California Love – Nguyen et.al. v. Chase Bank USA, NA; Chase Home Finance LLC. et.al.

As I just recently posted; Link – California Victory! Court Renders Judgment in Plaintiffs’ Favor Voiding the Deed of Trust Plus Statutory Damages of $16K I dont know how many people take it upon themselves to challenge their bank; but I was an experience I will never forget.  I challenged Chase on my mortgage based on … Read more

California Victory! Court Renders Judgment in Plaintiffs’ Favor Voiding the Deed of Trust Plus Statutory Damages of $16K

This just in… Nguyen et.al. v. Chase Bank USA, NA; Chase Home Finance LLC. et.al. California Central District Court, Case No. 2:09-cv-04589. I dont know how many people take it upon themselves to challenge their bank; but I was an experience I will never forget.  I challenged Chase on my mortgage based on TILA violations. … Read more

It’s All About the Principal: Preserving Consumers’ Right of Rescission Under the Truth in Lending Act

Abstract: This Article explores a significant market-based threat to the Truth in Lending Act’s right of rescission, a remedy that attempts to deter lender overreaching and fraud during one of the most complex financial transactions of a borrower’s lifetime. The depressed housing market has substantially impaired many borrowers’ ability to fulfill their responsibilities in rescission’s … Read more

The Economics and Incentives of Yield Spread Premiums and Credit Default Swaps

Via LivingLies “Based upon the foregoing facts and circumstances, it is apparent that the securitization of mortgages over the last decade has been conducted on false premises, false representations, resulting in intentional and inevitable negative outcomes for the debtors and creditors in virtually every transaction. The clear provisions for damages and other remedies provided under … Read more

TILA Rescission Success Without Tender – HENRY BOTELHO, Plaintiff, v. U.S. BANK, N.A., as Trustee for the LXS 2007-4N Trust, Defendant

HENRY BOTELHO, Plaintiff, v. U.S. BANK, N.A., as Trustee for the LXS 2007-4N Trust, Defendant Defendant U.S. Bank, N.A., as Trustee for the LXS 2007-4N Trust (“U.S. Bank”), seeks dismissal under Federal Rule of Civil Procedure 12(b)(6) of a complaint filed by plaintiff homeowner Henry Botelho. Specifically, U.S. Bank claims that Botelho cannot state a … Read more

MBA Files 2 “Comment Letters” with Federal Reserve on Proposed TILA Changes

On Tuesday, December 22, 2009, the Mortgage Bankers Association (MBA) filed 2 comment letters with the Board of Governors of the Federal Reserve System, both relating to the proposed amendments to Regulation Z, the implementing regulation for the Truth in Lending Act (TILA). The first letter specifically addresses the proposed rules to revise consumer disclosures … Read more