Friday, July 22, 2011




EDITOR’S NOTE: If I was wrong on these pages, if I was the least bit influenced by conspiracy theory proponents, then why are the banks demanding immunity in any settlement with anyone over the mortgages, mortgage practices, foreclosures, and foreclosure practices?
And just how will any settlement cure the corruption of title chains in 100 million real estate transactions UNLESS we recognize that the whole thing was a ruse. That isn’t an opinion. It is  fact. We know that the loans were not really securitized because the notes, mortgages and loan documents were never transported, much less transferred. We know that the loan originator was not lending the money — that it was hapless pension fund managers and other investors who were lending the money. We know that straw-men w became the custom and practice of the industry. How would the banks have liked it if borrowers used straw-men?
The hidden liability here is who will get the shaft when it comes time to refinance or re-sell the home when the title chain does not satisfy even the most basic elements of title analysis?

Bank Foreclosure Deal Held Up Over Liability

By David McLaughlin and Dakin Campbell – Jul 21, 2011 9:01 PM MT
Delaware Attorney General Beau Biden and New York Attorney General Eric Schneiderman , who are investigating the bundling of mortgage loans into securities, don’t want their probes blocked by a broad settlement of liability. Photographer: Keith Bedford/Bloomberg

A push by U.S. banks to win broad liability releases has become one of the main obstacles in talks to resolve a nationwide probe of mortgage-servicing and foreclosure practices, two people briefed on the matter said.

The mortgage servicers want protection from additional state and federal claims over their mortgage practices as part of reaching a settlement that may exceed $20 billion, according to the people, who declined to be named because the talks are private. The banks are seeking releases that go beyond servicing of mortgages to include lending and securitization of loans, one of the people said.
That effort has encountered resistance from at least two states. Delaware Attorney General Beau Biden and New York Attorney General Eric Schneiderman, who are investigating the bundling of mortgage loans into securities, don’t want their probes blocked by a broad settlement of liability.
Biden said he has “strong reservations” about a deal that provides releases related to practices such as securitization and lending, because servicing is the focus of the nationwide settlement talks.
“We have an investigation going on. It would hinder our ability to do that, so that’s why I have real reservations,” Biden said in an interview.
State attorneys general and officials from federal agencies, including the Justice Department, are negotiating a nationwide agreement on foreclosure practices with the five largest mortgage servicers: Bank of America Corp. (BAC)JPMorgan Chase & Co. (JPM)Citigroup Inc. (C)Wells Fargo & Co. (WFC) and Ally Financial Inc.

Setting Standards

Officials are seeking a settlement that sets standards for how the banks service loans, interact with borrowers and conduct foreclosures, according to terms proposed in March. They are also seeking monetary payments. Attorneys general from all 50 states announced their investigation last year after reports that banks were using faulty foreclosure documents.
“Attorney General Schneiderman remains concerned by any settlement agreement that would preclude state attorneys general from conducting comprehensive investigations of the mortgage crisis,” Danny Kanner, a spokesman for the attorney general, said in an e-mailed statement.
Jamie Dimon, chief executive officer of New York-based JPMorgan Chase, said the bank was prepared to go to court if necessary.
“I would do anything to get it done today,” Dimon said July 14 about a settlement, according to a transcript of the company’s second-quarter earnings call. “But we’ve got to get it right. We’re not going to do it and be subject to double and triple jeopardy. We’d rather litigate it.”
Representatives of the banks declined to comment.

‘Hesitate to Release’

Biden said it would be “imprudent” to relinquish claims in areas that haven’t been fully investigated.
“I hesitate to release those claims and those potential liabilities mostly because we’re still in the midst of investigating many of the other related issues,” he said.
Iowa Attorney General Tom Miller, who is leading negotiations for the states, didn’t return a phone message seeking comment after regular business hours.
California Attorney General Kamala Harris is also conducting an investigation into mortgage practices. In May, Harris announced a mortgage-fraud task force that would investigate mortgage lending and the sale of mortgage-backed securities to investors. Shum Preston, a spokesman for Harris, declined to comment about the settlement talks.
To contact the reporters on this story: David McLaughlin in New York; Dakin Campbell in San Francisco
To contact the editor responsible for this story: Michael Hytha atmhytha@bloomberg.netDavid Scheer at
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13 Responses

