation a huge apology.
Good Grief Neil … Do I have to do everything?
1. The ABA Wire never made it to loans closing as it was rerouted into an off chore account. The Borrower wire into a US Bank Off shore account caused the borrower to finance the private placement memorandum. In this way the title was stripped of its liens as all Liens of record are carried back as the Sellers outstanding obligation for charge off balances. The Title to the estate was sold to the lender as unencumbered and free of liens. Hence the estates equity was used to capitalize the bond holders indenture. Thus Trust Common Stock that was issued Mark to market for the wire into settlement for the purpose of registering Trust Preferred shares at 10:1 ratio to common stock. Herein the existing liens of record are held at 80 percent of appraisal while the difference, from 80 to 100 perecent is yield paid as a dividend that accrued over five years as a discounted bond-sold to household as a HELOC. No foreclosure can take place without an abandonment claim and a 1099 issued for purposes reconstituting value.
Ahhhh … I feel better know.
Accounting 101
Many Blessings to All!
Somebody is going to tune up Ocwen with about 10,000 pounds of dynamite one of these days. Put the screws to those special-ed-mega-lying-vile-as-shit-morons with a finality they never dreamed possible.
Ukg- you are right about Citi. In the early bailout, the fed backstopped 400billion of citi’s paper. That was before the GAAP rules and FASB rules were changed. Don’t think they paid it back.
This is what we are up against. These are our judges.
http://www.judicialwatch.org/press-room/press-releases/judicial-watch-files-taxpayer-suit-against-los-angeles-county-to-end-illegal-supplemental-judicial-benefits-to-superior-court-judges/
GOD BLESS AMERICA.
I really believe that the $67Billion Citi lost in October 07, was almost all mortgage securities they were either holding or underwriting.
Correction – Bill Black
Neidermeyer
In my case you have to loose everything
Before you can connect the dots and discover by chance as i did- but only because i kept digging . Ad Bill Bkack says
” if you dig you will find”
@ Rock ,
We have seen this repeated ,, when the right arguments are offered the banks get nasty and force sanctions … the arguments here are correct ,, I cannot verify 100% of them but I can verify 90% of them … the truth has a certain feel and sound to it … and the banks arguments have none of it… I’m getting traction and so are others…
The whole mess is like the story of the blind men and the elephant ,, you either have to go high brow like the CPA contingent (which only works if you already have the money trail and/or a judge that is willing to listen which is a total crapshoot) ,, or go after the more mundane chain of title/ownership/money trail stuff … they are BOTH correct … you want a win and they can both get you there.. the banks will never willingly give any discovery and the FedGov is complicit so don’t ever expect to see headlines in the NYT shouting about the fraud… I fully expect to quietly disappear from this site soon with a win and a non-disclosure agreement. Many others I have known in my city have.
Taken from the link Ukg posted re judge Rakoff statement and I encourage everyone to READ it. Link below posted by UKG
Nineteen securities law scholars filed a joint amicus- that’s
“Nineteen securities law scholars filed a joint amicus brief with the Second Circuit Appeals Court explaining why Rakoff was correct to reject the Citigroup settlement. Harvey Pitt, the former General Counsel and later Chairman of the SEC, filed a separate amicus brief agreeing with Rakoff.”
Anyone listening
Rock, on June 9, 2014 at 11:54 am said:
This gives new meaning to the blind leading the blind.
This hack Butler has been ripping off homeowners with the same frivolous arguments found on this site.Moreover, the courts have sanctioned him over $300K for filing his nonsense!
WHO DO YOU WORK FOR? What bank?
http://wallstreetonparade.com/2014/06/the-untold-story-of-why-judge-jed-rakoff-took-on-the-sec%E2%80%99s-shady-deal-with-citigroup/
I believe that our govt has been trying to stop the truth from coming out. There very well may be something to Mr Butlers statements about banks not having the correct paperwork to enforce payments from homeowners. This could bring down our whole system if true. If homeowners knew this just how many of them do you think would do “the right thing” and keep paying the banks? I begged for a loan modification for three years. When they ran out of reason to say no, they then said couldn’t help me, was not owner. Since then Freddie mac redid first and I stop paying second. Now guess who is saying they are owner of second, yes the same bank who had told me they were not the owner. I am searching for what became of my second, Capital One Home Loan LLC and when I see proof they are owner with rights to receive payments, I will pay them. As for as paying the server, the one who I had begged three years for help, well they can go to the place down below, I will file bankruptcy before I pay them another dime. Read the agreement with our govt SEC V Citi that they are hoping to sign off on and you will see for yourself Citi was betting against the very loans they had pick to sell to investors. The banks are making money off of bad loans and this was the plan from day one. How during the greatest recession in history are the wall street banks being able to make record profits? It is not from making loans, that is for sure, maybe the $8 dollars a month in checking account fees? No, it is all from the pay outs from this fraud, take money from investors, use that money to make loans to people that you knew would go bad, sell those loans as AAA grade investments, bet against the loans you just sold, then collect payoff when defaults began, but also don’t forget to get your lawyers to file legal claims/actions in court against homeowners and tell the court how you have lost money from the homeowners default. The biggest con game in history. Our govt is in on it for fear of what would come if all the public knew. In my case, over one year of not making any payments on the second, and nothing! They know I know. Wake Up, I’m going to come out of they recession with zero debt, a half free house. It’s all because of the banks greed!! If enough people would demand the truth, stand up to them, say no more fraud, then you too could come out of this with a half or whole free house. Don’t let wall street steal any more from you.
Mario – you can call 954-495-9867. Ask to speak with Geordan or Danielle and we will be able to assist you.
Rock just streghtens my point. Do your due diligence and see if the Judge has a financial conflict of interest in your case. That is why they are sanctioning this brave attorney Butler. Where there is smoke there is fire. In Santa Barbara County area they are also doing investigations on the District Attorney.
http://nodirtydeeds.com/2014/06/07-59-san-diego-county-voters-want-dirty-deeds/
In San Diego County the people are getting it.
NEVER AGAIN
GOD BLESS AMERICA
DUE DILIGENCE IS OUR HUMAN RIGHT.
http://www.williamslawoffice.us/
This guy is the Attorney for the city of Sunrise Beach MO. Owned a title company for a number of years and will gladly drag foreclosure firm goon/mouth breathers through the mud all day.
Had a nice Mooney last I heard.
Very cool customer.
Make it a Great Day.
This gives new meaning to the blind leading the blind.
This hack Butler has been ripping off homeowners with the same frivolous arguments found on this site.Moreover, the courts have sanctioned him over $300K for filing his nonsense!
http://www.startribune.com/local/minneapolis/240382841.html
Do you have a number i can call I need a
To hire an attorney under your advice thanks
Mario Cano
Sent from my iPhone
>