…should anyone who owns a home that is subject to claims of securitization of their mortgage be at risk of losing their property?
…the government should stop the arrogant policy of letting most of the burden fall onto middle class property owners.
For a description of our services click here: https://wordpress.com/post/livinglies.wordpress.com/32498
So we have another “settlement” with one of the major players in the greatest economic crime in human history. But the cover-up of the actual transgressions emanating from corruption on Wall Street continues. Government investigators should have had a press conference in which they clearly stated the nature of the violations — all of them. People deserve to hear the truth; and the government should stop the arrogant policy of letting most of the burden fall onto the middle class property owners.
The defects in government intervention give rise the illusion that these settlements only have effect on the investors and other financial institutions who were defrauded. Both the charges and the settlements seem far away from the ground level loans and foreclosures. But that is only because of deals in which the government’s continued complicity in “protecting the banking system — a policy that has rewarded trillion dollar banks and given them unfair advantage over the 7,000 other banks and credit unions.
Government now knows the truth about what Wall Street did. But they are restricting their comments in the fear that maybe notes and mortgages would be obviously void, making the MBS bonds worthless causing some world-wide panic and even aggression against the United States for allowing these enormous crimes to occur and continue.
For example, if the government investigators actually said that the REMIC Trusts were never funded, then the cases pending in which the REMIC Trust is named as the initiator of the foreclosure would dissolve into nothing. There would be no Plaintiff in judicial states and there would be no beneficiary in non-judicial states. Thus the filing of a substitution of trustee on a deed of trust would be void. It would raise jurisdictional issues in addition to the absence of any foundation for the assertion of the right to foreclose.
If government investigators identified patterns of conduct in the fabrication, forgery and utterance of false instruments, recording false instruments, then presumptions of validity might not apply to documents presented in court as evidence. Instead of the note being all the evidence needed from a “holder”, the actual underlying transactions would need to be proven by parties seeking foreclosure. If those transactions don’t actually exist, then it follows that the note, mortgage and claim are worthless.
And a borrower could point to the finding by administrative agencies and law enforcement agencies that these practices constitute customary and usual practices in the industry — a statement that would go a long way to convincing a judge that he or she should not assume or presume anything without proof of payment (consideration) in the origination of the loan with whoever ended up as Payee on the note. The same analysis would apply for the alleged acquisition of the “loan.”
If the party on the note or the party claiming they acquired the loan was NOT a party to an actual transaction in which they made the loan or paid to acquire it, then the note is evidence of a transaction that does not exist. Instead government is continuing to cover-up the fact that a policy decision has been made in which borrowers can fend for themselves against perpetrators of financial violence.
The view from the bench still presumes that they would not have a case to decide if there wasn’t a valid loan transaction and a valid acquisition of the loan. They see defects in documentation as splitting hairs. And to make matters worse I have personally seen judges strike virtually all discovery requests that address the issue of whether real transactions took place. And I have seen lawyers retreat over the one issue that would mean success or failure for their client. The task of defending illegal foreclosures would be far easier if the consensus view from the bench was that all the loans are suspect and need to be proven as to ownership, balance and authority.
These issues are almost impossible to prove at trial because the parties with the actual information and proof are not even at the trial. But they can be reached in discovery where on a motion to compel answers and a hearing on the objections from the “bank” or “servicer” the homeowner presses his demand for data and documents that show the actual existence or nonexistence of these transactions.
It would seem that the U.S. Department of Justice is coming out of the shadows on this. They are looking back to 10 years ago when the violations were at their most extreme. We may yet see criminal prosecutions. But putting people in jail does not address the essential issue, to wit: should anyone who owns a home that is subject to claims of securitization of their mortgage be at risk of losing their property?
Filed under: CORRUPTION, discovery, evidence, foreclosure, foreclosure defenses, GTC | Honor, investment banking, Investor, MBS TRUSTEE, Mortgage, Motion Practice and Discovery, Motions, originator, securities fraud, Servicer, TRUST BENEFICIARIES, trustee | Tagged: Goldman Sachs, settlement |
Reblogged this on California Freelance Paralegal.
lms53 ,
I can tell you exactly why the loan mod programs weren’t enforced … To the elites there is only the elites and “us” … and we don’t count … what used to be the middle class must be ground down to a powerless insignificant mass of dependent worker bees… Just look at any absolutist gov’t .. Stalin , Mao , The American Progressives , any African dictator… “you’ve gotta crack some eggs.”
this is a deliberate scheme by the banks. their power is wide and in the end they knew the taxpayer would be dumped on. I’m not sure why Obama did not enforce the loan mod program better. a lot of homes could have been saved and lives and families kept in tact and our economy would have been better today for it. fannie and Freddie are more corporate than govt and if you had a loan where fannie or Freddie was the so called investor, its a joke. what it means is the loan never was securitized and your originator used fannie or Freddie to hide their lying, thieving, deception behind so they could steal your home. I will be watching to see who or what entity ends up with mine. I am trying to short sale but don’t know if bank will allow, but rthey should because I am not upside down in my loan, only with the judgment.
