In Wells Fargo’s Own Words, There is No Lender in Securitization

Conduit loan servicing: Who’s who and what’s what? The thing most borrowers fail to realize about conduit loans is that once a loan has been securitized, they are not working with a “lender” anymore. The loans are pooled into a securitization called a Real Estate Mortgage Investment Conduit (REMIC). The REMIC is a trust and … Read more

Judges Lash Out at Land Trusts, Call Attempts to Cancel Mortgages Meritless

“I wonder why the judiciary will not entertain any legal theory contrary to the position of the banks,” said Cherry, who was not allowed to submit objections in one of the cases.” ~ Judges lash out at land trusts, call attempts to cancel mortgages meritless A South Florida company that persuaded scores of troubled Palm … Read more

H.R.6706 – Bill to Amend FDCPA to Exclude Attorneys from the Definition of a Debt Collector Introduced in U.S. House

Bill to Amend FDCPA for Attorneys Introduced in U.S. House In the week between Christmas and New Year’s Day, a bill was introduced in the U.S. House of Representatives that aims to amend the Fair Debt Collection Practices Act (FDCPA) to exclude attorneys from the definition of a debt collector “when taking certain actions.” But … Read more

HSBC Bank, USA v. Young | Debtor Has Standing to Argue Failure to Comply with Terms of PSA

Debtor Has Standing to Argue Failure to Comply with Terms of PSA A Michigan state court found that a debtor may oppose foreclosure on the basis that the assignment of the mortgage to the foreclosing party was in violation of the Pooling and Service Agreement and, therefore, ineffective. HSBC Bank, USA v. Young, No. 11-693 … Read more

Spokane WA Sues Fannie Mae/Freddie Mac Over Taxes

Spokane sues Fannie Mae/Freddie Mac The city of Spokane has filed suit against Fannie Mae and Freddie Mac, contending the corporations improperly claimed they were exempt from paying the state’s real estate excise tax. SPOKANE, Wash. — The city of Spokane has filed suit against Fannie Mae and Freddie Mac, contending the corporations improperly claimed … Read more

Julie Williams, OCC’s Former No. 2, to Join Promontory Financial Group

Julie Williams, OCC’s Former No. 2, to Join Promontory WASHINGTON — Julie Williams, the former longtime No. 2 at the Office of the Comptroller of the Currency, is joining Promontory Financial Group. The move will reunite Williams, who worked at the OCC for 19 years, with Eugene Ludwig, the comptroller of the currency from 1993 … Read more

“Failure of Epic Proportions”: Treasury Nominee Jack Lew’s Pro-Bank, Austerity, Deregulation Legacy

 “Failure of Epic Proportions”: Treasury Nominee Jack Lew’s Pro-Bank, Austerity, Deregulation Legacy Former bank regulator William Black and Rolling Stone’s Matt Taibbi join us to dissect the career of Jack Lew, President Obama’s pick to replace Treasury Secretary Timothy Geither. Currently Obama’s chief of staff, Lew was an executive at Citigroup from 2006 to 2008 … Read more

Why the Banks Were Thrilled About The $8.5B Independent Foreclosure Review Settlement

Why the Banks Were Thrilled About $8.5B Settlement The banks are thrilled at the latest settlement, confirming yet again their ability to break the law with impunity. Consider the following, from the litigation between Syncora Guarantee (formerly XL Capital  Assurance) vs EMC Mortgage Corp, and Ambac Assurance vs vs EMC Mortgage Corp: Compare Comments made … Read more

Bair: Geithner’s Replacement Appointment, Jack Lew, Was `Punch in Gut’

Bair: Geithner’s Appointment Was `Punch in Gut’ Jan. 11 (Bloomberg) — Former Chairman of the FDIC Sheila Bair talks about President Barack Obama’s nomination of Jack Lew to Secreatery of the Treasury. She speaks on Bloomberg Television’s “Bloomberg Surveillance.” (Source: Bloomberg) ~ 4closureFraud.org Tweet