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 the Truth in Lending Act and Real Estate Settlement Procedures Act are sufficient to make most homeowners whole if they are applied. Since the level 2 yield spread premium (resulting from the the difference in money advanced by the creditor (investor) and the money funded for mortgages) also give rise to claim from investors, it will be up to the courts how to apportion the the actual money damages. Examination of most loans that were securitized indicates that they are more than offset by undisclosed profits, kickbacks, fees, premiums, and rebates. The balance of “damages” due under applicable federal lending and securities laws will require judicial intervention to determine apportionment between debtors and creditors”.
Neil F. Garfield, Esq.
March 19, 2010
Chandler, Az
4closureFraud
The Economics and Incentives of Yield Spread Premiums and Credit Default Swaps
Neil,
What a superb dissertation!!! Thank you again. I have been Pro Se for 5 1/2 years in Cook County, IL, Chancery in a MERS – Bear Stearns (now BOA as substitute plaintiff) foreclosure using much of your material to fend them off. I am being heard on my motion to set aside summary judgement on 7/19. I believe the servicer, EMC, either has not put the note into the trust or it has been removed as being in default. The question is, who owns the note?
A question of this magnitude is sufficient to overturn the summary judgement ruling, I believe. Wish me luck.
Has anyone followed up on your yield spread premium attack? This would be a counter suit by me in federal court for damages I assume. I have a TILA recission (3yr) which I raised early in this defense which I may be able to pursue also in that court. Any non-leagal advice suggestions?
Sincerely,
MK
HI NEIGHBOR!!!