Taxpayer Funded Mortgage Fraud 101
Video - Neil Garfield, Esq, MBA, JD - Foreclosure Defense - What You Need To Know
If you're in a hurry, start watching at the 7-minute mark. Runs 2 minutes from there.
Taxpayer Funded Mortgage Fraud 101.
$9 Million Payoff On A $300k Defaulted Mortgage.
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Analysis below from Chunga of Foreclosure Hamlet:
I believe that these individual mortgage obligations live in more than one MBS investor's "book." Each manifestation of the obligation is insured against default for the full outcome based appraisal "value."
Each investor is made whole via insurance and thanks to AIG, who of course was caught by surprise, has no choice but to dump the whole mess on the taxpayer. Meanwhile, the "servicer" purchases (for pennies on the fiat) the right to pursue the extinguished debt and seek as many deficiency judgments as possible.
Not to mention the fact that clear chain of title on millions of homes (in default or not) are destroyed. Further, if the obligations fail to make their way to the trusts within the REMIC window, throw massive tax evasion into the mix.
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This clip is part two of our previous story:
Sep 13, 2011 at 2:48 AM
Reader Comments (14)
Here's one from 4closurefraud: Foreclosure Fight Club | George Babcock to Mark Harmon “Send Your Minions that I May Lay Waste to them Before Me”
“No TKO’s will be accepted”
Dear Mr. Harmon,
Please be advised that I have been retained by Mr. Conley regarding the notice of illegal foreclosure you mailed to him on February 4, 2011. The chain of title to this properly and the note is like a walk down the yellow brick road. Is Harmon Law the Wizard of Title? You display extreme indifference to the law by noticing a foreclosure on this property. As you know, I take great pride in defending my clients against the evil forces that guide your actions. Mr. Conley is a personal friend. It is my intention to be even more pugilistic in this matter. It is disgusting and I will make sure that whoever violates his property rights is knocked out of the ring. No TKO’s will be accepted. A full fledged, right cross to the chin of the beast.
I look forward to a response although I am quite certain you will not engage me as is your habit. Send your minions that I may lay waste to them before me.
I hope that this letter is circulated as has been your habit in the past. I like my enemy to know that I am at its doorstep.
Very truly yours,
George E. Babcock, Esquire
http://4closurefraud.org/2011/03/02/foreclosure-fight-club-george-babcock-to-mark-harmon-send-your-minions-that-i-may-lay-waste-to-them-before-me/
It's been a great site for people like myself who are, as you know, under water. Greed, sadly is on both sides of the fence with this. There are so many good attorney's trying to help. There are also many that just look at the angle of money to be had. I've been lucky so far finding good people and trusting my instincts at least so far.
Like the Class Action attorneys wrote that they are smart as Hell but cannot figure out what is going on with this situation. Reading between the lines of so much of what I reed. There is a real "To big to fail" attitude backed with action that keeps the worst of group in this game. Though it is no game to us who are in the fight.
I get disheartened when I speak to people in a City that has a reported rated of 1 in every 7 homes are in foreclosure, who have no idea that any fraud is happening here at all. If you still have job, it's seems there just happy to have one and reading the news is not part of your day. For them it's just more depression so why do it? Others like a life long friend I know Billy G. who is the sales manager for both Lexus stores here makes very good money has the attitude why should I, it's not worth it plus I'll save huge money and then buy ton's of investment homes. I asked him why he would do that? He said because he does not care. Neither of these types that I know care to vote either. I think thats one of the reasons why no one has or perhaps will ever be brought to justice for this.
It seems as if the attitude among the 545 is "Well just wait it out long enough and this too will pass". However there are good people who are working hard that have a real grasp on where the problems lay and are tying very hard to fix it. I hope people in the fraudcloseure position will find their way through.
Makes me think of the time when Obama said "Now understand, this plan is not going to help everyone", He wasn't kidding there was he?
Great post as usual Chunga. Thanks!
Appeal pushes for sanctions in foreclosure
http://www.pressherald.com/news/appeal-pushes-for-sanctions-in-foreclosure_2011-09-15.html
[snip]
The "robo-signing" foreclosure case of a Denmark woman represents such a serious attack on the integrity of the state's judicial system that an investigation of the mortgage servicer's practices is warranted, the woman's lawyer argued before the Maine Supreme Judicial Court on Wednesday....
