BOA Continues to Defraud REMIC Investors, Homeowners and the Courts

People forget to ask the question “why?” Why would a mega-bank lose or claim 20 times to have lost documents relating to modification — a workout that is or was standard practice for the industry? Common sense tells us the bank would be better off with a mortgage loan that is performing than one which is foreclosed — and later abandoned under the instructions of the “bank.”

And if the banks were supposedly acting on behalf of real trusts with real beneficiaries, then the same would be true for them. So the only logical conclusion is that the bank doesn’t care about the loan; it cares about something else involving far more money than the alleged loan.

And it doesn’t care about the performance of the loan except that the bank would rather see all the loans go into foreclosure regardless of whether or not the alleged loan is declared to be in default.

Common sense tells us to look to future consequences  whereas the game being played by the banks is meant to obscure the fact that all the money they ever wanted to make has already been collected; they merely want to keep it regardless of whether or not that money was procured by outright fraud.

The answer is that the bank has already made its money and doesn’t want to lose it. THAT is the central theme. It is not about principal and interest and it never was starting with the origination and refinancing of tens of millions of alleged loans.

The bank retains far more money by misleading homeowners into foreclosure than they would make if the loans were all modified. That is because the bank made a whole lot of money even on small loans by “trading” in securities — a practice that obscures the fact that the bank was selling the same loans multiple times.

By keeping settlements and veridcts for the borrowers secret and minimizing the number of bank failures in court, the bank is able to cover up the story of how it stole money from investors, defrauded investors, and then stepped into the shoes of “beneficiaries” or “holders of certificates” using a non-existent trust which amounts to nothing more than a ficitious name under which the investment bank was operating.

There is sleight of hand at work here. People look at the individual case of one home in foreclosure when they should be looking at the entire class of homeowners in foreclosure who would have welcomed the opportunity to modify their homes.

By holding out that hope and making carefully worded statements over the phone (and never in writing) millions of homeowners have been herded like cattle over the edge of a cliff in which their financial death meant a windfall for the banks (that had already been collected) could be retained because some judge put their stamp of approval on the entire series of fraudulent actions without realizing it.

It’s the complexity or apparent complexity that leaves lawyers guessing or even assuming that the loan recited in the note, endorsement, mortgage or assignment was real. Lawyers don’t like cases where they perceive themselves as using thin technicalities to get a windfall for their client and perhaps themselves. This is a civil rights issue and lawyers would see it and know it if they did the research and analysis.

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See http://www.huffingtonpost.com/entry/a-comeuppance-for-bank-of-america_us_597d2675e4b0c69ef70528c5

12 Responses

  1. Hey Javagold,I’ll find out this week for you.

  2. Joe, how about NJ area ????

  3. If your in the NY area,I know a very good bankruptcy,foreclosure attorney.Fight these fraudulent servicers that have no right to collect any money on your homes mortgage.Shes not expensive. Call me or text me 347-409-9957

  4. @ Anon ,,

    post your state… you can always appeal if too much time hasn’t passed.. but it’ll take more work now.. If you’re Calif I’d go back to Neils podcasts at blogtalkradio and listen to the ones presented by Cali attorneys and contact California Freelance Paralegal (2 posts below) for assistance..

  5. Our home is foreclosed non-judicially. The alleged trustee of CWABS 2007-4 trust, the Bank of New York Mellon, claiming as successor in interest never produced (exhibited) a certified copy of the promissory note we signed with Countrywide Home loans Inc.

    Everything went through like a breeze with affidavits. What could we do now?

  6. I’ve been saying for years now, nobody’s houses are safe even those paying their mortgage. It’s so easy to forclose in New Jersey. You can bring the complaint in anyone’s name with no proofs and say somebody else owns it at summary judgment and the judges award it to whoever the foreclosing lawyers are representing. They don’t listen to any arguments at all. How do they sleep at night is beyond me. As far as loan modification goes that’s another joke. Huge balloon payment at the end. Who in their right mind would do that. Ocwen is a Cancer on society. I hope God rains down fire and brimstone on that company. It’s crazy the shit they are getting away with. How they are still in business is sinful. Very corrupt times we are living in.

  7. Also my new paperwork has internal paperwork with Loan numbers in LBAC. Is/was this a countrywide originated loan in 2006 ???? Even though we only ever serviced with BOA. How about some help here Neil !!!!!

  8. In 2013 when in foreclosure motion the papers said the creditor was a trust FMCBAC. Now in 2017 the new motion to foreclose says nothing about this supposed trust as creditor. Any idea how to defend and use this against the bankster criminals ????

  9. Once again your advice is helping me to gain ground. I’m in a predatory modification situation rather than a chain of title or trust problem. But your arguements solidly apply 1) banks make far more money misleading homeowners and courts into foreclosure than if they were all modified 2) people should be looking at the slight of hand where. It one case but many are in foreclosure where modification was possible but denied for ill-got profits. 3) courts are being mislead and putting their stamp of approval on fraud actions by banks without realizing it.

    It’s become my job as pro-Se to show the courts these problems you have stated well and we are all aware of. It is the complexity of the ordeal that overwhelms us but Neil you are giving us hope by breaking down the arguements so their are plain and easy to explain in court

    Bless your soul !

  10. Ocwen dodges SEC investigations; settles with 3 more states

    read full article here: https://www.housingwire.com/articles/41484-ocwen-dodges-sec-investigations-settles-with-3-more-states

    The dominoes continue to fall for Ocwen Financial.

    Last week, Ocwen reached settlement agreements with a total of 10 states that remove some of restrictions that were placed on their mortgage business as part of a multi-state regulatory action against the nonbank earlier this year.

    And Wednesday morning, Ocwen announced that over the last week, it reached settlements with three additional states to remove each state’s mortgage servicing restrictions.

    Ocwen also announced that the Securities and Exchange Commission concluded two different examinations of the nonbank’s business, and said that the agency will not be seeking enforcement actions in either matter.

    Ocwen’s new settlements are with the states of New Mexico, Virginia, and West Virginia.

    Previously, the nonbank reached settlements with Georgia, Idaho, Illinois, Maine, Michigan, Mississippi, Montana, Rhode Island, South Carolina, and Wisconsin.

    Many of the states previously took regulatory actions against Ocwen over alleged escrow issues by restricting Ocwen’s ability to acquire new mortgage servicing rights and originate new loans in each state.

    These new settlements contain similar terms as the previous settlements, which remove some of the restrictions on Ocwen’s business but establish new ones as well.

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