Comments on: Bloomberg | Bank of America Said to Offer MBIA Settlement in Defective-Mortgage Suit

By: Hell No, No More Bail-OUTS

Hell No, No More Bail-OUTS — Sat, 16 Jul 2011 09:53:47 +0000

With loans line the “America’s Wholesale Lender Corporation” ones, the loan was a piece of shit regardless of the qualification of the borrower. No amount of due diligence by ethical appraisers or rigorous underwriting would make ANY of these loans valid.

REASON: That NAMED LENDER did NOT EXIST at the time the loans were written. Yes, you will find a corporation by that name NOW, but it was registered in NY on 12-16-2008. The pieces of crap loans were written at least as early as 2002 and at least until 2007. Court cases have already determined that AWL can not foreclose in it’s own name. See Pagano v America’s Wholesale Lender.

SOME mortgages were written where CountryWide shows the lender as “CountryWide D/B/A America’s Wholesale Lender”. Note that the “AWL” referenced there is NOT referred to as a CORPORATION. The ‘AWL’ loans I am addressing are the ones that completely FAIL to name an EXISTING REAL CORPORATION as the LENDER.

With the identification of a non-existent corporation as the supposed LENDER, ‘perfection’ never occurred with these loans.

They are a fraud from the get-go and there is NO legal way for these mortgages to be transferred into the REMICS. CountryWide or BofA or Litton or other fraudsters will show an assignment to a REMIC only as partof the foreclosure processing.

Certain Congressional staffers are becoming aware of this type of problem in the REMIC Trusts.

By: Bill McAuliffe

Bill McAuliffe — Sat, 16 Jul 2011 07:40:12 +0000

WELL JASON, HE”S CERATINLY WORKING ON IT. WHAT”S WITH ALL OF THIS “SETTLEMENT” CRAP?
DON’T GIVE THEM ANY MORE LENIENCY. THEY SURE AS HELL HAVEN”T GIVEN ANY OF US ANY.

By: ruth ann traci

ruth ann traci — Fri, 15 Jul 2011 04:12:01 +0000

Thank God so many of you are still paying attention, who knows maybe sometime soon someone will make it right, although I don’t see how. So much heart and energy for naught.

By: lvent

lvent — Fri, 15 Jul 2011 03:46:56 +0000

In reply to Jason Werner. THANKS BE TO GOD!!!!

By: Jason Werner

Jason Werner — Fri, 15 Jul 2011 03:12:31 +0000

Holy Bible (King James Version): Jesus Christ said to be wiping out Bank of oAmerica with no settlement – only punishment with damages paid to victims and he bank no longer in business – waiting on the LORD
Psalm 37:10

By: Readdocs

Readdocs — Fri, 15 Jul 2011 02:58:14 +0000

This thing is like a boil, sooner or later it’s going to pop!

By: Beth A.

Beth A. — Thu, 14 Jul 2011 22:53:58 +0000

Equity Free’s commentary was full of “shit”,
SPOT ON!
Fry, B of A.

By: Equity Free

Equity Free — Thu, 14 Jul 2011 21:47:28 +0000

The private mortgage insurance industry was created in 1957and worked well ,through the savings & loan
scam , as they were insuring the borrower who could not come up with the 20% down payment .. They under
wrote the loan application because they were the first to pay when a default occurred and it was their money on the line. Like Fannie & Freddie there are requirements, like income verification, employment, things that the Wall Street CDO creators ignored because they were not taking the risk with their money . They knew their shit was shit and passed the shit on to buyers ,who thought they were buying good shit . ( AAA ) .
They than said screw the mortgage insurers and wrote the 20% down 2nd mortgage and did away with a second underwriter and passed the shit on .
They have not paid the mortgage insurers back for payments made,that were in courts .
The insurers found more & more breaches of loan requirements .
Fannie & Freddie found it rampant ,and in 2010 in light of their shit stinking around the globe, a audit found 15% were fraudulent ..Some CEO said !5% defective rate that’s real good .
That’s in your face bold cocky bullshit