.....Much of Cox's appeal argument centered on a rule in Maine's civil procedure that allows contempt proceedings when a court receives an affidavit in bad faith. The rule took effect in 1959 but apparently has never been used.
"You are asking us to determine that a judge who was unwilling to sail out into uncharted territory abused discretion by doing so," said Justice Ellen Gorman.
Cox replied, "I wouldn't put it in those terms, your honor," before Justice Donald Alexander spoke out.
"Of course you wouldn't put it in those terms, because that means you lose," Alexander said.
Dave.
Deutsche Bank as Trustee, etc. v. Graham, Florida 2nd Circuit (Wakulla County) Case No. 65-2009-CA-000109.
Judge orders plaintiff to produce securitzation docs. THAT is what they are hiding and at the heart of the PONZI. Deadbeat bankers have sold these obligations more than once. "Regulators" allow them to squat on their ill-gotten (stolen) gains. Tax free to boot.
http://dailybail.com/home/check-out-the-little-house-in-maine-that-started-the-nationw.html
Chunga, I'll shoot you an email. Just got back. I'm actually starting to feel better about my situation. At the same time I don't want to speak too soon. What I've learned going through this is that every situation is as unique as a fingerprint. It's really such a huge deal that I actually see the law continue to change at a very rapid pace. So much so that NOLO Law dictionary has many new updates and it's effecting so many other things as well as the housing issue.
Admittedly I have trouble deciding what's a good descision vs a bad one. Strange days indeed! I am greatful for the hard work people from all over are doing. If it wasn't for people who care and or understand how important it is to so many who are just finding out.... Whew! One would stand no chance at all.
It's sad to say, however I understand it more now. Perhaps loath it being this way but for most people. If there not experiencing the problem (a problem) it does not seem to matter to them until it does. I'm confident this experience has convinced me that is not the way to be. Quite the learning the hard way experience.
Thanks guys!
Quiet Title win in Texas for Nancy Groves makes us laugh.. Another victory for the good guys this time by default.. Proving once again that nullifying your trust deed or mortgage via a quiet title action is a potent attack on your lender...
http://4closurefraud.org/2011/05/02/tx-quiet-title-appeal-victory-against-mers-mortgage-electronic-registration-systems-v-nancy-groves/
Also, those of you fighting against Bank of America's pit bull ReconTrust...Take a look at this class action in Utah Where John Christian Barlow, esq just spanked ReconTrust into filing a show cause in US district Court..
http://stopforeclosurefraud.com/2011/09/20/bank-of-america-recontrust-to-face-state-court-judicial-process-in-illegal-homeowner-foreclosures/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ForeclosureFraudByDinsfla+%28FORECLOSURE+FRAUD+%7C+by+DinSFLA%29
If you are in FL, TX, VA, CA we have attorneys who are filing quiet title actions. 540-341-1481
UPDATE:
Gee, What Took You So Long? (REMICs w/o Notes)
http://market-ticker.org/akcs-www?post=214206
[snip]
Investors in mortgage-backed securities, built on the shoulders of the tax-advantaged Real Estate Mortgage Investment Conduit (“REMIC”), may be facing extraordinary tax losses because of how bankers and lawyers structured these securities. This calamity is compounded by the fact that those professional advisers should have known that the REMICs they created were flawed from the start. If these losses are realized, those professionals will face suits for damages so large that they could put them out of business. That is, unless the Wall Street Rule is applied...
...Because REMICs did not file the correct returns and may have committed fraud, the statute of limitations for earlier years will remain open indefinitely, giving the IRS adequate time to pursue REMIC litigation after it obtains the information it needs.If the IRS does not take action at the appropriate time, however, it will be a serious failure and will result in the loss of billions of dollars of tax revenue for the federal government.
More troubling still is the IRS’s failure to address the wide-scale abuse and problems that existed during the years leading up to the financial meltdown. The IRS’s failure to adequately police REMICs is one more reason that the mortgage industry was able to overly inflate the housing market. And that, inexorably, led to the crash and our tepid recovery from it.
More generally, by overlooking the serious defects in the transactions, courts and governmental agencies encourage the type of behavior that led to the financial crisis. Lawmakers, law enforcement agencies and the judiciary cede their governing functions to private industry if they allow players to disregard the law and stride to create law through their own practices.