Francesca Mari in the JUNE 11, 2020 ISSUE of The New York Review of Books, has written a truly excellent piece on a book called “Homewreckers” by Aaron Glantz.
If you ever had any doubt about whether homeowners have the moral high ground and whether the investment bankers have no moral or legal grounds for what they did, you should read the article and buy the book. ( I get nothing from sales of the book and I have not met either author — although I will contact them for interviews on my show).
The only point that I think both Mari and Glantz miss is that the loans were never securitized. Securitization is the process of selling assets in pieces to multiple investors. No residential loan to my knowledge has ever been sold to investors even on paper much less in reality.
Let me put it this way: there has never been a transaction in which investors buying certificates, investment banks or anyone else paid value in exchange for ownership of any debt, note or mortgage. They paid value but not for the loan. And they received the benefit of their bargain.
At the end of the day there is nobody who has paid value in exchange for a conveyance of ownership of the debt, note or mortgage. Claims of ownership of the debt, note or mortgage are all false even though they are documented. Documents are not transactions. They are evidence of transactions. And if there was no such transaction then the documents are false.
And that is why all of the documents in foreclosures are false, fabricated, forged, backdated and robosigned. The documents are false but they are presumptively valid if they conform to statutory requirements. The point missed by most homeowners, lawyers and judges is that just because they are presumed valid doesn’t mean they cannot be tested and rebutted.
Filed under: CORRUPTION, discovery, Discovery -Subpoena, Eviction, evidence, Fabrication of documents, foreclosure, foreclosure defenses, forensic investigation, forgery, investment banking, Investor, jurisdiction, legal standing, Motions, originator, Pleading, politics, Presumptions, Servicer, TRUST BENEFICIARIES |
Want more info on Big Banks sham conduits? and how Big Banks launder money though American Housing Market?
Here is another one.
Former DiTech CEO is now Stearn Lending LLC CEO. David Schneider
CEO of Stearns Lending, LLC .
David Schneider is a seasoned mortgage industry executive with nearly three decades of experience. Most recently, he served as the President of Ditech and Executive Vice President and Chief Operating Officer of Walter Investment Management Corp. (aka DiTech Holding*)
He has also previously held positions as President and COO of CitiMortgage, President of Washington Mutual Home Loans, Senior Vice President for Servicing Strategic Initiatives at JP Morgan Chase, and President and CEO of Vericrest Financial.
*Walter Investment Management Corp. is no more.(successful capitalists)
The company announced Friday that it successfully completed its financial restructuring plan, which eliminated $800 million in debt, and emerged from Chapter 11 bankruptcy.
With the bankruptcy now in the rearview mirror, Walter Investment is changing its name to Ditech Holding Corp., adopting the name of its prominent subsidiary Ditech Financial.
New securities to defraud investors will be traded on Feb. 12, 2018.
Former Walter’s CEO, George M. Awad founded and is the principal of Gibraltar Capital Corporation, a wealth management and advisory firm providing investment and business advice to wealthy, internationally-based families.
He is a highly accomplished executive with exceptional operating experience in running large, global businesses across the full suite of consumer financial services products, including senior leadership roles with GE Capital (1988-2006) and Citigroup, Inc. (2006-2011), with focus on domestic and global markets. Most recently, Mr. Awad served as CEO, Consumer Finance for Citigroup.
Awad held multiple leadership positions in Citibank including CEO of Global Consumer Bank in Europe Middle East and Africa.
Any questions how dark money are coming to the USA? and given to us under glimpse of “mortgages?”
Yes, great article. And, why has it been twelve years since financial crisis imploded – and nothing has been done???!!!!!
This huge scandal is like the Clinton Scandal and the hoax regarding Russia and President Trump.
Thanks for all the great work and knowledge that you share Neil. We just need a nationwide push to expose all the “paper mills” now. Most of the phony documents I have are done far away from the initial loan organization. Having been a victim of all this with five (5) loans that were all the result of refis from 2002 to 2009 I have seen it all. Unreal the documents the huge lawfirm of Blank and Rome send on behalf of phony old Bank of America- what a crock!!
Anyone heard anymore about the Colorado Appeals Case in George st al Vrs. Urban settlement services and Bank of America. This is the same scam they ran on me with old Urban acting allegedly as POA for Bank of America in the phony modifications where they kept the high interest rates in place and merely extended out the loans ot 50+ years!!!
Thanks again Neil. If I ever get money ahead I will find someone who can reasonably provide me a complete, forensic chain of title on the last two loans that have been moved from Countryside, to Shellpoint Mtg. to Seterus, and now Nationstart aka Mr. Cooper!!!! What a crock!!!!!!