Here’s the best synopsis … has some great quotes … ==> http://www.zerohedge.com/news/2016-04-12/goldman-and-wells-fargo-finally-admit-they-committed-fraud
The foreclosure crisis is an economic terrorism, probably, initiated by some insidious foreign interests who perhaps played as outsourced workers to mess up and weaken our economy thereby weakening the US military strength in the world. People who are subjected to illegal foreclosures must get their homes for free. Judges must understand this. There is nothing to loose for our nation when American people have good homes and good family. These crooked banks could go to hell with their sins.
People really need to stop being afraid or whatever it is…about speaking out about the root of the fraud, where the fraud actually begins…which is admitted in intricate detail in the Federal; Reserve’s own publications. The banks loan NOTHING, Risk Nothing, invest NOTHING, and can suffer NO LOSS if the alleged borrower “defaults. There is never a real loan. There is an exchange–like value for like value. Then, the banks tell the alleged borrower that their promissory note has no value–which is a lie. They claim to loan you “money of exchange”–which they never do, they charge you principle and interest on a loan they never made you, and if you don’t pay their extortion–they steal your house. But, if you try to explain this to most attorneys, they will say that what you are telling them is crazy.
We the people really have to stop supporting this practice and stop being afraid to expose it by talking about it. This is the core of the fraud. I personally would have no problem with the like value, exchanged for like value–if it actually stopped there. I know that it would be inflationary. But, it would actually help people who need help, and it would not involve theft and fraud. I also doubt that it would be as inflationary as the current banking practices are. There would be no extortion with interest. There would be no theft of people’s homes and property. The banks would still be able to trade with their notes–probably. Some people who know that the promissory note has value, say that it is the alleged borrower’s signature which gives it its value. Other people say it is the alleged borrower’s future labor. I don’t know for sure, which it is, but I like to think that it is the signature. Maybe it is both. Either way, though…the promissory note does have value as soon as it is endorsed, deposited, and transformed into a form of money, which can be sold by the bank for cash. And, it is my understanding that they do sell it.
I have also read, that after about three years, it is still showing on their books, as a liability from the bank to the alleged borrower. And, they file a 19099A with the IRS, claiming it has been abandoned and requesting that the IRS allow them to keep it. I can’t imagine why any sane person would abandon such funds if they had ever been informed that they had it coming to them. But, the alleged borrower is never informed of this. I have also read that the banks keep two sets of books, just like the mafia does. One set is kept private and hidden, and that is the set which shows that the bank owes money to the alleged borrower. The public set of books shows only the liability to the bank. The bank’s assets and liabilities always have to match, and they do. But, then they hide the entries which show their liability to the alleged borrower, so that it looks like they really loaned you money that they never actually loaned you. They get paid for that note several times over–and that is unjust enrichment.
To ad insult to injury, once you have defaulted, and if they descide not to foreclose for some reason (maybe because you challenged their standing–or something) They sometimes just write off your “loan which never existed, for the tax write off, then sell it for pennies on the dollar to a third party collection agency who may or may not know the true history of your loan, and if you don’t challenge their standing—THEY WILL steal your house.
I’m sure I missed something.
How does a home purchased in 1958 end up in foreclosure?
A 30-yr would end in 1988, a 40 year in 1998.
I’m sure I missed something.
No one can ‘lose’ anything as big as a home, I’m sure it’s still there unless destroyed by some natural disaster, or act of the county to demolish it.
Stolen? Yes.
Foreclosure – can only be done by the creditor – that’s by definition, but most people don’t know the definitions. They are there, in the code, simple words are defined, but most don’t look, it’s no big deal, you don’t have to do anything you don’t want to do.
I know stolen, I looked. I know the definition of their words.
I wish I knew them when I read that DOT, initially, as it would have taken me less than a day to know they were pulling the wool over my eyes, and I’d have to sit and rewrite that thing as the words were not to be trusted, and I was caught by the word ‘Trust’ in Deed of Trust, that I didn’t realize it was a Deed Do Not Trust.
Trespass Unwanted, Creator, Corporeal, Life, Free, People, Independent, State, In Jure Proprio, Jure Divino
Elaine, what does locking up Japanese citizens have to do with foreclosure.
Neil, why did you remove the GSE thread. Did someone force you to take it down?