  1. Which Means They Are Guilty.
  2. Amen Carie
    What a country. The banks reign. We are done
  3. Alice my thought is the states will reset titles as of a certain date, lets say, tge settlement datr; or they will institute a simplified quiet title action scenario where magically the cloud will disappear.
    Besides I haven’t heard that the title companies are very concerned about any of this
    It’s the end of the world as we know it.
  4. John, are these your opinions, or do you have actuals you can bring us up to speed on? I’d rather hear facts about what went down in a particular case than opinions about what is believed. Just sayin’….
  5. Get into Court in an offensive action dealing with Quiet Title issues. The banks run for cover in Court and will negotiate anything you truly insist on. In Court their position of being able to foreclose will come to end. They are willing to settle for a modification when forced into Court. Watch their paperwork and send back all the poison pill documents and they will send you better stuff. Keep telling them that you will go for Quiet Title. Keep telling them that you know that the money came from investors somewhere who have the real power here, not from them who can’t even win Quiet Title Suits. If the Real Investor won’t show for a Quiet Title case, you are MORE DESERVING THATN ANYONE ELSE to get the house. The banks screwed up. Insofar as we get our houses clear of debt the banks will be damaged. If enough of us do it, the Big banks will go down. If we had a real government, they would already be in bankruptcy and Congress would have written law causing us to pay present Market Value into a fund that would underpin a whole new financial system.
  6. …but the sentence SHOULD say: “The banks amassed great
    piles of garbage -– FRAUDULENT “loans” written to people with no demonstrable way to make their payments -– “
  7. Credit Rating Agencies, Wrong Before, Now Hold World’s Fate:
    “It was a game, and a lucrative one at that. The banks amassed great
    piles of garbage -– loans written to people with no demonstrable way to make their payments -– and the ratings agencies showed them how to build this trash into sculptures shaped like AAA. For this, they were paid handsomely, because their assent was the key to placing these bonds so widely and driving up their price. The public money managers were in many cases restricted to buying assets with AAA ratings, meaning the agencies had the power to shape the size of the market.
    And when homeowners actually started falling into delinquency en masse, revealing these supposedly sterling bonds as piles of garbage, the credit ratings agencies kept their fees. They fended off the inevitable flurry of lawsuits from aggrieved buyers of the bogus bonds with free speech arguments: They had just issued their opinions, they asserted, and what a shame that they had turned out to be wrong about pretty much everything. It was only a coincidence that their consistent errancy had enabled the people who paid them for their lousy opinions to become stupendously rich themselves.
    The Wall Street traders kept their money, too, and the smart ones made more by buying up distressed bonds that were close to worthless during the worst of the financial crisis, flipping them for profit later on. The only people who actually got hurt by all this were, well, everyone else: taxpayers, homeowners, savers, retirees, working people.”
  8. “They believe that Deutsche, as trustee of Ameriquest Mortgage Securities Inc., didn’t realize the house, repossessed in 2006, was not subject to foreclosure.
    It is a nightmare that has happened across the nation as the economy tanked, the couple’s attorney, Carlin Phillips, said at a press conference.
    “It’s like the Wild West right now in the foreclosure industry,” he said.
    Deutsche, however, said it played no role in the dispute, and that the alleged actions came under the purview of American Home Mortgage Serving, which took over service of the loan from Ameriquest.
    Deutsche acts as a trustee and has an administrative role in such cases, but has “no beneficial ownership stake or interest in the underlying mortgage loans,” spokesman John Gallagher said.”
  9. @venu—the “losing documents” ploy is/was all choreographed—just like everything else the banks did—so that they can foreclose and get a free house (which will just sit there empty and wasted until some fraudster figures out a way to sell it to some unsuspecting buyer), while “pretending” to help you…and then blame YOU for not sending documents in a timely fashion. Then you are dragged into court trying to fight what you know is fraud—and they count on you not really being able to effectively represent yourself, and of course not being able to afford an attorney—who probably doesn’t really know how to win the case anyway even if you COULD afford him/her. So, they’ve got it all wrapped up. They have left us to fend for ourselves in the foreclosure BLOODBATH…while they “wag the dog” with all kinds of other things in the news, while we die in the streets…what a country.
  10. “And just how will any settlement cure the corruption of title chains in 100 million real estate transactions…” Lol. That is what I find so interesting about this settlement business. Like those problems are just going to disappear? They can do all the settling they want but the title problems aren’t going away. What genius came up with that idea.
  11. I contacted the Wis State AG’s office about the fraudulent documents
    that Wells Fargo used , along with their attorneys handling the case.
    Their attorneys used Robosigned papers fabricated by their lawyers. wells Fargos sent me back a letters stating it was their position to use fabricated documents in a judicial state. The Wi. AG said they do not represent incividuals I would have to file my oun suit. So I did. I want to file a Quiet Title Action. Now these articles are going to grant immunity to the people I am fighting without even investigating the cases where poeple have lost their homes to fabricated documents. We got burned in these foreclosures. The money is going where. How can the State AG ignore the State Cobstitution and the Legislature and the Governer?
  12. Banks are liable to make people run around for nothing by telling lies such as documents were not received. No one can do this and is a private indivudual wee to do this he or she will get sued.
    Call your Senator and request to bring a law to force banks which did not modify mortgages by telling lies after lies.

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