The Peculiar Corruption at the Heart of Most Foreclosure Cases

I would ask HUD, and CFPB  why they are not investigating and fining entities like PennyMac and Wells Fargo who frequently start cases in which the lawyers claim they are the creditor and then later admit to only being the servicer without ever actually identifying the party who maintains and a trust account or a loan account receivable. In what other universe would a judge hear “OK I am not the Plaintiff” and let the show go on anyway?
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And maybe the key question is this: Why do you regulatory agencies continue to promote the idea that (a) foreclosures are used to repay debt and (b) that the investment banks issuing certificates were issuing mortgage-backed securities. Where is the SEC on this?
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Even the most cursory investigation would reveal that neither of those concepts is true. And the only reason that almost everyone believes otherwise is that the agencies whom we are supposed to trust, are saying things and acting as though there is no need for an inquiry.
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I have homeowners losing their homes and starting arguments with me because they don’t understand legal procedure or the elements of a prima facie case. Here is the bottom line: Homeowners generally cannot pay for a proper legal defense which can cost thousands if not tens of thousands of dollars. They are losing their homes because they are prevented from defending their homes.
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But homeowners and other consumers who are using payments plans and other financial instruments of mass destruction have no reason to know about legal procedure, rules of evidence, pleading, motions, hearings, statutes, case decisions, rules, regulations, and orders.
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Wall Street is getting away with the largest economic crime in human history simply because virtually all access to the courts has been chilled, stymied, or eliminated. Any attempt to use collective action and pool resources is met with opposition from the FTC  and even the bar associations.
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And the reason they have the burden of defending their homes against immoral, illegal, and inequitable claims masquerading as attempts to pay off nonexistent loan accounts is that the regulatory agencies are not doing their job.
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SPOILER ALERT: VIRTUALLY NONE OF THE FORECLOSURE SALES RESULT IN THE REDUCTION OF ANY LOAN ACCOUNT RECEIVABLE. FORECLOSURES ARE SIMPLY THE POINT WHERE THE FORECLOSURE PLAYERS STOP LITIGATING — UNLESS  THEY ARE FACING DEFENSES TO WRITS OF POSSESSION, UNLAWFUL DETAINER, AND EVICTION. IF THEY COULD SQUEEZE MORE OUT OF YOU, THEY WOULD.
And by way of analogy see the following link:

2 Responses

  1. Michigan DIFS (regulator) is controlled by Wall Street Banks.

    I communicate with robo-signer “Kimberly Weber” who purportedly “investigates” my complaints (lie to me as instructed by Wall Street)

    Most recent communication came from someone (not Weber) who emailed me from Wall Street Fintech company under “Weber” name.

  2. First – try to sanely negotiate with ” servicer ” to deal with the one or two
    alleged payments in arrears.
    Second – wake up call that equity nor logic are part of opposition m.o
    Third – fruitlessly try to find real owner, party in interest
    Fourth – discover there is not a paper trail at deeds office
    Fifth – receive ominous f.c. notice – unsigned – from 3rd party f.c. mill firm
    Sixth – nervous and frightened try to find knowledgeable counsel
    Seventh – give up and file Chapter 13 as the last recourse
    Eighth – apply for gov’t. assistance and realize that C 13 imprisons the
    filer financially hampering both credit records and employment
    options
    Finally, realize you are being penalized by a system heavily weighted against the homeowner, consumer that was, in fact authored by banks and servicers to protect them from all the ” deadbeats and scofflaws ”
    looking for free houses.

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