Reblogged this on Deadly Clear and commented:
These transactions were never traditional mortgages. Laws currently on the books pertain to traditional mortgages.
I’m a Independent that was formally a lifelong Democrat. Hillary Clinton is running for the highest office in the land. I agree with Bernie Sanders that she should make public what she said during her 30 minute speech to Goldman Sachs for which she was paid and estimated 660k. The turnaround starts with TRUTH and off with the heads of anybody who tries to obscure or outright disregard it!
Bernie Sanders hired William Black who is plainly saying our homes were STOLEN to cover up their fraud. We must stop this criminal activity and quit playing legal theory games. Advocate lawyers need to speak up to officials and courts and not just preach to the choir. Those of us being actively robbed at the present need to re-group and never forget!
God Bless everyone. We have all suffered plenty. I hope I never have to see the inside of the 17th judicial court again. Elaine, I am really sorry for you. I wont look back, however I did raise my son in this house and it is hurting him much more than me. banks continue to wreck lives and families, but I will never go to a big bank for a loan. I will do as much as I can in my power to not deal with a large bank for any kind of loan in the future. I really don’t see how those bastrds can sleep at night.
Elaine Williams, your story breaks my heart.
I lost an 1800’s Homestead to the banksters that I’d called home for only 20 years, & my heart will never be whole again.
You certainly have my sympathy, as do all of those who were victims.
Sorry. My previous response was meant for Ims53.
“Learn”?
Oh, the govt already knows. It just doesn’t benefit them to reveal all of the truth because they know they’d be admitting millions of our homes were taken illegally while they stood by & watched.
To undo what they allowed to happen is not in their field of view & never will be. It would be an insurmountable task at this point, as well.
So those in power let life go on (hey, we’ve recovered from “the Great Recession”, right? *sarcasm*), & the foreclosures are no longer in the news. That’s supposedly all behind us. *wink, wink*
“We’ve recovered”, right? (not!)
I suspect a report done a few years from now showing how much that “settlement” (Gads, how I now hate that word!) actually helped folks will have disappointing results, much like the SIGTARP report.
For those of us who’ve already lost our homes, we will never see justice or restitution.
Nor will we see it get any better than this settlement with our current govt in charge.
If you want change you must participate with more than your words.
Get out & vote against the big banks & big money.
PS–At least you got to see a loan history of your payments. I failed to receive even one statement–despite my continued requests–for the entire 5 years of my refinanced loan. Even after the Consumer Protection Section of my state Attorney General’s office was unable to secure one on my behalf after Chase admitted to destroying my records, the most they offered was advice to “hire a lawyer”.
VOTE!
@kns53 – most readers can relate. I know I can. Glad you are ‘moving’ on. I will never ever be whole again – EVER! It wasn’t just a house. It was ancestral waterfront property. My father made the original purchase in 1958 when I was three. In a country that rounded up Japanese-American citizens causing them to abandon businesses they had built up over the years and forced them behind barbed wire after Pearl Harbor was attacked – do you really expect any kind of justice?
The whole fraudulent pile needs to be brought to light, actual people and executives prosecuted and jailed. There needs to be major legislative changes in the law so this does not happen again. It is still my opinion and gut feeling that this whole ball of wax will blow up, and the cockroaches are going to be scurrying around for cover when you turn on the light.
THE PROBLEM IS THIS THAT NO ONE IS SAYING OR BRING UP.
WE ARE ALSO THE INVESTORS, BECAUSE OF OUR INVOLVEMENT OF OUR PENSIONS FUND, MUTUAL FUNDS WE ARE IN, AS HOMEOWNERS. OUR INVESTORS, BOUGHT FOR US.
SO IF OUR INVESTORS WERE FRAUDED, SO WE WERE ALSO.
I just entered the lower class thanks to the corrupt broward county courts. judge lazarus denied my 1.54 motion that I filed where albertelli did not file a proper response to my affirmative defenses, in fact the answer did not even have anything to do with affirmative defenses, meaning they answered some other cases affirmative defensed , 2 loan modifiocations reneged on by bank, erased account number on the note and mortgage that I signed. so many issues of material facts including standing never ever addressed and they have judgment. The loan was predatory from the start and I am sure chase tried to sell a non performing asset to fannie when they were telling me I was being modified. I saw the payment history and it shows the entire loan amount going out when chase was telling me I was in a loan mod, so they played the cat and mouse ownership game chase to fannie and fannie I’m sure kicked it back to chase because it did not meet their specifications, blank endorsed note (no dates) so much forged paperwork, it is pathetic. I’m done, moving on. these banks sold bad debts, but once again, no criminal prosecution, just a payoff. When will our govt learn?