Latest Information on Homeowner Protections Coming Out of Moratoriums Ending July 31

there is nothing wrong with homeowners winning these cases. Nobody is getting hurt when homeowners win. But everyone gets hurt when the investment banks win using hidden interemdiaries and sham conduits to profit off the misery of homeowners.

virtually none of the information put out by the government, private businesses or banks is correct. None of them have any right, title or interest in homeowner payments, homeowner debts, or notes or mortgages issued by homeowners. And since that is true, none of them have any right to declare the existence of the obligation, declare a default, or otherwise claim the right to administer, collect or enforce any promise issued by the homeowner.

see https://library.nclc.org/fourteen-new-federal-actions-protecting-mortgage-borrowers

All of the information contained in the above link is useful and practical mainly because of the continued doctrinal thinking that mortgage loans today are the same as 30 years ago. They’re not and they are not intended to be mortgage loans at all by the parties who facilitate them — i.e., investment bankers. Investment bankers are interested in selling securities, not loans. So they don’t sell loans; they sell securities. And that makes all the difference.

As with any cover-up, one lie begets another. There is lots of information about various investors who own loans. But there is almost no information on whether they actually own loans. And the only current way to change that is with well-crafted QWRs, DVLs,  and discovery demands — followed by persistent, aggressive enforcement through lawsuits and motions.

They don’t own loans if owning loans means owning a loan account receivable owed by the homeowner to the investor. If the money is not owed to the investor, the investor is irrelevant. Any claim brought or asserted on behalf of such an investor is false. Each investor has received an IOU from an investment bank and the investment bank pays them whatever the formula requires regardless of the behavior of any homeowner.

Of course, this does not apply to those rare birds in which an actual loan was made by a lending institution that kept the loan in a portfolio of assets reported to the public and to regulatory authorities. It also does not apply to those situations in which one of the government-sponsored entities (GSEs) purchased for cash the underlying obligation of a homeowner from someone who did own it — i.e., someone who paid value for the underlying obligation.

But for the most part, all transactions reported as “loans” were never recorded as loans or loan receivable accounts. And that is why no payment of value was actually received despite recitations of “value received.” No value was paid or received because none was due. All transfers of virtually all loans today are merely paper transfers of convenience that are legal nullities.

So what all of that means is that virtually none of the information put out by the government, private businesses or banks is correct. None of them have any right, title or interest in homeowner payments, homeowner debts, or notes or mortgages issued by homeowners. And since that is true, none of them have any right to declare the existence of the obligation, declare a default, or otherwise claim the right to administer, collect or enforce any promise issued by the homeowner.

Think I am making this up? Just try to get a written acknowledgment from a source you can confirm from any GSE or REMIC Trust. You’ll die waiting because they refuse to issue a statement that could be perjurious.

They’re all treading the thin line between civil liability and criminal responsibility. By allowing their name to be mentioned in foreclosure proceedings, but not allowing their personnel to be involved in the foreclosure, they think they’re escaping any responsibility for fraudulent foreclosures and collection claims — and so far they are right.

So as a practical matter, because the system allows it, for now, the least expensive way of dealing with this mess is to negotiate a truce with the law firm that falsely claims to represent the GSE or REMIC  Trustee.

Or, as I have done and continue to recommend, you can fight them and win the case. It’s your choice.

And once again I will say to the naysayers or those who think I am going against the moral grain: there is nothing wrong with homeowners winning these cases. Nobody is getting hurt when homeowners win. And THAT is because the principal object of the business plan was to create, issue, sell and trade securities and derivatives of those securities — a process that generated at least 12 times the amount of any transaction with any homeowner.

This is not a case where if the homeowner does not make a scheduled payment someone loses money. If a homeowner does not make a scheduled payment there is still a reservoir filled with money from the sale and hedging of securities and derivatives of those securities.

When homeowners win foreclosure cases they’re merely collecting their due: a commission on a securities plan that could not have operated without them.

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Nobody paid me to write this. I am self-funded, supported only by donations. My mission is to stop foreclosures and other collection efforts against homeowners and consumers without proof of loss. If you want to support this effort please click on this link and donate as much as you feel you can afford.
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Neil F Garfield, MBA, JD, 74, is a Florida licensed trial and appellate attorney since 1977. He has received multiple academic and achievement awards in business and law. He is a former investment banker, securities broker, securities analyst, and financial analyst.
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2 Responses

  1. The problem is in the CRISIS loans. All shut down. ALL closed up. But, that does matter to attorneys — they still try to use them in court. DISSOLVED. And, check the ratings for any remaining bottom tranches — rated – JUNK:. Anyone know what JUNK is?? It is JUNK. Just like Michael Milken — JUNK — with a capital J. JUNK. Check the ratings. You can get from Fitch – or Moody’s or Standard and Poors. JUNK.

  2. These actions do not affect private non-agency loans. The government does not purchase these PLMBS, and does not advance payments. They will only support agency loans, thus, providing the liquidity for servicer advance payments. This is why REITs — the place most non-agency loans are now are taking a big hit. They do not have liquidity to advance, and the burden will be on the home owners as foreclosure is pushed. The PLMBS is very distinct from agency market. We should never assume they operate the same way. They do not. The crisis was a separate scheme that has yet to be disclosed, and to lump all together does not help. We will never get the courts to eliminate all mortgage loans — have to focus where the fraud is, and why and how it happened.

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