DISCONNECT BETWEEN HIGH FINANCE, REALITY AND LAWSUITS

WHAT IS THE EFFECT OF SETTLEMENTS, BUY-BACKS AND FEDERAL RESERVE BUYOUTS?

We hear these stories of settlements, purchases by the Fed, buybacks — but what they are buying and which mortgages are affected is never disclosed. Meanwhile the marketplace and the judicial system are functioning as though none of this activity was happening.
First of all it is never clear exactly what is being purchased. It does not appear as though the mortgages themselves have been purchased —  although that appears to be the claim when Fannie and Freddie are involved. If it is the mortgage bond that is being purchased or settled we don’t know whether all of the mortgage bonds issued by a particular alleged “asset pool” were purchased by the Federal Reserve or if they were the subject of a settlement with investors or regulatory authorities. We don’t know if the asset pool still exists. We don’t know how the money was applied and whether the bond receivable account was satisfied as to the asset pool or the investors.
 But we do know that each mortgage bond purports to convey an indivisible interest in the loans claimed by the asset pool, regardless of whether the loan actually made it into the pool or not. And we know that while the settlements are mostly proportional settlements in which less than 100 cents on the dollar was paid, the Federal Reserve is paying 100 cents on the dollar when the bond is sold. And to add to the complexity, we don’t know the terms of the settlement and whether the banks that are claiming to sell these worthless bonds to the Federal Reserve acquired any evidence of title to the bonds.
In the marketplace, banks are accepting payoffs on mortgages they sold. Then they are executing satisfactions of mortgages they don’t own — and never did own. And in court they are filing Foreclosures on the same mortgages and submitting credit bids on mortgages in which they lack ownership of any type of account receivable in which they fulfill the requirements of a definition of creditor who can submit a credit bid instead of cash. So the deed is issued on foreclosure without any sale having occurred because the property went to the credit bidder. And then the right to redeem  is further corrupted because nobody has bothered to require the production of documents showing the true balance of the receivable account (if there is one) after adjustments for receipt of loss mitigation payments.

UBS settles US mortgage lawsuit
http://www.news.com.au/business/breaking-news/ubs-settles-us-mortgage-lawsuit/story-e6frfkur-1226683410294

Bank Of America Calls Foreclosure Whistleblowers Liars
http://www.huffingtonpost.com/2013/07/12/bank-of-america-foreclosure-whistleblower_n_3588374.html

PRACTICE HINT: DO NOT LEAD WITH QUIET TITLE. YOU CAN’T GET THERE ANYWAY UNTIL AFTER YOU PROVE YOUR CASE THAT THE FORECLOSURE WAS WRONGFULLY BROUGHT. LEAVE THE BURDEN ON THE BANK. Attorney Argues “Produce the Note” and Makes a Bad Situation Worse for Homeowners Facing Foreclosure
http://implode-explode.com/viewnews/2013-07-17_AttorneyArguesProducetheNoteandMakesaBadSituationWorseforHomeown.html

OccupyHomes Rallies Around Homeowners Facing Foreclosure
http://www.truth-out.org/news/item/17579-occupyhomes-rallies-around-citizens-facing-foreclosure

JPMorgan Chase Loses Foreclosure Case in Oregon Jury Trial
http://247wallst.com/housing/2013/07/19/jpmorgan-chase-loses-foreclosure-case-in-oregon-jury-trial/

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