Livinglies's Weblog

The biggest problem for nearly everyone viewing these pages is that besides the legal and financial jargon, the concepts are difficult to understand. So I keep getting questions and comments that basically amount to “So what” What difference does it make whether the named servicer is performing those functions or it is someone else?”

The simple answer is that if you want to keep your home, or if you want to pursue the real gold in the deal you signed, then understanding the difference is key to a successful conclusion. One of my contributors just wrote to me (I can’t remember which one) that she finally got it: this has been all about selling certificates and debt collection — without the debt. She’s right. And why should homeowners be making scheduled payments on a debt that not only does not exist but should not exist?

If you were paid to execute and issue instruments that were part of the sale of certificates to investors, then why should you pay it back, much less with interest? The sales and trading of those certificates and other derivatives based on the existence of those certificates results in at least $12 for every $1 paid to homeowners at “closing.” So homeowners were paid 8% of the deal. But if they are required to pay that back then they’re paid nothing —- and if they are also required to pay additional money (falsely labeled “interest”), they are paid less than nothing.

So some of our intrepid contributors, Summer Chic especially have been pressing the issue. and she has squeezed out some admissions that are very revealing and which regulators as usual are ignoring. So here is what I wrote to her about pressing further:

I think you need to get their attention by starting off with something they might care about. Everything you’re saying is correct but I think it would have far more punch if you said that you believe you have uncovered civil and criminal acts of conspiracy conducted for profit and that the representations we have all previously taken as true are not true. Specifically, you have been subject to claims by PennyMac that it was either the owner or servicer of an unpaid loan.

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Correspondence, statements and notices were sent to me not by PennyMac but by another company, Fiserv, who is a payment and ATM processor. Based on what they now admit, and my research, FiServ receives, processes, and accounts for payments from homeowners, depositing the money into an account controlled by an investment bank that uses it not to reduce the balance of any claimed loan account, but as operating capital.

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But it is PennyMac whose name is used to present evidence in a court of the right to administer, collect and enforce the alleged loan. And it is a “representative” (robowitness) who provides testimony that is intended to establish the existence of PennyMac business records in order to justify foreclosure.

• Fabricated because there was no purchase and sale of the debt, note or mortgage.
• False because it reported a transaction that never existed.
• Forged using stamped or mechanical signatures so nobody could be pinned with signing it
• Backdated because they were constructing an alternate fact universe in retrospect
• Robosigned using stamped or mechanical signatures so nobody could be pinned with signing it

The grotesque error of the last 4 presidential administrations — Bush, Obama, Trump, and Biden — is the failure to reign in the banks and to allow them to compound the fractures they caused in our society.

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Does that help?

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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, 75, is a Florida licensed trial and appellate attorney since 1977. He has received multiple academic and achievement awards in business, accounting and law. He is a former investment banker, securities broker, securities analyst, and financial analyst.
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FORECLOSURE DEFENSE IS NOT SIMPLE. THERE IS NO GUARANTEE OF A FAVORABLE RESULT. THE FORECLOSURE MILLS WILL DO EVERYTHING POSSIBLE TO WEAR YOU DOWN AND UNDERMINE YOUR CONFIDENCE. ALL EVIDENCE SHOWS THAT NO MEANINGFUL SETTLEMENT OCCURS UNTIL THE 11TH HOUR OF LITIGATION.

But challenging the “servicers” and other claimants before they seek enforcement can delay action by them for as much as 12 years or more. In addition, although currently rare, it can also result in your homestead being free and clear of any mortgage lien that you contested. (No Guarantee).

Yes you DO need a lawyer.
If you wish to retain me as a legal consultant please write to me at neilfgarfield@hotmail.com.

Please visit www.lendinglies.com for more information.

Filed under: foreclosure |